Federal Reserve Bulletin, 1966-05

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

A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6,00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. The Bulletin 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. (Stamps and coupons not accepted) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONTENTS VOLUME 52 ■ NUMBER 5 ■ MAY 1966 Construction and Mortgage Markets 635 Developments Under the Voluntary Foreign Credit Restraint Program 649 Staff Economic Studies: Summaries 652 Law Department 655 Announcements 660 National Summary of Business Conditions 661 Guide to Tabular Presentation 664 Financial and Business Statistics, U.S. (Contents on p. 665) 666 International Financial Statistics (Contents on p. 739) 740 Board of Governors and Staff 760 Open Market Committee and Staff; Federal Advisory Council 761 Federal Reserve Banks and Branches 762 Federal Reserve Board Publications 763 Index to Statistical Tables 766 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

CONSTRUCTION AND MORTGAGE MARKETS Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

635 JL OTAL outlays for new construction were at a record high this spring and substantially above the already advanced rate reached at this time last year. Then—as in the previous 4 years of the ex­ pansion—the economy as a whole was not operating so close to capacity as it has been since last summer, and upward pressures on construction costs and other prices were less strong. In the first 4 months of 1966, the year-to-year advance in total construction approached 10 per cent, somewhat more than the year-to-year rise for 1965 as a whole. About two-fifths of this rise—4 per cent—has reflected increases in construction costs, which had begun to accelerate last year. Land costs too have continued upward. Over the past 2 years the major stimulus to the advance in con­ struction activity has come from expanded private demands for nonresidential structures. In recent months, while private non­ farm residential construction has fluctuated near its early 1964 peak and public activity has changed little, private nonresidential activity has accounted for more than a third of the total and has Total NEW CONSTRUCTION OUTLAYS at record rate, as CHART 1 iiiiiHima^^ PRIVATE NONRESIDENTIAL rises to residential level, and h^Mhi^^i^MM^ Census Bureau data at seasonally adjusted annual rates. Private residential excludes farm structures. Data for nonresidential (total private excluding nonfarm residential) beginning July 1962 and for public beginning January 1963 reflect use of new series for certain compo­ nents not available for earlier years. All figures for recent months are preliminary, Latest shown, April. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

636 FEDERAL RESERVE BULLETIN • MAY 1966 matched the residential share of construction for the first time since World War II. Within private nonresidential construction, spending by indus­ try for plant expansion has continued to increase rapidly. Outlays for commercial structures, though below earlier peaks, have re­ mained unusually high, and expenditures for institutional facilities have risen further. The factors influencing the upsurge in business construction have been the same as those that have motivated the general ex­ pansion in plant and equipment investment, of which it is a part. These include the sustained growth of the economy as a whole, the special inducement created by various changes in Federal tax policy since 1962 and, more recently, the further fillip to demands stemming from the Vietnam situation. For colleges and other pri­ vate service institutions, as for their public counterparts, the ex­ pansion has reflected both actual and projected demands from the two most rapidly growing segments of the population—those of college age and those approaching or in retirement—and additions to Government programs directly or indirectly designed to help meet such demands. The expanded rate of total construction outlays has come at a time when all financial markets have been under general demand pressures from all sectors of the economy and when supply pres­ sures have also increased as monetary policy has shifted toward restraint. Within the mortgage market itself, net inflows to de­ positary institutions have declined in recent months even though there have been further increases in rates paid to depositors. The decline in net inflows has affected not only commercial banks but particularly savings and loan associations and mutual savings banks, which together with life insurance companies have tradi­ tionally been the more mortgage-oriented lenders. Under these circumstances mortgage lenders have insisted on higher yields and have become more selective in their allocation of funds, and net expansion in mortgage holdings of private lenders has slowed. During the first quarter of this year, this slowing down was more than offset by record additions by the Federal National Mortgage Association to its own portfolio through purchases of eligible Government-assisted mortgages in the secondary market. Higher seasonal needs for mortgages, tighter limits on mortgages eligible for purchase by FNMA in the secondary market, and other changes indicate, however, that this development may not be re­ peated to the same extent as the year progresses. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

638 FEDERAL RESERVE BULLETIN • MAY 1966 struction workers have been more rapid than those in many sectors of the economy. Between 1960 and 1965, hourly earnings in construction rose by an average of 3.7 per cent per year, and in the fourth quarter of last year they were 4.2 per cent higher than a year earlier and continued above the administration guide­ post of 3.2 per cent. Moreover, many of the recent labor contracts negotiated within the construction industry have provided for similarly large periodic increases over the next few years. Costs of basic materials have also advanced. For lumber the price increases have been particularly sharp in recent months. Nonresidential. In the first 4 years—1961-64—of the over-all expansion in construction outlays, private nonresidential con­ struction had averaged somewhat less than three-tenths of the total. But in the first quarter of 1966, it accounted for 35 per cent of the expanded rate. Within the business sector, the rate of out­ lays for commercial structures (offices, stores, warehouses, restau­ rants, and garages) appeared to be moderating in early 1966 after an abrupt spurt of more than a third in the last 5 months of 1965. Outlays for industrial plant, which had also turned up sharply last year, soared further, however, and expenditures for public utilities, a less volatile group, continued to move somewhat higher. As a result, though the rate of increase slowed appreciably in the first quarter of 1966, total outlays for business structures reached a record seasonally adjusted annual rate of $19 billion and were more than a fifth above a year earlier. For MULTIFAMILY STRUCTURES, building permits continue unusually high despite downtrend in recent years CHART 2 ■■■■■■■■■■■■■■■^^ Census Bureau data, in thousands of units, at seasonally adjusted annual rates. Data through 1962 are for about 10,000 permit-issuing places; those beginning January 1963 are for about 12,000 or all known permit-issuing places. Latest month shown, March (preliminary). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE MARKETS 639 Outlays for other types of nonresidential structures, which had advanced less rapidly than business construction during most of 1965, also continued to rise in the first quarter of the year. This group includes farm construction, which has been in a secular decline since early 1959 and which has averaged less than 2 per cent of total construction in recent years. From 1960 through 1964, public construction had shown the largest relative expansion of any major group, and in 1965 the year-to-year advance was nearly as fast as for private construction as a whole. In early March, however, the President announced steps to reduce Federal expenditures for construction insofar as feasible, not only to dampen over-all demands but hopefully as an example for the private sector as well as for State and local gov­ ernments. Implementation of this program may take some time. While the pace of highway expenditures has apparently moderated since last October, the rate of total public expenditures in recent months has been at or above earlier highs. Residential. Private housing starts in the first quarter of this year were at a seasonally adjusted annual rate of 1.5 million units. This was no more than 4 per cent below the increased rate in the fourth quarter of 1965 and was about the same as the average for the entire year, during the greater part of which starts had con­ tinued to move irregularly downward. In view of the long lead-time required before actual construc­ tion can begin, month-to-month changes in the rate of housing starts necessarily must reflect decisions made under market con­ ditions that prevailed some time earlier as well as more recent developments. Also, random influences often produce wide fluc­ tuations in month-to-month movements. Last winter such fluctua­ tions were quite pronounced both in the case of starts and also in the case of the generally less volatile series on residential building permits, shown for single-family and for multifamily units in Chart 2. These fluctuations appear to have reflected in large part unusually favorable weather conditions in December and more than seasonal turbulence in February rather than underlying changes either in demands for shelter or in financial markets. In previous periods of intensified competition for funds from other markets, monetary restraint and rising interest rates have been associated with sharp reductions in housing activity. The effect of such developments on starts in the period ahead will depend in part on the actual strength of demands for funds outside the mortgage market. It may also depend on the marked struc- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

