Federal Reserve Bulletin, 1966-04

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 4 ■ APRIL 1966 Recent Changes in U.S. Trade and Payments 455 Time and Savings Deposits, Late 1965 and Early 1966 466 Staff Economic Studies: Summary 486 Research on Banking Structure and Performance 488 Statement to Congress 499 Presidents, Vice Presidents, and General Auditors of Reserve Banks 502 Law Department 505 Announcements 534 National Summary of Business Conditions 536 Guide to Tabular Presentation 538 Financial and Business Statistics, U.S. (Contents on p. 539) 540 International Financial Statistics (Contents on p. 605) 606 Board of Governors and Staff 626 Open Market Committee and Staff; Federal Advisory Council 627 Federal Reserve Banks and Branches 628 Federal Reserve Board Publications 629 Index to Statistical Tables 632 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 CHANGES IN U. S. TRADE AND PAYMENTS Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

455 T e substantial improvement last year in the U.S. inter­ national payments position reflected primarily a sharp reduction in outflows of U.S. private capital, which more than offset a decline in the excess of exports over imports. The cut in capital outflow resulted mainly from the cooperation of banks and other businesses in a program for voluntary restraint on lending and investing abroad. Rapid expansion in the domestic economy, which was already approaching unusually high rates of resource utilization, brought an acceleration of the rise in imports, and fears of a possible strike in the steel industry accentuated the rise. In the first quarter of 1966, merchandise imports advanced more than exports, and the trade surplus narrowed somewhat further. Also, the volume of new Canadian securities sold in this country swelled as issues that were postponed from the final months of 1965 came to market. At the same time, however, the tightening of domestic credit conditions significantly affected flows of bank credit. During the first quarter U.S. banks reduced their claims on foreigners, as reported under the Voluntary Foreign Credit Restraint program, by about $300 million. This reflow of bank credit appears to have reflected—at least in part—the pressures on large banks of tighter reserve positions in the face of strong domestic demands for credit. The reflow helped to offset the decline in the trade surplus and the bulge in U.S. purchases of Canadian securities. INCREASE IN U.S. LIABILITIES to foreigners smaller than in '64; Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

456 APRIL 1966 • FEDERAL RESERVE BULLETIN CHANGES IN THE Since last September, official presentations of the balance of pay­ DEFICIT ments accounts of the United States have included two measures of over-all balance. The two measures differ principally in their treatment of liquid assets in the United States held by foreigners other than monetary authorities and other official agencies. The deficit on the liquidity basis, measured by the decline in U.S. monetary reserve assets and the increase in our liquid liabilities to all foreigners, fell to $1.3 billion in 1965. This was an improvement of $1.5 billion from 1964. On the other hand, on the official reserve transactions basis, which measures the deficit by the decline in U.S. reserve assets and the increase in liquid liabili­ ties and certain nonliquid liabilities to foreign monetary authori­ ties alone, the deficit was also $1.3 billion, but this was little changed from 1964, although it was much smaller than in the years before that. Last year’s deficit entailed a large decline in U.S. gold reserves whereas in 1964 there had been large increases in foreign holdings of dollar assets in the United States, official as well as private. There were large swings within 1965 in the balance on official reserve transactions and in the composition of the settlement items. Purchases of gold from the United States by foreign countries were heavily concentrated in the first quarter, when there was a pro­ nounced shift from liquid dollar assets to gold in the official reserves of France and some other Western European countries. But U.S. gold sales were also sizable in the second quarter, and in addition $259 million of gold was paid to the International Monetary Fund as part of the increase in the U.S. subscription. This latter transaction resulted in a corresponding increase in our right to draw on the IMF after quota increases went into effect in February 1966. For the first 9 months of 1965 the U.S. deficit on the official reserve transactions basis was very small. In part, the difference between this and the much larger deficit on the liquidity basis reflected movements of private funds out of sterling and Italian lire and into the Euro-dollar market during the summer. In the fourth quarter confidence in sterling improved and this, together with year-end sales of dollars by commercial banks in some Euro­ pean countries to their central banks, contributed to a sharp rise in U.S. liquid liabilities to foreign official agencies. But early this year the balance measured on the basis of official reserve trans­ actions improved markedly, while the liquidity deficit showed little change, as liabilities to foreign official agencies declined Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CHANGES IN U.S. TRADE AND PAYMENTS 457 again while foreign private holdings of dollars in the United States were rebuilt. The large deficit on the official reserve transactions basis in the fourth quarter was recognized as temporary. It was not ac­ companied by increased foreign purchases of gold or by weakness of the dollar in foreign exchange markets; foreign purchases of gold were, in fact, no larger than in the third quarter, and the exchange rate for the dollar was strong against many leading European currencies. While a number of European countries reduced their official dollar holdings last year, in contrast to the increases of earlier years, other countries did not. A substantial share of the counter­ part of the U.S. deficit on official reserve transactions in 1965 ap­ peared in the increased official dollar reserves of nonindustrial countries. U.S. liabilities to official agencies in these countries rose by $0.5 billion, about the same increase as in 1964. IMPORT EXPANSION . z . Merchandise imports rose throughout 1965 and in the fourth quarter reached a seasonally adjusted annual rate of close to $23 billion. For 1965 as a whole, imports were 16 per cent larger than in 1964. About half of this dollar increase was in purchases of industrial supplies and raw materials. In terms of percentages, however, imports of capital equipment and consumer goods rose even more sharply. Imports of foods and beverages showed little change. In the past, cyclical changes in the rate of domestic investment and in the margin of unutilized industrial capacity have strongly influenced U.S. imports of capital goods. In addition, there has been a long-term tendency for such imports to rise, both abso­ lutely and relative to domestic investment. Throughout the past decade, imports of machinery and other capital equipment have risen very fast, as Chart 2 shows. In 1953­ 55, they represented only about 1 per cent of total U.S. domestic expenditures on producers’ durable goods, but by 1964 they had risen to 3 per cent; this reflected average growth in imports of these goods of about 17 per cent annually compared with less than 6 per cent for outlays on producers’ durable goods generally. In 1965 the rate of growth in these imports accelerated; during the fourth quarter their value reached almost 4 per cent of domestic investment in producers’ durable equipment. Increases in the rate of utilization of manufacturing capacity— especially in the machinery industry itself—have added to the up- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

458 APRIL 1966 • FEDERAL RESERVE BULLETIN ward pressure on imports of capital equipment. Throughout 1965 the rate of capacity utilization in this country was at its highest level since 1955, and imports of machinery were more than onethird greater than the year before. Imports of capital equipment other than machinery—aircraft and other transportation equip­ ment, except autos—also rose strongly. There were large de­ liveries of British aircraft to U.S. airlines for use in medium-range jet transportation. Imports of CAPITAL EQUIPMENT rise relative to domestic outlays CHART 2 PRODUCERS DURABLE EQUIPMENT IMPORTS Dept, of Commerce quarterly data at seasonally adjusted annual rates. Lower and upper edges of white area indicate what the level of imports of capital equipment would have been at any time if they were 1 and 3 per cent, respectively, of total outlays for producers’ durable equipment. Import data have not been adjusted for timing distortions caused by U.S. port strikes. (In 1965, imports were depressed in the first quarter and raised in the second by delays due to a port strike.) More than proportionate changes in U.S. imports of industrial supplies and materials have generally accompanied changes in the rate of domestic industrial production of materials, as Chart 3 shows. During 1964 and 1965, when domestic production of ma­ terials expanded by 8 per cent each year, imports of materials increased by 10 per cent and 15 per cent, respectively. (These rates of increase relate to fourth-quarter data.) Increased imports of materials during the present business ex­ pansion have been associated with sustained accumulation of in­ ventories at more than the long-run average pace, as happened also in 1955-56 and in 1959-60. In the second half of 1965 there was a significant acceleration both in the rate of inventory build­ up and in U.S. imports of materials. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CHANGES IN U.S. TRADE AND PAYMENTS 459 Imports of steel rose dramatically in the spring of 1965 as users of steel increased their orders in anticipation of the possi­ bility of a major strike. Imports of petroleum products last year increased at a rate somewhat more rapid than the 8 per cent average that has prevailed under the quota system established in 1959. The rise in imports of other materials also accelerated, as may be seen in Chart 3. Imports of INDUSTRIAL SUPPLIES show larger swings MATERIALS FINAL PRODUCTS and rise during INVENTORY BUILD-UPS NET CHANGE IN INVENTORIES Imports of consumer goods other than foods and beverages, shown in Chart 4, have been rising strongly in the last 3 years, and the rise accelerated in 1965. For the year as a whole these Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

460 APRIL 1966 • FEDERAL RESERVE BULLETIN imports were equal in value to nearly 3 per cent of total consumer spending on such goods; this compared with about 2 per cent in 1961 following the end of the boom in imported compact cars and with about 1 per cent in the early 1950’s. Expansion in im­ ports of automobiles and parts has played a smaller role in recent years than in the earlier upsurge in imports of consumer goods. In 1965 imports of autos and parts from Canada showed a large increase under the arrangement for duty-free shipments between that country and the United States, but car imports from Europe were not much larger than in 1964. Imports of other consumer durable goods increased from 1964 to 1965 by more than one­ fourth, or nearly three times as fast as the year before. Dept, of Commerce quarterly data, seasonally adjusted. Lower and upper edges of white area indicate what the level of imports of consumer nonfood goods would have been at any time if they were 1 and 3 per cent, respectively, of total consumer spending for these items. Import data have not been adjusted for timing distortions caused by U.S. port strikes. (In 1965, imports were depressed in the first quarter and raised in the second by delays due to a port strike.) Imports of foods and beverages increased little in 1965. As Chart 4 shows, such imports have tended over the years to grow at about the same moderate rate as domestic expenditures on foods. The interruption in their growth last year reflected lower prices for sugar and cocoa, a working down of coffee inventories, and perhaps also the port strike early in 1965. Imports of meats and alcoholic beverages were larger than in 1964. For most of the period since World War II total merchandise imports have ranged between 2.8 and 3.1 per cent of gross na- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CHANGES IN U.S. TRADE AND PAYMENTS 461 tional product. Until the last few years this ratio seemed to show no secular trend because imports consisted predominantly of in­ dustrial supplies and foods, which on the average were a relatively constant proportion of GNP. However, imports of nonfood con­ sumer goods and of capital equipment have been growing much more rapidly than total imports, and their value is now more than one-fourth of the total, compared with only one-tenth at the be­ ginning of the period covered in the chart. Hence, their rapid rate of increase now carries much greater weight than before, and it seems to be causing an upward drift in the ratio of total imports EXPORTS TO CANADA rise vigorously throughout 1965; for OTHER AREAS, changes are uneven CHART 5 (^^j^j^j^^!^^ Three-month moving averages, weighted t-2-1, of Census Bureau data, adjusted by Federal Reserve for seasonal variation and to correct for timing distortions caused by U.S. port strikes; thin lines from December 1964 to May 1965 show average values during this strikeaffected period. Data exclude special-category exports; figures for 1965 are not fully com­ parable with those for earlier years because of changes in classification which shifted about $1 billion (annual rate) of exports out of special categories and thereby gave an upward bias to the movements shown here from late 1964 to early 1965 for some of the areas, including especially Europe. to GNP. This ratio, which normally rises during periods of ex­ pansion in the domestic economy, reached 3.3 per cent in the fourth quarter of 1965, a level previously attained only at the height of the Korean war boom when prices of raw materials soared. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

462 APRIL 1966 • FEDERAL RESERVE BULLETIN EXPORT EXPANSION Merchandise exports in 1965 were only 4 per cent larger than in 1964, compared with a gain of 14 per cent the year before and an average annual growth of 7 per cent over the past decade. In the first half of the year the combination of smaller foreign demands for agricultural products and lower rates of business expansion in some major industrial countries abroad caused U.S. exports to fall slightly from the advanced levels of late 1964, even after allowance for the shipping distortions associated with the U.S. port strike in the first quarter of 1965. After mid-1965 ex­ ports rose again and reached an annual rate of more than $28 billion in the fourth quarter, 8 per cent higher than a year earlier after adjustment for the effect of the strike. Some of the momen­ tum of this expansion was lost—at least temporarily—in the first quarter of 1966, when exports were only 1 per cent higher than in the fourth quarter of 1965. U.S. exports to Canada were particularly buoyant throughout the year, and the 15 per cent increase in exports to that country accounted for most of the year-to-year increase in total U.S. exports. Exports to continental Europe and Japan rose after midyear. Our exports to other countries were very little larger in 1965 than in 1964. This interruption of previously rapid growth was attributable in part to a reduction in shipments of surplus foods financed by U.S. Government foreign assistance programs. Also, balance of payments strains in Australia and South Africa and in some developing countries with heavy debt-service payments to make tended to hold back expansion of U.S. exports to those countries. After midyear, however, exports to Latin America began to rise again, and there were gains in shipments to other developing countries—with the important exception of India. INCOME FROM While the merchandise trade surplus diminished sharply in 1965, SERVICES net income from foreign investments rose further, and the balance on other service transactions did not change appreciably. As a result, the U.S. surplus on goods and services declined by only $1.5 billion, despite a decline of $1.9 billion in the balance on merchandise trade. As usual, there was an increase in net travel expenditures. On the other hand, net receipts from foreign pur­ chases of miscellaneous services, notably from fees and royalties associated with direct investments, increased faster than before. Income from U.S. private investments abroad rose sharply in the first half of 1965, and although receipts fell off later, the $5.6 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CHANGES IN U.S. TRADE AND PAYMENTS 463 billion total for the year was 11 per cent larger than in 1964. Even though payments to foreigners of dividends and interest on their much smaller investments in this country also rose sharply with rising profits and interest rates, U.S. receipts of in­ vestment income (including Government receipts) exceeded these payments by $4.4 billion, 10 per cent more than in 1964 and nearly twice as much as in 1960. In addition, receipts of fees and royalties associated with U.S. direct investment abroad rose by nearly one-fifth last year to $0.9 billion. U.S. tourists and businessmen spent $2.5 billion dollars abroad last year for travel, 11 per cent more than in 1964. In addi­ tion, they paid foreign carriers about $0.7 billion for transocean fares. As usual, about half of the expenditures abroad were made in Canada and Mexico, while most of the remainder was dis­ tributed among various European countries. The rise in travel expenditures was roughly proportionate to the increase in U.S. consumer spending on recreation, but was faster than the 'rise in disposable personal income, as has been the case for some years. Expenditures in the United States by foreign visitors also in­ creased by 11 per cent in 1965, to $1.2 billion. This continued the growth that resumed in 1963 after an interruption associated mainly with the depreciation of the Canadian dollar in 1961-62. Travelers from Canada and Mexico account for about two-thirds of U.S. travel receipts. GOVERNMENT AID AND Outflows of U.S. Government grants and credits, at $4.3 billion, MILITARY TRANSACTIONS were little changed in 1965 from a year earlier, despite a reduc­ tion in shipments of surplus agricultural commodities financed by the Government. The net outflow, taking account of receipts of scheduled and nonscheduled repayments on past loans and also of changes in outstanding liquid liabilities of the U.S. Government associated with assistance programs, was $3.5 billion in 1965, the same as in 1964. Military expenditures abroad and military sales by the Depart­ ment of Defense both changed little last year, and net payments for the two combined remained just above $2 billion. Within the year, however, the declining trend in gross military outlays that had prevailed for several years was halted and reversed; in the fourth quarter, such expenditures are estimated to have been 11 per cent higher than a year earlier. Advance payments to the United States for military exports were boosted in the fourth quarter by receipts of $160 million Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

464 APRIL 1966 • FEDERAL RESERVE BULLETIN from Italy; this brought the net total for the year to nearly $350 million. The outstanding total of U.S. liabilities for payments received in advance against future military deliveries now amounts to more than $1.3 billion. FLOWS OF BANK CREDIT Total outflows of U.S. private capital fell very sharply in 1965 AND OTHER CAPITAL following the announcement in February of the President’s pro­ gram to improve the balance of payments. The net outflow during the year was $3.5 billion, almost $3 billion less than in 1964. Mainly in response to official requests for voluntary restraint in extending credits to foreigners, U.S. banks limited the increase in their outstanding claims covered by the voluntary restraint pro­ gram to only $155 million in 1965. Total claims on foreigners reported by banks in this country, including U.S. branches and agencies of foreign banks and covering items held for customers’ account as well as the banks’ own claims, actually declined a little in 1965; short-term claims were reduced by $0.3 billion, and long-term claims increased by only $0.2 billion. In 1964 the total of these claims had risen by a record $2.5 billion. During the early months of 1966, U.S. banks reduced their claims on foreigners very substantially as they adjusted to the tighter reserve position brought about by strong domestic demands for funds and a firming of monetary policy. Federal Reserve guidelines established for banks would have permitted further ex­ tension of credit to foreigners, but at the end of March the banks were below the target ceilings by $0.7 billion. Also in response to the voluntary foreign credit restraint pro­ gram, there was a reflow in 1965 of liquid funds placed abroad earlier by U.S. businesses other than banks; the swing from out­ flow in 1964 to reflow in 1965 came to more than $1 billion. Outflows of U.S. funds for direct investments abroad were sharply higher in 1965 than in 1964. These outflows were ex­ ceptionally heavy in the first quarter, when investments in oil leases were large and when there was an accelerated movement of funds abroad in anticipation of possible official restrictions on such movements. Later, outflows moderated, in part as a reaction to the previous bunching of outflows, and perhaps in part as a result of some downward revisions in corporate spending plans. Increasing use of bonds issued abroad by affiliates incorporated specifically for the purpose of raising funds to finance U.S. enter­ prises abroad helped to reduce the impact of increased investment abroad on the balance of payments and may have helped to pro- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CHANGES IN U.S. TRADE AND PAYMENTS 465 vide a reserve to finance some of the continuing heavy outlays for plant and equipment projected for 1966. Foreign borrowing from the United States through bond issues continued heavy, especially Canadian issues, which are exempt from the interest equalization tax. Sales by foreigners of U.S. corporate and other securities (apart from direct obligations of the U.S. Government) sharply enlarged the net outflow of funds associated with security transactions. A major part of the increase was attributable to the liquidation by British authorities of part of the portfolio of securities transferred to government ownership during World War II. The increase would have been even larger if the issue of about $150 million of new Canadian securities in this country, originally scheduled for the last 2 months of 1965, had not been postponed until early 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS, LATE 1965 AND EARLY 1966 Effective December 6, 1965, the Board third, to the structure of rates and other of Governors increased to 51^ per cent per characteristics of the deposits. annum the maximum interest rate payable Since early 1966, some member banks by member banks on time deposits. The pre­ have increased their rates to higher levels vious ceiling had been 4 per cent for time than those they had contemplated at the time deposits with maturities of 30-89 days and of the survey. As a result the accompanying 41^ per cent for deposits with longer ma­ tables understate the current level of rates turities. There was no change in the 4 per and the increases since December 3. The cent rate payable on savings deposits. tables also, of course, do not reflect changes To determine the structure of interest­ in deposit structure that have occurred since bearing deposits at member banks and the the end of last year. immediate response of banks to the change DEPOSIT STRUCTURE in the rate ceiling, a survey of time and sav­ ings deposits was conducted by the Board of Historically, savings deposits have made up Governors over the year-end. All member the bulk of all interest-bearing deposits at banks were asked to report not later than member banks. They still do, but in recent January 3, 1966, interest rates applicable to years their importance has declined as each major type of deposit held by individu­ banks have introduced new instruments als, partnerships, and corporations (IPC) designed to counteract specific forms of as of December 3, when the Board’s action competition. Since 1961, for example, banks was taken, and any changes made after that have developed negotiable certificates of de­ date or definitely planned for the near term. posit (CD’s), which are aimed at attracting They were also asked to report the dollar funds of corporations and other large inves­ amount of each type of deposit outstanding tors and at halting the movement of demand on December 22 and to supply selected in­ deposits of these groups from large commer­ formation on the characteristics of the dif­ cial banks into short-term money market ferent types of deposits they used. Reports paper. Other new instruments, such as sav­ were received from virtually all of the 6,220 ings certificates and savings bonds, have member banks in existence at the end been aimed at retaining or attracting funds of 1965. of individuals and other small investors that This article summarizes the results of the might flow to other savings institutions or survey. The first part of the article relates into securities. to the deposit structure at the time of the sur­ Data on the following types of deposits vey; the second, to the initial rate increases were collected in the survey: savings de­ following the change in the ceiling; and the posits; savings certificates; savings bonds; other nonnegotiable certificates; negotiable Note.—Caroline H. Cagle of the Board’s Division certificates of deposit; and time deposits, of Research and Statistics prepared this article. 466 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 467 open account. Each of these will be dis­ amount shown on the instrument plus ac­ cussed below. crued interest at a specified rate or (2) a Savings deposits, which may be held only specified redemption value, which includes by individuals and certain types of nonprofit the amount originally deposited plus accrued organizations, are usually evidenced by a interest. passbook. The bank must reserve the right to A distinguishing feature of these and require at least 30 days’ written notice before other types of time deposits is that they are withdrawal, but in general practice these de­ not redeemable prior to maturity or until posits may be withdrawn on demand. They the expiration of a prescribed period of are particularly well suited for savers whose notification of intent to withdraw (not less deposits are in small amounts or whose than 30 days) except in hardship circum­ needs for withdrawal are irregular and un­ stances, and then only at some sacrifice in predictable. On December 22, 1965, 95 per interest. The instruments are far from cent of all member banks had savings de­ standardized, however. Those having the posits, and the amount outstanding was same name may vary in character from bank $74.4 billion, as shown in Table 1. At that to bank. And others, though given different time they represented 70 per cent of all designations by different banks, may be interest-bearing deposits, IPC, compared identical in character. Certain important with 88 per cent 5 years earlier. characteristics of the various instruments Savings certificates (sometimes called in­ are discussed in the last section of this vestment certificates), savings bonds, and article. other nonnegotiable time certificates are all Of these three types, savings certificates instruments that banks have been promoting are the largest component. On December in recent years in soliciting more interest­ 22, 1965, these certificates amounted to sensitive types of savings and liquid funds $6.6 billion, or 6 per cent of all time and from smaller businesses and institutions. savings deposits, IPC. They were issued by These instruments generally state that the nearly half of the banks, but principally by bank will pay to the holder on a designated small institutions. Banks in three Federal maturity date either (1) the principal Reserve districts—Chicago, St. Louis, and Minneapolis—accounted for almost three- Table 1 fifths of the total.1 These instruments have Types of Time and Savings Deposits, IPC, Held been an important form of time deposits in by Member Banks on December 22, 1965 1 these Reserve districts for some years. At Number of banks Amounts held the time of the survey 6 out of 10 member Type of banks in those districts held some of these deposit Reporting Percentage In billions Percentage specific of all of dis­ deposits. types member dollars tribution Savings bonds generally are patterned Savings deposits.... 5,893 95 74.4 70 after the U.S. savings bond and typically are Savings certificates.. 2,773 45 6.6 6 Savings bonds.......... 130 2 0.4 (2) Other nonnegotiable CD’s....................... 2,157 35 5.1 5 Negotiable CD’s.... 1 777 29 15.9 15 ’ Appendix Tables I-VI show for savings and the Time deposits, open account.......... 1 ,763 28 4.4 4 various types of time deposits, the number of banks with such deposits and the amounts of each type of Total.................. 106.8 100 deposit at various levels of interest rates; in these tables the banks are classified by size and by Federal 1 Time deposits of individuals, partnerships, and corporations. Reserve district. 2 Less than one-half of 1 per cent. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

468 FEDERAL RESERVE BULLETIN • APRIL 1966 redeemable at specified intervals according Time deposits, open account, generally to the schedule of redemption values shown are evidenced by a written contract specify­ on the instrument. On December 22 only ing the terms and conditions for handling $422 million of them were outstanding, and the deposit and the rate of interest to be they were held by 2 per cent of all the banks paid. A special advantage of this type of surveyed. Banks in all size groups issued account is that it can provide for the deposit them, but a few large banks in the Philadel­ or withdrawal of funds from time to time phia and Atlanta Federal Reserve Districts without the issuance of separate instruments accounted for the major part of the total. for each transaction. These deposits, used to Other nonnegotiable time certificates a considerable extent for large accounts, can totaled $5.1 billion, and they accounted for be tailored to the needs of the individual 5 per cent of all time and savings deposits, customer, and they show a wider range of IPC. They were used by large and small usage and characteristics from bank to bank banks throughout the country, but banks than the other types described. They are also with total deposits of less than $500 million used for special types of small deposits, such had two-thirds of the total. as Christmas and vacation clubs, on which Negotiable CD’s are evidenced by a docu­ many banks pay no interest. ment that specifies a principal amount, a Large banks account for a high propor­ maturity, and the rate at which interest will tion of all time deposits, open account. The be paid. The distinguishing feature of these number of banks that use these deposits is instruments, in contrast with those described about the same as the number that issue above, is their negotiability. The bulk of the negotiable CD’s. However, the volume on negotiable CD’s outstanding have been is­ December 22, 1965—$4.4 billion—was sued by large money market banks to na­ much smaller than the amount of negotiable tional corporations and other large investors CD’s outstanding. in marketable denominations (generally RATE INCREASES AFTER DECEMBER 3 $100,000 and over) at rates competitive with other money market instruments, and a The initial changes in maximum rates paid sizable secondary market in these CD’s has on time deposits, IPC, in late 1965 and developed. Some smaller banks also com­ early 1966 affected about one-fourth of all pete for funds of large national corporations, member banks. Most of the increases while others issue negotiable CD’s in smaller amounted to one-half of a percentage point nonmarketable denominations to their local or less, as shown in Table 2. Nevertheless, and regional customers. the amount of deposits affected (other than Less than one-third of all member banks savings) was substantial, because most of reported that they issue negotiable CD’s, but the banks that raised rates held relatively the volume outstanding on December 22 to large amounts of deposits. IPC holders totaled $15.9 billion, the second As might be expected in view of the in­ largest category of IPC deposits. All banks terest-sensitive character of the major with total deposits of $500 million and over holders, rate increases were most prevalent had some of these deposits, and these banks on negotiable time certificates of deposit and accounted for nearly three-fourths of the on time deposits, open account. About fourtotal amount outstanding. fifths and two-thirds, respectively, of these Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 469 Table 2 Number of Member Banks and Amount of Time and Savings Deposits, IPC, Affected by Interest Rate Increases after December 3, 1965 1 Number of banks Amounts in banks raising rates Size of rate increase Percentage In millions (in percentage points) of— of dollars Per­ Type of deposit Total Size of rate increase centage i in n g c r r e a a t s e ­ 0 le o .5 s r s 0 0 0 . . 5 9 1 9 ­ 1 o a v . n 0 e d 0 r m b e a A m n l k l b s er re sp B p e o a c n r i t k f i i n s c g Total 0.5 ( 0 in percentage point 1 s) .00 h m o o b e l f a d m n i a n b k ll g e s r type l o es r s 0 0 . . 5 9 1 9 ­ o a v n e d r Savings deposits............ 405 212 4 189 7 7 2,290 1 ,322 38 929 3 Savings certificates........ 532 426 7 99 9 19 1,921 1,883 10 28 29 Savings bonds................ 42 15 ................. 27 1 32 75 75 .............G...). 18 Other nonnegotiable CD’s............................. 470 326 12 132 8 22 2,220 2,127 64 28 43 Negotiable CD’s............ 487 386 15 86 8 27 12,869 12,571 215 83 81 Time deposits, open account........................ 240 171 14 55 4 14 2,888 2,853 14 21 66 1 As of the survey date, 1,450 banks, or 23 per cent of all member banks, had raised their rate on one or more types of deposits after Dec. 3, 1965. The total amount of time deposits affected by these changes was $22.3 billion, or 2! per cent of all time deposits IPC at member banks. Deposit figures are as of Dec. 22, 1965. 2 Less than $500,000. Note.—Dollar amounts may not add to totals because of rounding. deposits were in banks that increased their small banks (total deposits of less than $10 rates by one-half percentage point or less. million), the highest proportion of deposits Prior to December 6 the banks that held of any type affected by rate increases was most of these deposits were paying the old one-fifth. 41/2 per cent ceiling. Savings deposits were least influenced by Rate increases affected smaller amounts rate increases, in part because there was no of savings certificates and bonds and other increase in the 4 per cent ceiling for these nonnegotiable certificates, types held mainly deposits. Only 7 per cent of all member by individuals and other small investors. banks had raised their rates on savings by Between one-fifth and one-third of the early 1966. Most of these were small institu­ banks holding these types of deposits tions in the Middle West and South. For the changed their maximum rates, and the pro­ most part these banks had been paying low portion of all such deposits affected was rates, and in this move they raised their considerably less than one-half. rates to 316 or 4 per cent. The proportion of banks raising their STRUCTURE OF RATES AND OTHER rates and the proportion of other time de­ CHARACTERISTICS posits affected by rate changes were greater The survey obtained information on the for large banks than for smaller ones, as structure of rates on interest-bearing de­ shown in Table 3. Among banks in the larg­ posits, as shown in Tables 4-5, and on vari­ est size group (those with total deposits of ous characteristics of the major types of time $500 million and over), more than four- deposits, as shown in Tables 6-8. fifths of all negotiable and nonnegotiable Structure of rates. On December 3 nearly certificates of deposit and time deposits, three-fourths of all time and savings de­ open account, were in banks that raised their posits, IPC, were in banks that were paying maximum rates. For savings certificates the ceiling rates. Rates paid were highest for proportion was nearly half. By contrast, for those instruments held mainly by large, rate- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

470 FEDERAL RESERVE BULLETIN • APRIL 1966 conscious depositors and lowest for those portion within the group that were paying held principally by small savers. the ceiling rate. Most of the time deposits Nearly all negotiable CD’s, savings in banks with total deposits of $500 million bonds, and time deposits, open account, and over were in those banks with a maxi­ were in banks with a 416 per cent maximum mum rate of 416 per cent on December 3, rate on December 3, as shown in Table 4; as shown in Table 5. This proportion nevertheless the number of banks at this rate dropped to less than one-fourth for banks level represented less than one-third of all in the smallest size group. There were two banks holding negotiable CD’s and time de­ exceptions—savings bonds, on which most posits, open account. For savings certificates banks regardless of size paid 416 per cent; and other nonnegotiable CD’s, most of the and savings certificates, on which few banks banks paid no more than 4 per cent, but of any size paid as high as 416 per cent. those banks that had moved their rate up to Rates also varied to some extent by geo­ 416 per cent on other nonnegotiable CD’s graphic areas. They were highest in the San held almost half of the deposits. Francisco District where nearly all time and With respect to savings deposits, 45 per savings deposits were in banks paying the cent of the banks were paying the 4 per cent ceiling rate on December 3. At the other ceiling on December 3, and these banks extreme, less than 6 per cent of the time and accounted for almost four-fifths of all mem­ savings deposits (except negotiable CD’s ber bank savings deposits. Nearly all of the and savings bonds) in the Minneapolis largest banks were paying the ceiling rate, Federal Reserve District were in banks pay­ but this proportion dropped as the size of ing the ceiling rates. bank declined—to about two-fifths for Reflecting the relatively small number of banks with total deposits of less than $10 rate changes after December 3 on sav­ million, as shown in Appendix Table I. ings deposits, the proportion of all member Rates on most forms of other time depos­ banks paying the 4 per cent ceiling did in­ its also varied with the size of bank. When crease a little—from less than one-half to banks are grouped by size of total deposits, one-half—by early 1966, but the proportion the larger the size group, the higher the pro­ of all savings deposits that they held re- Table 3 Relation of Size of Bank to Rate Increases at Member Banks after December 3, 1965 (Number and deposits of banks raising rates as percentage of all member banks with specific type of deposit, by size-of-bank group) Number of banks Deposits, December 22, 1965 Size of bank Size of bank Type of deposit (total deposits, in millions of dollars) (total deposits, in millions of dollars) All size All size groups groups Less 10­ 50­ 100­ 500 and Less lo­ 50­ 100­ 500 and than 10 50 100 500 over than 10 se 100 500 over Savings deposits................. 7 6 8 8 7 3 3 6 6 7 4 (') Savings certificates............. 19 16 23 26 32 29 29 17 25 25 43 47 Savings bonds..................... 32 47 30 19 25 18 20 8 44 13 Other nonnegotiable CD’s. 22 21 19 24 32 65 43 20 21 20 38 85 Negotiable CD’s................. 27 19 26 32 53 79 81 15 24 30 66 94 Time deposits, open account................................. 14 11 10 13 25 60 66 8 14 13 37 84 1 Less than one-half of 1 per cent. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 471 Table 4 Maximum Rates Paid on Various Forms of Time and Savings Deposits, IPC, of Member Banks on December 3, 1965, and in Early 19661 (Percentage distribution within type-of-deposit grouping) In effect on December 3, 1965 In effect in early 1966 Type of deposit Maximum rate (per cent) 2 Maximum rate (per cent) 2 All All rates 3.00 rates 3.50 4.50 4.25 4.00 3.50 or 5.50 5.00 4.50 4.00 or less less Number of banks Savings deposits................. 45 15 40 100 50 50 Savings certificates............. 100 14 4 76 2 4 100 (3) 2 31 62 5 Savings bonds..................... 100 58 8 34 100 1 5 68 25 I Other nonnegotiable CD’s. 100 19 6 64 4 7 100 (3) 5 32 53 9 Negotiable CD’s.............. , 100 30 8 55 2 5 100 (’) 12 36 46 6 Time deposits, open account......................... 100 13 5 36 18 28 100 (3) 5 16 35 43 Amount of deposits Savings deposits.. 100 79 11 10 100 81 19 Savings certificates 100 16 H 72 1 (3) 100 (3) 4 43 52 1 Savings bonds................... 100 95 2 3 100 (3) 17 80 3 Other nonnegotiable CD’s. 100 47 10 42 (3) i 100 (3) 30 36 33 1 Negotiable CD’s................. 100 84 6 10 (3) (3) 100 (3) 77 15 7 (3) Time deposits, open account............................. 100 74 8 13 2 3 100 (3) 60 23 12 5 1 Time and savings deposits held on Dec. 22, 1965. Excludes banks that reported no interest rate paid. 2 The maximum rate applies to maturities of 1 year or more where available. When a bank did not report a rate for this maturity, the rate for the next shorter maturity was used. 3 Less than one-half of 1 per cent. Table 5 Banks Paying Old 4’/2% Ceiling Rate on Time Deposits, IPC, on December 3, 1965, and Banks Paying Over 495% in Early 1966 (Percentage of all member banks with specific type of deposit, by size-of-bank group) December 3, 1965—Maximum rate: Early 1966—Maximum rate: 4^ per cent Over 4'^ per cent Size of bank Size of bank (total deposits, in millions of dollars) (total deposits, in millions of dollars) Type of deposit All All size size groups Less 10­ 50­ 100­ 500 and groups Less 10­ 50­ 100­ 500 and than 10 50 100 500 over than 10 50 100 500 over Number of banks Savings certificates............. ,4 12 16 22 24 23 2 2 3 6 4 4 Savings bonds..................... 58 50 54 67 65 80 6 9 2 10 8 Other nonnegotiable CD’s. 19 16 17 26 36 67 6 4 4 5 17 47 Negotiable CD's. ........ 30 23 25 32 52 91 13 7 8 8 34 75 Time deposits, open account................................. 13 8 8 25 25 72 5 3 3 2 14 51 Amount of deposits, December 22, 1965 Savings certificates............. 16 10 15 25 22 12 4 2 2 5 3 10 Savings bonds..................... 95 60 72 83 92 98 17 (*) (l) 41 13 Other nonnegotiable CD’s. 47 16 24 35 46 84 30 3 7 6 17 78 Negotiable CD’s................ 84 24 34 41 65 97 77 5 9 10 54 94 Time deposits, open account................................. 74 18 19 34 41 92 60 3 9 3 20 81 1 Less than one-half of 1 per cent. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

472 FEDERAL RESERVE BULLETIN • APRIL 1966 mained about unchanged at four-fifths, as were in banks paying over 416 per cent by shown in Table 4. early 1966, as shown in Table 5. Among Few banks raised the rate on any type of smaller banks relatively few had raised their time deposits above 5 per cent in the period rate on any form of time deposit above 416 covered by the survey. On savings certificates per cent in the period covered by the survey. and savings bonds most of the rate adjust­ Other characteristics. For each of the ma­ ments pushed the maximum rate paid to 416 jor types of time deposits issued by banks per cent; few banks raised their rates above on December 3, the survey requested infor­ this level. By early 1966, two-fifths of all mation as to the minimum deposit required savings certificates and four-fifths of all sav­ and the minimum and the maximum matu­ ings bonds were in banks paying a rate of rity; whether the agreement included a pro­ 416 per cent. Because most large banks that vision for automatic renewal or an option to hold the bulk of negotiable CD’s and time redeem prior to maturity; and whether the deposits, open account, and a substantial instrument was issued only to individuals volume of other nonnegotiable CD’s ad­ and nonprofit associations. justed their maximum rate upward to 4% Some instruments—even though they are or 5 per cent after December 3, nearly all of designed for relatively small savers—require these deposits in the largest bank-size group larger minimum deposits than apply to pass­ (total deposits of $500 million and over) book savings accounts. The minimum de- Table 6 Minimum Deposit Accepted on Various Forms of Time Deposits, IPC, on December 3, 1965 (Percentage distribution of the number of banks in each size-of-bank group) Minimum deposit accepted (in dollars) Type of deposit, All (total depo a s n i d ts , s i i n ze m o i f ll i b o a n n s k o f dollars) d b e w p an o it k s h i s t s U 1 n 0 d 0 er I 4 G 9 O 9 - 5 9 0 9 0 9 ­ 1 4 . , 0 9 0 9 0 9 ­ 5 9 , , 0 9 0 9 0 9 ­ 1 9 0 9 , , 0 9 0 9 0 9 ­ 10 o a 0 v n , e d 0 r 00 inf t o N io r o m n a­ Savings certificates: All size groups............................ 100 12 32 24 14 1 (') (') 16 Under 100................................ . 100 13 32 25 13 1 (') (’) 16 100- 500...................................... 100 9 36 23 16 3 12 500 and over................................ 100 9 37 14 26 9 2 3 Savings bonds: All size groups................................ 100 68 7 12 8 5 Under 100.................................... 100 69 5 12 7 ................... 7 100-500..................................... 100 65 10 10 10 5 500 and over............................... 100 70 10 10 10 Other nonnegotiable CD’s: All size groups........................... 100 11 18 19 22 3 4 (') 23 Under 100.................................... 100 11 19 20 22 2 3 (>) 23 100- 500................................. 100 5 11 15 33 8 11 17 500 and over................................ 100 3 5 8 20 15 18 13 18 Negotiable CD’s: All size groups........................... 100 11 17 16 22 3 5 4 22 Under 100.................................... 100 13 18 18 23 2 3 1 22 100- 500...................................... 100 5 8 11 19 7 17 11 22 500 and over................................ 100 3 8 11 3 21 42 12 Time deposits, open account: All size groups........................... 100 10 5 5 14 3 8 2 53 Under 100.................................... 100 11 5 6 13 3 6 1 55 100 - 500...................................... 100 6 5 3 18 7 22 5 34 500 and over............................... 100 5 18 7 19 12 39 * Less than one-half of 1 per cent. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 473 Table 7 Minimum and Maximum Maturities on Various Forms of Time Deposits, IPC, on December 3, 1965 (Percentage distribution of number of banks in each size-of-bank group) Minimum maturity Maximum maturity (months) (months) Type of deposit, All and size of bank matur­ (total de o p f o d si o t l s l , a r in s) millions ities 3 l es o s r 4 6 ­ 7 1 ­ 2 O 1 v 2 er in N fo o r ­ 6 le s o s r 7 1 ­ 2 1 6 3 0 ­ O 6 v 0 er in N fo o r ­ mation mation Savings certificates: All size groups. . 100 42 33 23 86 10 Under 100... 100 41 34 23 87 9 100-500........ 100 52 25 20 2 7 73 20 500 and over, 100 47 26 21 2 4 14 51 33 2 Savings bonds: All size groups 100 62 12 9 12 5 12 86 Under 100... 100 60 15 14 8 3 16 82 100-500........ 100 55 5 30 10 5 95 500 and over. 100 90 10 100 Other nonnegotiable CD’s: All size groups........... 100 53 29 17 5 85 9 Under 100... 100 50 30 18 5 86 8 100-500........ 100 81 12 5 2 73 24 500 and over. 100 79 8 3 67 28 2 Negotiable CD’s: All size groups. 100 66 22 84 Under 100... 100 61 25 13 3 86 10 100-500........ 100 95 4 2 74 23 500 and over, 100 93 67 Time deposits, open account: All size groups................ 100 61 28 8 3 72 8 2 Under 100... 100 59 29 8 3 72 7 100-500......... 100 78 14 8 16 72 500 and over, 100 94 5 78 21 i Less than one-half of 1 per cent. posit required by the largest number of 3 months or less on both instruments, while banks, regardless of size, was less than $100 the maximum maturity was generally 7-12 for savings bonds and less than $500 for sav­ months for savings certificates and up to 5 ings certificates, as shown in Table 6. Nearly years for saving bonds. (See Table 7.) half of the banks with savings bonds and The characteristics of other nonnegoti­ one-fourth of those with savings certificates able certificates of deposits varied with the restricted the use of these instruments to in­ size of bank. In the smaller banks (total de­ dividuals and nonprofit associations—higher posits of less than $100 million) about half proportions than for other forms of time de­ of the banks had minimum deposit require­ posits. This restriction was more common for ments of less than $1,000, whereas for the large than for small banks. largest banks (total deposits of $500 million Most banks reported that savings bonds and over) about a third reported that the included an option for redemption prior to minimum was $10,000 or over. As for maturity and that savings certificates con­ savings certificates, the most common mini­ tained a provision for automatic renewal at mum maturity was 3 months or less, and maturity. The latter was more common for maximum maturity was 7-12 months. Few small than for large banks, as shown in banks indicated these instruments were re­ Table 8. The largest number of banks indi­ stricted to individuals and nonprofit associ­ cated that the usual minimum maturity was ations, and only one-third of the banks Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

474 FEDERAL RESERVE BULLETIN • APRIL 1966 Table 8 Renewal, Redemption, and Eligibility Characteristics of Various Forms of Time Deposits, IPC, December 3, 1965 (Percentage distribution of number of banks in each size-of-bank group) Special renewal and redemption provisions Eligibility All Type s i o ze f d o e f p b o a s n it k , and banks Combination Issued to (total deposits, in. millions of dollars) de w po it s h i ts Automatic Re o d p em tio p n ti on re a n u e t w om al a a ti n c d None in a d n i d v i n d o u n al ­ s No renewal prior to redemption specified profit restrictions maturity option prior institutions specified to maturity only Savings certificates: All size groups.......................................... 100 51 7 13 29 23 77 Under 10..................................................... 100 49 6 11 34 22 78 10-50......................................................... 100 54 7 17 22 19 81 50- 100....................................................... 100 69 2 13 16 25 75 100 - 500..................................................... 100 44 10 17 29 36 64 5(X) and over............................................... 100 30 16 23 31 70 30 Savings bonds: All size groups.............................................. 100 14 60 11 15 44 56 Under 10..................................................... 100 13 53 13 21 30 70 10-50......................................................... 100 22 49 8 21 35 65 50- 100....................................................... 100 0 67 17 16 33 67 100 - 500..................................................... 100 5 80 10 5 60 40 500 and over............................................ 100 10 80 10 90 10 Other nonnegotiable CD’s: All size groups......................................... 100 33 7 8 52 14 86 Under 10.................................................... 100 32 9 8 51 18 82 10-50......................................................... 100 34 7 9 50 9 91 50-100....................................................... 100 42 4 5 49 7 93 100- 500..................................................... 100 28 4 10 58 9 91 500 and over.............................................. 100 21 5 8 66 10 90 Negotiable CD’s: All size groups........................................... 100 15 8 5 72 11 89 Under 10..................................................... 100 17 10 3 70 17 83 10-50......................................................... 100 16 7 5 72 7 93 50 - 100....................................................... 100 14 3 6 77 2 98 100- 500............................................... 100 9 9 7 75 2 98 500 and over.............................................. 100 3 3 5 89 3 97 Time deposits, open account: AU size groups.................................. 100 20 8 8 64 9 91 Under 10..................................................... 100 23 7 8 62 10 90 10-50......................................................... 100 21 9 7 63 9 91 50 -100...................................................... 100 17 6 12 65 6 94 100 -500..................................................... 100 10 13 6 71 11 89 500 and over.............................................. 100 4 7 25 64 5 95 reported they contained a provision for months. The largest banks almost never re­ automatic renewal at maturity. stricted these instruments to individuals and Negotiable CD’s and time deposits, open nonprofit associations, and relatively few of account, carry substantial minimum deposit the instruments include a provision for auto­ requirements. In banks with total deposits of matic renewal or an option for redemption $500 million and over, where the bulk of prior to maturity. For smaller banks that these deposits are held, the largest number of held instruments of this type, the minimum banks reported the minimum requirement on deposit requirement was lower—generally negotiable CD’s was $100,000 or more and less than $5,000 for banks with total de­ on time deposits, open account, it was posits of under $100 million. Some banks $10,000 and over. The minimum maturity of this size included in the agreement a pro­ most frequently reported was 3 months or vision for automatic renewal or an option less, and the maximum maturity, 7-12 to redeem prior to maturity. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 475 APPENDIX Table I Savings Deposits: Maximum Interest Rates Paid by Member Banks, December 3, 1965, and Early 1966 1 All survey banks with deposits Maximum rate 2 paid, early 1966 Banks raising rates after Dec. 3, 1965 Banks not raising rates All (per cent) member Group banks (Ju 1 n 96 e 5 3 ) 0, Total M pa a i x d i , m ea u r m ly r 1 a 9 te 6 6 2 p M aid ax , i D m e u c m . 3 r , a 1 te 9 6 2 5 p M ai a d x , i D m e u c m . 3 r , a t 1 e 9 6 2 5 4 3'A 3 le s o s r Total (per cent) (per cent) Total (per cent) 4 3'A 3 le o ss r 3!4 3 l e o ss r r N at o e 4 3« 3 le o ss r Number of banks All member banks................. 6,235 5,893 2,946 855 2,092 405 284 87 34 124 273 8 5,488 2,662 768 2,058 Size of bank (total deposits, in millions of dollars): Less than 10.................. 3,902 3,593 1,565 510 1,518 233 141 66 26 68 157 8 3,360 1,424 444 1,492 10-50............................... 1,756 1,730 948 271 511 134 111 16 7 38 96 1,596 837 255 504 50-100............................. 243 241 164 40 37 19 16 3 10 9 222 148 37 37 100-500........................... 259 254 204 26 24 17 14 2 1 8 9 237 190 24 23 500 and over................. 75 75 65 8 2 2 2 ........... 2 ...... 73 63 8 2 Federal Reserve district: Boston............................. 250 227 169 11 47 17 17 ........... 5 12 .........2..10 152 11 47 New York...................... 411 401 311 57 33 20 20 18 2 381 291 57 33 Philadelphia................... 411 395 65 129 201 54 22 28 4 22 32 341 43 101 197 Cleveland....................... 504 492 208 72 212 15 14 1 1 14 ........... 477 194 71 212 Richmond...................... 414 406 256 68 82 17 9 6 2 4 13 389 247 62 80 Atlanta........................... 511 515 333 82 100 51 45 5 1 21 30 ........... 464 288 77 99 Chicago........................... 1,017 972 311 198 463 21 16 4 1 4 17 951 295 194 462 St. Louis........................ 486 448 88 99 261 51 26 12 13 21 29 1 397 62 87 248 Minneapolis.................. 495 489 81 36 372 81 58 14 9 2 79 408 23 22 363 Kansas City................... 834 78! 431 74 276 52 32 16 4 7 41 4 729 399 58 272 Dallas............................. 677 544 472 27 45 22 21 1 15 4 3 522 451 26 45 San Francisco............... 225 223 221 2 ...........4 4 4 219 217 2 ........... Amounts (in millions of dollars) All member banks................ 74,42260,644 7,250 6,528 2,290 1,930 308 52 1,046 1,244 ...7..2..,.1...3258,714 6,942 6,476 Size of bank (total deposits, in millions of dollars): Less than 10................. 5.461 2,810 981 1,670 336 191 125 20 119 217 5,125 2,619 856 1,650 10-50.............................. 12,741 7,922 2,013 2,806 784 668 85 31 272 512 11,957 7,254 1 ,928 2,775 50-100............................ 5,993 4,229 1,010 754 436 390 46 292 143 ........... 5,557 3,839 964 754 100-500......................... 16,817 14,181 1,519 1,117 627 574 52 1 363 264 16,190 13,607 1,467 1,116 500 and over................ 33,41031,502 1 ,727 181 108 108 ........... 108 ........... 33,303 31,394 1,727 181 Federal Reserve district: Boston............................ 2,421 2,164 45 212 137 137 63 74 2,284 2,027 45 212 New York..................... 14,393 12,814 771 809 300 300 227 73 14,093 12,513 771 809 Philadelphia.................. 3,810 1,587 1,117 1,106 358 208 146 4 208 150 3,452 1,379 971 1,102 Cleveland...................... 6,972 4,471 1,832 669 168 142 26 2 165 6,804 4,329 1,807 669 Richmond.............. 3,769 2,849 660 260 145 125 19 2 106 39 3,623 2,724 641 257 Atlanta........................... 3,768 2,893 643 232 297 284 11 2 201 96 ........... 3,471 2,610 632 229 Chicago......................... 14,081 10,793 1,690 1,598 180 151 25 4 59 121 ........... 13,901 10,642 1,665 1,594 St. Louis........................ 1,702 770 270 661 162 81 52 29 77 85 1,540 690 218 632 Minneapolis.................. 1,159 399 88 672 364 332 23 10 1 364 795 68 65 663 Kansas City.................. 2,590 2,222 94 274 81 74 6 1 10 71 2,509 2,148 88 273 Dallas............................. 2,778 2,710 31 36 44 44 (3) 40 5 2,734 2,666 31 36 San Francisco............... 16,979 16,970 8 ...........52 52 52 16,926 16,918 8 1 Excludes banks that reported no interest rate paid on December 3, 3 Less than $500,000. 1965, or early 1966. Deposits are as of December 22, 1965. 2 When a bank reported a maximum rate in between those shown, it Note.—Figures may not add to totals because of rounding. was included in the group paying the next higher rate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Table II Savings Certificates, IPC: Maximum Interest Rates Paid by Member Banks, December 3, 1965, and Early 1966 Maximum rate paid, 2 early 1966 Banks raising rates after Dec. 3, 1965 Banks not raising rates (per cent) All Group s b u w a d r n i e v t k ­ h e s y 5.5 5.0 4.5 4.0 3 l .5 es s or Total Maxim e ( a p u r e m l r y c r 1 a e 9 n te 6 t ) 6 p aid, 2 Maxi D m ( e p u c e m . r 3 c r , e a 1 n te 9 t) 6 p 5 a id, 2 Total Max D im ( e p c u e . m r 3 c , r e a 1 n te 9 t) 6 p 5 a id, 2 posits 1 5.5 5.0 4.5 4 l . e 0 s s or 4.5 4.0 3 l . e 5 s s or N ra o te 4.5 4.0 3 l . e 5 s o s r Number of banks All member banks........ 2,773 60 852 1,715 60 429 37 77 352 28 75 2,241 423 1,680 138 Size of bank (total de­ posits, in millions of dollars): Less than 10......... 1,747 452 1,165 97 31 227 23 34 191 19 39 1,464 225 1,144 95 10-50..................... 772 274 447 30 19 144 10 23 125 6 21 597 130 437 30 50-100................... 95 38 50 1 5 17 2 6 11 1 7 70 21 48 1 100-500................. 114 60 40 10 3 30 2 6 22 2 6 78 30 38 10 500 or over.......... 45 28 13 2 2 11 8 3 2 32 17 13 2 F.R. district: Boston................... 28 9 14 3 6 2 4 1 1 4 22 5 14 3 New York............ 75 27 39 5 17 4 10 3 8 1 8 58 17 36 5 Philadelphia......... 158 44 94 20 23 21 2 15 5 3 135 23 92 20 Cleveland............. 298 32 248 15 13 3 8 2 4 7 2 285 24 246 15 Richmond............ 151 61 76 12 25 2 20 3 1 16 2 6 126 41 73 12 Atlanta................. 269 135 119 13 37 2 31 4 4 25 6 2 232 104 115 13 Chicago................. 571 95 451 23 62 1 53 7 3 43 3 13 509 42 444 23 St. Louis............... 212 91 105 11 82 5 76 1 7 65 2 8 130 15 104 11 Minneapolis......... 414 117 286 9 115 2 111 2 2 106 2 5 299 6 284 9 Kansas City......... 330 127 173 17 89 13 71 5 19 57 3 10 241 56 168 17 Dallas................... 157 54 89 6 25 8 12 5 15 2 8 132 42 84 6 San Francisco.... 110 60 21 6 38 18 12 3 28 2 .............8 72 48 20 4 FEDERAL RESERVE BULLETIN • APRIL 1966 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Amounts (in millions of dollars) All member banks........ 6,560 9 234 2,816 3,413 88 1,921 9 234 1,667 11 585 1,319 16 4 639 1 149 3,402 88 Size of bank (total deposits in millions of dollars): Less than 10........ 1,595 C3) 24 436 1,106 28 279 G) 24 252 3 22 252 5 1,316 184 1,103 28 10-50..................... 2,255 0) 40 872 1,309 35 553 (3) 40 510 3 62 485 5 1 ,703 362 1,306 35 50-100................... 669 (5) 35 289 343 3 170 G) 35 130 5 57 108 5 500 159 338 3 100-500................. 1,008 9 26 650 300 23 431 9 26 395 1 69 362 576 255 299 22 500 or over........... 1,033 ............. 108 568 357 1 488 ............. 108 380 .........3..7..6 112 •........... 545 188 357 1 F.R. district: Boston............. 17 G) 1 15 C3) (3) (3) (’) ...........G..) (3) 17 1 15 G) New York............. 341 10 270 61 G) 221 10 211 1 220 1 ............. 119 59 60 (3) Philadelphia......... 342 ............. 130 186 26 33 ............ 33 (3) ...........3..2 1 ............. 309 97 186 26 Cleveland............. 592 41 81 463 6 56 41 13 1 45 10 1 536 68 462 6 Richmond............. 234 1 153 67 12 34 1 32 1 33 1 200 121 66 12 Atlanta................. 542 ............. 2 357 180 3 79 ............. 2 72 5 9 65 5 ............. 463 285 175 3 Chicago................. 1,614 9 360 1,224 21 215 9 206 (3) 16 198 (3) 1 ,400 154 1,224 21 St. Louis............... 628 130 276 219 3 376 130 245 1 170 205 1 ............. 252 31 218 3 Minneapolis........ 1,399 ....... 3 605 783 8 588 ............. 3 585 15 569 4 ............. 811 20 783 8 Kansas City..... 399 17 240 139 2 202 17 184 1 26 175 1 197 56 138 2 Dallas.................... 132 12 75 44 2 26 12 14 I 26 1 ............. 105 61 43 2 San Francisco.... 322 G) 18 267 32 5 90 G) 18 72 ...........8..3 7 232 195 32 5 TIME AND SAVINGS DEPOSITS 1 Excludes banks that reported no interest rate paid on December 3, a rate for this maturity was not reported, the rate applicable to the next 1965, or early 1966. Deposits are as of December 22, 1965. shorter maturity was used. 2 When a bank reported a maximum rate in between those shown, it 3 Less than $500,000. was included in the group paying the next higher rate. In most cases the maximum rate is that applicable to maturities of 1 year or more. When Note. —Figures may not add to totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

00 Table III Savings Bonds, IPC: Maximum Interest Rates Paid by Member Banks, December 3, 1965, and Early 1966 Maximum rate paid, 2 early 1966 Banks raising rates after Dec. 3, 1965 Banks not raising rates (per cent) All Group survey banks Maximum rate paid, 2 Maximum rate paid, 2 Maximum rate paid 2 with early 1966 Dec. 3, 1965 Dec. 3, 1965 po d s e it ­ s t 5.5 5.0 4.5 4.0 3 l .5 es s or Total (per cent) (per cent) Total (per cent) 5.5 5.0 4.5 4 l . e 0 s o s r 4.5 4.0 3 l . e 5 s o s r N ra o te 4.5 4.0 3 l .5 es o s r Number of banks All member banks........ 88 Size of bank (total de­ posits in millions of dollars): Less than 10........ 24 13 11 ............. 10-50..................... 32 22 10 ............. 50-100................... 6 4 2 ............. 100-500................. 17 12 5 ............. 500 and over........ 9 8 1 ............. F.R. district: Boston................... 1 1 ............................. New York............ 7 4 3 ............. Philadelphia........ 9 9 ............................. Cleveland............. 6 6 ............................. Richmond............ 9 7 2 ............. Atlanta................. 13 7 6 ............. Chicago................ 12 7 5 ............. St. Louis.............. 13 3 10 ............. Minneapolis........ 2 2 ............................. Kansas City......... 10 8 2 ............. Dallas................. 3 2 1 ............. San Francisco.... . 3 3 ............................. FEDERAL RESERVE BULLETIN • APRIL 1966 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Amounts (in millions of dollars) All member banks, 422 (3) 71 340 11 (3) 75 (3) 71 4 (3) 72 3 346 335 11 Size of bank (total de­ posits in millions of dollars): Less than 10. 5 (3) (3) 3 2 (3) (3) (3) (3) I3) (3) 5 3 2 10-50............ 25 (3) 20 5 2 (S) 2 (3) (3) 23 18 5 50-100........... 6 5 6 5 100-500........ 73 30 39 3 32 30 2 30 2 40 37 3 500 and over. 313 41 272 C3) 41 41 (3) (3) 41 272 272 (3) F.R. district: Boston........ 4 (3) 4 (3) (3) (3) 4 4 New York.. 65 41 24 (3) 41 41 (3) 41 25 24 (3) Philadelphia 121 121 121 121 Cleveland . 5 5 (3) (3) (3) (3) 5 5 Richmond 32 30 2 (3) 30 30 (3) 30 2 2 (3) Atlanta... 161 (3) 157 3 4 (3) 4 (3) 2 2 156 153 3 Chicago.... 13 2 (3) (3) (3) 13 2 St. Louis... 5 (3) (3) 4 (3) (3) (3) 5 (3) 4 Minneapolis (3) (3) Kansas City......... 13 13 (3) (3) (3) (3) (3) (3) 13 13 (3) Dallas.................... (3) (3) (3) (3) (3) (3) (3) (3) San Francisco.... 2 (3) 2 (3) (3) (3) 2 2 1 Excludes banks that reported no interest rate paid on December 3, rate is that applicable to maturities of 1 year or more. When a rate for 1965, or early 1966. Deposits are as of December 22, 1965. this maturity was not reported, the rate applicable to the next shorter 2 When a bank reported a rate in between those shown, it was included maturity was used. in the group paying the next higher rate. In most cases the maximum 3 Less than $500,000. TIME AND SAVINGS DEPOSITS____________________________ ___________ 479 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

oo O Table IV Other Nonnegotiable CD’s, IPC: Maximum Interest Rates Paid by Member Banks, December 3, 1965, and Early 1966 Maximum rate paid,2 early 1966 Banks raising rates after Dec. 3, 1965 Banks not raising rates (per cent) All Group s b u w a r n i v t k e h y s Maxim ea u r m ly r 1 a 9 te 66 p aid,2 Maxi D m e u c m . 3 r , a 1 te 9 6 p 5 aid,2 Max D im ec u . m 3 , ra 1 t 9 e 6 5 p aid, deposits1 5.5 5.0 4.5 4.0 3. l 5 e ss or Total (per cent) (per cent) Total (per cent) 5.5 5.0 4.5 4. l 0 es s or 4.5 4.0 3. l 5 es s or r N at o e 4.5 4.0 3 l .5 es o s r Number of banks All member banks.................... 2,157 6 114 698 1,147 192 470 6 114 302 48 116 218 40 96 1,687 396 1,103 188 Size of bank (total deposits, in millions of dollars): Less than 10..................... 1,191 4 44 361 657 125 245 ' 4 44 165 32 42 120 27 56 946 196 628 122 10-50................................. 680 2 24 211 388 55 129 2 24 89 14 23 71 12 23 551 122 374 55 50-100................................ 127 6 54 60 7 31 6 23 2 8 17 1 5 96 31 59 6 100-500.............................. 116 20 52 39 5 37 20 17 19 10 8 79 35 39 5 500 and over..................... 43 ............. 20 20 3 ............. 28 ............. 20 8 ...........2..4 4 15 12 3 Federal Reserve district: Boston............................... 66 8 22 30 6 15 8 6 1 9 4 1 1 51 16 29 6 New York......................... 178 15 64 81 18 44 15 23 6 14 14 6 10 134 41 75 18 Philadelphia..................... 155 ............. 4 48 83 20 34 • ........... 4 28 2 3 18 6 7 121 20 82 19 Cleveland.......................... 142 4 30 91 17 14 ............. 4 6 4 2 5 3 4 128 24 87 17 Richmond......................... 138 2 8 62 54 12 34 2 8 20 4 6 11 5 12 104 42 51 11 Atlanta.............................. 213 1 2 104 83 23 40 1 2 35 2 9 22 2 7 173 69 82 22 Chicago.............................. 357 11 57 256 33 51 11 29 II 11 18 4 18 306 28 245 33 St. Louis............................ 198 4 53 125 16 47 4 39 4 7 31 4 5 151 14 121 16 Minneapolis..................... 105 ............. 1 23 74 7 23 ............. 1 21 1 ...........1..9 1 3 82 2 73 7 Kansas City...................... 269 1 7 104 132 25 76 1 7 62 6 9 48 5 14 193 42 126 25 Dallas................................. 243 16 84 129 14 46 16 24 6 8 27 2 9 197 60 123 14 San Francisco.................. 93 2 34 47 9 1 46 2 34 9 1 38 1 1 6 47 38 9 ............. FEDERAL RESERVE BULLETIN • APRIL 1966 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Amounts (in millions of dollars) All member banks, 5,110 11 1,521 1,833 1,699 46 2,220 11 1,521 684 4 1,758 452 9 2,890 1,149 1,695 46 Size of bank (total deposits, in millions of dollars): Less than 10. 778 (3) 26 252 482 19 153 0 26 124 2 40 109 4 (3) 625 127 479 19 10-50............ 1,286 82 459 718 16 270 82 176 103 162 5 G) 1,015 282 717 16 50-100.......... 568 32 275 256 5 32 79 G) 51 59 P) 458 196 256 5 100-500........ 891 149 504 231 6 340 149 191 219 121 G) 550 313 231 6 500 and over. 1,587 1,232 344 1,345 1,232 113 1,345 242 231 II Federal Reserve district: Boston........ 38 12 18 G) 10 3 G) 9 1 P) 28 9 18 P) New York.. 548 218 262 65 2 317 218 98 266 49 2 231 165 64 2 Philadelphia 278 9 90 171 7 9 35 G) 8 34 (3) 234 56 171 7 Cleveland. 373 140 108 122 2 168 140 27 G) 146 22 p) 205 81 122 2 Richmond 223 3 79 86 52 2 109 3 79 26 G) 97 11 P) 114 60 52 2 Atlanta. . . 511 8 39 335 121 8 164 8 39 117 131 32 1 G) 347 218 121 8 Chicago... • 896 32 326 530 7 114 32 82 (3) 69 43 2 782 245 530 7 St. Louis. ;. 446 27 142 269 8 128 27 101 51 76 1 G) 318 41 268 8 Minneapolis 170 47 118 4 41 40 G) 41 (’) 129 7 118 4 Kansas City.. 327 G) 27 170 126 3 114 G) 27 86 29 84 1 213 85 125 3 Dallas.............. 269 51 116 100 2 88 51 38 30 58 P) 180 79 100 2 San Francisco. 1,032 (3) 890 136 5 923 G) 890 32 922 1 P) 109 104 5 ............. 1 Excludes banks that reported no interest rate paid on December 3, a rate for this maturity was not reported, the rate applicable to the next 1965, or early 1966. Deposits are as of December 22, 1965. shorter maturity was used. 2 When a bank reported a maximum rate in between those shown, it 3 Less than 5500,000. was included in the group paying the next higher rate. In most cases the maximum rate is that applicable to maturities of 1 year or more. When Note.—Figures may not add to totals because of rounding. TIME AND SAVINGS DEPOSITS QO Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Table V Negotiable CD’s, IPC: Maximum Interest Rates Paid by Member Banks on December 3, 1965, and Early 1966 Maximum rate paid,2 early 1966 Banks raising rates after Dec. 3, 1965 Banks not raising rates (per cent) AH survey Maximum rate paid,2 Maximum rate paid,2 Maximum rate paid,2 Group banks early 1966 Dec. 3, 1965 Dec. 3, 1965 with (per cent) (per cent) (per cent) deposits1 5.5 5.0 4.5 4.0 3. l 5 e ss or Total Total 5.5 5.0 4.5 4. l 0 es s or 4.5 4.0 3. l 5 es s or r N at o e . 4.5 4.0 3. l 5 e s o s r Number of banks All member banks.................... 1,777 5 223 632 814 103 487 5 223 231 28 245 151 19 72 1,290 401 790 99 Size of bank (total deposits, in millions of dollars): T ess than 10..................... 882 4 60 261 483 74 164 4 60 86 14 58 54 8 44 718 175 472 71 10-50 ............. 543 42 211 264 26 140 42 89 9 47 63 7 23 403 122 255 26 50-100 ...... 107 9 58 38 2 34 9 21 4 15 12 3 4 73 37 35 1 100-500 170 57 83 29 1 90 57 32 1 66 22 1 1 80 51 28 1 500 and over ............... 75 1 55 19 59 1 55 3 59 16 16 Federal Reserve district: Boston ......................... 104 20 44 36 4 40 20 17 3 23 7 2 8 64 27 33 4 New York ................... 158 35 55 63 5 61 35 20 6 43 9 4 5 97 35 57 5 Philadelphia . . 75 6 20 38 11 19 6 9 4 7 6 3 3 56 11 37 8 Cleveland ............. 68 5 16 34 13 12 5 3 4 5 3 4 56 13 30 13 Richmond ................... 129 13 57 51 8 21 13 7 1 5 9 2 5 108 50 50 8 Atlanta ..................... 148 10 57 68 13 27 10 15 2 11 8 8 121 42 67 12 Chicago.............................. 221 26 60 128 7 64 26 35 3 25 16 1 22 157 25 125 7 St T.ouis............................ 96 5 16 61 14 19 5 13 1 6 11 1 1 77 3 60 14 Minneapolis..................... 105 1 5 31 64 4 28 1 5 21 I 6 19 1 2 77 10 63 4 Kansas Gity ................... 278 24 100 140 14 58 24 34 33 22 3 220 66 140 14 Dallas.. ................... 272 33 111 120 8 75 33 41 1 27 39 1 8 197 70 119 8 San Francisco.................. 123 4 41 65 11 2 63 4 41 16 2 54 2 7 60 49 9 2 482 ___________________________FEDERAL RESERVE BULLETIN • APRIL 1966 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Amounts (in millions of dollars) All member banks 15,874 72 12,154 2,472 1,148 28 12,869 72 12,154 634 10 12,352 510 7 3 004 1,838 1,138 28 Size of bank (total deposits in millions of dollars): Less than 10. 554 27 175 338 12 82 52 36 45 2 472 123 337 12 10-50............ 857 77 402 362 15 207 77 128 2 98 107 2 649 274 360 15 50-100.......... 499 52 270 177 149 52 93 4 106 41 350 177 173 P) 100-500........ 2,562 1.377 912 271 1.679 1.377 299 2 1.359 317 2 883 613 269 1 500 and over. 11,403 71 10,620 713 10,752 71 10.620 62 10.752 G) 651 651 Federal Reserve district: Boston......... 626 556 45 25 G) 577 556 18 3 569 8 49 27 21 G) New York.. 6,060 5.793 228 36 3 5.910 5,793 116 5.878 31 150 112 35 3 Philadelphia 628 467 79 81 489 467 23 (3) 483 7 (3) 139 56 81 1 Cleveland. . 861 712 116 32 722 712 8 712 8 2 140 108 30 1 Richmond.. 401 166 163 68 4 173 166 7 0 86 86 2 228 156 68 4 Atlanta.... 576 260 164 142 10 275 260 15 268 6 (3) 301 149 142 10 Chicago........... 2,260 1,621 386 252 1.730 1,621 106 3 1,614 115 G) 531 280 250 1 St. Louis......... 424 184 36 202 2 211 184 27 (3) 189 22 (3) 212 9 201 2 Minneapolis. . 344 71 136 52 85 G) 241 71 136 34 (3) 213 28 (3) 103 18 84 (5) Kansas City.. 553 219 210 120 3 287 219 67 193 93 266 143 120 3 Dallas............. 1,370 554 720 95 704 554 149 600 104 666 571 94 1 San Francisco. 1.770 1,485 272 G) 1.551 1.485 64 1.547 4 219 208 11 G) 1 Excludes banks that reported no interest rate paid on December 3, a rate for this maturity was not reported, the rate applicable to the next 1965, or early 1966. Deposits are as of December 22, 1965. shorter maturity was used. 2 When a bank reported a maximum rate in between those shown, it 3 Less than 1500,000. was included in the group paying the next higher rate. In most cases the Note.—Figures may not add to totals because of rounding. maximum rate is that applicable to maturities of 1 year or more. When TIME AND SAVINGS DEPOSITS 483 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Table VI Time Deposits, Open Account, IPC: Maximum Interest Rates Paid by Member Banks, December 3, J 965, and Early 1966 Maximum rate paid,2 early 1966 Banks raising rates after Dec. 3, 1965 Banks not raising rates (per cent) AU survey Maximum rate paid,2 Maximum rate paid,2 Maximum rate paid, 2 Group banks early 1966 Dec. 3, 1965 Dec. 3, 1965 with (per cent) (per cent) (per cent) ieposits1 5.5 5.0 4.5 4.0 3. l 5 e ss or Total Total 5.5 5.0 4.5 4. l 0 es s or 4.5 4.0 3 l .5 es s or r N at o e 4.5 4.0 3 l .5 e ss or Number of banks AH member banks.................... 1,763 4 91 285 621 762 240 4 91 72 73 91 44 77 28 1,523 213 5*4 726 Size of bank (total deposits in millions of dollars): Less than 10..................... 810 1 22 93 255 439 92 1 22 22 47 17 10 48 17 718 71 233 414 10-50.................................. 624 3 17 77 266 261 61 3 17 24 17 13 18 22 8 563 53 258 252 50-100................................ 128 3 41 51 33 17 3 7 7 7 2 6 2 111 34 46 31 100-500.............................. 144 20 53 44 27 36 20 14 2 21 13 1 1 108 39 42 27 500 and over..................... 57 ............. 29 21 5 2 34 29 5 33 1 23 16 5 2 F.R. district: Boston................................. 95 2 23 37 33 8 2 3 3 2 3 3 ............. 87 20 35 32 New York......................... 300 25 45 142 88 60 25 15 20 25 9 24 2 240 30 129 81 Philadelphia..................... 292 ............. 4 18 56 214 41 ............. 4 7 30 4 6 31 .........2..5..1 11 48 192 Cleveland.......................... 169 ............. 4 14 75 76 12 4 1 7 4 6 2 157 13 70 74 Richmond......................... 187 3 26 97 61 11 3 8 4 6 1 176 18 97 61 Atlanta.............................. 194 ............. 5 35 37 117 14 ............. 5 9 .............3 5 3 3 180 26 37 117 Chicago.............................. 233 1 8 28 101 95 22 1 8 8 5 7 4 4 7 211 20 96 95 St. Louis.............-............ 18 1 ............. 2 3 12 3 1 1 1 1 2 15 1 3 11 Minneapolis..................... 13 3 4 6 4 • ........... 3 1 .............1 1 2 9 4 5 Kansas City...................... 55 1 13 17 24 4 ............. 1 1 2 1 1 1 51 12 17 22 Dallas................................ 116 1 9 36 38 32 22 1 9 8 4 5 9 2 6 94 28 34 32 San Francisco......... 91 1 30 42 14 4 39 1 30 8 ...........3..5 1 .............3 52 34 14 4 484 _________________________________ FEDERAL RESERVE BULLETIN ■ APRIL 1966 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Amounts (in millions of dollars) All member banks. 4,401 10 2,645 1,010 514 222 2,888 10 2,645 219 14 2,804 68 15 ,514 791 504 218 Size of banks (total deposits in millions of dollars): Less than 10. 155 (3) 4 34 57 58 12 (3) 4 3 4 4 3 5 143 31 55 56 10-50............. 365 9 23 72 174 87 9 23 8 28 15 7 315 61 169 85 50-100.......... 193 6 92 83 12 25 6 17 2 15 2 168 75 81 12 100-500........ 600 118 332 92 57 219 118 99 177 41 382 233 91 57 500 and over. 3,088 2.494 479 108 2,582 2,494 88 2,580 2 508 392 108 7 F.R. district: Boston........ 58 25 15 10 7 26 25 (3) G) 25 (3) G) 31 15 10 7 New York.. 2,102 1,682 337 57 25 1,802 1 ,682 116 4 1,786 4 300 221 54 24 Philadelphia 393 201 44 37 210 201 5 4 201 3 5 183 106 43 34 Cleveland. 302 63 77 149 12 70 63 6 2 68 2 231 71 148 12 Richmond 189 23 96 53 16 35 23 12 23 13 G) 153 84 53 16 Atlanta. . , 128 9 58 24 37 13 9 9 3 115 54 24 37 Chicago.... 623 G) 307 104 142 70 347 (3) 307 38 338 8 276 65 141 70 St. Louis.. . 3 2 P) 1 1 Minneapolis 2 (3) 2 G) G) G) (3) (3) G) 2 2 G) Kansas City. . 36 19 5 2 G) 2 G) 34 18 11 5 Dallas............. 187 9 56 98 17 91 9 56 23 3 64 27 G) 96 76 13 7 San Francisco, 379 (3) 276 94 4 5 290 (3) 276 14 289 2 89 80 4 5 1 Excludes banks that reported no interest rate paid on December 3, a rate for this maturity was not reported, the rate applicable to the next 1965, or early 1966. Deposits are as of December 22, 1965. shorter maturity was used. 2 When a bank reported a maximum rate in between those shown, it 3 Less than $500,000. was included in the group paying the next higher rate. In most cases the maximum rate is that applicable to maturities of 1 year or more. When Note.—-Figures may not add to totals because of rounding. T1MEANDSAVINGS DEPOSITS______________________________________________________485 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDIES The research staffs of the Board of Gover­ necessarily indicate concurrence by other nors of the Federal Reserve System and oj members of the research staffs, by the Board the Federal Reserve Banks undertake studies of Governors, or by the Federal Reserve that cover a wide range of economic and Banks. financial subjects. From time to time the re­ Single copies of the full text of the study sults of studies that are of general interest that is summarized below are available to the economics profession and to others are in mimeographed form. The list of publica­ summarized—or in some instances printed tions at the back of each Federal Reserve in full—in this section of the Bulletin. Bulletin includes a separate section enu­ In all cases the analyses and conclusions merating the studies for which copies are set forth are those of the authors and do not currently available in that form. STUDY SUMMARY THE PROCESS OF INFLATION: A REVIEW OF THE LITERATURE AND SOME COM­ PARISONS OF CYCLICAL PERFORMANCE, 1953-65 Glenn H. Miller, Jr.—Staff, Federal Reserve Bank of Kansas City Study prepared for the Federal Reserve System Linkage Working Group on Price, Cost, and Capacity Relationships and submitted in October J965 Economic analysts and policymakers are process of inflation. The second section con­ necessarily concerned with considerations tains empirical comparisons of the behavior relating to inflationary potentials associated of industrial prices in recent business cycles. with rising levels of economic activity, and The first part of the study deals with the related behavior of productivity, costs, models or explanations of inflation grouped and prices in such an environment. A care­ in categories labeled demand inflation, sup­ ful survey of recent published material may ply inflation, and mixed inflation, and also aid in focusing that concern on the more contains a brief section entitled “Federal relevant attributes in the situation. This Reserve Views of Inflation.” In the short study consists of two principal parts. The section on demand inflation, the quantity first part is a review of literature, almost theory explanation and the Keynesian infla­ wholly from the United States, published tionary gap analysis are briefly discussed. since the late 1940’s and concerned with The supply inflation section includes com­ theories and explanations of the origins and ments on the question of validation and the 486 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDIES 487 dilemma model, as well as a discussion of the last three business cycles can be de­ cost-push or income-shares inflation. Next, scribed and compared along lines suggested some selected models of mixed inflation are by the framework. The framework itself, a examined-—models that combine both cost composite view of the process of change in and demand elements. These models are the general level of industrial prices, was more or less disaggregative, and emphasize drawn from the literature reviewed and pro­ the rigidities and the immobilities in the vides a basis for choosing empirical data modern U.S. economy, as tVell as the pres­ that best approximate the concepts involved. ence of strong centers of market power. These data were then used to describe and This section closes with a consideration of compare the performance of industrial how price changes are influenced by wage­ prices during the business cycles of 1953­ rate changes, by productivity changes, and 57, 1957-60, and 1960-65.1 * by the pattern of price determination. Included in the second part of the report 1A slightly abridged version of the cyclical compari­ are a framework for viewing industrial price sons was published in the Monthly Review of the Federal Reserve Bank of Kansas City for Septemberchanges, and some empirical data, presented October 1965, under the title “Industrial Prices in so that the behavior of industrial prices over Recent Business Cycles.” Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDY RESEARCH ON BANKING STRUCTURE AND PERFORMANCE Tynan Smith—Staff, Board of Governors In 1962 the Board of Governors launched a and Statistics, at a meeting of the Federal Re­ new program of comprehensive research in the serve System Committee on Financial Analysis field of banking structure and bank competition. at St. Louis, Missouri, October 20, 1965. In At that time the Board set up a group, now developing this survey of research accomplish­ designated the Banking Markets Section, in its ments, Mr. Smith was assisted by his colleagues Division of Research and Statistics to under­ in the Banking Markets Section, Wm. Paul take studies and to foster research in banking Smith, Nathaniel Greenspun, Robert Lawrence, markets by others. and Stuart G. Schmid. To facilitate and encourage research in this The paper has been updated and adapted for field, a broad survey was made in 1964 of work publication in the Bulletin to serve as a ref­ completed and further research needed. The erence for analysts interested in following devel­ report was published in the Bulletin for No­ opments in this field of research. As in all staff vember 1964. The present report covers a simi­ economic studies, the author is responsible for lar survey of research done since that time, and the analyses and conclusions set forth, and the is based on a paper presented by Tynan Smith, views expressed are not necessarily those of his Associate Adviser in the Division of Research colleagues or of the Board of Governors. The performance of the banking system— plished in recent years to further our knowl­ that is, its effectiveness in serving the deposit edge in this field. Many questions remain, and credit needs of the country—is closely however, and substantial research efforts will related to its structure and organization. In be required to narrow the areas of doubt and this respect banking differs from other in­ conjecture regarding the relationships be­ dustries only in the degree of complexity of tween banking structure and market per­ its market relationships. Banks operate in formance. many different markets for the variety of When the Board of Governors started its services offered and compete at different formal research program in banking mar­ levels with a variety of other financial in­ kets in early 1962, the economists who had stitutions. Because of this complexity, analy­ done significant research into the structure sis of competitive relationships in banking of the banking industry could be counted on presents difficult problems of achieving a the fingers of one hand. There were only two meaningful definition of the markets in­ serious efforts prior to 1950 to examine the volved as a basis for appraising bank per­ competitive situation in banking—one, by formance in providing at reasonable prices Adolf A. Berle, who examined the applica­ the quantity, quality, and variety of services tion of antitrust laws to banking [I]1; and demanded by customers. Notwithstanding 1 Numbers in brackets refer to references cited at these difficulties, much has been accom­ the end of the text. 488 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RESEARCH ON BANKING STRUCTURE AND PERFORMANCE 489 the other, by Lester V. Chandler, who ap­ tween banking structure and market per­ plied Chamberlin’s theory of oligopoly and formance and to experiment with a variety monopolistic competition to the structure of analytical techniques. We have now ac­ and behavior of banking markets [2], The cumulated a considerable body of research. pioneering work of David A. Alhadeff on As so often happens in a relatively unplowed competition in banking was not published area, the research output of recent years is until 1954 [3]. " heavily weighted with negative results, such The previous indifference of economists, as the limitations of concentration ratios for even those in the industrial organization measuring bank structure-performance re­ field, to research into banking structure lationships. But negative results had positive stemmed principally from the view that values since they helped to determine which banking was a regulated industry and that areas hold the greatest promise for intensive its major problem was one of overbanking study and which analytical processes are and excessive competition rather than one of most likely to yield fruitful results. monopolistic markets and imperfect com­ The present article discusses the current petition. In the atmosphere of the 193O’s, status of work in the banking structure field, the safety and liquidity of the banking sys­ taking into account both the objectives and tem became an overriding concern and bank the techniques of research. Some approaches mergers were welcomed as a means of shor­ appear to have been carried about as far as ing up weak situations in an overcrowded practicable with existing data and tech­ industry. After the sharp reduction in num­ niques, while others appear promising for ber of banking offices during the depression further analytical work. Some facets of the years, concern with overbanking largely sub­ subject remain virtually untouched. sided and was replaced by emphasis on the To facilitate presentation, projects are need to maintain vigorous competition in divided into five major groups similar to banking markets. those used in the review of research into The spread of public concern over the banking structure and competition published lessening of competition resulting from bank in the November 1964 Federal Reserve Bul­ mergers and holding company expansion led letin [4J. As in the earlier report, the to the Bank Holding Company Act of 1956 groups represent both research objectives and the Bank Merger Act of 1960, and at and techniques used, and some studies, the same time stimulated academic interest which do not fit neatly in any single group, in the problems of banking structure. The are classified according to their major em­ laws focused attention on the economic phasis. The five groupings are: issues in bank merger and bank holding 1. exploratory analyses in banking struc­ company cases since, in reaching their de­ ture and organizational arrangements; cisions, the Federal bank supervisory agen­ 2. studies of legislation and of adminis­ cies were required to consider the competi­ trative and court decisions and of their im­ tive impact as well as the convenience and pact upon banking structure; needs of the community. 3. analyses of structure-performance r These various influences generated re­ lationships; search in the field of banking structure to 4. studies of economies of scale; am explore many facets of the relationship be­ 5. analyses of supplies of and d' Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