640 FEDERAL RESERVE BULLETIN • MAY 1966 tural changes that have developed in recent years within the hous­ ing market itself. As may be seen from the accompanying table, thus far in the 1960’s the composition of starts has shifted appre­ ciably toward multifamily units. Because of a wider range of financing options, special tax considerations, and other factors, ability of developers to compete for funds for such units tends to be more broadly based than is the case for single-family units. Also conventional mortgages have come to dominate the mix even more than they used to, and interest rates on such mortgages are freer to rise with other rates than those on Government-under­ written mortgages are. HOUSING STARTS Table 2 ^^®^^® Type 1959 1960 1963 1964 1965 In thousands of units Total, including public. . ... 1,554 1,296 1 ,641 1,591 1,543 Total private..................... ... 1,517 1,252 1,609 1,557 1,505 As percentage of total private Single-family units........... ... 81 79 63 62 64 Multifamily units............. ... 19 21 37 38 36 Conventional..................... .. . 71 73 82 83 83 FHA-insured....................... . 22 21 14 13 13 VA-guaranteed................. . .. 7 6 4 4 4 Northeast.......................... . . . 18 18 16 17 19 North Central................... . . . 24 24 20 22 24 South.................................. . .. 34 34 37 38 39 West.................................. ... 24 24 27 23 18 Based on data from Census Bureau except for units started with inspection by the Federal Housing Administration or the Veterans Administration, which are avail­ able from those agencies, respectively. Conventional starts are those financed with­ out a Government-assisted mortgage and those financed without a mortgage loan. That the availability of mortgage funds by itself is not a suffi­ cient condition to implement a boom in single-family housing has been illustrated by developments so far in the 1960’s. In this period—even though the mortgage market clearly favored bor­ rowers until the summer of 1965—single-family starts showed very little change at an annual average of less than 1 million units. Even including manufacturers’ shipments of mobile homes, which in recent years have approached an annual rate of 200,000, the average would still be under the 1959 peak, when demands were still exceptionally high and shortages accumulated from earlier periods were still being worked off. Apart from increased competition from apartments, an im- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE MARKETS 641 portant factor in the relatively low volume of single-family starts has been the static level of the population segment 25-44 years of age, which provides the major market for single-family hous­ ing. As a result, while incomes have risen, this has been reflected more in upgraded demand for larger and more expensive new and existing structures and in modernization and improvement rather than in a significant change in the number of new single-family units demanded. In the case of multifamily structures, the trend of starts was clearly upward from 1956 through 1963. The decline since then has been in response to overbuilding in some areas, particularly in the West, and to growing concern by some lenders and regula­ tory agencies about the quality of mortgage credit being gen­ erated. Even so, starts of multifamily units have still been unusually high. In 1965, they totaled well over 500,000 for the third con­ secutive year, and completions in that year about matched the apparent record in 1964. While demographic growth factors and increased urbanization have continued to favor demands for rental properties, costs of land and other pressures have tended to orient building toward the higher-price range of the market. As a result, shortages of upgraded housing within the reach of low income groups have continued, even while “overbuilding” in some areas has persisted. CHART 3 HOUSING STARTS vary considerably by region, generally in line with different tendencies in VACANCY RATES NORTHEAST NORTH CENTRAL SOUTH WEST 700 Census Bureau data. Starts are at seasonally adjusted annual rates. Rental vacancy rates, not seasonally adjusted, relate to vacant, not dilapidated, units available for rent. Latest figures shown, first quarter. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

642 FEDERAL RESERVE BULLETIN • MAY 1966 This has led to efforts to raise the level of effective demand of these groups through rent supplements, low-interest mortgage loans, and other types of assistance. The pace of these efforts, as well as of others under consideration, will depend on the avail­ ability of congressional appropriations and on the speed with which acceptable programs can be implemented. Regional differences. Underlying the aggregates for the nation as a whole, housing developments in particular regions have con­ tinued to exhibit marked differences. All of the over-all decline in starts in 1964 and most of it in 1965 was accounted for by the West, as suggested by Chart 3, which is based on quarterly aver­ ages to allow for the volatility of the monthly series. Also, in the first quarter of this year, starts in the West turned up slightly. In the Northeast and North Central States, they held fairly near the advanced rates reached in the fourth quarter of 1965. Only in the South was there a clear decline below earlier trend. Residential vacancy rates, which can be taken as a broad meas­ ure of the relation between effective demand and the supply of housing that is fit for use, have also continued to vary appreciably by region. In the West vacancy rates for rental properties—a more sensitive indicator of general demands than vacancy rates for homes for sale—have remained relatively high even though adjustments in starts have been proceeding for some time. This has been associated with a still high level of completions and par­ ticularly with an appreciable slow-down of in-migration both abso­ lutely and in relation to earlier expectations. At the other ex­ treme, in the North Central States vacancy rates have been in a definite downward trend in recent years, and the uptrend in starts has been pronounced. For the nation as a whole, vacancy rates for rental properties in early 1966 averaged about 7.5 per cent. This was somewhat under the peak in early 1961 and little changed from the average of the past 4 years. Vacancies in housing offered solely for sale continued to hold at a rate of 1.4 per cent. HOME MORTGAGE Late last summer, as the Vietnam situation worsened and demands TERMS for loanable funds broadened further, the long period during which mortgage yields had held extraordinarily stable came to an end. By early December yields on certain 5'4 per cent FHAinsured home mortgages traded in the secondary market had already advanced by 5 basis points from the plateau of 5.44-5.46 per cent that had persisted for more than 2 years. And by Janu- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE MARKETS 643 ary, these yields were 19 basis points higher, at an average of 5.70 per cent. Rates on conventional home mortgages responded almost as fast, according to FHA data rounded to the nearest 5 basis points. Such rates reached levels of 6.00 per cent in January in the case of first-mortgage loans to purchase new homes and 6.05 per cent for loans to purchase existing homes—about 20 basis points above their extended earlier plateaus. HOME MORTGAGE YIELDS up sharply, following rise in bond yields CHART 4 CONVENTIONAL FHA-INSURED NEW CORPORATE BONDS Aog BASIS GROSS YIELD SPREAD Mortgage data based on FHA field office opinions for market areas of insuring office cities. For conventional, average interest rates for first mortgages on new and existing houses through March 1960 and on new houses thereafter. For FHA-insured, weighted averages of private secondary market prices of certain new-house mortgages converted to annual yield. For corporate bonds, weighted averages of offering yields on public issues, adjusted to an Aaa basis, computed by First National City Bank of New York. Thinner segments of line for FHA-insured indicate periods of adjustment to changes in contractual interest rate; and for Aaa bonds, no eligible offerings. Latest figures shown for conventional mortgages and new corporate bonds, April; others, March. A factor in the speed of the response, as may be seen from Chart 4, was the unusually narrow spread between yields on mort­ gages and yields on other types of debt instruments, which had developed when investor demands for mortgages had been ex­ tremely high. By the end of 1963 the gross spread between yields on FHA-insured mortgages and yields on new high-grade corpo­ rate bonds had already contracted to less than 100 basis points, compared with a recent high of 148 basis points in May of 1962. And by the end of 1965 the spread had narrowed to less than 80 basis points. Another factor in the speed of the response of mortgage rates was the need of commercial banks as well as of nonbank financial institutions to raise rates on deposits in order to maintain net Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

644 FEDERAL RESERVE BULLETIN • MAY 1966 savings flows to meet the expanded demands for investment funds. In early December, when the Board of Governors approved an increase in the Federal Reserve discount rate, it also raised further the maximum interest rates payable on time deposits by commercial banks. The maximum rate on passbook savings was not changed. During the first quarter of 1966 a number of banks found it expe­ dient to increase their rates, especially on negotiable certificates of deposit and savings certificates, in some cases to the limit of 514 per cent. Although some of the mutual savings banks and savings and loan associations also raised their rates, the net in­ crease in savings in the first quarter of 1966 for all depositary institutions was below the unusually high year-earlier level and, in fact, was the smallest in the past 5 years. Government-assisted mortgages. As the entire structure of interest rates rose, the market for Government-underwritten mortgages— still a strategic factor in bolstering demands for existing houses and indirectly for new homes—became particularly unsettled. This was related to the relatively rigid contract rate set for such mortgages, to rumors about a possible change, and to the reluc­ tance of builders of new houses and sellers of existing houses to absorb deeper discounts in order to attract lenders, especially in the West where such discounts tend to be largest. To reduce the size of the discounts, the FHA Commissioner, effective February 7, raised the maximum rate permitted on FHAinsured home mortgages from 514 to 514 per cent. The VA Administrator made a comparable upward adjustment for VAguaranteed mortgages effective March 3, under authority of the new “G.I. Bill” enacted at the time. On April 11 another increase —to 514 per cent—was instituted simultaneously for FHAinsured mortgages and for VA-guaranteed mortgages; the maxi­ mum rates for the latter may now legally move with those set by FHA up to a limit of 6 per cent. Government-agency shifts. While these changes were under way, offerings of eligible Government-underwritten mortgages to the Federal National Mortgage Association for purchase in the sec­ ondary market reached record highs. To limit the resulting pres­ sures on its resources and to continue to provide some liquidity to the market, over the period from December 10 through March 4 of this year, FNMA made three successive reductions in the prices it would pay for eligible home mortgages offered for pur­ chase. In each instance these reductions amounted to 1 percent- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE MARKETS 645 age point—equal to about 12 basis points on the yield to the purchaser. In addition, FNMA raised the price of common stock that mortgage-sellers are required to buy, and it made other adjustments as well. Moreover, as the second quarter began, to stem the tide of offerings further, FNMA also limited the mortgages it would accept for purchase to those with an unpaid balance of $15,000 or less per dwelling unit mortgaged. This compared with a poten­ tial maximum of $30,000 in the case of FHA-insured mortgages. On April 12, concurrent with the latest change in the contract rate for such mortgages, FNMA lowered its purchase prices once more—this time by 2 percentage points. Other sources of funds to mortgage lenders were also tightened further. Most conspicuously, as the first quarter drew to a close and their own financing costs rose, the Federal home loan banks increased the cost of advances to members—mainly savings and loan associations—-to levels between 5 and 5% per cent. These were the highest in the history of the banks. But in early May some of the banks moved their rates higher, in some cases to 5 F2 per cent. Terms on conventional mortgages. By the end of April, contract rates for conventional mortgages to finance the purchase of new homes were running 45 basis points above their earlier plateau and, at 6.25 per cent, about matched the record level that had prevailed from late 1959 through mid-1960, according to data from the FHA. In addition to requiring higher yields, lenders tended to become more selective about both types of borrowers and types of properties. Also in the case of home mortgages, both maturities and loan-to-price ratios generally tended to be­ come less liberal, based on data on conventional first mortgages available for March from the Federal Home Loan Bank Board. Loan amounts, however, were still well above levels of even a few years earlier, owing in part to the general uptrend in prices and in the average size of dwellings being bought. Moreover, reflect­ ing the liberalized legislation and related regulations effected over the last few years, nonrate terms were still more liberal than as recently as 1963 and much more so than in 1959 when mortgage conditions were also tight. In March, maturities approached 25 years for loans on new homes and 21 years for loans on existing homes. Loan-to-price ratios averaged 74.3 per cent and 72.5 per cent, respectively. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