490 FEDERAL RESERVE BULLETIN • APRIL 1966 for banking services in individual market identifying characteristics of merging banks situations. and to consider the effects of mergers on relevant banking markets. EXPLORATORY ANALYSES OF BANKING An extensive appraisal of the perform­ STRUCTURE AND ORGANIZATION ance of branch banks as compared with unit This group characteristically includes two banks was completed by Paul M. Horvitz types of projects: (1) those that describe and Bernard Shull in late 1964 [6]. They the nature of changes in banking structure; compared the acquired unit bank before and (2) those that examine data on banking merger and the branch after merger, using structure and on changes in structure in such measures of performance as: (1) in­ order to draw inferences regarding the ef­ terest rates paid on time deposits; (2) serv­ fect of structure upon performance. The first ice charges; (3) rates and terms on loans; type includes current information on changes and (4) new services offered. They con­ in the banking structure collected and pub­ cluded that branching through mergers gen­ lished by the bank supervisory agencies and erally improves performance. Horvitz and articles summarizing historical develop­ Shull also compared banks in statewide ments. Such material provides essential branching States with those in unit banking background for more sophisticated and com­ States, using the usual yardsticks derived plex analyses. from reports on condition and earnings. There are a number of recent studies of Again, they concluded that branching pro­ the second type which primarily explore vides better service to the public, although available data to find relationships between they cautioned that this finding might be in­ banking structure and performance rather fluenced by regional variations in the prev­ than to test existing hypotheses. Eugene Rot- alence of unit and branch banking. These wein recently used this approach in a survey conclusions generally parallel those of the of the trends in bank merger activity and New York State Banking Department in an their effects on bank concentration in Cali­ earlier study of mergers and branching in fornia during the period 1947-60 [5], How­ New York State [7]. ever, some aspects of the design and execu­ The Banking Markets Section has under tion of this study—such as the use of ex­ way a study of the effects of holding com­ amination data for varying dates, the elimi­ pany affiliation on commercial bank be­ nation of counties with less than 3 banks havior. The analytical framework has been from the concentration comparisons, and developed, and an empirical investigation is the recent changes in California’s banking being made of before-and-after comparisons structure—limit the current usefulness of of banks acquired by holding companies Rotwein’s survey. with their competitors that remained inde­ Another study of bank mergers, currently pendent. Measures such as changes in asset in process in the Banking Markets Section at structure, in earnings, and in growth rates the Federal Reserve Board, examines the will be used. premerger behavioral and structural char­ The Federal Reserve Bank of Richmond acteristics of banks that merged in 1963 and has undertaken two comparative studies of 1964. Comparisons are being made with local banking markets to discern the effect nonmerging banks in an effort to isolate on performance of differences in banking Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RESEARCH ON BANKING STRUCTURE AND PERFORMANCE 491 structure stemming from branch banking. In customers at lower prices and in a tendency the first of these, Clifton H. Kreps, Jr., ex­ toward payment of higher rates of interest amined three metropolitan areas: Charles­ on time deposits. ton, West Virginia, a unit banking area; Another type of analytical study relies Richmond, Virginia, a limited branching largely on descriptive material for a par­ area; and Charlotte, North Carolina, a state­ ticular group of banks. This is the approach wide branch banking area [8], The second of David A. and Charlotte P. Alhadeff in the study, undertaken by Richard S. Wallace, recent article, “Growth of Large Banks, was devoted to smaller cities located in 1930-60” [11]. The study focuses on the re­ counties with population of about 75,000 lation between bank growth and size for the in the same three States [9]. In both studies, 200 largest banks, and analyzes growth rates several major product lines of banks, includ­ both for the group and for individual banks. ing business and instalment loans as well as They consider their findings tentative be­ demand and time deposit services, were cause they did not take into account factors selected for study. Data from financial re­ other than size. Also, they adjusted for the ports of banks were supplemented by inter­ effects of merger when considering the views and by questionnaire surveys of banks, growth rate for the group, but not when of business customers of banks, and of non­ analyzing the individual banks. Some of bank financial institutions in the areas. The these deficiencies may be overcome when study of three metropolitan areas found that the Banking Markets Section completes an the banks in all of these areas were pre­ analysis now under way of the effect of mer­ dominantly competitive on a nonprice basis gers on the 200 largest banks during the and that the degree of competition among period 1951-63. the banks was most intense in the two Descriptive analyses and exploratory stud­ branch banking cities. Among the three ies of the types discussed provide the neces­ smaller areas, performance in the two branch sary background material on which to judge banking areas appeared to be slightly better developments. Such studies often constitute than in the unit banking area. However, the first stage of analysis to yield insights and factors other than commercial banking struc­ to firm up hypotheses for subsequent appli­ ture seems to have been responsible for the cation of more complex techniques. In the more significant differences in performance; hands of an experienced analyst such ex­ in particular, the influence of competition ploratory studies using available data can arising from nonbank financial institutions. produce fruitful results. Basically, however, Nevertheless, Wallace warns that the ob­ the technique is not rigorous, and any rela­ served differences in performance were small tionships discovered must be confirmed by and they may have been the result of the further analysis. inadequacies of the performance measures used. STUDIES OF LEGISLATION AND OF ADMINISTRATIVE AND COURT DECISIONS In a recent article David C. Motter ap­ praised the impact of entry by new banks A specialized application of the descriptive [10]. He examined the 64 national banks type of analysis has been in the field of pub­ chartered in 1962 and concluded that new lic policy regarding banking structure, as entry generally resulted in better service to embodied in legislation and in decisions of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

492 FEDERAL RESERVE BULLETIN • APRIL 1966 the courts and the bank supervisory agen­ In a recent statement before a Congres­ cies. This type of analysis is of particular sional committee on the proposed bank mer­ interest at the present time because the legal ger legislation, Governor George W. Mitchell status of bank mergers is in the process of relied upon a survey of bank merger cases de­ being reformulated. As recently as 1959, cided by the Board of Governors during the Donald F. Turner and Carl Kaysen grouped preceding three and a half years to point up commercial banking with the industries that the relative unimportance of the competitive were exempt from the antitrust laws [12]. factor in most Board decisions [16]. During According to several recent court decisions, the period reviewed by Governor Mitchell, however, banking is indeed subject to the the Board approved 97 merger applications antitrust laws. The Supreme Court applied and denied 10. An adverse effect on com­ first the Clayton Act and then the Sherman petition was the primary basis for the Antitrust Act to bank mergers in the Phil­ Board’s denial in each of 10 cases. Among adelphia National Bank and Lexington cases merger cases approved, however, the Board [13, 14], A subsequent decision in Federal concluded that the proposed merger would District Court in the Manufacturers-Han- eliminate significant competition between the over case found the merger in violation of merged banks in only 4 of the cases; that both laws [15], there would be a slightly adverse effect on The changed legal status of bank mergers competition in 21 other cases; and that there led to the introduction of new legislation in would be a favorable effect on competition in Congress to clarify the respective roles in another 16 cases. As during the earlier bank merger regulation of the Federal bank period covered in the study by George R. supervisory agencies and of the Antitrust Hall and Charles F. Phillips, Jr. [17], the Division of the Department of Justice. As a convenience and needs factor was the most result, the Bank Merger Act was amended frequent basis for Board approval of a early in 1966 to require the bank super­ merger application. In the Board’s opinion, visory agencies and the Courts to employ the the proposed merger promised a substantial same criteria in passing on bank mergers. improvement in convenience and needs in Formerly, the Courts considered bank merg­ 51 of the 97 cases approved. ers solely under the antitrust laws. The 1966 Charles F. Phillips, with the assistance of law restated in modified form the criteria for George R. Hall and Wm. Paul Smith, has evaluating bank mergers as stated in the followed up the earlier work on merger de­ Bank Merger Act of 1960, and seemingly cisions with a study of holding company gives greater weight to the impact of the decisions by the Board of Governors under transaction on competition. Further, the cri­ the Bank Holding Company Act of 1956 teria laid down by the new law are to be I 18].3 This study, which is now being pre­ applied by the Department of Justice and the Courts in considering bank merger cases antitrust laws may be reopened under the present bank merger standards. now pending as well as subsequent cases.2 ’A background analysis, “Bank Holding Company Regulation,” was recently published by George R. 3 In addition, other provisions of the new law call Hall in The Southern Economic Journal [19]. He re­ for a dismissal of three antitrust suits involving bank views the developments that culminated in the 1956 mergers that were initiated prior to the Philadelphia Act, discusses Board decisions under the Act, and National Bank decision. Further, bank mergers that proposes certain changes in bank holding company were previously found to be unlawful under the law. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RESEARCH ON BANKING STRUCTURE AND PERFORMANCE 493 pared for publication, finds that bank hold­ bank mergers that differ from those used in ing company activities did not increase evaluating bank holding company cases. The markedly between 1956 and the end of Courts have adopted a bundle-of-services 1964. Phillips’ review of holding company view of commercial banking whereas the cases indicates that the Board has generally banking agencies have given greater atten­ been more concerned with the competitive tion to particular product lines. Via con­ impact of holding company formations or of cludes that resolution of these difficulties re­ acquisitions of established banks than was quires more fundamental legislation than the case in its decisions on bank mergers. At antitrust exemption for commercial banking the same time, possible improvements in or even employment of the same criteria by convenience and needs of the communities the Courts and banking agencies in bank affected by holding company expansion re­ merger cases. ceived less attention than in the merger There have been three recent general dis­ cases. These differences in appraising hold­ cussions of the impact of bank regulations ing company cases have resulted, in part, upon competition in banking markets. Gov­ from the Board’s tendency to regard cor­ ernor George W. Mitchell has argued that respondent relationships an effective alterna­ the distinctions between banking and other tive to holding company expansion in meet­ industries have been overemphasized and ing a community’s convenience and needs. that the fears of “overbanking,” as well as Phillips concludes that while the Board’s the concern for bank safety and liquidity, administration of the Bank Holding Com­ have led to excessive regulation of banking, pany Act has been in line with Congressional which has restricted banking competition intent, the Act would be improved by the [21]. It is his view that banking should be elimination of certain exemptions and by considered a multiproduct industry and that reduction of restrictions on intrasystem the operation of banking markets is closely dealings. analogous to the operation of markets for The treatment of competition in bank other goods and services. Banks, like firms merger and bank holding company cases in other industries, seek to merge because was critically reviewed by J. William Via, it is profitable to do so. Moreover, he be­ Jr. [20], His article considers some “crucial lieves that in following the profit motive a and unwarranted inconsistencies” in the bank generally is led to offer the services treatment of competition by the banking needed by its community. Thus he would agencies and the Courts. He argues that place great reliance on decisions made in these inconsistencies stem in part from the the market place to protect the interests and Courts’ exclusive concern with competition needs of individual communities and the under the antitrust statutes in contrast to the general welfare of the country. Governor banking agencies which have balanced the Mitchell concludes “. . . that the durable competitive factor against both the banking consideration of competition can become and the convenience and needs factors under the core of a consistent merger policy,” but the Bank Merger and the Bank Holding he admits that it is “a most difficult task” Company Acts. These inconsistencies have to implement this position in deciding actual been compounded by the use of concepts of cases. the market and of competition in evaluating Donald R. Hodgman analyzed the impli- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

494 FEDERAL RESERVE BULLETIN • APRIL 1966 cations of the recent court decisions and the tors are also crucial in influencing new bank public policy dilemma in trying to reconcile entry in specific market areas, including the maintenance of competitive markets growth and changing patterns of income and with “sound banking” [22]. He concluded population, growth of nonbank financial in­ that the reconciliation of these objectives stitutions, and, possibly, branch openings. will require either some modification of in­ In Peltzman’s model, this wide variety of stitutional arrangements to separate the de­ economic and demographic variables is re­ posit and lending functions or the use of flected, if at all, in the rate of profit and total deposit insurance to bear the higher costs commercial bank deposits. of any bank failures resulting from increased competition. ANALYSES OF STRUCTURE-PERFORMANCE RELATIONSHIPS Paul M. Horvitz dealt with the question of what the regulatory authorities can do to In this group studies rely heavily upon re­ stimulate bank competition [23]. He con­ gression analysis and other statistical tech­ cluded that the supervisory authorities can niques for macro-analysis of data for large permit easier entry both by new banks and geographic areas. Two recent examples are by new branches. He also believes that com­ the analyses of relationships between in­ petition can be intensified by abolishing terest rates charged on business loans and Regulation Q, by eliminating collusive prac­ the degree of bank concentration in major tices of clearing house associations, and by metropolitan areas by Franklin R. Edwards liberalizing the rules on composition of asset [25] and Theodore G. Flechsig [26]. Ed­ portfolios. wards found a significant relationship be­ Another important study in this area is tween business loan rates and concentration Sam Peltzman’s pioneering effort to quantify in major metropolitan areas while Flechsig’s the impact of regulations on bank entry analysis did not. Their conflicting views [24]. He estimated the extent to which the were aired at a session held by the Ameri­ Banking Act of 1935 restricted entry into can Finance Association in December commercial banking by making a regression 1964 [27], [28], Later Edwards added a analysis of data on total commercial bank postscript effort in the September issue of deposits, rate of profits, capital invested in The National Banking Review [29]. Here banking, and bank mergers and liquidations he used the average rate of interest paid on for the period 1921-62. Peltzman concluded time deposits and the average rate of return that the Banking Act of 1935 had reduced on loans for all banks in each of 36 metro­ the number of entering banks by as much politan areas. As in his earlier study, he as 50 per cent; with free entry 2,200 more found a relationship between the degree of banks would have been opened between banking concentration and interest rates. 1936 and 1962. The analysis is impressive But again, a very large difference in con­ and these estimates are striking. centration ratios was associated with a very It should be recognized, however, that small difference in average rate on loans. the study was designed specifically to assess And there are serious problems in using the consequences, on a national basis, of average data for such broad areas. the entire complex of entry restrictions in­ The most striking result of these studies herent in the 1935 Act. Many nonlegal fac­ appears to be the large proportion of the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RESEARCH ON BANKING STRUCTURE AND PERFORMANCE 495 difference in loan rates that is left unex­ A promising development of recent plained despite the inclusion of all obviously months has reduced one type of limitation relevant variables. George Kaufman came of concentration ratios and permitted more to a similar conclusion after subjecting refined calculations. It involves use of Fed­ banking data for Iowa to the most extensive eral Deposit Insurance Corporation data on and intensive analysis he could devise with deposits by size to calculate concentration respect to the relationship between struc­ ratios which more nearly reflect the local tural characteristics and measures of per­ market. Judge Lloyd F. MacMahon in his formances [30], He summed up his results decision on the Manufacturers-Hanover case in a phrase, “Structure matters, but not argued that deposit accounts of $100,000 greatly.” These negative results by compe­ or more should be attributed to the national tent and imaginative scholars, using the rather than to the local market. The FDIC most powerful statistical tools available, data make it possible to calculate concentra­ suggest that the existing models of struc­ tion ratios for deposits in accounts of less ture-performance relationships are woefully than $100,000 both for the total deposits inadequate for the task. and for each major type of deposits. Another instance of relatively meager re­ The FDIC is preparing for publication sults from regression analysis of banking tables of concentration ratios by type and data is the attempt by Donald P. Jacobs size of deposits in Standard Metropolitan to derive functional relationships between Statistical Areas. These data are carefully branching restrictions and bank structure analyzed in a forthcoming article by Mary [31 ]. By comparing unit, limited branching, T. Mitchell [33]. She found that the smaller and statewide branching areas, he found demand deposit accounts—especially those that branching is associated with a decrease with balances of less than $10,000—held by in the number of banks but an increase in individuals, partnerships, and corporations their average size. There was no statistically are predominantly local in origin, while the significant relationship between type of larger demand deposits, as well as time and branch law and the number of banking of­ total deposits, often include a high propor­ fices. He also discussed the effects on his tion of deposits originating outside the area. results of bank regulations other than those Thus she concludes that ratios for the restricting branching. smaller demand deposits should be used— Progress in analyzing structure-perform­ if concentration ratios are to be used at all ance relationships depends to a considerable —when evaluating the situation in local degree on better measures of structure. Be­ banking markets. She shows that not only cause of their convenience as a mathemati­ are concentration ratios for smaller demand cal measure, concentration ratios are often deposit accounts often markedly different used as proxies for market structure and for from those based on other type and size of the degree of competition in banking mar­ deposit categories, but also that the rela­ kets. Regrettably, analysts have used these tionship between these different ratios varies ratios with little regard for their limitations with size of the metropolitan area and the for these purposes, such as those discussed extent of branching in them. in an article recently prepared by Wm. Paul Another promising approach is analysis Smith 1.32 |. of the geographic spread of banking mar- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

496 FEDERAL RESERVE BULLETIN • APRIL 1966 kets for business customers using data on banks of the same deposit size. Finally, the the location of the borrower from the Fed­ services demanded by bank customers vary eral Reserve 1955 Business Loan Survey. from one market to another. The trust busi­ These Survey data are currently being ana­ ness done in Manhattan cannot be equated lyzed to determine the extent to which busi­ with the trust business in Green Bay. These nesses borrow outside their local areas and are the kinds of factors that must be con­ whether this is related to such characteristics sidered for better research on economies of as size and nature of business. scale. ANALYSES OF SUPPLIES OF AND DEMAND ECONOMIES OF SCALE FOR BANKING SERVICES IN INDIVIDUAL There has been no significant advance in MARKET SITUATIONS this area during the past few months. George The starting point for analysis in this group Benston published three articles based on is the delineation of banking markets by material developed in his doctoral disserta­ identifying customer locations and types of tion [34, 35, 36], While this makes his an­ services. Also required is consideration of alyses more generally available, it provides the effect of nonbank competition. A prime no new material for those who had access prerequisite for research in this area is a to his thesis. Benston’s study, together with carefully developed theoretical framework those of Stuart I. Greenbaum [37] and of bank-customer behavior against which Paul M. Horvitz [38], appear to have ex­ to relate empirical findings. ploited most of the analytical potentialities There has been no significant change of the presently available data. during the past year in the state of theory Economies of scale is an important sub­ regarding bank-customer behavior. Most ject. It is possible that the spreading use of experts still consider banking a multiproduct data processing equipment by banks will industry with separate markets for different provide both more detailed data on bank services. The opposing view that banks pro­ costs and data for a larger sample of banks. vide a package of services to localized Both Horvitz and Benston were hampered groups of customers received support from because available data do not represent the Supreme Court in the Philadelphia Na­ large banks adequately. tional Bank and Lexington cases but the It is also necessary to develop more so­ Federal District Court employed a broader phisticated theoretical models and econo­ analysis of the market in the Manufacturersmetric approaches for studies in this field. Hanover case. The analysis of economies of scale on a dol­ A year and a half ago we noted that “fur­ lar basis results in averaging the different ther development of the theory of banking classes of customers and different types of behavior and markets depends heavily upon services rendered. Some modification is the results of testing of currently developed needed to allow for differences in the mix hypotheses.” Since then, some progress has of customers and of services, which vary been made in applying survey techniques to widely among individual banks. For ex­ the analysis of banking markets. This ap­ ample, the mix of banking business differs proach is expected to provide data for test­ substantially for small and large banks. ing and modifying current hypotheses on Branch banks are not equivalent to unit bank-customer relationships. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RESEARCH ON BANKING STRUCTURE AND PERFORMANCE 497 The major sources of survey information County, New Jersey, by the Federal Reserve are banks and bank customers. They can Bank of New York and in Cedar Rapids, provide information on three general types Iowa, by the Federal Reserve Bank of Chi­ of questions. First, who and where are the cago. These surveys indicate even less shop­ bank customers and which bank services do ping around for bank credit by business they use? Second, what factors are impor­ firms than had been thought. Experience tant in determining the selection of banking with the surveys has suggested refinements connections and the extent to which cus­ in questionnaire design and in interviewing tomers have more than one banking con­ techniques which will be employed in more nection, and what factors motivate changes elaborate projects now in the planning stage. in banking connections? And third, what RESEARCH AND POLICY are the views of bank customers on the ade­ The Federal Reserve System’s administra­ quacy of banking facilities and services and tive responsibilities dictate an interest in on the institutional arrangements available economic research on the relationship be­ for serving their needs? tween banking structure and performance. Information on the location and general Such background analysis will reduce the characteristics of bank customers can be ob­ areas of uncertainty in judging specific tained from a sample survey of bank rec­ merger and holding company applications, ords. Work of this type has already assured as well as strengthen the factual bases of the feasibility of this approach. Some large Board decisions. banks are regularly using this method for The research of the past few years has marketing analysis, and in the process de­ enabled us to focus future research better so riving useful information for our purposes. that it may provide more precise answers to Electronic data processing will facilitate the questions bearing on particular policy de­ task and permit more detailed analysis of cisions. The areas for fruitful research are customer characteristics. The next job is to now more clearly defined; both the limita­ develop a generalized sample design and a tions of available data and the needed refine­ uniform format that banks can use, with a ments for future research are more apparent; minimum of outside supervision, to supply and, it is evident that some analytical tools the basic information for describing in­ yield more substantive, enduring results than dividual banking markets. others. Data from bank records can shed light Research has already increased our on only one side of the bank customer re­ knowledge about the structure of commer­ lationship. Bank customers themselves can cial banking and the effect of regulation on provide insight into the factors motivating structure. Even the conflicting findings re­ their choice of bank, types of services used, garding the effect of variations in structure and shifts of banking connections. In order on performance have been beneficial. Those to derive further insight into the motives of working in this area can no longer be con­ bank customers, the Federal Reserve System fident about the pat generalizations of a few is attempting to develop a survey approach years ago. Also, research now under way that will yield useful results. promises to substitute more definitive, veri­ Experimental surveys of business cus­ fied relationships for the casual empiricisms tomers have been conducted in Bergen of the past. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

498 FEDERAL RESERVE BULLETIN • APRIL 1966 LIST OF REFERENCES CITED 1. Adolf A. Berle, Jr., “Banking Under the Anti­ Antitrust Policy (Princeton University Press, Prince­ trust Laws.” Columbia Law Review (May 1949). ton, New Jersey, 1965). 2. Lester V. Chandler, “Monopolistic Elements in 22. Donald R. Hodgman, “Competition in Bank­ Commercial Banking,” Journal of Political Economy ing and Its Regulation,” The Bankers Magazine (Win­ (February 1938). ter 1964). Also, Donald R. Hodgman, Commercial 3. David A. Alhadeff, Monopoly and Competition Bank Loan and Investment Policy (Bureau of Eco­ in Banking (University of California Press, Berkeley, nomic and Business Research, University of Illinois, California, 1954). Champaign, Illinois, 1963). 4. Robert C. Holland et al., “Research into Bank­ 23. Paul M. Horvitz, “Stimulating Bank Competi­ ing Structure and Competition,” Eederal Reserve tion Through Regulatory Action,” The Journal of Fi­ Bulletin (November 1964). nance (March 1965). 5. Eugene Rotwein, Bank Mergers and Bank Con­ 24. Sam Peltzman, “Bank Entry Regulation: Its centration in California in the Postwar Period (Fed­ Impact and Purpose,” The National Banking Review eral Reserve Bank of San Francisco, June 1965). (December 1965). 6. Paul M. Horvitz and Bernard Shull, “The Impact 25. Franklin R. Edwards, Concentration and Com­ of Branch Banking on Bank Performance,” The Na­ petition in Commercial Banking: A Statistical Study tional Banking Review (December 1964). (Research Report to the Federal Reserve Bank of 7. Branch Banking, Bank Mergers and the Public Boston, No. 26, 1964. Based on a Ph.D. disserta­ Interest (New York State Banking Department, Jan­ tion, Harvard University, 1964). Also, Franklin R. uary 1964). Edwards, “Concentration in Banking and Its Effect on 8. Clifton H. Kreps, Jr., Character and Competi­ Business Loan Rates,” Review of Economics and tiveness of Local Banking: A Summary (Federal Re­ Statistics (August 1964). serve Bank of Richmond, 1965). 26. Theodore G. Flechsig, Banking Market Struc­ 9. Richard S. Wallace, Banking Structure and Bank ture & Performance in Metropolitan Areas: A Statis­ Performance: A Case Study of Three Small Market tical Study of Factors Affecting Rates on Bank Loans Areas (Ph.D. dissertation, University of Virginia, 1965). (Board of Governors of the Federal Reserve System, 10. David C. Motter, “Bank Formation and the Washington, D.C., 1965). Public Interest,” The National Banking Review 27. Theodore G. Flechsig, “The Effect of Concen­ (March 1965). tration on Bank Loan Rates,” The Journal of Finance 11. David A. Alhadeff and Charlotte P. Alhadeff, (May 1965). “Growth of Large Banks, 1930-60,” Review of Eco­ 28. Howard D. Crosse, “Banking Structure and nomics and Statistics (November 1964). Competition,” The Journal of Finance (May 1965). 12. Carl Kaysen and Donald F. Turner, Antitrust 29. Franklin R. Edwards, “The Banking Competi­ Policy: An Economic and Legal Analysis (Harvard tion Controversy,” The National Banking Review University Press, Cambridge, Massachusetts, 1959). (September 1965). 13. United States v. The Philadelphia National 30. George G. Kaufman, “Bank Market Structure Bank. 374 U.S. 321 (1963). and Performance: The Evidence from Iowa,” The 14. United States v. First National Bank and Trust Southern Economic Journal (April 1966). Company at Lexington. 376 U.S. 665 (1964). 31. Donald P. Jacobs, “The Interaction Effects of 15. United States v. Manufacturers Hanover Trust Restrictions on Branching and Other Bank Regula­ Company. 240 F. Supp. 867 (1965). tions," The Journal of Finance (May 1965). 16. George W. Mitchell, “Statement before the Sub­ 32. Wm. Paul Smith, “Measures of Banking Struc­ committee on Domestic Finance of the Committee on ture and Competition," Federal Reserve Bulletin Banking and Currency of the House of Representa­ (September 1965). tives, August 26, 1965,” U.S. Congress, House, Com­ 33. Mary T. Mitchell, “New Yardsticks in Meas­ mittee on Banking and Currency, Hearings to Amend uring Bank Competition for Demand Deposits,” The the Bank Merger Act of 1960, 89th Cong., 1st sess. Bankers Magazine (Spring 1966). 17. George R. Hall and Charles F. Phillips, Jr., 34. George Benston, “Branch Banking and Econ­ Bank Mergers and the Regulatory Agencies: Applica­ omies of Scale,” The Journal of Finance (May 1965). tion of the Bank Merger Act of I960 (Board of Gov­ 35. George Benston, “Commercial Bank Price Dis­ ernors of the Federal Reserve System, Washington, crimination Against Small Loans: An Empirical D.C., 1964). " Study,” The Journal of Finance (December 1964). 18. Charles F. Phillips, Jr. et al., Registered Bank 36. George Benston, “Economies of Scale and Holding Companies: Application of the Bank Hold­ Marginal Costs in Banking Operations,” The Na­ ing Company Act of 1956 (Board of Governors of tional Banking Review (June 1965). the Federal Reserve System, Washington, D.C., 1966). 37. Stuart I. Greenbaum, Banking Structure and 19. George R. Hall, “Bank Holding Company Reg­ Costs: A Statistical Study of the Cost-Output Relation­ ulation,” The Southern Economic Journal (April 1965). ship in Commercial Banking (Ph.D. dissertation, 20. J. William Via, Jr., “The Administration of the Johns Hopkins University, 1964). Bank Merger and Holding Company Acts: Confusion 38. Paul M. Horvitz, “Economies of Scale in Bank­ Compounded,” Virginia Law Review (December 1965). ing,” Private Financial Institutions (published by 21. George W. Mitchell, “Mergers Among Com­ Prentice-Hall, Inc., Englewood Cliffs, New Jersey, mercial Banks,” Almarin Phillips, ed., Perspectives on 1963, for the Commission on Money and Credit). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS On behalf of the Board of Governors, I ing laws were designed with this same end appreciate the opportunity to appear before in view. For the most part, banks realize this subcommittee and testify in support of that any act in violation of law, or practice S. 3158, the proposed Financial Institutions contrary to the public interest is a fortiori Supervisory Act of 1966. contrary to the bank’s own enlightened self­ This bill relates to supervisory and reg­ interest. Hence, the vast majority of banks ulatory functions and powers of both the operate in accordance with specific legal re­ Federal Home Loan Bank Board and the quirements and sound practices. In most three federal banking agencies—the Federal cases little difficulty is encountered by super­ Deposit Insurance Corporation, the Comp­ visory authorities in obtaining compliance troller of the Currency, and the Board of with directives or suggestions for corrective Governors. My testimony will be confined, action in instances where infractions of law in general, to the need for legislation of this or departures from sound banking practices nature in the area subject to the Board’s are brought to the attention of a bank’s of­ supervision and regulation. ficers and directors. Commercial banking is vested, to an ex­ In situations where persuasion by super­ tent unparalleled in any other field, with a visory authority is insufficient to bring about public service responsibility. This responsi­ cessation of unlawful acts or unsound prac­ bility is met in three major ways, all of which tices, the Board of Governors presently has are vital to a strong and vigorous free-enter­ available to it two basic enforcement proce­ prise economy: dures, both of which are too severe and too (1) By providing the principal monetary cumbersome for use in any but the most mechanism of the nation. extreme cases. Under section 9 of the Fed­ (2) By providing safe repositories for eral Reserve Act (12 U.S.C. 327), the savings and other liquid funds. Board is authorized to terminate a State (3) By providing credit facilities for all bank’s Federal Reserve System membership, sectors of the economy, including both with a resulting loss of its deposit insurance, households and businesses. upon determination by the Board, after Proper discharge of these responsibilities hearing, that the bank has failed to comply requires that banks follow constructive and with provisions of the Federal Reserve Act. prudent policies in all their operations, in Under section 30 of the Banking Act of order that “other people’s money,” with 1933 (12 U.S.C. 77), the Board may re­ which banks carry on their business, is move an officer or director of a member adequately safeguarded. The nation’s bank- bank for a continued violation of law or a continued unsafe or unsound practice only Note.—Statement of J. L. Robertson, Vice Chair­ man, Board of Governors of the Federal Reserve Sys­ after warning the officer or director involved tem, before the Subcommittee on Financial Institu­ to discontinue the violation or practice and tions of the State Banking and Currency Committee, on S. 3158, April 5, 1966. finding, after a hearing, that the specific 499 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

500 FEDERAL RESERVE BULLETIN • APRIL 1966 violation or practice cited has continued. cessation or correction of unlawful, unsafe, (Where a national bank is involved, this or unsound conduct with respect to financial warning must be issued by and at the dis­ institutions. The deficiencies in the Board’s cretion of the Comptroller of the Currency, supervisory remedies, while for some time a but the determination is to be made by the source of difficulty and frustration, have Board of Governors.) Disclosure of different only in the relatively recent past assumed violations of law or unsound practices would a serious posture. In my judgment, two de­ require a similar warning, a delay for a velopments are principally responsible for period adequate to ascertain whether there this occurrence: first, the emergence of an was a continuance of such violation or prac­ increased aggressiveness in operational poli­ tice, a hearing, and a determination, prior to cies and practices—an aggressiveness re­ the issuance of a removal order. flected in the widening scope of commercial Experience has demonstrated that the bank activities, in the substantial increase remedies presently available to the Board in the number of bank mergers and con­ are not only too drastic for use in most solidations, and in the noticeable trend to­ cases, but are too cumbersome to bring ward higher risk operations; second, an about prompt correction—and promptness increased attraction into the field of bank­ is often vitally important. In this regard, ing of unscrupulous individuals, incompe­ it is to be noted that section 30 of the Bank­ tent as bankers but highly skilled in opera­ ing Act of 1933 would be repealed by S. tional tactics designed to conceal activities 3158. ' aimed at sapping the resources of a bank. As you may know, I have repeatedly For years, banking was considered to urged unification of all Federal bank super­ be so staid and conservative that it offered visory powers in a single agency. Pending little attraction for those interested solely in such unification, however, I strongly support a “quick dollar.” Recently, however, it has legislation, along the lines of S. 3158, that attracted not only an increased number of would provide existing Federal agencies legitimate and necessary operating person­ with adequate powers to effectuate remedial nel and investors, but at the same time an supervisory action. increased number of ill-purposed individuals S. 3158 provides, in my judgment, ap­ whose aims are contrary to the best interests propriate and effective intermediate sanc­ of the banks and the public. Working behind tions that can be suited to the act or prac­ the scenes and through other persons, they tice requiring correction. Through the use gain control of banks, ransack them, and of procedures therein provided for cease and then move on to other banks or financial desist orders, suspension and removal of institutions, oftentimes with funds obtained bank officers and directors, and the preclu­ from the first victim. Because of the easy sion of a person’s participation in the con­ transferability of bank assets and liabilities, duct of a bank’s affairs, the banking agencies and the ever-increasing complexity of finan­ should be able to cope more selectively and cial dealings that are an every day part of effectively with wrongful conduct or im­ banking business, unscrupulous operators, prudent practices that may occur. and other ill-intentioned persons involved in I have stressed the need for supervisory the affairs of a bank, can make it extremely power to require more prompt and effective difficult to trace their activities. Fraudulent Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 501 practices have been facilitated in recent In endorsing and urging enactment of years by the rapid development in systems S. 3158, on behalf of the Board of Gover­ of communications and transportation, mak­ nors, I speak on the basis of personal ex­ ing it increasingly easier to disguise illegiti­ perience in the field of bank supervision mate transactions as legitimate ones and to dating back to the banking holiday of 1933. quickly imperil the solvency of a bank by In my judgment, we are facing a prospect inundating it with unsound assets. of an upsurge in the number of problem Clearly, the speed with which a bank thus bank cases. These problems are increasing in can be endangered requires equally prompt, seriousness, complexity, and innovation of flexible, and effective means of coping there­ concept. There exists a compelling need to with. S. 3158 will provide substantial help halt unlawful, unsafe, and unsound prac­ in this regard. At the same time the bill tices at their inception. The available statu­ assures affected parties reasonable and tory sanctions for the effectuation of bank adequate safeguards against arbitrary or supervision need to be strengthened in the capricious agency action by establishing face of existing and potential threats to bank procedures for notice, hearing, and judicial solvency and the soundness of our financial review—both intermediate and final—all of system. The banking industry and the public which conform to the requirements of the have every reason to appreciate and wel­ Administrative Procedure Act. At all stages of possible agency action, the rights of in­ come the strengthening of bank supervision stitutions and individuals affected thereby that would result from the enactment of S. will be protected. 3158. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

PRESIDENTS, VICE PRESIDENTS, AND GENERAL AUDITORS OF RESERVE BANKS Federal Reserve Bank President Vice Presidents and General Auditors First Vice President or branch Boston George H. Ellis D. Harry Angney Ansgar R. Berge Earle O. Latham Robert W. Eisenmenger Luther M. Hoyle, Jr. Stanley B. Lacks * Oscar A. Schlaikjer Charles E. Turner G. Gordon Watts Parker B. Willis New York Alfred Hayes Harold A. Bilby John J. Clarke William F. Treiber Charles A. Coombs Marcus A. "Harris Alan R. Holmes John P. Jensen * Robert G. Link Fred W. Piderit, Jr. Walter H. Rozell, Jr. Horace L. Sanford Thomas O. Waage Buffalo Insley B. Smith Philadelphia Karl R. Bopp Hugh Barrie Joseph R. Campbell Robert N. Hilkert Norman G. Dash David P. Eastburn David C. Melnicoff G. William Metz * Harry W. Roeder J. V. Vergari Richard G. Wilgus Cleveland W. B. Hickman George E. Booth, Jr. Paul Breidenbach W. H. MacDonald Roger R. Clouse Phillip B. Didham Elmer F. Fricek John J. Hoy Harry W. Huning Fred S. Kelly Maurice Mann Clifford G. Miller Elfer B. Miller * Cincinnati Fred O. Kiel Pittsburgh Clyde E. Harrell Richmond Edward A. Wayne Robert P. Black J. G. Dickerson, Jr. Aubrey N. Heflin W. S. Farmer Upton S. Martin John L. Nosker J. M. Nowlan James Parthemos B. U. Ratchford R. E. Sanders, Jr. G. Harold Snead * Joseph F. Viverette Baltimore Donald F. Hagner Charlotte Edmund F. MacDonald Stuart P. Fishburne * General Auditor. 502 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

PRESIDENTS, VICE PRESIDENTS, GENERAL AUDITORS 503 Federal Reserve Bank President Vice Presidents and General Auditors First Vice President or branch Atlanta Harold T. Patterson DeWitt Adams * Harry Brandt Monroe Kimbrel J. E. McCorvey Brown R. Rawlings Richard A. Sanders R. M. Stephenson Charles T. Taylor Edgar M. Vallette Birmingham Edward C. Rainey Jacksonville Thomas A. Lanford Nashville Robert E. Moody, Jr. New Orleans Morgan L. Shaw Chicago Charles J. Scanlon Ernest T. Baughman John J. Endres * Hugh J. Helmer A. M. Gustavson Paul C. Hodge L. H. Jones C. T. Laibly Richard A. Moffatt H. J. Newman Leland M. Ross Harry S. Schultz Bruce L. Smyth Detroit Russel A. Swaney St. Louis Darryl R. Francis Marvin L. Bennett George W. Hirshman * Dale M. Lewis Homer Jones Stephen Koptis Howard H. Weigel Joseph C. Wotawa Orville O. Wyrick Little Rock John F. Breen Louisville Donald L. Henry Memphis John W. Menges Minneapolis Hugh D. Galusha, Jr. W. C. Bronner F. J. Cramer M. H.Strothman, Jr. Ralph J. Dreitzler * Kyle K. Fossum R. K. Grobel C. W. Groth Howard L. Knous Franklin L. Parsons Helena Clement A. Van Nice Kansas City George H. Clay Wilbur T. Billington Raymond J. Doll John T. Boysen J. R. Euans William F. Fairley * Carl F. Griswold, Jr. Marvin L. Mothersead George D. Royer, Jr. R. E. Thomas Clarence W. Tow Denver John W. Snider Oklahoma City Howard W. Pritz Omaha George C. Rankin * General Auditor. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

504 FEDERAL RESERVE BULLETIN • APRIL 1966 Federal Reserve Bank Pr“1^I't.. „ Vice Presidents and General Auditors or branch First Vice President Dallas Watrous H. Irons Roy E. Bohne James L. Cauthen Philip E. Coldwell Ralph T. Green Arthur H. Lang * G. R. Murff James A. Parker T. W. Plant W. M. Pritchett Thomas R. Sullivan El Paso Fredric W. Reed Houston J. Lee Cook San Antonio Carl H. Moore San Francisco Eliot J. Swan J. L. Barbonchielli J. Howard Craven H. E. Hemmings D. M. Davenport George D. Hartlin * A. B. Merritt E. J. Martens W. F. Scott Los Angeles Clifford H. Watkins P. W. Cavan Portland William M. Brown Salt Lake City Arthur L. Price Seattle Erwin R. Barglebaugh * General Auditor. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations, new regulations, and similar material Relationships with Dealers in Securities Corporation; and, subject to specifications con­ tained in paragraph Seventh of section 5136, The Board of Governors, effective March 29, Revised Statutes (12 U.S.C. 24), obligations of 1966, amended section 218.2 of Regulation R, the International Bank for Reconstruction and “Relationships with Dealers in Securities under Development, the Inter-American Development section 32 of the Banking Act of 1933”, so as to Bank, local public agencies, public housing include in the exceptions contained in this section agencies, and obligations insured by the Federal certificates of interest issued by the Commodity Housing Administrator. Credit Corporation and obligations of public housing agencies. Footnotes 2 and 3 of this section Reports of Securities Credit Extended by remain unchanged. The amendment reads as Lender Other Than Bank or Broker follows: The Board of Governors on March 30, 1966, AMENDMENT TO REGULATION R withdrew Form F.R. 728 which lenders (other than banks subject to Regulation U and creditors (12 CFR Part 218) subject to Regulation T) have been required to Effective March 29, 1966, section 218.2 is file within 90 days of their first extension of amended to read as follows: credit for the purpose of purchasing or carrying registered stock on a national securities exchange. Section 218.2—Exceptions The notice appearing in 31 Federal Register 5443 Pursuant to the authority vested in it by section reads as follows: 32, the Board of Governors of the Federal Reserve System hereby grants permission 2 for any officer, Title 12—Banks and Banking director, or employee of any member bank of the [Reg. U] Federal Reserve System, unless otherwise pro­ hibited,3 to be at the same time an officer, director, Part 221—Loans by Banks for the Purpose of or employee of any corporation or unincorporated Purchasing or Carrying Registered Stocks association, a partner or employee of any partner­ FORMS ship, or an individual, engaged in the issue, flota­ tion, underwriting, public sale, or distribution, at 1. Effective March 30, 1966, section 221.51 is wholesale or retail, or through syndicate participa­ deleted. tion, of any stocks, bonds, or other similar securi­ 2. (a) The purpose of this action is to terminate ties, if so engaged only as to the following the requirement that persons (other than banks, securities: bonds, notes, certificates of indebted­ as defined in § 221.3(k), and creditors, as defined ness, and Treasury bills of the United States; in § 220.2(b) of this chapter (Reg. T)) who are obligations fully guaranteed both as to principal engaged in the business of extending credit, and and interest by the United States; general obliga­ who in the ordinary course of business extend tions of Territories, dependencies, and insular credit for the purpose of purchasing or carrying possessions of the United States; obligations of securities registered on a national securities ex­ Federal Intermediate Credit banks, Federal Land change, shall within 90 days of the first extension banks, Central Bank for Cooperatives, Federal of credit for such purpose file reports on Form Home Loan banks, the Federal National Mortgage FR 728. It seems advisable to eliminate this re­ Association, and the Tennessee Valley Authority; quirement because Form FR 728 was originally certificates of interest of the Commodity Credit designed principally for the purpose of making a 505 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

506 FEDERAL RESERVE BULLETIN • APRIL 1966 one-time survey of such lenders, and the supple­ vances for periods not exceeding ninety days to its mentary information provided through subsequent member banks on their promissory notes secured filings has not proved sufficiently valuable to justify by such notes, drafts, bills of exchange, or bankers’ continuation of the reporting requirement. acceptances as are eligible ... for purchase by (b ) The notice, public participation, and de­ Federal reserve banks under the provisions of this ferred effective date procedures described in Act.” Under section 14(b) of the Act, Reserve section 4 of the Administrative Procedure Act are Banks may purchase, subject to limitations not now followed in connection with this amendment here relevant, “any bonds, notes, or other obliga­ for the reasons and good cause found as stated in tions . . . which are fully guaranteed by the § 262.1(e) of the Board’s Rules of Procedure United States as to principal and interest.” (Part 262), and especially because in connection Although the Small Business Investment Act does not expressly pledge the “faith” or “credit” of with this amendment such procedures are unneces­ the United States to the redemption of the SBA sary as they would serve no useful purpose. guaranteed notes, the Attorney General of the United States has stated that a guaranty by a Government agency is an obligation fully binding Eligibility of Small Business Administration on the United States despite the absence of Notes for Purchase and as Security for language in the statute expressly pledging the faith Advances by Federal Reserve Banks or credit of the Government to the redemption of the guaranty. (42 Op. A.G. No. 1 of April 14, The Board of Governors has been asked 1961). whether notes fully guaranteed as to principal and On the basis of this opinion and the authorities interest by the Small Business Administration cited therein, the Board has concluded that notes (“SBA”) under its small business investment com­ of the kind here involved covered by a 100 per pany program are eligible for purchase by Federal cent SBA guaranty are fully guaranteed by the Reserve Banks under section 14(b) of the Federal United States as to principal and interest within Reserve Act (12 U.S.C. 355), and as security for the meaning of section 14(b) of the Federal advances to member banks under the eighth para­ Reserve Act. Any such guaranteed notes are, therefore, eligible for purchase and as security for graph of section 13 of that act (12 U.S.C. 347). advances by Federal Reserve Banks. It is understood that the loans in question are The notes herein involved are to be distin­ made to small business investment companies guished from notes guaranteed by SBA under (“SBICs”) pursuant to authority of section section 7(a) of the Small Business Act (15 U.S.C. 303(b) of the Small Business Investment Act of 636). Those notes are guaranteed by SBA only 1958 (15 U.S.C. 683(b)). The stated purpose of up to a maximum of 90 per cent of the balance the SBIC program is to provide equity capital and due and, therefore, are not “fully guaranteed” by long-term funds, through the medium of SBICs, the United States. to small business concerns for the financing of their operations and for their growth, expansion, and modernization. Eligibility of Demand Paper for It is further understood that the loans to SBICs Discount and as Security for are made under one of two lending programs insti­ Advances by Reserve Banks tuted by the SBA. Under the first program SBA sells with recourse to private financial institutions The Board of Governors has reconsidered a loans originally made by SBA to SBICs. Under ruling made in 1917 that demand notes are in­ the second program SBA guarantees loans made eligible for discount under the provisions of the in the first instance by private financial institutions Federal Reserve Act. (1917 Federal Reserve to SBICs. Bulletin 378.) The eighth paragraph of section 13 provides in The basis of that ruling was the provision in part that any Reserve Bank “. . . may make ad­ the second paragraph of section 13 of the Federal Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 507 Reserve Act that notes, drafts, and bills of ex­ come a branch of the resulting bank. Notice of change must have a maturity at the time of dis­ the proposed merger, in form approved by the count of not more than 90 days, exclusive of Board, has been published pursuant to said Act. grace. The ruling stated that “a demand note or Upon consideration of all relevant material in bill is not eligible under the provisions of the act, the light of the factors set forth in said Act, in­ since it is not in terms payable within the pre­ cluding reports furnished by the Comptroller of scribed 90 days, but, at the option of the holder, Currency, the Federal Deposit Insurance Corpora­ may not be presented for payment until after tion, and the Attorney General on the competitive that time.” factors involved in the proposed merger, It is well settled as a matter of law, however, It is hereby ordered, for the reasons set forth that demand paper is due and payable on the date in the Board’s Statement of this date, that said of its issue. The generally accepted legal view is application be and hereby is approved, provided stated in Beutel’s Brannan on Negotiable Instru­ that said merger shall not be consummated (a) ments Law, at page 305, as follows: before the thirtieth calendar day following the date of this Order or (b) later than three months “The words ‘on demand’ serve the same purpose as words making instruments payable at a specified after said date. time. They fix maturity of the obligation and do not Dated at Washington, D.C., this 31st day of make demand necessary, but mean that the instru­ ment is due, payable and matured when made and March, 1966. delivered.” By order of the Board of Governors. Accordingly, the Board has concluded that, since demand paper is due and payable on the Voting for this action: Chairman Martin, and Gov­ ernors Robertson, Shepardson, Mitchell, Daane, date of its issue, it satisfies the maturity require­ Maisel, and Brimmer. ments of the statute. Demand paper which other­ (Signed) Merritt Sherman wise meets the eligibility requirements of the Secretary. Federal Reserve Act and Regulation A, therefore, [seal] is eligible for discount and as security for advances Statement by Reserve Banks. Lake City Bank, Warsaw, Indiana, with total Orders Under Bank Merger Act deposits of approximately $18 million, has ap­ plied, pursuant to the Bank Merger Act, as The following Orders and Statements were amended (12 U.S.C. 1828(c), Public Law 89­ issued in connection with actions by the Board of 356), for the Board’s prior approval of the Governors with respect to applications for ap­ merger of that bank with The Commercial State proval of the merger of banks: Bank, Silver Lake, Indiana (“Commercial Bank”), LAKE CITY BANK, WARSAW, INDIANA with total deposits of about $3 million.' The banks would merge under the charter and title of Lake In the matter of the application of Lake City City Bank, which is a member of the Federal Bank for approval of merger with The Commer­ Reserve System. As an incident to the merger, the cial State Bank. sole office of Commercial Bank would become an Order Approving Merger of Banks office of Lake City Bank, increasing the number of its offices to three. There has come before the Board of Governors, Competition. The home office of Lake City pursuant to the Bank Merger Act, as amended (12 Bank is located in Warsaw, which has an esti­ U.S.C. 1828(c), Public Law 89-356), an applica­ mated population of 8,000, and the bank operates tion by Lake City Bank, Warsaw, Indiana, a State one branch office in nearby Winona Lake, a com­ member bank of the Federal Reserve System, for munity with an estimated population of 1,900. the Board’s prior approval of the merger of that Warsaw, centrally located within Kosciusko bank and The Commercial State Bank, Silver County, is the seat and principal community of Lake, Indiana, under the charter and title of Lake the county (population over 40,000). Commercial City Bank. As an incident to the merger, the sole office of The Commercial State Bank would be­ 1 Deposit figures are as of December 31, 1965. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

508 FEDERAL RESERVE BULLETIN • APRIL 1966 Bank’s sole office is in the town of Silver Lake stock, would benefit most from consummation of (population 500), which is also in Kosciusko the merger. Commercial Bank has maintained a County about 12 miles south of Warsaw. low loan-to-deposit ratio, and in the five-year While the service areas 2 of the two banks over­ period ending June 30, 1965, the percentage in­ lap slightly, neither bank derives any significant crease in its total loans has been less than for any amount of deposits or loans from the other bank’s competing bank. While there is no indication that service area. A branch of First National Bank, the credit needs of the Silver Lake area are going Warsaw, is situated between offices of Lake City unserved, the proposal would provide more com­ Bank and Commercial Bank. plete banking services in this area and benefit to The resulting bank should be an effective com­ some degree the convenience of its residents. petitor throughout Kosciusko County and small Summary and conclusion. Consummation of the portions of Fulton and Wabash Counties lying im­ proposal would not have adverse competitive mediately south of Kosciusko County. The Board effects. The resulting bank would be in a position finds that this is the relevant area for the purpose to improve the earnings prospects of the office of considering the effect of the proposal on now occupied by Commercial Bank and would be competition. able to provide more complete and convenient In addition to Lake City Bank and Commercial banking services to the Silver Lake area. Bank, nine banks operate offices within the rele­ Accordingly, the Board concludes that the pro­ vant area. With the exception of First National posal should be approved. Bank, Warsaw, these banks, situated at distances of six to 16 miles from the nearest office of the SPRINGVILLE BANKING COMPANY, resulting bank, mainly serve their own commu­ SPRINGVILLE, UTAH nities, and consummation of the proposal should In the matter of the application of Springville not significantly affect them. First National Bank, Banking Company for approval of merger with Warsaw, operates four offices within the relevant State Bank of Provo. area, and, in terms of total deposits held, is ap­ proximately the same size as the bank that would Order Approving Merger of Banks result from effectuation of the merger. Each would There has come before the Board of Governors, hold slightly less than one-fourth of the deposits pursuant to the Bank Merger Act, as amended held by all banks operating offices within the (12 U.S.C. 1828(c), Public Law 89-356), an relevant area. application by Springville Banking Company, The Board finds that the effect of the proposed Springville, Utah, a State member bank of the merger on competition would not be adverse. Federal Reserve System, for the Board’s prior Financial and managerial resources and future approval of the merger of that bank and State prospects. Commercial Bank had satisfactory Bank of Provo, Provo, Utah, under the charter earnings until 1965 when profits dropped appreci­ of Springville Banking Company and the title of ably due to increased operating expenses, prin­ Central Bank and Trust Company. As an incident cipally interest on time and savings deposits. The to the merger, the sole office of State Bank of bank operates with a low loan-to-deposit ratio Provo would become a branch of the resulting that, together with relatively heavy expenses, bank. Notice of the proposed merger, in form renders earnings prospects no better than fair. approved by the Board, has been published pur­ Lake City Bank has capable management, satis­ suant to said Act. factory future prospects and sound financial re­ Upon consideration of all relevant material in sources, as would have the continuing bank. the light of the factors set forth in said Act, in­ Convenience and needs of the communities. cluding reports furnished by the Comptroller of Silver Lake and the surrounding area, which is the Currency, the Federal Deposit Insurance Cordevoted to diversified crops and the raising of liveporatipn, and the Attorney General on the com­ petitive factors involved in the proposed merger, 2 That area from which a bank derives 75 per cent or more of its deposits of individuals, partnerships, It is hereby ordered, for the reasons set forth and corporations. in the Board’s Statement of this date, that said Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 509 application be and hereby is approved, provided For considering the remaining competitive as­ that said merger shall not be consummated (a) pects of the proposal, Utah County is the relevant before the thirtieth calendar day following the date area. Provo, Orem, and Springville are the three of this Order or (b) later than three months after largest towns in the county, and much of the busi­ said date. ness of the county gravitates to these three centers. The resulting bank would be a competitor Dated at Washington, D.C., this 8th day of throughout the county. In addition to the two April, 1966. banks involved in the proposal, eight banks oper­ By order of the Board of Governors. ate 11 banking offices in Utah County. Four of Voting for this action: Chairman Martin, and Gov­ these eight banks operate offices in the three towns ernors Robertson, Shepardson, Mitchell, Daane, mentioned above, including the two largest banks Maisel, and Brimmer. in the State: First Security Bank of Utah, N.A., (Signed) Merritt Sherman, Ogden, with four offices in the county, and Walker Secretary. Bank and Trust Company, Salt Lake City, with [seal] one office. First Security holds about 30 per cent Statement of county deposits and Walker Bank about 18 per cent. The resulting bank would hold slightly less Springville Banking Company, Springville, Utah than 20 per cent. (“Springville Bank”), a member of the Federal There is no evidence that smaller banks would Reserve System, with deposits of about $11 mil­ be adversely affected by the merger, and the re­ lion, has applied, pursuant to the Bank Merger sulting bank would have the capacity to provide Act, as amended (12 U.S.C. 1828(c), Public Law somewhat more effective competition for the two 89-356), for the Board’s prior approval of the largest banks in Utah County. The Board con­ merger of that bank with State Bank of Provo, cludes that any adverse competitive effects that Provo, Utah (“State Bank”), with about $8 mil­ might result from consummation of the proposal lion of deposits.1 The banks would merge under would not be significant. the charter of Springville Bank and the new title Financial and managerial resources and future Central Bank and Trust Company. As an incident prospects. Springville Bank's financial and mana­ to the merger, the sole office of State Bank would gerial resources and future prospects are satisfac­ become an office of the resulting bank, increasing tory. the number of its offices to two. As a result of State Bank’s rapid growth during Competition. Provo, the location of State Bank, recent years, its capital position when related to is situated about 44 miles south of Salt Lake City. risk assets has deteriorated. Net earnings have not With a population of some 36,000, Provo is the been able to keep pace with growth. The present largest town in Utah County. Springville is six chairman of the board of State Bank (formerly its miles south of Provo and has a population of chief executive officer) is well past the normal re­ about 7,900. Four miles north of Provo is the town tirement age and recently found it necessary to of Orem (population of about 20,000). These curtail his activity at the bank. As the bank lacked three towns contain over half of Utah County’s personnel of management caliber, the president of total population of about 120,000. While part of Springville Bank was elected president of State Utah County is mountainous, it is considered the Bank. The resulting institution will be under the leading agricultural county in the State. competent management of Springville Bank. Con­ The service areas2 of Springville Bank and summation of the proposal would result in operat­ State Bank overlap. However, the banks are under ing economies and would hasten needed improve­ common management, and there is no present ment in the present condition of the smaller bank. competition between them. Convenience and needs of the communities. Needs in Utah County for banking services are 1 Deposit figures are as of June 30, 1965. being served by the two largest banks in the State 2 That area from which a bank derives 75 per cent and a number of smaller banks, as noted above. or more of its deposits of individuals, partnerships, and corporations. However, effectuation of the proposal would pro- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

510 FEDERAL RESERVE BULLETIN • APRIL 1966 vide the county with a third bank large enough to lished in the Federal Register on January 28, 1966 compete more effectively with the branches of the (31 Federal Register 1167), providing an oppor­ larger institutions and in the process offer broader tunity for interested persons to submit comments banking service to the community. Because of this and views with respect to the proposed acquisi­ and factors noted previously, the needs and con­ tion. The time for filing such comments and views venience of the customers of the two banks should has expired, and all those received have been con­ be benefited by the proposed merger. sidered by the Board. Summary and conclusion. Consummation of the it is hereby ordered, for the reasons set forth proposal would result in operating economies, in the Board’s Statement of this date, that said hasten needed improvement at the smaller bank, application be and hereby is approved, provided and provide Utah County with a third bank ca­ that the acquisition so approved shall not be con­ pable of providing enhanced service and more summated (a) within seven calendar days after the effective competition for the two largest banks. date of this Order or (b) later than three months These results would offset the slight and poten­ after said date. tially adverse competitive effects of the merger. Dated at Washington, D. C., this 17th day of Accordingly, the Board concludes that the pro­ March, 1966. posed merger should be approved. By order of the Board of Governors. Orders Under Section 3 of Voting for this action: Chairman Martin, and Gov­ Bank Holding Company Act ernors Robertson, Mitchell, Daane, and Maisel. Absent and not voting: Governor Shepardson. The following Orders and Statements were is­ sued in connection with actions by the Board of (Signed) Merritt Sherman, Governors on applications by bank holding com­ Secretary. panies for approval of the acquisition of voting [seal] shares of banks: Statement In the matter of the application of New Hamp­ New Hampshire Bankshares, Inc., Nashua, New shire Bankshares, Inc., Nashua, New Hampshire, Hampshire (“Applicant”), a registered bank hold­ ing company, has applied to the Board of Gov­ for approval of the acquisition of voting shares of The Indian Head National Bank of Manchester, ernors, under the Bank Holding Company Act of 1956 (“the Act”), for permission to acquire 1,600 Manchester, New Hampshire. of the 2,250 voting shares of The Indian Head Order Approving Application National Bank of Manchester, Manchester, New Under Bank Holding Company Act Hampshire (“Bank”). There has come before the Board of Governors, Applicant’s holding company system is com­ pursuant to section 3(a)(2) of the Bank Holding prised of six commercial banks which, at June Company Act of 1956 (12 U.S.C. 1842(a)(2)) 30, 1965,1 operated nine banking offices and to­ and section 222.4(a)(2) of Federal Reserve gether held total deposits of $80 million. Appli­ Regulation Y (12 CFR 222.4(a) (2)), an applica­ cant proposes to acquire a 71 per cent interest in tion by New Hampshire Bankshares, Inc., Nashua, Bank by purchasing for cash 1,600 of Bank’s New Hampshire, a registered bank holding com­ outstanding shares. The shares will be purchased pany, for the Board’s prior approval of the acquisi­ from two of Applicant’s directors at the price they tion of 1,600 of the 2,250 voting shares of The paid for the same in 1964. Applicant states its in­ Indian Head National Bank of Manchester, Man­ tention to make, subsequent to its acquisition of chester, New Hampshire. control of Bank, a cash or exchange of stock offer to the minority shareholders at a price no less than As required by section 3(b) of the Act, notice that paid to the majority holders. of receipt of the application was given to, and Bank is the successor to Manchester Morris views and recommendation requested of, the Plan Bank, which was chartered in 1921 and op- Comptroller of the Currency. The Comptroller recommended approval of the application. 1 Unless otherwise indicated, all banking data noted Notice of receipt of the application was pub­ are as of this date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 511 erated as a consumer credit institution until its of Nashua and about 55 miles northwest of Boston, conversion to a national bank in December 1965. Massachusetts. It is the largest city in the State Bank operates a single office located in Manchester, and contains more than 14 per cent of the State’s and it had total deposits of $515,300 at the time total population. It is reported that more than 45 it become a national bank. per cent of the State’s population resides within a Views and recommendation of supervisory au­ radius of 20 miles of the city. Manchester covers thority. As required by section 3(b) of the Act, an area of about 34 square miles, containing nearly the Board notified the Comptroller of the Currency 29,000 dwelling units, 1,100 retail establishments, of receipt of the application and requested his and 225 industrial units. It is the mercantile and views and recommendation thereon. The Comp­ industrial center of the State, its chief manufac­ troller recommended approval of the application. tured products being shoes, textiles, and electronic Statutory factors. Section 3(c) of the Act re­ equipment. quires the Board to take into consideration the The City of Manchester constitutes Bank’s pri­ following five factors: (1) the financial history mary service area. Located therein are, in addi­ and condition of the holding company and the tion to Bank, three national banks and three sav­ banks concerned; (2) their prospects; (3) the ings banks, each operating one branch office, two character of their management; (4) the conven­ trust companies engaged almost exclusively in ience, needs, and welfare of the communities and fiduciary business, and one specially chartered the area concerned; and (5) whether or not the State bank (Saint Mary’s Bank) which offers com­ effect of the proposed acquisition would be to ex­ mercial banking services. The combined deposits pand the size or extent of the bank holding com­ of the ten banks exceed $380 million, with Bank’s pany system involved beyond limits consistent with deposits representing less than two-tenths of one adequate and sound banking, the public interest, per cent of such total. and the preservation of competition in the field of The record before the Board establishes that the banking. major banking needs of the Manchester area are Financial history and condition, prospects, and being adequately served, and that the convenience management of Applicant and Bank. The financial of banking service is the factor directly involved history and condition of Applicant are satisfac­ in this application. According to Applicant, Bank tory. Its prospects, viewed in the light of the sound will offer retail services usually provided by com­ condition and satisfactory deposit and earnings mercial banks, except that it will not provide trust growth of its subsidiary banks, appear favorable, services. Applicant concedes that Bank will not and its management is regarded as capable and offer any service not already provided by the local experienced. banks. Consequently, although Bank’s service ren­ Bank’s predecessor had no authority to accept dition might be somewhat superior as a subsidiary demand deposits, and the rate of growth reflected of Applicant than would be the case if it were in its time deposit accounts has been unimpres­ operated completely independent of Applicant, its sive. However, its financial history and present present close association with Applicant’s holding condition are regarded as satisfactory. Bank’s company system, resulting from its control by growth and earnings prospects are, in the Board's directors of Applicant, renders less significant the judgment, more favorable as a commercial bank potential for service improvement under Appli­ because of the wider scope of banking activities cant’s ownership. Considerations bearing on the in which it may engage. Applicant’s control of convenience and welfare of the affected area are, Bank would, in the Board’s judgment, contribute in the Board’s judgment, consistent with approval to Bank’s favorable prospects. Bank’s manage­ of the application, but do not weigh significantly ment, which includes as its chief executive officer in favor of such action. the president of both Applicant and its largest sub­ Effect of proposed acquisition on adequate and sidiary bank, is considered to be satisfactory. sound banking, the public interest, and banking Convenience, needs, and welfare of the commu­ competition. Applicant’s subsidiary banks are nities and area concerned. The City of Manchester, headquartered in six cities or towns in southern in which Bank is located, is in the northeast sec­ New Hampshire, extending from the coastal City tion of Hillsborough County, nearly 20 miles north of Portsmouth to the Vermont border, some 95 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

512 FEDERAL RESERVE BULLETIN • APRIL 1966 miles to the northwest. All of Applicant’s banking trols in excess of $80 million. offices are located within three counties, but no It is the Board’s opinion that Applicant’s acquisi­ subsidiary bank has an office nearer than ten miles tion of Bank will not adversely affect the position to another subsidiary’s office. The deposits of the of any of the other banks located and competing six subsidiary banks represent 27 and 15 per cent, in Manchester; furthermore, it is reasonably fore­ respectively, of the deposits of all commercial seen that Bank’s operation under Applicant’s con­ banks in the above-mentioned three counties and trol will provide an element of competitive aggres­ in the State, and 11 and 6 per cent, respectively, siveness that will benefit the banking public. of the deposits of all banks in those two areas. On the basis of the foregoing considerations and Applicant controls 20.6 per cent of the deposits all the facts contained in the record, and in light of all commercial banks and 7.3 per cent of de­ of the factors set forth in section 3(c) of the Act, posits of all banks in Hillsborough County. Those it is the Board’s judgment that the proposed ac­ percentages would be increased to 20.9 and 7.4, quisition will not increase Applicant’s size or ex­ respectively, by the addition of Bank’s deposits to tent beyond limits consistent with adequate and Applicant’s system. sound banking, the public interest, and the preser­ Each of Applicant’s subsidiary banks appears vation of competition in the field of banking and to operate in a separate service area which, be­ that the application should therefore be approved. cause of the topography of, and sparse population in, the intervening areas, does not overlap the SECURITY NEW YORK STATE CORPORA­ service area of any of the other banks. Applicant’s TION, ROCHESTER, NEW YORK banking offices nearest to Manchester are the main In the matter of the application of Security office and a branch of Applicant’s largest subsid­ New York State Corporation, Rochester, New iary, The Indian Head National Bank of Nashua. York, for approval of action to become a bank Those offices are, respectively, 19 and 11 miles holding company through the acquisition of up to from the site of Bank. Although the Nashua sub­ 100 per cent of the outstanding voting shares of sidiary derives a small amount of its deposit and Security Trust Company of Rochester, Rochester, loan business from Manchester, its primary market New York, and The State Bank of Seneca Falls, does not extend that far. Since none of the pri­ mary service areas of Applicant’s banks overlap N. Y., Seneca Falls, New York. the primary service area of Bank, and in view of Order Approving Application Under the existing close association of Bank with Appli­ Bank Holding Company Act cant’s system, the acquisition proposed would not, in the Board’s opinion, result in the elimination of There has come before the Board of Governors, present competition, nor foreclosure of potential pursuant to section 3(a)(1) of the Bank Holding competition of any significance between or among Company Act of 1956 (12 U.S.C. 1842(a)(1)) Applicant’s subsidiary banks. and section 222.4(a)(1) of Federal Reserve Reg­ As mentioned, eight banks and two trust com­ ulation Y (12 CFR 222.4(a)(1)), an application panies are located in Manchester. Each of the three by Security New York State Corporation, Roch­ national banks, excluding Bank, appears to be ester, New York, for the Board’s prior approval closely associated and to share quarters with one of action whereby Applicant would become a bank of the savings banks. Apparently, two of these na­ holding company through the acquisition of up to tional banks each has a similar association with 100 per cent of the outstanding voting shares of one of the trust companies. Thus, the competitive Security Trust Company of Rochester, Rochester, situation in Manchester does not appear to be that New York, and The State Bank of Seneca Falls, of ten separate independent banking competitors. N. Y., Seneca Falls, New York. More realistically, Bank appears to be in competi­ In accordance with section 3(b) of the Act, the tion with Saint Mary’s Bank ($11 million in de­ Board notified the New York State Superintendent posits) and with three separate groups—two hav­ of Banks of the receipt of the application and re­ ing associated commercial, savings, and trust in­ quested his views and recommendation. The Su­ stitutions, and one with associated commercial and perintendent and the New York State Banking savings institutions. Each of the three groups con­ Board recommended approval of the application. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 513 Notice of receipt of the application was pub­ quires that the Board, in determining whether to lished in the Federal Register on November 3, approve this application, take into consideration 1965 (30 Federal Register 13914), providing an the following five factors: (1) the financial his­ opportunity for interested persons to submit com­ tory and condition of the proposed holding com­ ments and views with respect to the proposed ac­ pany and the banks concerned; (2) their prospects; quisition. The time for filing such comments and (3) the character of their management; (4) the views has expired, and all those received have been convenience, needs, and welfare of the communi­ considered by the Board. ties and the area concerned; and (5) whether or It is hereby ordered, for the reasons set forth not the effect of the proposal would be to expand in the Board’s Statement of this date, that said the size or extent of the bank holding company application be and hereby is approved, provided system involved beyond limits consistent with ade­ that the acquisition so approved shall not be con­ quate and sound banking, the public interest, and summated (a) within seven calendar days after the the preservation of competition in the field of date of this Order or (b) later than three months banking. after said date. Financial history and condition, and prospects of Applicant and the banks concerned. Applicant, Dated at Washington, D. C., this 25th day of being newly formed, has no financial history. Its March, 1966. condition and prospects depend in major respects By order of the Board of Governors. upon those of its proposed subsidiary banks. For the reasons hereafter noted, Applicant’s pro forma Voting for this action: Unanimous, with all members financial condition and prospects are satisfactory. present. Governor Brimmer was not a member of the Board on the date of the Board’s decision. Security Trust was organized in 1892 under State charter and, at June 30, 1965,1 operated 23 (Signed) Merritt Sherman, offices 2 in New York Banking District Eight. It Secretary. offers a full range of commercial banking services, [seal] including corporate and personal trust facilities. Statement With approximately $260 million of deposits, it is the third largest bank in the State’s Eighth Security New York State Corporation, Roch­ Banking District, and serves all six counties in ester, New York (“Applicant”), has filed with the that district. Applicant states that Security Trust’s Board, pursuant to section 3(a)(1) of the Bank deposits have almost doubled in the five years pre­ Holding Company Act of 1956 (“the Act”), an ceding the application, without benefit of mergers application for approval of action to become a or consolidations. The record shows that its net bank holding company through the acquisition of operating earnings increased from about $1.3 mil­ up to 100 per cent of the outstanding voting shares lion in 1959 to about $1.7 million in 1964. The of Security Trust Company of Rochester, Roch­ financial history and condition of Security Trust ester, New York (“Security Trust”), and The are considered satisfactory. State Bank of Seneca Falls, N. Y., Seneca Falls, Security Trust’s prospects, related as they are to New York (“Seneca”). a prosperous, rapidly growing section of upstate Views and recommendation of supervisory au­ New York, appear satisfactory whether Security thority. As required by section 3(b) of the Act, Trust operates as a subsidiary of Applicant or con­ notice of receipt of the application was sent to tinues its independent operation. Since New York the New York State Superintendent of Banks re­ State law now prevents Security Trust from inter­ questing his views and recommendation. The New district branching, Security Trust’s prospects are York State Superintendent of Banks and the New enhanced by Applicant’s plan to make Security York Banking Board recommended approval of Trust the leading bank in a regional holding comthe application and submitted to the Board a copy of a memorandum from the Superintendent ad­ 1 Unless otherwise indicated, all bank deposit and loan data are as of this date, and data as to banking dressed to the New York Banking Board discuss­ offices are as of December 31, 1964. ing the reasons for approval of the proposal. 2 Two additional offices have been approved by the Statutory factors. Section 3(c) of the Act re­ Board, but are not yet in operation. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

514 FEDERAL RESERVE BULLETIN • APRIL 1966 pany system that will serve not only the Finger sume that Applicant’s assistance as proposed would Lakes region,3 which includes District Eight and facilitate the raising of capital considered neces­ extends across several other banking districts, but sary to expand and implement Seneca’s services will serve also the greater Rochester economic and, thus, more aggressively compete with banks area.'1 in its area. To the extent that the improvement in Seneca, under a State charter received in 1902, Seneca’s capital position would be accomplished by operates a single office in District Six and offers Applicant’s proposal, Seneca’s prospects as a sub­ the usual type of small-bank services. Deposits are sidiary of Applicant are consistent with and pro­ reported to have grown from under $7 million vide some slight affirmative weight for approval in 1959 to approximately $11 million in 1965. of the application. During the five years ending June 30, 1965, loans Management. The history of operations of both reportedly increased about 60 per cent, to over Security Trust and Seneca reflects sound, experi­ $6 million. The increase in earnings shown for enced, and capable managements. The manage­ Seneca (from about $51,000 in 1962 to approxi­ ment of Applicant, to be drawn from the two pro­ mately $70,000 in 1964) compares favorably with posed subsidiary banks, is expected to be similarly that of banks of comparable size. On the record satisfactory, and both banks and their respective presented, the financial history and condition of areas will be represented in the management of Seneca are satisfactory. the holding company. Applicant states that no Seneca’s prospects, like those of Security Trust, changes are currently contemplated with respect appear satisfactory whether Seneca becomes a to their boards of directors or principal officers. subsidiary of Applicant or remains an independent Management succession is not a significant factor bank. The area served by Seneca, part of the in this application. Applicant urges, however, that greater Rochester economic area, has experienced the attraction and retention of junior officers, who a gradual but steady economic development, and, would be qualified to succeed present management, like the Rochester area, its prospects for con­ are difficult for a bank of the size of Seneca, and tinued and substantial economic growth appear that the proposed affiliation would facilitate for favorable. Applicant asserts, however, that Seneca’s Seneca the acquisition and training of capable growth has not kept pace with the area’s require­ management as needed. While the Board recog­ ments for banking services because of Seneca’s nizes that the proposed affiliation may offer reason­ lack of capital with which to provide new and ex­ able assurance of a continuity of competent and panded services, and also by reason of the com­ experienced executive management, this considera­ petition offered by larger, more aggressive banks tion is of little consequence in the subject applica­ operating in its service area. Within its service tion, no showing having been made of a present area, Seneca has felt most directly the competitive or anticipated lack of such personnel. The Board force of a branch of the Lincoln National Bank concludes that considerations relating to the factor and Trust Company of Central New York, Syra­ of management are consistent with, but provide cuse, an institution with $165 million of deposits. little affirmative support for, approval. Applicant urges that the greater marketability of Convenience, needs, and welfare of the com­ its shares over those of Seneca would enable Ap­ munities and the areas concerned. As indicated plicant more easily and assuredly to provide for earlier, Security Trust, with 23 offices and total Seneca’s capital requirements. While the record deposits of $260 million, is the third largest bank does not establish an inability by Seneca success­ in District Eight and has as its primary service fully to market its shares, it is reasonable to as- area 5 all six counties in that district. Its proposed affiliation with the much smaller bank in District Six may be expected to have little, if any, effect on the convenience, needs, and welfare of the com­ 3 This area, considered to extend between Buffalo and Syracuse, and from the Pennsylvania border to munities and the area served by Security Trust. Lake Ontario, includes, in addition to District Eight, The principal effect would appear to be in the area parts of Districts Six, Seven, and Nine. served by Seneca. ‘As defined by the New York State Department of Commerce, this area includes nine counties, of which 5 The area from which Applicant estimates more three are in District Nine, one in District Six, and five than 75 per cent of the bank’s deposits of individuals, in District Eight. partnerships, and corporations are derived. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 515 Seneca is located in Seneca County, approxi­ Applicant contemplates a regional holding com­ mately midway between Rochester in District pany which, it contends, is needed to serve and Eight and Syracuse in District Six. The county is assist in the development of the greater Rochester one of seven in District Six and adjoins the eastern economic area. Applicant asserts that State law border of District Eight. Seneca’s primary service prevents, except through the medium of a holding area, with an estimated population of 20,000 per­ company, the extension of services of the larger sons,0 includes the village and township of Seneca commercial banks across banking districts, and Falls and somewhat less than the remainder of the prevents Security Trust from serving the portion northern half of Seneca County. Seneca Falls is of the Rochester economic area that is located considered the economic center of Seneca County outside the boundaries of District Eight. In this and the site of most of its local industrial develop­ connection, it is to be noted that the New York ment. Several large and well-established industries, State Legislature, in declaring its policy with re­ such as Sylvania Electric Products, Inc., Goulds spect to bank holding companies in the State, Pumps, Inc., and Seneca Knitting Mills, Inc., are stated that one of the objectives of the State’s bank located in Seneca Falls. Applicant states that the holding company legislation of 1961 was “that nine leading companies in Seneca Falls employ healthy and nondestructive competition be fostered over 3,100 people, earning an annual income of among all types of banking organizations within approximately $16 million. An additional 2,300 natural economic and trade areas”.7 persons, with an estimated combined annual in­ It is the Board’s judgment that approval of come of approximately $13 million, work at the Applicant’s proposal for an “upstate-regional” Seneca Army Depot and the Willard State Hospi­ bank holding company system would enable re­ tal, to the south of the village of Seneca Falls. A gional institutions to provide banking services $22 million sugar beet refinery is under construc­ within such trade areas; would increase and im­ tion 11 miles from Seneca Falls, and construction prove the scope and nature of available banking has begun on Eisenhower College at a site two services, particularly in the Seneca area; and would miles east of Seneca Falls. permit entry in the upstate market area of an ad­ The area served by Seneca is also served by the ditional banking force sized to meet existing com­ First National Bank of Waterloo, which is larger petition. These considerations are not only con­ than Seneca, by the aforementioned branch of the sistent with the needs, convenience, and welfare Lincoln National Bank and Trust Company of of the communities affected, but offer affirmative Central New York, and by a mutual savings bank. support for approval of the application. While the service requirements, including credit Effect of proposed acquisition on adequate and needs, of the smaller businesses, merchants, and sound banking, the public interest, and banking residents in the area appear to be served by the competition. Security Trust’s 23 offices are located Seneca Falls banks, there is evidence that the local in the Eighth District; Seneca’s only office is banks have not satisfied the credit needs of larger located and competes in the Sixth District. That companies in the area, and that these concerns office is over 50 miles from Security Trust’s head look primarily to banks outside the county for office and more than 15 miles from Security Trust’s their credit needs. Analysis of the Seneca loan­ closest office. There is no overlap of primary serv­ deposit ratio and of the make-up of its loan port­ ice area of any office of Security Trust and that of folio indicates that there is ample room for in­ Seneca. The deposit and loan accounts held by crease in the number and types of loans that could Seneca, originating within the area serviced by be made. A more aggressive loan policy than that Security Trust, are negligible in size and number followed by Seneca is likely as a result of the pro­ in relation to the total deposits and Ioans held by posed affiliation. Seneca, and in relation to the total deposit and While the instant application concerns primarily loan business originating in that area. the areas served by Security Trust and Seneca, While the dollar amounts of deposits and loans derived by Security Trust from Seneca’s service "Population estimates are derived from 1963 and 1964 publications of the State of New York’s Depart­ ’Note to section 141 of the New York Banking ment of Commerce. Law. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

516 FEDERAL RESERVE BULLETIN • APRIL 1966 area are not insignificant in relation to Seneca’s creased by consummation of this proposal does total deposits and loans, analysis of Security not, in the Board’s judgment, preclude approval Trust’s deposits and loans originating in Seneca’s of the proposal since, as earlier found, the affilia­ area discloses that a major portion of the dollar tion of Seneca, with $11 million of deposits, and volume of both represents a few large accounts the $260 million Security Trust, with offices in derived from long-established customers of Se­ each of the District’s six counties, will have no curity Trust now located in Seneca’s area. The significant impact on Security Trust’s competitive evidence before the Board establishes that com­ position. petition between the two banks for deposits and On the basis of the foregoing, and in view of the loans is virtually nonexistent. Further, in view of negligible State-wide impact that Applicant’s for­ their distinctly separate service areas, the location mation will have, the Board concludes that Appli­ of competing banking offices between their nearest cant’s acquisition and operation of Security Trust offices, and the existing legal impediment in the and Seneca would not result in the creation of a State to branching across district lines, there ap­ bank holding company system, the size or extent pears to be little likelihood that any significant of which would be beyond limits consistent with future competition between the two proposed sub­ adequate and sound banking, the public interest, sidiaries will be foreclosed. and the preservation of competition in the field of The Board has considered also the competitive banking. effect of consummation of this proposal on other At the time this application was filed with the banks within each of the areas served by the pro­ Board, notification of the Board’s receipt thereof posed subsidiary banks. The affiliation of Seneca, was given to the Comptroller of the Currency and a bank with $11 million of deposits, and Security the United States Department of Justice. No com­ Trust, a $260 million institution, will have no ments or views were submitted by either on this measurable impact on either the larger banks or application. However, by letter dated February 18, the 28 smaller banks located in the Eighth Dis­ 1966, the Comptroller submitted a statement of trict. Nor does it appear to the Board that Seneca’s opposition to applications pending before the affiliation with Security Trust under Applicant’s Board whereby BT New York Corporation and ownership will adversely affect either of Seneca’s Charter New York Corporation, both of New two competitors located in its primary service area, York, seek the Board’s approval of the formation or the seven other banks operating a total of nine of bank holding companies under the Act. Each offices within an approximate radius of 15 miles of these applications involves, as does the present of Seneca Falls. The businesses and residents situ­ case, the proposed acquisition by a bank holding ated in Seneca’s service area will be the benefici­ company of stock of banks located in more than aries of the more vigorous competition to be one of the State’s banking districts. offered to the First National Bank of Waterloo, a The Comptroller recommended that the BT bank nearly half again the size of Seneca, and the New York Corporation and Charter New York office of Lincoln National Bank of Syracuse. In a Corporation applications be disapproved and, as larger banking market area, the proposed affilia­ basis for such recommendation, referred to an tion will provide more effective competition for the earlier Board letter addressed to a national bank banks of Marine Midland Corporation, the only located in New York City expressing the Board’s holding company with banking offices in the Sixth view that the proposed ownership by that bank of District, which offices control 28 and 16 per cent, a majority of the stock of an upstate bank would respectively, of the total deposits of all commercial appear to violate provisions of Federal law pro­ banks and of all banks in the district. hibiting the establishment and operation of branch Within the Eighth District, consummation of offices by national banks. The Comptroller ex­ Applicant’s proposal will bring to 40 per cent each pressed the view that the Board, having taken the the banking offices and total deposits of all com­ aforementioned position in reference to the ac­ mercial banks under holding company control, and quisition by a national bank of the stock of another to 27 per cent the deposits of all banks under such bank, was estopped from approving applications control. The extent to which existing holding com­ involving the acquisition of bank stocks by non­ pany control of banking resources would be in­ bank bank holding companies, for the stated Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 517 reason that such acquisitions “would enable the Superintendent of Banks. For the foregoing State banks to circumvent the prohibitions of the reasons, the Board is unable to concur in, or make branch banking statutes of the State of New applicable to the cases before it, the rationale York.” urged by the Comptroller. Although the Comptroller’s view were not direct­ Conclusion. On the basis of all the relevant ed to the application by Security New York State facts as contained in the record before the Board, Corporation, the similarity of that application to and in the light of the factors set forth in section the two applications that were the object of the 3(c) of the Act, it is the Board’s judgment that Comptroller’s views makes appropriate, in the the proposed transaction would be consistent with Board’s judgment, treatment herein of the Comp­ the public interest and that the application should troller’s position. therefore be approved. In the Board’s judgment, the proposals involved BT NEW YORK CORPORATION, NEW YORK, in the three bank holding company applications NEW YORK are patently and decisively distinguishable from that involving the proposed acquisition by a na­ In the matter of the application of BT New tional bank of the stock of another bank. The York Corporation, New York, New York, for ap­ latter case, in the Board’s opinion, involved hank proval of action to become a hank holding com­ ownership, control and, thus, operation of another pany through the acquisition of all of the out­ bank in an area where a “direct” branch office standing voting shares of the following New York would be prohibited to the acquiring bank. In the hanks: Bankers Trust Company, New York; First holding company applications before the Board, Trust Company of Albany, Albany; The First not only are the holding companies’ ownership and State Bank of Spring Valley, Spring Valley; and control of the banks involved not prohibited by The Fallkill Bank and Trust Company, Poughkeep­ Federal or State law but, on the contrary, are sie. expressly authorized by the Bank Holding Com­ Order Approving Application Under pany Act of 1956 and Article III-A of the New Bank Holding Company Act York Banking Law. By provisions of the National Bank Act (sections 5136 and 5155 of the Revised There has come before the Board of Governors, Statutes), Congress made clear its intention to re­ pursuant to section 3(a)(1) of the Bank Holding strict and regulate the extent to which a national Company Act of 1956 (12 U.S.C. 1842(a)(1)) bank may own and control additional banking and section 222.4(a)(1) of Federal Reserve offices. The national bank proposal that was the Regulation Y (12 CFR 222.4(a)(1)), an appli­ subject of the Comptroller’s letter fell, in the cation by BT New York Corporation, New York, Board’s opinion, within the scope of Congressional New York, for the Board’s prior approval of prohibition. As earlier indicated, the applications action whereby Applicant would become a bank pending before the Board under the Bank Holding holding company through the acquisition of all of Company Act, including that of Security New the outstanding voting shares of the following New York State Corporation, are clearly of the type York banks: Bankers Trust Company, New York; approval of which is permitted under both Fed­ First Trust Company of Albany, Albany; The eral and State law. First State Bank of Spring Valley, Spring Valley, The Board concludes that the legislative history proposed successor by conversion of The First of the Bank Holding Company Act clearly estab­ National Bank of Spring Valley; and The Fallkill lishes Congressional intention that proposed bank Bank and Trust Company, Poughkeepsie, proposed holding company formations and operations not successor by conversion of The Fallkill National be subjected to statutory limitations imposed on Bank and Trust Company of Poughkeepsie. branch banking. Further, a similarly clear inten­ As required by section 3(b) of the Act, the tion is evidenced by the enactment in the State of Board notified the New York Superintendent of New York of bank holding company legislation, Banks of receipt of the application and requested pursuant to which the three applications now be­ his views and recommendation thereon. The Com­ fore the Board have been approved by the State missioner made no recommendation on the appli­ Banking Department upon the recommendation of cation. However, as discussed in the Statement Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