646 FEDERAL RESERVE BULLETIN • MAY 1966 MORTGAGE HOLDINGS up sharply in recent quarters for FNMA CHART 5 ■■■■■MHBMHHHHHHHHi — 9 —. 8 — 7 - 6 / 5 FNMA OTHER GOVT — 4 AGENCIES as trend changes little for DEBT ON HOMES despite shifts in growth in holdings among PRIVATE LENDERS Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE MARKETS 647 MORTGAGE DEBT Estimates based on data available as of mid-May indicate that mortgage debt outstanding on March 31, 1966, approached $349 billion, compared with $342 billion at the end of 1965. Expansion by FNMA. Despite continuing attempts to keep its purchasing activity in the secondary market within viable bounds, net expansion of all mortgage holdings by the FNMA in the first quarter of 1966 reached a record volume of $800 million. This contrasted with a net expansion in FNMA’s portfolios of $1.6 billion in all of 1959—when purchases by that agency were also exceptionally high—and with net reductions in each of the 4 years 1961-64. At the height of the borrowers’ market in 1963, the net reduction had reached $1.3 billion. Reflecting largely the contribution from FNMA, mortgage funds in the first quarter of 1966 were generally available to meet the expanded volume of commitments made earlier, and net expansion of mortgage debt by all holders actually somewhat exceeded the $6.1 billion average reached in the first quarter of each of the last 2 years. Homes. Mortgage debt on 1- to 4-family properties approxi­ mated $216 billion on March 31 of this year. Net expansion in such debt, which has tended below the peak annual rate of $15.7 billion reached in 1963, was about in line with the increase a year earlier. FNMA accounted for about a fourth of the recent rise, however. Also, in the case of savings and loan associations—still the major force in the mortgage market, particularly for homes— the increase was supported in part by less than seasonal repay­ ments to the Federal home loan banks on outstanding advances. Income properties. The net increase in mortgage debt on multi­ family and commercial properties in the first quarter of 1966 appeared to be clearly in excess of that a year earlier. In 1965 the net addition to such debt had been about the same as it was in 1964—$13 billion. Including the rise in farm mortgage debt, which has been averaging about $2 billion a year, the net expan­ sion in 1965 about matched the increase in debt on 1- to 4-family homes. The acceleration in the first quarter of this year reflected in part the still large volume of apartment construction and the increased resort by builders and purchasers of business and re- Note to Chart 5: Data estimated by Federal Reserve as required to supplement reports of Federal agencies and private sources. Homes are 1- to 4-family properties. Farm debt is included in total holdings shown for financial institutions and for Federal agencies. Latest figures shown, first quarter of 1966; those for last three quarters are largely preliminary. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

648 FEDERAL RESERVE BULLETIN • MAY 1966 lated property to mortgages as a means of financing such proper­ ties in the current phase of the capital investment boom. Private lenders. Among the major private mortgage lenders, life insurance companies and commercial banks appeared still to be showing further year-to-year growth in the amount of expansion in their mortgage holdings in the early part of 1966. Net expan­ sion for all four major groups combined, however, was the lowest since early 1962. In line with this development, savings and loan associations in the first quarter of 1966, as in 1965 as a whole, accounted for less than 40 per cent of the over-all increase for these groups. In 1964 their share had been 43 per cent; and in most other recent years, more than half. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DEVELOPMENTS UNDER THE VOLUNTARY FOREIGN CREDIT RESTRAINT PROGRAM Foreign claims of U.S. commercial banks asked to report such holdings quarterly. As and other financial institutions continue to of March 31, 1966, there were 93 such remain well within the limits of the guide­ banks holding foreign claims aggregating lines established under the President’s bal­ only $21 million. This figure represents a ance of payments program. decrease of $2 million since the beginning Commercial banks increased their hold­ of the Federal Reserve System’s program, ings of foreign assets covered by the System’s and it leaves these banks with a leeway of guidelines by $92 million in March, the first $16 million under their target ceiling. increase since December 1965. For the Foreign assets of nonbank financial in­ quarter as a whole, however, the banks re­ stitutions rose by $158 million in the fourth duced their holdings by $290 million to a quarter of 1965 and at year-end were $721 March 31, 1966 level that was $138 million million, or 6 per cent, larger than at the below the December 31, 1964 base and end of 1964. These institutions repatriated $713 million below the target. The addition $235 million of liquid assets last year, of 1 per cent to the target ceiling on April thereby reducing such holdings abroad by 1, in accordance with the previously an­ nearly one-half. Loans and other credits with nounced schedule, raised the banks’ leeway maturities of 10 years or less, together with to $803 million, about where it was a month investments in financial subsidiaries abroad, earlier, on February 28. rose by only $14 million, or 1 per cent. The number of banks holding claims in This was considerably less than the 5 per excess of their individual target ceilings and cent maximum growth rate stipulated for the aggregate amount of the excess con­ these assets. tinued to decline. However, long-term assets rose by $940 Banks holding foreign claims of more million, or 9 per cent, in 1965. No percent­ than $100,000 but less than $500,000 are age guidelines had been established for such Table I Foreign Credits of U. S. Banks 1965 1966 Item Mar. June Sept. Dec. Feb. Mar. 31 30 30 31 28 31 Number of reporting banks................................................................................... 150 (61 160 161 160 160 In millions of dollars Total foreign credits subject to ceiling................................................................. 9,896 9,589 9,503 9,652 9,270 9,362 Target ceiling (for first quarter of 1966, 106 per cent of December 1964 base).................................................................................................................... 9,971 9,981 9,979 9,973 10,075 10,075 Net expansion of credit since December 1964. ................................................ 398 82 -2 156 -230 -138 Net leeway for further expansion of credit within target ceiling................... 75 391 477 319 804 713 649 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

650 FEDERAL RESERVE BULLETIN • MAY 1966 Table 2 other than Canada and Japan. The data in­ Foreign Credits of Banks in Excess of Target dicate that the institutions have complied Ceiling with this request. While practically all of the net dollar increase in long-term foreign Net reduction Date Nu o m f b er in to c a re c d h i i t e v n e e c t e a s r s g a e r t y assets last year was in holdings of Canadian banks (millions of dollars) securities, outstanding investments in long­ 1965—Mar. 31................................ 60 274 term securities of less developed countries June 30.......... 56 107 Sept. 30............................... 35 86 and of international institutions rose by 16 Dec. 31................................ 35 114 1966—Feb. 28................................ 23 18 per cent. On the other hand, holdings of Mar. 31.......... 21 16 long-term assets (primarily stocks) in de­ veloped countries other than Canada and assets, but nonbank financial institutions Japan, which had fallen by 7 per cent in the were requested to give priority to investments first 9 months of 1965, were reduced another in less developed countries and to restrict 3 per cent in the fourth quarter, for a total their investments in developed countries decline last year of $185 million. Table 3 Foreign Assets of Reporting Nonbank Financial Institutions, By Country and Guideline Category Change from— Holdings, Sept. 30, 1965 Dec. 31, 1964 Area, and Guideline Dec. 31, 1965 Millions of Millions of dollars Per cent dollars Per cent All Countries Guideline 1, total ।.,.. . ................................................................................. 276 -25 -8,2 -235 -46.0 Guideline 2 total 2,............................................................................................. 1,266 -I -.1 14 1.1 Bonds of international institutions...................................................... ' 120 —7 -5.4 -5 -4.4 Other credits................................................................................................... 550 2 .4 23 4.3 Investment in financial subs........................................................................... 596 4 .7 -3 -.5 Guideline 3 total J ............................................................................................. 11,365 183 1.6 941 9.0 Bonds of international institutions............................................................... '836 -25 -3.0 110 15. 1 Other credits.................................................................................................... 7,900 217 2.8 966 13.9 Equities.............................................................................................................. 2; 629 -9 -.4 -135 -4.9 Total assets—all Guidelines.......................................................................... 12,907 158 1.2 721 5.9 Canada Guideline 1, total i.............................................................................................. 246 - 15 -5.9 -218 -47.1 Guideline 2, total 2.,,................................................................... . 718 -14 -2.0 -23 -3.2 Credits................................................................................................................. 217 -18 -7.6 -13 -5.5 Investment in financial subs........................................................................... 501 3 .6 -11 -2.1 Guideline 3, total J .................................................................................... 8,129 209 2.6 901 12.5 Credits................................................................................................................ 6,717 179 2.7 825 14.0 Equities............................................................................................................. 1 ,412 30 2.1 76 5.7 Total assets—all Guidelines........................................................................... 9,092 179 2.0 660 7.8 Note.—For other areas, see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