518 FEDERAL RESERVE BULLETIN • APRIL 1966 accompanying this Order, the New York State Bank and Trust Company of Poughkeepsie Banking Board advised this Board of its action, (“Poughkeepsie Bank”). following a recommendation of the Superintend­ Views of State and Federal authorities. As re­ ent, approving an application filed by BT New quired by section 3(b) of the Act, the Board York Corporation, pursuant to the New York notified the New York State Superintendent of Banking Law, involving the same proposal sub­ Banks of receipt of the application and requested mitted to this Board. his views and recommendation thereon. The Su­ Notice of receipt of the application was pub­ perintendent advised that Applicant had filed with lished in the Federal Register on September 16, the New York State Banking Board, pursuant to 1965 (30 Federal Register 11887), which provided Article III-A of the New York Banking Law, an an opportunity for the filing of comments and application for approval involving the same pro­ views regarding the proposed acquisition, and the posal and that, inasmuch as the Superintendent was time for filing such comments and views has ex­ required by State law to make a recommendation pired and all comments and views filed with the to the Banking Board on the application pending Board have been considered by it. before it, he would abstain from comment on the It is hereby ordered, for the reasons set forth application pending before the Board of Gover­ in the Board’s Statement of this date, that the nors. Thereafter, the Superintendent recommended said application be and hereby is approved, pro­ favorably to the Banking Board on the application vided that the acquisition so approved shall not be before it, and the application was approved by the consummated (a) within seven calendar days Banking Board. A copy of the Superintendent’s after the date of this Order or (b) later than three written recommendation was transmitted to this months after said date. Board. Notification of the Board’s receipt of this appli­ Dated at Washington, D. C., this 7th day of cation was given also to the United States Depart­ April, 1966. ment of Justice and the Comptroller of the Cur­ By order of the Board of Governors. rency. The Department of Justice posed the “ques­ tion whether the possible benefits from approving Voting for this action: Chairman Martin, and Gov­ the proposed formation are likely to outweigh the ernors Balderston, Shepardson, Mitchell, Daane, and Maisel. Voting against this action: Governor Robert­ possible adverse competitive effects”. These com­ son. Governor Brimmer was not a member of the petitive effects, according to the Department, were Board on the date of the Board’s decision. the possibility that Applicant’s formation “would (Signed) Merritt Sherman, foreclose all possibility of competition between Secretary. the participating banks”, and “would prevent the [seal] participating upstate banks from forming [upstate] Statement holding companies which might afford competition BT New York Corporation, New York, New to the large New York City banking institutions in York (“Applicant”), has filed an application, pur­ some credit markets”. suant to section 3(a)(1) of the Bank Holding The Comptroller of the Currency submitted a Company Act of 1956 (“the Act”), for the Board’s statement to the Board recommending that BT approval of proposed action whereby Applicant New York Corporation’s application be disap­ would become a bank holding company through proved and stating that the same considerations the acquisition of all the outstanding voting shares applied to the pending application by Charter New of the following banks located in New York State: York Corporation to form a bank holding com­ Bankers Trust Company, New York (“Bankers pany composed of Irving Trust Company, New Trust”); First Trust Company of Albany, Albany York, and The Merchants National Bank & Trust (“Albany Bank"); The First State Bank of Spring Company of Syracuse. As a basis for his recom­ Valley, Spring Valley, proposed successor by con­ mendation, the Comptroller referred to an earlier version of The First National Bank of Spring Board letter addressed to a national bank located Valley (“Spring Valley Bank”); The Fallkill Bank in New York City expressing the Board’s view and Trust Company, Poughkeepsie, proposed suc­ that the proposed ownership by that bank of a cessor by conversion of The Fallkill National majority of the stock of an upstate bank would Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 519 appear to violate provisions of Federal law pro­ branch banking. Further, a similarly clear inten­ hibiting the establishment and operation of branch tion is evidenced by the enactment in the State offices by national banks. The Comptroller ex­ of New York of bank holding company legisla­ pressed the view that the Board, having taken the tion, pursuant to which the three New York bank aforementioned position in reference to the acqui­ holding company proposals were approved by the sition by a national bank of the stock of another State Banking Board upon the recommendation of bank, was estopped from approving applications the Superintendent of Banks. For the foregoing involving the acquisition of bank stocks by non­ reasons, the Board is unable to concur in, or make bank bank holding companies, for the stated reason applicable to the cases before it, the rationale urged that such acquisitions “would enable State banks to by the Comptroller. circumvent the prohibitions of the branch banking Statutory factors. In determining whether to statutes of the State of New York.” approve this application, the Board is required by The Board has had occasion to treat with the section 3(c) of the Act to consider the following Comptroller’s position in its recent Statement is­ factors: (1) the financial history and condition sued in connection with approval of the applica­ of the proposed holding company and the banks tion by Security New York State Corporation, concerned; (2) their prospects; (3) the character Rochester, to become a bank holding company. of their management; (4) the convenience, needs, The Board’s view there stated, equally applicable and welfare of the communities and the areas to the applications by BT New York Corporation concerned; and (5) whether or not the effect of and Charter New York Corporation, was that the such acquisition would be to expand the size or proposals involved in the three applications were extent of the bank holding company system in­ clearly distinguishable from that involving the pro­ volved beyond limits consistent with adequate and posed acquisition by a national bank of the stock sound banking, the public interest, and the preser­ of another bank. The latter case, in the Board’s vation of competition in the field of banking. opinion, involved bank ownership, control and, Financial history and condition, and prospects. thus, operation of another bank in an area where Applicant, a newly organized corporation, has no a “direct” branch office would be prohibited to the financial history. Its pro forma financial condition, acquiring bank. In the BT Corporation and Charter as projected by Applicant, is satisfactory and its Corporation applications, not only are the holding prospects, viewed in light of the prospects of its companies’ ownership and control of the banks proposed subsidiary banks, are considered favor­ involved not prohibited by Federal or State law able. In the four-year period ending December 31, but, on the contrary, are expressly authorized by 1964, the combined deposits of the four proposed the Bank Holding Company Act of 1956 and subsidiary banks increased $838 million, or about Article III-A of the New York Banking Law. By 28 per cent, while their combined net profits for provisions of the National Bank Act (sections 5136 the three years 1962-1964 averaged about $32 and 5155 of the Revised Statutes), Congress made million per year. clear its intention to restrict and regulate the ex­ Each of the proposed subsidiary banks has a tent to which a national bank may own and control financial history dating back more than 60 years. additional banking offices. The national bank pro­ Bankers Trust, with deposits of $4 billion,1 is posal that was the subject of the Comptroller’s the sixth largest bank in New York City and the letter fell, in the Board’s opinion, within the scope seventh largest in the nation. Albany Bank, with of Congressional prohibition. As indicated, the deposits of $118 million, is the third largest of two applications pending before the Board under five commercial banks, and the fifth largest of all the Bank Holding Company Act are clearly of the banks, headquartered in the City of Albany. type approval of which is permitted under both Spring Valley Bank and Poughkeepsie Bank are Federal and State law. substantially smaller institutions, having deposits The Board concludes that the legislative history of $40 million and $16 million, respectively. of the Bank Holding Company Act clearly estab­ The financial history and condition of each of lishes Congressional intention that proposed bank holding company formations and operations not be 1 As of June 30, 1965. Unless otherwise indicated, subjected to statutory limitations imposed on all banking data noted are as of this date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

520 FEDERAL RESERVE BULLETIN • APRIL 1966 the proposed subsidiary banks are considered Applicant concedes and the Board finds that satisfactory. This conclusion appears valid despite Bankers Trust’s service area will be virtually un­ Applicant’s assertion, hereafter discussed, that affected by the acquisitions proposed and that only Spring Valley Bank has been unable to maintain, certain areas within the Third and Fourth Bank­ through earnings, adequate capital in relation to ing Districts in upstate New York will be signifi­ its rapid deposit growth. cantly affected by this proposal. The following The prospects for continuing satisfactory growth are the principal among numerous benefits that and earnings by Bankers Trust, Albany Bank, and Applicant asserts will be realized by all or certain Spring Valley are favorable either as subsidiaries of the proposed upstate subsidiaries and their cus­ of Applicant or as independent institutions. Some­ tomers; a more certain and immediate source of what less satisfactory are the prospects of Pough­ capital and management; augmentation of the keepsie Bank. While it is in financially sound con­ supply of credit in certain upstate areas to meet dition, a majority of its officers are approaching increasing and assertedly unserved loan demands or have passed normal retirement age and, due to resulting from business and population growth; management’s apparent lack of aggressiveness, the the availability of a wider range of trust and in­ bank’s deposit growth since 1950 has been sub­ vestment services; and implementation of numer­ stantially less than that of any of its local com­ ous specialty services. Consideration must now be petitors. In that period, the Poughkeepsie Bank given to the present availability or the need for has dropped from second to fourth in deposit some or all of these services within the relevant volume of the four commercial banks in Pough­ upstate market areas. keepsie. Applicant’s proposal and ability to pro­ Albany Bank, the largest of Applicant’s proposed vide more aggressive management for bank meas­ upstate subsidiaries, operates in New York’s urably improves its prospects, a fact that weighs Fourth Banking District. It has six offices in Al­ in favor of approval of the application. Management. Applicant’s management will be bany County—five in the City of Albany and one essentially that of Bankers Trust and is, therefore, in Colonie, a suburb of Albany; one each in equally competent as, and probably more broadly Johnstown and Broadalbin, in Fulton County; and experienced than, the respective managements of one each in Windham and Tannersville, in Greene Albany Bank and Spring Valley Bank. While County. Thus, Albany Bank’s primary service area Poughkeepsie Bank’s management is considered (area from which Applicant estimates approxi­ sound, for the reasons earlier stated, it is the mately 73 per cent of the bank’s IPC deposits Board’s judgment that the likely management im­ originate) consists of three separate areas, with provements with respect to that bank support ap­ the major portion of its business originating in the proval of its acquisition by Applicant. In general, City and County of Albany. considerations relating to the management factor The Fourth Banking District contains fifteen are consistent with approval of the application. counties, extending north from the Mid-Hudson Convenience, needs, and welfare of the areas Area to the Canadian border, and includes the concerned. The nature of Bankers Trust’s opera­ highly industrialized Albany-Schenectady-Troy tion is highly diversified in that it provides a full Metropolitan Area and the resort and agricultural range of services both to banks and large corpo­ areas of the eastern Adirondacks and the north­ rate customers whose operations are national and eastern Catskill Mountains. The district reportedly international in scope, and to large segments of the general public served by its 59 officers in New has experienced less population and business York City and four offices in Nassau County. growth since 1950 than the State as a whole. Ac­ Bankers Trust’s national and international business cording to Applicant, the lack of population originates primarily outside New York City, while growth in the Albany area principally impelled its local business is derived largely from New York bank’s recent entry by mergers into Fulton and City and Nassau County, its primary service area.2 Greene Counties. Johnstown, the seat of Fulton County, is about ■'The area from which Applicant estimates about 91 45 miles northwest of Albany and is a center for per cent of the total number, representing 68 per cent the manufacture of gloves and other leather prod­ of the dollar volume, of the bank’s deposit accounts ucts. Its population of about 10,000 has changed of individuals, partnerships, and corporations (“IPC little in the past ten years. Broadalbin is a small deposits”) originate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 521 dairy farming community about ten miles east of area banks by their deposits of public funds,’ the Johnstown. The Tannersville and Windham offices Board is of the view that asserted credit demands of Albany Bank, serving a combined population of do not constitute a significant factor impelling ap­ about 3,500, are nearly 45 and 60 miles, respec­ proval of this application. It can be assumed tively, southwest of Albany, in an area of the Cats­ reasonably that satisfaction of certain large credit kill Mountains which is being developed for year­ needs will be sought directly from the larger New York City banks. Even if these borrowers apply round resort operations. directly to the Albany banks, to the extent neces­ A principal portion of Albany Bank’s business sary, the Albany banks will utilize the New York is derived from the City of Albany and the ad­ City banks or other metropolitan area banks to joining suburb of Colonie, with an estimated com­ satisfy these credit demands. Although the bined population of 160,000. Albany’s economy is handling of large lines of credit on a participation relatively stable, due for the most part to the fact basis with a correspondent bank may present prob­ that the State Government is the area’s major lems not to be found in participations between and employer. Significant economic stimulus is antici­ among subsidiary banks of a holding company pated over the next few years, however, with the system, in nearly every case such problems would development in the heart of the city of a South affect only the facility of participation, not the Mall Project, comprised of a number of new Gov­ fact thereof. ernment buildings and a shopping concourse with In general, the foregoing rationale is equally parking facilities for 3,000 vehicles, all to be situ­ applicable, in the Board’s judgment, to certain of ated on an 85-acre tract. Total costs for the project the major services which Applicant asserts it through 1970 are estimated at $480 million. could provide through or to Albany Bank, such Development of the South Mall Project is as trust and estate planning assistance, and advice expected to give rise to increased demands for with respect to matters involving foreign banking commercial and residential construction loans in and investments. While Albany Bank’s affiliation the Albany area. Applicant enumerates a variety with Bankers Trust would undoubtedly benefit of additional credit requirements that are asserted Albany Bank and its customers with respect to improvement in and expansion of the services to exist or will arise in Albany Bank’s service area, mentioned, it appears to the Board that any present fulfillment of which will, according to Applicant, or foreseeable limitation in the bank’s ability to be facilitated and more assured under its proposed provide these services constitutes a situation sus­ ownership of Albany Bank. Applicant concedes ceptible to remedy by present management. that existing credit demands arising in Albany On the record presented, the Board concludes Bank’s service area are presently being met. that there has not been established that any major The Board is unable to conclude that the banks banking requirement in Albany Bank’s service operating in the Albany area, either alone or in area is going unserved, or that the immediate conjunction with other financial institutions, can­ future will give rise to a situation where such needs not satisfy the areas’ future credit requirements, could not be served by the large New York City whatever their nature, including those related to banks, the banks local to the area, or a combina­ the proposed Albany redevelopment. In addition tion of the two. Accordingly, while considerations to Albany Bank, with deposits of $118 million, relating to the convenience, needs, and welfare of there are headquartered in Albany County two Albany Bank’s service area are consistent with commercial banks, each with deposits near $500 approval of the application, they do not lend million; three mutual savings banks, with deposits significant support to such approval. ranging from $100 to $200 million; and four addi­ Spring Valley Bank’s ten offices are all situated tional banks, with deposits ranging from $20 to in Rockland County, which, with an estimated $75 million. A significant, additional source of population of 174,000, is one of the most rapidly credit supply within the county is represented by three offices of Marine Midland National Bank of ■1 State funds held on deposit are required to be fully Troy, which has deposits of nearly $90 million. secured; consequently, no portion of the dollar equiva­ Even assuming the limits imposed on the Albany lent of such deposits is available for lending. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

522 FEDERAL RESERVE BULLETIN • APRIL 1966 growing parts of the State. Although the county, palities could be met with greater convenience if which is part of the New York City Metropolitan additional loanable funds were available within Area, is principally residential and rural, it is Rockland County”. In view of the fact that Rock­ developing rapidly in commerce and industry. In land County is situated within the New York the period 1950-1960, employment in Rockland Metropolitan Area and that its residents and County increased 43 per cent and retail sales businesses have convenient access to credit sources increased 110 per cent. Since 1960, a number of in New York City and adjoining Westchester enterprises engaged in a national or international County, as well as to the Rockland County banks, business have located in Rockland County, and a the matter of credit requirements, large or small, number of additional concerns are reported to be need be considered only with respect to conveni­ actively considering locating there. Nearly 90 per ence of access. As concluded with respect to cent of Spring Valley Bank’s IPC deposits Albany Bank, to the limited extent that affiliation originate in Rockland County. with Bankers Trust would facilitate Spring Valley As before noted, Spring Valley Bank’s capital Bank’s accfess to loanable funds beyond that now growth has not kept pace with its deposit and loan obtainable by the bank through its bank cor­ growth, despite sales of additional stock by the respondents, such result is consistent with approval bank on five separate occasions since 1955. In of Applicant’s proposal. view of Spring Valley Bank’s reluctance to follow Poughkeepsie Bank, with deposits of $16 so immediately its most recent sales of stock (1963 million, is the smallest of four commercial banks and 1964) with another public offering, Applicant headquartered in Poughkeepsie. It operates two has committed itself, subject to approval of this offices, both in the City of Poughkeepsie, its pri­ action, to provide $500,000 of capital to meet mary service area. Poughkeepsie, the seat of current needs, and asserts that it will assure Spring Dutchess County, had a 1960 population of about Valley Bank of adequate capital to meet future 38,000 persons, a slight decrease from its 1950 needs. While Applicant’s proposal to augment population, as contrasted with a significant popu­ Spring Valley Bank’s capital is a factor supporting lation growth in the remainder of the county. approval of the application, the weight toward ap­ Dutchess County is principally agricultural and proval is lessened somewhat by the fact of Spring residential in nature, but is undergoing rapid Valley Bank’s previous successful sales of stock business and light industrial development, as and the suggestion, not contradicted by the record, exemplified by the employment of about 12,000 of its ability to conclude similarly successful future persons by the International Business Machines stock sales. An additional principal assertion made Corporation. by Applicant in support of approval of its applica­ Considering Poughkeepsie Bank’s decline from tion is that the Rockland County banks, among second to fourth in size of the four commercial them the Spring Valley Bank, are of insufficient banks in the city—its deposits increased both size to respond adequately to the increasing de­ actually and proportionately at a significantly mands for funds incident to the growing commer­ lesser rate than the deposits of its local competi­ cial and residential development within the county. tors, despite the business and residential growth in The evidence of record supports Applicant’s state­ the area surrounding the city—it is apparent that ments and estimates as to Rockland County’s Poughkeepsie Bank has not aggressively positioned present and potential rate of growth. Conceding itself either to serve fully its primary service area that, as Applicant asserts, the Rockland County or to extend the scope and nature of its operations banks generally are unable to satisfy demands for beyond the boundaries of the city. The Board credit incident to the development within the believes that Applicant’s control of Poughkeepsie county, there is no evidence that these needs are, Bank will improve in several respects the bank’s therefore, going unserved. The Superintendent of service rendition. Even though certain of these Banks of New York, in recommending favorably improvements could be effected apart from the to the State Banking Board on Applicant’s pro­ affiliation proposed, the relative certainty of their posal, made no findings as to any unserved credit accomplishment under Applicant’s direction con­ needs; rather, he found that “the credit require­ stitutes a circumstance favorable to approval of ments of local residents, businesses, and munici­ the proposal. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 523 On the basis of the entire record, and as indi­ the deposits of such banks, and the third in size of cated in the foregoing findings, the Board con­ the 40 commercial banks in the district. cludes that the formation of the holding company Spring Valley Bank is the third largest of seven system proposed will result in no significant con­ banks headquartered in Rockland County, and the tribution to the convenience, needs, and welfare tenth in size of more than 50 banks in the Third of the areas primarily served by Bankers Trust and Banking District; its total deposits represent 18 Albany Bank; however, the convenience and needs and 1 per cent, respectively, of the deposits of all of the areas served by the Spring Valley Bank and banks headquartered in those two areas. Pough­ Poughkeepsie Bank will be better served and met keepsie Bank is the smallest of the four commercial by the two banks under Applicant’s ownership and one mutual savings banks headquartered in and operation. Accordingly, considerations bear­ Poughkeepsie. Its deposits are equivalent to five ing on the fourth statutory factor weigh in favor per cent of those of all banks headquartered in of approval of the application. Poughkeepsie, and less than one-half of one per Effect on adequate and sound banking, the cent of those of all banks in the Third Banking public interest, and banking competition. If the District. Consummation of Applicant’s proposal proposed holding company formation were con­ and that of Charter New York Corporation would summated, Applicant, in terms of total deposits, result in the following concentrations of bank would be the nation’s second largest, and the deposits under holding company control: in New State’s largest, bank holding company. Applicant York City, 11 per cent; in Albany, Fulton, and would, however, rank only sixth in size among Greene Counties, combined, 6 per cent; in Rock­ New York banking institutions, the relative posi­ land County, 18 per cent; and in Dutchess County, tion now held by Bankers Trust. Among such 28 per cent. The relatively higher percentage banking institutions, Marine Midland Corporation shown for Dutchess County reflects Marine Mid­ would rank seventh, and Charter New York Cor­ land Corporation’s control of the largest commer­ poration, the formation of which the Board has cial bank in the county. today approved, would rank eighth. Consummation of Applicant’s proposal would On the basis of December 31, 1964 data/ not, in the Board’s judgment, result in an undue registered bank holding companies controlled concentration of banking resources under Appli­ about six per cent of the deposits of commercial cant’s control or the control of all holding company banks, and four per cent of the deposits of all systems in any of the relevant areas. banks, in the State. Those respective percentages As earlier noted, Bankers Trust is engaged in will be increased to about 18 and 12 assuming local, national, and international banking; the Applicant’s formation and that of the two other other proposed subsidiaries engage primarily in New York holding company systems earlier local retail banking. In view of this fact, and the mentioned. lack of impact that this proposal would have on None of Applicant’s proposed subsidiary banks Bankers Trust’s New York City competitors, the holds, or approaches, a position of dominance Board’s analysis of the competitive effects of this within its area of operation, nor are any of the proposal is appropriately limited to the local, or banks larger than third in size among the banking retail, business of the banks affected. institutions located within such area. Bankers Respecting the probable effect of Applicants’ Trust, the sixth largest bank in New York City, proposal on competition between and among the holds about eight per cent of the deposits of com­ four proposed subsidiary banks, the primary mercial banks, and six per cent of the deposits of service area of none of the banks overlaps that of all banks, headquartered in the city. Albany Bank another. Despite the proximity of New York City is the third largest of five commercial banks head­ to Rockland County, the record reflects that the quartered in Albany County, with 11 per cent of deposits and loans that Bankers Trust and Spring Valley Bank derive from each other’s service area are insubstantial in relation to the total deposits and loans of either bank. The data of record estab­ 1 Adjusted to include the merger of Grace National Bank, New York, with Marine Midland Trust Com­ lish further that no significant amount of deposit pany of New York in 1965. or loan business in any of the proposed subsidiaries Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

524 FEDERAL RESERVE BULLETIN • APRIL 1966 is derived from the primary service area of any of to the two mutual savings banks in Albany County the others. Accordingly, approval of this applica­ that are larger than Albany Bank, and to Marine tion would not eliminate any significant existing Midland Corporation’s subsidiary bank operating competition between or among the proposed in the Fourth District. The extent to which Albany subsidiary banks. Bank’s competitive ability may be enhanced A determination as to what extent approval of through affiliation with Bankers Trust is not this application will foreclose future competition readily foreseen as unduly enhancing its position between and among the proposed subsidiary banks with respect to the two much smaller commercial is difficult. The ability of the two Third District banks headquartered in Albany, or the six smaller banks to expand further within that district, the banks located in Albany County with deposits possibility of the two Third District banks or ranging from $20 to $110 million. These institu­ Bankers Trust establishing branches in West­ tions are presently competing in varying degree, chester County, and of Bankers Trust generally depending on their size and nature of service expanding the scope of its service, where possible, offered, with Albany Bank’s four larger competi­ to additional areas of the State, all offer potential tors. It does not appear that Albany Bank’s for increased competition. However, on the basis affiliation with Bankers Trust will significantly in­ of the present lack of meaningful competition crease the competitive force faced by these smaller between and among these banks, the rather clearly institutions. established pattern of operation on the part of the Spring Valley Bank is the third largest of six two Third District banks, and the distance that commercial banks headquartered in Rockland separates the banks last mentioned, as well as County and the tenth in deposit size of more than Bankers Trust, from Albany Bank, the Board is 50 commercial banks headquartered in the Third unable to conclude that any significantly increased District. Its two larger competitors headquartered competition will be foreclosed by approval of this in Rockland County are Rockland National Bank application. of Suffern ($85 million of deposits) and Marine Turning to a consideration of the likely impact Midland Corporation’s Nyack subsidiary ($44 that Applicant’s proposal will have on the banks million of deposits). The deposit size of Spring competing with the four proposed subsidiary Valley Bank’s three smaller competitors head­ banks, as the Board earlier noted, Bankers Trust’s quartered in Rockland County ranges from $12 affiliation under holding company ownership with to $24 million. Significantly, an additional pri­ the three upstate banks will have, in the Board’s mary source of competition from within the county judgment, no impact on Bankers Trust’s competi­ is offered Spring Valley Bank by three offices of tive position within its primary service area. On The County Trust Company, headquartered in the other hand, the Board views consummation of White Plains in adjoining Westchester County, the proposal as involving both favorable and un­ holding nearly $700 million of deposits. The extent favorable consequences with respect to the upstate to which Spring Valley Bank’s competitive position areas involved. Applicant’s proposal would bring with respect to its larger Rockland County com­ together under common ownership a $4 billion petitors would be enhanced is a consideration that New York City institution and the third largest of outweighs, in the Board’s judgment, the minimal 40 commercial banks in the Fourth District. This adverse impact that Spring Valley Bank’s affiliation aspect of Applicant’s proposal, viewed alone, is of with Bankers Trust is likely to have on smaller concern to the Board, inasmuch as the competitive banks in Rockland County or the Third District. potential of an already sizable institution will be The likelihood of any severe impact on these strengthened, and customers of Albany Bank not having other banking connections will be fore­ smaller banks is improbable in view of the fact closed from likely access to more than one large that they are, for the most part, presently faced New York City correspondent bank. The fore­ with competition from the large banks located in going adverse considerations are substantially off­ New York City and Westchester County. set, in the Board’s judgment, by the increased com­ The Board finds that, similarly, with respect to petition that may be offered to Albany Bank’s two Poughkeepsie Bank, the likely strengthening of its much larger competitors headquartered in Albany, competitive position within its service area will be Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 525 achieved with negligible adverse effect on its 3(c) of the Act, it is the Board’s judgment that the smaller competitors. Poughkeepsie Bank, the proposed transaction would be consistent with the smallest of five banks headquartered in the City public interest and that the application should of Pougkeepsie, competes principally with these therefore be approved. four larger banks, one of which is a subsidiary of Marine Midland Corporation and has deposits of Concurring Statement of Governor Maisel $118 million. Of the 14 remaining banks head­ I concur in the Board’s action in approving the quartered in Dutchess County, the 11 that are application of BT New York Corporation to form smaller than Poughkeepsie Bank are well estab­ a bank holding company, although I believe the lished and, for the most part, are located in and proposed holding company would better serve the serve different localities some distance from bank’s needs of the State if it were at this time more location. On balance, it appears to the Board that limited in size. I agree that Applicant’s acquisition banking competition in the Poughkeepsie area will of the Spring Valley Bank annd Poughkeepsie be expanded and strengthened by the Poughkeep­ Bank will confer significant benefits on the sie Bank’s affiliation with Applicant, with resulting businesses and residents served by those banks, benefit to the public. without any significantly adverse competitive con­ A final and pertinent consideration bearing on sequences. I am unable to conclude similarly the public interest is the question of the effect of concerning, and thus am opposed to, the affiliation the affiliation of the three upstate banks with of Applicant’s proposed $4 billion New York City Bankers Trust on alternative sources of banking subsidiary with the $118 million Albany Bank, service. The number of bank alternatives available located in the Fourth District. in each of the service areas affected would not be My objection to the size and nature of an changed by consummation of Applicant’s pro­ affiliation such as that proposed between Bankers posal. However, within the Third District the Trust and Albany Bank has compelled me today number of independent alternatives would be re­ to dissent from the Board’s action in approving an duced by one. The impact of this reduction would application by Charter New York Corporation appear negligible in that there would remain over involving the proposed affiliation of Irving Trust 50 alternative bank sources. The adequacy of such Company, a multi-billion dollar New York City alternative banking outlets within the upstate areas bank, with The Merchants National Bank & Trust involved serves at the same time to secure to the Company of Syracuse, a $130 million bank. The customers served by these outlets an adequate rationale of my opposition to Charter’s formation number of large New York City correspondent is set forth in my Dissenting Statement accompany­ banks. While it may be assumed that customers of ing the Board’s Statement and Order in that case. Applicant’s proposed upstate subsidiaries will here­ The similarity of the objectionable feature of after be limited through those subsidiaries to a Charter’s proposal and that of BT New York single New York City bank, such customers will Corporation’s proposal relating to Albany Bank continue to have reasonably convenient access, warrants a summary here of my reasoning in the through other upstate banking outlets, to the Charter matter. services of other New York City banks and large My appraisal of the banking needs in upstate upstate banks. New York leads to the conclusion that, at the It is the Board’s judgment that the acquisition present, large New York City banks of the size by BT New York Corporation of Bankers Trust, of Bankers Trust should be permitted to affiliate Albany Bank, Spring Valley Bank, and Pough­ only with upstate banks considerably smaller than keepsie Bank would not result in the creation of a Albany Bank. bank holding company system whose size or extent A rapid growth in bank holding companies is would be beyond limits consistent with adequate taking place in New York. The questions raised by and sound banking, the public interest, and the this growth have been well documented in the preservation of competition in the field of banking. recommendations of the New York Superintendent Conclusion. On the basis of all the relevant of Banks to the Banking Board with respect to this facts as contained in the record before the Board, case. There are a limited number of banks with and in the light of the factors set forth in section over $75 million in deposits in the upstate bank- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

526 FEDERAL RESERVE BULLETIN ♦ APRIL 1966 ing districts. If the State is to maintain a competi­ bank holding companies * * * that healthy and non­ tive structure which will give adequate choice to destructive competition be fostered among all types of banking organizations within natural economic businesses in the upstate area, it is necessary that and trade areas.” the amount of choice now available not be seri­ The Board’s actions in approving the applications ously contracted. During the initial growth period, of BT New York Corporation and Charter New I believe that the formation of new holding com­ York Corporation are, in my judgment, in direct panies should take place in such a manner as to conflict with the declared policy of the State of increase, not to reduce, the possible banking New York. alternatives. Each time a sizable upstate bank joins with one of the large New York City banks, Approval of these applications can have but a the probability that several strong regional holding single consequence—the establishment of a prece­ company systems will be established is reduced. It dent that will disenable the Board later to deny is too early to predict the ultimate impact of the to other major New York City banks similar appli­ new holding companies. In the interim, sound cations that will inevitably lead to State-wide public policy should maintain the largest number control of banking resources by these few giant of possible options with respect to the form growth institutions. will take. I find the Board’s approval actions to be patently As I have earlier indicated, it is my judgment inconsistent with the further stated policy of the that approval of BT New York Corporation’s ap­ State in favor of fostering healthy and nondestruc­ plication offers important benefits to the two Third tive competition within natural economic and trade District cities which should not be precluded areas. I cannot conceive that the affiliation of because of the potentially adverse features inherent multi-billion dollar New York banking institutions in the Corporation’s acquisition of Albany Bank. with upstate institutions having in excess of $100 However, any proposal involving such adverse million of deposits will foster healthy or nonde­ features, but lacking overweighing beneficial fea­ structive competition, nor do I consider the New tures, should not, in my judgment, have the York City-upstate areas involved to constitute Board’s approval. “natural economic and trade areas”. 1 recently joined in the Board’s unanimous Dissenting Statement of Governor Robertson action in approving the formation of Security New In my opinion, the Board’s action in approving York State Corporation, a proposed bank holding the applications by BT New York Corporation company that would own two upstate New York and Charter New York Corporation to form bank banks, one a $260 million bank and the other an holding companies, consisting each of a major $11 million bank. I found in that proposal not New York City bank and one or more upstate only a consistency with the public policy of the banks, is contrary to the stated policy of the New State, but a likelihood that the two banks involved, York legislature in its enactment of the State’s both located in upper New York State, could, in bank holding company law, and the clear intent combination, provide improved and expanded of Congress in enacting the Bank Holding Com­ services to certain customers of the smaller bank pany Act of 1956. involved, with resulting increased competition to Article II1-A of the New York Banking Law, the larger upstate institutions. The present two the State’s “bank holding company act”, was en­ applications involved, in my judgment, have none acted into law in company with a declaration of of these benefits. The major banking needs of the State policy, a portion of which is as follows: areas affected are presently being served. There­ “After full consideration of the complex issues fore, only in the clear absence of any adverse involved it is hereby declared to be the policy of the competitive effect should these applications be state of New York that appropriate restrictions be imposed to prevent statewide control of banking by a approved. The evidence of record and the most few giant institutions; * * * that competitive as well reasonable inferences to be drawn therefrom, in as banking factors be applied by supervisory authorities in approving or disapproving * * * the operations of my judgment, preclude such approval. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 527 CHARTER NEW YORK CORPORATION, lished in the Federal Register on August 25, 1965 NEW YORK, NEW YORK (30 Federal Register 11006), which provided an In the matter of the application of Charter New opportunity for the filing of comments and views York Corporation, New York, New York, for regarding the proposed acquisition, and the time approval of action to become a bank holding com­ for filing such comments and views has expired pany through the acquisition of all of the out­ and all comments and views filed with the Board standing voting shares of Irving Trust Company, have been considered by it. New York, New York, and at least 80 per cent of It is hereby ordered, for the reasons set forth the outstanding voting shares of The Merchants in the Board’s Statement of this date, that said National Bank & Trust Company of Syracuse, application be and hereby is approved, provided Syracuse, New York. that the acquisition so approved shall not be con­ summated (a) within seven calendar days after Order Approving Application Under the date of this Order or (b) later than three Bank Holding Company Act months after said date. There has come before the Board of Governors, Dated at Washington, D.C., this 7th day of pursuant to section 3(a)(1) of the Bank Holding April, 1966. Company Act of 1956 (12 U.S.C. 1842(a)(1)) By order of the Board of Governors. and section 222.4(a)(1) of Federal Reserve Regulation Y (12 CFR 222.4(a) (1)), an applica­ Voting for this action: Chairman Martin, and Gov­ tion by Charter New York Corporation, New ernors Balderston, Shepardson, Mitchell, and Daane. Voting against this action: Governors Robertson and York, New York, for the Board’s prior approval Maisel. Governor Brimmer was not a member of the of action whereby Applicant would become a bank Board on the date of the Board’s decision. holding company through the acquisition of all of (Signed) Merritt Sherman, the outstanding voting shares of Irving Trust Com­ Secretary. pany, New York, New York, and at least 80 per [seal] cent of the outstanding voting shares of The Merchants National Bank & Trust Company of Statement Syracuse, Syracuse, New York. Charter New York Corporation, New York, As required by section 3(b) of the Act, the New York (“Applicant”), has filed an application, Board notified the New York Superintendent of pursuant to section 3(a)(1) of the Bank Holding Banks and the Comptroller of the Currency of Company Act of 1956 (“the Act”), for the Board’s receipt of the application and requested their approval of proposed action whereby Applicant views and recommendations thereon. The Super­ would become a bank holding company through intendent made no recommendation on the appli­ acquisition of all of the outstanding voting shares cation. However, as discussed in the Statement of Irving Trust Company, New York, New York accompanying this Order, the New York State (“Irving”), and at least 80 per cent of the out­ Banking Board advised this Board of its action, standing voting shares of The Merchants National following a recommendation of the Superintend­ Bank & Trust Company of Syracuse, Syracuse, ent in approving an application filed by Charter New York (“Merchants”). New York Corporation, pursuant to the New York Views of State and Federal authorities. As re­ Banking Law, involving the same proposal sub­ quired by section 3(b) of the Act, inasmuch as mitted to this Board. The Comptroller initially both a State and nationally chartered bank are replied and interposed no objection to approval involved, the Board notified the New York State of the application. Subsequently, beyond the period Superintendent of Banks and the Comptroller of within which an adverse recommendation on the the Currency of receipt of the application and application would have required a hearing thereon requested their views and recommendations there­ under the Act, the Comptroller submitted an addi­ on. The Superintendent of Banks advised that tional statement recommending disapproval of the Applicant, concurrently with its filing of this appli­ application for reasons set forth and discussed in cation, had filed with the New York State Banking the above-mentioned Board Statement. Board, pursuant to Article III-A of the New York Notice of receipt of the application was pub­ Banking Law, an application for approval involv- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

528 FEDERAL RESERVE BULLETIN • APRIL 1966 ing the same proposal and that, inasmuch as the companies, for the stated reason that such acquisi­ Superintendent was required by State law to make tions “would enable state banks to circumvent the a recommendation to the Banking Board on the prohibitions of the branch banking statutes of the application pending before it, he would abstain State of New York.” from comment on the application pending before The Board has had occasion to treat with the the Board of Governors. Thereafter, the Super­ Comptroller’s position in its recent Statement intendent recommended favorably to the Banking issued in connection with approval of the applica­ Board on the application before it, and the applica­ tion by Security New York State Corporation, tion was approved by the Banking Board. A copy Rochester, to become a bank holding company. of the Superintendent’s written recommendation The Board’s view there stated, equally applicable was transmitted to this Board. to the applications by Charter New York Corpora­ Responding to the Board’s request for views, tion and BT New York Corporation, was that the the Comptroller of the Currency, while making no proposals involved in the three applications were expressed recommendation, stated, in part, the clearly distinguishable from that involving the pro­ view that: posed acquisition by a national bank of the stock of another bank. The latter case, in the Board’s “. . . The rapid expansion of the Syracuse area has placed Merchants at a disadvantage in its attempts to opinion, involved bank ownership, control and, compete successfully for the business of the larger thus, operation of another bank in an area where industrial organizations now located there. . . . a “direct” branch office would be prohibited to * * * the acquiring bank. In the Charter Corporation “The expansion of Merchants’ capabilities will not and BT Corporation applications, not only are the only serve to improve its service to the community holding companies’ ownership and control of the but will also counter the monopoly now held by Marine Midland in the offering of large bank services banks involved not prohibited by Federal or State to the sixth banking district. To this extent the over­ law but, on the contrary, are expressly authorized all competitive effect of the proposed holding com­ by the Bank Holding Company Act of 1956 and pany would be most beneficial.” Article III-A of the New York Banking Law. By Subsequent to his original transmission of views, provisions of the National Bank Act (sections the Comptroller submitted to the Board a state­ 5136 and 5155 of the Revised Statutes) Congress ment of views on the pending application of BT made clear its intention to restrict and regulate the New York Corporation for approval of the for­ extent to which a national bank may own and mation of a bank holding company composed of control additional banking offices. The national Bankers Trust Company, New York, and three bank proposal that was the subject of the Comp­ upstate New York banks. The Comptroller recom­ troller’s letter fell, in the Board’s opinion, within mended that BT New York Corporation’s applica­ the scope of Congressional prohibition. As indi­ tion be disapproved and stated that “the same cated, the two applications pending before the considerations apply to the Irving Trust [Charter Board under the Bank Holding Company Act are New York Corporation] application now pending clearly of the type approval of which is permitted before the Board.” As a basis for his recommenda­ under both Federal and State Law. tion, the Comptroller referred to an earlier Board The Board concludes that the legislative history letter addressed to a national bank located in New of the Bank Holding Company Act clearly estab­ York City, expressing the Board’s view that the lishes Congressional intention that proposed bank proposed ownership by that bank of a majority of holding company formations and operations not the stock of an upstate bank would appear to be subjected to statutory limitations imposed on violate provisions of Federal law prohibiting the branch banking. Further, a similarly clear inten­ establishment and operation of branch offices by tion is evidenced by the enactment in the State of national banks. The Comptroller expressed the New York of bank holding company legislation, view that the Board, having taken the aforemen­ pursuant to which the three New York bank hold­ tioned position in reference to the acquisition by ing company proposals were approved by the State a national bank of the stock of another bank, was Banking Department upon the recommendation of estopped from approving applications involving the Superintendent of Banks. For the foregoing the acquisition of bank stocks by nonbank holding reasons, the Board is unable to concur in, or make Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 529 applicable to the cases before it, the rationale issued by Irving with funds to be raised through urged by the Comptroller. Applicant’s sale of long-term capital notes. Notification of the Board’s receipt of this Merchants is the oldest and, with deposits of application was given also to the United States $130 million, fourth largest of five commercial Department of Justice. The Department posed the banks headquartered in Syracuse. It conducts “question whether the possible benefits from ap­ essentially a “retail” business in that it provides proving the proposed formation are likely to all major banking services to large segments of the outweigh the possible adverse competitive effects.” general public. Merchants’ financial history and These competitive effects, according to the Depart­ condition are satisfactory. ment, were the possibility that Applicant’s forma­ Applicant's prospects, depending as they do in tion “would foreclose all possibility of competition major respects upon the prospects of its proposed between the participating banks”, and “would pre­ subsidiary banks, are considered favorable. The vent the participating upstate banks from forming growth and earnings records of those banks, to­ [upstate] holding companies . . . which might gether with the favorable economic outlook for the afford competition to the large New York City areas they serve, lead to the conclusion that the banking institutions in some credit markets”. banks’ prospects, operating either as subsidiaries Statutory factors. In determining whether or not of Applicant or as independent institutions, are to approve this application, the Board is required favorable. by section 3(c) of the Act to consider the follow­ Management. The record establishes, and the ing factors: (1) the financial history and condition Board finds, the management of both proposed of the proposed holding company and the banks subsidiary banks to be well qualified and experi­ concerned; (2) their prospects; (3) the character enced, and that neither bank is now encountering of their management; (4) the convenience, needs, or has expectations of any significant management and welfare of the communities and the areas con­ problems. The Board concludes that the banks’ cerned; and (5) whether or not the effect of such managements are satisfactory and that since Appli­ acquisition would be to expand the size or extent cant’s management will be drawn from the two of the bank holding company system involved be­ proposed subsidiary banks, Applicant will be yond limits consistent with adequate and sound soundly and capably managed. banking, the public interest, and the preservation Convenience, needs, and welfare of the com­ of competition in the field of banking. munities and areas concerned. Although Irving’s Financial history and condition, and prospects. 13 domestic offices are located in Manhattan, its Applicant, incorporated on March 12, 1965, has primary service area—the area from which ap­ no financial history. Its pro forma financial condi­ proximately 75 per cent of its deposits of indi­ tion, as projected by Applicant, and judged in part viduals, partnerships, and corporations (“IPC by the satisfactory financial condition of its pro­ deposits") originate—encompasses the six-State posed subsidiary banks, is satisfactory. area of New York, New Jersey, Connecticut, Irving, established in 1851, has deposits in Massachusetts, Pennsylvania, and Ohio. Irving excess of $2.6 billion 1 and is the seventh largest derives in excess of 60 per cent of its total deposits commercial bank in New York City. Irving serves from within New York City. It operates a branch primarily banks and large corporate customers office in London, as well as representative offices whose operations are national and international in in three principal foreign cities. Its prominent scope, and competes for such wholesale business position in the field of international banking is throughout the world. Its financial history and con­ evidenced by its maintenance of accounts for more ditions are considered satisfactory. Applicant’s pro than 60 central banks and some 1,400 foreign com­ forma financial statement reflects a proposed mercial banks. The record establishes that Irving strengthening of Irving’s capital structure through does not actively solicit retail banking business, but Applicant’s purchase of additional stock to be rather engages almost exclusively in wholesale banking. Merchants operates 16 offices in New York’s ’As of June 30, 1965. Unless otherwise indicated, Sixth Banking District, of which 15 are in Onon­ all banking data noted are as of this date. daga County and one in Oswego County. Its Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

530 FEDERAL RESERVE BULLETIN • APRIL 1966 primary service area (the area from which more sary, alternative source of funds to meet existing than 85 per cent of the dollar volume of its IPC and anticipated credit demands of the area’s com­ deposits originate) is Onondaga County. The mercial and industrial concernes; rendition of population of Onondaga County is estimated at more extensive and specialized international bank­ more than 460,000 persons, representing an in­ ing services; and expansion of Merchants’ service crease of about 120,000 since 1950. Population offerings in the personal and corporate trust fields. projections are for 520,000 persons by 1970 and With regard to the need in the Syracuse area for 640,000 by 1980. The county contains about 600 additional or improved credit sources, notwith­ manufacturing concerns, employing some 56,000 standing the significant economic expansion that persons in a widely diversified group of industries has occurred and is likely to occur in the Syracuse including, among the largest, General Electric area the Board is unable to concur in Applicant’s Company, Carrier Corporation, Crucible Steel position that any substantial deficiency exists in Company of America, and divisions of Allied this respect. There are five commercial banks head­ Chemical, Chrysler, and General Motors Corpora­ quartered in Syracuse and four of these each has tions, and Bristol-Myers Company. In the period deposits in excess of $100 million. One of the 1950-1960, the Syracuse metropolitan area, of four is a subsidiary of Marine Midland Corpora­ which Onondaga County is a part, was reported tion, a bank holding company system controlling to be first in population, employment, and personal banks with total deposits of some $3 billion. There income growth of all the standard metropolitan are also two savings banks headquartered in Syra­ statistical areas in upstate New York. A major cuse, each of which has deposits totaling in excess portion of Merchants’ offices is located in or near of $200 million. While the record does reflect that the City of Syracuse and appears to be serving Merchants and the other three large Syracuse principally the Syracuse area. banks have a relatively high ratio of total loans to With respect to the probable effect of the con­ deposits, thus indicating their inabilities to meet summation of Applicant’s proposal on the con­ alone any substantial new demands for credit, venience, needs, and welfare of the proposed Applicant has not satisfied the Board that present subsidiary banks’ service areas, the Board con­ credit demands of any size are not, in fact, being cludes that Applicant’s formation will not produce served by the area’s banks together, or in conjunc­ any significant change in the scope or nature of tion with their larger correspondents. Assuming banking services available in the New York City the continued healthy economic and industrial ex­ area. This conclusion is reached despite Appli­ pansion in the Syracuse area earlier mentioned, it cants’ assertion that, through Irving’s access to may be also assumed that growth will also occur in Merchants’ experience in the retail banking field, the deposit structure of the Syracuse banks, thus Irving would undertake to extend to its New York enabling them to continue to meet foreseeable City individual and small business customers simi­ credit requirements. In any event there is no lar retail banking services. The favorable weight reason to believe that the Syracuse banks, in con­ to be assigned this aspect of Applicant’s proposal junction with other financial institutions located in is minimized by the facts that Irving’s present and the Syracuse area or in New York City, could not potential New York City customers now have adequately serve any reasonably foreseeable de­ available to them an abundance of retail banking mand for funds arising in the Syracuse area. With outlets and that Merchants could add little, if at respect to Merchants’ ability to participate in the all, to Irving’s existing ability to provide whatever furnishing of such credit, while the foregoing con­ retail banking services would be proposed. clusions are also applicable to it, affiliation with The factors within the Syracuse area to which Irving, as proposed, will likely make more certain Applicant asserts its proposal is principally re­ and perhaps easier, than would now be the case, sponsive are the extensive industrial development, participation of excess loan demands that may population growth, and related economic expan­ arise. sion. In respect to these factors, principal among More certainly beneficial to Merchants and the benefits that Applicant states would be pro­ ultimately to its customers would be the assistance vided to or through Merchants as a result of its that Irving will offer in expanding the nature and affiliation with Irving are provisions for a neces­ extent of Merchants’ international banking serv- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 531 ices. There is evidence of a growing requirement formation of Applicant, Security New York State for such services in the Syracuse area, particularly Corporation, approval for which was given by the in the electrical equipment industry where exports Board on March 25, 1966, and of BT New York of such equipment have risen sharply in recent Corporation. years. Increased activity in foreign markets is also The Board is unable to perceive any significant evident among other of the area’s industries. While effect on the banks or banking in New York City bank services normally incident to export activity from consummation of Applicant’s proposal. The are now available in the Syracuse area, either deposits controlled by bank holding companies directly from the banks located there or through presently operating in New York City, when com­ their correspondent banks in New York City, bined with the deposits under the control of BT Irving’s extensive experience in all aspects of inter­ New York Corporation and Applicant, would national banking would, in the Board’s judgment, represent 17 per cent of the deposits of all com­ constitute an immediate and significant contribu­ mercial banks and 11 per cent of the deposits held tion to the area’s requirements. by all banks. The deposits held by Irving represent As to Applicant’s proposal to expand the five and four per cent, respectively, of such de­ existing nature and volume of Merchants’ trust posits. In the context of the New York City services, the record fails to establish that Mer­ banking structure, the aforementioned control of chants is not presently responding adequately to banking resources does not represent such an the apparent limited demand made of it for cor­ undue concentration, either in Applicant or in all porate trust, investment, and related services, all holding company systems combined, as to be a of which Applicant states it is ready to provide to cause for concern. This conclusion is more reason­ or through Merchants. It is the Board’s judgment able in light of the number of large banks in New that any limitation on that bank’s ability to pro­ York City with which existing or proposed bank vide such services, either now or in the future, is holding company subsidiaries must and will com­ negligible and does not require assistance from pete. Further, in view of Merchants’ small size in outside the bank for solution. Accordingly, the relation to Irving’s, the Board is unable to foresee assistance proffered in these respects, while con­ that any measurable strengthening of Irving’s sistent with approval of the application, does not competitive position in any phase of its operation weigh significantly toward such approval. will result from the proposed affiliation. Effect on adequate and sound banking, the Merchants, the fourth largest of six commercial public interest, and banking competition. Approval banks and sixth largest of nine commercial and of this application would constitute Applicant the savings banks headquartered in Onondaga County, eighth largest banking institution in New York holds 18 per cent and 10 per cent, respectively, of State—a position now held by its proposed prin­ the total deposits of such banks. Marine Midland’s cipal subsidiary, Irving. When including BT New subsidiary in Onondaga County holds about 27 per York Corporation, the formation of which was cent and 16 per cent, respectively, of the deposits today approved by the Board, Applicant would be of all commercial banks and of all banks head­ the fourth largest bank holding company system quartered in the county. The largest and third in the nation, and within the State of New York largest commercial banks headquartered in the would be third in size behind BT New York county—First Trust and Deposit Company and Corporation and Marine Midland Corporation. Lincoln National Bank & Trust Company—neither On the basis of December 31, 1964, data2 of which is affiliated with a bank holding company, registered bank holding companies controlled together control 53 per cent and 31 per cent, re­ about six per cent of the deposits of commercial spectively, of the total deposits of commercial and banks, and four per cent of the deposits of all all banks. A substantial portion of the remaining banks, in the State. Those respective percentages deposits of all banks headquartered in the county would be increased to about 18 and 12 assuming is held by the two savings banks located in Syra­ cuse, one of which is as large as, and the other considerably larger than, any of the aforemen­ 2 Adjusted to include the merger of Grace National Bank, New York, with Marine Midland Trust Com­ tioned commercial banks. pany of New York in 1965. The foregoing data make apparent the fact that Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

532 FEDERAL RESERVE BULLETIN • APRIL 1966 a substantial portion of the total banking resources City bank, their access through other Onondaga in Onondaga County is concentrated in a few County banks to the correspondent services of the large banking institutions—a consideration of New York City and large upstate banks represents some moment to this Board. Realistically viewed, a continued, reasonably convenient alternative however, the potential for adverse competitive im­ source for such services. pact offered by this concentration of resources will It is the Board’s judgment that the affiliation of not be increased by consummation of Applicant’s Irving and Merchants under Applicant’s owner­ proposal. Rather, it is reasonably anticipated that ship and control would not result in the creation the affiliation of Merchants, the smallest of the of a bank holding company system the size or six major banks headquartered in Syracuse, with extent of which would be beyond limits consistent Irving will enable Merchants to offer more mean­ with adequate and sound banking, the public ingful competition to its numerous larger competi­ interest, and the preservation of competition in the tors for the deposit and loan accounts of the area’s field of banking. major commercial and industrial concerns. Conclusion. On the basis of all the relevant facts The Board foresees, little, if any, adverse effect as contained in the record before the Board, and of Merchants’ affiliation with Irving on the com­ in the light of the factors set forth in section 3(c) petitive abilities of the three small banks located of the Act, it is the Board’s judgment that the in Onondaga County. These banks have been and proposed transaction would be consistent with the are now in competition, to a limited extent, with public interest and that the application should the large Syracuse banks. Despite this competition, therefore be approved. each of the smaller banks has shown a steady and reasonable growth. The Board is satisfied that con­ Dissenting Statement of Governor Robertson summation of Applicant’s proposal will not readily In my opinion, the Board’s action in approving jeopardize the continued growth of these banks the applications by BT New York Corporation operating within their more limited product and and Charter New York Corporation to form bank geographic markets. holding companies, consisting each of a major As to competition between Irving and Mer­ New York City bank and one or more upstate chants, there is no evidence of any existing signifi­ banks, is contrary to the stated policy of the New cant competition between them, nor is there York legislature in its enactment of the State’s likelihood that such will develop in the foreseeable bank holding company law, and the clear intent future. The nearest offices of the two banks are of Congress in enacting the Bank Holding Com­ separated by some 270 miles. The State law pany Act of 1956. prohibits either from opening branch offices in Article III-A of the New York Banking Law, the other’s banking district. As earlier discussed, the State’s “bank holding company act”, was en­ Irving’s business is principally wholesale in nature, acted into law in company with a declaration of while that of Merchants is predominantly retail. State policy, a portion of which is as follows: These considerations are sufficient for a judgment “After full consideration of the complex issues that the minimal extent to which competition be­ involved it is hereby declared to be the policy of the tween Irving and Merchants would be eliminated state of New York that appropriate restrictions be imposed to prevent statewide control of banking by a or foreclosed offers no impediment to approval of few giant institutions; * * * that competitive as well this application. as banking factors be applied by supervisory authorities There remains to be determined the effect that in approving or disapproving * ’ * the operations of bank holding companies * * * that healthy and non­ Merchants’ affiliation with Irving will have on the destructive competition be fostered among all types of availability within the relevant areas of alternative banking organizations within natural economic and sources of banking service. There will be no reduc­ trade areas.” tion in the number of separate bank alternatives The Board’s actions in approving the applications available in Onondaga County or in New York of BT New York Corporation and Charter New City as the result of consummation of Applicant’s York Corporation are, in my judgment, in direct proposal. Although Merchants’ customers will, conflict with the declared policy of the State of following that bank’s affiliation with Irving, be New York. limited through it to a single principal New York Approval of these applications can have but a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 533 single consequence—the establishment of a prece­ structive role as the hub or member of a strong dent that will disenable the Board later to deny to regional holding company system competing in other major New York City banks similar applica­ upstate New York. tions that will inevitably lead to State-wide control A rapid growth in bank holding companies is of banking resources by these few giant institutions. taking place in New York. The questions raised by I find the Board’s approval actions to be patently this growth have been well documented in the inconsistent with the further stated policy of the recommendations of the New York Superintendent State in favor of fostering healthy and nondestruc­ of Banks to the Banking Board with respect to this tive competition within natural economic and trade case, There are a limited number of banks with areas. I cannot conceive that the affiliation of over $75 million in deposits in the upstate banking multi-billion dollar New York banking institutions districts. If the State is to maintain a competitive with upstate institutions having in excess of $100 structure which will give adequate choice to busi­ million of deposits will foster healthy or nonde­ nesses in the upstate area, it is necessary that the structive competition, nor do I consider the New amount of choice now available not be seriously York City-upstate areas involved to constitute contracted. During the initial growth period, I “natural economic and trade areas”. believe that the formation of new holding com­ I recently joined in the Board’s unanimous panies should take place in such a manner as to action in approving the formation of Security New increase, not to reduce, the possible banking York State Corporation, a proposed bank holding alternatives. Each time a sizable upstate bank company that would own two upstate New York joins with one of the large New York City banks, banks, one a $260 million bank and the other an the probability that several strong regional holding $11 million bank. I found in that proposal not only company systems will be established is reduced. It a consistency with the public policy of the State, is too early to predict the ultimate impact of the but a likelihood that the two banks involved, both new holding companies. In the interim, sound located in upper New York State, could, in com­ policy should maintain the largest number of bination, provide improved and expanded services possible options with respect to the form growth to certain customers of the smaller bank involved, will take. with resulting increased competition to the larger My opposition to a proposal that would permit upstate institutions. The present two applications affiliation of a large New York City bank with a involved, in my judgment, have none of these relatively large upstate bank is also set forth in a benefits. The major banking needs of the areas Statement I have issued today concurring in the affected are presently being served. Therefore, only Board’s action in approving an application by BT in the clear absence of any adverse competitive New York Corporation involving the proposed effect should these applications be approved. The affiliation of Bankers Trust Company of New York evidence of record and the most reasonable in­ with three upstate banks, one of which is the $118 ferences to be drawn therefrom, in my judgment, million First Trust Company of Albany. In the preclude such approval. BT New York Corporation matter, I expressed agreement with the Board’s approval of Appli­ Dissenting Statement of Governor Maisel cant’s acquisition of the two smaller upstate banks, principally because of the significant benefits to be I would deny approval of the proposed affiliation derived by the businesses and residents served by of Irving Trust Company with The Merchants those banks and the absence of any real, adverse National Bank & Trust Company of Syracuse competitive consequences. I could not in that case, under control of Charter New York Corporation. This affiliation structures a banking combination nor can I here, concur in Board action that the size and nature of which is, in my judgment, would permit the affiliation of a multi-billion at the present, not consonant with the long-range dollar New York City bank with an upstate bank interests of the upstate banking public. holding over $100 million of deposits. Charter Consummation of Applicant’s proposal will New York Corporation’s proposal portends no affiliate a New York City institution holding benefits sufficient to outweigh the adverse com­ nearly $3 billion of deposits with a $130 million petitive consequences that I find inherent in bank in Syracuse, thus foreclosing the later possi­ the proposal. Accordingly, I would deny the bility of the Syracuse bank playing a more con­ application. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS CHANGES IN THE BOARD’S STAFF net increase of long-term investments in con­ Mr. Lawrence H. Byrne, Jr., has been appointed tinental Western Europe. Director of the Division of Data Processing to In administering the voluntary foreign credit succeed Mr. M. H. Schwartz, who has resigned. restraint program, we have viewed these guide­ Mr. Byrne is 43 years of age and is a native lines as applying to (among other assets) any net of New Mexico. He received a B.S. degree in acquisitions of the long-term securities of foreignmathematics from the New Mexico State Uni­ domiciled companies, regardless of whether the versity, with honors, and subsequently served on securities are acquired from foreign sources or the staff of that University for 5 years. Since that from other U.S. investors. It has come to our time he has held positions as Scientific Applica­ attention, however, that this interpretation may be tions Representative for the Radio Corporation having unintentionally harmful effects on domestic of America and Air Space Technologist at the markets for the large pool of foreign equity National Aeronautics and Space Administration. securities already owned by and traded among Most recently he has been Senior Member of the U.S. investors. Technical Staff of the Computer Sciences Corpora­ The intent of the voluntary program is to tion. Mr. Byrne has writen a number of papers in restrain capital outflows for the purpose of im­ the computer field. He is a member of the proving our nation’s balance of payments, and Mathematical Association of America, the Society not to inhibit the marketability of foreign equities for Industrial and Applied Mathematics, and the already held by U.S. investors. Therefore, we are Association for Computing Machinery. amending the treatment under guideline #3 of the affected securities—namely, American-owned CHANGES IN GUIDELINES equity securities of companies in developed coun­ BALANCE OF PAYMENTS PROGRAM tries other than Canada and Japan. The conditions On April 1, 1966, the Board of Governors of the under which transactions in such securities may Federal Reserve System announced a change in take place without regard to the guidelines are the voluntary foreign credit restraint program as specified below; we are confident that the safe­ it applies to nonbank financial institutions. The guards provided for will prevent outflows of change makes it possible for these institutions to capital as a result of the change. acquire foreign equity securities presently held by U.S. investors without regard to the guidelines on 1. Institutions may acquire the equity securities long-term lending and investing abroad. of companies domiciled in developed countries The text of the letter directed by the Federal (other than Canada and Japan, where there are no Reserve Banks to all nonbank financial institutions restrictions) without regard to the guidelines, pro­ cooperating in the voluntary program, which vided that evidence in writing is obtained showing explains the change in guidelines coverage, that such stock was held by a U.S. investor as of March 31, 1966. follows: 2. Institutions that have made net purchases of “The guidelines for 1966 on the foreign lending such equity securities in the period from Septem­ and investment activities of nonbank financial ber 30, 1965 to March 31, 1966, may consider institutions, issued last December 3, request (in these purchases to have been exempt from guide­ guideline #3) that long-term loans and invest­ line ceilings, provided that the shares were ments in developed countries (other than Canada acquired with Interest Equalization Tax certificates of American ownership attached. and Japan) be limited to not more than 105 per 3. Institutions wishing to sell such equity cent of the amounts held as of September 30, securities to other U.S. investors may do so, 1965. Within this developed countries category, except that to the extent transactions in these moreover, institutions are requested to avoid any securities reduce total holdings below the base date 534 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 535 amount (September 30, 1965), that amount will publication of annual report be reduced by the size of the net liquidation. The Fifty-Second Annual Report of the Board of 4. Institutions taking advantage of these special provisions will be asked to report supplementary Governors of the Federal Reserve System, cover­ data on transactions in foreign equities for the ing operations of the calendar year 1965, is purpose of adjusting base date holdings and de­ available for distribution. Copies may be obtained termining compliance with this aspect of the guide­ upon request from the Board’s Publications Serv­ lines. The first such report—to accompany the ices, Division of Administrative Services, Wash­ regular report on form FR 392 to this Bank—will be requested for the quarter ended June 30. ington, D.C. 20551. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Released for publication April 14 Industrial production and nonfarm employment Construction advanced further in March and retail sales in­ Seasonally adjusted outlays for new construc­ creased. Prices of foodstuffs declined slightly but tion dipped somewhat in March from the record those of industrial commodities continued upward. reached in February, but at an annual rate of $75 Bank credit and the money supply increased. billion were 5!A per cent above a year earlier. Yields on municipal and new corporate bonds de­ Private residential construction continued to edge clined significantly. downward in March, and private nonresidential construction, which had advanced 6 per cent to a Industrial Production new high in February, also declined. Public con­ Industrial production increased further in March struction expenditures changed little at a level just below the high reached last November. to 152.9 per cent of the 1957-59 average, 1 per cent above February and 8.7 per cent above a year earlier. Gains in output were widespread Distribution among final products and materials. Retail sales in March, according to advance Auto assemblies in March were at an annual figures, rose about 1 per cent above February and rate of 9.4 million units, up 3 per cent from the were 12 per cent above a year earlier. Sales at somewhat reduced February rate of 9.1 million. durable goods stores increased in March but those Production of most other consumer durable goods of nondurable goods were about unchanged. De­ also increased in March but output of appliances liveries of new domestic autos remained at near­ was curtailed by a strike at a major producer. peak levels and were at an annual rate of 9.2 mil­ Production of consumer staples continued to ad­ lion units. Sales at apparel and general merchan­ vance. Output of business equipment increased dise stores declined from February to March but again and was 16 per cent above a year earlier. were 11 per cent above a year earlier. Production of iron and steel rose further as did output of most other durable and nondurable Employment materials. Nonfarm employment rose rapidly again in March, and at 62.8 million was 3.0 million higher than a year earlier. Construction employment in­ creased following two months of declines. The rise in manufacturing was somewhat smaller than in other recent months, particularly in the metal­ using industries. Trade, services, and State and local government continued to advance to new highs. The average workweek of production workers in manufacturing continued at a postwar high of 41.6 hours and average hourly earnings rose one cent to $2.68. The unemployment rate, which had declined continuously from 4.5 per cent last August to 3.7 per cent in February, rose to 3.8 per cent in March. Commodity Prices Average industrial prices continued to rise from mid-February to mid-March at an annual rate of 536 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 537 3 .5 per cent. Increases have occurred since then million in the four statement weeks ending March in machinery, metal products, chemicals, lumber, 30 as member bank borrowings rose and excess and heavy trucks. Decreases were limited mainly reserves declined. Total and required reserves in­ to synthetic fibers and electronic equipment. creased somewhat over the month. Reserves were Average wholesale prices of foodstuffs declined supplied through reductions in Treasury deposits slightly from mid-March as further decreases in at the Reserve Banks and absorbed principally hogs and pork were not fully offset by increases through currency outflows and sales of U.S. in other products. Government securities. Bank Credit, Money Supply, and Reserves Commercial bank credit increased $2.8 billion Security Markets in March following little change in February. Substantial expansion in all major loan categories Yields on municipal and new corporate bonds was offset in part by further liquidation of U.S. declined significantly, after reaching historically Government securities and by a reduction in high levels in early March. Common stock prices holdings of municipal and Federal agency issues. in mid-April were higher than in mid-March The money supply rose $1.2 billion following a although they were below their February level. small reduction in February. U.S. Government Trading recently has been very active. Yields on deposits, however, showed a substantial decline. intermediate- and long-term U.S. Government Time and savings deposits at commercial banks bonds declined moderately between mid-March increased at about the same reduced rate as in and mid-April. Rates on 6-month and 1-year earlier months of the year. Treasury bills were slightly lower, with the Net borrowed reserves increased to about $220 3-month bill changed little on balance. Discount rate, range or level for all F.R, Banks. Weekly average market yields for U.S. Govt, bonds maturing in 10 Bureau of Labor Statistics indexes. Latest figures shown for years or more and for 90-day Treasury bills. Latest figures consumer prices, February; for wholesale prices, March. shown, week ending April 15. 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 , IL 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. 1966 600-01 Banking offices: Analysis of changes in number of................... Feb. 1966 272 Flow of funds (assets and liabilities)................... Nov. 1965 1618-27 On, and not on. Federal Reserve Par List number of...................................................... Feb. 1966 273 Income and expenses: Federal Reserve Banks.................................. Feb. 1966 270-71 Member banks: A nnually Calendar year................................................... May 1965 750-58 Operating ratios.............................................. Apr. 1966 602-04 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 538 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.......... 540 Reserve Bank discount rates; margin requirements; reserve requirements ................... 545 Open market transactions; Federal Reserve Banks.................................... 547 Bank debits; currency in circulation ........................................................... 550 Money supply; banks and the monetary system........................................ 552 Commercial and mutual savings banks, by classes ............................................................ 554 Commercial banks, by classes .............................................................................................. 558 Weekly reporting member banks ............ 560 Business loans ....................................................................................................................... 563 Interest rates ........................................................................................................................... 564 Security prices; stock market credit; open market paper....................... 565 Savings institutions ....................................................................................... 566 Federal finance ..................................................................................................................... 567 Federally sponsored agencies ............................................................................................. 573 Security issues ....................................................................................................................... 574 Business finance ................................................................................................................... 577 Real estate credit ................................................................................................................... 579 Consumer credit ..................................................................................................................... 582 Industrial production .......................................................................................................... 586 Business activity; construction ......................................................................................... 590 Employment and earnings .................................................................................................. 592 Wholesale and consumer prices ................................................................. 594 National product and income series ........................................................... 596 Flow of funds ................................................................................................. 598 Number of banks and branches in operation on Dec. 1965 ......................................... 600 Member bank operating ratios, 1965 .................................................................................. 602 Guide to tabular presentation ............................................................................................... 538 Index to statistical tables ..................................................................................................... 632 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). 539 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

540 BANK RESERVES AND RELATED ITEMS APRIL 1966 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F. R. Bank credit outstanding Deposits, other P d e o a ri r t o e d T U o . t S a . l G B o r v o o ig t u u , h g t s ­ t h e t c u R m r c a i e h g t e p i a r n e s e u t s e e s r ­ ­ c v D o a a a u n n d i c s n d ­ ­ e t s s Float 1 t T al o ­ 2 s G to o c ld k T s r o c r e t u i e a u n n u r a n c g y r t s ­ ­ y d ­ ­ r c C t e c i u i n o i u n l r c a n r ­ y ­ ­ T h c r i u o n a e r g s l a y d h s s ­ ­ Tr t u h e w r a a y s i n t ­ h m r e F e s F e . e m i R o g rv r . n b ­ e e B s r , a O b n a t k h n s e k r 1 c O F o a t . u h c R n ­ e . t r s B W F a . n R it k h M . s e r m e c r C s e o a b e n n i u e r n c d r v r y ­ e J b s an T k o tal Averages of daily figures 1929—June........ 179 179 ........... 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 ........... 2,314 1933—June........ 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 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 1,531 292 12,812 12,812 1945—Dec.......... 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1 47 493 16,027 16,027 1950—Dec.......... 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1 ,290 615 920 353 739 17,391 17,391 1955—Dec.......... 24,602 24,318 284 840 1,389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec.......... 24;765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec.......... 23,982 23,615 367 716 1 ,443 26,186 22;769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec.......... 26,312 26,216 96 564 1,496 28,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec.......... 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 I960—Dec.......... 27,248 27,170 78 94 1,66529,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec.......... 29,098 29,061 37 152 1,921 31,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962—Dec.......... 30,546 30,474 72 305 2,29833,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Dec.......... 33,729 33,626 103 360 2,43436,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—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—Mar.......... 37,315 37,267 48 441 1,65939,535 14,687 5,396 38,777 727 890 144 194 1,049 17,836 3,410 21,246 Apr.......... 37,637 37,482 155 487 1,65839,882 14,472 5,405 38,942 744 865 170 207 783 18,047 3,464 21,51 1 May........ 38,111 37,749 362 520 1 ,63340,340 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.......... 40,885 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 41,588 819 700 160 245 465 18,812 3,938 22,750 Feb.......... 40,635 40,437 198 498 1 ,87043,116 13,734 5,653 Ml ,224 '834 798 140 234 789 18,482 3,751 22,233 Mar.......... 40,398 40,387 11 571 1 ,82442,943 13,700 5,700 41.393 862 479 158 291 746 18,414 -3,7427’22,156 Week ending— 1965 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 ,40939,863 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 ,91540,333 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 1,231 18,115 3,534 21,649 23............... 38,775 38,696 » 596 2,03741,455 14,292 5,409 39,528 778 892 129 185 1,153 18,491 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 July 7........... 39,588 39,050 538 594 1,71841,955 13,934 5,418 39,895 775 569 162 208 781 18,917 3,251 22,168 14............... 39,570 38,987 583 623 1 ,88342,128 13.934 5,405 40,201 762 842 146 196 829 18,491 3,615 22,106 21............... 38,864 38,766 98 42,7 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 I ,44041 ,418 13,857 5,423 39,944 797 903 155 196 500 18,204 3,579 21,783 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, 1............... 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...3..9..,.4...8..0.. 39,339 141 483 1 ,552 41,586 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 ,585 22............... 38,708 38,621 87 635 2'539 41,918 13,858 5 ,'470 40,319 812 1,023 187 207 220 18,478 3,636 22,114 29............... 39,074 39,074 ........... 559 1 ,898 41,578 13,858 5.474 40,286 811 961 199 199 222 18,232 3,679 21 ,911 For notes see opposite page, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 BANK RESERVES AND RELATED ITEMS 541 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 Pe o ri r o d U.S. Govt, securities Tr u e r a y s ­ r C en u c r y ­ Treas­ th w an it h m r e F e s . m e R r b v . e e B s r , a b n a k n s k Other Me r m es b e e rv r e b s ank date Total B r o o i u g u h t g ­ t ht R m c a e h g e p a r n e s u e e t r s ­ c v D o a a a n u n d i c s n d ­ ­ e t s s Float 1 t T al o ­ 2 s G to o c ld k r s o c e t i a u n n u n g c r t ­ y ­ d ­ c t c u i i o i n l r a n ­ ­ h c i u n o a r g s l y d h s ­ Tr u e r a y s­ F ei o g r n ­ Other1 c F o a u . c R n ­ . t s B W F a .R n it k h . s r c C e a o n n u in c d r y ­ 3 Total Averages of daily figures Week ending— 1965 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 62 611 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 1,63542,082 13,858 5,512 40,817 786 927 154 214 176 18,377 3,734 22,111 10............... 40,253 40,249 4 369 1,92542,616 13,858 5,532 41,112 792 1,063 179 215 261 18,386 3,518 21,904 17............... 40,048 40,048 522 1,98842,605 13,859 5,540 41,389 791 1,045 180 231 234 18,134 3,743 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 2,05343,571 13,808 5,556 42,260 803 637 158 225 410 18,442 4,021 22,463 22............... 40,824 40,802 22 247 2,87644,066 13,809 5,572 42,367 802 720 146 230 359 18,822 3,982 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 '23,080 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 19,291 3,941 23,232 19............... 40,333 40,333 242 2,441 43,128 13,733 5,609 41,618 827 708 136 242 479 18,459 4,008 22,467 26............... 40,210 40,210 ........... 374 2,08542,816 13,733 5,615 41,237 839 746 144 231 481 18,485 3,966 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 1,73943,130 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 3,777 22,106 Mar. 2............... 40,152 40,152 484 1,97442,731 13,733 5,671 41,235 829 645 135 236 871 18,185 3,931 22,116 9............... 40,425 40,425 634 1,77942,987 13,733 5,677 41,319 829 429 157 241 868 18,553 3,492 22,045 16............... 40,399 40,352 47 556 1,741 42,848 13,733 5,685 41,480 822 346 180 247 813 18,378 3,743 22,121 23............... 40,311 40,311 623 2,087 43,193 13,704 5,709 41 ,459 863 506 140 303 679 18,656*3,738 *22,394 30............... 40,505 40,505 ........... 528 1,741 42,916 13,632 5,734 41,348 936 560 135 376 610 18.316*3,853 *22,169 End of month 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 5,679 41,252 800 805 140 246 868 18,014 3,656 21,670 Mar. ................... 40,734 40,734 ........... 327 1 ,653 42,840*13,634 *5,733 Ml ,429 *932 521 329 383 613 18,000*4,198 *22,198 Wednesday 1966 Feb. 2............... 41,045 40,599 446 615 1 ,89043,658 13,734 5,635 41,156 828 1,039 167 236 697 18,904 '3,979 '22,883 9............... 41,064 40,677 387 443 1,43843,054 13,734 5,648 41,329 835 925 142 234 707 18,264 '3,946 '22,210 16............... 40,220 40,220 744 1,744 42,814 13,734 5,656 41 ,284 839 919 139 249 875 17,899 '4, 142 '22,041 23............... 40,000 40,000 ........... 656 1,362 42,122 13,734 5,671 41,322 845 878 129 229 873 17,252 4,076 21 ,328 Mar. 2............... 40,059 40,059 664 1,62642,463 13,734 5,668 41,256 828 737 154 238 866 17,786*4,070*21 ,856 9............... 40,350 40,350 506 1,31842,320 13,734 5,679 41,474 834 451 182 252 852 17,688 *3,848 *21,536 16............... 40,411 40,362 49 134 1,74642,522 13,734 5,703 41,544 817 227 146 271 756 18,198 *4,126*22,324 23............... 40,530 40,530 699 1,77243,230 13,634 5,716 41,456 889 433 136 310 657 18,699 *4,152*22,851 30.............. 40,496 40,496 ........... 599 1,38842,613 13,634 5,736 41 .435 940 546 142 371 608 17,941 *4,145 *22,086 i Beginning with 1960 reflects a minor change in concept, see Feb. 3 Part allowed as reserves Dec. 1, 1959~Nov. 23, 1960; all allowed 1961 Bulletin, p. 164. thereafter. Beginning with Jan. 1963 figures are estimated except for 2 Includes industrial loans and acceptances, when held. (Industrial weekly averages. loan program discontinued Aug. 21, 1959.) For holdings of acceptances on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See also note 1. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

542 BANK RESERVES AND RELATED ITEMS APRIL 1966 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago renoa Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o e t l a d l qu R ir e e ­ d Excess F r i o n . a w g t R 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 F r i o n . a w g t R 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 F r i o n . a w g t R s ­ . s F e r r r e v e ­ e es Banks Banks Banks 1929—June............. 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 i 63 -62 12,160 1,797 363 184 179 861 792 69 69 21 1 133 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 12,812 9 322 3,390 5 3,385 5,142 4,153 989 989 1'143 848 295 295 16,027 14,536 1,491 334 1,157 4,1 18 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 I ,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............... 19^35 18,883 652 688 -36 4'448 <392 57 147 -91 <149 1,138 12 97 -86 1957—Dec............... 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958—Dec............... 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 7 39 -31 1959—Dec............... 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1 ,038 1,038 104 -104 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 -Il 1963—Dec............... 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1 ,056 1,051 5 26 -21 21,609 21,198 41 1 243 168 4,083 4,062 21 35 -14 1 ,083 1,086 -3 28 -31 1965 Mar.............. 21,246 20,905 341 416 -75 4,025 4,003 22 120 -98 1 ,082 1,077 5 50 -45 21 ,511 21,145 366 471 -105 4,111 4,086 25 75 -50 I ,085 1,085 39 -39 21 372 21'147 325 505 -180 4,135 4,127 8 21 -13 1,116 1,110 6 10 -4 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 4,155 4,163 -8 126 -134 1,102 1,100 2 27 -25 21,617 21,187 430 564 -134 4,097 4,026 71 103 -32 1 ,077 1,075 2 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 41 111 -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............... 22,233 21,862 371 478 -107 4,168 4,150 18 93 -75 1 ,092 1 ,088 4 30 -26 ”22,156”21,856 ”300 551 ”-251 ”4,194 ”4,188 ”6 43 ”-37 ”1,102 ”1,099 ”3 65 ”-62 Week ending— 1965—Mar. 3...- 21,142 20,922 220 270 -50 4,049 4,028 21 -96 1,106 1,103 3 2 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 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 11 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 i062 3 105 -102 24 21,750 21 514 236 361 -125 3,958 3,969 -11 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 -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 -17! 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 4,211 _a 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 1,1(4 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. . .. 22J53 21 ; 816 337 453 -116 4,132 4,123 9 116 -108 1 ,080 I ,074 6 29 -24 23. ... 22,106 21,708 399 520 -121 4,126 4,097 29 103 -74 1,093 1 ,087 6 40 34 22 116 21 823 293 464 -171 4,199 4,177 22 22 1 ,108 1 ,107 1 38 -38 9. ... 22,045 21,685 360 614 -254 4'128 4,117 11 21 -11 1 i090 1 ,088 2 52 -49 16. . . . 22,121 21,758 363 536 -173 4,246 4, 161 85 29 56 1,091 1 ,088 3 49 -46 23. .. . ”22,394 »’22,021 ”373 602 ”-229 ”4,225 ”4,216 ”10 118 ”-108 ”1,118 ”1,115 ”3 120 ”-117 30.... ”22,169”21,895 ”274 508 ”-234 ”4,227 ”4,218 7’9 21 ”-12 ”1,101 ”1,099 ”2 47 ”-45 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 BANK RESERVES AND RELATED ITEMS 543 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 T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t ld al Required Excess B F a . n R k . s reserves 1929—June................................ 761 749 12 409 —397 632 610 22 327 — 305 1933—june................................ 648 528 120 58 62 441 344 96 126 — 30 1939—Dec................................. 3,140 1 .953 1,188 1 J 88 1 568 897 671 3 668 4JI7 3,014 1 ,303 1 1 ,302 2,210 1 ,406 804 4 800 1945—Dec................................. 6,394 5,976 '418 96 '322 ’4,576 3'566 I ,011 46 965 6,861 6,589 271 123 148 4,972 4'375 '597 *57 540 1950—'Dec................................. 6'689 6358 232 50 182 4 761 4’099 663 29 634 1955—Dec................................. 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec................. 8,078 7'983 96 300 -203 5 859 5'371 488 144 344 1957—Dec................................. 8*042 7'956 86 314 -228 5,906 5'457 449 172 277 1958—Dec................................. 7'940 7,883 57 254 -198 5,849 5,’419 430 162 268 1959—Dec................................. 7,'954 7'912 41 490 -449 6,020 5,569 450 213 237 ] 960—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 J00 78 130 -52 6,956 6'515 442 48 394 1963—Dec................................ 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1964—Dec.................................. 8^735 8'713 22 125 -103 7,707 7,337 370 55 315 1965—Mar................................. 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 Sept............................... 8'683 8,640 43 286 -243 7,873 7,549 324 134 190 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 9,033 9,010 23 164 -141 8,291 7,988 303 84 219 Feb.................................. 8^827 8,771 56 204 -148 8 146 7*852 294 151 143 Mar................................. >'8,767 "8,742 "25 243 "-218 "8,093 >'7,827 "266 200 "66 Week ending— 1965—Mar 3......................... 8 527 8 ,527 89 -89 7 460 7 264 196 62 134 10......................... 8,492 8*454 38 209 -171 7 576 7,256 320 84 236 17......................... 8’527 8’50! 26 180 - 154 7 566 7.274 292 93 199 24.......................... 8,658 8,627 31 182 - 151 7,711 7,316 395 65 330 31......................... 8,665 8’598 67 104 -37 7 495 7 ,’280 215 99 1 16 8,765 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 -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 1 1 1 206 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 1 16 166 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 -113 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 III 166 16.......................... 8,793 8,757 36 160 - 125 8,149 7,861 288 148 140 23.......................... 8,754 8,717 38 229 - 191 8 J 33 7,807 326 148 177 8.768 8,726 41 214 -173 8.042 7.813 229 212 17 9.......................... 8.715 8 386 29 336 -307 8.112 7,793 319 205 113 16.......................... 8,759 8,690 69 225 -155 8.024 7.819 205 233 -28 23.......................... ^8,863 ^8,819 ^44 228 " - 1 84 '■8,188 J'7,871 "317 136 "181 30.......................... *8,807 "8,756 "51 205 " - 154 '8.036 1'7,822 "214 235 "-2I 1 This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. 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 at F.R. Banks: 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

544 MAJOR RESERVE CITY BANKS APRIL 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 and Total Bor­ week ending— s E e x r r v c e e e ­ s s s 1 r a o B t B w a F o n in . k r R ­ g s . s F f i b e u n N d a n t n e e e d r k t r s a ­ l S d u e r o f p i r c l u it s P r r e e e a s q r e v o u c r g f v i e . r e n e s d t c P ha u s r e ­ s Sales a 2 c tr - t a i w o n a n s y ­ s 2 b c o b P u h a f y a u n n s i r k n e e ­ s g s t s o b S e f a l a l n n l i e k n e s g s t d L e o a t l o a e n r s s 3 d r e f o i a r n w o l g e m ­ s r s 4 lo N a e n t s trans. Total—46 banks 1966—Feb. 2............. 19 91 767 -839 8.5 2,699 1,932 1,276 1,423 656 1 ,040 69 971 9............. 46 229 841 - 1,024 10.5 2,503 1,662 1,075 1 ,428 586 795 83 71 1 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 Mar. 2............. 45 87 645 -687 7. 1 2,472 1,828 1 ,245 1 ,227 583 735 171 564 9............. 25 205 434 -614 6.4 2,187 1,753 894 1,293 859 639 167 472 16............. 124 134 707 -716 7.4 2,642 1,935 1,158 1 ,484 777 834 146 687 23............. 28 316 710 -998 10.2 2,536 1,826 991 1 ,545 835 686 153 533 30............. 46 129 222 -305 3.1 2,386 2,164 1,090 1 ,296 1,074 829 154 675 8 in New York City 1966—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 Mar. 2............. 19 -16 35 .9 1 ,035 1,050 667 368 384 534 129 405 9............. 7 21 -154 140 3.6 869 1 ,023 483 386 540 503 122 382 16............. 79 21 194 -137 3.5 1 ,166 972 607 559 365 623 105 519 23............. 10 110 26 -127 3.2 1 ,002 976 495 507 480 481 134 347 30............. 5 21 -308 292 7.4 1 ,013 1,321 633 380 688 591 129 462 38 outside New York City 1966—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 12.7 1 ,460 767 552 909 215 213 29 184 23............. 16 1 19 639 -742 12.8 1,561 922 631 931 292 131 58 73 Mar. 2............. 25 87 660 -722 12.4 1 ,438 777 579 859 199 201 42 159 9............. 18 184 588 -753 13.0 1,318 730 411 907 319 136 46 90 16............. 45 112 512 -579 10.0 1 ,476 963 551 925 413 210 42 169 23............. 19 206 684 -871 14.8 1 ,534 850 496 1,038 354 205 19 186 30............. 40 108 530 -598 10.2 1 ,373 843 456 917 387 238 25 213 5 in City of Chicago 1966 Feb. 2............. 5 41 373 -408 41.1 498 125 1 1 1 387 14 23 23 9 . 15 310 -325 33.3 424 113 108 316 5 6 6 16 . 5 21 219 -235 24.4 336 117 117 219 11 11 23............. 5 34 130 - 158 16.2 304 175 134 170 41 2 2 28 92 -120 12.1 275 183 156 119 27 9 9 9 . 37 176 -212 21 .7 286 110 101 185 to 9 9 16 2 35 154 -187 19.2 322 168 163 158 4 2 2 23 . . . 2 101 214 -313 31 .4 319 105 98 221 7 2 2 30. . 1 28 236 -263 26.7 355 118 108 247 10 23 23 33 others 1966 Feb. 2............. 9 40 313 -344 7.0 1 ,021 708 545 477 163 26! 6 255 9............. 30 72 527 -569 11.7 1 ,031 504 403 628 101 181 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 Mar. 2............. ' 25 58 568 -602 12.5 1 ,163 595 423 740 172 392 42 150 9............. 18 147 412 -541 11.3 1 ,032 620 311 721 309 127 46 81 16............. 43 77 358 -392 8.2 1,154 796 387 767 409 208 42 166 23............. 16 104 470 -558 11.4 1,215 745 398 817 347 203 19 184 30............. 39 80 294 -334 6.9 1 ,018 725 348 670 376 214 25 189 1 Based upon reserve balances including all adjustments applicable to 4 Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve deficiences, if any, are de­ clearing banks, reverse repurchase agreements (sales of securities to ducted. dealers subject to repurchase), resale agreements, and borrowings secured, 2 Derived from averages for individual banks for entire week. Figure by Govt, or other issues. for each bank indicates extent to which its weekly average purchases and sales are offsetting. Note.—Weekly averages of daily figures. For description of series 3 Federal funds loaned, net funds supplied to each dealer by clearing and back data, see Aug. 1964 Bulletin, pp. 944-74. banks, repurchase agreements (purchases of securities from dealers subject to resale), or other lending arrangements. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 DISCOUNT RATES 545 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to al! others under Advances and discounts under Advances under last par. Sec. 13 3 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Mar. 31 date rate Mar. 31 date rate Mar. 31 date rate Boston................................................ 4*6 Dec. 8, 1965 4 5 Dec. 8, 1965 4*4 5 4 Nov. 24 1964 4*4 New York......................................... 4*4 Dec. 6; 1965 4 5 Dec. 6' 1965 4*4 5*4 5 Philadelphia....................................... 4*4 Dec. io; 1965 4 5 4*4 5*4 Dec. 10 1965 5 Cleveland............................................ 4*4 Dec. 10; 1965 4 5 Dec. 10^ 1965 4*4 6 Dec. IO* 1965 5*4 Richmond........................................... 4*4 Dec. 10, 1965 4 5 Dec. 10, 1965 4*4 5*4 Dec. 10 1965 5 ’ Atlanta................................................ 4*/2 Dec. 8, 1965 4 5 Dec. 8, 1965 4*4 6*4 Dec 8 1965 6 Chicago............................................... 4*4 Dec. 6^ 1965 4 5 Dec. 6, 1965 4*4 5*4 Dec. 6 1965 5 St. Louis.............................................. 414 Dec. 10, 1965 4 5 Dec. 10, 1965 4*4 5*4 Dec. 10 1965 5 Minneapolis....................................... 4*4 Dec. 10, 1965 4 5 Dec. 10, 1965 4*4 5*4 Dec. 10, 1965 5 Kansas City........................................ 4*4 Dec. 13, 1965 4 5 Dec. 13, 1965 4*4 5*4 Dec. 13 1965 5 Dallas.................................................. 4*4 Dec. 10, 1965 4 5 Dec. io; 1965 4*4 5*4 Dec. 10, 1965 5 San Francisco.................................... 4M Dec. 10, 1965 4 5 Dec. 10, 1965 4W 5W Dec. 10, 1965 5 1 Advances secured by U.S. Govt, securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers’ acceptances and of agricultural paper may have member banks secured by U.S. Govt, direct securities. Maximum matu­ maturities not over 6 months and 9 months, respectively, and advances rity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941......... 1 -im 1 1955 1959 Oct 3 1 0 5 .. 1 .. 9 .. 4 .. 2 .................. . . ... . t t m n 1 -i t 1 1 h A M u ’ a g ~ y . 1 1 2 4 5 2 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 1 I 1 M M ’ M 4 1 - - - - - - M 1 2 2 2 2 1 M M " W M > 4 4 2 2 2 I 1 I 1 M M M M ‘4 S M M e a p a y r t. . 2 1 1 6 . 9 6 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ’ . . . . . . . . . . . . . . . . . . . . . . . . 1 . . . . . . . . 8 . . . . . . . ....... 2 3 3 .. . M M .4. 3 3 . - . - M - . 3 3 4 .. M .... .......... 4 4 3 . 3 3 3 * ’4 /2 ‘ 13............................... 2 >4 2‘4 1946 t m-i 1 Nov. 2 1 3 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2M 2M -2M 2 2 M M 1960 1 1 3M-4 4 1956 10........................... . . 3M-4 3*4 Apr. 13.......................2..M....-..3 2‘4 14................................ 3M 3*4 1948 20................................ 2’4-3 2‘/4 Aug. 12................................ 3 -3'/i 3 Jan. 12..........................1 .....-..1..1.4 IM Aug. 24............................... 2’4-3 3 Sept. 9................................ 3 19 ............................... 1’4 31............................... 3 3 Aug. 13.................................... 1‘4-lM im ~ 23.................................... 154 IM 1957 1963 1950 No ~ v . 2 1 3 5 . . A . . . . . . u . . . . . g . . . . . . . . . . . . . . . 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........ 3 3.. .. 3 ..- - M ..3 3 M M 3 3 3 M July 17....................... ' . .... 2 .. 6 .. ....... 3 .. ..3...M - . 3 .. M .... ..........3. 3 * * 4 4 Aug. 21.......................... IM-IM IM Dec. 2............................... 3 3 ~ 25.................................... IM 1M 1958 1964 Jan. 22.......................2..M....-..3 3 Nov. 24................................ 3M-4 4 1953 24............................... 2’4-3 2M 30.............................. 4 4 IM-2 2 Mar. 7............................... 2‘4-3 2% 23................................ 2 2 13................................ 2‘4-2’4 2'4 21................................ 2'4 ■ 2'4 1965 Apr. 18............................... IM-2'4 1’4 4 -4M 4*4 1954 IM 1’4 13............................... 4M 4*4 1’4-2 1M 1’4-2 IM 15.................................. im IM 1’4-2 2 ’ 16................................. i I m M - -' i M m I I M M Oc ‘ t. 2 2 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 -2M 2 2 1966 May 21........................... IM IM 2M 2M 4M 4*4 t Preferential rate of 14 of 1 per cent for advances secured by U.S. against U.S. Govt, securities was the same as its discount rate except Govt, securities maturing in 1 year or less. The rate of 1 per cent was in the following periods (rates in percentages): 1955—May 4-6, 1.65; continued for discounts of and advances secured by eligible paper. Aug. 4, 1.8 5; 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