VFCR PROGRAM 651 Table 3—Continued Foreign Assets of Reporting Nonbank Financial Institutions, By Country and Guideline Category Change from— Holdings, Sept. 30, 1965 Dec. 31, 1964 Area, and Guideline Dec. 31,1965 Millions of Millions of dollars Per cent dollars Per cent Japan Guideline 1, total L ....... .......................................................... 2 * -17.1 -3 -56.7 Guideline 2, total2............................................................................................... 19 -4 -16.7 7 52.9 Cred its.............................................................................................................. 19 -4 -16.8 7 52.6 Investments in financial subs......................................................................... * * * Guideline 3, total-'............................................................................................... 223 11 5.4 31 16.1 Credits................................................................................................................ 203 11 5.7 30 17.4 Equities............................................................................................................... 19 * 2.1 I 4.3 Total assets—all Guidelines....................................................................... 244 7 3.0 34 16.4 Other developed countries Guideline 1, total'............................................................................................. 14 -5 -24. 1 -8 -36.9 Guideline 2, total2.... .................................................................................... - 226 24 11.7 41 38.3 Credits............................................................................................................... 143 24 20.2 32 28.9 Investment in financial subs........................................................................... 83 * -.3 9 11.9 Guideline 3, total-3............................................................................................. 1,622 -49 -3.0 -184 -10.2 Credits................................................................................................................ 565 8 1.5 73 14.9 Equities.............................................................................................................. 1,057 -58 -5.2 -257 -19.6 Total assets—all Guidelines........................................................................ 1,862 -30 -1.6 — 151 -7 5 AU other countries 4 Guideline 1 total *..... ............................................................................. 14 -4 — 23.8 -5 — 27.2 Guideline 2, total2............................................................................................ 303 -6 -1.9 - 10 -3.2 Ronds of international institutions.............................................................. 120 -7 -5.4 — 5 4 4 Other credits.................................................................................................... 172 — .2 — 3 18 Investment in financial subs.......................................................................... 11 1 14.0 — 1 — 10. 3 Guideline 3, total^.............................................................................................. 1,392 12 .9 193 16.1 Bonds of international institutions............................................................... 836 -25 -3.0 110 15 1 Other credits..................................................................................................... 414 19 4.7 38 10.0 Equities........................................................................................................... 141 19 15.5 46 47 8 Total assets—all Guidelines............................................................................... 1,709 2 . 1 178 11.6 * Less than $500,000. 1 Liquid investments', i.e., deposits and money market instruments. 2 Credits with maturities of 10 years or less at date of acquisition and net investment in financial subsidiaries. J Credits with maturities of more than 10 years and equity securities. 4 Less developed countries and international institutions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDIES The research staffs of the Board of Gover­ necessarily indicate concurrence by other nors of the Federal Reserve System and of members of the research staffs, by the Board the Federal Reserve Banks undertake studies of Governors, or by the Federal Reserve that cover a wide range of economic and Banks. financial subjects. From time to time the re­ Single copies of the full text of each of sults of studies that are of general interest the studies summarized below are available to the economics profession and to others are in mimeographed form. The list of publica­ summarized—or in some instances printed tions at the back of each Federal Reserve in full—in this section of the Bulletin. Bulletin includes a separate section enu­ In all cases the analyses and conclusions merating the studies for which copies are set forth are those of the authors and do not currently available in that form. STUDY SUMMARIES THE FEDERAL RESERVE SYSTEM AND WORLD MONETARY PROBLEMS Robert Solomon—Staff, Board of Governors Paper presented before The Washington Foreign Law Society, February 10, 1966 The U.S. dollar, over which the Federal Re­ the United States. And when a country is in serve exercises its stewardship, serves as deficit, its central bank pays out dollars. much more than a domestic currency. It is In addition to its use as a means of pay­ used throughout the world as an interna­ ment, or vehicle currency, the dollar is tional currency—fulfilling on a worldwide widely used as a store of value, or reserve basis two traditional functions of money: a currency. Dollar balances, together with means of payment and a store of value. gold and liquid claims on the International The foreign exchange market in most Monetary Fund, comprise the bulk of in­ countries is one in which the currency of ternational reserves. Much of the growth of the country is traded against U.S. dollars. international reserves in recent years has When a country has a surplus in its balance been in the form of increased dollar holdings of payments, that surplus shows up in the first instance as an increase in the dollars by foreign monetary authorities. This in­ held by that country’s central bank—regard­ crease in dollars held abroad, together with less of the balance of payments position of U.S. gold sales to foreign central banks, is 652 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDIES 653 the counterpart of the U.S. balance of pay­ a supplementary means of creating interna­ ments deficit. tional money. The search for such a means The present international monetary sys­ is going on in the Group of Ten and the tem, in which the United States serves in International Monetary Fund. The outcome effect as a bank that creates international of these efforts—which will presumably be money, has come in for criticism in recent new international arrangements for creating years, both at home and abroad. Regard­ reserves—will inevitably have to respect and less of the merits of these criticisms, there is accommodate the role of the dollar as a no doubt that the world needs to develop vehicle and reserve currency. THE SPANISH “MIRACLE”: GROWTH AND CHANGE IN THE SPANISH ECONOMY, 1959 TO MID-1965 Rodney H. Mills, Jr.—Staff, Board of Governors Prepared as a staff paper in December 1965 The surprisingly favorable changes in Span­ These developments have been, to a ish economic conditions in the past 6 years large extent, in response to decisions per­ have received little attention outside Spain mitting a rising inflow of badly-needed im­ itself. Retarded for more than a generation ports, especially machinery and other equip­ by depression, civil war, world conflict, and ment. To obtain the much higher foreign isolation, the Spanish economy has acquired exchange accruals required by this policy, new strength and dynamism as a result of the currency was devalued (thus stimulating important policy revisions dating from 1959. exports and tourism), and foreign invest­ In general terms, these revisions can be de­ ment was encouraged. Spain has also had scribed as a reorientation away from con­ the good fortune of being able to help sat­ trols toward greater reliance on market isfy the growing demands in Western Eu­ forces and on broad fiscal and monetary rope for tourist travel and for manpower. policies. The degree to which the Spanish economy Since these policy shifts began to occur, has been “opened up” since 1958 is ex­ Spain’s growth rate has doubled and has emplified by a rise of 3U2 times in the dol­ averaged about 9 per cent per year. This lar value of Spain’s exchanges of goods and rate compares favorably with “miracle” services with the rest of the world, and by growth rates in postwar Germany and Italy, the growth of private foreign investment in but the use of the word “miracle” seems Spain from virtually nothing to $300 mil­ particularly apt in the case of Spain because lion per year. But heavy protection from the attitudes adopted were so different from foreign competition is still afforded certain those of the past. Within the economy, industries, including the swiftly-expanding Spanish output has become rapidly more automobile industry. industrial in character, with industries that Spain experienced balance of payments produce highly-finished manufactures as­ surpluses in all of the years 1960-64; gold suming importance for the first time. and foreign exchange reserves, which were Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