546 RESERVE REQUIREMENTS APRIL 1966 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS (Per cent of deposits) (Per cent per annum) Net demand deposits2 Time deposits Effective date Type and maturity Central of deposit J 1 a 9 n 3 . 6 J 1 a 9 1 n 5 , 7 . J 1 a 9 n 6 . 2 J 1 u 1 9 7 l 6 y , 3 N 1 2 9 o 4 6 v , 4 . D 19 6 e 6 , c 5 . Effective date1 C r b e e a c s n n i e t t r k y r v a s e 3 l R b e c a s i n e ty r k v s e C ba o tr n u y k n s ­ r r e e a c s s i n e e t r r d y v v e e C ba o tr n u y k n s ­ banks Savings deposits: 1 year or more................... 3 4 4 4 4 Less than 1 year............... 2(4 3 354 354 4 4 In effect Dec. 31, 1948. . 26 22 16 754 754 Other time deposits: 1 1 year or more................... 2% 3 4 4 4% 554 1949—May 1,5........... 24 21 15 7 7 6 months-1 year................ 214 3 354 4 414 June 30, July I.. 20 14 6 6 90 days-6 months............. 2 2'A 254 4 454 Aug. 1, 11......... 2314 1914 13 5 Less than 90 days............ 1 1 I 1 4 554 Aug. 16' 18......... 23” 19 12 5 (30-89 days) Aug. 25'............... 2214 18’4 Sept. 1....... . 22 18 1951—Jan. 11, 16......... 23 19 13 6 6 1 For exceptions with respect to foreign time deposits, see Oct. 1962 Jan. 25, Feb. 1.. 24 20 14 Bulletin, p. 1279, and Aug, 1965 Bulletin, p. 1084. 1953—July 1,9........... 22 19 13 1954 June 16'24......... 21 5 5 Note.—Maximum rates that may be paid by member banks as estab­ July 29, Aug. 1. 20 18 12 lished by the Board of Governors under provisions of Regulation Q. 1958—Feb. 27, Mar. 1. 19’4 17*4 11 *4 Under this regulation the rate payable by a member bank may not in Mar. 20, Apr. 1.. 19” 17 11 any event exceed the maximum rate payable by State banks or trust cos. Apr. 17............... 18’4 on like deposits under the laws of the State in which the member bank Apr. 24............... 18 1654 is located. Effective Feb. 1, 1936, maximum rates that may be paid I960—Sept, 1............. . 17*4 by insured nonmember commercial banks, as established by the FDIC, Nov. 24............... 12 have been the same as those in effect for member banks. Dec. 1............... 1654 For rates for postal savings deposits, see Board’s Annual Reports. Maximum rate payable on all types of time and savings deposits: 1962—Oct. 25, Nov. 1. 4 4 Nov. 1, 1933-Jan. 31, 1935,3; Feb. I, 1935-Dec. 31, 1935,2^ (percent). In effect Apr. 1, 1966... ........1.6..5..4.. 12 4 4 MARGIN REQUIREMENTS Present legal requirement: (Per cent of market value) 10 7 3 3 Maximum...................................... 22 14 6 6 Effective date i When two dates are shown, a first-of-month or midmonth date Regulation records changes at country banks, and any other date (usually a Thurs.) July 28, July 10, Nov. 6, records changes at central reserve and reserve city banks. 1960 1962 1963 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances due from domestic banks. Regulation T: 3 Authority of the Board of Governors to classify or reclassify cities as For extensions of credit by brokers and central reserve cities was terminated effective July 28, 1962. dealers on listed securities................... 70 50 70 For short sales.............................................. 70 50 70 Note.—All required reserves were held on deposit with F.R. Banks, Regulation U: June 21, 1917, until late 1959. Since then, member banks have been For loans by banks on stocks.................... 70 50 70 allowed to count vault cash also as reserves, as follows: country banks-— in excess of 4 and 2^ per cent of net demand deposits effective Dec. 1, 1959, and Aug. 25, 1960, respectively; central reserve city and reserve city Note.—Regulations T and U prescribed in accordance with Securities banks—in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1, Exchange Act of 1934, limit the amount of credit that may be extended on 1960, respectively; all member banks were allowed to count all vault cash a security by prescribing a maximum loan value, which is a specified as reserves effective Nov. 24, 1960. percentage of its market value at the time of extension; margin require­ ments are the difference between the market value (100 per cent) and the maximum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All Country All Country Item member New City banks Item member New City banks banks York of Other banks York of Other City Chicago City Chicago Four weeks ending Feb. 2, 1966 Four weeks ending Mar. 2, 1966 Gross demand—Total. . . 146,527 27,902 6,686 54,282 57,657 Gross demand—Total. . . 142,298 27,124 6.548 52,664 55,963 Interbank....................... 16 044 4,891 1 285 7,704 2,165 Interbank........................ 15.158 4,760 1 .232 7,189 1 ,977 U.S. Govt.. . ............... 3,118 601 1 16 1 ’249 1,153 U.S. Govt....................... 4.558 900 239 1 .868 1 ,551 Other. ....................... 127 365 22,411 5,286 45'330 54'339 Other............................... 122.583 21.464 5,077 43,608 52,435 Net demand ’. . ............... 1 18,987 21'159 5'492 43’237 49 J 00 Net demand 1.................... 115.660 20,611 5,378 41 ,881 47,791 Time.................................... 121,533 18,542 4 908 45,896 52,188 Time..................................... 122,457 18,561 5.033 46.124 52,740 Demand balances due Demand balances due from dom banks.......... 7 871 173 110 1 ,989 5,601 from dom. banks...... 7,521 172 116 1 .956 5.277 Currency and coin........... 3.946 325 72 1'178 2,370 Currency and coin............ 3,755 310 71 1.133 2.241 Balances with F.R. Balances with F.R. Hanks.............................. 18 726 3,929 1 ,035 7,828 5,936 Banks............................... 18.420 3.853 1 ,021 7.662 5,884 Total reserves held........... 22,672 4,254 1 J 07 9,006 8^306 Total reserves held........... 22,175 4,163 1 ,092 8,795 8,125 Rf’tlitirpfi,..................... . 22,285 4,233 1'103 ^ 970 7,979 Required.......................... 21,832 4. 144 1,089 8. 755 7,845 Excess.............................. 387 21 4 36 327 Excess.............................. 343 19 3 40 280 1 Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 OPEN MARKET ACCOUNT 547 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 1965—Feb........................................................ 865 198 464 784 198 464 1,752 Mar.. .................................................. 642 7 551 7 Apr...................................................... 466 290 126 466 290 111 15 May.................................................... 984 26 876 26 2,521 June................................................... 755 115 224 361 115 224 July...................................................... 206 284 206 284 Aug................................... 758 398 114 652 398 114 1,937 Sept.. .................................................. 1,692 770 198 1,541 770 198 Oct....................................................... 652 671 98 652 671 98 Nov...................................................... 1,666 598 150 1,666 598 150 -5,582 Dec....................................................... 816 615 297 816 615 297 1966—Jan........................................................ 894 919 228 894 919 228 Feb........................................................ 1,114 979 171 1 ,070 979 171 33 957 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—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 id Sept....................................................... 107 40 4 Oct.................................................. Nov...................................................... 5,582 Dec....................................................... 1966—Jan......................................................... Feb........................................................ I 1 -957 Repurchase agreements (U.S. Govt, securities) Bankers’ acceptances Net change Net change in U.S. Govt, Month in U.S. securities and Govt, Under acceptances Gross Gross securities Outright, repurchase purchases sales net agreements, net 1965—Feb....................................................... 983 1,019 166 — 4 -40 122 Mar................ 482 4 4 684 I 71 756 Apr....................................................... 1,831 1,7 7 163 — I — 38 124 May..................................................... 1,207 1,2' 3 932 — 3 —20 909 June.................................................... 1,894 1 , 8S 5 415 — 10 — 19 386 July....................................................... 2,734 2,5^9 106 — 6 — 12 88 Aug...................................................... 1 '552 1 '955 -157 1 19 -1 37 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 Feb....................................................... 272 611 -376 ....................1..2........ -365 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

548 FEDERAL RESERVE BANKS APRIL 1966 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1966 1966 1965 Mar. 30 Mar. 23 Mar. 16 Mar. 9 Mar. 2 Mar. Feb. Mar. Assets Gold certificate account...................................................... 11,491 11,552 11,716 11,707 11,709 11,491 11,709 12,746 Redemption fund for F.R. notes...................................... 1,713 1,712 1,713 1 ,717 1,720 1,713 1,723 1,547 Total gold certificate reserves........................................... 13,204 13,264 13,429 13,424 13,429 13,204 13,432 14,293 Cash...................................................................................... 210 202 198 201 189 210 190 144 Discounts and advances: Member bank borrowings............................................. 579 679 114 486 644 307 295 109 Other.................................................................................. 20 20 20 20 20 20 20 15 Acceptances: Bought outright.............................................. 76 76 76 73 73 76 73 55 Held under repurchase agreements............................. 54 153 155 73 41 50 49 88 U.S. Govt, securities: Bought outright: Bills................................................................................. 8,987 9,021 8,909 8,897 8,638 9,225 8,768 6,826 Certificates—Special.................................................. Other ............................................ 12 12 1 1 12 Notes........................................................................... 24,926 24,926 24,891 24,891 24,871 24,926 24,871 25,706 Bonds.............................................................................. 6', 571 6,571 6,561 6,561 6,550 6,571 6',550 4'928 Total bought outright.................................................... 40,496 40,530 40,362 40,350 40,059 40,734 40,189 37,460 Held under repurchase, agreements................ ' 49 131 Total U.S. Govt, securities................................................ 40,496 40,530 40,411 40,350 40,059 40,734 40,189 37,591 Total loans and securities....................................... 41,225 41 ,458 40,776 41,002 40,837 41,187 40,626 37,858 Cash items in process of collection................. 6'206 6^971 7,805 5,890 6; 992 5,954 6’103 5'377 Bank premises............................................ ’ 102 '102 102 102 '102 102 '102 ' 102 Other assets: Denominated in foreign currencies............................. 218 220 187 186 168 218 166 375 IMF gold deposited^..................................................... 165 109 40 37 37 165 37 All other............................................................................ 342 317 293 276 257 343 243 362 Total assets............................................................................ 61,672 62,643 62,830 61,118 62,011 61,383 60,899 58,511 Liabilities F.R. notes.............................................................................. 36,419 36,461 36,551 36,520 36,300 36,408 36,265 34,003 Deposits: Member bank reserves................................................... 17,941 18,699 18,198 17,688 17,786 18,000 18,014 17,277 U.S. Treasurer—General account............................... '546 433 '227 '451 737 521 '805 867 Foreign.............................................................................. 142 136 146 182 154 329 140 162 Other: IMF gold deposit' . ................. 165 109 40 37 37 165 37 All other........................................................................ 206 212 231 215 201 218 209 196 Total deposits........................................................................ 19,000 19,589 18,842 18,573 18,915 19,233 19,205 18,502 Deferred availability cash items....................................... 4,818 5,188 6,059 4,572 5,366 4,301 4,012 4,263 Other liabilities and accrued dividends................. 195 ' 193 ' 193 195 198 200 196 567 Total liabilities..................................................................... 60,432 61,431 61,645 59,860 60,779 60,142 59,678 57,335 Capital Accounts Capital paid in....................................................... 560 559 558 557 557 560 556 536 Surplus.................................................................. 551 551 551 551 551 551 551 524 Other capital accounts............................................ 129 102 76 150 124 130 114 116 Total liabilities and capital accounts............................... 61,672 62,643 62,830 61,118 62,011 61,383 60,899 58,511 Contingent liability on acceptances purchased for foreign correspondents................................................... 129 129 127 135 135 129 135 134 U.S. Govt, securities held in custody for foreign account............................................................................... 7,638 7,713 7,794 7,802 7,749 7,617 7,850 7,741 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)....................... 39,757 39,766 39,763 39,734 39,772 39,725 39,845 36,519 Collateral held against notes outstanding: Gold certificate account................................................. 6,535 6,535 6,610 6,610 6,660 6,535 6,660 6,850 Eligible paper................................................................... ' 39 ' 27 9 ' 22 75 43 18 6 U.S. Govt, securities....................................................... 34,712 34,712 34,637 34,637 34,637 34,712 34,638 31,265 Total collateral............................................................. 41,286 41,274 41,256 41,269 41,372 41,290 41,316 38,121 1 See note 2 to table at bottom of page 608. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 FEDERAL RESERVE BANKS 549 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 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 l l a e n v d e­ m R o ic n h d ­ At t l a an­ c C a h g i o ­ Lo S u t. i s M ap i o n l n is e­ K C s a a it s n y ­ Dallas F c S i r s a a c n n o ­ Assets Gold certificate account........................ 11,491 586 2,668 635 949 1,075 675 2,064 439 166 417 370 1,447 Redemption fund for F.R. notes........ 1,713 98 407 92 144 139 101 313 63 31 67 57 201 Total gold certificate reserves............... 13,204 684 3,075 727 1,093 1,214 776 2,377 502 197 484 427 1,648 F.R. notes of other Banks.................... 1,024 68 242 63 93 88 137 84 43 23 41 62 80 Other cash........................................ 210 16 30 12 27 12 19 31 12 6 10 10 25 Discounts and advances: Secured by U.S. Govt, securities... 301 7 25 36 3 7 19 84 9 38 69 4 Other...................................................... 26 1 5 1 2 1 6 3 1 * 1 2 3 Acceptances: Bought outright................................... 76 . . 76 Held under repurchase agreements. 50 50 U.S. Govt, securities: Bought outright.................................. 40,734 2,121 10,304 2,090 3,281 2,850 2,213 6,700 1 ,432 861 1,561 1,663 5,658 Held under repurchase agreements. Total Ioans and securities...................... 41,187 2,129 10,460 2,127 3,286 2,858 2,238 6,787 1,442 899 1,631 1,669 5,661 Cash items in process of collection... 7,671 465 1,443 446 553 586 633 1,351 349 245 486 417 697 Bank premises.......................................... 102 3 9 3 5 5 20 20 7 3 7 10 10 Other assets: Denominated in foreign currencies. 218 10 i 57 12 20 11 13 31 8 5 10 13 28 IMF gold deposited2......................... 165 165 All other.............................................. 343 17 87 16 29 25 19 53 12 8 15 14 48 Total assets............................................... 64,124 3,392 15,568 3,406 5,106 4,799 3,855 10,734 2,375 1,386 2,684 2,622 8,197 Liabilities F.R. notes................................................. 37,432 2,231 8,512 2,198 3,167 3,356 2,164 6,810 1,417 697 1,412 1,181 4,287 Deposits: Member bank reserves....................... 18,000 625 4,879 740 1,314 827 1,078 2,638 598 427 823 991 3,060 U.S. Treasurer'—General account.. 521 25 155 31 27 65 18 33 37 28 22 26 54 Foreign.................................................. 329 7 3 226 8 13 7 8 20 5 3 6 8 18 Other: IMF gold deposit 2........................ 165 165 All other........................................... 218 1 151 2 ♦ 5 1 1 ♦ i 3 1 52 Total deposits........................................... 19,233 658 5,576 781 1,354 904 1,105 2,692 640 459 854 1,026 3,184 Deferred availability cash items...... 6,018 433 1,107 351 457 459 501 1 ,016 26? 197 356 337 536 Other liabilities........................................ 200 10 50 10 17 14 11 34 4 8 8 27 Total liabilities......................................... 62,883 3,332 15,245 3,340 4,995 4,733 3,781 10,552 2,332 1,357 2,630 2,552 8,034 Capital Accounts Capital paid in......................................... 560 27 146 30 50 29 34 81 19 13 25 33 73 Surplus. .................................................... 551 27 144 30 50 28 33 79 19 13 24 32 72 Other capital accounts.......................... 130 6 33 6 11 9 7 22 5 3 5 5 18 Total liabilities and capital accounts., 64,124 3,392 15,568 3,406 5,106 4,799 3,855 10,734 2,375 1,386 2,684 2.622 8,197 Ratio of gold certificate reserves to F.R. note liability (per cent): Mar. 31. 1966.............................. 35.3 30.7 36. 1 33. 1 34.5 36.2 35.9 34.9 35.4 28.3 34.3 36.2 38.4 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 Mar. 31, 1965 .................................. 41.3 40.7 39.6 40.5 39.5 44.0 39.8 42.6 41.0 38.7 37.7 35.0 46.9 Contingent liability on acceptances purchased for foreign correspond­ ents..................................................... 129 6 4 34 7 12 7 8 18 4 3 6 7 17 Federal Reserve Notes—Federal Reserve Agents* Accounts F.R. notes outstanding (issued to Bank).......................................... 39,725 2,338 9,036 2,296 3,433 3,518 2,341 7,160 1,496 731 1,488 1,278 4,610 Collateral held against notes out­ standing: Gold certificate account.................... 6,535 440 1,000 500 600 888 425 1,100 315 127 225 180 735 Eligible paper. ............................ 43 34 9 U.S. Govt, securities.......................... 34,712 1 ,945 8,200 1,900 2,950 2,677 1 ,975 6,400 1,310 625 1,300 1,130 4,300 Total collateral................................ 41,290 2,385 9,200 2,434 3,550 3,565 2,400 7,500 1,634 752 1,525 1,310 5,035 1 After deducting $161 million participations of other F.R. Banks. 3 After deducting $103 million participations of other F.R. Banks. 2 See Note 2 to table at bottom of page 608. 4 After deducting $95 million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

550 FEDERAL RESERVE BANKS; BANK DEBITS APRIL 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 Mar. 30 Mar. 23 Mar. 16 Mar. 9 Mar. 2 Mar, Feb. Mar. Discounts and advances—Total....................................... 599 699 134 506 664 327 315 124 Within 15 days................................................................. 578 675 123 493 635 306 286 120 16 days to 90 days........................................................... 21 24 11 13 29 21 29 4 91 days to 1 year............................................................. * « • * Acceptances—Total........................................................... 130 229 231 146 114 126 122 143 Wi*thin 15 days................................................................. 66 164 166 86 48 63 62 103 16 days to 90 days.......................................................... 64 65 65 60 66 63 60 40 U.S. Government securities—Total................................ 40,496 40,530 40,411 40,350 40,059 40,734 40 189 37,591 Within 15 days *.............................................................. '706 '815 904 '832 899 '506 *603 1 030 16 days to 90 days......................................................... 10,991 10,451 10,374 10,371 10,255 11,047 10,453 7,461 91 days to 1 year............................................................ 13’836 14'301 14,179 14'194 13'952 14'218 14,180 15 083 Over 1 year to 5 years.................................................... 13'273 13'273 13,264 13'119 13'119 13'273 13 119 12 409 Over 5 years to 10 years................................................ 1 '305 1'305 1,305 1 '449 1 '449 1 ^305 1,449 1 292 Over 10 years.................................................................... '385 385 385 '385 385 '385 385 316 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B f e ra lg n i c a s n C d a o n l a l d ar ia s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese N g l u e a i t n l h d d e e s r r s ­ f S r w an is c s s 1965—May............................... 80 17 41 2 1 1 1 1 2 12 June................................ 457 390 42 2 1 17 1 1 3 July................................ 620 549 52 2 1 12 2 1 3 Aug............................ 884 819 47 2 1 11 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 Dec.................................. 629 534 53 2 1 34 1 1 3 * BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 (In billions of dollars) Turnover of demand deposits Period SM T 2 o S 2 t 5 a A l ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T c o N ( e t e a n . x Y l t c e . h 2 r ) 2 s 4 SM o 2 th S 18 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 . h 2 ) 2 ’s 4 SM o 2 th S 18 e A r ’ s 1965—Jan.................................. 4,870.9 2,067.6 1,065.5 2,803.3 1,737.8 46.3 94.8 42.8 33.8 30.0 Feb................................. 4,842.5 1'997.4 1,077.2 2^845.1 1'767.9 47.1 96.1 44.3 34.6 30.5 Mar,..................... 4',995.6 2,071.8 1,115.4 2'923.8 1,808.4 47.9 96.9 44.8 35.4 31.2 Apr.......................... 5,113.3 2,151.3 1,131.7 2,962.0 1,830.3 48.4 100.0 44.5 35.2 31.2 4'825.6 1'954.1 1 082.7 2'871.5 1 '788.8 47.0 96.i) 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 1,871.5 49.3 104.9 44.4 35.1 31.1 Aug,....................... 5,146.8 2 J28.0 1,141.0 3'018.8 1'877.8 48.4 99.4 44.9 35.5 31.7 Sept................................ 51126.9 2J04.3 L142.9 3,022.6 L879.7 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 Mar................................. 5.811.7 2,414,6 1,336,6 3,397.1 2,060,5 52.3 107.1 49.1 38.3 33.5 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 Bull etin, p. 390. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 U.S. CURRENCY 551 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in cir­ cula­ tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939........................ 7,598 5,553 590 559 36 1,019 1/72 1/76 2,048 460 919 191 425 20 32 1941........................ 11,160 8,120 751 695 44 1,355 2/31 2,545 3'044 724 1 433 261 556 24 46 1945........................ 28,515 20,683 1,274 1,039 73 2,313 6/82 9/01 7’834 2,327 4/20 454 801 7 24 1947........................ 28,868 20,020 1'404 1,048 65 2,110 6/75 9’ 119 8/50 2/48 5*070 428 782 5 17 1950........................ 27,741 19',J05 1/54 1,113 64 2,049 5/98 8/29 8,438 2/22 5 043 368 588 4 12 1955 ........................ 31'158 22,021 1,927 1,312 75 2’151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 ........................ 32 193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5 886 275 373 3 9 1959. ...................... 32,591 23,264 2,304 1/H 85 2,216 6/72 10'476 9,326 2, 803 5,913 261 341 3 5 1960........................ 32,869 23,521 2,427 1/33 88 2,246 6/91 10,536 9/48 2,815 5/54 249 316 3 10 1961........................ 33'918 24/88 2,582 1/88 92 2,313 6,878 10/35 9,531 2,869 6 106 242 300 3 10 1962........................ 35,338 25,356 2'782 1,636 97 2/75 7,071 11/95 9,983 2,990 6,448 240 293 3 10 1963 ........................ 37/92 26,807 3'030 1'722 103 2'469 7,373 12'109 10,885 3,221 7 110 249 298 3 4 1964........................ 39,619 28'100 3,405 1'806 111 2/17 7/43 12/17 11,519 3/81 7/90 248 293 2 4 1965—Feb............ 38,593 27,227 3,468 1,702 110 2.375 7/82 12,28911,366 3/10 7 517 245 288 2 4 Mar............ 38,816 27'424 3/20 1/04 111 2,391 7'327 12'371 11'392 3,316 7/36 245 288 2 4 38,760 27,365 3/66 1,714 112 2,381 7/75 12'31711/94 3 313 7 544 244 288 2 4 May........... 39,207 27'758 3,608 1'740 114 2’427 7/75 12'49411,449 3/32 7/79 244 289 2 4 June........... 39'720 28,188 3,662 1,752 116 2,447 7,489 12/23 11,532 3/61 7,635 243 287 3 4 July............ 39,897 28,311 3,689 1,748 116 2'431 7,493 12,833 11/86 3, 376 7,674 243 287 3 4 40 165 28,506 3 751 1,761 118 2'442 7/13 12,921 11/59 3 389 7’735 243 286 3 4 40,443 28,724 3 808 1/83 120 2’474 7/99 12/41 11,719 3/92 7/92 243 286 3 4 Oct. • ........... 40 754 28/26 3,856 1'807 121 2'489 7/24 13'02911/28 3,411 7 883 243 285 3 4 41 824 29,829 3,956 1,858 124 2/71 7/82 13/3911/94 3,469 7 990 243 286 3 4 Dec............. 42,056 29'842 4,027 1 ,908 127 2,618 7/94 13,369 12/14 3,540 8 135 245 288 3 4 1966—Jan.............. 41,092 28,982 4,060 1 ,818 127 2,489 7/14 12,974 12,110 3,482 8,092 243 286 3 4 Feb............. 41,252 29,149 4,096 1 /18 128 2/95 7/86 13/27 12/03 3/70 8,098 243 286 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break­ Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Total out­ Held by Kind of currency s F t e a 1 b n 9 . d 6 6 i 2 n 8 g , A g a s o s g l s i d a l e v i c e n a u r n s r t d i t y Tr c e a a s s h ury B F F a a . n n o R d k r . s A B F a g a . n e n R d n k . t s s Fe 1 b 9 . 6 6 28, Ja 1 n 9 . 6 3 6 1, Fe 1 b 9 . 6 5 28, certificates Agents Gold........................................................................................ 13/30 (13/32) 2 298 Gold certificates.................................................................... (13/32) 3 13/31 1 F.R. notes.............................................................................. 39/44 125 3/80 36,139 36/07 33/63 Treasury currency—Total................................................. 5/79 (656) 376 ..............1..9..0. 5,113 5/85 4,930 Standard silver dollars ................................................ 485 3 * 482 482 482 Silver bullion................................................................ 980 653 326 Silver certificates.......................................................... (656) 4 34 618 629 1,056 Fractional coin 4......................................................... 3/87 44 128 3/14 3/78 2,987 United States notes.................................................... 323 1 28 294 291 296 In process of retirement 5.......................................... 106 105 105 110 Total—Feb. 28, 1966......................................................... 6 59/54 (14,088) 800 13/31 3/71 41 ,252 Jan. 31, 1966......................................................... 6 59/22 (14,108) 817 1 3/35 4,078 41,092 Feb. 28, 1965......................................................... 6 56,905 (15,842) 692 11,844 5,776 38/93 1 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. 541. for other items; gold certificates are secured by gold, and silver certificates 2 Includes $156 million reserve against United States notes and $37 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 Gold Certificate Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R. Note.—Prepared from Statement of United States Currency and Coin notes. and other data furnished by the Treasury. For explanation of currency 4 Through Dec. 31, 1965, shown separately as Subsidiary silver coin reserves and security features, see the Circulation Statement or the Aug. and Minor coin. For this breakdown see earlier Bulletins. 1961 Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

552 MONEY SUPPLY APRIL 1966 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t jus a t d ed ­ 1 Total c C om ur p re o n n c e y n tc D o d m e e m p p o o a s n n i e t d n t jus a t d ed ­ 1 d d e e p m os a i n ts d 1 1957—Dec....................................................... 135.9 28.3 107.6 57.4 139,3 28.9 110.4 56 7 3.5 1958—Dec....................................................... 141.1 28.6 112.6 65.4 144.7 29.2 115.5 64 6 3 9 1959—Dec....................................................... 141.9 28.9 113.1 67.4 145,6 29.5 116.1 66.6 4.9 1960—Dec....................................................... 141.1 28.9 112.1 72.9 144.7 29.6 115,2 72 1 4 7 1961—Dec,..................................................... 145.5 29.6 116.0 82.7 149,4 30.2 119.2 81'8 4.9 1962—Dec.................................... 147.5 30.6 116.9 97.8 151.6 31.2 120.3 96 7 5.6 1963—Dec....................................................... 153.1 32.5 120.6 112.2 157.3 33.1 124.1 111.0 5.1 1964—Dec....................................................... 159.7 34.2 125.4 126.6 164.0 35.0 129.1 125.2 5.5 1965—Mar....................................................... 160.3 34.7 125.6 132.1 159.0 34.3 124.6 132,7 6.7 161.1 34.7 126.4 133.5 161.6 34.5 127.1 134 0 5.6 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 7.4 164.3 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 4.5 168,4 36.7 131.8 148.0 173.0 36.5 136,5 147.4 3.7 Feb...................................................... 168.0 36.8 131.2 148.8 167.8 36.3 131,5 148 7 5.1 169.2 36.9 132.3 149.6 167.8 36,6 131 .3 150.2 4.5 Week ending— 1965__Oct. 6................................................ 165.8 35.9 129.9 142.5 164.4 35.9 128.5 142.5 6.3 13............................................. 165.5 35.9 129.6 143.5 165.4 36.2 129.2 143.3 4.1 20................................................ 165.4 35.9 129.6 143.9 166.0 36.0 130.0 143 6 5.7 27................................................ 165.5 36.0 129.5 144.1 166.0 35.8 130,2 144.0 4.8 Nov. 3............................................... 165.9 36.1 129.9 144.5 167.7 35.9 131,7 144.2 4.3 10................................................ 165.8 36.0 129.7 144.9 167.6 36.5 131.1 144. 3 3.1 17.............................................. 165.6 36,1 129.4 145.4 167.8 36,5 131.3 144 2 3.3 24................................................ 165.8 36.2 129.6 146.2 166.6 36.6 130,1 144,4 4.1 Dec. 1................................................ 165.7 36,2 129.6 146.4 167.4 36.6 130,8 144.7 5.7 8................................................ 166.6 36,3 130.3 146.5 169.5 37.1 132.4 145.0 4.8 15.............................................. 166.5 36,3 130.2 146.8 171.9 37.0 134.9 145,3 2.6 22................................................ 167.8 36.4 131.5 146.9 173,7 37.2 136,5 145.1 4.4 29................................................ 168.6 36.3 132.3 147.4 172.7 37.2 135.5 145.6 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 3.8 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 36.8 131.5 148.8 168,5 36,4 132.1 148.7 4.5 23................................................ 167.5 36.9 130.6 149.0 164.9 36,3 128.6 148.9 6.2 Mar. 2................................................ 168.5 36.9 131 .6 149.2 166,4 36.1 130.3 149.2 5.6 9................................................ 168.7 36.9 131.8 149.2 167,4 36,8 130.6 149.8 4.1 (6................................................ 169.2 36.9 132.3 149.5 169,4 36.6 132.8 150.1 2.6 23*............................................. 169.8 36.9 132.9 149.8 167.9 36.6 131.3 150.2 5.5 30*.............................................. 169.2 36.9 132.3 150.2 166,7 36,3 130,3 150.9 5.7 1 At all commercial banks. mercial banks and the U.S. Govt., less cash items in process of collection and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) cur­ Note.—Revised data. For description of revision of series and back rency outside the Treasury, the F.R. Banks, and the vaults of all com­ data beginning Jan. 1959, see July 1965 Bulletin, pp. 93 3-4 3; 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

APRIL 1966 BANKS AND THE MONETARY SYSTEM 553 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date c u u ry r­ U. S. Government securities li i a ti b e i s l ­ Total Ca a p n i d t al Gold rency Other and deposits misc. s o t i a n u n g t d ­ ­ Total Lo n a e n t s, Total s C a a o v n i m n d g ’ j s . R Fe e d se e r r v a e l Other s ri e t c ie u s ­ cap ne it t al, cur a r n e d n cy co n a u e c n t ­ ts, Banks banks 1929—June 29..................... 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30..................... 4'031 2^286 42,148 21,957 10,328 8,199 1,998 131 9 363 48365 42329 6336 1939—Dec. 30..................... 17'644 2’,963 54,564 22,157 23305 19,417 2,484 1,204 9,302 75,171 68,359 6’, 812 1941—Dec. 31..................... 22'737 3'247 64,653 26,605 29,049 25,511 2,254 1 384 8,999 90,'637 82,811 7326 1945—Dec. 31..................... 20'065 4’339 167'381 30,387 128,417 101,288 24362 2,867 8377 191385 180,806 10,979 1947—Dec. 31..................... 22',754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12’, 800 1950—Dec. 30................... 22,706 4’636 171,667 60;366 96^60 72,'894 20,778 2,888 14,741 199,008 184 J84 14324 1963—Dec. 20.................... 15'582 5'586 333,203 189^33 103373 69,068 33352 653 40,497 354,371 323,251 31,118 1964—June 30..................... 15'461 5,578 343,988 201,161 IOO;879 65 337 34,794 748 41,948 365,027 333',1 14 31,915 Dec. 31..................... 15^388 5'405 365,366 214,254 106;825 68379 37,044 1,002 44,287 386;159 352364 33J93 1965—Mar. 31..................... 14,600 5,400 367,200 217,600 103,800 65,100 37,600 1 ,100 45,800 387,200 351,900 35,300 Apr. 28..................... 14'400 5,400 368,900 219,300 102,600 64300 37,400 1,100 47,000 388,700 354 300 34300 May 26..................... 14'300 5'400 371,200 222;100 102^00 63;OOO 38,300 1 J00 46,700 390,900 3 5 4 300 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 35314 July 28..................... 13'900 5'400 376,500 226 300 102;000 62300 39 300 600 48,100 395,800 360 300 35,800 Aug. 25..................... 13,900 5'500 378;700 228;100 101,500 61,300 39,300 1,000 49;100 398,000 361,100 37,000 Sept. 29..................... 13'900 5,500 383,500 231;600 102,300 61,700 39,600 1,000 49,500 402 300 365 ,'900 36 J00 Oct. 27”................... 13,900 5,500 385,900 231;900 104^00 64 300 39 300 1,000 49;700 405;200 368;300 36 J00 Nov. 24**................... 13,800 5 J00 389,000 234 300 105 300 64300 40,100 1,100 49;300 408;300 37d;300 38 J00 Dec. 29”................... 13,700 5,600 396;200 240,200 105,900 64,000 40,900 900 50,100 415 J00 379 300 36 JOO 13,700 5,600 394,100 238,700 105,700 64,700 40,000 900 49,700 413,500 376,700 36,800 Feb. 23”. .................. 13,700 5 J00 393,300 239 300 103;400 62300 40,000 900 50,400 412,700 373,900 38,800 Mar. 30”................... 13,600 5,700 397,200 244,200 102,100 60,700 40,500 1 ,000 50,800 416,500 378,300 38,200 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 n u s c i k r d y ­ s e d ju e m s D p a t a o e d e n d s ­ ­ d i t 2 s Total o b r u C e a t n n u s c i k r d y ­ s e d ju e m s D p a t a o e d e n d s ­ ­ d i t s 2 Total m b C e a o r n c m k ia s ­ l b s M a a v n u i k t n u s g a s l 3 S P a S t o e v y s m i s t n a ­ g l s n F e e i o g t r n ­ 4 T h c i u r n o a e r g s l a y d h s s ­ ­ s C b a a o v a A n n i m n d t k g ’ s l s . B F A a .R n t k . s 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 10J23 1 J78 1,217 2,409 846 634 1941—Dec. 31.. , . 48,607 9,615 38 J92 27',729 15,884 10,532 1 ,313 1,498 2,215 1,895 867 1945—Dec. 31.. . . 102,341 26,490 75,851 48,452 30,135 15,385 2,932 2,141 2,287 24’,608 977 1947—Dec. 31.., . 110,500 26,100 84,400 113,597 26;476 87;121 56^11 35,249 17;746 3J16 1J82 1,336 1,452 870 1950—Dec. 30.. . . 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2J18 1,293 2 J89 668 1963—Dec. 20.. . . 153,100 31,700 121,400 158,104 33,468 124,636 155,714 110,794 44,467 452 1,206 392 6,986 850 1964—June 30.... 153,500 32,700 120,800 153,331 33,020 120,311 166,627 119,330 46,882 415 1 ,324 391 10,502 939 Dec. 31.... 159,300 33,500 125,800 167,140 34,882 132,258 175,898 126,447 49,065 386 1 ,724 612 6,770 820 1965—Mar. 31... . 161,300 34,100 127,200 156,800 33,800 123,000 183,300 132,800 50,100 400 1,600 700 8,600 900 Apr. 28.. .. 159,000 33,800 125,200 159,100 33,500 125,600 184,600 134,100 50,100 400 1 JOO 800 7,100 1,000 May 26.... 157,500 34,000 123,500 155,400 33,900 121,600 186,100 135,400 50,300 400 1,500 800 10,160 700 June 30.... 161,000 34,100 126,900 158,878 34,524 124,354 188,348 137,088 50,918 342 1,631 779 12,062 672 July 28.... 159,800 34,400 125,400 159,600 34,500 125,100 190,100 138,700 51,000 300 1,600 800 7,100 800 Aug. 25. . 159,700 34,500 125,200 158,400 34,800 123,600 191,900 140,400 51,300 300 1 ,600 800 7,500 800 Sept. 29.. . . 162,200 34,800 127,400 161,200 34,900 126,300 193,700 141,800 51,600 300 1 ,700 800 7,600 900 Oct. 27”... 163,900 35,200 128,700 164,600 35,100 129,500 195 JOO 143,800 51 JOO 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 JOO 800 5,600 900 Dec. 29”... 166,800 35,400 131,400 171 JOO 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”... 164,200 36,100 128,100 163,400 35,700 127,700 201,700 148,400 53.000 300 1 ,600 800 5,500 900 Mar. 30”... 168,600 36,200 132,400 165,300 35,800 129,600 204,700 150 JOO 53 JOO 300 1 ,700 900 5,200 500 1 Series begin in 1946; data are available only for last Wed. of month. Note.—For back figures and descriptions of the consolidated condition 2 Other than interbank and U.S. Govt., less cash items in process of statement and the seasonally adjusted series on currency outside banks collection. 3 Includes relatively small amounts of demand deposits. and demand deposits adjusted, see “Banks and the Monetary System,’* Beginning with June 1961, also includes certain accounts previously Section 1 of Supplement to Banking and Monetary Statistics, 1962, and classified as other liabilities. 4 Reclassification of deposits of foreign Jan. 1948 and Feb. 1960 Bulletins. central banks in May 19 61 reduced this item by $1,900 million ($1,5 00 Except on call dates, figures are partly estimated and are rounded to million to time deposits and $400 million to demand deposits). the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

554 COMMERCIAL AND MUTUAL SAVINGS BANKS APRIL 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank1 Other Cla a s n s d o d f a b t a e nk Total Loans U.S. a C ss a e s t h s 1 c b a i a l l p i i n a t i d i ­ t e a s l Total i De­ Demand r B i o n o w g r s ­ ­ c c T a o a o p u c i t n ­ t a a t l s l N ba b o u n e m f r k s ­ Govt. Other ac­ mand Time Time 3 counts2 U.S. Other Govt. AU banks 1941—Dec. 31................ 61,126 26,615 25,511 8,99927,344 90,908 81,816 10,982 44 355 26,479 23 8,414 14,826 1945—Dec. 31................ 140,227 30,361 101,288 8,57735,415 177,332 165,612 14,065 105,935 45,613 227 10,542 14,553 1947—Dec. 31 <............... 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53,105 66 11,948 14,714 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—Mar. 31............... 331,950221,040 65,14045,77055,520397,650350,89016,300 950 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............... 342,138 231,737 62,60647,79558,083 410,935 362,611 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 6,890 141,410189,990 4,73033,820 14,291 Aug. 25............... 343,120232,710 61,32049,09051,460404,900354,340 14,900 1,010 7,230 139,340 191,860 5,06034,020 14,293 Sept. 29............... 347,070235,830 61,72049,52053,780411,570361,320 15,850 1,040 7,370 143,440 193,620 4,40034,280 14,297 Oct. 27*............ 351,010237.290 64,04049,68053,870415,530363,760 15,710 1,030 4,120 147,050 195,850 5,78034,510 14,303 Nov. 24*............. 352,920239,370 64,27049,28055,940419,500366,55015,770 1,030 5,390 147,920 196,440 5,97034,720 14,309 Dec. 29*............. 360,460246,310 64,04050,110 58,410429,810376,400 16,440 1 ,000 5,350 155,220 198,390 6,810 34,880 14,309 1966—Jan. 26"............. 358,200243,740 64,74049,72055,180424,570 371,940 15,490 1 ,060 3,780 150,940200,670 6,15034,900 14,299 Feb. 23"............. 358,310 245,440 62,47050,400 56,260425,650371,750 15,900 1 ,080 5,240 147,930 201,600 6,73035,010 14,299 Mar. 30*............. 361,110249,650 60,670 50,790 54,700427,140373,600 15,310 1 ,080 4,930 147,650204,630 6,14035,200 14,306 Commercial banks: 1941—Dec. 31............... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31............... 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 314............. 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 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—Mar. 31............... 278,350 179,040 59,04040,27054,510342,110300,770 16,300 950 8,350 142,100 133,070 3,67028,100 13,789 Apr. 28............... 281,240 181,530 58,32041,39051,640342,060299,140 14,450 920 6,850 142,550 134,370 5,02028,210 13,793 May 26............... 282,230 183,930 57,19041,11051,180342,700299,180 14,240 970 9,890 138,430 135,650 4,97028,490 13,796 June 30............... 287,723 188,641 56,85342,22957,063 354,553 311,632 16,171 1,032 11,796 145,266 137,366 3,682 29,479 13,791 July 28............... 285,940 187,060 56,32042,56051,090346,440302,650 14,460 980 6,890 141,350 138,970 4,73029,280 13,787 Aug. 25............... 287,840 188,900 55,51043,43050,510347,720303,030 14,900 1,010 7,230 139,280 140,610 5,06029,410 13,789 Sept. 29............... 291,470 191,690 55,93043,85052,830354,060309,640 15,850 1,040 7,370 143,380 142,000 4,40029,630 13,793 Oct. 27*............. 295,330 192,800 58,45044,08052,890357,920311,860 15,710 1,030 4,120 147,000 144,000 5,78029,890 13,799 Nov. 24*............. 296,990 194,560 58,72043,71055,040361,690314,540 15,770 1,030 5,390 147,870 144,480 5,97030,060 13,805 Dec. 29*............. 304,150 201,030 58,52044,60057,430371,560323,770 16,440 1,000 5,350 155,170 145,810 6,81030,230 13,804 1966—Jan. 26>’............. 301,500 198,130 59,19044,18054,260365,980319,06015,490 1 ,060 3,780150,890 147,840 6,15030,230 13,794 Feb. 23*............. 301,350 199,610 56,88044,86055,340366,800318,720 15,900 I ,080 5,240 147,880 148,620 6,73030,300 13,794 Mar. 30*............. 303,690203,490 55,02045,18053,750367,790320,10015.310 1 ,080 4,930 147,600 151,180 6,140 30,430 13,801 Member banks: 1941—Dec. 31............... 43,521 18,021 19,539 5,961 23,123 68,121 61 ,717 10,385 140 1 ,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31............... 107,183 22,775 78,338 6,07029,845 138,304 129,670 13,576 6422,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31............... 97,846 32,628 57,914 7,30432,845 132,060 122,528 12,353 50 1 , 176 80,609 28,340 54 8,464 6,923 1964—Dec. 31............... 228,497 147,690 48,717 32,08952,737289,142255,724 17,007 664 5,838 128,539 103,676 2.481 22,901 6,225 1965—Mar. 31............... 229,456 150,921 45,12033,41547,749285,300250,277 15,556 795 7,510 117,349 109,067 3,50923,173 6,235 Apr, 28............... 231,866 152,951 44,555 34,36045,106285,023248,563 13,710 759 6,263 117,569 110,262 4,80223,253 6,237 May 26. . ........... 232,373 154,705 43,615 34,05344,804285,331 248,494 13,525 817 8,881 114,025 111.246 4,701 23,406 6,239 June 30............... 237,328 158,832 43,39635,10050,198296,049259,743 15,355 851 10,806 120T077 112,654 3,455 24,323 6,235 July 28............... 235,644 157,345 42,863 35,43644,703288,568251,216 13,671 803 6,296116,404 114,042 4,598 24,193 6,230 Aug. 25............... 237,093 158,885 42,064 36.14443,951 289,232 251,232 14,073 825 6,565 114,426 115,343 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 36,55046,119297,674258,443 14,815 848 3,760 120,904 118,116 5,46224,654 6,223 Nov. 24............... 244,260 163,597 44,55236,111 48,110300,784260,630 14,875 850 4,927 121,503 118,475 5,691 24,768 6,225 Dec. 29............... 250,675 169,422 44,39036,863 50,205 309,596268,834 15,522 822 4,899 128,080 119,511 6,501 24,917 6,221 1966—Jan. 26............... 247,921 166,717 44,80936,39547,366304,163 264,155 14,606 879 3,387 124,179 121,104 5,873 24,896 6,212 Feb. 23............... 247,810 168,112 42,732 36,96648,453 305,117 264,032 15,054 895 4,691 121,740 121,652 6,361 24,955 6,208 Mar. 30*............. 249,847 171.495 41,23037,12246,883305,819265,256 14,477 897 4,431 121,558 123.893 5,757 25.050 6,203 Mutual savings banks: 1941—Dec. 31........... 10,379 4,90! 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 1 15,371 7 1,592 542 1947—Dec. 3H............. 18,64! 4,944 11,978 1 ,718 886 19,714 17,763 1 3 14 17,745 1 ,889 533 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—Mar. 31............... 53,600 42,000 6,100 5,500 1,010 55,540 50,120 50 50,070 4,510 503 Apr. 28............... 53,780 42,360 5,860 5,560 940 55,650 50.180 50 50,130 4,460 504 May 26............... 54,130 42,730 5,840 5,560 970 56,010 50,370 60 50,310 4,510 504 June 30............... 54,415 43,096 5,753 5,566 1,020 56,382 50,980 1 7 53 50,918 43 4,536 504 July 28............... 54,840 43,450 5,830 5,560 980 56,770 51,080 60 51,020 4,540 504 Aug. 25............... 55,280 43,810 5,810 5,660 950 57,180 51,310 60 51,250 4,610 504 Sept. 29............... 55,600 44,140 5,790 5,670 950 57,510 51,680 60 51,620 4,650 504 Oct. 27............... 55,680 44,490 5,590 5,600 980 57,610 51,900 50 51,850 4,620 504 Nov. 24. ....... 55,930 44,810 5,550 5,570 900 57,810 52,010 50 51,960 4,660 504 Dec. 29............... 56,310 45,280 5,520 5,510 980 58,250 52,630 50 52,580 ........... 4,650 505 1966—Jan. 26............... 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 Mar. 30*............. 57,420 46,160 5,650 5,610 950 59,350 53,500 ........... 50 53,450 ........... 4,770 505 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 555 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 1 Other Cla a s n s d o d f a b te ank Total Loans G U o . v S t . . Other a C ss a e s t h s 1 c c b o a i a l l a p u i i n c a t i n i d t ­ ­ e a t s s l 2 Total! m D a e n ­ d Time U. D S. e ma O n t d her Time r B i o n o w g r s ­ ­ c c T a o a o p u c t i n ­ a ta t l s l N ba b o u n e f m k r s ­ Govt. Reserve city member banks New York City: L 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 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—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 21,70718,278 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 Mar. 44,003 33,737 4,271 5,995 10,490 57,483 46,426 4,526 607 980 21,756 18,557 2,169 5,096 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 1964—Dec. 31 10,562 7,102 1 ,873 1 ,587 2,366 13,289 11'807 L448 22 396 5,362 4,578 204 1,056 12 1965—Mar. 31 . 10,310 7,129 1 ,546 1,635 2,089 12,801 11,088 1,977 28 501 3,985 4,597 278 1 ,060 11 Apr. 28 10,425 7,073 1 ,669 1,683 2,318 13,095 11,395 1,182 22 463 5,047 4,681 355 1,065 11 May 26 10,363 7,108 1 ,643 1,612 2,232 12,961 11,282 1 ,169 23 576 4,800 4,714 333 1 ,071 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 Mar.30i 11,202 8,100 1 ,532 1 ,570 2,172 13,900 11,570 1,182 35 203 5,035 5,115 619 1,123 11 Other reserve city:3- 6 1941—Dec. 31 ... . 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4 806 1 967 351 1945—Dec. 31 .... 40,108 8,514 29,552 2,042 11,286 51,898 49^085 6,418 30 8,221 24’,65 5 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 1964—Dec. 31 ... . 84,670 57,555 16,326 10,78921,607 109,053 97,145 8,289 134 2,195 46,88339,645 841 8,488 182 1965—Mar. 31 85,374 58,771 15,032 11,571 19,011 107,146 94,519 6,976 185 3,035 42,61541,708 1,413 8,646 186 Apr. 28 86,265 59,701 14,629 11,935 18,522 107,609 94,001 6,573 181 2,538 42,651 42,058 2,310 8,675 183 May 26 86,034 60,015 14,123 11,896 17,984 106,851 93,130 6,366 174 3,548 40,96942,073 2,329 8,676 178 June 30 87,225 61,079 14,030 12,116 19,864 110,063 97,418 7,168 173 4,325 42,971 42,781 1,271 8,774 179 July 28 87,272 61,417 13,640 12,215 18,133 108,359 94,621 6,473 188 2,566 42,141 43,253 2,257 8,756 179 Aug. 25 87,832 61,993 13,377 12,462 17,613 108,284 94,656 6,882 201 2,724 41,12443,725 2.049 8,762 177 Sept. 29 88,719 62,804 13,469 12,446 18,666 110,410 96,468 7,159 208 2,462 42,37444,265 2,081 8,798 177 Oct. 27 89,706 63,161 14,037 12,508 18,790 111,469 97,290 7,299 205 1,472 43,62044,694 2,388 8,892 176 Nov. 24 90,081 63,471 14,198 12,412 19,810 112,849 98,151 7,274 208 2,077 43,74944,843 2,562 8,928 172 Dec. 29 92,103 65,536 13,989 12,57820,346 115,553 100,747 7,469 210 1,824 45,92445,320 2,627 9,026 171 1966—Jan. 26. . 90,687 64,146 14,029 12,512 19,313 113,025 98,559 6,992 210 1,368 44,251 45,738 2,537 9,015 171 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 Mar.30p 91,071 66,041 12,259 12,771 18,555 1 12,776 98,661 6,900 184 1 ,610 43,11646,851 2,155 9,089 170 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. 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 1964—Dec. 31 93,759 55,733 24,341 13.685 16,944 112,932 101,581 2,182 71 1 ,760 52,39845,169 213 8,886 6,018 1965—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 1 ,926 49,39348,865 500 9,250 6,027 Aug. 25 97,462 59,680 22,600 15,182 14,995 114,744 102,475 1 ,847 71 2,174 49,02549,358 650 9,301 6,027 Sept. 29 98,669 60,344 22,915 15,410 15,369 116,399 104,123 1 ,918 71 1,840 50,31149,983 508 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 51,80052,693 768 9,686 6,014 Mar. 30 J* 103,571 63,617 23,168 16,786 15,666 121,660 108,599 1 ,869 71 1 ,638 51,651 53,370 814 9,742 6,010 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

556 COMMERCIAL AND MUTUAL SAVINGS BANKS APRIL 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— b c C a a l l n a l k s d s a a o n te f d Total Loans G U o S . v e S t c . . urit O ie t s her as C s a e s ts h 1 c b T a i a l a l o p i i n c a t i t d i t ­ a ­ e a l s l Total • m I D n a e n te ­ d rba T n i k m 1 e Dema O n t d her Time 3 r B i o n o w g r s - ­ c c T a o a o p u c t i n ­ a ta t l s l N ba b o u n e f m k r s ­ counts 2 U. S. Other Govt. Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 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 6,487 154,043 126,185 2,58027,37713,486 1965—June 30.. 285,375 187,207 56,42641,742 56,555 351,544 309,612 15,920 928 11,761 144,205 136,798 3,56229,051 13,528 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1962—Dec. 28.. 127,254 75,548 35,663 16,042 29,684 160,657 142,825 9,155 127 3,735 76,075 53,733 1,63612,750 4,505 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,83661,288 1,70413,548 4,615 1964—Dec. 31.. 151,406 96,688 33,40521,312 34,064 190,289 169,615 10,521 211 3,604 84,53470,746 1,10915,048 4,773 1965—June 30.. 156,989 103,377 30,23023,382 31,595 193,748 171,528 9,096 313 6,721 79,00976,389 1,68515,853 4,803 State member banks: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1962—Dec, 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,92425,983 1,914 7,104 1,544 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,72529,642 1,795 7,506 1,497 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—June 30.. 80,339 55,455 13,166 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 23,14019,793 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 * 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1962—Dec. 28.. 1,584 657 534 392 346 2,009 1,513 164 133 14 872 330 44 371 308 1963—Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—Dec. 31.. 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—June 30.. 2,336 1,434 418 484 508 2,997 2,020 252 104 34 1,061 568 120 417 262 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1 ,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1962—Dec. 28.. 40,141 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23,042 17,994 77 4,240 7,380 1963—Dec. 20.. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,97220,134 165 4,623 7,458 1964—Dec. 31.. 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 1965—June 30.. 50,394 29,809 13,457 7,128 6,865 58,503 51,889 817 181 989 25,18924,713 228 5,156 7,556 Insured mutual savings banks: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31.. 10,846 3,081 7,160 606 429 11,424 10,363 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...,.2..5.2 194 1962—Dec. 28.. 38,597 28,778 4,639 5,180 784 39,951 36,104 1 9 26735,827 7 3,343 331 1963—Dec. 20.. 41,664 32,300 4,324 5,041 722 43,019 38,657 5 29238,359 38 3,572 330 1964—Dec. 31.. 45,358 36,233 4,110 5,015 893 47,044 42,751 2 7 32642,416 20 3,731 327 1965—June 30.. 47,031 37,970 3,975 5,085 910 48,806 44,293 ...... I 6 37443,912 43 3,848 327 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 557 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank1 Other C an la d s s c a o l f l b d a a n te k Total Loans G U o .S v . t. Other a C ss a e s t h s 1 c c b o a i a l a l u p i i n c a t n i d i t ­ ­ e t a s s l 2 Total> m D a e n ­ d Time U. D S. e ma O n t d her Time3 B r i o n o g w r s ­ ­ c c T a o a o p u c t i n ­ a ta t l s l b N a b o u n e f m 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 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1962—Dec. 28................... 5,961 3,938 1,490 533 106 6,134 5,427 1 6 5,420 1 608 180 1963—Dec. 20................... 6,425 4,380 1,548 498 104 6,602 5,859 1 8 5,851 633 179 1964—Dec. 31................... 7,005 4,852 1,678 475 111 7,195 6,387 6 6,381 670 178 1965—June 30................... 7,385 5,126 1,778 481 HO 7,576 6,686 1 20 6,666 1 688 177 J 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 s Regarding reclassification of New York City and Chicago as reserve classifications of cities and individual banks, and by mergers, etc. cities, see Aug. 1962 Bulletin, p. 993. For various changes between Data for Dec. 31, 1964 and June 30, 1965 for national banks have been reserve city and country status in 1960-63, see note 6, p, 587, May 1964 adjusted to make them comparable with State bank data. (Dec. 20, 1963, Bulletin. data also adjusted to lesser extent.) 6 Beginning with May 18, 1964, one New York City country bank with Figures are partly estimated except on call dates. loans and investments of $1,034 million and total deposits of $982 million For revisions in series before June 30, 1947, see July 1947 Bulletin, was reclassified as a reserve city bank. Beginning with May 13, 1965 pp. 870-71. (Toledo, Ohio), reserve city banks with total loans and investments of $530 million and total deposits of $576 million were reclassified as country banks. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total1 Loans1 Total1 Loans1 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 i 964—Dec. 31.................................................................. 267.2 167.1 61.4 38.7 273.9 172. 1 63.0 38.8 1965—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. i 273.9 174.5 59.0 40. 3 Apr. 28 ............................................................. 277.3 177.1 59.1 41.1 275.9 176.2 58.3 41.4 May 26...................................................................... 279.4 179.5 58.6 41.3 277.1 178.8 57.2 41.1 June 30..................................................................... 282.8 183.0 57.7 42.1 283.9 184.9 56.9 42.2 July 28...................................................................... 281.5 182.7 56.4 42.4 281.2 182.4 56.3 42.6 Aug. 25 .. ....................................................... 286.1 185.8 57 .0 43.3 283.2 184.3 55.5 43.4 Sept. 29...................................................................... 286.2 186.2 56.5 43.5 286.8 187.0 55.9 43.9 Oct. 27?................................................................... 288.9 188.0 57.0 43.9 290.3 187.8 58.5 44.1 Nov. 24?................................................................... 291.5 189.8 57.6 44.1 292.4 190.0 58.7 43.7 Dec. 31?.................................................................. 294.0 191.8 57.6 44.6 301.3 197.6 58.9 44.7 1966—Jan. 26?................................................................ 297.0 195 0 57.4 44 6 296.4 193 0 59.2 44.2 Feb. 23?.................................................................... 297.1 195 5 56.3 45.3 295.7 193.9 56.9 44.9 Mar. 30?.................................................................... 299.9 199,3 55.6 45,0 298.1 197.9 55.0 45.2 1 Adjusted to exclude interbank Joans. are cal! dates. For back data see June 1964 Bulletin, pp. 693-97; for description of Note.—Data are for last Wed. of month except for June 30 and Dec. seasonally adjusted series, see July 1962 Bulletin, pp. 797-802. 31; data are partly or wholly estimated except when June 30 and Dec. 31 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

558 COMMERCIAL BANKS APRIL 1966 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 Investments For To purchasing financial U.S. Government Class of lo T a o n t s a l 1 C m o e m r­ ­ o s r e c c a u r r r i y ti i e n s g institutions Other securities State b c a a n ll k d a a n te d i m n a v e n e n d s t s t­ Total 2 d t a c i r u n i n 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 h o er s ba T n o k s ot T he o r s R t e a e s t a e ­ ! v u i d t i a n o d i i ­ ­ s - Other Total Bills c C t a i e f te i r ­ s ­ Notes Bonds s g r l a i o e o t n c c i v e d u a t s l ­ , O s r e i t t h c ie e u s r ­ deal­ ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 8301,220 115 9,393 5,723 94769,221 2,193 7,789 6,03453,205 5,2763,729 1962—Dec. 28.. 235,839140,10648,6737,0975,1442,131 2,578 8,45934,25930,5533,90966,434 11,674 3,93223,841 26,987 24,7554,543 1963—Dec. 20.. 254,162 156,00652,9477,4705,3532,509 3,605 9,47939,05634,5504,03463,196 11,059 1,65822,415 28,065 29,7865,173 1964—Dec. 31.. 277,376 175,58960,2177,505 5,5422,843 3,491 10,91343,67539,8095,15262,991 13,377 19,039 30,57433,533 5,263 1965—June 30.. 287,723 188,641 65,5468,0686,0662,912 3,788 11,46346,22343,0565,148 56,853 8,920........... 14,67833,25536,541 5,688 All insured 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 ........... 4,773 4, 505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,361 1,13288,912 2,45519,071 16,045 51,342 3,8733,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 8231,190 114 ........... 9,266 5,654 91467,941 2,124 7,552 5,91852,347 5,129 3,621 1962—Dec. 28.. 234,243 139,44948,4587,0605,1192,103 2,551 8,43434,12330,4023,89065,891 11,514 3,91623,715 26,74624,5474,356 1963—Dec. 20.. 252,579 155,261 52,7437,4445,3212,476 3,594 9,41538,86134,3834,015 62,723 10,952 1,64922,31627,80629,5595,035 1964—Dec. 31.. 275,053 174,23459,7467,482 5,3552,794 3,419 10,81243,43639,6275,11262,499 13,275 18,939 30,285 33,2945,026 1965—June 30.. 285,375 187,20765,053 8,047 5,9252,860 3,680 11,34245,95142,8795,092 56,426 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 3,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,1333,378 47 3,455 1,9001,057 78,338 2,275 16,985 14,271 44,807 3,254 2,815 1947—Dec. 31.. 97,846 32,628 16,9621,046 811 1,065 113 ........... 7,130 4,662 83957,914 1,987 5,816 4,81545,295 4,199 3,105 1962—Dec. 28.. 195,698 118,63743,8434,4194,9541,777 2,445 7,93627,16224,7993,65752,968 8,862 3,249 19,443 21,414 20,773 3,319 1963—Dec. 20.. 210,127 131,71247,4034,6595,1242,136 3,439 8,87531,009 27,9083,765 49,342 8,032 1,307 18,07221 ,93225,2103,864 1964—Dec. 31.. 228,497 147,69053,7174,643 5,1422,411 3,250 10,17934,58732,0244,82448,717 9,932 15,23823,54828,374 3,715 1965—June 30.. 237,328 158,83258,6404,9695,7292,442 3,516 10,73536,57734,5824,78343,396 6,260 11,43025,706 31,0364,064 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 ........... 123 5;2 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,4531,172 26 80 287 272 17,574 477 3,433 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 ........ 545 267 93 ........... 111 564 238 11,972 1 ,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 50S1 2,488 2,023 3,585 432 1963—Dec. 20.. 34,827 23,577 12,332 262,677 569 1,007 2,247 1,968 2,257 1,068 6,154 1,711 147 2,341 1,955 4,653 442 1964—Dec. 31.. 39,507 27,301 14,189 302,742 623 1,179 2,615 2,546 2,6541,371 6,178 1,958 1,972 2,248 5,579 449 1965—June 30.. 42,225 30,975 16,082 163,657 561 1,212 2,977 2,866 2,832 1,419 4,907 1,036 1,120 2,752 5,799 543 City of Chicago: 1941—Dec. 31.. 2,760 954 732 6 48 52 1 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,213 133 1,467 749 1 ,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1962—Dec. 28.. 8,957 5,418 2,941 35 407 152 89 703 362 523 369 2,129 377 115 849 788 1,242 168 1963—Dec. 20.. 9,615 6,220 3,378 40 497 181 242 751 401 594 318 1,705 347 42 599 717 1,361 329 1964—Dec. 31.. 10,562 7,102 3,870 24 510 203 227 948 465 669 430 1,873 564 397 911 1,392 195 1965—June 30.. 10,835 7,367 4,099 26 465 232 266 1,007 514 702 308 1,761 473 299 989 1,493 214 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 ........... 1,527 1, 508 6,467 295 751 5,421 956 820 1945—Dec. 31. . 40,108 8,514 3,661 205 4271,503 17 1 ,459 855 38729,552 1,034 6,982 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1 ,969 351 20,196 373 2,358 1,901 15,563 1,342 1,053 1962—Dec. 28.. 73,130 46,567 17,6601,179 1,053 752 1,020 3,58311,030 9,860 1,266 18,398 2,343 1,403 7,257 7,395 7,252 913 1963—Dec. 20.. 78,370 51,891 18,8621,219 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 1,095 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 978I ,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 HO 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 630 5,102 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 ........... 3,827 1,979 22422,857 480 2,583 2,108 17,687 2,006 1,262 1962—Dec. 28.. 80,623 44,698 11,2993,187 728 447 764 1,56314,441 12,273 82625,425 4,144 1,223 8,849 11,209 8,694 1,807 1963—Dec. 20.. 87,316 50,023 12,831 3,374 708 496 966 1 ,591 16,11413,951 917 24,797 3,822 573 8,531 11,871 10,385 2,111 1964—Dec. 31.. 93,759 55,733 14,5563,493 830 599 710 1,73017,96415,899 1,04724,341 4,209 7,206 12,925 11,531 2,154 1965—-June 30.. 97,043 59,411 15,641 3,713 629 616 796 1 ,67518,98417,413 1,07422,697 2,932........... 5,849 13,915 12,637 2,299 Nonmember 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 109 11,318 206 1,973 1,219 7,920 1,078 625 1962—Dec. 28. . 40,141 21,469 4,8302,678 190 354 132 523 7,097 5,754 252 13,466 2,812 683 4,398 5,573 3,982 1,224 1963—Dec. 20. . 44,035 24,295 5,5442,811 229 373 166 604 8,047 6,643 269 13,854 3,027 351 4,343 6,133 4,576 1,309 1964—Dec. 31. . 48,879 27,899 6,5002,862 400 432 241 733 9,088 7,786 328 14,273 3,445 3,801 7,026 5,159 1,548 1965—June 30.. 50,394 29,809 6,9063,099 336 470 272 729 9,646 8,474 366 13,457 2,660........... 3,248 7,549 5,504 1,624 J Beginning with June 30, 1948, figures for various loan items are 2 Breakdowns of Ioan, 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

APRIL 1966 COMMERCIAL BANKS 559 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Re­ Bal- Deb C a l n a k ss a o n f d se w r i v t e h s r C e a n n u c d r y ­ a w d n i c o t e h ­ s m po d a s e n i - t d s Interbank State C a f e i n e r d d ti ­ G U o . v S t . . State B ro o w r- - C t a a p l i­ call date B F a . n R k . s coin b m a e n s k ti s c 3 jus a t d e ­ d 4 m D es o t ­ ic3 e F ig o n r ­ 5 G U o .S v . t. g l a o o n c v d a t l . c c h o e e e f t f r c c i s . k ­ ' s, IPC I b n a t n e k r­ P S i a n o a n g s v d t s ­ a l g l a o o n c v d a t l . IPC ings counts 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 27810,573126,5163,68229,479 All insured: 1941—Dec. 31 ... . 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31 .... 15,810 1,829 11,075 74,722 12,566 1 ,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31 .. .. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1962—Dec. 28.... 17,680 4,232 12,795 123,361 14,579 1,265 6,815 11,991 4,434 123,744 402 269 6,397 90,7143,58423,712 1963—Dec. 20.. . . 17,150 4,033 11,984 125,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853102,6003,571 25,277 1964—Dec. 31 ... . 17,581 4,515 14,613 133,336 16,210 1,454 6,487 13,423 5,856 134,764 733 272 9,766116,147 2,58027,377 1965—June 30.. .. 17,842 4,961 12,599 125,471 14,532 1,387 11,761 13,199 5,906 125,100 928 278 10,522125,9983,56229,051 Member, total: 1941—Dec. 31 ... . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31 ... . 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31 .... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1962—Dec. 28 .... 17,680 3,263 7,897 101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,3163,550 19,854 1963—Dec. 20.. . . 17,150 3,131 7,359 102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,3263,49921,054 1964—Dec. 31 ... . 17,581 3,490 9,057 108,324 15,604 1,403 5,838 10,293 5,368 112,878 664 239 8,012 95,425 2,481 22,901 1965—June 30.. . . 17,842 3,853 7,831 101,733 14,009 1,346 10,806 10,127 5,449 104,502 851 247 8,592103,8143,455 24,323 New York City: 1941—Dec. 31 ... . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1 ,648 1945—Dec. 31 .... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2, 120 1947—Dec. 31 .... 4,639 151 70 16,653 3,236 1 ,217 267 290 1,105 17,646 12 12 14 1 ,418 30 2,259 1962—Dec. 28 .. .. 4,121 251 156 17,095 3,854 929 1,408 366 2,237 19,628 207 53 266 8,937 1,728 3,898 1963—Dec. 20.. . . 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 76 449 10,920 1,438 3,984 1964—Dec. 31 ... . 3,730 278 180 17,729 4,112 976 1,486 441 2,940 20,515 436 74 677 13,534 1 ,224 4,471 1965—June 30. .. . 4,274 314 199 16,430 4,115 950 2,561 561 3,270 18,549 579 87 682 15,969 1 ,423 5,094 City of Chicago: 1941—Dec. 31.... 1 ,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 ... . 942 36 200 3, 153 1,292 20 1 ,552 237 66 3, 160 719 377 1947—Dec. 31 .. .. 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 ......... 426 1962—Dec. 28... . 1 ,071 44 99 4,262 1,235 41 410 351 109 4,804 18 7 16 3,001 262 948 1963—Dec. 20... . 1 ,019 49 98 4,144 1,169 43 395 275 112 4,500 17 6 185 3,595 255 996 1964—Dec. 31 ... . 1 ,006 55 150 4,294 1,389 59 396 312 122 4,929 22 5 213 4,361 204 1 ,056 1965—June 30.. .. 1 ,028 64 97 3,881 1,237 60 699 276 109 4,542 27 5 181 4,563 438 1 ,096 Other reserve city: 1941—Dec. 31 ... . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1 ,967 1945—Dec. 31 ... . 6,326 494 2,174 22,372 6,307 110 8,221 1 ,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31 .... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1962—Dec. 28.. . . 7,671 1,021 2,253 35,481 7,229 248 2,337 3,216 980 39,4)3 82 83 2,633 28,027 1,388 7,263 1963—Dec. 20. . . . 7,587 935 2,105 35,859 6,958 267 2,212 3,144 1 ,034 39,281 95 72 2,950 31 ,982 1,416 7,697 1964—Dec. 31... . 7,680 1,065 2,433 37,047 7,962 326 2,195 3,508 1,238 42,137 134 77 3,840 35,728 841 8,488 1965—June 30... . 7,274 1 , 149 2,202 34,279 6,874 294 4,325 3,280 1,091 38,600 173 75 4,163 38,543 1,271 8,774 Country: 1941—Dec. 31 ... . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31 ... . 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21 ,797 17 52 219 12,224 11 2,525 1947—Dec. 31 ... . 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1962—Dec. 28... . 4,817 1,947 5,389 44,689 1,753 19 1,931 5,337 756 40,801 51 100 2,242 34,350 172 7,744 1963—Dec. 20. . . . 4,919 1,884 5,060 46,049 1,764 29 1 ,960 5,590 790 41 ,877 56 86 2,778 37,829 390 8,377 1964—Dec. 31 ... . 5,165 2,092 6,295 49,253 2,141 41 1,760 6,031 1,068 45,298 71 83 3,282 41,803 213 8,886 1965—June 30.... 5,267 2,326 5,333 47,143 1,784 41 3,222 6,010 979 42,810 71 81 3,566 44,739 323 9,359 Nonmember:2 1947—Dec. 31 . 544 3,947 13,595 385 55 167 1 ,295 180 12,284 190 6 172 6,858 12 1 ,596 1962—Dec. 28.. . . 989 5,202 22,814 642 57 743 2,802 428 19,813 176 26 1 ,292 16,675 77 4,240 1963—Dec. 20. . . . 917 4,953 23,763 671 78 743 2,880 438 20,654 144 29 1,545 18,560 165 4,623 1964—Dec. 31.... 1 ,042 6,054 26,348 765 166 672 3,227 602 22,816 156 33 1 ,800 21,210 198 4,894 1965—June 30.... ............. 1,125 5,192 24,982 686 130 989 3,164 552 21,473 181 30 1,981 22,702 228 5,156 3 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 4 Through 1960, demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt, less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and 5 For reclassification of certain deposits in 1961, see note 6, p. 589, by mergers, etc. May 1964 Bulletin. Data for Dec, 31, 1964 and June 30, 1965, for national banks have been adjusted to make them comparable with State bank data, (Data for Note.—Data are for all commercial banks in the United States. (For Dec. 20, 1963, also adjusted to lesser extent.) definition of “commercial banks” as used in this table and lor other banks For other notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

560 WEEKLY REPORTING MEMBER BANKS APRIL 1966 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing To financial institutions or carrying securities Total Loans Wednesday i l n o a v a n e n d s s t ­ i m n a a v e n d e n d s ­ t t s ­ Lo ad an ­ s C m c o i e a m r l ­ ­ A c g u r l­ i­ T an o d b d r e o a k l e e r r s s To others Bank Nonbank Real All V at a io lu n ­ ments 1 justed 2 justed 2 in t a r d n i u a d l s ­ tural G U c t s u i o . e e r v ­ S s i t ­ . , O c t s u t i e e h r ­ s i e ­ r G U c t s u i o . e e r v ­ s S i t ­ . . O c t s u t ie h e r s ­ i e ­ r F ei o g r n ­ c m m D c o t i i e e m a o c r s l ­ ­ ­ ­ f c P s i a e n a o e t n l a s c r e d n s . . s , , . Other estate other se r r e v ­ es Total—■ Leading cities 1965 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 10....................... 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....................... 153,910 151,742 104,011 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 1,559 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 1966 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 Mar. 2....................... 165,450 163,159 116,939 51 ,315 1,653 614 3,336 102 2,197 1,551 2,291 5,829 4,590 22,730 25,629 2,607 9....................... 164,482 161,393 115,979 51,158 1 ,652 312 3,293 100 2,195 1,541 3,089 5,511 4,561 22,701 25,564 2,609 16....................... 166,931 164,234 118,632 52,438 1 ,632 438 3,263 99 2,190 1,533 2,697 6,542 4,610 22,788 25,707 2,608 23....................... 165,415 162,695 117,865 52,470 1,637 337 3,118 100 2,184 1,525 2,720 6,081 4,607 22,806 25,612 2,612 30....................... 166,814 163,662 118,410 52,640 1 ,648 554 3,198 105 2,178 1,551 3,152 5,944 4,674 22,867 25,668 2,617 New York City 1965 Mar. 3....................... 37,311 36,683 25,940 14,447 18 371 1 ,917 13 499 823 628 1 ,409 891 2,334 3,832 614 10....................... 37,138 36,477 25,737 14,325 18 324 1,889 13 500 825 661 1,402 903 2,324 3,828 614 17...................... 37,895 37,395 26,749 14,808 25 313 2,126 15 504 827 500 1 ,622 928 2,344 3,856 619 24....................... 37,891 37,185 26,707 14,724 25 359 2,215 14 507 823 706 t ,447 933 2,363 3,916 619 31....................... 38,201 37,447 27,143 14,917 27 341 2,299 13 509 838 754 1,606 957 2,368 3,887 619 1966 Feb. 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 Mar. 2....................... 41,215 40,505 30,563 17,457 22 352 1 ,983 19 659 816 710 1 ,905 1,164 2,932 4,020 766 9.............. 41,122 39,552 30,096 17,404 22 137 1,976 19 662 802 1,570 1,750 1,150 2,936 4,004 766 16....................... 41,945 40,935 31,344 18,013 22 165 I ,968 18 657 801 1,010 2,262 1,169 2,956 4,079 766 23....................... 41,081 39,976 30,684 17,864 22 120 1,869 18 654 801 1 , 105 1 ,976 1,146 2,969 4,011 766 30....................... 42,189 40,720 31,109 18,008 22 292 1 ,931 18 655 817 1 .469 1 ,957 1,227 2,981 3,967 766 Outside New York City 1965 Mar. 3...................... 115,276 113,552 76.362 28,896 1 ,512 512 1 ,423 54 1 ,364 699 1 ,724 3,073 3,031 17,854 19,624 1,680 10...................... 114,805 113,199 76,017 28,838 1 ,512 339 1 ,394 53 1 ,353 71 1 1 ,606 2,985 3,027 17,872 19,612 1 ,679 17....................... 116,015 114,347 77,262 29,526 1 ,511 501 1 ,401 54 1 .352 722 t ,668 3,238 3,055 17,910 19,674 1,682 24....................... 115,883 114,188 77,142 29.590 1,514 354 1 ,406 56 1,365 736 1 .695 3,077 3,044 17,935 19,746 1 .681 31....................... 115,849 114,516 77,673 29,703 1 ,515 435 1 .359 116 1 ,377 734 1 ,333 3,202 3,131 17,959 19,818 1 ,676 1966 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 (6....................... 123,585 122,282 85,758 33,635 1,628 239 1,262 82 1,539 744 I , 303 3,690 3,479 19,797 21,503 I ,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 Mar. 2....................... 124,235 122,654 86,376 33,858 I ,631 262 1,353 83 I .538 735 1 .581 3,924 3,426 19,798 21,609 I ,841 9....................... 123,360 121,841 85,883 33,754 1 ,630 175 1.317 81 I ,533 739 1.519 3,761 3,41 1 19,765 21,560 1,843 16....................... 124,986 123,299 87,288 34,425 1 ,610 273 1.295 81 1 .533 732 I .687 4,280 3.441 19,832 21.628 1 ,842 23....................... 124,334 122,719 87,181 34,606 1 ,615 217 1 .249 82 1.530 724 1 ,615 4, 105 3,461 19.837 21,601 1 ,846 30....................... 124,625 122,942 87,301 34,632 1 ,626 262 1 ,267 87 1 ,523 734 1 ,683 3.987 3.447 19,886 21.701 1 ,851 For notes see p. 562. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 WEEKLY REPORTING MEMBER BANKS 561 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 U.S. Government securities Total assets— VWednesday Total Bills c C t a i e f t i e r ­ s ­ Wi N th o ­ m te a s t u a 1 n r t i d o n g b — on A d f s t er O s r e i t t c h ie u e s ­ r Total d b a o w B n a t m i i c n a t c e l k h e ­ s s s ­ b a w e B f n a i o n i c g a t r e l k n h ­ ­ s s Cu c a r o r n e i d n n cy s B w e F R a r . i n v R e th e k ­ , s s a o s A t s h e l e l t r s a c l c T i a c a a t o p i b n o e t i i d u s a t l a n i l ­ l t s in 5 years 5 years 1 year Total Leading Cities 1965 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 3,806 ............... 3,468 11,121 6,567 22,185 19,004 3,826 397 1,885 12,896 6,174 196,379 1966 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 Mar. 2................... 22,418 3,592 530 2,862 9,024 6,410 23.802 18,363 3,149 195 2,016 13,003 7,030 209,028 9.................. 21,706 3,077 522 2,817 9,015 6,275 23,708 17,968 2,948 207 2.043 12,770 7,189 205,861 16.................. 21,863 3,245 527 2,811 9,202 6,078 23,739 18,984 3,375 203 2,050 13,356 7,136 212,466 23................... 21,193 2,740 494 2,796 9,205 5,958 23,637 19,135 2,971 195 2,138 13,831 7,100 207,762 30................... 21,474 3,030 499 2,741 9,275 5,929 23,778 18,524 2,929 184 2,178 13,233 7,196 208,669 New York City 1965 Mar. 3................... 4,815 985 676 1 ,824 1,330 5,928 4,070 102 125 274 3,569 2,581 49,669 10................... 4,800 999 658 1 ,825 1 ,318 5,940 3,976 99 132 323 3,422 2,497 49,022 17................... 4,722 942 655 1 ,832 1 ,293 5,924 4,065 129 140 298 3,498 2,466 50,723 24................... 4,514 771 656 1 ,782 1 ,305 5,964 3,954 106 137 296 3,415 2,568 50.702 31................... 4,505 766 .........6..7..6.. 1 ,766 1 ,297 5,799 4,415 602 118 279 3,416 2,618 52,224 1966 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 5,81 1 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 Mar. 2................... 4,151 848 131 570 1,212 1 ,390 5,791 4,227 153 98 297 3,679 2,832 54,411 9................... 3,779 593 120 543 1,214 I ,309 5,677 3,773 128 109 308 3.228 2,951 53,945 16................... 4,004 834 117 556 1 ,239 1 ,258 5,587 4,510 162 104 289 3,955 2,892 56,533 23................... 3,741 615 115 546 1,279 1,186 5,551 4,661 145 94 302 4,120 2,907 54,540 30................... 4,043 91 1 123 53 8 1,342 1,129 5,568 4.403 143 87 309 3,864 2,902 55,406 Outside New York City 1965 Mar. 3................... 21,150 3,624 2,648 9.304 5,574 16,040 14,332 3,205 134 1 ,521 9,472 3,547 143,814 10.................. 20,864 3,380 2,677 9,262 5,545 16,318 14,008 3,010 138 1,597 9,263 3,515 141 ,674 17................... 20,696 3.292 2,727 9,346 5,331 16,389 14,295 3,083 135 1,622 9,455 3,546 144,388 24................... 20.626 3,201 2,726 9.387 5.312 16,420 14,136 3.003 133 1 ,646 9,354 3,565 142,569 31................... 20,457 3,040 .....2..,.7..9...2.. 9,355 5,270 16,386 14,589 3,224 279 1 ,606 9,480 3,556 144.155 1966 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 1 ,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 Mar. 2................... 18,267 2,744 399 2,292 7,812 5,020 18.011 14,136 2,996 97 1 ,719 9,324 4,198 154,617 9................... 17,927 2,484 402 2,274 7,801 4,966 18,031 14,195 2,820 98 1 ,735 9,542 4,238 151,916 16................... 17,859 2,411 410 2,255 7,963 4,820 18,152 14,474 3,213 99 1 ,761 9,401 4,244 155,933 23................... 17,452 2.125 379 2,250 7,926 4,772 18,086 14,474 2,826 101 1,836 9,71 1 4,193 153,222 30................... 17,431 2,119 376 2,203 7,933 4,800 18,210 14,121 2,786 97 1 ,869 9.369 4,294 153,263 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