654 FEDERAL RESERVE BULLETIN • MAY 1966 only $60 million in 1959, exceeded $1.4 have been distinctly less favorable. Since billion in mid-1965. This strengthening of the latter part of 1964, inflationary pres­ Spain’s external position is also reflected in sures have been very strong. By late 1965, the termination of U.S. aid to Spain in 1961, the balance of payments had shifted into and Spanish access to World Bank loans deficit, and international reserves have de­ to help finance the development program clined sharply since then. Early in 1966 the begun in 1964. Spanish authorities took concerted antiinflationary action in the monetary and fiscal * * * * * ^ $ fields, but it is not yet clear whether those Since the end of the period covered by measures will be sufficient to restore ex­ this study, economic developments in Spain ternal balance. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations, new regulations, and similar material Member Bank Acquisition of Stock of additional banking offices only with the prior Another Bank approval of the Comptroller of the Currency or the Board of Governors, respectively. When one The Board of Governors has recently consid­ bank owns all or a majority of the stock of an­ ered, in several cases, whether a member bank other, the offices and resources of the latter are a may lawfully acquire stock of another bank. In part of the banking organization owned by, and some instances, a direct acquisition was involved; subject to the control of, the parent bank, despite in another, the stock was to be purchased by a the existence of separate corporate entities. Con­ wholly-owned subsidiary of the member bank. In sequently, if such acquisitions of stock were per­ one instance, the bank stock was to be purchased missible, member banks could conduct banking for cash; in others, the consideration was to con­ operations through additional offices without ob­ sist of newly-issued shares of stock of the acquir­ taining supervisory approval, which would under­ ing bank. All of the cases involved acquisition of mine an important regulatory purpose of the Fed­ a majority of the stock of the “subsidiary” bank. eral statutes relating to multiple-office banking. The Board reaffirmed its position, originally This incompatibility with the Federal banking taken shortly after enactment of the Banking Act statutes is particularly apparent when the offices of 1933 (1933 Federal Reserve Bulletin 449), of the “subsidiary” bank are situated in places that such acquisitions by member banks are not where the acquiring bank may not lawfully estab­ legally permissible. Section 5136 of the United lish and maintain direct branches, under appli­ States Revised Statutes (12 U.S.C. 24) forbids a cable State and Federal laws. If a bank in those national bank to purchase “for its own account circumstances could acquire an existing bank or . . . any shares of stock of any corporation.” establish a new one, it could effectively circum­ That prohibition is also applicable to State mem­ vent public policy and accomplish indirectly what ber banks, under section 9 of the Federal Reserve it could not accomplish directly—namely, owner­ Act (12 U.S.C. 335). Legislative history and ship and control of banking offices in places (even judicial interpretations in this field support the in another State) where it is forbidden by law to view that Congress did not intend to permit na­ conduct banking operations. tional banks or State member banks to acquire, for their own account, the stock of other banks, Orders Under Bank Merger Act either directly or through intermediary corpora­ The following Orders and Statements were is­ tions. The statutory prohibition applies to any sued in connection with actions by the Board of voluntary acquisition of the stock of another bank, Governors with respect to applications for ap­ whether the consideration given for the stock proval of the merger of banks: consists of cash, other bank assets, or shares of WELLS FARGO BANK, SAN FRANCISCO, stock of the acquiring bank. CALIFORNIA The Board concluded that such acquisitions fn the matter of the application of Wells Fargo would also violate the provisions of section 5155 Bank for approval of merger with Bank of Sonoma of the Revised Statutes and section 9 of the Fed­ County. eral Reserve Act (12 U.S.C. 36 and 321) that prohibit the establishment of branches by member Order Denying Application for Approval of banks except under prescribed conditions. Those Merger of Banks provisions of law were intended to permit na­ There has come before the Board of Governors, tional banks and State member banks to operate pursuant to the Bank Merger Act, as amended 655 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

656 FEDERAL RESERVE BULLETIN • MAY 1966 (12 U.S.C. 1828(c), Public Law 89-356), an western Sonoma County, one in Forestville and application by Wells Fargo Bank, San Francisco, one in Guerneville, six miles and 14 miles north­ California, a State member bank of the Federal west of Sebastopol, respectively. Western Sonoma Reserve System, for the Board’s prior approval of County is primarily an agricultural area. the merger of that bank and Bank of Sonoma The nearest offices of Wells Fargo to Sonoma County, Sebastopol, California, under the charter Bank are its three branches in Santa Rosa, which and title of Wells Fargo Bank. As an incident to has a population of about 43,000. Sebastopol and the merger, the main office and two branches of Santa Rosa are separated by an eight-mile-wide, Bank of Sonoma County would become branches sparsely populated, low lying plain that, because of the resulting bank. Notice of the proposed of occasional flooding, is presently unsuited for merger, in form approved by the Board, has been development. The towns are connected by good published pursuant to said Act. roads. Santa Rosa is by far the largest community Upon consideration of all relevant material in and trading center in the region. About one-third the light of the factors set forth in said Act, in­ of the residents of Sebastopol commute to work, cluding reports furnished by the Comptroller of most of them to Santa Rosa. The relevant area the Currency, the Federal Deposit Insurance Cor­ for the purpose of considering the effect of the poration, and the Attorney General on the com­ proposal on competition is the combined Sebasto­ petitive factors involved in the proposed merger, pol/Santa Rosa area. It is hereby ordered, for the reasons set forth The head office of Sonoma Bank is about eight in the Board’s Statement of this date, that said miles from the three Santa Rosa offices of Wells application be and hereby is denied. Fargo. Each bank derives a portion of its business Dated at Washington, D. C., this 13th day of from areas served by the other. The proposed April, 1966. merger would eliminate existing and potential By order of the Board of Governors. competition between the merging banks. Voting for this action: Governors Robertson, Shep- Wells Fargo, the State’s third largest bank, is ardson, Mitchell, Daane, Maisel, and Brimmer. one of eight banks that operate a total of 22 Voting against this action: Chairman Martin. offices in the Sebastopol/Santa Rosa area.1 After (Signed) Merritt Sherman, the proposed merger, Wells Fargo and Bank of Secretary. America, NT&SA, the State’s largest bank, to­ [seal] gether would account for 63 per cent of the loans and 63 per cent of the IPC deposits held by all Statement banking offices in the relevant area. The offices Wells Fargo Bank, San Francisco, California of these two banks and the area’s third largest (“Wells Fargo”), with total deposits of about bank would account for 89 per cent and 91 per $3.5 billion, has applied, pursuant to the Bank cent, respectively, of such loans and deposits. Merger Act, as amended (12 U.S.C. 1828(c), The three offices of Wells Fargo presently ac­ Public Law 89-356), for the Board’s prior ap­ count for 31 per cent of the loans and 23 per proval of the merger of that bank with the Bank cent of the IPC deposits held by the banking of Sonoma County, Sebastopol, California (“So­ offices in the Sebastopol/Santa Rosa area. After noma Bank”), which has total deposits of about the proposed merger, the offices of Wells Fargo $17 million. The banks would merge under the would account for 39 per cent and 33 per cent, charter and name of Wells Fargo, which is a respectively, of such loans and deposits. Wells member of the Federal Reserve System. As an Fargo would continue to rank first among area incident to the merger, the three offices of Sonoma banks in terms of loans held, and would advance Bank would become branches of Wells Fargo, in rank from third to first in terms of IPC de­ increasing the number of its offices to 210. posits held. Competition. The head office of Sonoma Bank is in Sebastopol, a town with an estimated popula­ tion of 3,500, which is located in south-central ' The figures do not include the Sebastopol office Sonoma County about 55 miles north of San (opened in September of 1965) of a bank headquar­ Francisco. The bank operates two branches in tered in Petaluma. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 657 The effect of the proposed merger on competi­ Summary and conclusion. The banking factors tion would be adverse. in this case are neutral and, therefore, the deci­ hinancial and managerial resources and future sion must rest on a balancing of the considera­ prospects. Each bank has adequate financial re­ tions under the convenience and needs factor sources, capable management and satisfactory against those under the competitive factor. The prospects, as would have the continuing bank. proposed merger would benefit to some extent the Convenience and needs of the communities. convenience of the residents of Sebastopol, a re­ The economy of the Sebastopol/Santa Rosa area sult that in itself is very desirable. However, such appears to be sound, and the prospects for growth, a benefit would be accompanied in this case by particularly around Sebastopol, are very good. the elimination of competition between the merg­ The ratios of loans to I PC deposits for 21 of the ing banks and, more importantly, by an increase 22 banking offices that serve this area are very in the strength of Wells Fargo, a bank which is high, ranging from 75 per cent to 165 per cent. already one of the dominant forces in the rele­ The area is an importer of loan funds. vant market area. It is the judgment of the Board The principal reason advanced in support of that the potential benefit under the convenience approval of the proposed merger is that Sonoma and needs factor in this proposal does not, on Bank is unable to satisfy the credit needs of the balance, outweigh the adverse considerations un­ Sebastopol community. Sonoma Bank’s loans are der the competitive factor. equal to about 76 per cent of its I PC deposits. Accordingly, the application is denied.2 The Petaluma-headquartered bank that recently opened an office in Sebastopol also has a high Dissenting Statement of Chairman Martin ratio of loans to IPC deposits. However, Bank of In my view, the replacement of Sonoma Bank America, the largest bank in the United States, by Wells Fargo would be of considerable benefit has an office in Sebastopol and that office is capa­ to the banking convenience and needs of the ble of importing loan funds. In addition, the bank­ Sebastopol community. The banking offices in ing offices in Santa Rosa are quite accessible to Santa Rosa may be conveniently available to that the residents of Sebastopol. Nine of these offices group of one-third of the residents of Sebastopol are operated by five of the State’s seven largest who apparently commute to work in Santa Rosa, banks. The smallest of these five large banks has as well as to those residents of Sebastopol who total deposits in excess of $1 billion and, alto­ may regularly travel to Santa Rosa to shop. But gether, these five banks account for about two- it cannot be gainsaid that the banking offices in thirds of the total deposits held by all California Santa Rosa are less conveniently available to that banks. group of two-thirds of the residents of Sebastopol who do not commute to work in Santa Rosa, as There is a lack of persuasive evidence that the well as to those residents of Sebastopol who may existing banking needs of the Sebastopol commu­ not find it necessary, or convenient to shop regu­ nity are not being met satisfactorily and without larly in Santa Rosa. And certainly farmers and undue inconvenience, or that the future banking businessmen, whose banking needs are relatively needs of the community will not be adequately greater than those of the typical banking cus­ served. Further, the replacement of Sonoma Bank tomer, must find it more convenient to bank in by Wells Fargo would not enable Wells Fargo to the local community. The closer alternative source import more loan funds into the Sebastopol/ of relatively complete banking services that would Santa Rosa area than it is already capable of result from the replacement of Sonoma Bank by importing through its three offices in Santa Rosa. an olfice of Wells Fargo would benefit the bank- It would, however, benefit to some degree the convenience of Sebastopol residents by providing a closer alternative source of loan funds and 2 The application in this case was pending when the other banking services. Bank Merger Act was amended effective February 21, 1966, by Public Law 89-356. The case is disposed of The banking convenience and needs of the under the amended law, but the Board concluded that Santa Rosa community would not be appreciably the result would have been the same if the pre-Febru­ affected by the proposed merger. ary 21, 1966, law had been applied. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