562 WEEKLY REPORTING MEMBER BANKS APRIL 1966 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time Wednesday ju u T s n o t a e ta d d l ­ 4 ju m p D o d a s a t s d e e n e i ­ ­ ­ t d d s 5 Total6 IPC S l g a o o t n c a v d a t t e l . e F i o gn r­ 7 G U o . v S t . . c m m D c o t i i e e m a o c r s l ­ ­ ­ ­ Total8 S in a g v s ­ IPC Oth S l e a o r t n c a d a t t i e l m e e 9 F ig o n r­ 7 F B F r . a o n R m k . s o F t r h o e m rs O li t a t i b h es i e l r i­ c C o i a u t a c a n p ­ l t ­ s banks govt. Total­ Leading cities 1965 Mar. 3........... 166,579 63,509 96,240 68,131 5,423 1,9624,035 12,330 70,339 41,743 18,358 5,477 4,084 504 3,764 6,791 15,845 10........... 164,127 64,247 93,298 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 1,9026,056 11,472 71,004 42,097 18,464 5,550 4,203 184 3,983 6,947 15,841 31........... 170,319 63,407 99,182 67,645 5,570 2,093 5,990 12,634 71,137 42,323 18,457 5,498 4,173 50 3,299 6,755 15,956 1966 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 2,037 2,393 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 2,0583,950 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 70,536 4,898 2,0823,445 12,127 79,324 45,06422,716 6,571 4,163 555 5,460 8,117 17,193 Mar. 2........... 178,782 65,231 99,182 71,371 5,531 2,1093,147 12,619 79,600 45,06422,961 6,616 4,163 500 4,350 8,123 17,273 9.. . . . . 174,756 65,379 94,816 70,001 5,032 2,0441,078 12.137 79,940 45,10023,258 6,627 4,155 373 5,172 8,296 17,264 16.......... 182,215 67,430 102,508 74,709 4,954 2,076 2,719 12,944 79,707 45,10923,012 6,628 4,149 35 4,675 8,316 17,225 23.......... 177,064 65,306 96,891 70,002 5,078 1,9743,821 1 1 ,652 80,173 45,09923,482 6,649 4,123 557 4,630 8,288 17,223 30........... 178,163 66,292 97,162 70,313 5,651 2,0063,223 1 1,512 81,001 45,111 24,160 6,755 4,164 407 4,883 7,966 17,250 New York City 1965 Mar. 3.......... 40,503 15,811 25,894 16,940 349 1 ,413 1 .046 3,330 14,609 4,828 5,898 520 2,917 203 1 ,578 3,069 4,316 10.......... 40,067 15,867 25,146 16,930 285 1 ,380 662 3,206 14,921 4,850 6,151 534 2,923 108 1,510 3,018 4,319 17.......... 41,450 15,912 26,583 16,994 296 1,356 1 .206 3,168 14,867 4,867 5,979 533 3,014 153 1 ,760 3,050 4,310 24........... 41 .558 15,149 26,547 16,383 346 1 ,3721 ,687 3,422 15,011 4,885 6,115 525 3,028 1,579 3,259 4,306 31........... 43,315 15,887 28,220 17,301 438 1 ,503 1 ,759 3,584 15,095 4,916 6,222 495 3,004 1 ,448 3,112 4,349 1966 Feb. 2........... 44,011 17,058 26,589 17,887 319 I ,528 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 5,119 8,015 608 2,977 2,290 3,845 4,938 Mar. 2........... 43,913 16,168 26,567 17,668 373 1 ,550 834 3,428 17,346 5,117 8,074 662 2,973 1 ,809 3,746 4,943 9........... 43,211 16,045 25,796 17,358 297 1 ,487 329 3,323 17,415 5,129 8 J 39 666 2^958 12 1 ,852 3,934 4,936 16........... 45,794 16,995 28,492 18,946 275 1 ,519 663 3,648 17,302 5,139 8,008 664 2,942 2,005 3,803 4,931 23.......... 43,935 16,036 26,344 17,296 339 1 ,445 1 .107 3,310 17,591 5,139 8,326 665 2,900 145 1 ,694 3,842 4,924 30........... 44,660 16,604 26,690 17,668 478 1 .471 965 3,209 17,970 5,124 8,683 661 2.948 146 1 ,969 3,714 4.917 Outside New York City 1965 Mar. 3.......... 126,075 47,698 70,346 51,191 5,074 5492.989 9.000 55,730 36,915 12,460 4,957 1,167 301 2,186 3,722 11 ,529 10.......... 124,060 48,380 68,152 50,906 4,827 561 1 ,784 8,642 55,908 37,060 12,462 4,980 1 ,173 270 2, 112 3,687 11,545 17.......... 126,818 48,493 71,044 52,432 4,555 535 3,143 8,876 55,774 37,161 12,261 4,950 1,174 194 2,112 3,738 11,526 24.......... 124,758 47,361 68,765 49,800 4,596 5304.369 8,050 55,993 37,212 12,349 5.025 1,175 184 2,404 3,688 11,535 31........... 127,004 47,520 70,962 50,344 5,132 5904,231 9,050 56,042 37,40712,235 5,003 1 ,169 50 1 ,851 3,643 11,607 1966 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 I ,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 4,655 555 2.641 8,374 62,076 39,945 14,701 5,963 1 , 186 555 3,170 4,272 12,255 Mar. 2.......... 134,869 49,063 72,615 53,703 5,158 5592,313 9,191 62,254 39,947 14,887 5,954 1,190 500 2,541 4,377 12,330 9........... 131,545 49,334 69,020 52,643 4,735 557 749 8,814 62,525 39,971 15,119 5,961 1 , 197 361 3,320 4,362 12,328 16.......... 136,421 50,435 74,016 55,763 4,679 5572,056 9,296 62,405 39,970 15,004 5,964 1 ,207 35 2,670 4,513 12,294 23.......... 133,129 49,270 70,547 52,706 4,739 5292,714 8,342 62,582 39,960 15,156 5.984 1 ,223 412 2,936 4,446 12,299 30........... 133,503 49,688 70,472 52,645 5,173 5352,258 8.303 63,031 39,987 15,477 6,094 1 .216 261 2,914 4,252 12,333 1 After deduction of valuation reserves. banks, international institutions, banks in foreign countries, and foreign 2 Exclusive of loans to domestic commercial banks and after deduction branches of U.S. banks other than reporting bank. of valuation reserves; individual loan items are shown gross. 8 Includes U.S. Govt., postal savings, domestic commercial interbank 3 Excludes cash items in process of collection. and mutual savings banks, not shown separately. 4 Total bemand and total time deposits. s Includes negotiable certificates c »f deposit issued in denominations 5 Demand deposits other than domestic commercial interbank and over $100,000, as follows (in millions of dollars): U.S. Govt., less cash items in process of collection. Mar. 2 Mar. 9 Mar. 16 Mar. 23 Mar. 30 6 Includes certified and officers* checks and deposits of mutual savings Total—Leading cities......... 16,625 16,778 16,386 16,722 17,193 banks, not shown separately. New York City.................... 6,892 6.887 6,73! 6.951 7,198 ? Deposits of foreign governments and official institutions, central Outside New York City. . . 9,733 9,891 9,655 9.771 9,995 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 BUSINESS LOANS OF BANKS 563 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during— Industry 1966 1966 1966 1965 1965 M 3 a 0 r. M 2 a 3 r. M 1 a 6 r. M 9 ar. M 2 ar. Mar. Feb. Jan. I IV III 2 h n al d f h 1 a s l t f Durable goods manufacturing: Primary metals.................................... 971 964 958 929 902 97 -9 65 153 11 6 17 160 Machinery............................................ 3,075 3,058 3,102 2,965 2,971 165 79 -31 213 85 36 121 534 Transportation equipment............... 1,321 1,300 1 ,274 1,177 1 ,209 144 53 -72 125 -50 180 130 119 Other fabricated metal products. . . 1,451 1,439 1,439 1,359 1,436 15 -6 87 96 -39 109 70 323 Other durable goods.......................... 1,677 1,675 1,671 1,622 1 ,592 103 24 29 156 -35 118 83 285 Nondurable goods manufacturing: Food, liquor, and tobacco............... 2,351 2,386 2,425 2,348 2,371 -13 24 -50 -39 657 103 760 -370 Textiles, apparel, and leather.......... 1,855 1,862 1,855 1,775 1,725 180 190 -45 325 -336 172 -164 424 Petroleum refining.............................. 1,639 1 ,661 1,655 1,632 1,635 9 24 116 149 157 102 259 189 Chemicals and rubber....................... 2,116 2,099 2,069 1 ,936 1,936 189 123 18 330 92 -9 83 299 Other nondurable goods................... 1,250 1 ,238 1 ,240 1,187 1,179 76 26 -9 93 -46 108 62 203 Mining, including crude petroleum and natural gas............................... 3,711 3,719 3,699 3,668 3,669 26 -36 128 118 242 1 243 221 Trade: Commodity dealers................... 1,375 1,411 1 ,454 1,420 1,451 -100 -5 5 -100 374 62 436 -390 Other wholesale......................... 2,722 2,725 2,710 2,648 2,662 80 26 -100 6 139 44 183 270 Retail........................................... 3,086 3,129 3,106 2,988 3,013 161 56 -228 -11 -58 -19 -77 681 Transportation, communication, and other public utilities....................... 6,007 5,938 5,947 5,857 5,870 89 -1 -211 -123 628 333 961 505 Construction..................................... 2,583 2,554 2,578 2,538 2,547 38 1 -3 36 -3 29 26 259 All other:1 Bankers’ acceptances......................... 695 571 569 580 630 32 6 -39 -1 5 -191 -186 -213 All other types of business, mainly services.............................................. 6,582 6,546 6,543 6,483 6,468 133 30 80 243 287 94 381 564 Total classified loans 44,467 44,275 44,294 43,112 43,266 1,424 605 -260 1,769 2,110 1,278 3,388 4,063 Commercial and industrial loans— All weekly reporting banks........ 52,640 52,470 52,438 51,158 51,315 1,581 737 -307 2,011 2,512 1,270 3,782 4,728 1 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 (thousands of dollars) (thousands of dollars) Area All Area All and loans and loans period 1­ 10­ 100­ 200 period 1­ 10­ 100­ 200 10 100 200 and over 10 100 200 and over Year: 19 large cities: Quarter—cont.:1 New York City: 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 1966—Mar............... 5.41 5.92 5.78 5.66 5.34 1960............................. 5.2 6.0 5.7 5.4 5.0 1961............................. 5.0 5.9 5.5 5.2 4.8 7 other northern and 1962............................. 5.0 5.9 5.5 5.2 4.8 eastern cities: 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 1966—Mar............... 5.58 6. 10 6.05 5.82 5.46 19 large cities: 11 southern and 1965—Mar......................... 4.97 5.89 5.56 5.26 4.78 western cities: June........................ 4.99 5.88 5.59 5.29 4.79 1965—Mar............... 5.27 6.02 5.68 5.36 4.99 Sept.......................... 5.00 5.90 5.60 5.32 4.80 June.............. 5.31 6.00 5.71 5.42 5.06 Dec.................... 5.27 5.96 5.74 5.51 5.11 Sept............... 5.31 6.02 5.73 5.45 5.03 Dec................ 5.46 6.07 5.80 5.59 5.23 1966—Mar......................... 5.55 6. 13 5.96 5.76 5.41 1966—Mar............... 5.70 6,23 6.01 5.77 5.50 1 Based on new loans and renewals for first 15 days of month. in per cent): 1955—Aug. 4, 3^; Oct. 14, 3*4; 1956—Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4^; 1958—Jan. 22, 4; Apr. 21, 3^; Sept. 11,4; Note.—Weighted averages. For description see Mar. 1949 Bulletin, 1959—May 18, 4«4; Sept. 1,5; 1960—Aug. 23, 414; 1965—Dec. 6, 5; pp. 228-37. Bank prime rate was 3 per cent Jan. 1, 1955—Aug. 3, 1955. and 1966—Mar. 10, J1^. Changes thereafter occurred on the following dates (new levels shown Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

564 INTEREST RATES APRIL 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 c e e r d 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 i R s s a n u t e e e w M y a ie r l k d et ( y m i B e a i l l d r ls k ) e 5 t Other 6 iss y u e e a s r 7 1965 .............................. 4.38 4,27 4.22 4.07 3.954 3.95 4.055 4.05 4.06 4.09 4.22 1965—Mar................... 4.38 4.25 4.15 4.04 3.942 3,93 4.003 4.00 4.02 4.03 4.12 Apr............. 4.38 4.25 4.19 4.09 3.932 3.93 3.992 3.99 4.00 4.00 4.12 May................. 4.38 4.25 4.25 4.10 3.895 3.89 3.950 3.95 3.96 3.99 4.11 June................. 4.38 4.25 4.25 4.04 3.810 3.80 3.872 3.86 3.89 3.98 4.09 July................... 4.38 4.25 4.22 4.09 3.831 3.83 3.887 3.89 3.89 3.96 4.10 Aug................... 4.38 4.25 4.14 4.12 3.836 3.84 3.938 3.95 3.96 4.00 4.19 Sept.................. 4.38 4.25 4.25 4.01 3.912 3.92 4.050 4.07 4.09 4.11 4.24 Oct.................... 4.38 4.32 4.25 4.08 4.032 4.02 4.197 4.18 4.16 4.18 4.33 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 Mar................... 5,21 5.02 5.01 4.65 4.626 4.58 4.825 4.78 4.81 4.96 4.94 Week ending- 1966—Feb. 26........... 4.88 4.88 4.88 4.63 4.696 4.66 4.892 4.87 4.86 4.98 5.04 Mar. 5........... 5,00 4.88 4.88 4.63 4.661 4.62 4.861 4.81 4.91 5.00 5.03 12........... 5.00 4.88 4,99 4.68 4.620 4.63 4.816 4.83 4.87 5.01 5.00 19........... 5.28 5.10 5.06 4.57 4.718 4.64 4.915 4.82 4.82 5.01 4.93 26.........5....38 5.13 5,06 4.68 4.576 4,50 4.776 4.70 4.72 4.89 4.88 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of dally rates, published by finance cos., for varying maturi­ closing bid prices. ' ties in the 90-179 day range, 3 Bills quoted on bank discount rate basis. 3 Seven-day average for week ending Wed. 6 Selected note and bond issues. 2 Selected note and bond issues. 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 S (l t o a n te g s ­ Total1 term) Total i Aaa Baa Aaa Baa In tr d ia u l s­ R ro a a i d l­ P ut u i b li l t i y c fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ 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 5.86 1965—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 ^6.28 July........................................ 4.15 3.34 3,16 3.56 4.64 4.48 4.88 4.62 4.71 4.58 4.38 3.09 Aug........................................ 4.19 3.32 3.16 3.55 4.65 4.49 4.88 4.63 4.73 4,60 4.34 3.06 Sept....................................... 4.25 3.41 3.25 3.61 4.69 4.52 4.91 4,65 4,77 4.64 4.32 2.98 5.85 Oct......................................... 4.27 3.46 3,31 3.65 4.72 4.56 4.93 4.67 4 81 4.67 4.38 2.91 Nov........................................ 4.34 3.50 3,34 3.70 4.75 4.60 4.95 4.71 4.83 4.71 4.41 2.96 Dec........................................ 4.43 3,56 3.39 3.78 4.84 4.68 5.02 4.79 4.91 4.82 4.47 3.06 5.65 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 4.94 4,78 5 12 4.9! 5.02 4.90 4.63 3.06 Mar........................................ 4.63 3.78 3.55 4.11 5. 10 4.92 5.32 5.06 5.18 5.08 4.83 3,23 Week ending-— 1966—Feb. 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 Mar. 5................................ 4 71 3.84 3.63 4 15 5.01 4 85 5.20 4 98 5.08 4.97 4.78 3.21 12................................ 4.68 3.83 3.61 4,15 5.05 4.88 5.26 5.02 5 14 5.00 4.86 3.22 19................................ 4.63 3.79 3.56 4.13 5.12 4.93 5 34 5.08 5 19 5.09 4.87 3.27 26................................ 4.57 3.74 3.51 4.08 5.16 4.97 5.37 5,10 5.22 5.15 4.85 3.22 ................... Number of issues............................ 10-11 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

APRIL 1966 SECURITY MARKETS 565 MORTGAGES: NEW HOMES SECURITY PRICES i F n H su A re - d Conventional first mortgages Bond prices Co ( m 19 m 4 o 1 n -4 s 3 to = c 1 k 0 ) prices V um ol e ­ Period Y c ( e p ie n e l t r d ) I c ( n r e e p a t s n e e t t e t r r ) ­ F c ( e e p e t n e e c t s , r ) , ( M t y i u r ty a s r . ­ ­ ) L p c r ( a o e r p i t n a e c i t n o r e ) / d ( A o t l h o l v l o a a g n u r . , s ) Period ( G t l U e o o r . n m v S g t . ) , ­ S l a o t n c a d a te l A C p a A o o te r r A ­ ­ Total d t I r u i n a s ­ l ­ R ro a a i d l­ P u i l u t t i i y c b l ­ ­ s ( h t t r i h a o n a r o g f d e u s ­ , ) 1961.............. i 5.69 (5.98) 1964............... 84.46 111.5 95.1 81.37 86.19 45.46 69.91 4,888 1962.............. 5.60 0.93) 1965............... 83.76 110.6 93.9 88.17 93.48 46.78 76.08 6,174 1963.............. (5.81) 1963.............. 5.46 5.84 .64 24.0 73.3 16.3 1965—Mar.. 84.48 112.0 95.2 86.83 91.75 46.98 76.92 5,427 1964.............. 5.45 5.78 .57 24.8 74.1 17.3 Apr. . 84.53 112.2 95.0 87.97 93.08 46.63 77.24 5,673 1965.............. 5.47 5.76 .54 24.8 7.41 18.1 May.. 84.58 111.9 94.7 89.28 94.69 45.53 77.50 5,510 June.. 84.57 110.8 94.3 85.04 90.19 42.52 74.12 5,828 1965—Feb. . 5.45 5.79 .61 24,9 74.0 17.6 July.. 84.51 110.8 93.9 84.91 89.92 43.31 74.63 4,056 Mar.. 5.45 5.72 .49 24.9 73.7 18.5 Aug. . 84.00 111.0 93.5 86.49 91.68 46.13 74.71 4,962 Apr.. 5.45 5.74 .51 24.9 73.7 18.1 Sept.. 83.27 109.3 92.8 89.38 94.93 46.96 76.10 7,403 May.. 5.45 5.77 .53 24.9 74.4 18.2 Oct.. . 82.97 108.4 92.7 91.39 97.20 48.46 76.69 7,809 June.. 5.44 5.76 .49 24.6 73.9 17.5 Nov.. 82.22 107.7 92.3 92.15 98.02 50.23 76.72 7,360 July.. 5.44 5.77 .55 25.0 75.0 18.3 Dec... 81 .21 106.3 91.1 91.73 97.66 51.03 75.39 8,690 Aug.. 5.45 5.76 .50 24.5 73.8 18.2 Sept.. 5.46 5.75 .56 24,9 73.7 18.1 1966—Jan... 81.15 106.9 90.5 93.32 99.56 53.68 74.50 8,935 Oct... 5.49 5.75 .53 24.8 73.8 18.3 Feb... 79.32 105.2 89.5 92.69 99.11 54.78 71 .87 8,753 Nov... 5,51 5.80 .54 25.0 74.9 18.5 Mar.. 78.92 103.9 87.9 88.88 95.21 51.52 69,21 8,327 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. . 5.85 .55 24.6 73.2 18.8 6.00 Feb. 26........ 78.50 103.5 89.0 91.35 97.70 54.26 70.51 8,156 Mar. 5........ 77.96 102.6 88.5 89.83 96.15 53.50 68.79 10,073 12........ 78.36 103.4 88.2 88.60 94.74 51.84 68.86 8,965 1 Last 6 months only. 19 78.89 103.9 87.7 87.95 93.98 50,40 69.23 7,222 26........ 79.58 104.2 87.7 89.32 95.48 51.57 69.90 7,702 Note.—Annual data are averages of monthly figures. Yields on FHA-insured mortgages are derived from weighted averages of FHA field-office opinions on private secondary market prices Note.—Annual data are averages of monthly figures. Monthly and weekly for Sec. 203, 30-year mortgages, with the minimum down pay­ data are averages of daily figures unless otherwise noted and are computed as ment, a maximum permissible interest rate of 5*4 per cent, follows: U.S. Govt, bonds, derived from average market yields in preceding table through January 1966 and 5^ percent thereafter, and an assumed on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds, prepayment period of 15 years. Price data are reported as of the derived from average yields as computed by Standard and Poor’s Corp., on basis first of the succeeding month. of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks. Standard Conventional first mortgages, Home Loan Bank Board in and Poor’s index. Volume of trading, average daily trading in stocks on the cooperation with Federal Deposit Insurance Corporation be­ N.Y. Stock Exchange for a S^-hour trading day. ginning in late 1962; interest rate data for earlier years-—in parentheses—are based on estimates from Federal Housing Administration. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit ’ Net debit balances with Bank loans to others than N. Y. Stock Exchange brokers and dealers for pur­ Money borrowed on— Month Total firms secured by— chasing or carrying— to C m us e ­ rs’ securities net other than Other securities free U.S. Govt. se G c U u o . r S v it t . i , e s se O cu th ri e ti r e s se G c U u o r . v i S t t i . , e s se O cu th ri e ti r e s se G c U u o . r S v it t . i , e s Customer Other c a b r n e a c d l e ­ i s t Total collateral collateral 1963—Dec........ 7,242 26 5,515 140 1 ,727 32 4,449 3,852 597 1,210 1964—Dec........ 7,053 2! 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 I ,207 May.... 7,085 26 5,129 75 1 ,956 157 4,030 3,397 633 1,208 June.... 7,084 26 5,114 73 1,970 225 4,211 3,396 815 1,297 July. . . . 6,833 24 4,863 69 1 ,970 82 3,594 3,099 495 1,233 Aug........ 6,874 22 4,886 68 1 ,988 145 3,626 3,108 518 1,192 Sept....... 7,036 22 4,994 88 2,042 86 3,522 2,978 544 1 ,369 Oct......... 7,117 23 5,073 95 2,044 150 3,403 2.882 521 1 ,475 Nov........ 7,304 23 5,209 93 2,095 134 3,527 2,930 597 I ,479 Dec........ 7,705 22 5,521 101 2,184 130 3,576 2,889 687 1,666 1966—Jan......... 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 Islet 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 genera! part­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

566 OPEN MARKET PAPER; SAVINGS INSTITUTIONS APRIL 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 P di l r a e c c e t d ­ Total Banks Others p i I o n m t r o t ­ s p f E r o o x r m t ­ s D e o x ll ­ ar shi p p o p i e n d t s b e in tw — een dealers 1 ly 2 Total O bi w ll n s bo B u il g ls h t O ac w ct n . F ei o g r n ­ U St n a i t t e e s d U St n a i t t e e s d change United Foreign corr. States countries 1959....................... 3,202 677 2,525 1,151 319 282 36 75 82 675 357 309 74 162 249 i960....................... 4,497 1,358 3,139 2,'027 662 490 173 74 230 1,060 403 669 122 308 524 1961....................... 4,686 1,711 2',975 2,683 1372 896 376 51 126 1,234 485 969 117 293 819 1962........................ 6'000 2,088 3312 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963 ....................... 6347 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—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 1351 725 924 31 22 1^622 Apr............. 9,533 2,047 7,486 3,384 1,394 1,171 223 104 139 1347 744 936 25 21 1 359 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............ 10339 2^046 8393 3337 1,357 1,094 263 35 151 1 ,794 782 949 11 16 1'580 Aug............ 10,358 2,117 8341 3,299 1,321 1,078 243 55 145 1,779 797 933 11 12 1,547 Sept............ 9j 692 2,194 7,498 3,314 1,311 1,114 198 63 152 1,787 820 942 17 20 016 Oct.............. 10,554 2,250 8,304 3,310 1,264 1,099 165 86 156 1,804 842 919 18 16 L515 Nov............ 10.406 2,205 8,201 3,245 1,188 1,051 136 110 146 1 ,802 802 917 14 26 1 '485 Dec............. 9’017 C903 7,114 3’,392 1,223 1 ,094 129 187 144 1,837 792 974 27 35 1 364 1966-—Jan........ 9,910 1,834 8,076 3,332 1,206 1,109 97 110 134 1,883 752 933 26 29 1 ,592 Feb............. 10,656 1,828 8,828 3,313 1 ,294 1,177 117 122 135 1 ,762 738 920 35 22 1 ,600 1 As reported by dealers; includes finance co. paper as well as other 2 As reported by finance cos. that place their paper directly with commercial paper sold in the open market. investors. Series includes all paper with maturity of 270 days or more. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— End of period M ga o g r e t­ Other G U o . v S t . . S g l a o o t n c a v d a t t e l . C ot o r a h a n r e t p d e r o ­ 1 Cash O as t s h e e ts r g r l T e e ia a t s n o i e b n e e t r i d a s r v l a l i e ­ l D i e ts p o 2 s­ l O ia t t i b h e i s e li r ­ G r c e o e s a n u e c e r n ­ v r t a e s l c M om or m tg i a tm ge e n lo ts a n 3 accts. NumberAmount 1941 ................. 4 387 89 3,592 1 86 829 689 11,772 10,503 38 1 331 1945 .......................... 4302 62 10350 1 357 606 185 16362 15,332 48 1,582 1959 4............................. 24J69 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65 348 1 ,170 1960................................ 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3 350 58,350 1 300 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................................ 40,328 739 5391 391 5,099 1,004 886 54 338 48 349 989 4'400 135,992 2320 1965—Jan...................... 40,640 800 5,907 388 5,105 911 895 54,713 49,222 1,085 4,405 132,992 2345 Feb..................... 40,924 786 6,016 383 5 J 23 992 909 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 142376 3,025 June.......... 42J87 849 5,821 360 5,199 1 ,019 946 56,382 50,623 1326 4,533 141,299 3,094 July..................... 42'600 807 5,791 356 5,284 946 955 56339 50,844 1,350 4 345 151,885 2,947 Aug........... 42364 872 5314 349 5 399 94! 951 57,191 51 ,063 1,502 4326 136,180 2,928 Sept................... 43 305 842 5,795 349 5,263 960 958 57,470 51,506 1,326 4 339 132,029 2,897 Oct...................... 43,680 813 5385 338 5,265 897 974 57,552 51,663 1383 4,607 127,757 2,859 Nov..................... 44,031 888 5,515 333 5 343 885 966 57,863 51,826 1,366 4,672 124,097 2,824 Dec.r................. 44.433 862 5,170 320 5.485 1 .017 944 58,232 52.443 1,124 4 365 120,476 2,697 1966—Jan...................... 44 309 904 5317 314 5,560 920 965 58,588 52,336 1330 4,669 116,124 2,590 1 Also includes securities of foreign governments and international Note.—National Assn, of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S. Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 3, p, 553. 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

APRIL 1966 SAVINGS INSTITUTIONS 567 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort­ Real Policy Other assets Total U St n a i t t e e s d Sta lo te c a a l nd Foreign 5 Total Bonds Stocks gages estate loans assets Statement value: 1941........................................ 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945............................................ 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 038 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: 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—Dec.r............................ 149,470 12,343 5,594 3,785 2,964 62,112 55,735 6,377 55,197 4,534 7,141 8,143 1965—Jan.r.............................. 150,445 12,598 5,816 3,800 2,982 62,445 56,047 6,398 55,649 4,549 7,173 8,031 Feb................................. 151,028 12,549 5,761 3,797 2,991 62,704 56,183 6,521 55,941 4,543 7,201 8,090 Mar............................... 151,663 12,337 5,557 3,787 2,993 63,008 56,399 6,609 56,343 4,568 7,258 8,149 Apr................................. 152,266 12,312 5,521 3,767 3,024 63,156 56,535 6,621 56,687 4,570 7,314 8,227 May................................ 152,918 12,268 5,490 3,754 3,024 63,525 56,851 6,674 56,997 4,580 7,359 8,189 June............................. . 153,497 12,043 5,273 3,724 3,046 63,855 57,113 6,742 57,384 4,614 7,408 8,193 July. . ............................ 154,418 12,018 5,311 3,652 3,055 64,356 57,608 6,748 57,663 4,640 7,464 8,277 Aug................................ 155,186 11,982 5,321 3,606 3,055 64,629 57,834 6,795 58,017 4,653 7,510 8,395 Sept................................ 156,040 11,897 5,259 3,584 3,054 64,899 57,944 6,955 58,411 4,677 7,552 8,604 Oct.................................. 156,891 11,758 5,163 3,544 3,051 65,530 58,342 7,074 58,824 4,682 7,589 8,622 Nov................................ 157,641 11,677 5,110 3,523 3,044 65,672 58,539 7,133 59,276 4,695 7,623 8,698 Dec................................. 158,702 11,597 5,064 3,507 3,026 65,520 58,377 7,243 60,021 4,681 7,674 9,109 1966—Jan.................................. 159,628 11,631 5,132 3,472 3,027 66,158 58,867 7,291 60,518 4,694 7,722 8,905 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f M gag o e r s t­ s G e U c o . u v S r t . i , ­ Cash Other1 a li s a T s b e o i t l t s i a t 2 l i — e s S c a a v p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n c s e s i s n Other co m l m o e a n m n t i s t 4 ­ ties profits 1941...................... 4,578 10? 344 775 6,049 4,682 475 256 636 1945 ..................... 5^376 2,420 450 356 8,747 7,365 644 336 4C2 1959...................... 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 I960...................... 60'070 4,595 2,680 4,131 71'476 62,142 4,983 2497 L 186 968 1 359 1961 ............... 68^834 5,211 3^15 4,775 82'135 70'885 5 ;?os 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 ?; 209 5,015 2,528 L499 2,614 1964 T................... 101,333 6,966 4,015 7,041 119'. 355 101,887 7; 899 5,601 2;239 1 ,729 2,590 1965 r Jan.......... 101,866 7,091 3,585 6,882 119,424 102,141 8,010 5 151 2,131 1 991 2,642 Feb......... 102,372 7'298 3’601 7,019 120^290 102;720 8,025 5,045 2,103 2; 397 2,843 Mar........ 103,173 7,380 3,550 7,192 121,295 103,775 7,996 4,943 2,200 2,381 3,124 Apr......... 103,997 7,349 3,390 7,347 122,083 103,682 8,013 5,461 2.299 2,628 3,281 May.... 104,837 7,400 3,425 7,734 123,396 104,474 8,023 5,470 2,384 3,045 3,379 June.... 105,849 7,228 3,702 7,749 124,528 106,077 8,310 5,892 2,459 1 ,790 3,266 July........ 106,668 7,173 3,258 7,584 124,683 105,645 8,329 6,091 2,433 2,185 3,195 Aug......... 107,513 7,160 3,300 7,670 125,643 106,199 8,341 6,140 2,382 2,617 3,124 Sept........ 108,255 7,170 3,398 7,795 126,618 107,239 8,345 6,169 2,329 2,536 3,076 Oct.......... 108,922 7,300 3,442 7,861 127,525 107,821 8,350 6,167 2,276 2,911 2,993 Nov 109,507 7,439 3^539 8,101 128,586 108;628 8,357 6,071 2,217 3,313 2^11 Dec......... 110,202 7,405 3,899 7,936 129,442 110,271 8,708 6,440 2,189 1 ,834 2,745 1966—Jan............ 110,700 7,694 3,321 7,799 129,514 110,194 8,713 6,262 2,107 2,238 2,808 1 Includes other loans, stock in the Federal home loan banks, other 4 Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on opposite page) would include loans in process. and fixtures. 2 Before 1958 mortgages are net of mortgage-pledged shares. Asset Note.—Federal Savings and Loan Insurance Corp, data; figures are items will not add to total assets, which include gross mortgages with no estimates for all savings and loan assns. in the United States. Data deductions for mortgage-pledged shares. Beginning with Jan. 1958, no beginning with 1954 are based on monthly reports of insured assns. and deduction is made for mortgage-pledged shares. These have declined annual reports of noninsured assns. Data before 1954 arc 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

568 FEDERAL FINANCE APRIL 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 f T P u r l n u u d s s s : t g I L n o e v t s r t s a . : ­ 1 E r T e q o c u t t a s a l . l s 2 : Budget f T P u l n r u u d s s s : t 3 A m L d e e n j s u t s s s : * t­ E p T q a o u y t a t a s l l . s : r p e a c o y t r s t s . . C & (d h d a i a i e r g n n b e e c g t n t e . ) a I g L t n r e v u b e n e s y s . t s s s t : & , L N c d e a e o s s b n h s t : ­ Eq N u e a t ls; Cal. year-—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 ’•115,030 96,944 28,396 5,069 '120,271 '-3,241 9,084 '2,684 619 '5,780 1965............ 96,679 31,384 4,449 123,376 101,379 31,014 4,473 127,919 -4,543 4,673 1 ,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_peb.........7..,.5.18 3,746 27 11,227 7,146 2,183 -277 9,606 '1,620 1,884 1,353 60 '470 Mar, 11,188 2,175 285 13,065 8,139 2,064 637 9,566 3,499 -1,859 292 -43 -2,108 Apr,............... 8,549 2,201 244 10,492 8,268 2,949 741 10,476 16 -891 -1,471 57 523 May............... 7,268 4,885 284 11,857 8,116 2,323 -128 10,567 1 ,290 3,119 3,597 -151 -327 June............... 13,404 3,209 1,275 15,320 9,070 3,589 1,098 11,561 3,759 -1,566 615 -17 -2,163 July................. 3,807 1,417 233 4,981 7,240 2,418 -37 9,696 -4,714 -667 -1,045 50 318 Aug 7,350 4,572 314 11,595 8,990 2,349 -960 12,299 -705 2,131 2,515 -383 Sept................ 10,999 1,954 328 12,599 9,452 3,142 1,504 11,090 1,509 -1,542 -1,210 46 -378 Oct.................. 3,295 1,262 238 4,283 8,750 2,447 679 10,518 -6,234 2,187 -1,308 125 3,370 Nov......... 8,106 3,012 358 10,728 9,105 2,707 -500 12,312 -1,584 2,978 519 75 2,385 Dec................. 9,553 1,935 602 10,838 9,426 2,636 942 11,121 -283 -852 -935 107 -24 6,453 951 253 7,091 8,809 3,048 624 11,233 -4,142 1,364 -1,897 84 3,177 Feb................. 8,335 4,181 68 12,400 8,156 2,621 -486 11,264 1,136 1 ,568 1,749 74 -255 Effects of operations on Treasurer’s account Change in Treasurer’s account Net operating transactions Net financing transactions cash balances (end of period) Period Agencies & trusts Change Operating bal. s B d u u e r o f d p i r g l c u i e t s t f T un ru d s s t 3 a C c l c e o a u ri n n t g s i M ss s u e a o c a r f . k n 3 e c t e i I n G n s e v o U c e v . . s t 3 t S , , . p d g d u i r e r i b o n e b l s c i t s c t T o r H u e t a e s s l i d u d r e y a T c u c r r e o e a r u ’ s n s ­ t Balance b F a . n R k . s a l T a c o n c a a d t x n s . O as n t s e h e t e t s r Fiscal year—1962......... -6,378 -851 566 1,780 -492 9,230 118 3,736 10,430 612 8,815 1,003 1963......... -6,266 1,143 122 1,022 -2,069 7,659 -74 1,686 12,116 806 10,324 986 1964 -8,226 1,446 948 1,880 -2,775 5,853 206 -1,080 11,036 939 9,180 917 1965 ......... -3,435 1,410 -804 1,372 -2,356 5,561 174 1,575 12,610 672 10,689 1,249 Half year: 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 ,918 452 1,114 -2,850 -667 -193 5,316 12,610 672 10,689 1,249 July-Dec......... -9,853 -1,548 -845 596 1,464 3,630 -528 -6,028 6,582 708 4,577 1,297 Month: 1965—Feb.............3.72 1,563 -364 -16 -1,353 1,900 -95 2,197 7,942 988 5,800 1,154 Mar.......... 3,049 110 396 327 -292 -2,186 1(6 1,289 9,231 867 7,271 1,093 Apr.................. 280 -748 439 249 1,471 -1,140 447 105 9,336 944 6,934 1,458 May................. -848 2,562 -261 458 -3,597 2,661 -504 1,480 10,816 875 8,822 1,119 June................. 4,335 -380 -160 378 -615 -1,944 -181 1,795 12,610 672 10,689 1,249 July.................. -3,434 -1,001 -320 15 1,045 -692 -263 -4,124 8,486 947 6,333 1,206 Aug.................. -1,640 2,223 -1,273 473 -2,515 1,658 -215 -858 7,627 916 5,548 1,163 Sept.................. 1,548 -1,189 1,130 -49 1 ,210 -1,493 148 1,010 8,637 1,002 6,394 1 ,241 Oct................... -5,455 -1,186 317 33 1,308 2,154 24 -2,852 5,786 1,053 3,534 1,199 Nov................ -999 305 -932 168 -519 2,810 -141 974 6,759 719 4,872 1,168 Dec................... 126 -701 233 -45 935 -807 -81 -177 6,582 708 4,577 1,297 1966—Jan.......... -2,356 -2,097 287 265 1.897 1,099 171 -1,076 5,506 823 3,360 1,323 Feb................... 179 I ,560 -629 260 -1'749 1,308 -44 973 6,479 805 4,399 1,275 1 Primarily interest payments by Treasury to trust accounts and accumu­ shift of the Food for Peace program from agriculture to international lations to U.S. employee trust funds. affairs, Half-yearly totals before fiscal 1965 have not been adjusted 2 Includes small adjustments not shown separately. for this reclassification. 3 Includes net transactions of Govt.-sponsored enterprises. 7 Yearly totals for fiscal 1962-65 reflect a shift of Watershed Planning 4 Primarily (1) intragovt, transactions, (2) noncash debt, (3) clearing Programs from agriculture to natural resources which is not reflected in accounts. monthly or half-year totals. 5 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

APRIL 1966 FEDERAL FINANCE 569 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Total W he I i n l t d h d ­ ivid O ua th l er Corp. Total L a b n i a q d c u c t o o o r ­ H w ig ay h­ Total O R a A n .R d S . I e U m n p - l. E a g s n t i a f d t t e t C o u m s s ­ r m e I a p e n n n a t d . y t s ­ fu R n e d ­ s Other Fiscal year 1962... 101,865 36,246 14,403 21,296 12,752 5,367 3,080 17,032 13,197 3,334 2,035 1 ,171 1,358 6,266 1,838 1963... 109,739 38,719 14,269 22,336 13,410 5,521 3,405 19,729 15,128 4,107 2,187 1,241 1,815 6,571 2,604 1964... 115,530 39,259 15,331 24,301 13,950 5,630 3,646 21,936 17,405 4,037 2,416 1,284 1,702 7,148 2,499 1965... 119,699 36,840 16,820 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 3,063 2,068 9,601 7,743 1 ,607 1,274 898 1,296 1,062 1,309 Month: 1965 —Feb........ 11,227 5,302 872 473 1,214 360 340 3,369 2,537 797 213 106 173 653 158 Mar........... 13,065 3,207 928 6,759 1,303 573 286 1,580 1,453 81 308 155 249 1,582 158 Apr............ 10,492 1,091 5,852 1,187 1,150 461 271 1,570 1,309 221 370 139 214 1,286 205 May........... 11,857 5,371 696 520 1,325 489 296 4,211 3,285 888 283 128 205 1,071 189 June.......... 15,320 2,956 2,369 6,597 1,357 565 347 1,519 1 ,408 73 218 145 200 324 283 July............ 4,981 1,299 362 727 1,221 462 333 773 631 94 232 137 198 223 255 Aug............ 11,595 5,377 164 482 1,305 499 421 3,808 2,922 847 212 145 181 225 146 Sept............ 12,599 2,995 2,427 4,236 1,162 512 334 1,200 1,118 43 193 159 196 186 217 Oct............. 4,283 1,263 244 625 983 470 313 610 465 101 213 153 202 206 196 Nov............ 10,728 5,793 141 507 1,155 575 352 2,313 1,804 469 185 164 352 117 235 Dec............ 10,838 3,237 468 4,315 1,220 547 315 899 803 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 Feb....... 12,400 5,948 1 ,038 573 1,038 n.a. 348 3,717 2,895 785 207 129 155 644 239 Cash payments to the public Period Total 5 t f i N e d o n e n a s ­ a ­ e l af I 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 g r u e r l i ­ 6 ­ 7 sou N u r r r e c a a ­ e t l ­ s 7 t m C ra a o e n n r m s d c p e ­ . & H d e i c o n v o u g e m s l , ­ . l H w ab e e o l a f l r a t h r & e , Ed ti u on ca­ e V ra e n t­ s In e t s e t r­ G g e o r e v a n l t . ­ 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 8,01 1 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 24,569 1,818 2,333 3,642 1 ,543 4,288 534 13,722 639 2,947 4,230 1,142 1965—Jan.-June.. . . 60,885 26,219 2,767 2,761 1,802 1,175 3,131 367 14,562 852 3,142 4,376 1,203 July-Dec........ 67,035 27,085 2,225 2,838 3,369 1 ,694 3,955 1,142 16,373 705 2,587 4,403 1 ,257 Month: 1965—Feb............. 9,606 3,885 *•312 423 288 166 465 -108 2,423 122 497 1,333 172 Mar................ 9,566 4,583 86 461 386 203 472 -99 2,319 146 501 445 197 Apr.. ............. 10,476 4,384 609 529 370 185 449 562 2,448 142 488 450 195 May............... 10,567 4,282 734 433 163 179 489 65 2,439 141 486 1 ,326 219 June............... 11,561 5,067 588 508 385 278 717 123 2,511 183 512 507 218 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 --224 574 351 2,745 256 588 308 189 Feb................. 11,264 4,534 81 456 293 190 519 226 2,789 243 546 1 ,559 196 1964 1965 1964 1965 Item I 11 UI IV I 11 in IV I II III IV I II III 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 -1.1 -.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

570 U.S. GOVERNMENT SECURITIES APRIL 1966 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 Total End of period d T g e r o b o t t s a s l 1 d d g e i r r b o e t s c s t 2 Total Total Bills M C a c r e k a r t e t e i t f s a i b ­ le Notes Bonds 4 b C v i o b e o n l r n e d t­ ­ s T N o o ta n l m s arke S t i a n a b g v l s ­ e i S s p su e e c s ia l 6 bonds 1941—Dec........................................ 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945—Dec........................................ 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947—Dec........................................ 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 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—Mar....................................... 318.4 317.7 267.7 212.5 56.5 55.5 100.5 2.9 52.2 49.9 45.7 Apr........................................ 317.2 316.6 267.8 212.5 56.9 55.1 100,5 2.9 52.5 50.0 44.4 May...................................... 319.8 319.2 266.3 211.0 55.9 52.5 102,5 2.9 52.5 50,0 47.8 June...................................... 317.9 317.3 264.5 208.7 53.7 52.5 102,5 2.9 52.9 50.0 48.6 July.................................... 317.1 316.5 264.4 208.7 53.7 52.5 102.5 2.9 52.9 50.1 47.8 Aug...................................... 318.7 318.2 264.1 208.4 53.7 50.4 104,3 2.9 52.8 50,2 49.8 Sept....................................... 317.3 316,7 264.3 208.4 53.7 50.4 104,3 2.9 53,0 50,2 48.1 Oct........................................ 319.4 318.9 267.6 212.1 57.7 50.2 104.3 2.8 52.7 50,3 47.0 Nov...................................... 322.2 321.7 270.3 214.6 60.2 50.2 104,2 2.8 52.9 50.3 47.1 Dec.................................... 321.4 320.9 270.3 214.6 60.2 ............... 50,2 104,2 2.8 52.9 50.3 46.3 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 Mar....................................... 321 .5 321 .0 270.6 215,2 59.5 1.7 50.9 103.1 2.8 52,7 50,4 46.0 1 Includes non-interest-bearing debt (of which $280 million, on Mar. 31, 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. 2 Excludes guaranteed securities. Administration bonds; before 1954, armed forces leave bonds; before 3 Includes amounts held by U.S. Govt, agencies and trust funds, which 1956, tax and savings notes; and before Oct. 1965, Series A investment totaled $15,923 million on Feb. 28, 1966. bonds. 6 Held only by U.S. Govt, agencies and trust funds. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note.—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Heid by— Held by the public E pe n r d i o o d f T g d r o e o t b s a t s l ag G U t e a r o n u n . v c d s S i t t . e , s B F a . n R k . s Total m C b e a o r n c m k ia ­ s l M s b av a u i n t n u k g a s s l I p c a n a o n s n m c u i e e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S l a o o t n v c a d a t t e s l . Savi I n n g d s i vidu O al t s her n F a i o t n a i r n o t e e d n i r g a ­ n l 2 i O m n to v t i h r s e s c e s . r ­ 3 funds 1 bonds securities 1941—Dec................. 64.3 9,5 2.3 52.5 21.4 3.7 8.2 4.0 ,7 5.4 8.2 .4 .5 1945—Dec................. 278.7 27.0 24,3 227.4 90,8 10.7 24,0 22.2 6.5 42.9 21.2 2.4 6.6 1947—Dec................. 257.0 34,4 22,6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1958—Dec................. 283.0 54.4 26.3 202.3 67.5 7.3 12.7 18.1 16.5 47,7 16.0 7.7 8.9 1959—Dec................. 290.9 53 7 26.6 210.6 60.3 6.9 12.5 21.4 18.0 45.9 23.5 12.0 10.1 1960—Dec................. 290.4 55.1 27,4 207.9 62.1 6.3 11 9 18.7 18.7 45.6 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 11.6 1962—Dec................. 304.0 55.6 30.8 217.6 67.2 6.1 11.5 18.6 20.1 46,9 19.2 15.3 12.7 1963—Dec................. 310.1 58.0 33.6 218.5 64.3 5.8 11.3 18.7 21.1 48.1 20.1 15.9 13.3 1964—Dec................. 318.7 60,6 37.0 221.1 64.0 5.7 11.1 17.9 21.2 48,9 21.1 16.7 14.5 1965—Feb................. 320.6 60 4 36.9 223.3 61.7 5.9 11.2 19.0 23.0 49.1 21.8 16.6 14.8 Mar................ 318.4 60.7 37.6 220.2 60.4 6.0 11.1 17.2 23.2 49.2 22.3 16.0 14.8 Apr........... 317.2 59.2 37.8 220.3 59.7 5.8 11.0 17.0 24,3 49.2 22.0 16.0 15.3 May................ 319.8 62.7 38.7 218.5 58.4 5.8 10.9 17.6 24,4 49.2 22.0 15.8 14.4 June............... 317.9 63,4 39,1 215.4 58.3 5.8 10.6 15.1 24,1 49.2 21.8 15.7 14.8 July................. 317.1 62.3 39,2 215.6 57.3 5.7 10.6 15,9 24.1 49,3 22.4 15.7 14.6 Aug................ 318.7 64.8 39.0 214.9 56.5 5.7 10.6 16.1 23.8 49,4 22,3 15.8 14.7 Sept................ 317.3 63.6 39.8 213.9 57.5 5.7 10.6 14.7 23.1 49,4 22.7 16.3 14,0 Oct................. 319.4 62.3 39.7 217,5 59.7 5.5 10.5 15.6 23.4 49,4 22.6 16.3 14.5 Nov................. 322,2 62.8 40.6 218,8 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 ^23.8 49.6 '23.0 '16.3 rl5.5 Feb.................. 323.7 61.7 40.2 221.9 58.7 5.5 10,3 17,7 24,6 49.7 23.4 16.2 15.7 1 Includes the Postal Savings System. 3 Includes savings and loan assns., dealers and brokers, nonprofit 2 Includes investments of foreign balances and international accounts institutions, and corp, pension funds. 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

APRIL 1966 U.S. GOVERNMENT SECURITIES 571 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: 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. 31............................................................. 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 Feb. 28.............................................................. 217,690 94,226 62,002 32,224 62,893 35,008 8,443 17,120 U.S Govt, agencies and trust funds: 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. 3!..................................................... 13,423 1,379 987 392 3,155 3,350 2,073 3,466 Feb. 28..................................................... 13,719 1,569 985 584 3,259 3,352 2,073 3,466 Federal Reserve Banks: 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 Feb. 28..................................................... 40,189 25,235 8,767 16,468 13,120 1 ,449 147 238 Held by public: 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 Feb. 28..................................................... 163,782 67,422 52,250 15,172 46,514 30,207 6,223 13,416 Commercial banks: 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 Feb. 28............................................ 48,342 15,066 8,382 6,684 20,916 11,548 342 470 Mutual savings banks: 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 Feb. 28............................................ 5,377 734 458 276 1,555 1,617 328 1,143 Insurance companies: 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 Feb. 28............................................ 8,741 796 488 308 I ,983 2,083 1 ,097 2,781 Nonfinancial corporations: 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 5,91 1 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 Feb. 28............................................ 8,798 6,825 5,383 1,442 I ,626 237 31 78 Savings and loan associations: 1963—Dec. 31............................................. 3,253 378 236 142 919 1,202 253 501 1964—Dec. 31............................................. 3,418 490 343 148 1,055 1,297 129 447 1965—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 Feb. 28............................................ 3,867 722 527 195 1 ,056 1,370 256 463 State and local governments: 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 Feb. 28............................................ 16,852 6,569 5,474 1,095 2,067 1,837 1 ,995 4,384 All others: 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 1 1,386 2,187 3,962 1966—Jan. 31............................................ 71,044 37,597 30,827 6,770 15,813 11,409 2,181 4,045 Feb. 28............................................ 71,805 36,710 31,537 5,173 17,309 11,515 2,173 4,098 Note.™Direct public issues only. Based on Treasury Survey of banks, and 770 insurance cos. combined; (2) about 50 per cent by the Ownership. 469 nonfinancial corps, and 488 savings and loan assns.; and (3) about Data complete for U.S. Govt, agencies and trust funds and F.R. Banks 70 per cent by 507 State and local govts. but for other groups are based on Treasury Survey data. Of total mar­ Holdings of “all others,” a residual, include holdings of all those not ketable issues held by groups, the proportion held on latest date by those reporting in the Treasury Survey, including investor groups not listed reporting in the Survey and the number of owners surveyed were; (1) separately. about 90 per cent by the 5,940 commercial banks, 501 mutual savings Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

572 U.S. GOVERNMENT SECURITIES APRIL 1966 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period agency Total Dealers and brokers securities W 1 y it e h a in r ye 1 a -5 rs y 5 e - a 1 r 0 s 10 O y v e e a r r s U.S. Govt, m b C e a o r n c m k ia s ­ l o A th l e l r securities Other 1965—Feb................................. 1,814 1,434 219 91 69 516 29 750 518 101 Mar................................ 1'690 L369 184 83 53 523 24 672 471 108 1'769 1,467 172 91 38 562 38 708 460 155 May............ J,'670 1'379 151 108 32 448 33 698 491 143 1'786 1 '453 200 103 31 584 45 696 462 204 July................................ 1^19 1,284 125 82 28 452 37 615 415 152 1 ',488 1'172 183 91 43 465 39 568 417 140 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 2,115 1 '745 243 94 34 595 50 895 575 149 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 Feb................................. 2,230 1,714 361 124 30 651 58 921 601 164 Week ending— 1966 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 30 611 66 839 628 163 23.......................... 2,' 160 1 '757 257 122 23 571 60 889 640 180 Mar. 2.......................... 2,294 1,917 230 113 34 728 57 934 574 185 9......................... 1'964 1 '610 168 148 39 599 59 793 514 111 16......................... 2,2(5 1,712 250 217 37 723 62 901 528 191 23.......................... 2,120 1 '640 243 206 33 651 67 929 473 231 30.......................... 2'085 1 '620 272 157 35 741 79 820 446 175 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 All Within 1-5 Over se a G c g u e o r n v i c t t i . y e s Period sou A r l c l es New Else­ C t o io rp n o s r 1 a­ o A th l e l r maturities 1 year years 5 years York where City 1965—Feb.........3..,420 2,688 163 569 237 Mar.......... 3,034 2,590 112 332 268 1965—Feb............ 3,495 856 902 1,278 459 Apr.......... 3,471 3318 115 238 327 Mar............ 3'181 626 807 1,350 398 May......... 3^398 2,508 149 741 378 Apr............. 3,594 918 885 1,369 422 June........ 3,651 2,838 115 697 509 May........... 3'635 765 828 1 327 716 July...... 4,180 3,472- 100 609 446 June........... 4,094 1,251 776 1 457 609 3'548 2,907 222 419 368 July............. 4'459 1 ,’293 1 ,009 1,468 688 2,858 2’622 75 161 292 Aug............. 3'815 967 '650 1,584 613 2,562 2'381 68 H2 286 Sept............ 3'050 807 643 1,284 316 Nov......... 3,196 2'928 174 94 255 Oct.............. 2'579 823 605 871 279 Dec.......... 3,049 2’857 187 5 278 Nov............ 3'016 829 519 1,451 217 Dec............. 3'275 1 ,014 530 1,389 341 2,651 2,725 -58 -16 241 Feb.......... I ',886 1 ',866 40 — 20 313 2,708 767 650 906 385 Feb....... 2^313 551 423 972 367 Week ending— Week ending—■ 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 Feb. 2. . 2,584 2,850 -246 -20 288 9. . 1,966 1 ,798 197 -29 260 Feb. 2 . .. 2,920 949 759 806 407 16. . 2,001 1 ,965 64 -27 244 9. 2,636 722 475 855 584 23. . 1,523 1 ,615 -102 9 438 16. . . 2,722 771 505 981 464 23. .. 1,709 200 289 1,070 151 Note.—The figures include all securities sold by dealers under repur­ chase contracts regardless of the maturity date of the contract unless the 1 All business corps, except commercial banks and insurance cos. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of Note.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than note to the opposite table on this page. dealer trading positions. Average of daily figures based on number of trading days in the period. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 OUTSTANDING SECURITIES 573 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, MARCH 31, 1966 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Apr. 7, 1966............... 2,306 Sept. 8, 1966................... 1 ,000 Oct. 1, 1967.... .1’4 457 Oct. 1, 1969........ .4 6,259 Apr. 14, 1966............... 2,301 Sept. 15, 1966................... 1 ,002 Apr. 1,1968.... .1% 212 Feb. 15, 1970..........4 4,381 Apr. 21, 1966............... 2,304 Sept. 22, 1966. . . 1 ,000 Oct. 1,1968.... .1^ 115 Aug. 15, 1970........ .4 4,129 Apr. 28, 1966............... 2,302 Sept. 29, 1966.. . 1 ,000 Apr. 1, 1969.... • IW 61 Aug. 15, 1971......4 2,806 Apr. 30, 1966............... 1,001 Sept. 30, 1966... 1,000 Oct. 1,1969.,.. 1*A 159 Nov. 15, 1971.....• 3’/s 2,760 May 5, 1966.............. 2,301 Oct. 31, 1966.. . 1,000 Apr. 1, 1970.... • 1'4 88 Feb. 15, 1972........ .4 2,344 May 12, 1966.............. 2,304 Nov. 30, 1966.. . 1 ,001 Oct. 1,1970.... .1% 62 Aug. 15, 1972........ .4 2,579 May 19, 1966.............. 2,301 Dec. 31, 1966.. . 1,001 Nov. 15, 1970.. . . .5 7,680 Aug. 15, 1973........ .4 3,894 May 26, 1966.............. 2,313 Jan. 31, 1967... 1 ,001 Nov. 15, 1973........ .4% 4,357 May 31, 1966.............. 1,001 Feb. 28, 1967... 1 ,000 Treasury bonds Feb. 15, 1974........ .4'4 3.130 June 2,1966.............. 2,302 Mar. 31, 1967.. . 1 ,000 June 15, 1962-67. 1 ,430 May 15, 1974........ .4% 3,593 June 9,1966.............. 2,301 Dec. 15, 1963-68. 1,791 Nov. 15, 1974........ • 3% 2,243 June 16, 1966.............. 2,301 Certificate June 15, 1964-69. 2,547 May 25, 1975-85..• 4>4 1,217 June 22, 1966....... 4,522 Nov. 15, 1966.....4% 1 ,652 Dec. 15, 1964-69. 2,518 June 15, 1978-83...3% 1 ,580 June 23, 1966.......... 2,304 Mar. 15, 1965-70. 2,408 Feb. 15, 1980........ .4 2,607 June 30, 1966.............. 3,302 Treasury notes May 15, 1966.. .. 1 ,028 Nov. 15, 1980........ .3'^ 1,911 July 7, 1966.............. 1 ,003 Apr. 1,1966... 151 Aug. 15, 1966,. .. .3 700 May 15, 1985........ .3'4 1,125 July 14, 1966.......... .. 1 ,000 May 15, 1966.. . .4 8,289 Nov. 15, 1966.. .. .3% 1 ,851 Aug. 15, 1987-92...4% 3,818 July 21,1966................... 1 ,001 Aug. 15, 1966......4 8,434 Mar. 15, 1966-71. • 2W 1 ,398 Feb. 15, 1988-93...4 250 July 28, 1966................... 1,000 Oct. 1,1966......l'A 357 June 15,1967-72. 1 ,274 May 15, 1989-94...414 1,560 July 31, 1966................... 1,000 Nov. 15, 1966.. . .4 2,254 Sept. 15, 1967-72. 1 ,952 Feb. 15, 1990........ •3h 4,898 Aug. 4, 1966.......... . . . . 1,000 Feb. 15, 1967......3% 2,358 Nov. 15, 1967.. .3% 2,019 Feb. 15, 1995........ .3 2,156 Aug. 11, 1966................... 1 ,001 Feb. 15, 1967... . .4 5,151 Dec. 15,1967-72. .2^ 2,676 Nov. 15, 1998.........•3H 4,410 Aug. 18, 1966................. 1 ,001 Apr. 1,1967... ..1'4 270 May 15, 1968.. .. .3% 2,460 Aug. 25, 1966................... 1,001 May 15, 1967.. ....4% 9,748 Aug. 15, 1968.. .. ■ 3 V. 3,747 Convertible bonds Aug. 31, 1966................... 1,000 Aug. 15,1 967.. . -.3% 2,929 Nov. 15, 1968.. .. .3% 1 ,591 Investment Series B Sept. 1,1966................... 1 ,001 Aug. 15, 1967.. . -.4’/, 2,117 Feb. 15, 1969.... .4 3,728 Apr. 1,1975-80...234 2,757 Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, FEBRUARY 28, 1966 Agency, type and date of issue, Amount Agency, type and date of issue, Amount and coupon rate Maturity o ( f m d i o ll l i l o a n r s s ) and coupon rate Maturity o ( f m d i o ll l i l o a n rs s ) Federal home loan banks Federal intermediate credit banks Debentures: Notes: June 1,1965 ......................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 252 Jan. 1,1966...............................4.95 Aug. 25, 1966 369 Dec. 1,1965.....................4.60 Sept. 1, 1966 265 Nov. 24, 1965 .............................. 4.60 Sept. 26, 1966 500 Jan. 3,1966.....................4.90 Oct. 3, 1966 287 Feb. 1,1966......................5.00 Nov. 1,1966 323 Bonds: Feb. 25, 1966..............................5.15 Oct. 25, 1966 506 Federal land banks July 15, 1964................................4'/» Mar. 15, 1966 260 Bonds: Dec. 9,1963.................................4>/8 Aug. 15, 1966 200 June 21, 1965.........................4.35 May 2, 1966 117 June 15, 1964................................4^ Nov. 15, 1966 275 May 1,1958.........................3>4 May 2, 1966 108 Oct. 15, 1965................................4i/2 Jan. 25, 1967 375 Sept. 20, 1961 ........................4% July 20, 1966 193 Mar. 15, 1965................................4^ Sept. 15, 1967 185 Oct. 20, 1965......................4.55 Sept. 20, 1966 219 June 15, 1965................................4% Mar. 1, 1968 250 Aug. 23, 1965........................4% Dec. 20, 1966 239 Feb. 15,1957........................4% Feb. 15, 1967-72 72 Federal National Mortgage Association— Apr. 20, 1965........................4'% Feb. 20, 1967 126 secondary market operations May 1,1962.........................4 May 22, 1967 180 Dec. 20, 1965.................. .4% Aug. 21, 1967 179 Discount notes.......................................... 759 Oct. 1,1957........................41/2 Oct. 1, 1967-70 75 Oct. 22,1963........................4% Oct. 23, 1967 174 Debentures: Feb. 21, 1966.........................5U Jan. 22, 1968 130 Sept. 10, 1962............................3% Mar. 10, 1966 108 Apr. 1,1959........................41,4 Mar. 20, 1968 111 Dec. 12, 1960................................4>/8 Dec. 12, 1966 93 May 1,1963........................4 June 20, 1968 186 Feb. 10, 1966................................5 Feb. 10, 1967 150 Aug. 20, 1964........................414 Aug. 20, 1968 160 Oct. 11,1965 ................................ 4'^ Oct. 11, 1967 150 Feb. 2, 1959........................4V8 Mar. 20, 1969 100 Mar. 10, 1958................................3% Mar. 11, 1968 87 Feb. 23, 1965........................414 July 15, 1969 130 Apr. 10, 1959................................4% Apr. 10, 1969 88 July 15,1957........................45/g July 15, 1969 60 Apr. 11, 1960...............................4% Apr. 10, 1970 142 Oct. 20, 1964......................4’4 Oct. 20, 1969 209 Sept. 12, 1960...............................4'/8 Sept. 10, 1970 119 Feb. 1, 1960......................5</8 Feb. 20, 1970 82 Aug. 23, 1960...............................4% Aug. 10, 1971 64 Feb. 14, 1958......................3^ Apr. 1, 1970 83 Sept. 11, 1961...............................4'/i Sept. 10, 1971 96 Jan. 5, 1960......................5^ July 20, 1970 85 Feb. 10,1960.................................5‘/a Feb. 10, 1972 98 May 1, 1956......................3^ May 1, 1971 60 Dec. 11, 1961...............................43/8 June 12, 1972 100 Sept 14, 1956......................3% Sept. 15, 1972 109 June 12, 1961...............................4% June 12, 1973 146 Feb. 20, 1963......................4i/8 Feb. 20, 1973-78 148 Feb. 13, 1962...............................4/2 Feb. 10, 1977 198 Feb. 20, 1962......................4>A Feb. 20, 1974 155 Apr. 20, 1965......................4% Apr. 21, 1975 200 Banks for cooperatives Feb. 21, 1966......................5 Feb. 24, 1976 123 Debentures: Tennessee Valley Authority Oct. 4,1965..............................4.35 Apr, 4, 1966 231 Short-term notes........................... 95 Nov. 1, 1965..............................4.40 May 2, 1966 165 Bonds: Dec. 1,1965................................41/2 June 1,1966 207 Nov. 15. 1960....................4.40 Nov. 15, 1985 50 Feb. 1,1966..............................4.95 Aug. 1, 1966 217 July 1, 1961....................4% July 1, 1986 50 Feb. 1, 1962....................4/2 Feb. 1, 1987 45 Note.—These securities are not guaranteed by the U.S. Govt.; see also Note to table at top of following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

574 CREDIT AGENCIES; SECURITY ISSUES APRIL 1966 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Asset F s ederal home loa L n i a b b a il n it k i s es and capital (s F M e e c d o o o e r p n t r e d g a r a a l a r g t N y i e o m a n A ti a s o s ) r s n k n a e , l t coo B pe a fo r n a r k t s iv es i c n r t e F e d r e i m d t e b e r d a a n i l a k te s F b e l a a d n n e k d ra s l End of period v m a A t n e o d m c e ­ ­ s I m nv en es ts t­ C a d a n e s d ­ h B n a o o n n t d e d s s M d b e e e m ­ r ­ C s a to p c it k al M l g o a a o g n r e s t ­ D n t a e u o n b r t e d e e s s n ­ c L a o t o o i t v o a p e n e s s r ­ D t e u b re e s n­ c L o a d o u n i a s n d n ­ t s s D t e u b re e s n­ M I g o a a o g n r e s t ­ Bonds bers posits posits (A) (L) (A) (L) (A) (L) (A) (L) 1957.............. 1,265 908 63 825 653 685 1,562 1,315 454 222 932 886 919 1,599 1958............... 1'298 999 75 714 819 769 1'323 1’100 510 252 1,157 1,116 2,089 1,743 1959.............. 2 J 34 1,093 103 1,774 589 866 1 ^967 1'640 622 364 1'391 1,356 2'360 1 986 I960.............. 1 ,981 1,233 90 1,266 938 989 2,788 2,523 649 407 1,501 1,454 2,564 2,210 1961.............. 2'622 1 '153 159 1 ,571 1,180 1,107 2,770 2’453 697 435 1 '650 1 '585 2'828 2,431 1962............... 3’479 1 '531 173 2'707 1 '214 1'126 2'752 2'422 735 505 1'840 1,727 3'052 2’628 1963............... 4’784 1 '906 159 4,363 1'151 1,171 2^000 1'788 840 589 2,099 1 *952 3'310 2'834 1964.............. 5,325 1,523 141 4^369 1,199 1’227 1 ’940 1,601 958 686 2'247 2,112 3’718 3,169 1965—Feb... 4,851 1,425 77 3,905 1,013 1,237 1,958 1,739 1,037 670 2,308 2,143 3,818 3,298 Mar... 4,747 1,761 80 4,090 1,048 1,247 1 ,974 1,739 1,007 723 2,380 2,206 3,889 3,298 Apr... 5,219 1,386 95 4,184 1,026 1,254 1,990 1,795 978 696 2,480 2,278 3,950 3,415 May.. 5,227 1,687 73 4,484 1,024 1,257 2,004 1,898 940 678 2,577 2,367 4,011 3,415 June.. 5,586 1,691 110 4,757 1,174 1,260 2,014 1 ,797 931 687 2,687 2,462 4,058 3,532 July.. 5,793 1,299 75 4,807 913 1,265 2,032 1,794 935 687 2,772 2,546 4,097 3,532 Aug... 5,770 1 ,578 79 5,057 903 1,268 2,062 1,804 944 710 2,786 2,627 4,135 3,612 Sept... 5,802 1,567 85 5,046 944 1,270 2.108 1,756 940 708 2,725 2,603 4,171 3,612 Oct... 5,826 1,574 75 5,018 965 1 ,272 2,169 1,845 1,009 744 2,617 2,501 4,204 3,671 Nov... 5,724 1,838 80 5,221 936 1,275 2,290 1,918 1 ,082 787 2,501 2,386 4,245 3,671 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 Feb... 5,739 1 ,539 91 5,050 796 1,292 2,912 2,397 1,145 819 2,601 2,404 4,385 3,813 Note.—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt., for a listing of these securities, see preceding page. Loans are sheet items are capital accounts of all agencies, except for stock of home gross of valuation reserves and represent cost for FNMA and unpaid loan banks. Bonds, debentures, and notes are valued at par. They in­ principal for other agencies. clude only publicly offered securities (excluding, for the home loan banks, NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv­ Total G o e b a n l l e i­ r­ R n e u v e e­ PHA1 G l U o o a .S v n t . s , State S di p s a s t e n t a c r d t i i , c a t l Other2 ered 3 Total c E at d i u o ­ n R br a o i n d a d g d e s s U iti t e i s l­ 4 H in o g u ^ s­ V a a e n i t d s e ’ r ­ O p p o t u h s r e e ­ s r gations auth. 1960. 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961. 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2,821 1,167 1,700 385 478 1,913 1962. 8,845 5,582 2,681 437 145 1 ,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963. 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1964. 10,847 6,417 3,585 637 208 1 ,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965.................. 11,326 7,177 3,515 464 170 2,401 3,781 5,144 11,57410,469 3,618 900 1,965 626 50 3,309 1964-—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 20 277 265 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 51 113 139 152 Sept.... 1,008 770 224 14 337 280 390 761 966 203 194 1|6 3 455 Oct........ 844 476 343 24 193 320 331 965 794 197 79 109 87 321 Nov.. . . 1 ,043 833 192 17 241 270 532 926 1,021 382 74 ■ 288 13 « 264 Dec....... 762 365 282 90 25 67 365 329 1,100 752 216 137 164 91 ..........1.4..3 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract s 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

APRIL 1966 SECURITY ISSUES 575 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Proposed use of net proceeds, all corporate issues 6 Noncorporate Corporate New capital Re­ Period Bonds Stock tire­ Total G U o . v S t . .2 G a U c g o y . e v S n 3 t . ­ , l U S o a c t n . a a d S t l e . 4 Other 5 Total Total of P l f i u c e l r b y e ­ d p v l P a a t r c e i e l ­ y d fe P r r r e e ­ d C m o o m n ­ Total Total m N on ew ey 7 O p p o t u h s r e e ­ s r m s ri e o t e c i f e n u s t ­ 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 10,50! 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 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.......... 2,661 369 375 867 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 1,377 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 1966-—Jan.......... 3,084 475 .......1..,..1..76 23 1,410 1,220 480 740 119 70 1,395 1,346 1,211 135 50 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u an s d 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 capital 8 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 I 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 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 9 540 16 120 6 58 1 176 34 15 3 244 2 .........6..9..8................2..2..... 75 4 163 248 23 143 1 364 6 June...................................... 441 41 151 15 44 i 184 8 98 1,028 7 July...................................... 399 50 265 4 124 3 202 24 102 51 197 4 Aug................................ 307 54 51 2 42 297 5 25 4 129 4 Sept...................................... 414 16 117 8 65 287 74 196 5 313 27 Oct.............................. 273 10 77 5 53 13 158 9 92 3 272 8 402 17 44 94 209 28 43 4 433 3 Dec........................... 470 18 192 24 130 243 62 43 17 418 16 1966—Jan........................................ 403 22 116 10 167 .........3..8..8.. 14 125 * 146 4 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price, 7 For plant and equipment and working capital. 2 Includes guaranteed issues. 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. * 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 I 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

576 SECURITY ISSUES APRIL 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 co ve s s .1 t. Other I960 ....................... '13,503 4,962 '8,541 8,072 3,078 4,994 '2,706 2,725 855 1,029 '1,851 1,696 1961 ....................... '17,515 6,999 '10,515 9,194 4,024 5,170 '3,867 4,454 1,171 1,804 '2,696 2,650 1962 ....................... '14,308 6,457 '7,852 8,613 3,749 4,864 '3,440 2,255 1,140 1,567 '2,300 688 1963......................... '15,641 8,711 '6,930 10,556 4,979 5,577 '3,138 1 ,948 1 ,536 2,197 '1,602 -249 1964 ....................... '18,767 8,290 '10,477 10,715 4,077 6,637 '4,304 3,748 1 ,895 2,317 '2,409 1 ,431 1965 ........................ 21,414 9,733 11,681 12,736 4,629 8,107 5,463 3,215 2,134 2,970 3,329 245 1964—IV................ '5,241 2,590 '2,651 3,233 1,191 2,043 '1,383 625 415 984 '968 -360 1965 I................... '4,213 2,058 '2,154 2,272 967 1 ,305 '1,326 615 485 606 '841 8 n.................. 6,339 '2,529 '3,810 4,007 1 ,252 2,755 1 ,243 1,089 '515 762 '728 327 in................ '5,064 '2,540 '2,524 3,207 '1,232 '1,975 1,124 '733 477 '831 647 '-98 IV................ 5,798 2,605 3,193 3,250 1,178 2,073 1,770 778 657 770 1,113 7 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & B n o o nd 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 1960......................... 399 462 261 -46 173 -42 1,689 635 901 356 1,572 '2,182 1961......................... 2,012 415 516 -447 71 -7 1,648 704 149 1,457 775 '3,224 1962......................... 1 ,355 -242 294 -201 -85 -25 1,295 479 1,172 357 833 '2,619 1963......................... 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 '1,696 1964......................... 1,303 -516 507 -483 317 -30 I ,408 476 458 1,699 2,644 '2,694 1965................. ... 2,615 -570 614 -48 185 -1 1,342 315 644 518 2,707 3,360 1964—IV.............. 689 -226 265 -444 88 -7 356 101 -47 1 15 693 '1,069 1965—I................... 574 -256 -5 -1 39 9 281 97 64 100 351 '901 II................. 814 138 234 -30 57 -28 293 116 201 139 1 , 156 '719 in................ 625 '-210 223 '-19 37 21 554 78 255 149 '282 530 IV................ 601 -243 163 2 52 -3 215 24 124 130 918 1,210 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 « 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. 575. actions only. As contrasted with data shown on p. 575, 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 t d io e n m s p­ s N al e e t s Total 2 po C si a t 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 it s i h o n Other 1955 ............... 1,207 443 765 7,838 438 7,400 1965—Feb... 313 159 154 30,749 1 605 29 144 Mar... 356 168 188 30,464 U597 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............... l,'620 511 1,109 13,242 634 12^08 June.. 417 186 231 30;036 1,447 28,589 1959............... 2,280 786 1,494 15,818 860 14,958 July... 332 147 185 30,749 1,616 29,133 I960............... 2; 097 842 1,255 17,026 973 16^053 Aug... 272 142 129 31 ,'762 1,815 29 947 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 1965 ............... 4,'359 U962 2'395 35,220 I; 803 33,417 1966—Jan.... 507 191 316 36,213 2,009 34,204 Feb... 440 229 211 36,178 2,094 34,084 i Includes contractual and regular single purchase sales, voluntary Note.—Investment Co. Institute data based on reports of members, and contractual accumulation plan sales, and reinvestment of invest­ which comprise substantially all open-end investment cos. registered with ment income dividends; excludes reinvestment of realized capital gains the Securities and Exchange Commission. Data reflect newly formed dividends. 2 Market value at end of period Jess current liabilities. cos. after their initial offering of securities. 3 Cash and deposits, receivables, all U.S. Govt, securities, and other short-term debt securities, less current liabilities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 BUSINESS FINANCE 577 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1964 1965 Industry 1961 1962 1963 1964 1965 II III IV I II III IV Manufacturing Total (177 corps.): Sales.......................................................... 123,669 136,545 147,380 157,633 176,332 40,784 37,697 40,827 42,742 45,344 Ml ,946 46,300 Profits before taxes................................ 13,268 15,330 17,337 18,821 22,058 5,333 4,077 4,631 5,517 6,021 ’4,723 5,798 Profits after taxes................................... 7,167 8,215 9,138 10,520 12,487 2,898 2,335 2,684 3,081 3,399 ^2,732 3,275 Dividends................................................ 4,730 5,048 5,444 5,930 6,54! 1,448 1,324 1,873 1 ,411 1,629 '1 ,435 2,066 Nondurable goods industries (78 corps.):1 Sales.......................................................... 49,362 52,245 55,372 59,256 64,623 14,823 14,915 15,298 15,453 16,131 ’16,320 16,720 Profits before taxes............................... 5,602 5,896 6,333 6,896 7,828 1 ,752 1,740 1 ,761 1,804 1,985 ’2,014 2,025 Profits after taxes.......................................... 3,225 3,403 3,646 4,137 4,799 1 ,028 1,037 1 ,080 1,112 1,213 ’1,222 1,252 Dividends......................................................... 2,031 2,150 2,265 2,404 2,541 569 584 690 606 607 ’617 711 Durable goods industries (99 corps.):2............. Sales.......................................................... 74,307 84,300 92,008 98,377 111,709 25,961 22,782 25,528 27,289 29,214 ’25,626 29,580 Profits before taxes...................... 7,666 9,434 11,004 11,925 14,230 3,581 2,336 2,870 3,713 4,036 ’2,709 3,773 Profits after taxes............................................ 3,942 4,812 5,492 6,383 7,688 1 ,871 1,299 1,603 1 ,970 2,186 ’I ,509 2,023 Dividends......................................................... 2,699 2,898 3,179 3,526 4,000 879 740 1,183 804 1,022 ’819 1,355 Selected industries: Foods and kindred products (25 corps.): Sales............................................................... 12,951 13,457 14,301 15,209 16,333 3,721 3,863 4,027 3,868 4,082 ’4,194 4,188 Profits before taxes................................ 1 ,440 1 ,460 1,546 1 ,589 1 ,713 401 420 424 388 433 ’452 439 Profits after taxes........................................... 682 698 747 807 896 202 214 219 201 225 ’234 236 Dividends......................................................... 397 425 448 479 508 119 119 124 124 125 126 133 Chemical and allied products (20 corps.): Sales........................................................... 12,606 13,759 14,623 16,077 17,938 4,114 4,067 4,104 4,238 4,492 ’4,565 4,642 Profits before taxes........................................ 1,979 2, 162 2,286 2,596 2,878 682 654 623 679 758 734 707 Profits after taxes............................................ 1 ,034 1,126 1,182 1 ,404 1 ,627 366 349 342 386 424 ’409 409 Dividends......................................................... 833 868 904 924 926 209 212 296 214 213 215 285 Petroleum refining (16 corps.): Sales............................................................. 14,483 15,106 16,043 16,583 17,878 4,111 4,123 4,217 4,404 4,449 ’4,454 4,571 Profits before taxes.................................... 1 ,237 1,319 1 ,487 1 ,558 1 ,944 361 373 424 440 473 ’504 528 Profits after taxes...................................... 1 ,025 1 ,099 1,204 1 ,309 1 ,555 298 318 358 363 386 ’400 406 Dividends..................................................... 528 566 608 670 752 159 169 184 182 183 187 200 Primary metals and products (34 corps.): Sales............................................................... 20,234 21,260 22,116 24,114 26,230 6,046 6,042 6,486 6,614 7,091 ’6,657 5,867 Profits before taxes.................................... 1 ,999 1,838 2,178 2,577 2,956 674 605 738 768 865 ’695 628 Profits after taxes...................................... 1,067 1 ,013 1,183 1,485 1 ,709 384 349 437 436 493 ’402 377 Dividends..................................................... 843 820 734 763 818 187 187 204 195 200 202 221 Machinery (24 corps.): Sales.............................................................. 17,446 19,057 21,144 22,653 25,148 5,673 5,584 5,995 5,772 6,305 ’6,286 6,785 Profits before taxes.................................... 1,701 1 ,924 2,394 2,733 3,116 702 701 657 747 817 ’764 788 Profits after taxes........................................ 859 966 1,177 1,399 1 ,621 357 373 331 385 426 ’400 410 Dividends................................................... 508 531 577 673 775 170 171 175 192 187 189 207 Automobiles and equipment (14 corps.): Sales............................................................... 23,314 29,156 32,927 35,323 42,638 10,028 7,137 8,883 10,898 11,450 8,281 12,008 Profits before taxes.................................... 2,786 4,337 5,004 4,997 6,263 1,775 589 1 ,060 1 ,828 1,883 756 1,797 Profits after taxes....................................... 1 ,404 2,143 2,387 2,625 3,298 900 338 604 942 1,004 430 922 Dividends.................................................... 973 1,151 1 ,447 1,630 1 ,890 419 276 659 305 520 307 759 Public utility Railroad: Operating revenue................................. 9,189 9 440 9,560 9,857 2,481 2,486 2,526 2,385 2,582 2,575 Profits before taxes ........................... 625 729 816 836 245 211 192 145 259 251 Profits after taxes............................................ 382 572 651 698 196 175 182 121 213 206 Dividends...................................................... 359 367 356 451 101 109 132 108 118 81 Electric power: Operating revenue.................................. 12,478 13,489 14,294 14,968 15,963 3,572 3,686 3,749 4,227 3,822 ’3,901 4,013 Profits before taxes................................ 3,349 3,583 3,735 3,947 4,116 893 998 949 1,154 949 I ,036 977 Profits after taxes................................... 1,883 2,062 2,187 2,385 2,568 542 583 600 712 597 626 632 Dividends............................................... 1,374 1 ,462 1,567 1,672 1,833 412 426 410 467 438 437 491 Telephone: Operating revenue.................................. 8,615 9,196 9,796 10,550 11,320 2,619 2,654 2,734 2,732 2,790 2,854 2,944 Profits before taxes................................ 2,478 2,639 2,815 3,069 3,185 796 773 774 783 766 830 806 Profits after taxes................................... 1 ,233 1 ,327 1 ,417 1 ,590 1 ,718 408 402 403 420 419 447 432 Dividends................................................ 867 935 988 1,065 1,153 262 268 274 279 284 294 296 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 'Norf..—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. _ All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

578 BUSINESS FINANCE APRIL 1966 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r s t e s c ta o I x n m e ­ s e P t a r a f o x t f e e i s r ts d C d e i a n v s d i h ­ s t U r p i r b n o u d fi t i t e s s d ­ co c a n a t l i l s p o o u i n w t m a ­ l p ­ Quarter P b t r e a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a a r f o x t f e e i r s t s d C d e i a n v s d i h ­ s t U r p i r b n o u d f t i i t e s s d ­ co c a n a l t l i s p o o u i w n t m a ­ l p ­ ances 1 ances 1 1958............... 41,4 19.0 22.3 11.6 10.8 22.0 1964—11... . 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 III.. . 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 Notes and accts, Notes and accts, End of period working U. S. receivable payable Accrued capital Total Cash s G ec o u v r t i , ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties U.S. Other U.S. Other taxes Govt.1 Govt.1 1958................................ 118.7 255.3 37.4 18,8 2.8 106.9 81.9 7.5 136.6 1.7 88.7 12,9 33.3 1959................................ 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99.3 15.0 37.0 1960................................ 128.6 289.0 37.2 20.1 3.1 126.1 91.8 10,6 160.4 1.8 105.0 13,5 40.1 1961............................... 135.6 306.8 41.1 20.0 3.4 135.8 95.2 1 1.4 171,2 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................................ 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 1964—IV....................... 161.1 371.0 45,0 19.1 3.4 173.8 114,3 15.5 209.9 2.7 140.0 17.0 50.2 1965—1........................... 163,5 376.4 42.5 18.5 3.3 177,5 117.3 17.2 212.9 2.8 141.4 16,6 52.1 II......................... 166.2 384.3 43.7 16.3 3.2 182.8 119.7 18.4 218.0 2.9 145.9 15.9 53.2 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 IV....................... 171.7 405.8 47.1 17.0 3.9 193.0 126,6 18.3 234,1 3.1 157,4 19,0 54.6 1 Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corps.’ books. banks, savings and loan assns., and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Mining u P t u il b it l i i e c s C ni o c m ati m on u s ­ Other 1 a ( n S n . u A a . l Durable d N ur o a n b ­ le 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 1960............................................ 35.68 7.18 7.30 .99 1.03 1,94 5.68 3.13 8.44 1961............................................. 34.37 6,27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962..................................... 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963............................................ 39.22 7.85 7.84 1.04 1.10 1.92 5,65 3.79 10.03 1964............................................ 44.90 9.43 9.16 1.19 1.41 2.38 6.22 4.30 10.83 1965 r.......................................... 51.96 11,40 11.05 1.30 1.73 2.81 6.94 4.94 11.79 19662.......................................... 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 2.6t 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 3.61 47.75 1965—1...................................... 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 IV.................................... 14.95 3.48 3.24 .35 .46 .73 2.04 1.41 3.25 55.35 1966—12..................................... 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 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

APRIL 1966 REAL ESTATE CREDIT 579 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other Multifamily and Mortgage E pe n r d i o o d f h A ol l d l ­ F c in ia a l n ­ holders2 h A ol l d l ­ Fi c n ia a l n , O ho th ld e ­ r h A ol H d ­ 1- to 4-family houses commercial properties 4 type s ers tu i t n io st n i­ s 1 a U c g i . e e S n s . ­ v o I i t a d n h n u d e d a i r ­ l s s ers tu i t n i s o t n i­ s 1 ers3 ers Total tu F i t i n i n s o a t n i n ­ s , 1 O h e o th r l s d e ­ r Total tu F i t i n i n o s a t n i n ­ s , 1 O h e o t r h l s d e ­ r w u F V n r H i d A t A t e e - r - n ­ t C i v o e o n n n a ­ ­ l 1941............ 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945............ 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7 4 4.7 4 3 26 5 1960............ 206.8 157.6 11.2 38.0 12.8 4.7 8.2 194.0 141,3 117.9 23.4 52.7 35.0 17.7 62.3 131.7 1961............ 226.3 172.6 11.8 41.9 13.9 5.0 8.9 212.4 153.1 128.2 24.9 59.3 39 4 19.9 65 5 146 9 1962............ 251.6 192.5 12.2 47,0 15.2 5.5 9.7 236.4 166,5 140.4 26.0 69.9 46.6 23.4 69.4 167,0 1963............ 281.2 217.1 11.2 52.9 16.8 6.2 10.7 264.4 182.2 156.0 26.2 82.2 54.9 27.3 73.4 190.9 1964............ 311.6 241.0 11.4 59.2 18.9 7.0 11.9 292.7 197.6 170.4 27.2 95.1 63.6 31.4 77.2 215.6 1965^.......... 341.9 21.2 320.7 212.9 107,8 1963—HI... 273.4 210.8 11.1 51.5 16.6 6.1 10.5 256.8 178.2 152.2 26.0 78.6 52.5 26.1 72.1 184.7 IV... 281.2 217.1 11.2 52.9 16.8 6.2 10.7 264.4 182.2 156.0 26.2 82.2 54.9 27.3 73.4 190.9 1964—L... 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—-Ip... 317.7 245.8 11.6 60.4 19.5 7.2 12.3 298.3 200,5 173.1 27.4 97,7 65.5 32.3 78.0 220.2 IIP.. 326.0 252.2 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 HIP.. 334.0 258.3 11.9 63.8 20.7 7.6 13.1 313.3 209.0 180.8 28.2 104,3 69.9 34.4 80.1 233.2 IVp.. 341.9 21,2 320.7 212.9 107.8 1 Commercial banks (including nondeposit trust cos. but not trust savings and loan assns. depts.), mutual savings banks, life insurance cos., and savings and loan 5 Data by type of mortgage on nonfarm 1- to 4-family properties alone assns. are shown on second page following. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Note.—Based on data from Federal Deposit Insurance Corp., Federal Other U.S. agencies (amounts small or current separate data not readily Home Loan Bank Board, Institute of Life Insurance, Depts, of 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 Total FH in A ­ - g V u A ar - ­ C v o en n ­ ­ n fa o r n m ­ Farm Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ O n fa o t r h n m e ­ r Farm sured anteed tional sured anteed tional 1941................................. 4,906 3,292 1,048 566 4,812 3,884 900 28 1945................................. 4372 3,395 *856 521 4*208 3,387 797 24 1960................................. 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24.306 7,074 8,986 8 246 2,575 54 1961................................. 30,442 21'225 5,975 2,627 12’623 7,470 1 '747 29,145 26,341 8,045 9*267 9 029 2'753 51 1962................................. 34.476 23’482 6'520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10 156 3,088 5! 1963................................. 39,414 26’476 7'105 2,862 16*509 10,611 2'327 36324 32318 10,684 10*490 11 544 3'454 52 1964................................. 43,976 28'933 7,315 2,742 18'876 12,405 2*638 40,556 36387 12,287 11’121 13 079 4,016 53 1965?’............................... 49,323 44,726 1963—III........................ 38,360 25,855 7,007 2,870 15,978 10,203 2,302 35,191 31,775 10,328 10,335 11 112 3,365 51 IV......................... 39,414 26,476 7,'105 2,862 16,509 10,611 2,327 36'224 32,718 10'684 10,490 11 544 3,454 52 1964—1............................ 40,200 26,894 7,110 2,824 16,960 10,894 2,412 37,155 33,506 11,004 10,639 11 863 3,597 52 ...........4..1...,.6..4..8 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 in........................ 42,948 28*432 7,250 2'786 18*396 11,896 2 320 39'381 35,449 11,826 10377 12 646 3'879 53 IV......................... 43,976 28,933 7*315 2,742 18,876 12305 2,638 40'556 36'487 12387 11’121 13 079 4'016 53 1965—1........................... 44,799 29,388 7,329 2,722 19,337 12,723 2,688 41,521 37,357 12,664 11,228 13 465 4,112 52 II.......................... 46,548 30,383 7*469 2,712 20'202 13*,371 2; 794 42,467 38',214 13',036 11',322 13 856 4',202 51 nip...................... 48,148 43'608 IVp................... 49,323 44'726 1 Includes loans held by nondeposit trust cos., but not bank trust depts. and possessions. First and third quarters, estimates based on FDIC data 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. for insured banks for 1962 and part of 1963 and on special F.R. inter­ polations thereafter. For earlier years, the basis for first and third quarter Note.—Second and fourth quarters, Federal Deposit Insurance Corp, estimates included F.R. commercial bank call data and data from the series for all commercial and mutual savings banks in the United States National Assn, of Mutual Savings Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

580 REAL ESTATE CREDIT APRIL 1966 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Non farm Nonfarm Period Total VA- Farm 1 Total VA- Farm Total FHA- guar­ Other 1 Total in F s H u A re - d guar­ Other insured anteed anteed 1945................................................... 976 6,637 5,860 1,394 4,466 766 1960.................................................. 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961.................................................. 6,785 6'233 1,388 220 4'625 552 44,203 4L033 91665 61553 241815 3J7O 1962.................................................. 7'478 6^859 1^355 469 5’035 619 46,902 43,502 10,176 61395 26,931 31400 1963.................................................. 9'172 8'306 1'598 678 61030 866 50,544 46,752 10,756 61401 291595 31792 1964.................................................. 10332 9’385 1,811 674 6300 1,047 55J52 50,848 11,484 61403 321961 4,304 1965 p . ..................................................... 10'942 9'785 1 ,716 539 7,530 1,157 60,021 551197 12,094 6,292 36,811 4,824 1965--Jan.r..................................... 928 821 178 66 577 107 55,649 51,325 11,626 6,432 33,267 4,324 Feb........................................ 748 655 123 50 482 93 551941 51,593 11,676 6,439 33,478 4,348 Mar....................................... 939 786 154 51 581 153 56,343 51,923 11,742 6,432 331749 41420 Apr....................................... 880 772 134 40 598 108 561687 52,213 111786 6,419 341008 41474 May...................................... 749 662 117 37 508 87 56,997 52,482 111821 6,404 341257 4,515 June...................................... 939 840 142 41 657 99 57,384 521806 111860 61384 341562 4,578 July....................................... 834 759 121 40 598 75 57,663 53,041 111866 61361 34,814 41622 Aug...................................... 867 798 144 41 613 69 58,017 531359 11,914 61340 351105 41658 Sept....................................... 932 868 142 45 681 64 581411 531723 11,950 61326 351447 4',688 Oct....................................... 932 868 161 44 663 64 58,824 541103 121010 61316 35',777 4,721 Nov....................................... 959 890 149 41 700 69 59,276 54,'525 12,063 6,307 361155 41751 Dec....................................... 1,248 1,079 154 42 883 169 60,021 55,197 121094 6,292 36,811 4,824 1966--Jan....................................... 972 865 168 52 645 107 60,518 55,675 12,183 6,307 37,185 4,843 i Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because (1) 1959 and with “other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Advances outstanding (end of period) Period Total 1 s N c tr o e u n w c ­ ­ H c p h o u a m r s ­ e e Total 2 F su H in re A ­ d - a g n V u t A e a e r - d ­ t C i v o e o n n n a ­ ­ l Period va A n d c ­ es R m e e p n a ts y­ Total t S e h rm or t * ­ t L e o rm ng ­ 2 M de e p m o b si e t r s s tion 1945......................... 278 213 195 176 19 46 1945 ............ 1 913 181 1,358 5,376 1960......................... 1 ,943 2,097 1,981 1,089 892 938 1960............. 14,304 4,678 6,132 60,070 3,524 7,222 49,324 1961......................... 2,882 2,220 2,662 11447 1,216 1,180 1961............. 17,364 5,081 71207 681834 41167 71152 571515 1962......................... 41111 31294 31479 21005 1 1474 1,213 1962............. 20,754 5 1979 81524 78,770 41476 71010 67,284 1963......................... 51601 41296 41784 21863 11921 11151 1963............. 241735 7,039 91920 901944 41696 61960 791288 1964......................... 51565 5,025 51325 2,846 21479 11199 1964............. 241505 6,515 10,’397 101 ,’333 41894 61683 891756 1965......................... 51007 41335 51997 3,074 21923 11043 1965............. 231847 51922 101697 1101202 5,141 6,391 981670 1965—Feb.............. 309 402 4,851 2,420 2,431 1,013 1965—-Feb.. 1 ,541 379 638 102,372 4,920 6,651 90,801 Mar....... 348 452 41747 21277 21470 11048 Mar.. 2,056 544 824 103,173 4,938 6,626 91,609 Apr.,........... 735 264 51219 2,565 21653 11026 Apr.. 2,068 558 850 103,997 4,950 6,587 92,460 May............ 350 342 51227 21480 21748 1,017 May. 2,022 526 861 104,837 4,973 6,565 93,299 June............ 602 243 51586 21867 21719 11172 June. 2,399 614 1 ,099 105,849 4,999 6,557 94,293 July............. 613 406 51793 3,176 21617 '912 July.. 2,186 520 1 ,063 106,668 5,020 6,544 95,104 Aug,...... 355 378 5,770 21951 2,819 902 Aug.. 2,187 511 1,099 107,513 5,047 6,504 95,962 Sept............. 310 278 51802 21908 2,894 942 Sept.. 2,079 490 1,015 108,255 5,079 6,477 96,699 Oct............... 337 312 5 ,826 21924 2,902 957 Oct.. 1,961 487 910 108,922 5,103 6,459 97,360 Nov............. 236 338 51724 2,877 2,847 934 Nov.. 1,825 431 834 109,507 5,108 6,432 97,967 Dec.............. 400 128 5,997 3 ,'074 21923 1 ,043 Dec.. 1,996 491 865 110,202 5,141 6,391 98,670 1966—Jan............... 386 485 5,898 3,071 2,826 843 1966—Jan.. 1,549 322 640 110,700 5,160 6,364 99,176 Feb.............. 171 330 5,739 21837 21901 795 Feb.p 1 ,550 307 644 111,216 5,180 6,361 99,675 1 Secured or unsecured loans maturing in 1 year or less. i Includes loans for repairs, additions and alterations, refinancing, etc., 2 Secured loans, amortized quarterly, having maturities of more than not shown separately, 1 year but not more than 10 years. 2 Beginning with 1958 includes shares pledged against mortgage loans. Note.—Federal Home Loan Bank Board data. Note.—Federal Home Loan Bank Board data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 REAL ESTATE CREDIT 581 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 Mortgages Proj­ P e i r m r o ty p ­ ­ Total 3 Mortgages E pe n r d i o o d f Total FHA- VA- t C i v o e o n n n a ­ ­ l h N om ew e s h i o s E t m i x n ­ e g s ects 1 m pr e o n v ts e ­ 2 h N om ew es h i o s E t m i x n ­ e g s Total su in re ­ d a g n u te a e r- d 1 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 I960............................... 6,293 2,197 2,403 711 982 1,985 1,554 428 1958................. 117.7 50.1 19.7 30.4 67.6 1961............................... 6,546 1,783 2^982 926 855 1,829 1,170 656 1959................. 130.9 53.8 23.8 30.0 77.0 1962............................... 7,184 1’849 3,421 1,079 834 2^52 1’357 1,292 1960................. 141.3 56.4 26.7 29.7 84.8 1963............................... 7^16 1’664 3,905 '843 804 3,045 1 ,'272 1 ^770 1964............................... 8J30 F6O8 4^965 895 663 2,846 1 ;023 1,821 1961................. 153.1 59.1 29.5 29.6 93.9 1965............................... 8,689 1,705 5,760 591 634 2,652 '876 1 ,774 1962.................. 166.5 62.2 32.3 29.9 104.3 1963................. 182.2 65.9 35.0 30.9 116.3 1965—Feb.................... 517 115 328 40 34 200 72 128 1964................. 197.6 69.2 38.3 30.9 128.3 Mar................... 640 137 396 62 45 216 77 139 1965 J'............... 212.9 Apr.................... 634 128 413 51 42 179 64 115 625 116 399 57 53 182 57 125 1963—1........... 169.2 63.0 33.0 30.0 106.2 June.......... 716 127 484 40 66 217 65 152 II.......... 173.7 63.8 33.5 30.3 109.9 July.................... 776 140 506 71 58 217 65 152 Ill......... 178.2 64.6 34.3 30.4 113.6 Aug.................. 875 163 594 51 67 245 78 167 IV......... 182.2 65.9 35.0 30.9 116.3 Sept................... 860 159 597 42 62 254 78 177 Oct........... 811 161 554 45 52 245 81 163 1964—1........... 185.4 66.6 35.7 31.0 118.8 Nov................... 824 156 550 61 57 243 79 163 II........... 189.8 67.3 36.3 30.9 122.5 Dec.................... 780 165 533 38 43 228 77 151 Ill 193.9 68.4 37.4 31.1 125.4 IV......... 197.6 69.2 38.3 30.9 128.3 1966—Jan..................... 800 180 547 42 30 236 80 156 Feb.................... 639 134 378 96 32 190 69 121 1965—I p........ 200.5 70.1 39.0 31.0 130.5 II»........ 204.8 70.7 39.7 31.0 134.1 nip.... 209.0 72.0 40.9 31.1 136.9 1 Monthly figures do not reflect mortgage amendments included in annual totals. IVp. ... 212.9 2 Not ordinarly secured by mortgages. 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, 1 Includes outstanding amount of VA vendee accounts held by private investors under repurchase Note.'—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans agreement. represent gross amount of insurance written; Va-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or Note.—For total debt outstanding, figures are guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on FHLBB and F.R. estimates. For conventional, number and average amount of loans closed. figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin., and Veterans Admin. 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 i r n e A ­ d - a g n V u t A e a e r - d ­ c P ha u s r e ­ s Sales bu d u r i n s s e ­ ­ d Total i F ns H u A re - d C t o io n n v a e l n­ 1945.................................. 17.0 12.2 12.2 4.8 I960............................. 6,159 3,356 2,803 1 ,248 357 576 1957.................................. 48.9 38.5 4.4 34.1 10.4 1958.................................. 54.1 43.0 5.1 37.9 11.1 1961.............................. 6,093 3,490 2,603 815 541 631 1959.................................. 60.0 47.9 5.4 42.5 12.1 1962............................. 5,923 3,571 2,353 740 498 355 1960.................................. 65.5 52.7 5.9 46.8 12.8 1963............................. 4,650 3,017 1,634 290 1,114 191 1964............................. 4,412 2,996 1,416 424 '251 313 1961.................................. 73.2 59.3 6.4 52.9 13.9 1965.............................. 4'731 3,404 1,327 913 200 793 1962.................................. 85.1 69.9 7.2 62.7 15.2 1963.................................. 99.0 82.2 7.5 74.7 16.8 1965—Feb.................. 4,394 3,005 1 ,388 48 41 316 1964p........................... 114.0 95.1 7.9 87.2 18.9 Mar................. 4,364 2,986 1 ,378 45 43 320 Apr.................. 4341 2^989 1,352 51 43 321 1963—1 ............................ 88.0 72.4 7.3 65.1 15.6 May................. 4; 326 2,997 1,329 47 32 327 Il........................... 91.7 75.5 7.4 68.1 16.2 June................. 4,303 2j 992 1,311 44 27 360 Ill......................... 95.2 78.6 7.5 71.2 16.6 July................. 4,309 3,012 1 j297 49 9 376 IV.......................... 99.0 82.2 7.5 74.7 16.8 Aug................. 4'332 3,039 1,293 54 418 4,372 3^083 1,289 78 443 1964—Ip...................... 101.9 84.6 7.6 77.0 17.3 4^436 3,145 1 '290 96 559 IP......................... 105.8 87.7 7.7 80.0 18.1 Nov........... 4,559 3,255 L3O4 155 674 IIP...................... 109.7 91.2 7.8 83.5 18.5 4,731 3’404 1'327 205 793 IV”....................... 114.0 95.1 7.9 87.2 18.9 1966—Jan............... 4,948 3,588 1,360 246 62 923 1965—Ip....................... 117.2 97.7 7.9 89.9 19.5 Feb.................. 5',215 3',81 1 1 ,404 295 829 IIP......................... 121.2 101.0 8.0 93.0 20.2 JU”....................... 125.0 104.3 8.0 96.3 20.7 Note.—Federal National Mortgage Assn, data including mortgages subject to participation poll of Government Mortgage Liquidation Note.—Based on data from same sources as shown for “Mortgage Trust, but excluding conventional mortgage loans acquired by FNMA Debt Outstanding” table (second preceding page), and for table immedi­ from the RFC Mortgage Co., the Defense Homes Corp., the Public ately above. Housing Admin., and Community Facilities Admin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

582 CONSUMER CREDIT APRIL 1966 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A p o a u p b t e i o l r ­ e co g O p n o a s t o u p h d e m e s r r e r e a r n l R n o d i e a z p m n a a s t o i i o r 1 d n ­ Pe lo rs a o n n s al Total p S a l i o y n m a g n l e s e n ­ t a C cc h o a u rg n e ts S c e r r e v d ic it e 1939............................................ 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941............................................ 91172 6; 085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945............................................ 5,665 2; 462 455 '816 182 1009 3,203 746 I 612 845 I960............................................ 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3 360 1961............................................ 57,678 43,527 17,223 11 357 3,191 11,256 14,151 5; 136 5,'324 3 691 1962............................................ 63'164 48^34 19^40 12,’6O5 3,246 12,643 15,130 5,456 5,684 3 990 1963............................................ 69'890 53,745 22,199 13,766 3389 14,391 16,145 5359 5,871 4 315 1964............................................ 76,810 59,'397 24,521 15,303 3,502 16,071 17313 6,473 6,300 4,640 1965............................................ 85^83 67;406 28301 17,414 3325 18,166 18,577 6,940 6,746 4 891 1965—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 4302 Apr, 77*483 60,803 25315 15356 3 ,'439 16,693 16380 6306 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 6376 5 528 4 793 July................................ 80,686 63,609 27371 15373 3,553 17,312 17,077 6381 5,534 4362 Aug......................... 81'454 64;393 27,493 15*738 3397 17,565 17 061 6325 5 498 4 738 Sept................................. 81 ,’924 64,846 27355 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 27376 16315 3338 17,*883 17378 6,903 5,740 4 735 Dec................................. 85,983 67,406 28,201 17,414 3; 625 18,166 18,577 6 ,’940 6346 4 891 1966—Jan................................. 85,089 67,157 28,149 17,287 3,585 18,136 17,932 6,885 6,107 4 940 Feb............................. 84;607 67J29 28,255 17,108 3356 18,210 17,478 6,923 5,505 5,050 1 Holdings of financial institutions; holdings of retail outlets are in­ loans. The estimates include data for Alaska beginning with Jan. 1959 cluded in “other consumer goods paper.” (except for instalment credit held by sales finance cos.) and for Hawaii beginning with Aug. 1959, For back figures and description of the Note.—Consumer credit estimates cover loans to individuals for house­ data, see “Consumer Credit,” Section 16 (New) of Supplement to Bank­ hold, family, and other personal expenditures, except real estate mortgage ing and Monetary Statistics, 1965. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m C b e a o r n c m k ia s ­ l fi S n c a o a l n s e . c s e u C n r i e o d n i s t fi s n C u a m o n n c e e ­ r 1 Other 1 Total s D t m o e r p e e a n s r t t 2 ­ F st t u o u r r r n e e i s ­ A s a t p o n p r c e e li s ­ d m e A a o u l b e t r o il s ­ e 3 Other 1939................................ 4,503 3,065 1 079 1 197 132 657 1 438 354 439 183 123 339 1941................................ 6’085 4,480 1,726 1,797 198 759 1305 320 496 206 188 395 1945................................ 2,462 1,776 745 300 102 629 686 131 240 17 28 270 I960................................ 42,832 37,218 16372 11,472 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1 402 1961................................ 43,527 37335 17,008 11,273 4330 3,799 1 325 5 595 2321 1,058 293 342 1 481 1962................................ 48 334 41 382 19,005 12,194 4302 4 131 1 350 6 252 3013 1,073 294 345 1 527 1963................................ 53345 46392 21,610 13323 5,622 4,590 1,647 6,753 3 427 1,086 287 328 1 625 1964................................ 59,397 51 390 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 28314 16,138 7,512 5,606 1,844 8 292 4 488 1 ,235 302 447 1 *820 1965—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 52337 24,537 14331 6369 5,132 1,768 6351 3,673 1,085 277 384 1 *532 Apr...................... 60 303 53328 25', 117 14,991 6,739 5,202 1,779 6,975 3 701 1,077 275 395 1 ’ 527 May............. 61 339 54394 25,602 15,158 6,871 5 343 1 320 7,045 3,745 1,076 277 405 1 * 542 June.................... 62390 55,666 26,154 15,372 7,032 5 387 1 321 7,124 3,785 1,084 281 417 1*557 July..................... 63309 56 ,'442 26,610 15,565 7324 5,334 1 309 ?; 167 3,811 1 090 284 425 1 *557 Aug........... 64393 57'181 26,992 15321 7335 5,387 1,846 7,212 3,847 1 103 287 431 1 *544 Sept..................... 64 346 57,570 27,210 15302 7310 5310 1 338 7,276 3 910 1 117 289 433 1 527 Oct..................... 65,368 57362 27,475 15,876 7,363 5,422 1326 7,406 3,979 1,138 293 438 1 *558 Nov........... 66312 58311 27,699 15363 7336 5 365 1 ,848 7 601 4 101 1; 167 297 443 I 593 Dec.. .................. 67,406 59’, 114 28314 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 8 112 4 419 1,208 300 448 1 737 Feb..................... 67,129 59J81 28,162 16,072 7373 5,621 1 ,853 7 348 n.a. n.a. n.a. 451 n.a. i 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

APRIL 1966 CONSUMER CREDIT 583 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) End of period Total ch P A a u s u r e ­ t p d o a m pe o D r b i i r l e e c t s O g p c u o a o t m o p h m d e e e - r s r r e R l m r o t a e n i a n o o p i n z d n d a s a i ­ r ­ s l P o o a e n n r a ­ s l End of period Total m A pa o u p b t e i o l r e ­ s g p O c u o a o t m o p h n d e e e ­ r s r r m i R z lo o a a e n a d t p i n d e o a s r i n r n ­ l s P o o a e n n r a ­ s l 1939................................... 1,197 878 115 148 56 1939........................... 1,079 237 178 166 135 363 1941.................................... 1,797 1,363 167 201 66 1941........................... 1,726 447 338 309 161 471 1945................................... 300 '164 24 58 54 1945........................... '745 66 143 114 110 312 1960................................... 11/72 7,528 2,739 139 1 066 1960........................... 16,672 5,316 2,820 2,759 2,200 3,577 1961................................... 11'273 6/11 3,100 161 1*201 1961........................... 17/08 5,391 2,860 2/61 2,198 3,798 1962.................................... 12'194 7/49 3,123 170 1 452 1962........................... 19,005 6 ,’184 3,451 2,824 2,261 4,285 1963................................... 13,523 8,228 3 383 158 1 *754 1963 ........................... 21'610 7,246 4,003 3,123 2,361 4,877 1964................................... 14,762 8/01 3 889 142 2 030 1964........................... 23/43 8'300 4,451 3/80 2/27 5,385 1965 .................................. 16'138 9,241 4/29 123 2*345 1965........................... 28*014 9,952 5,437 3’987 2,493 6/45 1965—Feb....................... 14,782 8,693 3,887 139 2 063 1965—Feb................ 24,246 8,405 4,568 3,457 2,378 5,438 Mar............ 14'831 8,723 3,897 137 2*074 Mar............... 24,537 8,539 4,'673 3/61 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 2*128 May.............. 25,602 8,982 4'935 3/54 2,391 5,740 June....................... 15'372 9,055 4 023 133 2 161 June.............. 26,154 9,201 5,078 3'616 2/20 5,839 July........................ 15'565 9,174 4,067 133 2* 191 July ........ 26,610 9,421 5'181 3,672 2/46 5,890 Aug,....................... 15’721 9,235 4 125 131 2 230 Aug............... 26 ,’992 9,564 5'248 3,726 2/73 5'981 Sept....................... 15'802 9,196 4 204 129 2*273 27,210 9,638 5'243 3,787 2/88 6’054 Oct,...................... 15,876 9,201 4,269 128 2’278 Oct......... 27,475 9,768 5'294 3,847 2,499 6'067 Nov...................... 15/63 9'210 4 332 126 2 295 Nov......... 27’699 9’865 5,364 3'890 2,502 6,078 Dec....................... 16,138 9,241 4/29 123 2 345 Dec................ 28’014 9,952 5'437 3’987 2/93 6,145 1966—Jan........................ 16,106 9,187 4/60 119 2 340 1966—Jan................ 28,044 9,957 5,457 4,014 2/62 6,154 Feb........................ 16,'072 9,187 4/23 117 2,345 Feb................ 28/62 10,004 5; 503 4'033 2/37 6'185 See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single­ Other Repair payment Charge accounts Auto- con- and Per- loans End of period Total mobile sumer modern- sonal 1 1 9 9 4 3 1 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9 8 5 9 7 pap 1 e 2 8 r 1 2 g p o a o p d e 2 3 r s 4 6 iz lo a a ti n o 1 1 s n 5 4 loa 6 7 n 6 8 s 9 5 End of period Total b C m c a o i n e a m r k l ­ s ­ t O f u i i n c t n t i i s h a a o t n l e i n ­ ­ r s s m t p D o a e r e r n e t ­ t ­ s 1 o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1945................................... 731 54 20 14 643 1960................................... 9,074 1,665 771 800 5/37 1939............... 2/19 625 162 236 1/78 518 1961................................... 9'654 1'819 743 832 6/57 1941............... 3,087 693 152 275 1'370 597 1962................................... 10,583 2,111 751 815 6/06 1945............... 3/03 674 72 290 1'322 845 1963.................................... H,859 2',394 835 870 7/60 1964................................... 13,285 2'699 997 933 8,656 1960............... 13/96 3/84 623 941 3/52 436 3,360 1965 .................................. 14/62 3'124 1,153 1 ,009 9',676 1961............... 14/51 4'413 723 948 3/07 469 3,691 1962............... 15/30 4'690 766 927 4/52 505 3/90 1965—Feb........................ 13,324 2/00 1,006 929 8,689 1963............... 16/45 5,047 912 895 4'456 520 4,315 Mar....................... 13/69 2/44 1,019 935 8/71 1964............... 17'413 5'469 1,004 909 4/56 635 4,640 Apr........................ 13/20 2/13 1/42 939 8/26 1965............... 18,577 5/45 1,095 968 5/55 723 4/91 May............ 13/34 2/68 1/58 959 9/49 June....................... 14'140 2/34 1,076 971 9/59 1965—Feb.. . 16,378 5,436 1,006 660 3/57 637 4/82 July....................... 14/67 2/70 1'092 974 9/31 Mar... 16/97 5,495 1,023 601 3,743 633 4/02 Aug...................... 14/68 3/15 1’106 993 9/54 Apr... 16,680 5,572 1,034 626 3/42 642 4/64 Sept....................... 14,558 3,045 1,120 996 9,397 May.. 16,948 5,628 1,058 647 4,142 664 4/09 Oct......................... 14,611 3/65 1,130 998 9,418 June.. 17,097 5/07 1,069 627 4,218 683 4/93 Nov................. 14/49 3/94 1/35 1 ,010 9,510 July... 17,077 5/18 1,063 591 4/17 726 4/62 Dec....................... 14/62 3,124 1/53 1 ,009 9,676 Aug... 17,061 5/47 1,078 595 4/49 754 4,738 Sept... 17,078 5,776 1,080 647 4,078 771 4,726 1966—Jan........................ 14,895 3,100 1/49 1 ,004 9,642 Oct.... 17,201 5/93 1,078 682 4,221 742 4,685 Feb....................... 14/47 3’110 1 /55 1 ,002 9,680 Nov... 17,378 5/10 1,093 725 4/91 724 4/35 Dec... 18,577 5,845 1,095 968 5,055 723 4,891 Note.—Institutions represented are consumer finance cos., credit 1966—Jan... 17/32 5/93 1,092 855 4,509 743 4/40 unions, industrial loan cos., mutual savings banks, savings and loan Feb.. . 17,478 5/22 1/01 n.a. n.a. 746 5,050 assns., and other lending institutions holding consumer instalment loans. See also Note to first table on previous page. 1 Includes mail-order houses. 2 Service station and misc. credit-card accounts and home-heating oil accounts. See also Note to first table on previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

584 CONSUMER CREDIT APRIL 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 rn ep iz a a i t r i o a n n d l oans Personal loans Period S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions I960. 49.560 17,654 14,470 2,213 15,223 1961. 48,396 16,007 14,578 2,068 15,744 1962. 55,126 19,796 15,685 2,051 17,594 1963. 60,822 22,013 17,007 2,178 19,624 1964. 66,070 23,565 19,162 2,182 21,161 1965. 74,527 27,357 21,334 2,213 23,623 1965--Feb.................................. 6,022 5,007 2,228 1,915 1,760 1,338 175 132 1,859 1,622 Mar................................. 6,030 6,173 2,229 2,382 1,698 1 ,619 186 176 1,917 1,996 Apr................................. 6,189 6,480 2,272 2,496 1,645 1,614 189 190 2,083 2,180 May....................... 6,105 6,189 2,215 2,384 1,728 1,682 190 214 1,972 1,909 June................................ 6,139 6,780 2,250 2,608 1,717 1,804 199 225 1,973 2,143 July................................ 6,278 6,429 2,301 2,465 1,792 1,755 179 200 2,006 2,009 Aug................................. 6,288 6,394 2,313 2,343 1,794 1,769 194 224 1,987 2,058 Sept................................. 6,331 5,992 2,324 2,039 1,834 1,828 172 187 2,001 1,938 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 Feb................................. 6,392 5,432 2,285 2,039 1 ,932 1 ,505 171 130 2,004 1 ,758 Repayments 1960. 45,972 16,384 13,574 1,883 14,130 1961. 47,700 16,472 14,246 2,015 14,967 1962. 50,620 17,478 14,939 1,996 16,206 1963. 55,111 19,354 15,846 2,035 17,876 1964. 60,418 21,243 .................... 17,625 2,069 19,481 1965. 66,518 23,677 19,223 2,090 21,528 1965--Feb.................................. 5,381 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 1,901 July................................ 5,612 5,610 1,972 1,979 1,612 1,604 169 171 1,859 1,856 Aug................................. 5,679 5,610 2,030 2,021 1,658 1 ,604 180 180 1,811 1,805 Sept.................. 5,648 5,539 1,996 1,977 1,629 1 ,612 168 171 1,855 1 ,779 Oct................................ 5,717 5,622 2,028 2,052 1,648 1,614 170 170 1,871 1,786 Nov................................. 5,748 5,857 2,112 2,142 1,666 1 ,678 173 174 1 ,797 1,863 Dec................................. 5,751 6,021 2,049 2,049 1,695 1,733 176 175 1,831 2,064 1966--Jan.................................. 5,830 5,750 2,054 2,009 1,756 1,790 174 170 1,846 1 ,781 Feb................................. 5,855 5,460 2,085 1 ,933 1 ,756 1 ,684 172 159 1,842 1,684 Net change in credit outstanding2 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 1 f 3 1,680 1965. 8,009 3,680 2,111 123 2,095 1965--Feb................................ 641 21 331 169 128 -220 3 -27 179 99 Mar................................ 637 425 305 320 131 -40 15 -6 186 151 Apr................................. 744 1,015 336 552 158 112 -1 -1 251 352 May............................. 670 936 275 494 164 173 18 45 213 224 June................................ 602 1,051 290 576 130 193 20 40 162 242 July................................ 666 819 329 486 180 151 10 29 147 153 Aug................................. 609 784 283 322 136 165 14 44 176 253 Sept................................. 683 453 328 62 205 216 4 16 146 159 Oct.................................. 589 522 238 211 235 260 7 12 109 39 Nov................................ 657 644 296 210 186 301 9 13 166 120 Dec................................. 647 1,394 344 225 151 899 9 -13 143 283 1966--Jan.................................. 622 -249 236 -52 206 -127 3 -40 177 -30 Feb.................................. 537 -28 200 106 176 -179 -1 -29 162 74 1 Includes adjustments for differences in trading days. financing charges. Renewals and refinancing of loans, purchases and 2 Net changes in credit outstanding equal extensions less repayments sales of instalment paper, and certain other transactions may increase except in 1959, when the differences do not reflect the introduction of the amount of extensions and repayments without affecting the amount outstanding balances for Alaska and Hawaii. outstanding. For back figures and description of the data, see “Consumer Credit,” Note,—Estimates are based on accounting records and often include Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 CONSUMER CREDIT 585 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a in n a i n e c s e Ot i h n e st r i t f u in ti a o n n c s ial Retail outlets Period S.A. 1 N.S.A. S.A. 1 N.S.A. S.AJ N.S.A. S.A.1 N.S.A. S.A. 1 N.S.A. Extensions I960 .......................................... 49,560 18,269 11,456 12,073 7 762 1961...................................... 48’396 17’711 10,667 12,282 7*736 1962............................................ 55,126 20374 11,999 131525 9 128 1963............................................ 60'822 22,871 12,664 141894 10*393 i964............................................ 66^070 24,515 14^020 16,251 11*284 1965 .......................................... 74^527 28,757 15^075 18,120 12*575 1965—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 11487 11551 981 916 Apr................................. 6'189 6'480 2,362 2,591 1 '243 1’284 11607 11653 977 952 May......................... 6,105 6,189 2,343 2359 1,242 1,239 1,494 1 387 1,026 1 004 June............................... 6'139 6,780 2^370 2'687 1,237 1'393 11504 1,654 1 028 1 046 July................................ 6'278 6'429 2,411 2,540 1 ,253 1’318 11538 1,557 1 076 1 014 Aug....................... 6,288 6,394 2,478 2,509 1 ,256 11293 11514 11576 1 040 1 016 Sept................................ 6,331 5'992 2,464 2,293 1 ’311 1,228 1,514 11440 1 042 1 031 Oct.. .............................. 6'306 6'144 2^462 2'385 1,214 1,223 1,508 1,404 1 122 1 132 Nov................................ 6,'405 6'501 2,534 2,410 1,267 11293 1,512 1,574 1 092 1,224 Dec................................. 6'398 7’415 2,519 2,475 1,291 1,425 1 '514 11788 1 074 1 727 1966—Jan.................................. 6,452 5,501 2,408 2,155 1,270 1,101 1,553 1,298 1 221 947 Feb................................. 6; 392 5'432 2^417 2J58 1 ,230 LO57 1,559 1,338 1J86 879 Repayments 1960. 45,972 16,832 10,442 11,022 7,676 1961 . 47,700 j• 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--Feb............................ 5 381 4,986 1 956 1,819 1,157 1,075 1,286 1,164 982 928 Mar................................. 5 393 5,748 1 972 2,123 1 ,136 1,243 1,328 1,406 957 976 Apr................................. 5 445 5,465 2 002 2,011 1,108 1,124 1,396 1,402 939 928 May................... 5 435 5,253 2 020 1,974 1 ,113 1,072 1,329 1,273 973 934 June................................ 5 537 5,729 2 048 2,135 1,137 1,179 1,377 1,448 975 967 July................................ 5 612 5,610 2 070 2,084 1,152 1,125 1,421 1,430 969 971 Aug................................. 5 679 5,610 2 137 2,127 1,160 1,137 1,384 1,375 998 971 Sept................................. 5 648 5,539 2 083 2,075 1,180 1,147 1,410 1,350 975 967 Oct.................................. 5 717 5,622 2 165 2,120 1,130 1,149 ■ .422 1,351 1,000 1,002 Nov................................. 5 748 5,857 2 181 2,186 1,194 1,206 1,377 1,436 996 1 ,029 Dec................................. 5 751 6,021 2 148 2,160 1,203 1,250 1 ,401 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 Feb................................. 5 855 5,460 2 193 2,040 1,137 1,091 1,420 1 ,286 1,105 1,043 Net change in credit outstanding 1960. 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--Feb.................................. 641 21 306 155 124 -15 141 53 70 -172 Mar................................. 637 425 314 291 140 49 159 145 24 -60 Apr................................ 744 1,015 360 580 135 160 211 251 38 24 May................................ 670 936 323 485 129 167 165 214 53 70 June................................ 602 1,051 322 552 100 214 127 206 53 79 July................................ 666 819 341 456 101 193 117 127 107 43 Aug................................. 609 784 341 382 96 156 130 201 42 45 Sept................................. 683 453 381 218 131 81 104 90 67 64 Oct.......................... 589 522 297 265 84 74 86 53 122 130 Nov................................ 657 644 353 224 73 87 135 138 96 195 Dec................................. 647 1,394 371 315 88 175 113 213 75 691 1966--Jan.................................. 622 -249 252 30 68 -32 147 -67 155 -180 Feb.................................. 537 -28 224 118 93 -34 139 52 81 -164 1 Includes adjustment for differences in trading days. months the differences between extensions and repayments for some 2 Net changes in credit outstanding are equal to extensions less repay­ particular holders do not equal the changes in their outstanding credit. ments except: (1) in 1959, when the differences do not reflect the intro­ Such transfers do not affect total instalment credit extended, repaid, or duction of outstanding balances for Alaska and Hawaii, and (2) in certain outstanding. months when data for extensions and repayments have been adjusted to See also Note to previous table. eliminate duplication resulting from large transfers of paper. In those Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

586 INDUSTRIAL PRODUCTION: S.A. APRIL 1966 MARKET GROUPING (1957-59=100) 1957-59 ^1965 1965 1966 Grouping p p ti o r o o r n ­ ­ a a v g e e r­ Feb. Mar. Apr. May June July Aug. Sept, Oct. Nov, Dec.r Jan.r Feb. Total index............................. 100.00 143.3 139,2 140.7 140.9 141.6 142.7 144.2 144.5 143 5 145.1 146,4 148.7 150.0 151,4 Final products, total............................. 47.35 142,4 138.5 140.1 139.4 140,2 140.7 141.7 142.3 143.3 145. 7 147.4 148.8 149.3 151.0 Consumer goods,............................. 32.31 140.2 138.0 140,0 138.5 138.6 138.7 139.3 139.5 140.7 141.7 142,8 144,1 143,7 144.9 Equipment, including defense.... 15,04 146.9 139.4 140.4 141.2 143.7 144.9 147,0 148.4 149.0 154.3 157.3 158,8 161.3 164.2 Materials................................................. 52.65 144.1 139.7 141.7 142.6 142.6 144.5 146.4 146.1 143,7 144.3 145.6 148,7 150.2 151.7 Consumer goods Automotive products.................. 3.21 167.1 163.8 173.1 166.9 168,1 168.1 167.8 169.8 166.5 168.6 168.8 169.4 168.5 167.2 Autos..................................................... 1.82 182.6 178,9 194.2 183.5 184.9 187.1 184.6 184.3 178,1 181.1 182.5 182.4 180.3 177.8 Auto parts and allied products......... 1.39 146.8 143.9 145,2 145.1 146.0 143.0 145.8 150.7 151 2 152.0 150.8 152 4 153.0 153 3 Home goods and apparel..................... 10.00 143.7 141,4 142.4 141.1 141.4 141,5 140.9 140.1 142.7 145.1 146.8 150.6 148.5 150 9 Home goods.......................................... 4.59 154.7 152.7 154.0 152.1 151,8 151.3 151.2 149.8 153 0 156,9 159.0 164.8 165 8 165:6 Appliances, TV, and radios........... 1.81 152.4 148.7 150,8 149.0 147.6 148.8 146.5 145.2 149,1 154.0 155,2 161 3 165,0 162.1 Appliances...................................... 1.33 153.3 150.8 152,3 151.7 149.7 152.1 148.4 146.4 151 0 156.6 156.5 162^0 163 2 162 3 TV and home radios................... .47 149.8 142.9 146.8 141,3 141 .6 139.2 141.3 141.9 143.6 146,6 151.5 159.3 170:0 161:7 Furniture and rugs......................... 1.26 154.2 152.6 152.7 152.0 154,4 153.5 154.0 152.3 152 0 154,9 157.4 161.0 163 3 163.4 Miscellaneous home goods....... 1.52 158.0 157.5 158.9 155.8 154.7 152.6 154.4 153.3 158.4 161.9 164.8 172.2 168,8 171 6 Apparel, knit goods, and shoes......... 5.41 134.3 131.8 132,5 131.8 132.5 133.2 132,2 131.9 134.0 135.1 136,5 138.5 133.8 Consumer staples................................... 19.10 133.9 131.9 133,2 132.4 132.2 132.7 134.1 134.1 135.3 135.4 136,4 136.5 137.0 138 0 Processed foods..................................... 8.43 122.2 121.3 122.1 122.1 121.1 120.7 122.4 121.6 121.6 122.2 123.1 123.1 123.7 124^ Beverages and tobacco........................ 2.43 125.7 126.1 128.1 121.5 124.8 126.2 123.9 123.6 127.5 126.0 128.2 128.5 128.6 Drugs, soap, and toiletries......... 2.97 157.0 152.8 154,2 152.6 151.9 152.9 157.0 160,1 161.3 159,2 161,2 162.7 163.2 166,3 Newspapers’ magazines, and books. 1.47 127.1 125.3 128.6 126.9 126.6 125.6 128.0 128.0 126.1 126.3 127.6 129.6 132.0 134.4 Consumer fuel and lighting............... 3.67 149.8 145.4 146.5 148.8 148.2 150.6 151.2 150.6 154.2 156.0 155.2 153 9 152 9 Fuel oil and gasoline....................... 1.20 122.4 119.9 118.6 122.4 119.9 122.8 123.1 123.1 122.6 124.8 126,6 126.4 127.3 127.8 Residential utilities........................... 2.46 163.2 157.8 160,0 161.7 162.0 164.1 164.9 164.0 169.7 171.1 169.2 167 4 165.4 Electricity....................................... 1.72 171.6 164.3 167.0 169.1 169.3 172.2 172.6 171.3 181,0 182,9 180.1 177:5 174,3 Gas.................................................. .74 144.0 Equipment Business equipment.............................. 11.63 156.6 149,2 150.1 150.9 153.5 154.6 156.4 157.8 159.0 164.3 167.2 168,9 170 5 173,7 Industrial equipment........................... 6.85 153.1 147.1 148.3 148.4 150.6 151.9 155.1 153,8 155 3 159.4 162.0 162.4 162^ 166 7 Commercial equipment....................... 2.42 164.4 156.2 159.1 161.3 162.3 164.1 165.2 165.2 166.4 169.7 172.7 174.5 177,5 181 J Freight and passenger equipment. .. 1.76 162.4 150.7 148.2 150.8 157,1 157.8 155.0 163,6 164.2 178.7 180.4 188.0 194,9 198.1 Farm equipment................................... .61 148.1 141 .3 140.4 138.3 141.7 143.7 145.3 157.1 155.4 155,7 165,8 163.9 161 .2 Defense equipment. . ............................ 3.41 Materials Durable goods materials,..................... 26.73 144.2 139.0 142.6 142.9 143.4 146.1 148.4 147.3 142.8 142.2 143.0 146 7 150.0 151 6 Consumer durable................................ 3.43 166.8 164.9 166.3 163.4 162.3 169.9 171 ,8 167.9 165 4 167.0 168.2 168^3 170.0 173^3 Equipment.............................................. 7.84 151.9 143.8 146.9 147.5 148.7 150.0 153.3 154.7 154.2 158.4 160.0 163.2 165,8 170.1 Construction........................................ 9.17 133.8 130.8 133.5 130,5 131 .4 131.3 132.7 134.6 134.5 135.3 137.2 138.8 142,3 143.7 Metal materials n.e.c............................ 6.29 137.6 140.5 142.5 141.8 139.7 142,3 146.3 142.4 130.6 126.2 123.2 130.5 137,7 139 1 Nondurable materials............................ 25.92 144.0 140.5 140.6 142.4 141.8 143.4 145.0 144.8 144.5 146.4 148.1 150.7 150 5 151 7 Business supplies.................................. 9.11 136.5 135.6 134.2 135.1 134,1 134.8 137.6 135.1 135.9 136.8 140.3 143.4 143 2 145 9 Containers........................................ 3.03 136.6 138.0 129.7 137.3 132.0 132.0 136.1 132.1 134.4 136.6 144.9 146.9 142 2 144 0 General business supplies............... 6.07 136.5 134.4 136,5 134.0 135.2 136.2 138.3 136.6 136.7 136,9 138.0 141 .7 143:7 146^ Nondurable materials n.e.c................ 7.40 173.9 167.5 167.6 170.8 168,8 171 .1 174.7 176.6 178.3 179.5 180,9 183.8 184 9 1 84 9 Business fuel and power..................... 9.41 127,6 123.9 125.7 127.2 127.9 129.9 128,9 129.2 126.3 129.7 129.9 131 7 130 5 131 2 Mineral fuels...................................... 6.07 115.2 tii. i 112.3 114.3 115.1 116.9 117.0 117.2 112.1 117.9 117.8 1195 117,4 117:8 Nonresidential utilities.................... 2.86 159.2 155.6 158.5 159.6 160,1 162.4 158,8 160,1 161 .5 160.9 161.7 163^ 164.3 Electricity.,.................................. 2.32 161 .0 156.1 159.1 160.2 160.7 163.4 160.8 162.3 163.5 162.7 163.4 166.0 166,4 General industrial................... 1.03 157.7 150.9 154.9 155.8 156,0 159.8 159.3 161.3 160.7 158.4 162.0 163.0 163.7 Commercial and other............ 1.21 169.8 166.0 168.3 169.8 170.5 172.4 167.9 169.2 171 .9 172,3 170.7 174 7 175 1 Gas.................................................. .54 151.2 Supplementary groups of consumer goods Automotive and home goods............. 7.80 159.9 157.3 161.9 158.2 158.5 158,2 158.1 158.1 158.5 161.7 163.0 166,7 166 9 166.3 Apparel and staples............................. 24.51 134.0 131.9 133.0 132.3 132.2 132.8 133.7 133,6 135.0 135.4 136.4 137.0 136.3 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 INDUSTRIAL PRODUCTION: S.A. 587 INDUSTRY GROUPINGS (1957-59=100) Grouping 19 p p 5 o r 7 o r - ­ ­ 59 p a 1 v 9 e 6 r 5 ­ 1965 1966 age tion Feb. Mar, Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb. Total index........................................ 100.00 143.3 139.2 140.7 140 9 141 6 142 7 144 2 144 5 143 5 145,1 146 4 148 7 150 0 1 51 4 Manufacturing, total.......................... . 86.45 144.9 140.8 142.3 142 4 143 1 144 1 145 7 146.0 145.2 146. 7 148.2 150 6 152 ? Durable.............................................. 48.07 148.4 142.7 144.8 145 5 1464 148 J 1500 150.5 148.2 150.3 151.3 155 0 157 6 1 59 5 Nondurable........................................ 38.38 140.7 138.4 139.1 138.5 138 8 139.0 140 4 140.4 141.3 142, I 144.2 145 1 145 4 146 8 Mining.............................................,.,, 8.23 114.4 11 i. 8 112 5 113 0 114 0 115 3 116 0 117 0 112 6 115,8 116 0 117 9 1172 117 5 Utilities........................................ •. 5.32 161.0 156.1 158.5 159.9 160^4 162^5 161.3 161.4 165.3 165.7 165.1 165 5 164'8 166.0 Durable manufactures Primary and fabricated metals........... 12.32 142.0 140 4 142 5 144 0 142 7 144 5 148 4 146.9 138 1 135.6 134 3 139 5 142 4 /I . 7/ Primary metals.................................. 6.95 137.5 136 9 140.4 141 4 140 2 143 0 1487 146 5 131 .2 123,7 119 4 126 5 1310 132 3 Iron and steel.................................... 5.45 133.6 137.0 139.5 141 ^2 139 7 143^3 152 I 143.3 125.0 115.8 110.5 1182 123 1 1 28 3 Nonferrous metals and products.. 1.50 152.1 149.0 151.0 153.6 153.4 146.1 138.4 149.0 152.3 155.0 158.8 162,1 159^0 159'0 Fabricated metal products............. 5.37 147.8 145 0 145.2 147 4 146 0 146 4 148 0 147 5 147 0 150,9 153 6 156 3 157 1 160 8 Structural metal parts...................... 2.86 145.4 140.9 144.1 144 3 1427 144 3 145'5 145.0 144 7 148.2 152 6 1540 154 2 159 0 Machinery and related products..... 27.98 154.3 145.9 148.5 149.3 151.2 153.4 154.8 155.8 155.8 160.0 161.8 164.9 168.2 169.8 Machinery............................................. 14.80 160.4 152.5 153.9 155 4 156 9 159 0 160 6 161.4 162,3 166.0 167 5 170 7 174 3 I ID.3 Nonelectrical machinery................. 8.43 160.3 152.7 153.8 155.2 157 0 159.4 161 7 162.4 162,4 165,8 166 9 169*2 171 9 1 A Electrical machinery......................... 6.37 160.6 152 3 154 1 155 8 156 8 158 4 159 2 160 1 162 1 166,2 168 4 1728 177*6 1 70 0 Transportation equipment......... 10.19 149.2 139 7 144 4 144 6 147 3 149 5 149 8 151 5 149,4 155.0 1573 160 7 163 1 1 st 7 Motor vehicles and parts................ 4.68 175.2 167.7 176 4 173 2 175 5 178 0 177 4 177 5 175.2 177.1 178 0 179 2 176*7 V IJ Aircraft and other equipment.. .. 5,26 125.3 114.1 115.3 118.6 12117 123 J 124 J 127.3 125.6 134.4 138.0 143'4 150.1 151.7 Instruments and related products. .. 1.71 151.4 145.3 146.9 145.5 147.0 149,8 152.1 152,6 155.7 158.0 159.0 162.2 166.0 171.1 Ordnance and accessories................... 1.28 Clay, glass, and lumber........................ 4.72 127.6 125.9 126.0 124.1 125.5 124. 7 126 3 127,5 127.3 128.5 129 5 111 ] 114 3 Ils d Clay, glass, and stone products......... 2.99 133.5 131.8 129.2 129^9 130.3 131.6 132’6 133.5 133.8 134.4 135.5 137^6 139.4 140.9 Lumber and products.......................... 1 .73 117.4 115,6 120.5 114 2 117 1 112 8 115 4 117.2 116,2 118.3 119 1 125 4 1?5 6 125 8 Furniture and miscellaneous............... 3.05 151.7 147.6 148.4 149 5 150 1 150.3 149 7 151.5 152.0 155.1 157 8 110 9 158 4 161 3 Furniture and fixtures,............ 1.54 157.4 154 3 1543 155.6 156 5 156 8 1558 156 3 156 8 159.7 162 6 164 3 165 4 Miscellaneous manufactures.............. 1 .51 146.0 140.8 142,4 143.2 143*6 143.6 143'5 146,6 147.1 150.4 153^0 155'5 1 51 *2 Nondurable manufactures Textiles, apparel, and leather....... 7.60 135.7 133.8 133. 7 133.9 135 0 134 5 134 7 134.1 135 5 137.3 /18 8 140 3 117 5 Ida t Textile mill products............................ 2,90 134. 8 132.0 131.5 132.2 1316 132.2 133 8 134.8 135.7 137.7 139 4 140 3 140 4 140 7 Apparel products........................... 3.59 145.0 143.7 144.0 144.3 145 3 145.4 143 8 141,9 143.8 145.7 147 2 148 5 143 1 Leather and products.......................... 1.11 107.8 106.6 106.1 105.0 110.9 105.1 107,7 107.0 108,2 109.3 110.1 113 9 1118 Paper and printing................................ 8.37 135.3 131.8 132.9 133.2 134. 2 134.0 135 9 136.4 135.4 136.4 119 2 139 9 141 ^ 14^ 7 Paper and products............................. 3.43 142.3 137,5 139.0 140,0 140 9 139 4 142*1 141 1 143 9 143.6 1474 147 7 148 7 Printing and publishing....................... 4.74 130, 3 127.7 128 5 128.3 129 3 130 0 1313 133 0 129.3 131.1 1 33 2 134*2 1 35 7 Newspapers........................................ 1 .53 124.2 120.9 121 0 120.7 121 5 124 7 126 2 129,7 120.1 125.1 127 2 12.9 5 1 30'2 130 4 Chemicals, petroleum, and rubber.... 11.54 164.6 160.4 162.0 160.8 161.2 161.6 164.1 164.9 166.9 167.7 170.1 171.7 172.9 174.3 Chemicals and products...................... 7.58 173 3 167 8 169 5 169.2 169 3 169 9 172 8 174 2 176.6 177.1 178 5 180 6 180 7 183 4 Industrial chemicals......................... 3.84 196.1 188.2 190.8 191.6 191.7 192.9 194 9 195.7 199.9 200.9 202 9 206,3 206* 2 Petroleum products.............................. 1.97 123 4 121.5 122.2 121 5 122 9 121.8 124 5 125 8 125.1 124.0 126 1 127 8 1 32*0 Rubber and plastics products............ 1.99 172.2 171.1 172.6 167.7 168^2 169.1 170*2 168.1 171 .2 175.5 181 ^6 181 *3 183 5 Foods, beverages, and tobacco....... 11.07 123.1 123. 4 123.7 122.4 121 5 122.3 122 9 122.3 123.1 123.0 1^4 5 1 ?4 7 121 5 175 0 Foods and beverages............................ 10.25 123.3 123.4 123.4 122 5 121 9 122 3 123 1 122.4 123.2 123.6 125 0 125 3 126 0 126 4 Food manufactures.......................... 8.64 122.4 122.6 122.4 122.6 120.6 121.2 122*6 121.9 121.8 122.1 123 5 123*6 124 6 1 25 5 Beverages............................................ 1.61 128.4 127.4 128,6 121.8 129.0 128.5 125 9 125,0 131 .0 131.8 133'0 134 3 133 2 Tobacco products................................. .82 120.5 123.5 127.2 120.9 116.5 121.8 1 19,9 120.7 120.6 114,5 118,9 117.1 1’19’6 Mining Coal, oil, and gas.................................. 6.80 112.2 109.4 110.0 111.3 112 1 113.3 113 7 114.4 109 9 114 5 /14 I 1112 113 6 114 2 Coal......................................................... 1.16 111.8 103.2 103.1 107.9 11 30 117 1 117 1 115 2 106 7 116.8 JI57 118 5 114 4 1112 Crude oil and natural gas................... 5.64 112 3 110 6 111.4 112 0 1119 112 5 113 0 114.2 1 10.6 114,0 113 8 114 5 1 1 3 4 114 8 Oil and gas extraction..................... 4.91 116.0 113.0 114.5 115.8 115 6 116 9 1170 117.6 113.4 118,1 1183 119 8 118 1 1 19 4 Crude oil, 4.25 111.8 108 6 110.5 111.4 111,3 112.2 112 1 113.4 108,5 114,0 1145 H6 0 114J 1 14 9 Gas and gas liquids..................... .66 142.8 141.0 140.2 144.0 143.1 146,5 147^9 144.6 144.8 144.5 142.6 143 9 Oil and gas drilling........................... .73 87.1 94 7 90.2 86 0 87 4 82 9 86 0 91.2 91,3 86.4 83 5 78 8 81 9 83 8 Metal, stone, and earth minerals..... 1.43 124.8 123.1 124.3 121.4 122.9 124.9 126.9 129.6 125.3 121.7 125,1 130.7 134.6 133.5 Metal mining......................................... .61 122.6 123.4 124 6 125 8 121 6 123 7 126 4 130.2 122.4 116.5 1 14 2 17.0 6 1 33 4 130 3 Stone and earth minerals................... .82 126.5 122,9 124.1 118.2 123^9 125.8 127,3 129.1 127.4 125.5 133 2 138*2 135^5 135 8 Utilities Electric.................................................... 4.04 165.5 159.6 162.4 164 0 164.3 167.1 165 8 166.2 170.9 171.3 170 5 170 9 169.7 Gas........................................................... 1,28 147.0 145.4 146.0 147.2 147 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

588 INDUSTRIAL PRODUCTION: N.S.A. APRIL 1966 MARKET GROUPINGS (1957-59=100) 1957-59 *1965 1965 1966 Grouping p ti o o r n - age Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec? Jan.r Feb. Total index........................................ 100,00 143.3 139.1 141.7 141.6 142.6 145.2 139.3 143.2 145.9 149.9 148.1 146.6 148,1 151 4 Final products, total............... 47.35 142.4 138.3 140.9 138.5 139.8 143.2 138.3 141.1 145.7 151.4 148.7 146.4 148.3 151.1 Consumer goods............................... 32.31 140.2 137.7 140.5 136.9 137.8 141.6 135,2 138.9 143.8 150,1 145.2 140.0 141 .9 145.0 Equipment, including defense. . . . 15.04 146.9 139.8 141.6 142.0 144.2 146.8 144.9 145.9 149.7 154.2 156.1 160.3 162,1 164,4 Materials............................................... 52.65 144,1 139.8 142.5 144.3 145,0 147.0 140.3 145.1 146.2 148.6 147.6 146.8 147.9 151,8 Consumer goods Automotive products............................ 3.21 167.1 173.9 182.9 176.7 178.8 180.3 158.5 106.8 129.4 185.3 184.7 172.4 178.0 177 3 Autos...................................................... i.82 182.6 196.8 213.6 200.0 203.4 208.6 171.7 72.8 114.0 206,4 211,7 191 5 198.3 195 6 Auto parts and allied products......... 1.39 146.8 143.8 142.4 146.0 146.5 143.1 141.2 151,7 149.8 157.5 149.0 147.3 151,3 153.2 Home goods and apparel..................... 10.00 143.7 144.6 147.2 141.8 142.6 145.2 129.9 142.1 148.9 155.8 149.8 144.0 143.6 154 1 Home goods........................................... 4.59 154.7 152.8 157.3 152.8 153,0 155.6 138.9 145,6 16i .7 167.6 165.4 166.0 159.9 165 7 Appliances, TV, and radios........... 1.81 152.4 156.7 163.1 154.5 154.7 158.1 126.5 129,2 158 J 166.0 162.0 160 9 160.1 167 5 Appliances.............................. 1.33 153.3 159.8 170.8 161 .5 161.8 165.4 130,2 123.9 154 3 157.3 155.3 157.6 159.6 169 8 TV and home radios................... .47 149.8 148.0 141.4 134.7 134.7 137.5 115.9 144,2 168.7 190.6 181 .0 170.4 161.5 161.1 Furniture and rugs........................... 1.26 154.2 150.0 150.9 149.3 148.5 151.7 145.8 156.1 158 5 163.0 163.2 167 0 159.7 161 4 Miscellaneous home goods............ 1.52 158.0 150.4 155.7 153.5 154.7 155.7 148.2 156.4 168.7 173,2 171.4 171.3 160.0 165.6 Apparel, knit goods, and shoes........ 5.41 134.3 137.7 138.5 132.5 133,8 136.5 122.3 139.2 138.0 145.9 136.5 125.3 129.8 Consumer staples........................ 19.10 133 9 127.9 129.9 127.6 128.4 133.1 134.0 142.6 143 6 141.2 136.2 132 5 134 9 114 8 Processed foods................................... 8.43 122.2 112.1 113.8 112.7 114.4 118.8 122.4 133.5 137.7 136.7 128,6 119 8 116.9 116 8 Beverages and tobacco........................ 2.43 125.7 114.8 124.6 123.9 133,6 144.4 127.6 134.8 131.2 129.4 123.0 108 9 112.7 Drugs, soap, and toiletries................. 2.97 157.0 152.3 155.0 151.1 152.1 156.3 153.9 163.6 162.9 162.4 161.7 159.4 165.6 i65 8 Newspapers’ magazines, and books. 1.47 127.1 124.4 128.3 125.9 125.6 124.6 126.1 129.7 129.6 128.1 127.6 130.1 130.7 133.5 Consumer fuel and lighting............... 3,67 149.8 154.0 150.2 145.1 138.5 142.8 151.9 156.5 155 1 146.7 144.8 156 2 166.6 Fuel oil and gasoline....................... 1.20 122.4 123.0 117.4 116.0 115.9 121.4 125.1 126.7 122.6 121.6 125.8 129 4 132.7 131 0 Residential utilities.......................... 2.46 163.2 Electricity............................ 1.72 171 6 180.4 175.7 165.7 151.5 156,7 172.6 181.6 182.8 165.5 158 5 180 2 199.7 Gas........................................... .74 144.0 Equipment Business equipment.......................... 11.63 156 6 149.7 151.9 152.2 154.4 157.3 153.9 154.9 159.8 163.8 164.9 169.7 170.9 173 8 Industrial equipment........................... 6.85 153 I 146.4 148.4 148.4 150.8 153.3 153.5 153.3 156.7 158,4 159.7 163 4 162.9 165^9 Commercial equipment. ..................... 2.42 164.4 155.1 157.7 158.2 160.4 164.6 162.9 165.5 168.9 172.6 174.8 179.7 177.7 179 8 Freight and passenger equipment. .. 1.76 162.4 152.2 154.9 156.8 161.8 164.1 148.8 157.1 164.2 178.7 176,8 184,2 194,9 198.1 Farm equipment................,,.............. .61 148.1 157.8 158.9 157.6 149.2 152.8 137.9 125.4 145.5 146.1 149.2 159.8 164.1 Defense equipment................................ 3.41 Materials Durable goods materials............ 26.73 144.2 138,7 142,9 144.4 146.9 149.5 142.9 144.5 146.6 147.6 145.4 145.9 147.3 151,3 Consumer durable................................ 3.43 166.8 167.4 171.3 168.3 168.8 171.6 158.1 144.4 165 4 171.2 173.2 176 7 176 0 175 9 Equipment.............................................. 7.84 151.9 145.1 148.5 149.1 149.7 151.5 148.5 150,1 152.7 157.9 160.2 165^6 167.3 17U6 Construction......................................... 9.17 133 8 120.3 125 5 129.2 136.0 141.2 139,3 144.0 142.6 142.7 136,9 131 9 128,5 132 2 Metal materials n.e.c.. . ...................... 6.29 137.6 141.8 145.9 147.5 147.4 146.9 133.1 138,3 134.5 129.2 124.2 124 8 134 1 1404 Nondurable materials........... 25,92 144.0 140.9 142.0 144.3 143.1 144.5 137.5 145.7 145.8 149.7 149.9 147 7 148.6 152 2 Business supplies................................... 9.11 136.5 133.3 134.2 138.7 136.3 137.0 128,4 137,2 139.8 144.1 143.5 137 5 137.7, 143.4 Containers.......................................... 3.03 136.6 135.2 129 7 141.4 133.3 138.6 130,7 145.3 143 1 144,8 140 6 127 8 133 7 141 1 General business supplies........ 6.07 136 5 132.4 136.5 137.4 137.9 136.2 127.2 133.2 138.1 143.7 144.9 1424 139 7 144 6 Nondurable materials n.e.c................. 7.40 173 9 170.8 171.8 174,2 173.0 173.7 163.9 174 8 176 5 180.4 182 7 180 1 184 0 188 6 Business fuel and power........... 9.41 127.6 124.8 126.1 126.2 126.0 128.8 125.7 131.2 127 5 130.9 130.2 132 1 131.3 132 1 Mineral fuels................................ 6.07 115.2 114.6 114.9 115,6 113.9 114.9 109.3 115,7 110.9 118,8 119.3 121 3 119.4 12h4 Nonresidential utilities................... 2.86 159.2 Electricity 2.32 161 0 150.0 153.6 152,7 156.3 164,8 168.9 174.8 171 9 165.1 160.4 162 5 163 7 General industrial.................... 1,03 157.7 147.0 153.4 153,8 156.8 161.2 158.5 164,5 163.1 161.9 162.0 161.4 162,9 Commercial and other............ 1.21 169.8 157.7 159.2 157.1 161.5 174.1 184,2 190,3 186.0 174.0 164.9 169 5 170.7 Gas......................................... .54 151.2 Supplementary groups of consumer goods Automotive and home goods.. .... 7.80 159 9 161.5 167.8 162,6 163.6 165.8 147.0 129,6 148 4 174 9 173.4 168 7 167 4 170.2 Apparel and staples.............................. 24.51 134.0 130.1 131.8 128,7 129,6 133.6 131.4 141 .8 1423 142.2 136,2 130 .*9 133^8 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 INDUSTRIAL PRODUCTION: N.S.A 589 INDUSTRY GROUPINGS (1957-59=100) 1957-59 PI965 1965 1966 Grouping p p r o o r ­ ­ a a v g e e r­ tion Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec/ Jan, r Feb, Total index 100,00 143.3 139.1 141.7 141.6 142,6 145.2 139.3 143.2 145.9 149.9 148.1 146.6 148,1 151,4 Manufacturing, total. 86.45 144.9 140.5 143.5 143.4 144.6 147.2 140.3 143.9 147.5 152.3 150,5 148,3 149,7 153.6 Durable................. 48.07 148,4 143.5 147.1 147.5 149.0 151.7 144.9 143.3 148,3 154,6 154,5 155,4 156.3 159.8 Nondurable.......... 38,38 140.7 136.8 139,0 138.2 139,0 141,5 134.6 144.7 146.5 149.4 145.5 139.3 141,5 145.8 Mining....................... 8,23 114.4 111.1 111.1 113.0 114.4 115.9 112,3 118.2 114.2 118,4 117.2 117,4 115.6 116.7 Utilities...................... 5.32 161.0 Durable manufactures Primary and fabricated metals........... 12.32 142.0 142.7 145.9 148.4 146.0 147.4 138.7 143.1 141.1 139.0 136.7 137.0 141.4 146.6 Primary metals...................................... 6.95 137.5 144.7 149.1 150.9 146.6 145.9 133,1 137.4 131.1 126.2 121,8 122.7 132.3 139.8 Iron and steel.................................... 5.45 133.6 142.9 146.5 148.3 142.5 143.3 135.4 134.7 125,0 117,5 111.6 115.2 125.6 133.8 Nonferrous metals and products., 1.50 152.1 151 .2 158.5 160.4 161 .5 155.2 124,6 147,5 153.4 157.9 158.8 149.8 156,3 161.4 Fabricated metal products.................. 5.37 147.8 140.2 141.7 145.2 145,3 149.3 145.8 150,4 154.1 155.4 156,1 155.5 153,3 155.5 Structural metal parts..................... 2.86 145.4 135.3 138.5 140.0 142.0 147.2 145.5 148,6 150.5 152,6 154.9 155.5 151.1 152,6 Machinery and related products. . 27.98 154.3 148.9 152.9 151.6 153.7 156.5 149.4 142.5 152.0 163.3 165.6 168.1 169.5 172.0 Machinery........................................ 14.80 160.4 154.8 158.2 157.5 158.6 161 .7 155.0 155.3 163.3 167.8 169.2 173.7 173.4 177.6 Nonelectrical machinery........... 8.43 160.3 155.4 159.6 159.9 160.9 163.2 159.3 154,8 160.3 162.8 165.1 171.2 171 .9 175.7 Electrical machinery.................. 6,37 160.6 153,9 156,3 154,4 155.7 159.8 149.2 156.0 167.3 174.3 174.6 177.1 175.5 180.1 Transportation equipment........... 10.19 149.2 144,8 150,6 148,3 151.9 153,9 144.0 123.8 137.3 160.9 164.6 164.6 168.0 167.9 Motor vehicles and parts......... 4.68 175.2 177.3 187.7 179.8 185.0 189.0 168.5 120.2 149.5 189.4 191.8 184.9 186.6 183,8 Aircraft and other equipment. 5.26 125.3 115,5 117,0 119.2 121.2 121,6 121,1 125.0 125.1 135,1 140,1 146.3 151.6 153.5 Instruments and related products 1 .71 151.4 143,1 144.7 143.3 145,5 151,3 150.6 153.8 157.4 159.7 161.9 164.1 164.8 168,5 Ordnance and accessories............. 1.28 Clay, glass, and lumber............. 4.72 127.6 114.4 117.3 122.9 130.6 135.5 133.0 139.8 138.0 138.0 130.1 123.6 120.0 124.6 Clay, glass, and stone products, 2.99 133,5 116.4 118.9 129.3 136.2 142,1 141,9 146.2 143.2 144,5 138.2 131.7 125.5 126.8 Lumber and products............... 1.73 117.4 111.0 114.5 111.9 121.0 124.1 117.7 128.9 129.0 126.6 116.1 109.7 110,5 120.8 Furniture and miscellaneous. 3.05 151.7 142.9 145.6 145.2 146.7 150.5 146.4 156.3 159.0 163.4 163.1 162.4 152.2 156.5 Furniture and fixtures........... 1.54 157,4 150.4 152.4 151 .4 151.8 156.5 154.2 161.5 162.8 165.8 165.5 169.2 162,1 163,8 Miscellaneous manufactures 1.51 146,0 135.2 138.8 138.9 141.4 144.3 138.5 151 .0 155,2 160,9 160,6 155.5 142.1 149,1 Nondurable manufactures Textiles, apparel, and leather 7.60 135.7 139.3 139.4 135.5 136.5 137.4 121.9 138.4 137.4 144.8 138.7 128.8 135.4 145 8 Textile mill products............. 2.90 134.8 134,6 134,1 135.5 137.5 136,8 121.5 138.2 136.4 141.8 140.1 130.5 139.7 143 5 Apparel products. ......... 3,59 145,0 150.9 151 .9 145.0 145.3 147.6 130.1 146.2 146.7 157.4 147.2 134.4 139.5 Leather and products........... 1.11 107.8 114.0 112,5 105.0 105.9 106.2 96.4 114.0 109.8 112.0 107.9 106.3 111.2 Paper and printing......... 8.17 135.3 131.8 134.6 136.1 135.2 134.7 127.3 135.6 137.8 142.8 142.1 137.3 137.7 142 8 Paper and products .... 3.43 142.3 140.9 141,8 144.2 141.6 142,2 130.7 144.2 146.8 152.9 148.1 137.4 146.5 152 5 Printing and publishing. 4.74 130.3 125.3 129.5 130.2 130.5 129.3 124.8 129.3 131.4 135.4 137.8 137.3 131.2 135 8 Newspapers................. 1.53 124.2 116.9 123.4 129.3 129.5 125.3 109.8 117.4 120.9 134,2 139.9 132.7 119.3 126 Chemicals, petroleum, and rubber.... 11.54 164.6 161.3 163.2 163.4 162.9 165.4 159.1 166.3 168.9 170.7 169.2 168.3 172.0 175 Chemicals and products..................... 7.58 173.3 168,2 171 .5 173.2 171.7 174,1 168,6 176.0 178.1 178.3 178.1 177.8 180.0 183 9 Industrial chemicals......................... 3.84 196.1 190,1 192.7 196,4 192.8 195,8 190.0 196.7 201,9 201.9 204,5 207.3 205.2 Petroleum products............................. 1.97 123.4 119.7 117.9 116.6 121.1 125.5 130.1 132.1 127,6 125.2 124.5 124.7 128.0 128 4 Rubber and plastics products............ 1.99 172,2 176.2 176.4 172.9 170.7 171.6 151.5 163.1 175.1 186,9 179.8 175.0 185,3 Foods, beverages, and tobacco. 11.07 123.1 113.2 116.7 115.4 118.8 124.4 123.2 133.3 135.9 135,1 127.8 118.0 116.6 117 3 Foods and beverages............. 10.25 123.3 112.5 116.0 115.0 118,6 123,9 124.6 133.5 136.7 136,0 128,3 119.8 116,5 117 Food manufactures............. 8.64 122.4 112.8 114.4 113.0 114.6 118,7 122.0 132.9 137.2 136,8 129,1 120.5 117,7 117 7 Beverages............................... 1.61 128.4 110.7 124.2 125.5 140.1 151.6 138,5 136.9 134.3 131,8 123.8 115,8 109.9 Tobacco products.................... .82 120.5 122,9 125.3 120.7 120.7 130.3 106.1 130,6 125.3 124.7 121,3 95.3 118,3 Mining Coal, oil, and gas............... 6.80 112.2 112,2 111.5 112.0 110.6 111.3 106.9 113.3 109.0 115,6 115.7 117.2 115.5 117.2 Coal...................................... 1.16 111.8 104,4 103.9 108.7 114.1 116.6 90.2 121.2 112.9 127,3 120,4 116.4 112,1 112,5 Crude oil and natural gas. 5.64 112.3 113,8 113.1 112.6 109.9 110.2 110.3 111,7 108,2 113.1 114,7 117.3 116,2 118,1 Oil and gas extraction.. 4.91 116,0 116.9 117.5 117.2 113.8 114,5 113.8 114,4 110.4 116,8 119,0 122,5 121,1 123.5 Crude oil.. , ............... 4.25 111,8 111.9 112.7 113.2 110.2 111.1 109.9 111.1 106.3 112.9 114,5 117.2 115.8 118,3 Gas and gas liquids.. .66 142.8 149.0 147.8 143.3 137,5 136.4 139.0 135.8 136,7 141,5 147.9 155,8 Oil and gas drilling. . .. .73 87,1 92.4 83.6 81 .5 83.6 81 .2 86.6 93.3 93.2 88.6 85.6 82.6 83.1 81.8 Metal, stone, and earth minerals. 1.43 124.8 105.8 109.1 117.7 132.4 138.0 138.1 141.8 138.7 132.0 124.4 118.5 115.8 114.6 Metal mining................................. .61 122.6 111.1 1 10.9 117.0 133.8 139.8 135.2 140.6 138,3 124.7 110,8 108.5 117.4 117.3 Stone and earth minerals........... .82 126.5 101.9 107.7 118,2 131,3 136.7 140.2 142.7 138,9 137.4 134.5 125.8 114.6 112.6 Utilities Electric 4.04 165.5 163.0 163.0 158.2 154.2 161,4 170.5 177.7 176.6 165.3 159.6 170,0 179.1 Gas... . 1.28 147.0 .. __ 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

590 BUSINESS ACTIVITY; CONSTRUCTION APRIL 1966 SELECTED BUSINESS INDEXES (1957-59=100) Industrial production fac M tu a r n in u g ­ 2 Prices 4 Nonag- Major market groupings Con­ ricul- Period Total Final products Mate­ Ma g j r o o r u i p n i d n u g s s try s t c t r t i a o r o u c n n c t ­ s ­ T m p t o e u e l t m o r n a a y t l ­ l — ­ 1 m p E l e o m n y ­ t - r P o a l y ls ­ F l c i r o 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 J s C um on e ­ r W c s o a h m l o e l ­ e­ Total g s C o u o o m n d e ­ s r E m q e u n ip t ­ rials Mfg. M in i g n­ U iti t e il s ­ modity 1950....................... 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.1 99.4 68.9 117.1 72 83.8 86.8 1951....................... 81.3 78.6 77,8 78.4 83.8 81.9 91.3 56.4 63 91.1 106. 1 80.2 121.5 76 90.5 96.7 1952....................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 93.0 106.1 84.5 115.0 79 92.5 94.0 1953....................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.6 111.6 93.6 116.6 83 93.2 92.7 1954....................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104.6 82 93.6 92.9 1955....................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.5 105.5 94. 8 115.3 89 93.3 93.2 1956....................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96.2 1957....................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108.2 97 98.0 99.0 1958....................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959....................... 105.6 105.7 106,6 104.1 105.4 106.0 99.7 108.0 105 101.5 100. 1 105. 1 97.9 105 101.5 100.6 1960....................... 108.7 109.9 111,0 107.6 107.6 108.9 101.6 115.6 105 103.2 99.9 106.7 95.3 106 103.1 100.7 196!....................... 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 1965P..................... 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—Feb............ 139.2 138,5 138,0 139.4 139,7 140.8 111.8 156.1 140 113.4 104.5 132.9 96.4 135 108.9 101.2 140.7 140,1 140.0 140.4 141.7 142.3 112.5 158.5 141 113.9 105.0 134.3 98.1 134 109.0 101 .3 140.9 139.4 138,5 141.2 142.6 142.4 113.0 159.9 152 113.9 105,1 132.8 98.6 133 109.3 101.7 141.6 140.2 138.6 143.7 142.6 143.1 114,0 160.4 145 114.3 105,2 133.8 100.5 136 109.6 102.1 142.7 140.7 138.7 144.9 144.5 144.1 115.3 162.5 139 114.8 105.9 134.5 93.8 137 110.1 102.8 July........... 144.2 141.7 139.3 147.0 146.4 145,7 116.0 161.3 149 115.2 106,4 135.3 95.1 138 110.2 102,9 144.5 142.3 139.5 148.4 146.1 146.0 117.0 161.4 139 115.4 106.7 135.7 94.3 138 110.0 102,9 143.5 143.3 140.7 149.0 143.7 145.2 112.6 165.3 147 115.7 106.8 136,7 9375 139 110.2 103.0 145.1 145,7 141.7 154.3 144.3 146.7 115.8 165.7 147 116,1 107.2 138.6 93.4 142 110,4 103.1 146.4 147,4 142.8 157.3 145.6 148.2 116.0 165.1 141 117,0 108.3 140,7 97,9 144 110.6 103.5 Dec............ 148.7 148.8 144,1 158,8 148.7 150,6 '117.9 165.5 153 1 17,8 109,0 142.5 102.4 145 111.0 104.1 1966—Jan............ r150.0 '149.3 '143.7 '161.3 '150.2 '152,2 '117.2 '164.8 149 118.3 '109.6 '144 6 99.3 '146 111,0 104.6 Feb............ rl 51 .4 '151 .0 '144.9 '164.2 '151 .7 '153,9 '117.5 '166.0 144 '119.0 '110.7 '147.1 97.2 '149 1 11.6 '105.4 Mar........... 152.9 152,2 146.0 165,8 153.4 155,1 120,2 167.0 119.6 111.2 148.3 100,2 150 105.4 1 Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 Federal Reserve index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Note.—Data are seasonally adjusted unless otherwise noted. Freight carloadings: Based on data from Association of American Construction contracts: F. W, Dodge Co. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1965 1966 Ty ty p p e e o o f f o c w o n n e st r r s u h c ip ti o a n nd 1964 1965 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total construction................................ 47,330 49,272 3,226 4,224 4,770 4,864 4,625 4,795 4,265 4,141 4,356 3,745 3,698 3,374 3,270 By type of ownership: Public................................................. 15,371 16,302 1,113 1,356 1,539 1 ,517 1,553 1 ,750 1,313 1,332 1,294 1,163 1 ,304 1,125 1 ,066 Private.............................................. 31 ,'959 32*970 2J13 2^867 3;231 3; 348 3^072 3,045 2^52 2',809 3^061 2,582 2,395 2,249 2^204 By type of construction: Residential building....................... 20,565 21,247 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 '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 '864 962 L086 1 '015 '993 1 J51 '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

APRIL 1966 CONSTRUCTION 591 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f e r a e n o r s t m n i i ­ a ­ l Total Indu B s u ­ sine C ss om­ Public O n d re t o e h s n n i e - - - 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 6,131 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 1 302 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 1960................................ 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 11,789 2,780 4,674 4,335 4,830 17,148 1,371 5'854 1'384 8,539 1962 3............................. 59'667 4!,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 ............................ 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*.............................. 71,738 49,999 26,689 16,968 5,086 6,704 5,178 6,342 21,739 883 7'386 2,044 11,426 1965—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 1,824 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 11'577 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..................... 73,402 51,209 26,243 18,426 5,291 7,706 5,429 6,540 22,193 967 7,211 2,319 11,696 Dec..................... 75,094 53,445 26,684 19.679 6,250 8,017 5,412 7,082 21,649 760 7303 2,273 11,313 1966 Jan.*.. ..... . 75,498 53,654 27,282 19,413 5,729 8,276 5,408 6,959 21,844 7,253 2,302 75’930 54'416 27'490 5^36 21^514 7'202 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 3 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 STARTS (In thousands of units) Annual rate, By area By type of ownership S.A. Government- Period (private only) Total Non­ Private underwritten Total N fa o rm n­ p M o e li t t r a o n ­ p m o e li t t r a o n ­ Total fam 1- i ly fam 2- i ly M fam ul i t l i y ­ Public Total FHA VA 1955 ....................... 1,646 1,627 19 670 277 393 1956 ....................... 1^349 1,325 24 465 195 271 1957 ....................... 1'224 1'175 49 322 193 128 1958 ....................... 1,382 ^314 68 439 337 102 1959................................ 1,554 1 ,077 477 1,517 1 .234 56 227 37 458 349 109 I960 .............................. 1,296 889 407 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 ^543 1 ,068 475 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..................... 1 ,552 I i532 155 103 52 152 100 5 48 3 22 17 5 May............... 1 ,516 1,501 162 111 52 158 102 5 50 5 24 19 5 June.................... 1 ,566 1,539 162 115 48 156 100 6 50 7 25 19 5 July..................... 1,473 1 ,447 144 95 49 141 94 5 43 3 22 17 5 Aug..................... H '427 1 309 138 95 43 135 88 5 42 3 22 18 5 Sept..................... 1 ,453 1 ,436 126 88 38 124 80 4 40 2 21 17 4 Oct..................... 1 '411 1,380 136 95 41 134 87 4 43 2 22 18 4 Nov..................... 1 ,547 1,531 118 79 39 116 71 4 41 2 20 16 4 Dec..................... 1 ,769 1,735 103 76 27 102 60 3 39 1 18 15 3 1966—Jan....................... *1,584 *1,558 *86 61 26 *84 49 3 32 3 16 13 3 Feb...................... *1 ,318 *1,293 *78 55 23 *75 47 2 26 3 15 12 2 Note.—Beginning with 1959, Census Bureau series includes both farm available by area or type of structure. Data from Federal Housing and nonfarm series developed initially by the Bureau of Labor Statistics. Admin, and Veterans Admin, represent units started, based on field office Series before 1959 reflect recent Census Bureau revisions which are not reports of first compliance inspections. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

592 EMPLOYMENT APRIL 1966 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (Jn thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period i p T n o s o N t p t i a t u .S u l l t a . n A i t o o i . o n n n a - l l N ab N o o t . r S i n . f A o t . r h c e e T l f S a o o b . r A t c o a e . r l Total E In m n p o l n o a y g e r d i­ 1 In U pl n o e y m ed ­ U (p n e m e r S r a m . e t A c e n p e . 2 t l n o t y ) ­ Total cultural agriculture industries 1960 3.......................... 125,368 52,242 73,126 70,612 66,681 60,958 5,723 3,931 5.6 1961............................. 127'852 53,677 74,175 71303 66,796 61,333 5,463 4306 6.7 1962............................. 130381 55;400 74^81 71 ,'854 67 346 62357 5; 190 4 307 5.6 1963............................. 132,'125 56,412 75,712 72,975 68,809 63,863 4,946 4,166 5.7 1964............................. 134;143 57;172 76,971 74 333 70,357 65 396 4,761 3,876 5.2 1965............................. 136;241 57;884 78,357 75 335 72,179 67 394 4,585 3 ,'456 4.6 1965—Mar................. 135,651 59,039 77,722 75,019 71,483 66,895 4,588 3,536 4.7 Apr.,........ 135,812 58,504 77388 75,302 71388 66319 4,769 3,614 4.8 May .............. 135^982 57;556 77 390 75,306 71316 66 347 4369 3,490 4.6 June ........ 136;160 55;477 78 ,'332 75352 72,085 67 ,'434 4351 3367 4.7 July................ 136^52 55,102 78 347 76 ,'054 72,618 67 379 4,639 3336 4.5 Aug................. 136;473 56;310 78 365 75372 72387 67,815 4',572 3385 4.5 Sept.. ............ 136;670 58;626 78334 75311 72,297 67379 4318 3314 4.4 Oct.......... 136;862 58J49 78306 75 346 72361 68310 4351 3385 4.3 Nov............... 13?;043 58^45 78 306 76,111 72314 68,641 4,273 3J97 4.2 Dec.................. 137;226 58^49 79;408 76 367 73,441 68355 4,486 3,126 4.1 1966—Jan................... 137,394 59,985 79,644 76,754 73,715 69,286 4,429 3,039 4.0 Feb.................. 137^565 59330 79 379 76J55 73,521 69 379 4,442 2,834 3.7 Mar................. 137341 59,707 79,315 76341 73,435 69372 4363 2,906 3.8 t Includes self-employed, unpaid family, and domestic service workers. Note.—Information relating to persons 14 years of age and over is ob­ 2 Per cent of civilian labor force. tained on a sample basis. Monthly data relate to the calendar week that 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 in­ contains the 12th day; annual data are averages of monthly figures, creased population by about 500,000 and total labor force by about Bureau of Labor Statistics. 300,000, Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n ri u n f g ac­ Mining c C o o n t n i s o t t n r r a u c c t ­ t T i l o i r c a n n u s & ti p l i o p ti r u e t b a s ­ ­ Trade Finance Service G m ov e e n r t n­ I960............................................................... 54,203 16,796 712 2,885 4,004 11,391 2,669 7,392 8,353 1961.............................................................. 53389 16,326 672 2,816 3,903 11337 2331 7310 8,594 1962............................................................... 55,515 16,853 650 2,902 3; 906 11,566 2,800 7,947 8390 1963 ............................................................. 56,602 16395 635 2,963 3,903 11,778 2,877 8326 9,225 1964 ............................................................. 58/56 17359 633 3 356 3,947 12/32 2,964 8369 9,595 1965.............................................................. 60 ,’444 17,'984 628 3311 4,031 12388 3344 8 307 10351 SEASONALLY ADJUSTED 1965—Mar................................................... 59,814 17,762 632 3,238 4,017 12,460 3,023 8,794 9,888 Apr......................................... 59346 17303 629 3; 145 4,013 12394 3324 8314 9,925 May ................................................ 60 332 17335 627 3J88 4,020 12332 3332 8 343 9,954 June................................................. 60 390 17,943 626 3,195 4,034 12,580 3,041 8,857 10,014 July.................................................. 60,501 18332 633 3354 4,031 12,619 3,049 8 329 10t054 Aug................................................... 60,621 18,072 627 3 J89 4,049 12 ,'600 3,053 8346 10385 Sept.................. ■ 60/56 18398 617 3J86 4,067 12,641 3361 8367 10,119 Oct.................................... 61 301 18,163 622 3,202 4,071 12,684 3,069 9,019 10,’171 Nov................................................... 61,472 18,32! 627 3 367 4,079 12,754 3,074 9,081 10,269 Dec.................................................... 61 ,’884 18,429 630 3386 4,079 12,822 3 382 9,128 10,’328 1966—Jan..................................................... 62,148 18,522 632 3,383 4,090 12,909 3 380 9,142 10,390 Feb J’................................................ 62,488 18,693 630 3370 4,104 12,947 3,082 9,200 10362 Mar.7’............................................... 62,809 18,776 631 3,445 4,102 13,010 3,096 9331 10/18 NOT SEASONALLY ADJUSTED 1965—Mar................................................... 58,784 17,578 615 2,820 3,965 12,167 2,999 8,662 9,978 Apr................................................... 59371 17359 623 2378 3,977 12318 3,012 8396 10308 May................................................ 60 ,'000 17345 629 3 323 4,008 12337 3,029 8305 10324 June......................................... 60348 18327 640 3/12 4,070 12396 3,062 9308 10,033 July.................................................. 60;694 18316 641 3; 476 4,083 12383 3,098 9,081 9316 Aug................................................... 60 360 18311 640 3,575 4,098 12374 3,102 9362 9 398 Sept,............................... 61 ,515 18,428 627 3,495 4,112 12,639 3 ,'073 9,039 10,102 Oct................................................... 61 386 18,'412 629 3 ,'465 4,104 12336 3 366 9,073 10301 Nov................................................... 62329 18343 631 3 375 4,091 12360 3,062 9,054 10.413 Dec.................................................... 62 360 18,415 628 3,203 4,087 13,638 3,064 9,046 10,579 1966—Jan..................................................... 61 341 18,274 617 2,974 4,025 12,716 3,049 8359 10,427 Feb.7'................................................ 61;202 18,461 612 2,848 4,034 12,622 3,054 9325 10346 Mar."............................................... 61 322 18,584 614 3,001 4,049 12,696 3,071 9,093 10314 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

APRIL 1966 EMPLOYMENT AND EARNINGS 593 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1965 1966 1965 1966 Mar. Jan. Feb J* Mar J' Mar. Jan, Feb.” Mar.” Total........................................................................................ 13,220 13,801 13,944 14,007 13,049 13,571 13,731 13,833 Durable goods....................................................................... 7,557 8,027 8,131 8,179 7,481 7,929 8,031 8,101 Ordnance and accessories.......................................... 99 113 118 120 98 114 118 119 Lumber and wood products..................................... 541 556 554 553 511 522 523 523 Furniture and fixtures................................................ 354 370 374 372 350 366 367 368 Stone, clay, and glass products................................ 502 520 515 515 480 489 486 493 Primary metal industries.............................. 1,052 1 ,045 1 ,054 1,056 1,057 1,035 1,053 1,061 Fabricated metal products....................................... 943 1,024 1,035 1,039 928 1,011 1,018 1,022 Machinery except electrical...................................... 1,174 1,252 1 ,264 1,266 1,185 1,251 1,268 1,279 Electrical machinery................................................... 1 ,109 1,244 1,270 1,281 1,098 1,245 1,262 1,268 Transportation equipment......................................... 1,210 1 ,297 1 ,332 1,357 1 ,216 1,318 1,343 1,364 Instruments and related products....................... 240 261 265 266 239 260 263 265 Miscellaneous manufacturing industries................ 333 345 350 354 319 318 330 339 Nondurable goods................................................................. 5,663 5,774 5,813 5,828 5,568 5,642 5,700 5,732 Food and kindred products...................................... 1,155 1 ,155 1,159 1,160 1,070 1,088 1,072 1,074 Tobacco manufactures............................................... 74 71 70 72 67 70 67 64 Textile-mill products.................................................. 815 840 841 843 811 828 833 838 Apparel and other finished textiles......................... 1,193 1,203 1 ,228 1,232 1,207 1,179 1,235 1,247 Paper and allied products....................................... 493 510 513 513 487 504 505 507 Printing, publishing, and allied industries............. 615 637 640 639 613 630 636 637 Chemicals and allied products.................................. 540 551 555 558 540 544 549 559 Products of petroleum and coal.............................. 1 10 110 110 108 108 107 107 106 Rubber products......................................................... 356 380 379 383 353 378 377 380 Leather and leather products.................................... 312 317 318 320 312 314 319 320 Note.—Bureau of Labor Statistics; data cover production and related the pay period that includes the 12th of the month, workers only (full- and part-time) who worked during, or received pay for HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked Average weekly earnings Average hourly earnings (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1965 1966 1965 1966 1965 1966 Mar. Jan. Feb.” Mar.” Mar. Jan. Feb.” Mar.” Mar. Jan. Feb.” Mar.i* Total.......................................................................... 41.3 41.5 41.6 41.6 106.71 110.00 110.27 111.22 2.59 2.67 2.57 2.68 Durable goods.......................................................... 42.2 42.4 42.5 42.5 117.04 119.99 120.69 121.69 2.78 2.85 2.86 2.87 Ordnance and accessories............................. 41.5 42.4 42.4 42.3 128.34 135.36 133.25 132.93 3.10 3.17 3.15 3 15 I umber and wood products........................ 41.0 41.5 41,0 41.1 85.86 88.75 87.85 88.91 2.12 2.17 2.18 2.19 Furniture and fixtures.................................... 41.8 41 .7 41.6 42.2 86.32 88.15 88.37 90.07 2.09 2.15 2.15 2.16 Stone, clay, and glass products................... 41.9 42.7 42.5 42.9 105.88 110.66 110.81 113.52 2.57 2.66 2.67 2 69 Primary metal industries ............................... 42.3 41.9 42.0 42.0 134.73 135.34 136.08 137.57 3.17 3.23 3.24 3 26 Fabricated metal products........................... 42.6 42.6 42.6 42.5 115.48 118.02 119.00 119.43 2.73 2.81 2.82 2.83 Machinery except electrical.......................... 43.2 43.9 44.0 44.1 127.16 132.41 133.76 135.12 2.93 3.03 3.04 3.05 Electrical machinery..................................... 41.2 41.5 41.7 41.6 105.22 108.21 108.73 109.15 2.56 2.62 2.62 2.63 Transportation equipment....................... 43.5 43.5 43.4 43.5 138.13 142.46 141,14 142.89 3.19 3.29 3.29 3.30 Instruments and related products............... 41.4 42.2 42.6 42.6 107.12 111.72 112.52 112.94 2.60 2.66 2.66 2.67 Miscellaneous manufacturing industries... 39.8 40.0 40.3 40.3 84.99 87.12 88.84 88.88 2.13 2.20 2.21 2.20 Nondurable goods.................................................. 40.2 40.2 40.5 40.4 93.20 95.52 96.64 96.68 2.33 2.40 2.41 2.41 Food and kindred products........................ 41.1 41.2 41.6 41.2 98.42 100.94 101.59 101.91 2.43 2.48 2.49 2.51 Tobacco manufactures....................... 38.3 39. 1 41.1 39.1 79.24 82.30 87.64 83.60 2.13 2.16 2.23 2.20 Textile-mill products..................................... 41.9 42.4 42.5 42.4 76.91 79.84 81.22 81.22 1 .84 1.91 1.92 1.92 Apparel and other finished textiles............. 36.6 36. 3 36.6 36.5 67.34 66.05 68.81 69.00 1.82 1.85 1.88 1 87 Paper and allied products............................ 43.1 43.2 43.5 43.4 111.97 115.13 116.37 117.07 2.61 2.69 2.70 2.71 Printing, publishing, and allied industries. 38.6 38.5 38.7 38.7 117.26 117.73 119.74 121.06 3.03 3.09 3.11 3.12 Chemicals and allied products.................... 41.9 42.0 42.2 42.3 118.71 122.18 122.77 123.22 2.84 2.93 2.93 2.92 Products of petroleum and coal......... 42.1 42.0 42.7 42.2 134.05 140.87 140.19 139.78 3.23 3.37 3.37 3.36 Rubber products............................................. 42.2 42.4 42.3 42.2 (08.36 111.14 110.88 110.88 2.58 2.64 2.64 2.64 Leather and leather products....................... 38.2 38.2 38.9 38.7 71.43 74.11 74.87 74.69 1.87 1.91 1.91 1.93 Note.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

594 PRICES APRIL 1966 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em ll s Food Total Rent o H w o n m e e r - ­ F a o u n i e l d l e a G l n e a d c s ­ n F i a n i n u s g d h r s ­ ­ A up p a k p n e a d e r e p l T p t o r i a o r n t n a s ­ ­ Total M ic e a d l ­ s P o e n r a ­ l R a i e n n a g d d ­ g O a o t n o h d d e s r ship coal tricity opera­ care care recrea­ serv­ tion tion ices 1929............................ 59.7 55.6 85.4 1933............................ 45.1 35.3 60.8 1941............................ 51.3 44.2 61.4 64.3 45.2 88,3 51.2 50.6 47.6 57.3 58.2 1945............................ 62.7 58.4 67.5 66,1 53.6 86.4 55.4 57.5 63,6 75.0 67.3 1957.......................... 98.0 97.8 98.5 98.3 98.2 100.8 96.9 99.4 99,5 96.5 97.0 95.5 97.1 96.9 98.5 1958............................ 100.7 101 .9 100.2 100.1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100,1 100,4 100,8 99.8 1959............................ 101.5 100.3 101.3 101 .6 101.4 100.2 102.8 100.7 100.6 103,8 102.8 104.4 102.4 102,4 101.8 1960............................ 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108,1 104.1 104.9 103,8 1961............................ 104,2 102.6 103.9 104.4 104.4 101.6 107.9 101,4 103.0 105,0 107.3 111.3 104.6 107.2 104.6 1962............................ 105.4 103.6 104.8 105,7 105,6 102.1 107.9 101.5 103.6 107,2 109.4 114.2 106.5 109.6 105.3 1963............................ 106.7 105.1 106.0 106.8 107.0 104,0 107.8 102,4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1964............................ 108.1 106.4 107.2 107.8 109,1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114,1 108.8 1965 ............................ 109.9 108.8 108,5 108.9 111.4 105.6 107.8 103.1 106.8 111.1 115.6 122.3 109.9 115,2 111.4 I 965—Feb................. 108.9 106.6 108.2 108,5 110.9 106.7 107.8 102.8 105,8 110,6 114,7 121.0 110.1 115.2 109.4 Mar................ 109.0 106.9 108.2 108.7 110.8 106.5 107,7 103.1 106,0 110,6 114.9 121.4 110.4 115.4 109.5 Apr................. 109.3 107.3 108.2 108.8 110,8 105.4 107.7 103.1 106.3 111.0 115,4 121,6 110.7 115.9 110.3 May............... 109.6 107.9 108.2 108.8 110.8 104.6 107.7 103.1 106,8 111,4 115.6 121.8 111.0 115.9 110.6 June............... 110.1 110.1 108.2 108,8 111.0 103.4 107,8 103.1 106.9 111.2 115.7 122.2 111.0 115.7 111.0 July................ 110.2 110.9 108.3 108.9 111.2 103.2 106,9 102.9 106.1 111.5 115.3 122.7 108.7 114.6 111.5 Aug......... 110.0 110.1 108.2 109.0 111.4 103.5 107.7 102.9 106,4 111.0 115.6 122.8 109.0 114.3 112.6 Sept................ 110.2 109,7 108.6 109.1 111.6 104.3 107,9 103.1 107.2 111.0 115.8 122.8 109.2 114,8 112.7 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................. 111.0 110.6 109.4 109.5 112.9 108.6 108.0 103.6 108.1 111.6 116.6 123.7 110.0 115.4 113,4 111,0 111.4 109.2 109.7 113.1 108.9 107.9 103.6 107.3 111.2 116.9 124.2 110.4 115,7 113,4 Feb................. 111.6 113.1 109.4 109.8 113.3 109,0 108.2 103.8 107.6 111.1 117.1 124.5 110,8 1 15.9 113,6 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with January 1964. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities All com­ Farm Proc­ Non- Period m ti o e d s i­ p u r c o t d s ­ f e o s o se d d s Total T t e il t e e c x s . , ­ H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m s . , ­ R b et e u c r b . , ­ L b e u t e c m r . , ­ P e a t p c e . r, M e a t l e c s . t , ­ c M e h r i a y n ­ ­ F t e u u t r r c e n . , i ­ t m m al i l e n i ­ c ­ b T e a t c o c c . ­ o, n c M e e o l i l s u a ­ 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—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 r93.1 100.3 100.0 105.9 103.8 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..................... 104.1 103.0 109,4 103.2 102,0 014.6 100.6 97.6 93,5 101 .9 100.9 106,6 104.2 98.2 101.6 107.9 112,5 1966-—'Jan...................... 104.6 M04.5 rl 10.3 103.5 MOI .9 ’’116.0 100.5 97.6 93,7 ’’102.8 M01 .2 M07.0 M04.4 r98.3 M02.0 M08,1 114.3 Feb..................... 105.3 107.3 111.7 103.8 102.0 117.9 100.3 97.6 94.1 103,3 101.3 107,4 104.7 98.4 102.2 108.0 1 16.0 See next page for composition of other commodities. 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APRIL 1966 PRICES 595 WHOLESALE PRICES: DETAIL (1957-59- 100) 1965 1966 1965 1966 Group Group Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Farm Products: Pulp, Paper, and Allied Products: Fresh find dried produce............ 102.5 92.2 ’97.5 98.4 Woodpulp................................................. 98.1 98,1 98,0 98.0 Grains .. ...............>..■■■■.■. 90.5 90.1 92.4 92.9 Wastepaper............................................... 96.0 104.6 105.8 105.4 Livestock and poultry............................ 88.4 109.0 112.6 116.7 Paper......................................................... 103.8 104,9 105.2 105.4 Plant and animal fibers......................... 91 8 89.6 89.6 89,5 Paperboard............... 96.4 96.5 96.7 96.7 Fluid milk................................................ 103.5 108.0 ’108.4 110.3 Converted paper and paperboard .... 98.0 100.4 ’100,8 100.9 P ops .................. 76.7 118.2 99.8 116.3 Building paper and board.................... 92.2 92.7 92.7 92.7 Hay and seeds.......................................... 120.6 110.8 ’113.5 116.6 Other farm products.............................. 97.2 103.5 102.5 102.3 Metals and Metal Products: Processed Foods: Iron and steel.......................................... 101,2 101.7 102.0 102.1 Nonferrous metals............................ 111.8 117,2 ’118,3 119.5 Cereal and bakery products......... 107.9 111,2 ’111.8 112.0 Metal containers........................... 105.7 109.8 109,8 109.8 Meat poultry and fish............... 92.1 110.5 112.7 115.0 Hardware................................... 104.8 107.2 107.3 107.3 Dairy products and ice cream............. 107.8 111.3 110.6 112.5 Plumbing equipment........... 104.0 106.7 106,6 106.7 Canned and frozen fruits and veg- Heating equipment................................. 91 .4 91 .6 ’91.5 91.7 etablrs ............................................ 100.3 105.1 ’104.7 105.5 Fabricated structural metal products. 100.2 102.0 ’102.3 102.6 Sugar and confectionery................... 110.0 108.8 109.4 110.3 Fabricated nonstructural metal prod­ Packaged beverage materials............... 95.9 93.4 93.5 93.5 ucts. ...... 109.0 109.7 110,0 110.4 Animal fats and oils.............................. 107.6 116,4 120.6 120.0 Crude vegetable oils.......................... 109.1 100.3 ’106.5 107.6 Machinery and Motive Products: Refined vegetable oils................... 99.9 109. 1 116. 1 116.0 Vegetable oil end products................... 101 .9 98.4 99,5 102,5 Agricultural machinery and equip.... 114.4 117.0 ’117.3 117.7 Miscellaneous processed foods...... . 114.4 114.1 114.0 114,1 Construction machinery and equip... 114,3 116.5 116.9 117.3 Metalworking machinery and equip.. 115.6 118.9 ’119,8 120.8 Textile Products and Apparel: General purpose machinery and equipment........................................ 104.4 106.8 ’106.8 106.8 Cotton products...................................... 99.6 101 .2 ’101.0 101,3 Miscellaneous machinery. ................... 105.1 105.4 105.4 105.6 Wool products...................................... 103.3 105,4 ’105.9 105.8 Special industry machinery and Man-made fiber textile products......... 96.3 91 .9 ’91.3 91.1 equipment (Jan. 1961= 100)........ 107.3 109.0 109.1 109.4 Silk products............................................ 135.5 143.6 147.6 155,3 Electrical machinery and equip...... 96,8 96.6 ’97.0 97.6 Apparel .......................................................... 103,1 104.3 ’104.6 104.6 Motor vehicles......................................... 100.9 100.5 ’100.5 100.4 Other textile products............................ 118.6 130.0 ’124.7 124.2 Transportation equip,, R,R, rolling stock (Jan. 1961= 100)................. 100.6 101.0 101.0 101.0 Hides, Skim, Leather, and Products: H Le id a e th s e a r n .. d ... . s .. k .. i .. n .. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 0 0 3 . . 2 2 1 1 3 1 2 4 . . 3 2 1 1 1 4 6 0, . 0 6 1 1 5 1 2 8 . . 8 0 Furn b it l u e r s e : and Other Household Dura­ F O o th o e tw r l e e a a r t . h .. e .. r .. . p ... r . o ... d .. u ... c .. t . s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 0 0 9 2 , . 1 8 ’• 1 1 1 1 3 0 . . 8 2 ’ ’ 1 1 1 1 4 0 . . 4 3 1 1 1 1 4 2 . . 9 1 1 10 0 3 6 , . 6 0 1 1 0 0 6 4 . . 7 0 1 10 0 4 7 . , 1 0 1 10 0 4 7 . . 1 2 Floor coverings........................................ 98.0 97.5 97.7 97.7 Fuels and Related Products, and Power: Household appliances........................... 90,0 88.8 ’88.7 88.7 C Co o k a e l. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 0 8 7 . . 3 3 1 9 0 7 7 . . 6 3 1 ’9 0 8 7 . . 1 3 1 9 0 8 7 . . 2 3 T O e t l h e e v r i s h i o o u n, s e r h ad 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 r . a .. p .. h ... s .. .. 1 8 0 5 5. , 1 9 1 8 0 4 6 . . 5 2 ’ ’ 1 8 0 4 6 . . 1 8 1 8 0 4 7 . , 1 0 Gas fuels (Jan. 1958— 100).......... 124.1 128.6 ’128.2 128.9 Electric power (Jan. 1958= 100)......... 100.8 100.7 100.4 100.4 Nonmetalltc Mineral Products: Petroleum products, refined................. 93.9 98.4 98.3 97.8 Flat glass,................................................. 101,6 99.9 99,9 99.9 Chemicals and Allied Products: Concrete ingredients............... 103.2 103,4 ’103.6 103.7 Concrete products.................. 101.2 101.8 ’102.0 102.1 Industrial chemicals. ............... 94.7 95.5 95.1 95.2 Structural clay products........................ 104.8 105,6 105.6 105.7 Prepared paint.........................•........... 105.2 105.9 >05.9 105.9 Gypsum products................................... 107,7 97.4 ’101 .4 101.4 Paint materials......................... 90.4 89.0 ’89.5 89.5 Asphalt roofing........................................ 91.2 94,6 94.6 95.6 Drugs and pharmaceuticals.................. 94.6 94.6 ’94.4 94.5 Other nonmetallic minerals.......... 101.3 100,9 101.8 102.1 Fats and oils, inedible............................ H8.3 110.1 ’113.1 110.0 F O M e t i r h x t e i e l r d i z c e f h e r e r m m til i a i c t z a e e l r s r i s a a . l . n . s . d . . . . . . . . p . . . . . r . . . o . . . . . . d . . . . u . . . . . c . . . . . t . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 1 1 9 0 0 9 3 4 . . . 7 8 8 1 1 9 0 0 9 3 5 . . . 8 8 5 1 1 1 0 0 0 3 0 5 , . , 8 2 4 1 1 1 0 0 0 4 0 5 . . . 7 2 2 Toba a c g co es : Products and Bottled Sever- Tobacco products................................. 106.1 106.0 ’106.6 106,6 Rubber and Products: Alcoholic beverages...................... 100.9 101.3 10U 101.0 Crude rubber........................................... 90.7 89.6 90.0 91 .0 Nonalcoholic beverages......... 128.1 128.5 128.5 128.5 Tires and tubes........................................ 88.5 91.1 91.1 91.1 Miscellaneous rubber products.. ... . 96.5 97.7 97.9 98.5 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms.... 102.2 103.1 ’103.2 103.2 Manufactured animal feeds......... 114,3 118.6 121,8 124.8 Lumber ..............., ..................... 101 .4 103.4 104.3 105.1 Notion^ and accessories........................ 99,1 99.1 99.1 99.8 Millwork.................................................. 107.5 107.9 107.9 108.2 Jewelry, watches, photo equipment... 103.6 105.1 ’105.0 105.0 Plywood.................................. 93.0 92.1 93,9 93.9 Other miscellaneous products.............. 102.8 104.9 ’105,0 104.9 Note.—Bureau of Labor Statistics. 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596 NATIONAL PRODUCT AND INCOME APRIL 1966 GROSS NATIONAL PRODUCT (In billions of dollars) 1964 1965 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965iJ IV I II III IV* dross 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 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 1 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 1RO 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 Nonrcsidential......................................... 10.6 2.4 9.5 27.9 47.0 51.7 54.3 60.5 69.8 63 5 66’ 9 68'4 70 ’ 9 73.0 Structures.................................. 5.0 .9 2.9 9.2 18.4 19.2 19.7 21.1 24. 3 91'5 23.'?. 24'5 24'9 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 19.4 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 Nonfarni...................................................... 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 52.0 Other........................... 3. 1 4.3 9.6 11.8 13.6 15.4 16.7 15 5 16 J 165 16^7 17.2 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 11 III IV* National income..................................................... 86.8 40.3 104.2 241.1 427.3 457.7 481.1 514.4 554.7 526.3 540.6 549.5 557.9 570.8 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 11.9 11.8 11.8 12.3 13.7 Government civilian.................................... 4.6 4.9 8.3 17.4 42.0 45.2 48.8 52.6 56.5 54.3 55.0 55.9 56.7 58.3 Supplements to wages and salaries................. .7 .5 2.7 7.8 24.6 27.5 29.8 31.8 34.5 32.7 33.5 34.3 34.7 35.5 Employer contributions for social in­ surance ....................................................... 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 75.2 Fro fits 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 77.0 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 . 1 Profits after tax............................................. 8.6 .4 10.1 24.9 27.2 31.2 32.6 37.2 44.5 37.8 43.6 44.1 44.5 45.9 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 26.0 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

APRIL 1966 NATIONAL PRODUCT AND INCOME 597 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1964 1965 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965» IV I II III IV P 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 2.4 Plus: Subsidies less current surplus of gov­ ernment enterprises............................. -. 1 .1 .2 1.4 1.4 .7 1.2 1.2 1.5 1.4 1.3 1.2 1.1 Equals! National income..................................... 86.8 40.3 104.2 241.1 427.3 457.7 481.1 514.4 554.7 526.3 540.6 549.5 557.9 570.8 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 75.2 Contributions for social insurance.... .2 .3 2.8 6.9 21.4 24.0 26.8 27.8 29.5 28.4 28.9 29.2 29.6 30.2 Excess of wage accruals over disburse­ ments................................................... -.1 Plus: Government transfer payments....... .9 1.5 2.6 14.3 30.4 31.2 33.0 34.2 36.8 34.4 36.0 35.1 38 9 37.3 Net interest paid by government and consumer.......................................... 2.5 1.6 2.2 7.2 15.0 16. 1 17.5 19.1 20.6 19.5 19.9 20.4 20.8 21.1 Dividends................................................... 5.8 2.0 4.4 8.8 13.8 15.2 15.8 17.2 18.9 17.7 18.0 18.6 19.2 19.9 Business transfer payments................... .6 .7 .5 .8 2.0 2. 1 2.2 2.3 2.3 2.4 2.3 2.3 2.3 2.3 Equals: Personal income...................................... 85.9 47.0 96.0 227.6 416.8 442.6 464.8 495.0 530.7 507.1 516.2 524.7 536.0 546.0 Less: Personal tax and nontax payments,... 2.6 1.5 3.3 20.7 52.4 57.4 60.9 59.2 65.4 60.7 64.8 66.2 64.8 65.7 Equals: Disposable personal income................ 83.3 45.5 92.7 206.9 364.4 385.3 403.8 435.8 465.3 446.4 451.4 458.5 471.2 480.3 Less: 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 1 1.0 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.7’ Total personal income........................ 495.0 530.7 515.2 517.8 520.5 525.0 528.5 530.4 532.1 1545.4 541.3 546.1 550.9 552.3 556.3 Wage and salary disbursements........... 333.5 357.4 348.9 351.1 351.5 353.9 355.4 357.4 358.8 360.8 364.7 368.3 371.3 373.8 376.6 Commodity-producing industries... 133.9 143.9 140.8 141.9 141.4 142.3 143.1 144.0 144.6 144.7 146.1 148.1 149.5 150.4 151.9 Manufacturing only........................ 107,2 115.5 113.0 113,9 113.6 114.1 114.8 115.6 116,1 116.4 117.5 119.1 120.0 121 . 1 122.5 Distributive industries....................... 81. 1 86.5 84.7 85.5 85.6 86.2 86.5 86.8 87.0 87.2 87.8 88.2 88.7 89.4 89.9 Service industries............................... 54. 1 58. 1 56.6 56.7 57.2 57.6 57.8 58.2 58.5 58.8 59.6 60.0 60.4 60.7 61.0 Government.................................... 64.3 68.9 66.8 67.0 67.4 67.7 68.0 68.3 68.7 70.1 71.3 72.0 72.6 73.2 73.8 Other labor income................................ 16.5 18.2 17.5 17.6 18.0 18. 1 18.2 18.3 18.4 18.4 18.6 18.9 19.0 19.2 19.3 Proprietors’ income............................... 51.1 54.6 51.9 51.8 52.9 54.8 56.0 55.5 55.3 55.4 55.9 56.2 56.5 56.6 56.8 Business and professional................. 39. 1 40.3 39.9 40.1 40.0 40. 1 40.1 40.3 40.4 40.5 40.6 40.7 40.8 40.9 41.0 Farm...................................................... 12.0 14.3 12.0 11.7 12.9 14.7 15.9 15.2 14.9 14.9 15.3 15.5 15.7 15.7 15.8 Rental income.......................................... 18.2 18.6 18.5 18.5 18.6 18.6 18.6 18.6 18.6 18.6 18.7 18.7 18.7 18.8 18.8 Dividends................................................. 17.2 18.9 18.0 18.0 18.2 18.5 19.1 19.0 19.2 19.5 19.7 19.9 20.2 20.4 20.6 Personal interest income....................... 34.3 37.1 36.0 36.2 36.5 36.7 37.0 37.2 37.5 37.7 37.9 38.2 38.5 38.9 39.3 Transfer payments.................................. 36.6 39.2 37.4 37.6 37.8 37.4 37.2 37.6 37.7 148.4 39.3 39.6 40.3 41.2 41.5 Less: Personal contributions for social insurance.............................. 12.4 13.2 12.9 13.0 12.9 13.0 13.1 13.2 13.3 13.4 13.5 13.6 13.7 16.6 16.7 Nonagricultural income......................... 478.7 512.1 499.0 502.2 503.2 505. 8 508.2 510.8 512.9 1526.2 521.7 526.3 530.7 532.3 536.1 Agriculture income.................................. 16.3 18.6 16.2 15.7 17.3 19.2 20.4 19.7 19.2 19.2 19.6 19.9 20.2 20.1 20.2 i Includes retroactive lump-sum payment of social security benefits Note.—Dept, of Commerce seasonally adjusted monthly totals at in the amount of $10.6 billion. annual rates. See also Note to table at top of previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

598 FLOW OF FUNDS APRIL 1966 SAVINGS, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1963 1964 1965 Transaction category, or sector 1960 1961 1962 1963 1964 III IV I 11 III IV I II III I. Saving and investment 1 Gross national saving........................... 122.9 119.7 134.5 144.1 158.0 145.7 152.0 153.2 155.0 159.7 164.0 174.6 172.7 174.6 1 2 Households........................................ 72.0 75.8 82.1 85.9 98.4 85.9 91.8 93.4 99.5 99.3 101.3 102.3 101.0 107.4 2 3 Farm and noncorp, business......... 12.5 12.6 13.1 13.4 13.9 13.5 13.6 13.8 13.9 14.0 14.1 14.2 14.4 14.5 3 4 Corporate nonfin. business........... 34.4 35.6 41.8 44.3 49.4 45.5 45.2 48.7 49.3 50.2 49.4 55.1 54.7 55.6 4 5 U.S. Government............................ 2.5 -4.8 -4.8 -1.0 -5.0 -.6 -.1 -3.9 -8.9 -5.1 -2.3 2.2 1.9 -4.5 5 6 State and local govt......................... -1.9 -2.9 -1.4 -1.8 -2.1 -1.8 -1.8 -2.2 -2.2 -2.0 -1.9 -2.9 -3.1 -2.1 6 7 Financial sectors............................. 3.3 3.3 3.8 3.2 3.4 3.1 3.2 3.5 3.4 3.4 3.3 3.6 3.8 3.7 7 8 Gross national investment................... 120.9 117.9 133.8 143.1 156.3 143.7 152.3 152.1 154.3 158.4 160.4 171.2 170.9 175.2 8 9 Consumer durable goods............... 45.3 44.2 49.5 53.4 58.7 54.1 54.9 57.4 59.1 60.5 57.9 64.6 63.5 65.4 9 10 Business inventories........................ 3.6 2.0 6.0 5.7 4.8 5.8 8.1 3.3 4.2 4.0 7.7 8.9 6.4 7.6 10 11 Gross pvt. fixed investment........... 71.3 69.7 77.0 81.2 88.1 82.0 84.3 86.5 86.8 88.8 90.2 94.6 96.3 98.6 11 12 Households................................... 23.0 20.9 22.2 22.6 23.5 22.7 23.2 23.8 23.7 23.6 23.0 22.8 24.3 24.3 12 13 Nonfinan. business..................... 47.7 48.1 54.2 57.6 63.7 58.2 60.0 61.8 62.2 64.4 66.3 70.9 71.2 73.5 13 14 Financial sectors ................... .5 .7 .6 1.0 .9 1.1 1.1 .9 .9 .9 .8 .9 .9 .8 14 15 Net financial investment................ .7 2.0 1.3 2.8 4.7 1.9 5.0 4.9 4.2 5.1 4.6 3.2 4.7 3.6 15 16 Discrepancy (1-8)................................ 2.0 1.8 .7 1.0 1.6 1.9 -.3 1.1 .7 1.3 3.6 3.4 1.8 -.6 16 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 33.1 44.3 54.3 58.2 67.1 49.7 63.0 58.7 75.1 63.9 70.5 75.9 69.7 54.2 17 18 Loans and short-term securities.... 15.1 16.4 15.5 18.8 27.1 1.5 27.9 24.3 28.6 15.6 39.8 44.5 29,7 11.5 18 19 Long-term securities and mtgs.......... 18.0 27.9 38.8 39.3 40.0 48.2 35.0 34.5 46.5 48.4 30.7 31.4 40.1 42.7 19 By sector 20 U.S. Government................................ -2.0 7.6 7.8 5.0 6.7 -2.9 5.9 7.6 5.6 8.7 5.0 7.1 -1.1 -7.0 20 21 Short-term mkt. securities............. 3.1 8.8 .5 1.4 4.0 -13.5 5.2 9.1 -1.0 -3.7 11.4 12.7 -.5 -11.1 21 22 Other securities................................ -5.6 -1.4 6.8 3.8 2.2 11.4 1.3 -.5 4.9 11.4 -7.0 -6.2 -.3 3.2 22 23 Loan participation certs................. .5 .3 .5 -.2 .5 -.1 -.5 -1.1 1.7 .9 .6 -.2 -.3 .9 23 24 Foreign borrowers............................... 2.0 2.8 2.3 3.3 4.6 1.6 3.2 3.9 4.9 2.6 7.1 5.4 1.8 1.1 24 25 Loans................................................. 1.4 2.0 1.2 2.2 3.9 1.1 3.4 3.9 4.0 2,6 5.0 4.2 1.0 .5 25 26 Securities............................................ .6 .8 1.0 1.0 .7 .5 -.2 .9 2.0 1.2 .8 .6 26 27 Pvt. domestic nonfin. sectors........... 33.0 33.9 44.2 49.9 55.8 51.0 53.9 47.2 64.6 52.7 58.5 63.4 69.0 60.0 27 28 Loans................................................. 10.1 5.4 13.3 15.5 18.7 14.6 19.9 12.2 23.9 15.7 22.8 26.9 29.4 21.1 28 29 Consumer credit........................... 4.5 1.7 5.5 6.7 6.9 6.9 6.6 7.4 7.2 7.1 6.0 9.6 8.7 8.8 29 30 Bank loans n.e.c.............. 2.9 2.2 4.8 6.0 7.6 4.3 11.5 2.7 9.7 4.7 13.2 14.5 14.1 7.9 30 31 Other loans................................... 2.8 i.6 3.0 2.7 4.1 3.4 1.8 2.1 ^.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 35.1 36.4 39,5 38.9 32 33 State and local obligations......... 8.6 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 15.4 15.4 15.1 15.2 35 36 Other mortgages.......................... 3.8 5.1 7.9 9.0 10.] 9.5 9.4 8.9 10.9 9.9 10.6 9.4 10.3 10.6 36 37 Net sources of credit (=17)............... 33.1 44.3 54.3 58.2 67.1 49.7 63.0 58.7 75.1 63.9 70.5 75.9 69.7 54.2 37 38 Chg. in U.S. Govt, cash balance.. .9 * 1.3 -.3 .2 -4.9 -.8 3.6 -.9 -1.1 -.9 5.4 2.2 -13.3 38 39 U.S. Govt, lending................. 2.3 2.8 3.5 2.7 3.8 3.7 4. 1 3.4 4.9 3.4 3.6 4.9 6.7 2.6 39 40 Foreign funds................................... 3.4 2.5 2.8 2.3 2.4 -1.0 .3 1.7 3.3 1.0 3.8 3.4 3.5 -.3 40 41 Pvt. insur. & pension reserves.... 8.2 8.7 9.0 10.2 11.2 11.2 9.7 11.0 12.1 10.2 11.6 11.0 11.5 11.2 41 42 Sources n.e.c...................................... 4.4 3.7 3.2 4.2 5.4 3.0 1.2 4.1 6.4 4.2 6.8 8.0 4.0 -3.2 42 43 Pvt. domestic nonfin. sectors..... 13.9 26.6 34.5 39.2 44.1 37.7 48.5 35.0 49.4 46.3 45.6 43,2 41.9 57.1 43 44 Liquid assets................................. 9.3 24.9 31.5 37.3 33.0 32.7 48.3 27.5 29.3 31.5 43.6 37.8 31 .9 49.8 44 45 Deposits.................................... 13.7 24.0 30.1 34.2 35.4 32.1 42.3 25.3 31.9 38.1 46.2 34.0 30.0 46.4 45 46 Demand dep. and currency -1.3 3.8 2.1 5.7 6.5 5.0 11.9 -1.0 5.6 9.1 12.5 -1.0 2.5 11.2 46 47 Time and svgs. accounts.,. 15.1 20.2 28.1 28.5 28.8 27.1 30.4 26.2 26.3 29.0 33.7 34.9 27,5 35.2 47 48 At commercial banks.... 5.4 9.0 15.0 13.4 13.1 13.1 15.4 11.5 10.6 12.2 18.1 21.9 15.2 22.2 48 49 At savings instit................ 9.6 11.2 13.0 15.1 15.7 14.0 15.0 14.7 15.7 16.8 15.6 13.0 12,3 13,1 49 50 Short-term U.S. Govt. sec... -4.4 1.0 1 .4 3.1 -2.4 .6 6.0 2.2 -2.6 -6.6 -2.6 3.9 1.9 3.4 50 51 Other U.S. Govt, securities. . .. -.7 -1.3 .5 1.6 3.3 5.2 .3 2.4 6.8 6.6 -2.5 1.3 4.5 -2.7 51 52 Pvt. credit mkt. instruments. . . 4.9 4.2 2.3 2.2 7.7 1.7 2.7 5.2 13.1 6.7 5.5 4.2 4.9 8.9 52 53 Less security debt....................... -.3 1.3 -.2 2.0 -.2 1.9 2.8 * -.2 -1.5 1.1 .2 -.6 -1.2 53 54 Memo: Total U.S. Govt, sec............. -5.1 -.3 1.9 4.7 .9 5.8 6.3 4.6 4.2 -5.0 5.2 6.4 .7 54 HI. Direct lending in credit markets 55 Total funds raised................................ 33.1 44.3 54.3 58.2 67.1 49.7 63.0 58.7 75.1 63.9 70.5 75.9 69.7 54.2 55 56 Less change in U.S. Govt, cash .... .9 * 1.3 — . 3 .2 -4.9 -.8 3.6 -.9 -1.1 -.9 5.4 2.2 -13.3 56 57 Total net of U.S. Govt. cash....... 32.2 44.3 53.0 58.5 66.9 54.6 63.8 55.2 76.0 65.1 71.4 70.5 67.5 67.5 57 58 Funds supplied directly to 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 11.3 -3.3 68 69 U.S. Government............................. 2.3 2.8 3.5 2.7 3.8 3.7 4. 1 3.4 4.9 3.4 3.6 4.9 6.7 2.6 69 70 Foreign.......................................... 1.2 .6 1.2 .8 .4 -2.2 - .6 -1.3 2.3 -1.0 1.8 -1.3 .7 -2.5 70 71 Pvt. domestic nonfin....................... 0 2.6 4.4 4.9 8.7 5.6 6.2 9.8 17.5 8.2 -.6 9.2 11.9 10.7 71 72 Households.................................. i.7 .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 1 1.3 8.4 2.7 74 75 Less net security credit............... -.3 1.3 -.2 2.0 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

APRIL 1966 FLOW OF FUNDS 599 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1963 1964 1965 Transaction category, or sector 1960 1961 1962 1963 1964 III IV I II HI IV I II III 1. Demand deposits and currency 1 Net incr. in banking system liability.. .1 5.6 4.5 5.6 7.4 .2 11.2 3.9 5.6 8.2 12.0 4.9 4.4 .7 1 2 U.S. Govt, deposits......................... .9 * 1.3 -.3 .2 -4.9 -.8 3.6 -.9 -1.1 -.9 5.4 2.2 -13.3 2 3 Other.................................................. -.7 5.6 3.2 5.9 7.3 5.1 12.0 .3 6.5 9.3 13.0 -.5 2.2 14.0 3 4 Domestic sectors.......................... -.8 4.8 3.1 5.9 6.8 5.4 12.1 -1.0 6.7 8.3 13.2 -1.2 3.0 12.1 4 5 Households............................... -.9 .8 4.1 5.3 7.4 6.7 6.8 10.6 3.4 2.8 13.1 11.7 3.8 11.3 5 6 Nonfinancial business............. -1.0 1.7 -2.3 -1.9 -2.6 -1.1 -.8 ~7.2 2.1 2.1 -7.5 -4.7 -3.3 -5.6 6 7 State and local govts.............. -1.1 .3 .9 2.0 .7 -.1 7.8 -1.7 -2.3 1.4 5.6 -5.6 1.9 -.5 7 8 Financial sectors..................... .5 1.1 1.0 .2 .2 .4 .2 -.1 1.1 -.8 .7 -.3 .5 .9 8 9 Mail float.................................. 1.7 1.0 -.6 .3 1.0 -.4 -1.9 -2.7 2.4 2.8 1.3 -2.4 5.9 9 10 Rest of the world............................ .1 .7 .1 .1 .5 -.3 -.1 1.4 -.2 1.0 -.3 .7 -.8 1.9 10 II. Time and savings accounts 11 Net increase—Total............................. 15.3 20.7 28.7 29.5 30.4 27.7 31.3 27.9 28.0 30.0 35.7 35.5 28.6 34.8 11 12 At commercial banks—Total........... 5.8 9.4 15.6 14.3 14.6 13.8 16.2 13.1 12.1 13.3 19.9 22.6 16.7 22.0 12 13 Corporate business......................... 1.3 1.9 3.7 3.9 3.2 3.2 5.2 6.4 1.4 1.5 3.4 8.3 6.8 3.8 13 14 State and local govts....................... 1.4 .9 1.0 1.6 1.7 1.4 2.2 .3 1.1 2.2 3.3 2.1 .5 4.1 14 15 Foreign depositors.......................... .3 .3 .6 1.0 1.4 .8 .8 1.5 1.5 1.0 1.6 .6 1.3 -.1 15 16 Households........................................ 2.8 6.2 10.3 7.9 8.2 8.5 8.0 4.9 8.1 8.5 11.4 11.5 7.9 14.2 16 17 At savings institutions........................ 9.5 11.3 13.1 15.2 15.8 13.9 15.1 14.8 15.8 16.7 15.8 12.9 11.9 12.8 17 18 Memo: Households total................... 12.4 17.4 23.4 23.0 23.9 22.5 23.0 19.6 23.8 25.4 27.0 24.5 20.2 27.3 18 III. U.S. Govt, securities 19 Total net issues..................................... -2.5 7.3 7.3 5.2 6.2 -2.1 6.4 8.7 3.9 7.7 4.4 7.3 -.8 -7.9 19 20 Short-term marketable................... 3.1 8.8 .5 1.4 4.0 -13.5 5.2 9.1 -1.0 -3.7 11.4 12.7 -.5 -11.1 20 21 Other................................................... -5.6 -1.4 6.8 3.8 2.2 11.4 1.3 -.5 4.9 11.4 -7.0 -6.2 -.3 3.2 21 22 Net acquisitions, by sector................. -2.5 7.3 7.3 5.2 6.2 -2.1 6.4 8.7 3.9 7.7 4.4 7.3 -.7 -7.9 22 23 Federal Reserve System................. .7 1.5 1.9 2.8 3.5 2.2 3.5 3.2 1.8 2.4 6.5 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 1.1 -.6 .3 -.1 .8 .5 28 29 Nonbank finance.............................. -.3 .4 1.5 -.3 1.8 2.3 -2.6 1.7 3.5 2.8 -.7 2.5 -1.2 -4.7 39 30 Short-term direct......................... 1.1 1.1 .7 -1.1 1.1 1.2 -2.2 .4 2.8 .3 .8 -.5 -1.0 -2.8 30 31 Other direct.................................. -1.7 -.8 .6 .6 .5 .5 -.7 1.3 .3 2.2 -1.9 3.0 -.9 -2.1 31 32 Nonguaranteed............................ .3 .1 .2 .3 .3 .6 .3 .4 .3 .4 -.1 .7 .2 32 33 Foreign............................................... .5 .4 1.2 .6 .4 -2.3 .3 -1.8 1.0 -.2 2.7 -2.6 .9 -1.7 33 34 Short-term..................................... .2 -.7 2.0 -.7 .2 -2.5 -.9 -1.6 .7 -1.1 2.8 -2.6 -.1 -2.4 34 35 Pvt. domestic nonfinan. sectors.. . -5.1 -.3 1.9 4.7 .9 5.8 6.3 4.6 4.2 -5.0 5.2 6.4 .7 35 36 Short-term direct......................... -4.2 .2 1.0 1.9 -3.3 -.4 4.8 1.4 -3.6 -7.5 -3.6 3.0 1.5 2.9 36 37 Other direct.................................. -.4 -1.6 -.1 .9 2.9 3.7 -1.6 2.9 5.2 5.7 -2.3 .7 1.2 -4.0 37 38 Nonguaranteed............................ -.2 .3 .6 .8 .4 1.6 1.9 -.5 1.5 .8 -.2 .6 3.3 1.3 38 39 Savings bonds'—Households... -.3 .8 .4 1.2 .9 1.1 1.2 .8 .9 .8 1.0 .8 .4 .5 39 IV. Other securities 40 Total net issues, by sector.................. 10.9 13.6 11.6 13.1 14.6 13.2 12.1 13.4 17.3 13.9 13.9 14.9 18.9 15.3 40 41 State and local govts....................... 3.6 4.9 5.0 6.7 5.9 7.0 7.1 4.2 6.4 6.0 6.8 7.1 7.5 5.0 41 42 Nonfinancial corporations............. 5.0 7.1 5.1 3.6 5.4 4.0 2.2 6.2 7.1 5.3 2.9 4.6 6.7 8.1 42 43 Commercial banks.......................... .1 .2 .3 .6 .1 .9 .9 .5 .6 .4 .5 2.0 .1 43 44 Finance companies.......................... 1.5 .5 .3 1 .4 2.1 1.6 2.2 2.2 2.4 2.0 1.8 1.5 1.9 1.5 44 45 Rest of the world............................ .6 .8 1.0 1.0 .7 .5 -.2 ♦ .9 * 2.0 1.2 .8 .6 45 46 Net purchases........................................ 10.9 13.6 11.6 13.1 14.6 13.2 12.1 13.4 17.3 13.9 13.9 14.9 18.9 15.3 46 47 Households........................................ 1.4 1.3 -2.1 -1.8 1.3 -1.7 -.7 .6 4.9 .2 -.5 -.4 -.1 1.4 47 48 State and local govts....................... 2.1 2.2 2.0 2.5 3.0 2.5 2.5 2.8 3.0 3.1 2.9 3.1 4.0 4.9 48 49 Commercial banks.......................... .4 2.6 4.4 5.2 3.7 6.1 3.6 2.4 2.6 4.9 4.7 4.3 6.3 6. 1 49 50 Insurance and pension funds..... 7.2 8.0 7.7 7.8 7.5 7.8 6.4 7.7 7.9 6.8 7.5 8.2 7.9 9.8 50 5 5 1 2 Fin S a e n c c u e r it n y . e b .c ro ... k .. e .. r . s .. .. a .. n .. d .. .. d .. e .. a .. l .. e .. r . s .. . . .. . . . -.5 - - . . 1 7 -.2 ,5 -.5 * -.5 * -1 -. . 7 5 1. . 3 5 -.1 .3 -1.1 .1 - - . . 6 4 -.3 . 1 - 1 .5 .0 2 1 . . 1 8 - -6 5 . . 1 4 5 51 2 53 Investment cos.—Net................. -.5 -.6 -.7 -.5 -.6 -.9 -.8 -.5 -1.2 -.2 -.4 -1.6 -.3 -.8 53 54 Portfolio purchases................. 1.0 1.4 1.1 .8 1.1 1.0 .9 .5 1.7 2. J * 2.0 1.4 54 5 5 5 6 Rest N o e f t t h is e s u w es o r o l f d . o .. w ... n .. .. s .. h .. a ... r . e .. s .. . .. . .. . .. . 1 . . 3 5 1 . . 2 9 1.8 * 1. . 3 2 - 1 .2 .6 1 . . 8 1 1. . 7 2 -.2 .4 1 . . 1 7 - 1 . . 9 4 - 2 . . 1 5 1. . 6 1 -1 2 . . 0 2 -1 2 . . 0 2 5 5 5 6 V. Mortgages 57 Total net lending.................................. 14.2 16.9 21.3 24.7 25.6 26.0 25.0 24.3 26.8 25.4 25.7 24.8 25.5 25.6 57 58 1- to 4-family.................................... 10.4 11.8 13.4 15.7 15.5 16.5 15.6 15.5 15.9 15.5 15.1 15.4 15.3 15.0 58 59 In process..................................... -.1 .4 .4 .5 -.3 .6 .4 -.2 -.4 -.3 -.3 . 1 .2 -.3 59 60 Disbursed...................................... 10.5 11.4 13.0 15.2 15.8 16.0 15.2 15.6 16.3 15.8 15.4 15.4 15.1 15.2 60 61 Other................................................... 3.8 5.1 7.9 9.0 10.1 9.5 9.4 8.9 10.9 9.9 10.6 9.4 10.3 10.6 61 62 Net acquisitions.................................... 14.2 16.9 21.3 24.7 25.6 26.0 25.0 24.3 26.8 25.4 25.7 24.8 25.5 25.6 62 63 Households........................................ .2 -.2 -.6 .1 -1.0 -1.1 -.2 .3 .2 .2 -1.0 -.7 -.6 63 64 U.S. Government............................ 1.2 .6 .3 -1.0 .2 -.4 -.4 .3 .8 . 1 -.3 .6 1.2 .7 64 65 Commercial banks.......................... .7 1.6 4.0 4.9 4.5 5.2 4.5 4.5 4.4 4.0 5.1 4.8 5.5 5.9 65 66 Savings institutions.......................... 8.9 11.0 13.2 16. 1 14.7 16.5 16.2 14.5 14.9 15.1 14.4 13.1 13.2 13.2 66 67 Insurance........................................... 2.9 2.7 3.0 4.0 5.1 4.4 4.4 4.5 5.0 5.3 5.6 5.9 5.5 5.0 67 68 Mortgage companies...................... * .6 .5 .8 .4 1 .0 .9 .3 1.0 . 1 .2 1.0 .4 .9 68 VI. Bank loans n.e.c. 69 Total net borrowing.............................. 2.8 3.0 6.2 8.2 9.9 7.3 14.2 4.8 14.4 4.6 15.8 19.6 15.9 10.6 69 70 Nonfinancial business..................... 2.3 1.3 4.3 5.1 5.0 3.6 9.4 .5 5.9 4.6 9.0 13.8 11.3 7.2 70 71 Nonbank finance.............................. -.3 . 1 1.0 1.7 .5 2.2 1.5 3.7 -1.7 1 2.5 2.8 2.0 71 72 Households....................................... .6 .9 .5 .9 2.6 .7 2.1 2.2 3.8 . 1 4.3 .7 2.9 .7 72 73 Rest of the world............................ . 1 .7 .4 .5 1.9 .8 1.2 1.9 1.0 1.7 2.8 2.5 -1.1 .6 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Jan. 1966 Bulletin, p. 115. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

600 BANKS AND BRANCHES APRIL 1966 NUMBER IN OPERATION ON DECEMBER 31, 1965 Commercial and mutual savings banks Number maintaining branches or additional offices 1 Commercial Commercial Mutual Mutual State savings savings Member Nonmember Member Nonmember Total Total Total ti N on a a ­ l State su In re ­ d s N u i o r n e n d ­ su I r n e ­ d s N u in o re ­ n d ­ Total ti N on a a ­ l State su In re ­ d s N u i o n re ­ n d ­ su I r n e ­ d s N u i o r n e n ­ d ­ United States 2......... ..... 14,30913,804 4,815 31,406 7,320 263 328 177 3,386 3,140 1,331 452 1,336 21 176 70 A lahama...................................... 263 263 86 24 153 46 46 28 5 13 14 12 5 5 2 2 8 8 5 3 A rizopa........................................ 18 18 4 1 12 1 10 10 3 5 i Arkansas.................................... 246 246 65 19 158 4 61 61 28 7 26 California.................. 199 199 95 15 83 6 103 103 41 12 48 2 Colorado..................................... 250 250 117 17 76 40 1 1 1 Connecticut................................ 139 68 29 7 28 4 71 79 41 18 7 16 38 Delaware..................................... 22 20 5 2 13 2 11 9 2 2 5 ' 2 District of Columbia............... 15 15 8 4 3 14 14 7 4 3 Florida........................................ 443 443 195 8 237 3 Georgia....................................... 429 429 57 14 316 42 69 69 25 6 38 J-Iawa'i......................................... 12 12 2 5 5 8 8 2 5 Ida ho.............. 25 25 9 7 9 13 13 6 3 4 Illinois ........................................ 1 ,051 1,051 417 112 515 7 Indiana-.................................. 426 422 122 88 208 4 4 168 168 63 28 77 673 673 101 62 496 14 184 184 26 15 143 kansas- ............. 599 599 170 41 385 3 47 47 23 7 17 Kentucky............................ 346 346 81 14 245 6 102 102 41 8 53 J ouisiana............................ 214 214 47 10 156 1 84 84 30 7 47 Maine .................................... 76 44 21 6 12 5 26 6 40 33 15 4 11 3 7 \4arvland ................ 128 122 50 7 64 6 65 60 27 6 26 1 5 Massachusetts........................... 340 161 93 18 46 4 8 171 192 116 66 18 31 1 6 ' 70 M ichigan.............................. 354 354 97 120 135 2 176 176 55 61 59 1 Minnesota................................... 723 722 193 28 496 5 1 6 6 4 Mississippi.................................. 196 196 37 6 153 98 98 27 5 66 Missouri...................................... 655 655 96 81 467 11 61 61 18 15 28 Montana............................... 131 131 50 42 37 2 1 1 Nebraska............................. 436 436 126 13 291 6 26 26 17 1 8 Ncvfld ^ .................................... 9 9 3 3 3 6 6 2 3 1 New Hampshire....................... 106 74 51 1 19 3 32 29 21 18 3 8 New Jersey................................. 254 233 147 47 36 3 21 167 156 99 34 23 11 New Mexico............................... 64 64 34 8 22 39 39 19 4 16 New York.................................. 470 344 198 83 35 28 126 251 170 93 54 18 5 81 North Carolina................. 146 146 30 4 111 1 82 82 21 3 57 1 North Dakota........................... 169 169 42 4 117 6 34 34 5 2 27 Ohio ......................................... 543 542 224 128 189 1 1 236 236 125 49 62 Oklahoma................................... 421 421 222 24 174 1 33 33 26 2 5 Oregon............................ 52 51 12 3 33 3 1 25 25 5 1 19 Pennsylvania ............... 578 571 373 44 144 10 7 234 228 149 21 56 2 6 Rhode Island.............................. 18 11 4 1 4 2 7 18 11 4 1 4 2 7 Sooth Carolina.......................... 129 129 25 5 95 4 61 61 20 2 39 Smith Dakota............................ 170 170 33 25 111 1 33 33 6 3 24 Tennessee.................................... 298 298 76 9 209 4 106 106 51 5 49 I Tevas ......................................... 1,142 1,142 545 72 513 12 32 32 4 28 Utah ................ 56 56 13 13 30 20 20 4 7 9 Verrnont ...................................... 54 48 27 20 1 6 23 21 12 9 2 Vi^gini^ ..................................... 262 262 118 57 87 133 133 68 22 43 Washington............................. . 104 100 31 10 58 i 4 45 42 16 5 21 3 \Vpgt Virginia................................... 187 187 79 33 74 Wisconsin . , . . . ............................ 584 581 110 52 416 3 3 105 105 12 7 86 Wyoming . ...................... 69 69 39 14 16 Virgin Islands 2 ............ 1 1 1 1 1 1 i Excludes banks that have banking facilities only; banking facilities 5 Each bank is reported once only—according to the widest area in are shown separately; see note 4. which it operates branches or additional offices. 2 Includes 1 national bank in the Virgin Islands, with 2 branches, that became a member of the F.R. System in 1957. Note.—Each branch and additional office is located in the same State 1 State member bank figures include 1 noninsured trust co. without as its parent bank except that I national bank in N.J. has a branch in Pa.; deposits. 1 national bank in Calif, has 2 branches in Wash, and 1 in Ore.; 1 non­ 4 Banking facilities (other than branches) that are provided at military insured (unincorporated) bank in N.Y. has 1 branch in Mass, and 1 in Pa.; and other Govt, establishments through arrangements made by the 2 insured nonmember banks in Puerto Rico have 6 branches in N.Y. In Treasury; they are operated by 189 banks, 68 of which have no other the table these branches are shown according to their own location rather type of branch or additional office. than that of the parent bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 BANKS AND BRANCHES 601 NUMBER IN OPERATION ON DECEMBER 31, 1965—Continued Branches and additional offices1 Class of bank Location State Commercial banks Mutual Outside head office city Bank­ savings In ing Total Member Nonmember banks o h f e f a ic d e In head In con­ In non­ fa ti c e i s l i 4 ­ Total city office tiguous contig­ Na­ State In­ Non­ In­ Non­ county counties uous tional sured insured sured insured counties United States 2............. 16,201 15,486 8,754 33,309 3,369 54 583 132 6,064 5,122 2,372 2,643 270 Alabama........................ 157 157 123 8 26 78 62 7 10 6 Alaska............................ 48 48 40 8 14 22 7 5 5 Arizona.......................... 252 252 173 17 54 8 89 56 69 38 6 Arkansas............. 106 106 57 16 33 49 51 5 1 1 California.............. 2,377 2,377 1,738 437 197 5 349 301 475 1,252 47 Colorado....................... 1 1 1 1 7 Connecticut.......... 416 313 167 85 61 103 118 235 50 13 Delaware........................ 72 64 4 30 30 8 13 34 21 4 1 District of Columbia .. 82 82 44 30 8 82 6 Florida............................ 18 Georgia.......................... 188 188 121 27 40 137 3 8 40 9 Hawaii........................... 110 110 40 69 1 40 28 42 6 Idaho............................. 126 126 94 23 9 10 12 20 84 1 Illinois............................ 5 Indiana........................... 468 468 254 58 156 253 215 4 Iowa................................ 235 235 28 17 190 58 128 49 Kansas........................... 47 47 23 7 17 46 1 2 Kentucky....................... 231 231 117 37 77 139 87 5 1 Louisiana....................... 246 246 131 24 91 152 85 6 3 2 Maine............................. 185 172 69 52 42 9 13 37 71 67 10 3 Maryland....................... 419 383 186 53 138 6 36 131 96 124 68 11 Massachusetts............... 723 565 320 137 106 2 26 132 362 352 8 1 3 Michigan....................... 889 889 395 339 153 2 415 313 151 10 4 Minnesota..................... 10 10 6 4 10 Mississippi..................... 217 217 64 12 141 96 83 30 8 4 Missouri......................... 61 61 18 15 28 61 2 Montana........................ 1 1 1 2 Nebraska....................... 26 26 17 1 8 26 2 Nevada........................... 61 61 32 21 8 19 11 9 22 2 New Hampshire........... 35 26 22 4 9 18 14 3 1 New Jersey.................... 695 665 418 175 72 30 240 454 1 8 New Mexico................. 92 92 52 5 35 54 29 8 I 3 New York..................... 2,151 1,920 956 854 104 6 231 1,122 604 348 77 12 North Carolina............... 733 733 260 97 372 4 134 93 151 355 4 North Dakota.............. 47 47 5 3 39 8 23 16 2 Ohio................................ 946 946 515 299 132 435 498 13 2 Oklahoma..................... 33 33 26 2 5 33 5 Oregon........................... 265 265 210 12 43 53 31 35 146 Pennsylvania................ 1,293 1,229 783 194 249 3 64 394 528 369 2 8 Rhode Island................ 164 123 53 24 39 7 41 44 66 29 25 2 South Carolina............. 264 264 176 2 86 61 45 32 126 6 South Dakota............... 76 76 37 6 33 9 28 22 17 Tennessee............ . 322 322 200 24 97 1 197 110 7 8 7 Texas.............................. 32 32 4 28 32 20 Utah................................ 106 106 55 30 21 23 34 11 38 3 Vermont......................... 59 57 31 26 2 6 24 22 7 Virginia.......................... 538 538 325 91 122 231 91 100 116 20 Washington............... 425 405 343 27 35 20 147 98 68 112 4 West Virginia................ Wisconsin..................... 169 169 24 13 132 37 106 26 2 Wyoming....................... 1 Virgin Islands 2............ 2 2 2 ............... 2 Nonmember Mutual Member banks banks savings banks Location of branches with respect to head offices 5 Total National State Insured ' i n N su o r n e ­ d Insured in N su o r n e ­ d Banks with branches or additional offices (except banking facilities)2.......... 3,386 1,331 452 1,336 21 176 70 In head office city............................................................................................. 1,071 466 147 356 7 73 22 Outside head office city: In head office county............................................................................... 1,651 617 211 717 4 61 41 In contiguous counties............................................................................ 523 183 63 226 7 37 7 In noncontiguous counties 2.................................................................. 141 65 31 37 3 5 Branches and additional offices (except banking facilities)2............................ 16,201 8,754 3,309 3,369 54 583 132 In head office city..................................................................................... 6,064 3,010 1,520 1 ,079 18 372 65 Outside head office city: In head office county............................................................................... 5,122 2,535 943 1,441 15 128 60 In contiguous counties..................................................................................... 2,372 1 ,221 487 569 17 71 7 In noncontiguous counties 2.................................................................. 2,643 1 ,988 359 280 4 12 Banking facilities 4.................................................................................................... 270 210 25 35 For notes see preceding page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

602 MEMBER BANKS, 1965 APRIL 1966 OPERATING RATIOS BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS (Averages of individual ratios expressed as percentages) Size group—total deposits Ratio of time deposits to (in thousands of dollars) total deposits (per cent) Item All groups u 1 a n ,0 n d 0 d e 0 r 1 2 , , 0 0 0 0 0 0 ­ 2 5 , , 0 0 0 0 0 0 ­ 5 1 , 0 0 , 0 00 0 0 ­ 1 2 0 5 , , 0 0 0 0 0 0 ­ 2 5 5 0 , , 0 0 0 0 0 0 ­ 5 1 0 0 , 0 0 , 0 00 0 0 ­ 10 O 0 v ,0 e 0 r 0 Un 25 der 25-50 o a 5 v n 0 e d r Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 13.9 6.7 10.0 12. 1 14.7 15.6 16.4 15.9 16.6 14.4 14.4 13.2 Net income before related taxes................. 11.3 4.8 8.0 10.0 11.9 12.6 13. 1 13.3 14. 1 12.5 11.6 10.6 Net income...................................................... 8.3 3.8 6.3 7.6 8.7 8.9 9.2 9.3 9.9 8.9 8.4 8.0 Cash dividends declared...................... 3.1 1.6 2.3 2.7 3.1 3.4 3.7 3.8 4.7 3.6 3.1 2.9 Percentage of total assets: Total operating revenue............................... 5.06 5.68 5.27 5.09 5.02 5.06 5.00 4.89 4.80 4.67 5.12 5.10 Net current earnings before income taxes. 1. 19 .65 1.11 1. 16 1 .23 1.22 1.20 I. 18 1.28 1.48 1.22 1.06 Net income...................................................... .70 .24 .67 .71 .72 .70 .68 .69 .75 .91 .70 .63 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U. S. Govt, securities............................... 19.9 19.9 23.4 22.5 20.3 18.2 16.9 16.5 12.5 22.8 19.2 19.9 Other securities........................................... 7.1 3.1 4.7 6.4 7.7 8.1 8.2 8.3 7.6 6.8 7.0 7.4 Revenue on loans.......................................... 63.6 65.6 63.2 62.7 63.4 63.9 63.5 63.7 67. 1 59.9 63.3 64.9 Service charges on deposit accounts.......... 5.7 7.1 5.4 5.4 5.7 6.2 6.3 5.7 4.8 6.5 6.4 4.7 All other revenue............................................ 3.7 4.3 3.3 3.0 2.9 3.6 5.1 5.8 8.0 4.0 4.1 3.1 Total revenue.......................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages.......................................... 25.3 38.1 31.5 26.8 24.1 23.2 23.4 22.6 22.4 33.3 26.5 21.5 Officer and employee benefits..................... 2.5 2. 1 2.0 2.2 2.5 2.8 2.9 3.0 3.3 2.8 2.5 2.4 Interest on time deposits.............................. 27.9 14.4 20.7 26.9 29.4 30.2 29.9 30.4 28.2 8.6 24.8 37.3 Net occupancy expense................................. 4.4 8.0 5.0 4.2 4.1 4.3 4.5 4.4 4.3 5. 1 4.8 3.7 Other current expenses.................................. 16.0 23.2 18.4 16.5 15.2 15.4 15.2 15.4 15.0 18.0 16.9 14.2 Total expenses........................................ 76.1 85.8 77.6 76.6 75.3 75.9 75.9 75.8 73.2 67.8 75.5 79.1 Net current earnings before income taxes...................................................... 23.9 14.2 22.4 23.4 • 24.7 24.1 24. 1 24.2 26.8 32.2 24.5 20.9 Net losses (or recoveries and profits +)1 ■ • 2.6 4.0 2.8 2.7 2.7 2.6 2.6 2. 1 2.0 2.7 3.0 2.2 Net increase in valuation reserves.............. 1 .7 .6 1.4 1.4 1.9 1.9 1.9 1.8 1 .9 1.3 1.7 1.7 Taxes on net income...................................... 5.3 2.8 3.9 4.6 5.5 5.7 5.9 6. 1 7.0 8.1 5.5 4.3 Net income after taxes.................................. 14.3 6.8 14.3 14.7 14.6 13.9 13.7 14.2 15.9 20.1 14.3 12.7 Rates of return on securities and loans: Peturn on securities: Interest onU.S. Government securities.. 3.93 4.36 3.98 3.97 3.94 3.92 3.84 3.79 3.68 3.94 3.96 3.89 Interest and dividends on other securities. 3.46 4.62 4.30 3.67 3.24 3.21 3. 17 3.20 3.24 3.57 3.47 3.41 Net losses (or recoveries and profits +)1.. .02 .02 .03 .04 .03 .02 .04 + .01 .20 .04 Return on loans: Revenue on loans................................ 6.83 8.07 7.28 6.99 6.84 6.73 6.45 6.29 6.10 6.82 6.94 6.69 Net losses 1..................................................... .23 .37 .29 .25 .22 .20 .24 . 17 . 16 .23 .27 .18 Distribution of assets: Percentage of total assets: U. S. Government securities....................... 24.5 25.1 28.5 27.3 24.9 22.9 21.5 20.6 15.9 25.6 23.8 25.2 Other securities............................................... 10.8 4.3 6.3 9.4 11.8 12.8 13.0 12.5 11.4 9.8 10.6 11.4 Loans................................................................ 47.5 46.6 45.8 46. 1 46.9 48.4 49.3 49.7 52.7 41.6 47.0 49.8 Cash assets....................................................... 15.3 21.6 17.7 15.5 14.7 14.0 14.2 15. 1 17.6 21.5 16.6 12.0 Rea! estate assets............................................ 1.6 2.2 1.6 1.5 1.6 1.7 1.6 1.5 1.5 1.4 1.8 1.4 Other ratios: Total capital accounts to: Total assets...................................................... 9.4 18.3 13.4 10.3 8.6 8.0 7.5 7.5 7.8 11.1 9.6 8.6 Total assets less U. S. Government securities and cash assets.................................... 16.4 35.6 26.8 19.0 14.8 13.0 11.9 12.0 11.9 22.8 16.8 14.3 Total deposits.................................................. 10.8 25.4 16.6 11.9 9.7 9.0 8.4 8.4 8.8 12.9 11. 1 9.8 Time to total deposits................................. 44.5 28.5 36.2 43.6 46.8 48.0 46.3 45.2 40.1 13.5 39.0 60.2 Interest on time deposits 2............................... 3.47 3.28 3.38 3.42 3.44 3.48 3.55 3.62 3.76 3.09 3.55 3.46 Trust department revenue to total revenue 2, 2.9 ..............5 2.3 1.5 2.2 3.2 3.4 5.4 4.3 3.2 2.2 Number of banks 3.................................................. 6,091 104 494 1,699 1,495 1,276 449 247 327 672 3,015 2,404 For notes see second following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 MEMBER BANKS, 1965 603 OPERATING RATIOS BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK (Averages of individual ratios expressed as percentages) Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over All Item groups Size group—total deposits (in thousandsof dollars) 2 u a , n 0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 ­ 5 25 ,0 ,0 0 0 0 0 ­ 2 O 5, v 0 e 0 r 0 2 u a , n 0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 ­ 5 25 ,G ,0 O 0 O 0 - 2 O 5, v 0 e 0 r 0 2 u a , n 0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 ­ 2 5 5 ,0 ,0 0 0 0 0 ­ 2 O 5, v 0 e 0 r 0 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes........... 13.9 10.8 14. 1 16.5 18.5 9.2 12.2 16.0 16.9 8.2 11.4 14. I 15.0 Net income before related taxes............................ 11.3 9.4 12.3 13.6 16.7 6.8 9.8 12.9 13.9 6.3 9.3 11.3 12. 1 Net income .................................................................. 8.3 7.5 9.1 9.1 10.3 5.4 7.6 9.2 9.4 4.8 7.1 8.3 9.2 Cash dividends declared.......................................... 3.1 3.1 3.9 3.5 4.2 1.8 2.6 3.3 4.2 1.7 2.4 3.1 3.7 Percentage of total assets: Total operating revenue.......................................... 5.06 4.79 4.57 4.74 4.54 5.59 5.22 5.06 4.85 5.47 5.12 5.05 5.08 Net current earnings before income taxes........... 1.19 1.34 1.51 1.53 1.57 .96 1.15 1.30 1.29 .80 1.04 1.10 1.04 Net income.................................................................. .70 .93 .96 .85 .88 .48 .69 .75 .72 .42 .64 .65 .64 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Government securities................................ 19.9 25.6 24.5 21.3 15.1 21.6 21.8 19.0 14.8 22.0 22.6 19.4 16.3 Other securities....................................................... 7. 1 4.4 8.1 7.5 6.3 4.4 6.2 7.7 7.7 4.3 5.9 8.1 9.0 Revenue on loans....................................................... 63.6 61.0 58.3 59.4 63.8 64.0 62.6 62.9 64.9 66.4 64.5 65.0 64.5 Service charges on deposit accounts..................... 5.7 5.8 6. 1 7.9 5.9 6.1 6.2 6.8 5.7 4.5 4.2 4.8 5.6 All other revenue....................................................... 3.7 3.2 3.0 3.9 8.9 3.9 3.2 3.6 6.9 2.8 2.8 2.7 4.6 Total revenue..................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages.......................................... 25.3 39.3 33.5 30.6 26.0 31.6 28.3 25.5 23.6 26.0 22.5 20.8 21.1 Officer and employee benefits................................ 2.5 2.2 2.6 3.2 3.5 2.0 2.1 2.7 3.2 1.8 2. 1 2.4 2.7 Interest on time deposits.......................................... 27.9 5.9 7.8 10. 1 13.3 21.5 24.5 25.1 26.3 33.6 37.0 37.6 37.9 Net occupancy expense............................................ 4.4 5.4 4.7 5.5 4.7 6.1 4.8 4.6 4.5 4.3 3.4 3.6 4.3 Other current expenses............................................ 16.0 18.7 17.9 17.7 17.8 20.0 17.5 16.2 15.8 18.1 14.5 13.9 13.6 Total expenses.................................................... 76.1 71.5 66.5 67.1 65.3 81.2 77.2 74.1 73.4 83.8 79.5 78,3 79.6 Net current earnings before income taxes... 23.9 28.5 33.5 32.9 34.7 18.8 22.8 25.9 26.6 16.2 20.5 21.7 20.4 Net losses (or recoveries and profits +)1............ 2.6 2.0 3.1 3.5 1.1 3.8 2.8 3.0 2,5 2.4 2.4 2.1 2.1 Net increase in valuation reserves......................... 1.7 1.3 .9 1.8 2.0 1.2 1.6 1.8 2.0 1.4 1.2 2.0 1.7 Taxes on net income.................................. ............. 5.3 5.2 8.0 9. 1 12.0 3.2 4.2 6. 1 7.0 3.0 4.0 4.6 4.0 Net income after taxes.............................................. 14.3 20.0 21.5 18.5 19.6 10.6 14.2 15.0 15. 1 9.4 12.9 13.0 12.6 Rates of return on securities and loans: Return on securities: Interest on U.S. Government securities............... 3.93 4.02 3.95 3.95 3.70 4.10 4.01 3.98 3.74 3.95 3.93 3.87 3.86 Interest and dividends on other securities........... 3.46 4.63 3.24 3.15 3.31 4.18 3.85 3.20 3. 19 4.41 3.61 3.26 3.20 Net losses (or recoveries and profits +)L.......... .02 .01 + .03 + .03 .03 + .01 03 . 03 + .02 02 .04 05 Return on loans: Revenue on loans................................................... 6.83 7.17 6.85 6.82 6.01 7.65 7. 18 6.92 6.27 7.18 6.81 6.65 6.41 Net losses 1................................................................. .23 , 16 .26 .29 . 15 .43 .29 .25 .22 .22 .21 . 16 .17 Distribution of assets: Percentage of total assets: U.S. Government securities.................................... 24.5 28.8 27.1 24. 1 17.7 27. I 26.6 23.5 18.8 28.6 28.2 24.5 21.0 Other securities.......................................................... 10.8 5.8 11.8 11.2 8.9 6. 1 9. 1 12. 1 11.7 5.9 8.8 12.5 14.3 Loans............................................................................ 47.5 41.0 39.5 42.0 48.1 46.6 45-9 46.4 50.3 51.0 48.9 49.7 51.3 Cash assets.................................................................. 15.3 23.1 20.2 20.8 23.2 18.0 16.5 16. 1 17.0 12.9 12.6 1 1.7 11.6 Real estate assets....................................................... 1.6 1.1 1.3 1.7 1.5 2.0 1.8 1.7 1.7 1.5 1.4 1.5 1.4 Other ratios: Total capital accounts to: Total assets................................................................. 9.4 13.8 11.2 9.5 8.7 14.8 10.6 8.5 7.8 13.7 9.7 8.1 7. 1 Total assets less U.S. Government securities and cash assets...................................................... 16.4 31.4 22.6 18.3 15.2 28.2 19.5 14.4 12.3 24.5 17. 1 12.9 10.5 Total deposits............................................................. 10.8 16.8 12.8 10.8 9.9 19. 1 12.3 9.5 8.8 17.3 11.0 9.0 7.8 Time to total deposits.................... 44.5 10.4 12.2 15.7 18.8 38.2 39.2 39.4 38.3 59.9 60.9 60.3 58.5 Interest on lime deposits 2...................................... 3.47 2.94 2.88 3.25 3.54 3.52 3.57 3.50 3.67 3.45 3.42 3.44 3.59 Trust department revenue to total revenue 2.... 2.9 ........... 2.9 2.5 6.4 (4) 3.0 2.1 4.3 (4) 1.1 1.7 2.9 Number of banks 3............................................................. 6,091 168 245 179 80 307 803 1,329 576 123 651 1,263 367 For notes see following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

604 MEMBER BANKS, 1965 APRIL 1966 OPERATING RATIOS BY FEDERAL RESERVE DISTRICT (Averages of individual ratios expressed as percentages) Federal Reserve district All Item t d ri i c s t ­ s B to o n s­ 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 ­ la A n t t ­ a c C a h g i o ­ L S ou t. is n M o e l a i i n s p ­ ­ K C sa a it s n y ­ Dallas F c S i r s a a c n n o ­ Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes........... 13.9 14.6 13.0 12.7 13.4 14.9 14.7 14.3 14.7 14.9 13.7 13.5 11.7 Net income before related taxes............................. 11.3 12.2 10.5 10.6 11.5 12.5 11.5 11.7 12.2 13.0 10.9 10.0 8.6 Net income................................................................. 8.3 8.3 7.9 8.0 8.4 8.6 8.5 8.7 9.0 9.3 7.9 7.8 5.7 Cash dividends declared.......................................... 3.1 3.6 3.3 3.1 3.2 3.1 2.8 3.0 3.0 3.6 3.1 3.2 2.5 Percentage of total assets: Total operating revenue........................................... 5.06 5.38 5.11 4.85 4.75 5.17 5.28 4.80 4.59 5.17 5.19 5.21 6.03 Net current earnings before income taxes ...... 1.19 1.38 1.04 1.17 1.17 1.33 1.22 1.09 1.26 1.17 1.25 1.21 .93 Net income......................................................... .70 .78 .61 .74 .74 .75 .70 .67 .78 .73 .69 .69 .35 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Government securities............................... 19.9 14.3 16.3 18.3 21.1 18.5 18.3 24.8 24.8 21.1 19.4 16.3 16.0 Other securities...................................................... 7.1 4.8 8.2 8.2 7.2 6.0 7.3 7.2 8.2 8.4 6.0 7.8 4.5 Revenue on loans...................................................... 63.6 66.2 65.9 67.1 64.6 67.3 62.6 59.5 60.4 59.7 64. 1 66.0 66.8 Service charges on deposit accounts..................... 5.7 9.3 6.1 3.2 4.2 4.3 7.6 5.0 3.6 5.8 7. 1 6.5 7.9 All other revenue....................................................... 3.7 5.4 3.5 3.2 2.9 3.9 4.2 3.5 3.0 5.0 3.4 3.4 4.8 Total revenue..................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages..................................................... 25.3 28.0 23.3 20.4 21.3 23.4 25.8 24.1 24.5 24.4 29.6 29. 1 27.8 Officer and employee benefits................................. 2.5 3.5 2.8 2.5 2.4 2.5 2.6 2.5 2.4 2.7 2.4 2.0 2.6 Interest on time deposits................................... 27.9 19.3 34.9 34.5 32.7 28.6 25.8 31.7 25.7 31.7 21.9 20.7 29.7 Net occupancy expense............................................ 4.4 5.4 4.5 3.6 3.4 3.8 4.8 4.0 4. 1 3.7 4.5 5.9 5.5 Other current expenses............................................ 16.0 18.0 14. 1 14.8 15.5 15.6 17.5 14.6 15.7 14.8 16.5 18.2 18.1 Total expenses.................................................... 76.1 74.2 79.6 75.8 75.3 73.9 76.5 76.9 72.4 77.3 74.9 75.9 83.7 Net current earnings before income taxes... 23.9 25.8 20.4 24.2 24.7 26. 1 23.5 23.1 27.6 22.7 25. 1 24. 1 16.3 Net losses (or recoveries and profits 4-)1............ 2.6 2.2 2.4 2.1 2.0 2.1 3.0 1.9 2.7 .7 3.8 4.3 4.2 Net increase in valuation reserves.......................... 1.7 1.8 1.6 1.7 1.2 2.1 2.0 1.9 1.7 1.9 1.3 1.5 1.6 Taxes on net income................................................ 5.3 7. 1 4. 1 5.0 5.8 6.9 4.9 5.0 6.0 5.6 5.6 4.1 4.0 Net income after taxes.............................................. 14.3 14.7 12.3 15.4 15.7 15.0 13.6 14.3 17.2 14.5 14.4 14.2 6.5 Rates of return on securities and loans: Peturn on securities: Interest on U.S. Government securities............... 3.93 3.80 3.86 3.66 3.80 3.93 4.02 3.90 3.89 3.98 3.94 4.12 4.20 interest and dividends on other securities........... 3.46 3.20 3.24 3.31 3.27 3.50 3.59 3.42 3.46 3.32 3.63 3.41 4.50 Net losses (or recoveries and profits +)1............ .02 .07 .06 .04 .04 .01 .01 .02 .01 .03 .01 Return on loans: Revenue on loans.................................................. 6.83 6.72 6.53 6.41 6.32 6.99 7.21 6.50 6.63 6.79 7.09 7.34 7.68 Net losses 1................................................................. .23 . 19 .21 . 15 . 14 . 19 .29 . 14 . 18 .06 .35 .42 .44 Distribution of assets : Percentage of total assets: U.S. Government securities.................................... 24.5 19.5 21.0 23.5 25.9 23.4 23.1 29.6 28.3 26.6 24.3 19.2 22.2 Other securities........................................................... 10.8 8.5 13.2 12. 1 10.5 9.5 11.1 10.8 11.3 12.9 9.3 11.8 7.0 Loans............................................................................ 47.5 53.6 52.0 51.0 49.0 50.4 46.2 44.4 42.2 45.9 47.4 46.6 53.0 Cash assets.................................................................. 15.3 16.3 11.9 11.9 13.2 14.7 16.8 13.8 16.7 12.9 17.5 20.2 14.9 Real estate assets....................................................... 1.6 2.0 1.5 1.4 1.4 1.8 2.4 1.2 1.4 1.4 1.3 2. 1 2.3 Other ratios: Total capital accounts to : Total assets................................................................. 9.4 10.0 8.7 9.6 9.0 9.9 9.1 8.2 9.0 8.4 10.3 10.2 12.5 Total assets less U.S. Government securities and cash assets....................................................... 16.4 17.0 13.7 15.3 15.5 16.7 15.6 15.5 17.6 14.5 18.7 17.7 20.8 Total deposits............................................................. 10.8 11.7 10. 1 10.8 10.1 11.5 10.4 9.2 10.1 9.3 11.9 11.8 16.5 Time to total deposits................................................... 44.5 33.4 55.1 59.5 53.8 47.1 40.6 48.6 38. 1 51.9 35.2 31.2 48.1 Interest on time deposits 2........................................... 3.47 3.41 3.59 3.13 3. 18 3.48 3.66 3.40 3.34 3.44 3.48 3.63 3.88 Trust department revenue to total revenue 2.......... 2.9 4.6 3.3 3.0 3.3 2.7 2.9 2.6 2.4 2.7 2.6 2.3 3.0 Number of banks 3............................................................ 6,091 246 404 406 488 403 487 996 473 488 826 666 208 1 Net losses is the excess of (a) actual losses charged against net income ratios computed from aggregate dollar amounts that will be shown in a plus losses charged against valuation reserves oyer (b) actual recoveries subsequent issue of the Bulletin. Such differences result from the fact and profits credited to net income plus recoveries credited to valuation that each bank’s figures have an equal weight in calculation of the averages reserves; net recoveries and profits is the reverse. Transfers to and from whereas the figures of the many small and medium-sized banks have but reserves are excluded. little influence on the aggregate dollar amounts. Averages of individual 2 Banks reporting no interest paid on time deposits or trust depart­ ratios are useful primarily to those interested in studying the financial ment revenue, as the case may be, were excluded tn computing this results of operations of individual banks, while ratios based on aggregates average. show combined results for the banking system as a whole and, broadly •'The ratios for 130 member banks in operation at the end of 1965 speaking, are the more significant for purposes of general analyses of were excluded from the compilations because of unavailability of data credit and monetary problems. covering the complete year’s operations, certain accounting adjustments, Figures of revenue, expenses, etc., used in the calculations were taken lack of comparability, etc. from the annual income and dividends reports for 1965. Balance­ 4 No ratios are shown for groups of less than 3 banks. sheet figures used in the compilations were obtained by averaging the amounts shown in each bank’s official condition reports submitted for Note.—These ratios, being arithmetic averages of the operating ratios December 31, 1964 and June 30, 1965. Savings deposits are included of individual member banks, differ in many cases from corresponding in the time deposit figures used in these tables. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL STATISTICS ★ INTERNATIONAL ★ Reported gold reserves of central banks and governments .............................................. 606 Gold production .................................................................................................................. 607 Net gold transactions and gold stock of the United States.............................................. 608 Foreign gold reserves and dollar holdings ........................................................................ 609 International capital transactions of the United States ................................................... 610 U.S. balance of payments...................................................................................................... 620 Foreign trade ........................... 620 Money rates in foreign countries ......................................................................................... 622 Arbitrage on Treasury bills ................................................................................................. 623 Foreign exchange rates ........................................................................................................ 624 Guide to tabular presentation ............................................................................................. 538 Index to statistical tables ...................................................................................................... 632 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 605 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

606 GOLD RESERVES APRIL 1966 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ E pe n r d i o o d f m to a t t a e l d M ta o r n y e ­ U S n ta i t t e e s d r m es a t t e o d f A i f s g t h a a n n­ A t r i g n e a n­ t A ra u l s ia ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world1 Fund2 world 1959............................ 40,195 2,407 19,507 18,280 n.a. 56 154 292 1,134 327 960 43 1960............................ 40,540 2,439 17,804 20,295 n.a. 104 147 293 1,170 287 885 45 1961............................ 41,140 2,077 16,947 22,115 36 190 162 303 1,248 285 946 48 1962............................ 41,470 2,194 16,057 23,220 36 61 190 454 1,365 225 42 708 43 1963............................ 42,310 2,312 15,596 24,400 36 78 208 536 1,371 150 42 817 43 1964............................ 43,060 2,179 15,471 25,410 36 71 226 600 1,451 92 84 1,026 43 1965—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 43,005 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................. ^3 43,310 1,869 13,806 ^27,365 35 66 223 700 1,558 63 84 1,151 44 1966—Jan.................. 1,871 13,811 35 66 223 700 1,558 84 1,113 44 Feb................. ................... 2,116 13,811 .............3..5 ...........2..2..3 700 1,558 .............8..4 1,076 43 Ger- E pe n r d i o o d f lo C m o b ­ ia m D a e r n k ­ l F a i n n d ­ France m F a e n d y . , Greece India I n n e d si o a ­ Iran Iraq Israel Italy Japan Rep. of 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—Feb.................. 60 92 85 3,974 4,251 78 281 141 112 56 2,101 Mar................ 60 92 85 4,197 4,243 82 281 141 112 56 2,093 304 Apr................. 45 92 85 4,255 4,243 80 281 141 122 56 2,351 May............... 36 97 85 4,400 4,378 80 281 141 122 56 2,384 June............... 31 97 85 4,433 4,378 84 281 141 122 56 2,384 327 July................. 33 97 85 4,471 4,383 81 281 141 122 56 2,388 Aug................. 33 97 85 4,500 4,382 77 281 141 122 56 2,383 Sept................ 33 97 85 4,556 4,390 78 281 141 122 56 2,390 327 Oct.................. 34 97 85 4,604 4,404 78 281 140 122 56 2,403 Nov.......... 34 97 85 4,638 4,406 78 281 146 122 56 2,404 Dec................. 35 97 84 4,706 4,410 78 281 ...........1..4..6 122 56 2,404 328 1966—Jan.................. 36 97 84 4,740 4,410 78 281 146 122 56 2,404 Feb................. 97 84 4,774 4,406 108 ............... 146 122 56 2,404 E pe n r d i o o d f Kuwait a L n e o b n - M ic e o x- Mo c o roc- N l e a t n h d e s r- Nigeria N w o ay r- P s a ta k n i- P p h in il e i s p- Po g r a l l u- A S r a a u b d i i a A So fr u ic th a 1959............................ n.a. 102 142 23 1,132 30 50 28 9 548 18 238 i960............................ 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—Feb.................. 48 171 34 1,723 20 31 53 67 26 532 78 519 Mar................ 49 182 170 34 1,723 20 31 53 67 27 538 78 498 Apr................. 48 182 168 34 1,723 20 31 53 67 28 540 78 453 May............... 48 182 167 34 1,756 20 31 53 67 30 544 78 408 June............... 49 182 165 34 1,756 20 31 53 67 31 547 74 375 July................. 49 182 164 34 1,756 20 31 53 67 32 548 74 359 Aug................. 49 182 162 34 1,756 20 31 53 67 33 560 73 339 Sept................ 49 182 161 31 1,756 20 31 53 67 34 560 73 342 Oct.................. 49 182 160 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................. 52 182 ............... 21 1,756 20 31 53 67 38 576 73 425 1966—Jan.................. 55 182 21 1,756 20 31 53 67 39 583 73 471 Feb.................. 55 193 21 1,756 20 31 53 67 41 73 499 For notes see end of table. 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APRIL 1966 GOLD RESERVES AND PRODUCTION 607 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) E pe n r d i 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 i n m t g ed ­ g U u r a u y ­ V zu e e n l e a ­ Y sl u av g i o a ­ S B I e f n a t o t t n r i l . e k ­ E F p u u e n a 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—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 55 96 116 139 155 401 19 -105 64 Feb..................... 810 202 2,661 56 96 116 139 401 .......—....1. .2..0 ............... 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas; for regional organizations, central banks and govts, of countries listed in most of these countries the increased quotas became effective in February this table and also of a number not shown separately here, and gold to be 1966. distributed by the Tripartite Commission for the Restitution of Monetary 2 Adjusted to include gold subscription payments to the IMF except Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ those matched by gold mitigation deposits with the United States and tries, and China Mainland. United Kingdom, Adjustments are as follows (in millions): 1965 June The figures included for the Bank for International Settlements are + $259; Sept. +$268; and Dec. +$270. the Bank’s gold assets net of gold deposit liabilities. This procedure 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold avoids the overstatement of total world gold reserves since most of the assets minus gold deposit liabilities. gold deposited with the BIS is included in the gold reserves of individual countries. Note.'—For back figures and description of the data in this and the following tables on gold (except production), see “Gold,” Section 14 of 2 Beginning June 1965 excludes gold subscription payments made by 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 So fr u ic th a d R e h s o ia ­ Ghana ( p L o e ld o ­ ­ U St n a i t t e e s d C a a d n a ­ M ic e o x­ r N ag ic u a a ­ Co b l i o a m­ India P p h i i n l e ip s ­ t A ra u l s ia ­ ot A h l e l r ville) 1959.. 1,125.0 702.2 19.8 32.0 12.2 57.2 156.9 0 7.3 13.9 5 8 14.1 38.1 54.5 I960.. 1,175.0 748.4 19.6 30.8 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 54.5 146.2 8 3 7.8 13.9 5 7 14.8 37.4 51.6 1963.. 1,350.0 960.1 19.8 32.2 7.5 51.4 139.0 8 3 7.2 11.4 4 8 13.2 35,8 59.3 1964.. 1,395.0 1,019.8 20.1 30,3 4.4 51.4 133.4 7 4 7.4 12.8 5 2 14.9 33.7 54.2 1965*. 1,069.6 125.6 15.4 1965—Jan.. 87.4 1.6 10,8 7 .9 1.3 2.8 Feb.. 85.3 1.6 9.8 5 4 1.2 2.5 Mar. 86.8 1.5 27.4 10.8 7 .8 1.3 2.6 Apr.. 88.0 7 .8 4 1.2 2.5 May, 89.2 1.6 10.4 5 1 .0 1.3 2.4 June 90.1 I .5 26.7 10.7 7 .9 4 1.2 2.9 July. 90.8 1 .6 10.0 6 1.2 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 23.9 2.3 Oct.. 90.4 10.5 1 .0 2.6 Nov. 10.4 Dec., 3 181.1 10.2 24.0 1966—Jan. t 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 2 Data for Nov. and Dec. the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

608 U.S. GOLD APRIL 1966 U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sales (—) or net acquisitions; in millions of dollars at $35 per fine troy ounce) 1965 Area and country 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 II HI IV Western Europe: Austria............................ -84 -83 -143 -82 -55 -100 -25 -38 -38 Belgium........................... 3 3 -329 -39 -141 -144 -63 -40 -83 -40 -22 -21 France............................. -34 -266 -173 -456 -518 -405 -884 -482 -148 -117 -137 Germany, Fed. Rep. of.. -34 -23 -225 Italy.................................. -349 100 200 -80 -80 Netherlands................... 25 -261 -30 -249 -25 -60 -35 -35 Portugal.......................... -20 -10 Spain.............................. 31 32 -114 -156 -146 -130 -32 -180 -90 -60 -30 Switzerland..................... -8 -215 20 -324 -125 102 -81 -50 -37 -13 United Kingdom......... 100 -900 -350 -550 -306 -387 329 618 150 -76 29 132 64 Bank for Inti. Settlements -178 -32 -36 -23 Other.............................. 18 8 -21 -38 -96 -53 -12 -7 -37 -17 -4 -9 -7 Total 80 68 -2,326 -827 -1,718 -754 -1,105 -399 -88 -1,299 -802 -334 -82 -81 Canada 15 5 190 Latin American republics: Argentina..................... 115 75 67 -50 -90 85 -30 Brazil............................ -2 -2 57 72 54 25 28 Colombia..................... 28 -6 38 10 29 30 Mexico......................... -30 -20 -4 Venezuela..................... -200 65 -25 -25 Other............................. 29 6 2 -5 -22 -17 -5 -7 -9 -13 -7 -3 -3 Total -28 81 69 19 -100 -109 175 32 56 17: -8 58 -4 -29 Asia: Japan -30 -157 -15 Other. 18 _4 -28 -97 1 -101 2 -93 3 12 3 -24 -15 -3 -6 Total 18 -34 -186 -113 -101 -93 12 3 -24 -15 -3 -6 All other. 14 -3 -5 -38 -6 -36 -7 -16 -9 -15 9 Total foreign countries 80 172 -2,294 -998 -1,969 -970 -833 -392 -36 -1,322 -811 -299 -104 -108 Int. Monetary Fund 4 200 600 5 -44 4 300 150 6-225 7-259 8 8 8 26 Grand total 280 772 -2,294 -1,041 -1,669 -820 -833 -392 -36 -1 ,547 -811 -558 -96 -82 i Includes sales of $21 million to Lebanon and $48 million to Saudi 5 Payment to the IMF of $344 million increase in U.S. gold sub­ Arabia. 2 Includes sales of $21 million to Burma, $32 million to scription less sale by the IMF of $300 million (see also note 4). Lebanon, and $13 million to Saudi Arabia. 6 Payment to the IMF of $259 million increase in U.S. gold subscription 3 Includes purchases of $25 million from the Philippines. less gold deposits by the IMF. 4 Proceeds from this sale invested by the IMF in U.S. Govt, securities; 7 Payment to the IMF of increase in U.S. gold subscription. upon termination of the investment the IMF can reacquire the same 8 Represents gold deposit by the IMF; see note 2 to table below. amount of gold from the United States. U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— End of period Changes in— Year Gold stock1,2 Foreign Month Gold stock *,2 Foreign Total c h u o r l r d e i n n c g y s Total T g o o t l a d l Total h c o u l r d re in n g cy s4 Total T g o o t l a d l Total 3 Treasury Total 3 Treasury 1953......... 22,091 22,091 22,030 -1,161 -1,161 1965—Mar.... 15,129 14,639 14,563 490 -91 -354 1954......... 21,793 21,793 21,713 -298 -298 Apr.. . . 14,884 14,480 14,410 404 -245 -159 1955 ......... 21,753 21,753 21,690 -40 -40 May... 14,511 14,362 14,290 149 -373 -118 1956......... 22,058 22,058 21,949 305 305 June... 14,595 14,049 13,934 546 84 6 -313 1957......... 22,857 22,857 22,781 799 799 July... . 14,697 13,969 13,857 728 102 -80 Aug.... 14,953 13,916 13,857 1,037 256 -53 1958......... 20,582 20,582 20,534 -2,275 -2,275 Sept.... 14.884 13,925 13,858 959 -69 9 1959 ......... 19,507 19,507 19,456 -1,075 5 -1.075 Oct... . 14,795 13,937 13,857 858 -89 12 1960......... 17,804 17,804 17,767 -1,703 -1,703 Nov.... 14,686 13,879 13,805 807 -109 -58 1961......... 17,063 16,947 16,889 U6 -741 -857 Dec.. . . 14,587 13,806 13,733 781 -99 -73 1962......... 16,156 16,057 15,978 99 -907 -890 1963 ......... 15,808 15,596 15,513 212 -348 -461 1966—Jan.....1..4,450 13,811 13,732 639 -137 5 1964. . 15,903 15,471 15,388 432 95 — 125 Feb.... 14,188 13,811 13,730 377 -262 1965......... 14,587 13,806 13,733 781 -1,316 6 -1,665 Mar.... 14,297 13^738 13,634 559 109 -73 1 Includes gold sold to the United States by the International Mone­ 4 For holdings of F.R. Banks only, see pp. 548 and 550. tary Fund with the right of repurchase, which amounted to $800 million 5 Includes payment of $344 million increase in U.S. gold subscription on Mar. 31, 1966. Also includes gold deposit of IMF; see note 2. to the IMF. 2 Beginning Sept. 1965 includes gold deposited by the IMF to mitigate $ Includes payment of $259 million increase in U.S. gold subscription the impact on the U.S. gold stock of purchases by foreign countries for to the IMF. gold subscriptions on increased IMF quotas. Amounts outstanding were Note.-—See Table 11 on p. 617 for gold held under earmark at F.R. (in millions): 1965 Dec., $34; 1966 Jan., $36; Feb., $37; and Mar., $165. Banks for foreign and international accounts. Gold under earmark is The United States has a corresponding gold liability to the IMF. not included in the gold stock of the United States. J Includes gold in Exchange Stabilization Fund. See also Note to table on gold reserves. 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APRIL 1966 GOLD RESERVES AND DOLLAR HOLDINGS 609 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, 1965f Area and country Gold & U.S. Gold & U.S. Gold & U.S. Gold& U.S. Goki & 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 I 179 1 192 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 '248 '228 '231 '228 229 Italy........................................................................ 3,146 1 3,729 1 3,539 1 3,824 1 3,758 1 4,024 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 4,411 89 Turkey................................................................... 136 140 142 * 145 140 150 United Kingdom................................................ 3,967 328 4,020 414 4,308 407 4,715 502 5,101 548 4,979 553 Other1.................................................................... 369 46 508 49 391 49 341 50 393 50 34 50 Total.............................................................. 30,433 741 '32,733 714 '32,586 676 '33,357 765 '33,679 814 34,058 800 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 11 11 10 10 * Mexico................................................................. 808 2 904 1 913 1 852 803 863 Panama, Republic of......................................... 129 10 99 1 Hl 1 124 1 113 1 120 1 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 1 478 2 538 1 538 2 558 2 584 1 Total.............................................................. 4,063 14 4,381 6 4,532 5 4,457 5 4,570 5 4,788 5 Asia: India...................................................................... 298 * 306 342 353 357 365 Indonesia.............................................................. 83 1 73 1 62 1 58 I 58 1 66 1 Japan...................................................................... 2,773 5 '3,071 5 3,167 9 3,170 9 3,274 9 3,336 9 P T h h i a li i p la p n in d e .. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .. . . . . . . . . . . . . . . . . . . . . . . . 4 2 8 3 6 7 * 2 5 5 6 6 2 * * 5 2 9 7 2 9 2 5 8 9 1 2 ♦ 5 3 9 1 8 2 * 6 3 3 4 8 2 Other.................................................................... 1,687 41 2,059 43 2,223 43 2,234 43 2,223 41 2,249 41 Total.............................................................. 5,564 47 '6,327 49 6,665 53 6,688 53 6,822 51 6,996 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 ♦ 411 * 433 421 477 All other................................................................ 313 26 382 26 '428 31 425 28 386 28 379 29 Total......................................................... 701 26 784 26 839 31 858 28 807 28 856 29 Total foreign countries2............................... 45,721 1,524 '49,302 1,501 '49,214 1,516 '49,810 1,594 '50,687 1,632 51,386 1,577 International and regional.......................... 6,958 1,218 7,161 904 7,280 798 46,689 799 ^6,999 795 * 6,901 752 Grand total2................................................ 52,679 2,742 '56,463 2,405 '56,494 2,314 '56,499 2,393 57,686 2,427 58,287 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, $259; Sept. 30, $285; and Dec. 31, $313. distributed by the Tripartite Commission for the Restitution of Mone­ Note.—Gold and short-term dollars include reported and estimated tary Gold; European Fund; and the Bank for International Settlements official gold reserves, and official and private short-term dollar holdings (the figures for the gold reserves of the BIS represent the Bank’s net (principally deposits and U.S. Treasury bills and certificates); excludes gold assets.) nonnegotiable, non-interest-bearing special U.S. notes held by the Inter­ 2 Excludes gold reserves of the U.S.S.R., other Eastern European American Development Bank and the International Development Assn. countries, and China Mainland. U.S. Govt, bonds and notes are official and private holdings of U.S. 3 Includes international organizations and Latin American and Euro­ Govt, securities with an original maturity of more than 1 year; excludes pean regional organizations, except the Bank for International Settlements nonmarketable U.S, Treasury bonds and notes held by official institutions and European Fund, which are included in “Other Western Europe.” of foreign countries as shown in Table 8 on p. 616. 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

610 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 1966 1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d reg I a i n o n t n d i a . l 1 c F o o u r n e t i r g ie n s E W u e ro st p e e rn 2 Canada A re m L pu e a b r ti i l n c 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 .............................................. r20,221 5 876 r14 J45 ’’8,266 1 '483 1 '238 3'020 160 178 1965 Feb..................................... '19,602 5 780 r13,822 '7,640 1 ,419 1,278 3,124 180 181 Mar.................................... rt 9'313 5 879 '13’434 '7,251 1,316 1 296 3'213 178 180 Apr..................................... '18^990 5,883 '13,107 '6’951 1 ,308 i ’305 3,175 180 188 May................................... r18,741 5 660 '13,081 '6’818 1,304 i ’389 3 J78 191 201 r18'973 5 646 '13’327 r7 196 1 375 1 295 3’173 193 195 July.................................... '18,818 5’944 r 12’,874 r6 722 1'281 I 296 3’, 198 181 196 Aug................................... ’’19'036 5,853 '13,183 ’’6,’88 8 1 '378 1356 3,176 194 191 Sept.................................. '19’370 5 920 '13,450 '7,136 1'385 1 385 3,162 184 198 r19,407 5 891 q 3,516 r7 173 1 410 1 ’ 347 3,188 187 211 Nov................................... rl9,520 r5 836 rl 3,684 '7 192 1 440 1 ’343 3 297 187 r225 Dec................................... 19,945 5,774 14,171 7 532 I ,403 1 ’497 3,300 194 245 1966—JanJ'.................................. 19,814 5 870 13,944 7,264 1 ,339 1 480 3,421 209 231 Feb.*.................................. 19325 5,848 13,577 6312 1 ,364 1,428 3,439 210 224 1 Includes international organizations, and Latin American and Euro­ as reported by banks in the United States, and estimated foreign official pean regional organizations, except the Bank for International Settlements holdings of marketable U.S. Govt, securities with an original maturity and the European Fund which are included in Western Europe. of more than I year. Data exclude nonnegotiable, non-interest-bearing 2 Includes Bank for International Settlements and European Fund. special notes held by the Inter-American Development Bank and the International Development Association, and also nonmarketable U.S. Note,—Data represent short-term liabilities to the official institutions Treasury notes and bonds, payable in dollars and in foreign currencies. of foreign countries and to official international and regional organizations, 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; inimillions of dollars) International and regional 1 Foreign E pe n r d i o o d f G to ra ta n l d Total Inti. E p r u e e a r ­ o n ­ g L i r o . e A n ­ a . l Total c C a fi l n ­ 3 Other Europe Canada A L m a e t r i i n c a Asia Africa O c t o r t i u h e n e s r ­ gional 2 1961................... 4 22,533 3,752 3,695 57 4 18,781 10.940 4 7,841 10,322 2,758 2,340 4 2,974 283 104 1962................... 25,019 5; 145 4'938 34 173 19,874 11,963 7^911 10'162 3,349 2’448 3,444 319 152 1963................... 25^967 4,637 4'501 18 118 21,330 12’467 8,863 10,770 2’988 3’137 4,001 241 194 1964 s............... '28,873 4'974 4 ,'802 22 150 ''23,899 M3 ’ 720 '10,679 '12,236 2’984 3,563 4 ,’687 238 192 1965—Feb........ r28,944 4,982 4,815 17 150 ’’23,962 '12,681 11,281 '12,013 2,941 3,676 4,859 273 199 Mar. . . . ’’28,323 5,082 4,916 19 '147 ’’23,241 '12,293 10,948 '11,523 2,521 3,748 4,984 263 204 Apr........ ’’27,878 5,086 4,914 15 157 '22,792 '11,966 10,826 '11,010 2,549 3,777 4,978 268 210 May.. . . r27,459 4,862 4,696 13 1.53 '22,597 '11,955 10,642 '10,747 2,509 3,860 4,978 283 221 June.. . . ’■27,781 4,848 4,689 15 144 '22,933 '12,201 10,732 '11,305 2,403 3,734 4,986 277 228 July.... '■27,832 5,145 4,994 12 140 '22,687 '11,748 10,939 '10,766 2,585 3,762 5,094 262 219 Aug....... *•28,505 5,058 4,919 9 130 '23,447 '12,059 11,388 '11,310 2,748 3,793 5,095 283 218 Sept. . . . ’28,877 5,125 4,988 14 122 '23,752 '12.326 11,426 '11,554 2,781 3,804 5,119 271 223 Oct........ ’■29,199 5,097 4,964 12 120 '24,102 '12,403 11,699 '11,576 3,007 3,827 5,176 272 244 Nov.... '29,136 5,085 4,948 12 125 '24,051 '12,579 '11,472 11,461 2,935 3,836 5.288 274 257 Dec..... 29,054 5,023 4,901 10 lit 24,031 13,066 10,965 11,627 2,539 4,027 5,280 280 278 1966—Jan.*. .. 29,240 5,126 4,987 9 130 24,114 12,844 11,270 11,671 2,492 4,043 5,327 312 268 Feb.*... 29,092 5,242 5,104 10 128 23,850 12,477 11,373 11,336 2,516 4,055 5,355 335 253 2a. Europe Ger­ End of period Total Austria Belgium m D a e r n k ­ l F a i n n d ­ France m F a e n d y . , Greece Italy N l e an th d e s r­ Norway Po g r a t l u­ Spain Sweden Rep. of 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 I 157 2 730 119 1 ’,384 248 125 161 177 490 1963................... 10’770 365 420 161 99 1,478 3,041 188 803 360 133 191 205 409 1964................... '12'236 323 436 336 127 1,663 2 010 rl7l I 622 367 184 257 394 644 1965—Feb........ '12,013 269 459 334 126 1 ,584 1 ,916 '147 1 ,571 339 174 267 338 717 Mar.. . . '11,523 247 413 338 116 1 ,333 1,894 '146 1 ,446 313 203 264 278 739 Apr........ '11,010 215 460 318 122 1 ,273 1,879 '144 1 ,345 328 197 264 244 724 May.. . . '10,747 206 463 255 113 1,174 1,711 '144 1 ,357 285 205 246 197 748 June.. . . '11,305 222 420 271 104 1 ,213 1 ,540 '147 1 ,440 278 232 248 231 719 July. . . . '10,766 248 425 269 104 1 ,089 1 ,363 '144 1,314 308 214 241 234 724 Aug....... '11 ,310 263 444 242 100 1,181 1 ,233 '148 1 ,486 316 224 256 271 707 Sept. . . . '11 ,554 259 418 238 94 1,111 1,363 '150 1 ,368 330 231 277 254 704 Oct........ '11,576 261 411 260 113 1 ,036 1,385 '143 1 ,328 356 240 280 229 699 Nov.. . . '11 ,461 263 404 275 '105 I ,045 1 ,424 '133 '1.328 373 239 303 210 667 Dec........ 11,627 250 398 305 108 997 1,429 '151 1 ,620 339 323 322 183 647 1966—Jan.7'. .. 11,671 233 393 327 96 985 1 ,449 148 1,483 255 231 299 152 644 Feb,". . . 11,336 202 366 331 103 997 1 ,438 157 1 ,325 257 240 291 115 658 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 611 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. Iatin America End of period Sw la i n tz d er­ Turkey U K d n o in i m t g e ­ d Y sla u v g i o a ­ W E O u e t r s h o te e p r r e n 6 U.S.S.R. E E O a u s t r h t o e e p r r n e Total A t r i g n e a n­ Brazil Chile Co b l i o a m­ Cuba Mexico 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—Feb........ 1,308 21 2,074 17 324 2 24 3,676 301 305 161 197 11 710 Mar.... 1,225 27 2,197 21 296 2 24 3,748 301 329 164 169 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 3,860 337 370 161 180 H 726 June.. . . 1,299 19 2,489 18 390 2 21 3,734 310 340 198 159 11 687 July.... 1,271 15 2,463 15 296 4 25 3,762 327 339 187 162 11 623 Aug.... 1,319 19 2,727 56 292 1 25 3,793 354 410 184 171 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........ 1,369 34 2,714 36 369 4 30 4,027 432 383 219 214 10 703 1966—Jan.1’. .. 1,331 34 3,212 14 352 4 30 4,043 424 364 210 189 9 728 Feb.?... 1,353 35 3,073 . 20 345 4 27 4,055 461 367 186 174 11 742 2b. Latin America—Continued 2c. Asia E pe n r d i o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ O L r t e . h A p e . . r B B e a r h m & a u m d a a s 8 A S n u N t r i e l i l n t e h a s . m & Am O L e a th r t i i e c n r a 8 Total C M la h a n i i n d n a ­ H K o o n n g g India n d I e n o si ­ ­ a Israel 1961................... 87 84 57 418 226 111 89 15 4 2,974 35 56 78 76 63 1962................... 98 105 101 405 267 123 97 10 3,'444 36 65 41 28 81 1963................... 129 158 113 591 355 136 93 15 4^001 35 66 51 48 112 1964................... 99 206 111 734 416 189 114 14 4'687 35 95 59 38 133 1965—Feb........ 111 244 119 720 446 217 118 16 4,859 35 100 70 30 134 Mar.... 111 267 123 702 474 22! 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 4,978 35 100 67 29 107 June... . 124 263 124 696 472 216 115 18 4,986 35 94 72 23 111 July.... 114 259 123 782 497 208 109 20 5,094 36 97 86 34 114 Aug.... 106 267 126 739 496 181 109 18 5,095 35 101 78 22 108 Sept....... IB 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....... 116 244 129 715 501 177 111 20 5,288 35 108 83 31 118 Dec........ 120 257 137 738 519 165 113 17 5,280 34 113 84 31 127 1966—Jan.”. .. 126 248 144 788 512 164 119 18 5,327 35 112 85 35 123 Feb.’’. . . 135 235 164 721 541 182 118 18 5,355 34 119 94 28 120 2c. Asia—-Continued 2d. Africa 2e. Other countries Congo E pe n r d i o o d f Japan Korea P p h in il e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total (Le v o il p le o ) ld­ ro M cc o o ­ 8 A So fr u i t c h a ( U E . g A y . p R t) . A O f t r h ic e a r Total t A ra u l s ia ­ oth A e ll r 8 1961...................... 41,672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962...................... 2J95 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 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 Apr...... 2,797 93 252 232 488 774 268 35 10 53 25 146 210 184 25 May......... 2,803 91 248 227 494 776 283 31 16 54 27 154 221 198 23 June......... 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...... 3,020 110 290 220 513 762 274 11 30 57 19 158 257 235 22 Dec........... 3,008 108 304 212 542 718 280 12 17 51 30 170 278 254 24 2,956 118 295 213 577 778 312 10 20 72 18 191 268 244 24 Feb.’’.... 2'964 117 302 213 604 760 335 12 19 95 18 192 253 226 27 1 International Bank for Reconstruction and Development, Inter­ s Includes revisions arising from changes in reporting coverage as national Monetary Fund, International Finance Corp., International follows (in millions of dollars): Total 4-50; Foreign other 4-50; Europe Development Assn., and other international organizations; Inter-Amer­ — 17; Canada +1J Latin America 4-26; Asia 4-49; 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 2 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. 4 Includes $82 million reported by banks initially included as of Dec. For Note see end of Table 2. 31, 1961, of which $81 million reported for Japan. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

612 INTL. CAPITAL TRANSACTIONS OF THE U.S APRIL 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 (Cont.): 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 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 (incl Okinawa). 31.6 25.6 32.7 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, find. 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 French West Indies & French Somali Republic.............................. .8 .5 .8 .8 Guiana.................................. .6 1.1 1.4 2.2 Southern Rhodesia 10 .... 4.5 3.4 3.7 11 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 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 in 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 b er i r l t U e l i s f a . i s S c a u a . n r t d y e s S no p U t e . e c S s i . a 2 l Other 3 Total Dem D an e d pos T it i s me 1 c T b e i r r l t U e l i s a f . i s S c u a . a n r t y e d s Other 3 currencies 1961........................ 22,450 19,944 8,544 7,363 2,388 1,549 2,356 1 ■>76 149 231 150 1961 4..................... 22^33 20^025 8 707 7,363 2,388 1’567 2 358 I ?77 149 232 150 1962........................ 25'019 22,311 8 528 9’,214 3,012 1 ,557 2,565 2 J96 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 5..................... r28'873 r25'406 6,731 '3*990 8,727 3,308 2,650 3,377 1 531 1 271 72 503 90 1965—Feb............. *•28,944 r25 440 6,772 '4,028 8 607 3,303 2 730 3 ,431 1 516 1,320 79 515 73 Mar r28'323 r24,777 6,647 *■3’966 7,978 3 373 2 813 3 482 1 541 1,362 79 501 64 Apr............. r27^878 *■24’317 6,247 r3,978 7,767 3,367 2 958 3 478 1 546 1 393 77 461 84 May...... r27,459 r23,929 6,105 *3,929 7,690 3,167 3,038 3,440 1,516 1 ,400 79 445 90 June........... '27^781 r24,208 6,486 *3.907 7,640 3,167 3,008 3'473 1 522 1,418 86 446 101 July............. r27'832 *■24'252 6,556 *■3,958 7,175 3'462 3,101 3,484 1 536 1 ,423 87 438 97 Aug............. ^28^05 r24'907 7,080 *•4,003 7^84 3'434 3,106 3,485 1 ,480 1 ^471 88 447 113 Sept............ r28,877 r25,256 6,977 '3’926 7'674 3,494 3’185 '3,503 1 504 1 '492 81 426 118 Oct.............. *■29'199 r25,552 7,048 '4,073 7,784 3,489 3,158 3,546 1 515 1,529 91 410 101 Nov............. *■29'136 '25,446 6,810 *■4,005 *■8,043 3,470 '3,118 '3,591 1 551 '1 ,562 91 387 98 Dec............ 29'054 25'408 6,569 3,963 8,234 3’470 3,172 3,587 1,574 1,594 87 332 59 1966—Jan.p.......... 29,240 25,286 6,871 4,044 7,783 3,558 3,030 3,592 1,563 1,627 94 308 361 Feb.P......... 29,'092 25,078 6'795 3,996 7,757 3,'548 2^982 3^633 1'586 1 '633 95 319 381 1 Excludes negotiable time certificates of deposit which are included time certificates of deposit. in “Other.” 4 These figures reflect the inclusion of data for banks initially included 2 Nonnegotiable, non-interest-bearing special U.S. notes held by the as of Dec. 31, 1961. International Monetary Fund; excludes such notes held by the Inter­ 5 Includes revisions arising from changes in reporting coverage as national Development Assn, and the Inter-American Development follows (in millions of dollars): Total 4-50; foreign banks, etc. +55; Bank, which amounted to $225 million on Feb. 28, 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

APRIL 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 613 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g i i , o a n n a d l Europe Canada A L m a e t r in ic a Asia Africa 1 co O un th tr e ie r s 2 1961......................................................................................... 34,820 767 556 1,522 3 1 891 85 1962........................................................................................ 5,163 877 526 1,606 2,017 137 1963......................................................................................... 5,975 1 939 638 1 742 2’493 104 58 1964......................................................................................... 7'469 1 1,217 725 2 212 3 137 120 58 1964*....................................................................................... 7'957 ♦ 1 '230 1,004 2,235 3 294 131 r64 1965—Feb............................................................................... 7,887 1 1,185 1 059 2,244 3 229 118 51 Mar............................................................................. 7,934 1'185 981 2'195 3 >90 130 53 Apr.............................................................................. 7,800 1'167 902 2,178 3 367 129 57 May............................................................................. 7,775 1'173 851 2 191 3,367 136 57 June............................................................................ 7,758 * 1'164 807 2>72 3,409 146 61 July............................................................................ 7; 570 1 I '126 786 2 116 3 329 151 62 Aug............................................................................ 7,541 1'121 758 2,124 3,337 142 59 Sept............................................................................. 7,498 1 '213 678 2 136 3,266 146 59 Oct............................................................................ 7'392 1,156 679 2,156 3 189 146 66 Nov................................................................... '7,486 * 1'169 685 2 175 3 253 134 69 Dec.............................................................................. 7,632 * 1'201 593 2,288 3,343 139 67 Dec.5.. ...................................................................... 7',719 * 1 ,204 669 2,293 3 347 139 67 1966—Jan.11........................................................................... 7,556 1 ,205 632 2,214 3,288 142 76 Feb.*........................................................................... 7 >64 1 1'145 631 2 J90 3,289 132 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 e y p. , 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<.................................. 1,230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965—Feb......................... 1,185 9 72 20 76 84 203 9 125 42 44 26 26 45 Mar........................ 1,185 10 49 21 77 75 186 10 138 46 49 34 32 44 Apr......................... 1,167 9 49 27 77 82 173 10 123 47 49 36 43 47 May....................... 1,173 9 43 23 75 83 184 14 116 44 51 36 46 38 June....................... 1,164 9 40 19 74 86 167 11 113 46 50 34 38 42 July........................ 1,126 8 37 20 71 72 174 11 113 40 44 32 52 40 Aug........................ 1,121 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........................ 1,201 8 52 37 87 72 190 13 no 38 51 26 50 52 Dec.5..................... 1,204 8 52 37 87 72 190 13 110 38 51 26 50 52 1966—Jan.*..................... 1,205 9 57 33 86 74 177 13 121 39 55 26 59 53 Feb.*..................... 1,145 8 54 36 89 67 184 14 109 40 49 29 55 54 4a. Europe-—Continued 4b. Latin America End of period S l w e an r i ­ t d z­ T k u ey r­ U K d n i o n i m t g e ­ d Y sl u av g i o a ­ W E O u e t r s h o t e e p r r e n 6 U.S.S.R. E E O u as t 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 >06 181 171 186 131 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 19644 111 37 310 16 20 ♦ 20 2'235 203 126 176 338 17 644 1965--Feb......................... 118 32 196 15 21 23 2,244 209 119 156 313 16 686 Mar........................ 116 30 199 20 23 * 24 2,195 201 119 141 292 16 685 Apr........................ 98 7 213 24 24 1 28 2'178 204 108 140 295 17 684 May....................... 95 17 216 28 25 * 30 2'191 208 112 135 294 16 691 June....................... 99 31 223 29 26 1 28 2'172 204 112 144 285 16 693 July........................ 87 42 195 32 26 2 27 2J 16 208 113 139 276 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 r2,175 234 84 157 262 16 665 Dec....................... 73 42 210 28 28 6 27 2,288 232 94 174 270 16 669 Dec.5..................... 73 42 212 28 28 6 27 2 >93 232 94 174 270 16 674 1966-Jan.Jl...................... 88 36 199 23 27 5 25 2,214 231 96 176 243 16 662 Feb.P..................... 85 6 177 27 30 5 28 2,190 224 94 175 236 16 686 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

614 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 1966 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 4b. Latin America—Continued 4c. Asia E pe n r d i o o d f Panama U gu r a u y ­ V zu e e n l e a ­ r O l e L i p c t . h s A u e b . 8 r ­ m B B m u a & d e a h r a s a ­ ­ 1 A N S n n u a e t & i t m r l h i l ­ e . s A O L ic m a t a h t e i e n 9 r r ­ Total C M la h a n i i n d n a ­ H K o o n n g g India I n n e d si o a ­ Israel 1961................... 74 55 144 13 74 31,891 2 9 36 1962................... 85 122 102 9 98 2,017 2 13 37 1963................... 99 65 42 9 16 2,493 2 11 22 1964.................. 102 76 165 58 18 20 3,137 2 26 7 44 19644................. 108 78 168 65 18 21 3,294 2 28 7 47 1965—Feb........ 57 112 84 161 230 63 19 19 3,229 1 21 16 7 46 Mar....... 50 116 84 164 229 62 19 18 3,390 1 25 28 7 55 Apr....... 49 112 81 173 221 58 19 19 3,367 1 24 28 7 57 May.... 51 119 78 173 216 58 19 19 3,367 1 27 28 4 55 June.... 50 117 72 167 213 59 19 18 3,409 1 34 26 1 54 July.... 47 115 67 164 208 56 17 20 3,329 1 32 21 1 54 Aug....... 48 122 68 172 210 52 13 21 3,337 1 32 19 2 53 Sept....... 51 125 67 177 217 56 13 21 3,266 1 28 18 2 54 Oct..... 53 138 67 184 222 55 14 22 3,189 1 27 19 2 67 Nov..... 55 147 *■50 181 234 52 14 22 3,253 1 28 16 1 76 Dec 59 170 45 220 250 53 14 23 3,343 1 29 17 2 86 Dec.5... 59 170 45 220 250 53 14 23 3,347 1 29 17 2 86 1966— Jan.*. 59 172 49 185 236 51 13 24 3,288 1 22 2 86 Feb.*. 63 162 56 174 224 41 13 24 3,289 1 26 2 82 4c. Asia—Continued 4d. Africa 4e. Other countries Congo End of period Japan Korea P p h in il e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total 1 ( p v L i o l e l l e d o ) ­ ­ M c o o r o 1 c­ A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r 1 Total 2 A t l r i u a a s ­ ­ oth A e ll r 10 1961............................ 31,528 4 114 10 34 145 6 10 13 85 29 27 1962............................ 1,740 3 70 9 41 80 2 10 26 137 41 57 1963............................ 2,171 25 113 8 52 71 104 1 1 15 28 59 58 48 9 1964............................ 2,653 21 202 9 64 88 120 1 2 19 42 56 58 48 10 19644......................... 2,810 21 203 9 65 82 131 1 2 20 42 67 '64 48 16 1965—Feb................. 2,746 20 208 12 73 80 118 1 2 15 29 71 51 39 12 Mar................ 2,861 20 212 12 71 97 130 1 3 19 35 72 53 41 12 Apr................. 2,833 20 212 13 73 99 129 1 2 21 35 70 57 45 13 May............... 2,834 21 209 13 76 99 136 1 2 20 38 75 57 45 13 June............... 2,880 20 200 12 77 106 146 1 3 22 43 77 61 48 13 July................ 2,831 20 191 11 74 94 151 * 2 31 40 78 62 48 14 Aug................ 2,830 21 196 10 74 101 142 1 2 31 36 72 59 46 14 Sept................ 2,755 20 212 9 72' 93 146 1 2 36 38 69 59 45 14 Oct................. 2,656 20 219 9 70 98 146 1 2 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 22 231 15 82 108 139 1 2 34 43 60 67 52 15 Dec.5............. 2,754 22 232 15 82 108 139 1 2 34 43 60 67 52 15 1966—Jan.*.............. 2,685 24 232 15 84 113 142 1 2 38 38 63 76 62 14 Feb.*............. 2,686 24 229 15 81 118 132 * 2 37 34 58 76 62 14 1 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, 3 Includes $58 million reported by banks initially included as of Dec. and Trinidad and Tobago. 1961, of which $52 million reported for Japan. 1 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 5 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 <• 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. 7 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

APRIL 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 615 5. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total Of L fi o c a ia n l s to— C t o o io u ll n t e ­ s c ­ A fo m a c r n c a a c e d e c p e s c t t ­ , Other 3 Total D w e it p h o f s o it r s ­ g c F c o u o o v r r m i t e t , i i m e g s s e n l , . ­ Other4 Total i t n i s o t 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 19615.............................. 4,820 4,234 1,660 329 709 622 700 1,874 586 386 200 1962................................ 5,163 4,606 1 ,954 359 953 642 686 1,967 557 371 186 1963................................ 5,975 5,344 1,915 186 955 774 832 2,214 384 631 432 157 42 1964................................ 7,469 6,810 2,652 223 1,374 1 ,055 1 ,007 2,600 552 659 400 182 77 19646.............................. 7,957 7,333 2,773 221 1,403 1,150 1,135 2,621 803 624 336 187 102 1965—Feb...................... 7,887 7,228 2,949 250 1 ,491 1,208 1,013 2,499 767 659 348 188 123 Mar..................... 7,934 7,334 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 ,493 1,208 1,088 2,584 670 549 310 138 100 May................... 7,775 7,200 2,818 213 1,461 1,144 1,099 2,607 676 575 330 147 98 June.................... 7,758 7,191 2,854 231 1,476 1,147 1,131 2,605 601 566 328 141 98 July.................... 7,570 7,037 2,803 241 1 ,422 1,139 1,136 2,531 566 533 308 141 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...................... 7,392 6,895 2,806 265 1 ,440 1,101 1,191 2,422 476 496 32! 82 93 Nov..................... ’■7,486 ’6,983 ’’2,887 r251 1,535 1,101 1 ,207 2,411 477 503 325 75 103 Dec..................... 7,632 7,158 2,967 271 1 ,566 1,130 1,214 2,554 422 474 325 54 95 Dec.7.................. 7,719 7,228 2,967 271 1 ,566 1,130 1 ,215 2,554 491 491 328 68 96 1966—Jan.2*................... 7,556 7,074 2,864 259 1,497 1,108 1 ,200 2,535 476 481 298 65 119 Feb.”................ 7,464 7,029 2,814 225 1 ,499 1,090 1 ,211 2,528 475 435 259 61 115 1 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 7 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 All fo c r i u e n r i g ­ n U K d n i o i n m t g ed ­ E O u t r h o e p r e Canada A L m a e ti r n ica Japan O A t s h i e a r Africa1 ot A h l e l r2 Loans other rencies 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 31,063 290 3 1,015 3 249 3 194 113 68 1964................................ ’310 3'971 3,777 195 77 1,611 273 1,162 385 238 123 103 19644.............................. G10 4'285 3,995 288 1 87 1,632 327 1,275 430 255 156 122 1965—Feb...................... ’497 4,735 4,426 304 5 90 I ,790 399 1,403 454 276 189 133 Mar.................... ’462 4,746 4,458 284 5 96 1,770 364 1 ,406 472 297 204 137 Apr..................... ’445 4,680 4^375 299 6 95 1,770 378 1,334 479 295 193 136 May................... ’445 4,620 4,316 299 5 91 1,698 362 1,360 483 296 196 133 June................... ’505 4,545 4,239 301 5 92 1,655 357 1,327 479 305 203 129 July..................... '446 4,533 4,233 295 5 89 1 ,619 359 1,311 482 322 207 144 Aug............... ’447 4,558 4,260 293 4 87 I ,614 357 1 ,311 475 340 213 161 Sept.................... ’454 4,586 4'290 292 5 88 1,590 355 1 '323 471 358 221 181 Oct............ ’419 4^575 4,280 288 6 89 1,578 348 1,323 464 354 221 197 Nov........... ’467 ’4,567 ’4,277 284 6 87 1,557 354 >■1,313 462 372 211 211 Dec..................... 491 4,513 4,'208 296 9 86 1 ;517 346 1,296 445 388 208 228 1966—Jan.”.......... 485 4,432 4,142 285 6 84 1 ,488 336 1,251 437 390 201 246 Feb.”................. 479 4,415 4J21 287 6 86 1 ,447 335 1 ,245 441 400 211 249 1 Not reported separately until 1963. this amount are claims on: Europe $5 million, Latin America $134 2 Includes Africa until 1963. million, and Asia $54 million. 3 Includes claims previously held, but reported for the first time as of 4 Differs from Dec. data in line above because of the addition of May 1963; on that date such claims were $86 million. Also includes 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. in part claims previously held but not reported by banks. Included in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

616 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 1966 7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate U.S. Govt, bonds and notes 1 securities 2 Foreign bonds Foreign stocks Net purchases or sales Period c P ha u s r e ­ s Sales c N h s a e a s t l e e p s s u o r r ­ c P ha u s r e ­ s Sales c N ha s e a s t e l e p s s u o r r ­ c P ha u s r e ­ s Sales c N ha s e a s t e l e p s s u o r r ­ Total 1962................................ -728 2,568 2,508 60 I ,093 2,037 -944 702 806 -104 1963................................ 671 2,980 2,773 207 991 2,086 -1,095 696 644 51 1964................................ -338 3,537 3,710 -173 915 '1,843 '-928 748 548 200 1965................................ -76 4,307 4,768 -461 1,198 2,434 -1,236 906 617 290 1965—Feb..................... -7 282 292 - 10 55 279 79 45 34 Mar................... -17 427 395 32 48 182 78 55 23 Apr..................... 65 338 342 -4 '89 '207 93 69 23 May................... -1 346 343 3 '129 '175 '-46 70 52 18 June................... 14 326 563 -236 99 258 -159 71 36 35 July.................... 20 244 355 -112 72 145 -73 64 40 24 Aug.................... 8 234 335 -100 48 97 -49 '70 44 26 Sept................... 6 365 393 -28 289 419 -130 75 54 21 Oct..................... -44 434 441 -6 101 '217 '—116 67 52 15 Nov.......... -56 426 453 -27 125 '207 '-82 69 51 18 Dec.................... 2 644 607 37 94 134 -41 83 71 13 1966—Jan.P..........-..9...... 470 435 35 67 308 -240 73 65 7 Feb.”................. -118 489 487 2 83 186 -103 71 75 -5 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 30 679 327 354 329 25 1965—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 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 Mar............................ 789 101 30 351 125 182 524 299 200 25 1 Includes bonds payable in Swiss francs to the Bank for International with transactions under the Columbia River treaty. Amounts out­ Settlements. Amounts outstanding were $70 million May 1964-June standing were $204 million Sept. 1964-Oct. 1965 and $174 million for 1965 and $93 million July-Dec. 1965. Nov. 1965-Mar. 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

APRIL 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 617 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 z w er i ­ t­ U K n i i n te g d ­ E O u t r h o e p r e E T u o ro ta p l e Canada A L m at e in r­ Asia Africa1 c O o t u h n er ­ I a n n t d i, land dom ica tries2 regional 1962............... 60 111 -51 4 129 -33 24 124 -43 -20 -18 1 17 1963............... 207 198 9 -8 -14 206 16 199 -47 14 17 1 22 1964............... -173 -349 176 -37 -200 -4 14 -228 3 25 10 ♦ -1 18 1965............... -46! -499 38 14 -63 -522 47 -523 37 -15 24 -4 -1 21 1965—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 -41 -220 -7 -262 29 -3 -2 ♦ 2 July.. -112 -96 -16 -4 -22 -90 -1 -117 11 -7 2 -3 3 Aug... -100 -93 -8 * -8 -82 -2 -92 -13 -1 4 1 Sept... -28 -38 11 4 20 -56 -4 -36 -3 1 7 2 Oct.. . -6 -6 -1 4 10 -21 * -7 -4 ♦ 4 ♦ ♦ 1 Nov.. -27 -35 8 2 -2 -16 -16 -13 -1 2 1 Dec... 37 -94 130 -10 4 -25 48 17 17 -2 1 -1 ♦ 5 1966—Jan?. 35 22 12 5 2 2 18 27 -3 3 6 1 Feb.”. 2 -20 22 * 2 -28 3 -23 11 5 8 1 ♦ 2 1 Not reported separately until May 1963. Note.—Statistics include State and local govt, securities, and securities 2 Yearly figures through 1963 include Africa. of U.S. Govt, agencies and corporations which are not guaranteed by the United States. 10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 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) Period Total g I a i r n o n e t n d ­ i, a l c T e o f o i o u g t r n a n ­ l ­ r E o u p ­ e C ad an a ­ A L i a m c t a i e n r ­ Asia r A ic f a ­ 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.S. A G ss o e v ts t . in c E u a st r o m d a y rked tries securities1 gold 1962...-..1... ...0..4..8......-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..................... '-728 -140 '-588 163 '-670 -36 -77 7 25 1964............... 229 8,389 12,698 1965.................... -947 -164 -782 108 -659 -55 -131 9 -54 1965—Mar... 162 7,741 13,187 1965—-Feb.......... -190 -178 -12 2 -8 -4 -3 * 1 Apr... 146 7,626 13,174 Mar........ -112 3 -115 -6 -102 -8 -1 2 May. . 142 7,713 13,050 Apr.......... '-95 4 '-98 22 '-51 -26 -47 * 4 June. . 179 7,599 12,951 May........ '-28 3 '-31 14 '-31 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 -1 1 Oct.. . 144 7,974 12,905 Sept........ -108 -17 -92 27 -117 -5 12 4 -12 Nov... 149 8,171 12,824 Oct.......... ’•-101 6 '-107 -9 '-101 3 -2 ♦ 3 Dec... 150 8,272 12,896 Nov......... '-64 6 '-70 30 '-30 -17 -29 -24 Dec...... -28 8 -36 4 -28 -I -14 2 2 1966—Jan. . . 283 7,974 12,933 Feb.. . 140 7,850 12,964 Mar... 329 7,617 12,944 1966—Jan.11.. . . -233 7 -240 6 -234 -9 -8 1 4 Feb.*... . -108 7 -115 -8 -102 -3 -3 ♦ 1 1 U.S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign 1 Not reported separately until May 1963. currencies. 2 Yearly figures through 1963 include Africa. 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

618 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 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.1' Sept. Dec. Dec.1 Mar. June Sept.’ 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 I 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.............................................. 27 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....................... 108 102 104 102 100 128 407 329 330 365 294 289 Yugoslavia.................................. 1 1 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........................................ * ♦ * ♦ 1 1 Other Eastern Europe............... 1 1 I 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 1,128 908 778 756 Latin America: Argentina................................ 4 3 3 3 2 3 26 30 30 33 29 38 Brazil............................................ 11 11 11 11 11 14 128 145 145 113 93 89 Chile............................................. 4 5 5 4 4 4 25 25 25 25 27 30 Colombia..................................... 7 10 10 12 13 13 25 25 25 26 22 21 Cuba............................................. * 4 4 4 4 4 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 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 2 2 3 7 7 7 6 7 5 Japan............................................ 31 28 28 22 30 28 174 180 180 181 172 168 Korea................................. 1 I 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 M orocco..................................... 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).......................... 1 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

APRIL 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 619 13. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y i l n l a a b r l s e cu P fo r a r r y e i e n a n i b g c l n i e e s Total P d a o y l i l n a a b r l s e D ba e n p k o s s i a t b s r w oa it d h Other in reporter’s 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,1...................................................................................... 676 587 89 1 664 1,340 132 192 Dec........................... ,.................... 678 569 109 1,636 1,335 150 151 1962-—Mar,.......................................................................................... 675 577 98 1 780 1,461 144 175 June.......................................................................................... 616 518 99 1 '776 1 ,449 178 149 June1........................................................................................ 665 551 114 1 ,974 1,598 208 168 Sept.......................................................................................... 678 554 123 2,136 t ,685 197 254 Dec......................................................................................... 637 508 129 2,051 1,625 214 212 Dec.1........................................................................................ 644 513 130 2'098 1,668 217 212 1963—Mar......................................................................................... 614 470 144 2,113 1,712 201 200 Mar. 1....................................................................................... 616 472 144 2,162 1,758 204 200 June.......................................................................................... 674 529 146 2’282 1 877 222 183 Sept........................................................................................... 691 552 139 2^257 1,830 225 202 Dec............................................................................................ 626 478 148 2'131 1,739 201 191 Dec.2........................................................................................ 626 479 148 2,188 1,778 199 211 1964—Mar........................................................................................... 631 475 156 2,407 1,887 239 282 June.......................................................................................... 622 471 151 2’482 2,000 220 262 June 3...................................................................................... 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 2,150 189 278 June........................................................................................... 740 568 172 2*415 1,969 198 249 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 but not reported. 14. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims End of period Total Country or area 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 L m a t e h t r i e i n c r a Japan O A t s h i e a r Africa 1 ot A h H e r1 1963—Mar.......................... 155 816 9 64 33 143 123 193 142 90 20 June........................ 159 766 12 69 28 145 101 190 112 84 16 10 June2....................... 159 882 12 88 28 145 101 192 115 85 99 18 Sept.......................... 153 881 14 85 42 127 102 188 123 87 98 16 Dec. 3....................... 148 734 16 83 56 61 69 154 90 93 96 16 1964—Mar.,...................... 143 761 30 85 58 64 74 158 89 94 96 13 June*....................... 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 56 119 188 215 77 137 89 98 91 15 1965—Mar.......................... 115 1,079 35 125 200 220 77 137 81 96 91 18 June. ........................ 110 1,084 31 121 205 221 72 144 85 96 91 17 Sept.*....................... 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

620 U.S. BALANCE OF PAYMENTS APRIL 1966 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1964 1965 Item 1964 1965 II HI IV I ' II ' III IV * 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........................ 37,017 39,060 8,991 9,335 9,607 8,711 10,144 10,038 10,167 Merchandise.................................................................. 25,288 26,285 6,067 6,382 6,690 5,627 6,800 6,829 7,029 Military sales................................................................. 762 815 191 168 209 174 229 199 213 Transportation............................................................. 2,317 2,400 558 600 588 532 617 610 641 Travel.............................................................................. 1 ,095 1,212 264 270 293 278 295 301 338 Investment income receipts, private......................... 5,003 5,557 1,263 1,260 1,214 1,416 1 ,506 1,363 1,272 Investment income receipts, Govt............................. 454 497 132 132 60 139 142 142 74 Other services...................................................... 2,098 2,294 516 523 553 545 555 594 600 Imports of goods and services—Total........................... -28,457 -31,980 -7,061 -7,136 -7,382 -7,155 -8,106 -8,219 -8,500 Merchandise................................................................. -18,619 -21 ,492 -4,599 -4,709 -4,901 -4,663 -5,480 -5,594 -5,755 Military expenditures................................................... -2,824 -2,838 -720 -691 -681 -662 -702 -720 -754 Transportation............................................................. -2,464 -2,648 -616 -613 -622 -618 -675 -658 -697 Travel............................................................................. -2,216 -2,458 -554 -550 -577 -601 -615 -616 -626 Investment income payments.................................... -1,404 -1,618 -345 -347 -371 -374 -404 -405 -435 Other services................................................................ -930 -926 -227 -226 -230 -237 -230 -226 -233 Balance on goods and services1...................................... 8,560 7,080 1,930 2,199 2,225 1,556 2,038 1,819 1,667 Remittances and pensions................................................ -839 -978 -203 -207 -220 -224 -292 -229 -233 t 1. Balance on goods, services, remittances and pensions..................................................................... 7,721 6,102 1,727 1,992 2,005 1,332 1,746 1,590 1,434 2. U.S. Govt, grants and capital flow, net................... -3,514 -3,476 -855 -891 -1,007 -785 -983 -758 -950 Grants2, loans, and net change in foreign cur­ rency holdings and short-term claims........ -4,260 -4,288 -1,083 -1,085 -1,126 -962 -1,150 -1,098 -1,078 Associated liabilities.............................................. 49 -86 35 4 18 -10 -24 -33 -19 Scheduled repayments on U.S. Govt, loans. . . 575 677 160 160 94 177 186 190 124 Nonscheduled repayments and selloffs............. 122 221 / 33 30 7 10 5 183 23 3. U.S. private capital flow, net.................................... -6,462 -3,526 -1,344 -1,569 -2,222 -1,539 -315 -819 -853 Direct investments................................................. -2,376 -3,266 -540 -551 -821 -1,159 -891 -515 -701 Foreign securities.................................................... -677 -717 -105 -84 -512 -210 -12 -287 -208 Other long-term claims: Reported by banks........................................ -942 -216 -93 -264 -313 -483 178 -66 155 Reported by others............................................ -356 -55 -58 -264 -8 14 -7 -4 -58 Short-term claims: Reported by banks........................................ -1,523 311 -523 -162 -455 45 188 10 68 Reported by others............................................ -588 417 -25 -244 -113 254 229 43 -109 4. Foreign capital flow, net, excluding change in liquid assets in U.S.................................................. 618 258 42 166 288 344 -109 -214 237 Long-term investments.......................................... 110 -169 94 -72 82 281 -306 -232 88 Short-term claims................................................... H5 , 118 19 64 28 -7 60 35 30 Nonliquid claims on U.S. Govt, associated with: Military contracts............................................... '209 342 '-68 '-30 149 69 133 -12 152 Other specific transactions................................ 207 -25 -1 204 * 1 6 -5 -27 Other nonconvertible, nonmarketable, me­ dium-term U.S. Govt, securities 3........... '-23 -8 '-2 ♦ '29 -2 * — 6 5. Errors and unrecorded transactions......................... -1,161 -659 -152 -291 -430 -10 -81 -316 -252 Balances ,03 7- A. Balance on liquidity basis Seasonally adjusted (= 14-2 + 34-4 + 5).... -2,798 -1,301 -582 -593 -1,366 -658 258 -517 -384 Less: Net seasonal adjustments........................... 50 428 3 -473 69 454 -50 Before seasonal adjustment.................................... -2,798 -1,301 -632 -1,021 -1,369 -185 189 -971 -334 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted............................ -2,798 -1,301 -582 -593 -1,366 -658 258 -517 -384 Plus: Seasonally adjusted change in liquid assets in the U.S. of: Commercial banks abroad................................ 1,440 104 243 575 537 17 -75 627 -465 Other private residents of foreign countries... 359 287 19 133 138 110 91 95 -9 International and regional organizations other than IMF.........'................................ -245 -262 -31 -69 -62 -56 -42 17 -181 Less: Change in certain nonliquid liabilities to foreign central banks and govts......... '98 127 '23 '18 '91 -23 -15 -22 187 Balance B, seasonally adjusted............................. '-1,342 -1,299 '-374 '28 '-844 -564 247 244 -1,226 Less: Net seasonal adjustments.......................... 167 505 -35 -605 193 516 -104 Before seasonal adjustment.................................... '-1,342 -1,299 '-541 '-477 '-809 41 54 -272 -1,122 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APRIL 1966 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 621 U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1964 1965 Item 1964 1965 II in IV II' III IV” Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis.......................... 2,798 1,301 632 1,021 1,369 185 -189 971 334 Change in U.S. official reserve assets (in­ 171 1,222 303 70 -151 842 68 41 271 crease,—)........................................................... IMF gold tranche position............................... 266 -94 118 135 -118 68 4-466 330 -26 Convertible currencies....................................... -220 -349 258 -45 -205 -58 -56 -413 178 Gold....................................................................... 125 1,665 -73 -20 172 832 4 590 124 119 Change in liquid liabilities to all foreign accounts 2,627 79 329 951 1,520 -657 -257 930 63 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities3..................................................... 375 123 122 203 50 51 122 — 50 Marketable U.S. Govt, bonds and notes3. -59 -20 5 -63 -54 16 -15 -2 -19 Deposits, short-term U.S. Govt, securities, etc., reported by banks in U.S........ 757 -187 88 249 873 -927 -92 125 707 IMF (gold deposits)......................................... 34 8 26 Commercial banks abroad............................... 1,440 104 82 580 500 190 -243 646 -489 Other private residents of foreign countries. 359 287 57 122 145 78 119 88 2 International and regional organizations other than IMF............................................... -245 -262 -25 -140 6 -65 -26 -57 -114 B. Official reserve transactions...................................... ■•1,342 1,299 r541 M77 '809 -41 -54 272 1,122 Change in U.S. official reserve assets (increase,—).............................................................. 171 1,222 303 70 -151 842 68 41 271 Change in liquid liabilities to foreign central banks and govts, and IMF (See detail above under A.).............................................................. 1,073 -50 215 389 869 -860 -107 253 664 Change in certain nonliquid liabilities to foreign central banks and govts.: Of U.S. private organizations..................... 148 -41 44 15 64 -21 -28 -20 28 Of U.S. Government..................................... -50 168 -21 3 27 -2 13 -2 159 i Excludes military transfers under grants. 5 With original maturities over 1 year. 2 Excludes military grants. 3 Includes certificates sold abroad by Export-Import Bank. Note.—Dept, of Commerce data, Minus sign indicates net payments ^Reflects $259 million payment of gold portion of increased U.S. (debits); absence of sign indicates net receipts (credits). subscription to IMF. MERCHANDISE EXPORTS AND IMPORTS (In miUions of dollars, seasonally adjusted) Exports 1 Imports2 Export surplus Period 1963 1964 1965 1966 1963 1964 1965 1966 1963 1964 1965 1966 Month: Jan....................... 3 986 2,040 31,215 2,249 3 1,100 1,418 31,193 1,936 3 -114 622 322 313 Feb....................... 32,124 2,058 31,599 2,335 3 1,510 1,459 3 1,600 1,993 3614 599 3—1 342 Mar...................... 31,958 2,075 3 2,755 2,594 3 1,485 1 ,518 31,861 3 473 557 3 894 Apr...................... 31,914 2,061 32,380 3 1,415 1,537 31,833 3 499 524 3 547 May.................... 1,895 2,047 3 2,260 1,416 1,530 31,789 479 517 3 471 June..................... 1,803 2,077 3 2,230 1,431 1,514 3 1,830 372 563 3 400 July...................... 1,841 2,119 2,256 1,450 1,573 41,663 391 546 4 593 Aug..................... 1,922 2,100 2,333 1,497 1,608 31,764 425 492 3 569 Sept...................... 1,958 2,261 2,324 1,443 1,563 31,807 515 698 3517 Oct................... 1,967 2,156 2,342 1,455 1,551 3 2,006 512 605 3 336 Nov...................... 1,966 2,206 2,408 1,466 3 1,698 31,903 500 3 508 3 505 Dec...................... 2,091 3 2,426 2,356 1 ,480 31,642 2,035 611 3 784 321 Quarter: I....................... 35,068 6,173 3 5,569 M,095 4,395 3 4,654 3 973 1,778 3915 .....3. .5..,.6...1..2...... 6,185 3 6,870 3 4,262 4,581 3 5,452 3 1,350 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..,..0..2..4.........3 6,788 7,106 4,401 34,891 3 5,944 1,623 31,897 31,162 Year5.,.....2..2...,.4..2..4.... 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

622 MONEY RATES APRIL 1966 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Mar. 31, 1965 Rate Country 1965 1966 as of Mar. 31, Per Month 1966 cent effective Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 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 5 25 5.25 Ceylon...................................... 4.0 Aug. 1960 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...................................... 6.81 Mar, 1965 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........................................ 6.21 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 4 5 New Zealand...................... 7.0 Mar. 1961 7 0 Nicaragua................................ 6.0 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............................ 5.0 Mar. 1965 5 0 Spain........................................ 4.0 4 0 Sweden,.................................... 5.0 Nov. 1964 5.5 5 5 Switzerland.............................. 2.5 July 1964 2.5 Taiwan 5.................................. 14.04 July 1963 14 04 Thailand................................. 5.0 Oct. 1959 5 0 Tunisia..................................... 4.0 Oct. 1962 4.0 Turkey...................................... 7.5 May 1961 7.5 United Arab Rep. (Egypt).. 5.0 May 1962 5 0 United Kingdom................... 7.0 Nov. 1964 6.0 6.0 Venezuela............... 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some continue to be .25 of 1 per cent above latest weekly Treasury bill tender of these countries follow: average rate but will not be more than the bank rate. Argentina—3 and 5 per cent for certain rural and industrial paper, de­ 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis­ Brazils 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

APRIL 1966 MONEY RATES; ARBITRAGE 623 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 r b e o i a l n s ls u t , h r y s 1 m D o a d y n a e - y t y o 2 ­ 3 B a a m a c n n c o c k e n e p e s t t r h , ­ s s ’ 3 T r m b e i a o l s l n s u t , h r y s D m a d o y a n - y e t y o­ a B l d l e o a p w n o o k n a s e n i r t c s s e ’ D m a o d y n a - e y t y o ­ 3 T 6 r d b e 0 a i a y l - s l 9 s s u 0 , * r y D m a o d y n a - e y t y o ­ 5 3 T m r b e i a o l s l n s u t , h r y s D m a d o y a n - y e t o y ­ d P is r r i c a v o t a e u t n e t 1963—Dec.............. 3,71 3.55 3.91 3.74 3.00 2.00 4.66 2,63 2.56 2.25 1.56 2.00 1964—Dec.............. 3.85 3.84 6.84 6,62 5.87 5.00 4.16 2.63 2.88 3.68 2.09 2.68 1965—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 3.83 4.00 4.25 4.32 3.72 3.50 Feb.............. 4.68 3.97 5.95 5.57 4.86 4.00 4.34 4.00 4.50 4.34 4.25 3.50 i Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. Note—For description and back data, see “International Finance,” 4 Rate in effect at end of month. Section 15 of Supplement to Banking and Monetary Statistics., 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Date K q ( u U i a n o U d n g t j i . a . d S t t e o i . t d o o m n U S n ta i t t e e s d L S ( o f p n a o r v d e f o o a d r n ) P d f ( ( r o p i e - + s r o c m ) w u ) o i n a u o o u r d n n r m d t i L n ( o c f N n e a o n v d e f t o t o i v r n e ) qu A i o n t s e d C anad q a A uo U d t j . a . S ti t . o o n U St n a i t t e e s d C S ( a f p n a o r v a e f o d a r d a ) C d f ( ( d o a i - + s o n r c w ) l a ) o l d a a u o o r i r n n s a r d t n i C n ( c a f N e n a o n v a e f t d o t i v r a e ) basis) Canada basis 1965 5.33 4.04 1.29 -1.33 -.04 4.18 4.08 4.04 + .04 -.60 -.56 12................ 5.33 4.05 1.28 -1.32 -.04 4.21 4.11 4.05 + .06 -.67 -.61 19................ 5.33 4.07 1.26 -1.26 .00 4.18 4.08 4.07 + .01 -.81 -.80 26................ 5.24 4.09 1,15 -1.10 + .05 4.16 4.06 4.09 -.03 -.67 -.70 5.24 4.10 1.14 -1.07 + .07 4.18 4.08 4.10 -.02 -.81 -.83 10............... 5.33 4.31 1.02 -.97 + .05 4.49 4.38 4.31 + .07 -.61 -.54 17................ 5.36 4.40 .96 -1.02 -.06 4.55 4.44 4.40 + .04 -.67 -.63 23............... 5.36 4,44 .92 -.88 + .04 4.53 4.42 4.44 -.02 -.74 -.76 30............... 5.36 4.45 .91 -1.03 -.12 4.52 4.41 4.45 -.04 -.67 -.71 1966 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 11................ 5.45 4.64 .81 -1.03 -.22 4.69 4.57 4.64 -.07 -.15 -.22 18............... 5.45 4.61 .84 -1.00 -.16 4.95 4,82 4.61 + .21 -.15 + .06 25............... 5.45 4.46 .99 -.92 + .07 5.02 4.89 4.46 + .43 -.04 + .39 5.45 4.49 .96 -.96 .00 5.03 4,90 4,49 + .41 .00 + .41 Note.'—Treasury bills: All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to Federal Reserve Bank of U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. New York by market sources, rates are Friday opening market offer rates in London. For description of series and for back figures see Oct. 1964 Bulletin, Bremium 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

624 FOREIGN EXCHANGE RATES APRIL 1966 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina Australia Austria Belgium Canada Ceylon Denmark Finland France Period (peso) (pound) (dollar) (schilling) (franc) (dollar) (rupee) (krone) (markka) (franc) I960. 1.2026 223.7! 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 31.057 620.404 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--Mar................................. .6629 222.50 3.8694 2.0144 92.480 20,950 14.453 31.080 20,400 Apr.................................. 1 .6627 222.80 3.8700 2.0147 92,654 20.948 14.462 31.081 20.401 May................................ 2 .5814 222.87 3.8701 2.0147 92.627 20.951 14.456 31.098 20.397 June................................ .5805 222.49 3.8713 2.0147 92,381 20,939 14.429 31.062 20.405 July................................. .5802 222.39 3.8726 2.0145 92,280 20.935 14.418 31.061 20.405 Aug................................. .5806 222.37 3.8724 2.0146 92.714 20.934 14.405 31.061 20.403 Sept................................. .5632 222.84 3.8721 2.0140 92.888 20.952 14.457 31.060 20.400 Oct.................................. .5542 223.35 3.8707 2.0130 92.999 20.989 14.502 31.059 20.393 Nov................................. .5546 223.40 3.8700 2.0145 93.009 21.008 14.506 31.061 20.403 Dec................................. .5322 223.27 ................... 3.8680 2.0141 92,939 21.003 14,520 31.061 20.402 1966--Jan.................................. .5291 223.42 3.8673 2.0115 93.035 21.012 14.518 31.060 20.399 Feb.................................. .5284 3 223.38 4111.62 3.8669 2.0107 92.895 21.005 14.496 31.059 20.401 Mar................................. .5290 .................1..11.36 3.8676 2.0087 92.901 20.959 14.491 31.059 20.402 Period G (d e e r u m ts a c n h y e (r I u n p d e ia e ) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) Ma si l a a y­ M (p e e x s i o c ) o e N rl e an th d ­ s Ze N a e la w n d mark) (dollar) (guilder) (pound) 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--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 ^8.0056 27.780 276.85 May................................. 25.097 20.939 279.71 .16004 .27585 32.617 8.0056 27.768 276.94 June................................. 25.003 20.924 279.23 .16003 .27638 32.583 8.0056 27.735 276.46 July.................................. 24.960 20.914 279,10 .16005 .27599 32.579 8.0056 27.761 276.33 Aug...................... 24.923 20.913 279.08 .16005 .27598 32.565 8.0056 27.791 276.32 Sept.................................. 24.934 20.943 279.67 .16005 .27597 32.621 8.0056 27.781 276.90 Oct................................... 24.968 20.978 280.31 .16003 .27602 32.694 8.0056 27.772 277.53 Nov.................................. 24.997 20.990 280.37 .16003 .27661 32.679 8.0056 27.756 277.59 Dec................................... 24.992 20.994 280.21 .16004 .27689 32.666 8.0056 27.724 277.43 1966--Jan................................... 24.926 21.005 280.39 .16002 .27695 32.678 8.0056 27.659 277.61 Feb................................... 24.904 20.998 280,25 .16003 .27631 32.671 8.0056 27.603 277.48 Mar..................... 24.914 20.949 279.52 .16003 .27615 32.600 8,0056 27.618 276.75 Philip- South Africa Swit­ United Period N (k o r r o w n a e y ) R ( e p p p e i u n s b o e l ) ic (es g c a u l d o) (pound) (rand) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e fr r a la n n c d ) (p K d o i o u n m n g d - ) 1960. 14.018 49.770 3.4937 279.71 1.6635 19.349 23.152 280.76 1961. 14.000 3.4909 279.48 139.57 1.6643 19.353 23,151 280.22 1962. 14.010 3.4986 139.87 1.6654 19.397 23,124 280.78 1963. 13.987 3.4891 139.48 1.6664 19.272 23.139 280.00 1964. 13.972 3.4800 139.09 1.6663 19.414 23.152 279.21 1965. 13.985 ................... 3.4829 139.27 1.6662 19.386 23.106 279.59 1965--Mar.................................. 13.976 3.4817 139.10 1,6663 19.468 23.020 279.24 Apr................................... 13.983 3.4822 139.29 1.6663 19.434 23.019 279.62 May................................. 13.982 3.4819 139.33 1.6662 19.411 23.004 279.71 June.................................. 13.976 3.4804 139.09 1.6662 19.369 23.075 279.23 July.................................. 13.975 3.4798 139.03 1,6662 19.355 23.128 279.10 Aug.................................. 13.978 3.4775 139,02 1.6658 19.332 23.161 279,08 Sept.................................. 13.990 3.4786 139,31 1.6662 19.352 23.162 279.67 Oct.................................... 13.998 3.4871 139.63 1,6658 19.329 23.150 280.31 Nov.................................. 14.001 3.4928 139.66 1,6657 19.329 23.150 280.37 Dec................................... 13.999 ................... 3.4922 139.58 1,6663 19.327 23.162 280.21 1966--Jan.................................... 13.998 3.4932 139.67 1,6661 19.339 23.102 280.39 Feb................................... 13.992 3.4921 139.60 1.6660 19.346 23.077 280.25 Mar.................................. 13.981 ................... 3.4867 .................1..39.24 1.6659 19.384 23.040 279.52 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, 1960. 3 Based on quotations through Feb. 11, 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 Frederic Solomon, Director LEGAL DIVISION 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 Lawrence H. Byrne, Jr., Director Ralph C. Wood, Adviser Lee W. Langham, Assistant Director 626 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 627 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, III, 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

628 FEDERAL RESERVE BULLETIN • APRIL 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 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. 629 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

630 FEDERAL RESERVE BULLETIN • APRIL 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 research. Upp. Summaries only printed in the Federal Reserve The Private Demand for Gold, 1931-53. Sept. Bulletin. 1954.10 pp. (Limited supply of mimeographed copies of Bankers’ Acceptance Financing in the United full text available upon request for single copies.) States. May 1955. 13 pp. Statistical Refinement of the Concept of In­ Revision of Consumer Credit Statistics. Oct. flation—Monetary and Liquidity Aspects, 1956. 24 pp. (Also, similar reprint from Apr. by Guy E. Noyes. Oct. 1965. 1953 Bulletin.) The Demand for Money-—Speed of Adjust­ Seasonal Factors Affecting Bank Reserves. ment, Interest Rates, and Wealth, by Feb. 1958. 12 pp. Frank de Leeuw. Oct. 1965. Open Market Operations in Long-Term Secu­ Price Analysis and Economic Developments, rities. Nov. 1958. 15 pp. by Murray Altmann. Oct. 1965. A Study of Factors Affecting the Money *Part I, All-Bank Statistics, 1896-1955. Re­ print of the U.S. Summary containing a descrip­ Stock—Phase One, by Leonall C. Andersen. tion of revised statistics for all banks in the Oct. 1965. United States, by class of bank, together with Criteria for Conduct of Monetary Policy; revised statistics. Apr. 1959. 94 pp. Implications of Recent Research, by Daniel H. Brill. Dec. 1965. Statistics on the Government Securities Market. Apr. 1961. 8 pp. The Postwar Boom in Hotels and Motels, by Royal Shipp and Robert Moore Fisher. Dec. Survey of Finance Companies, Mid-1960. Oct. 1965. ' 1961. 21 pp. Manufacturers’ Inventory Investment and Liquidity and Public Policy, Staff Paper by Monetary Policy, by Jimmie F. Monhollon. Stephen H. Axilrod. Oct. 1961. 17 pp. Jan. 1966. Revised Indexes of Freight Carloadings. Dec. Some Fiscal Implications of Expansion of the 1961. 3 pp. Social Security System, by Nancy H. Teeters. Seasonally Adjusted Series for Bank Credit. Jan. 1966. July 1962. 6 pp. The Demand for Currency, by George G. Interest Rates and Monetary Policy, Staff Kaufman. Feb. 1966. Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. The Demand for Money: A Review of the Empirical Literature by David M. Jones. Industrial Production—1957-59 Base. Oct. 1962. 10 pp. Feb. 1966. The Demand for Money: Speed of Adjust­ Flow of Funds Seasonally Adjusted. Nov. 1962. 15 pp. ment, Interest Rates, and Wealth—A Sequel, by Patric H. Hendershott. Mar. 1966. A Sectoral Analysis of Velocity, Staff Paper by Paul F. McGouldrick. Dec. 1962. 14 pp. The Process of Inflation: A Review of the Literature and Some Comparisons of Cy­ A New Look at the Farm Debt Picture. Dec clical Performance, 1953-65 by Glenn H. 1962. 18 pp. Miller, Jr., Apr. 1966. Farm Debt as Related to Value of Sales. Printed in full in the Federal Reserve Bulletin. Feb. 1963. 9 pp. (Reprints available as shown in list below.) 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 631 Recent Changes in Liquidity, Staff Paper by Ministerial Statement of the Group of Ten Daniel H. Brill. June 1963. 10 pp. and Annex Prepared by Deputies. Aug. 1964. 25 pp. Interest Rates on Time Deposits, Mid-February 1963. June 1963. 7 pp. Yield Differentials in Treasury Bills, 1959­ 64, Staff Paper by Samuel I. Katz. Oct. 1964. 20 pp. Measures of Member Bank Reserves. July 1963. 14 pp. U.S. Government Securities in 1964. Nov. 1964. 8 pp. Bank Loans Secured by Stocks and Bonds. July 1963. 19 pp. Research into Banking Structure and Com­ petition. Nov. 1964. 17 pp. A Bank Examiner Looks at Agricultural Lending, Staff Paper by Brenton C. Leavitt. Bank Credits to Foreigners. Mar. 1965. 10 pp. July 1963. 8 pp. Revision of Bank Debits and Deposit Turn­ Measuring and Analyzing Economic Growth, over Series. Mar. 1965. 4 pp. Staff Paper by Clayton Gehman. Aug. 1963. Banking and Monetary Statistics, 1964. Se­ 14 pp. lected series of banking and monetary statistics for 1964 only. Feb., Mar., and June 1965. Changes in Banking Structure, 1953-62. Sept. 15 pp. 1963. 8 pp. Recent Credit and Monetary Developments. Economic Change and Economic Analysis, July 1965. 12 pp. Staff Paper by Frank R. Garfield. Sept. 1963. 17 PP- Revision of the Money Supply Series. July 1965. 11 pp. Bank and PCA Lending to Farmers. Sept. 1963. H PP- Interest Rates in Capital Markets. Aug. 1965. 13 pp. The Open Market Policy Process. Oct. 1963. Measures of Banking Structure and Competi­ 11 PPtion. Sept. 1965. 11 pp. Recent Interest Rate Trends. Nov. 1963. U.S. International Payments. Oct. 1965. 9 pp. 10 pp. Time Deposits in Monetary Analysis, Staff Bank Credit and Money in 1963. Feb. 1964. Economic Study by Lyle E. Gramley and Sam­ 7PP- uel B. Chase, Jr., Oct. 1965. 25 pp. Survey of Financial Characteristics of Con­ Fiscal Policy and Debt Management. Nov. sumers. Mar. 1964. 9 pp. 1965. 11 pp. U.S. Trade and Payments in 1963. Apr. 1964. Cycles and Cyclical Imbalances in a Chang­ ing World, Staff Paper by Frank R. Garfield. 7pp- Nov. 1965. 15 pp. Flows Through Financial Intermediaries. Balance of Payments Program: Guidelines May 1964. 9 pp. for Banks and Nonbank Financial Institu­ tions. Dec. 1965. 9 pp. Revision of the Money Supply Series. June 1964. 14 pp. Bank Credit and Monetary Developments in 1965. Feb. 1966. Revision of Bank Credit Series. June 1964. Treasury and Federal Reserve Foreign Ex­ 5 pp. change Operations. Mar. 1966. 14 pp. Recent Monetary and Credit Developments. Research on Banking Structure and Per­ July 1964. 9 pp. formance, Staff Paper by Tynan Smith. Apr. 1966. 11 pp. Federal Reserve Security Transactions, 1954­ 63, Staff Paper by Stephen H. Axilrod and Recent Changes in U.S. Trade and Payments. Janice Krummack. July 1964. 16 pp. Apr. 1966. 11 pp. New Series on Federal Funds. Aug. 1964. Time and Savings Deposits, Late 1965 and 31 pp. ' Early 1966. Apr. 1966. 20 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. 538.) Acceptances, bankers’, 547, 564, 566 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 558, 560 Adjusted, and currency, 553 Arbitrage, 623 ................. Banks, by classes, 546, 554, 559, 562, 566 Assets and liabilities (See also Foreign liabilities and Federal Reserve Banks, 548, 617 claims): Postal savings, 546, 553 Banks and the monetary system, consolidated Discount rates, 545, 622 statement, 553 Discounts and advances by Federal Reserve Banks, Corporate, current, 578 540, 548, 550 ' Domestic banks, by classes, 554, 558, 560, 566 Dividends, corporate, 577, 578 Federal Reserve Banks, 548 Dollar assets, foreign, 609, 617 Automobiles: Earnings and hours, manufacturing industries, 593 Consumer instalment credit, 582, 583, 584 Employment, 590, 592, 593 Production index, 586, 587 Balance of payments (See U.S. balance of payments) Farm mortgage loans, 579, 580, 581 Bankers’ balances, 559, 561 Federal finance: (See also Foreign liabilities and claims) Cash transactions, 568 Banks and branches, number, by class and State, 600 Receipts and expenditures, 569 Banks and the monetary system, consolidated state­ Treasurer’s balance, 568 ment, 553 Federal funds, 544 Banks for cooperatives’, 573, 574 Federal home loan banks, 573, 574, 580 Bonds (See also U.S. Govt, securities): Federal Housing Administration, 565, 579, 580, 581 New issues, 574, 575, 576 Federal intermediate credit banks, 573, 574 Prices and yields, 564, 565 Federal land banks, 573, 574 Branch banks, number, by class and State, 601 Federal National Mortgage Assn., 573, 574, 581 Brokers and dealers in securities, bank loans to, Federal Reserve Banks: 558, 560 Condition statement, 548 Business expenditures on new plant and equip­ U.S. Govt, securities held by, 540, 548, 550, ment, 578 570, 571 Business indexes, 590 Federal Reserve credit, 540, 548, 550 Business loans (See Commercial and industrial loans) Federal Reserve notes, 548, 551 Federally sponsored credit agencies, 573, 574 Capital accounts: Finance company paper, 564, 566 Banks, by classes, 554, 559, 562 Financial institutions, loans to, 558, 560 Federal Reserve Banks, 548 Float, 540 Carloadings, 590 Flow of funds, 598 Central banks, foreign, 606, 622 Foreign central banks, 606, 622 Certificates of deposit, 562 Foreign currency operations, 548, 550, 608, 616 Coins, circulation of, 551 Foreign deposits in U.S. banks, 540, 548, 553, 559, Commercial and industrial loans: 562, 617 Commercial banks, 558 Foreign exchange rates, 624 Weekly reporting member banks, 560, 563 Foreign liabilities and claims: Commercial banks: Banks, 610, 612, 613, 615, 617 Assets and liabilities, 554, 557, 558 Nonfinancial concerns, 618 Consumer loans held, by type, 583 Foreign trade, 621 Number, by classes, 554, 600 Real estate mortgages held, by type, 579 Gold: Commercial paper, 564, 566 Certificates, 548, 551 Condition statements (See Assets and liabilities) Earmarked, 617 Construction, 590, 591 Net purchases by U.S., 608 Consumer credit: Production, 607 Instalment credit, 582, 583, 584, 585 Reserves of central banks and govts., 606 Noninstalment credit, by holder, 583 Reserves of foreign countries and international Consumer price indexes, 590, 594 organizations, 609 Consumption expenditures, 596, 597 Stock, 540, 553, 608 Corporations: Gross national product, 596, 597 Sales, profits, taxes, and dividends, 577, 578 Security issues, 575, 576 Hours and earnings, manufacturing industries, 593 Security prices and yields, 564, 565 Housing starts, 591 Cost of living (See Consumer price indexes) Income, national and personal, 596 Currency in circulation, 540, 551, 552 Industrial production index, 586, 590 Customer credit, stock market, 565 Instalment loans, 582, 583, 584, 585 Debits to deposit accounts, 550 Insurance companies, 567, 570, 571, 580 Debt (See specific types of debt or securities) Insured commercial banks 556, 558, 600 Demand deposits: Interbank deposits, 546, 554, 559 Adjusted, banks and the monetary system, 553 Interest rates: Adjusted, commercial banks, 550, 552, 559 Bond yields, 564 Banks, by classes, 546, 554, 562 Business loans by banks, 563 Turnover of, 550 Federal Reserve Bank discount rates, 545 Type of holder, at commercial banks, 559 Foreign countries, 622, 623 632 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 633 Interest rates—Continued Reserves: Money market rates, 564, 623 Central banks and govts., 606 Mortgage yields, 565 Commercial banks, 559 Stock yields, 564 Federal Reserve Banks, 548 Time deposits, maximum rates, 546 Foreign countries and international International capital transactions of the U.S., 610 organizations, 609 International institutions, 606, 608, 609 Member banks, 540, 542, 546, 559, 561 Inventories, 596 Residential mortgage loans, 579, 580, 581 Investment companies, new issues, 576 Retail credit 582 Investments (See also specific types of investments): Retail sales, 590 Banks, by classes, 554, 558, 561, 566 Sales finance companies, consumer loans of, 582, Commercial banks, 557 583, 585 Federal Reserve Banks, 548, 550 Saving: Life insurance companies, 567 Flow of funds series, 598 Savings and loan assns., 567 National income series, 597 Labor force, 592 Savings and loan assns., 567, 571, 580 Loans (See also specific types of loans): Savings deposits (See Time deposits) Banks, by classes, 554, 558, 560, 566 Savings institutions, principal assets, 566, 567 Commercial banks, 557 Securities (See also U.S. Govt, securities): Federal Reserve Banks, 540, 548, 550 Federally sponsored agencies, 573 Insurance companies, 567, 580 International transactions, 616, 617 Insured or guaranteed by U.S., 579, 580, 581 New issues, 574, 575, 576 Savings and loan assns., 567, 580 Silver coin and silver certificates, 551 State and local govts.: Manufactures, production index, 587, 590 Deposits of, 559, 562 Margin requirements, 546 Holdings of U.S. Govt, securities, 570, 571 Member banks: New security issues, 574, 575 Assets and liabilities, by classes, 554, 558 Ownership of obligations of, 558, 566, 567 Borrowings at Federal Reserve Banks, 542, Prices and yields of securities, 564, 565 548, 562 State member banks, 556, 600 Deposits, by classes, 546 Stock market credit, 565 Number, by classes, 555, 600 Stocks: Operating ratios, 602 New issues, 575, 576 Reserve position, basic, 544 Prices and yields, 564, 565 Reserve requirements, 546 Tax receipts, Federal, 569 Reserves and related items, 540 Time deposits, 546, 552, 553, 554, 559, 562 Weekly reporting series, 560 Treasurer’s account balance, 568 Mining, production index, 587, 590 Treasury cash, 540, 551, 553 Money rates (See Interest rates) Treasury currency, 540, 551, 553 Money supply and related data, 552 Treasury deposits, 540, 548, 568 Mortgages (See Real estate loans) Turnover, deposit, 550 Mutual funds (See Investment companies) Mutual savings banks, 553, 554, 556, 566, 570, Unemployment, 592 571, 579, 600 U.S. balance of payments, 620 U.S. Govt, balances: National banks, 556, 600 Commercial bank holdings, by classes, 559, 562 National income, 596, 597 Consolidated monetary statement, 553 National security expenditures, 569, 596 Treasury deposits at Federal Reserve Banks, Nonmember banks, 556, 558, 559, 600 540, 548, 568 U.S. Govt, securities: Open market transactions, 547 Bank holdings, 553, 554, 558, 561, 566. 570, 571 Operating ratios, member banks, 602 Dealer transactions, positions, and financing, 572 Payrolls, manufacturing, index, 590 Federal Reserve Bank holdings, 540, 548, 550, Personal income, 597 570, 571 Postal Savings System, 546, 553 Foreign and international holdings, 548, 609, 617 Prices z International transactions, 616 Consumer, 590, 594 New issues, gross proceeds, 575 Security, 565 Open market transactions, 547 Wholesale commodity, 590, 594 Outstanding, by type of security, 570, 571, 573 Production, 586, 590 Ownership of, 570, 571 Profits, corporate, 577, 578 Prices and yields, 564, 565, 623 United States notes, outstanding and in circulation, 551 Real estate loans: Utilities, production index, 587, 590 Banks, by classes, 558, 560, 566, 579 Mortgage yields, 565 Vault cash, 540, 546, 559 Type of holder, 579, 580, 581 Veterans Administration, 579, 580, 581 Type of property mortgaged, 579, 580, 581 Weekly reporting member banks, 560 Reserve position, basic, member banks, 544 Reserve requirements, member banks, 546 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 5) a ' 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