658 FEDERAL RESERVE BULLETIN • MAY 1966 ing convenience and needs of a majority of the Statement residents of Sebastopol and, in addition, would The Harter Bank & Trust Company, Canton, enhance the economic prospects and growth of Ohio (“Harter Bank”), with total deposits of the community. In my judgment, these potential about $110 million, has applied, pursuant to the benefits outweigh the adverse considerations un­ Bank Merger Act, as amended (12 U.S.C. der the competitive factor. 1828(c), Public Law 89-356), for the Board’s Accordingly, 1 would approve the application. prior approval of the merger of that bank with The Waynesburg Bank, Waynesburg, Ohio THE HARTER BANK & TRUST COMPANY, (“Waynesburg Bank”), which has total deposits CANTON, OHIO of about $4 million.' The banks would merge In the matter of the application of The Harter under the charter and name of Harter Bank, Bank & Trust Company for approval of merger which is a member of the Federal Reserve Sys­ with The Waynesburg Bank. tem. As an incident to the merger, the sole office of Waynesburg Bank would become a branch of Order Approving Merger oe Banks Harter Bank, increasing the number of its offices There has come before the Board of Gover­ to 10. nors, pursuant to the Bank Merger Act, as Competition. The head office of Harter Bank amended (12 U.S.C. 1828(c), Public Law 89­ is in Canton, a city with an estimated population 356), an application by The Harter Bank & Trust of 113,000, which is located in Stark County Company, Canton, Ohio, a State member bank of about 60 miles southeast of Cleveland. The bank the Federal Reserve System, for the Board’s prior operates three branches in Canton and five approval of the merger of that bank and The branches in various suburbs of Canton. The sole Waynesburg Bank, Waynesburg, Ohio, under the office of Waynesburg Bank is in Waynesburg, a charter and title of The Harter Bank & Trust town with an estimated population of 1,230, Company. As an incident to the merger, the sole which is located in Stark County about 15 miles office of The Waynesburg Bank would become a southeast of Canton near the border of Carroll branch of the resulting bank. Notice of the pro­ County. posed merger, in form approved by the Board, Harter Bank competes to some extent through­ has been published pursuant to said Act. out Stark County, and a considerable number of Upon consideration of all relevant material in Waynesburg residents commute to work in Can­ the light of the factors set forth in said Act, in­ ton and thus have an option of banking there. cluding reports furnished by the Comptroller of However, competition between the two banks is the Currency, the Federal Deposit Insurance Cor­ quite moderate, and there is no evidence of sig­ poration, and the Attorney General on the com­ nificant potential competition between them. petitive factors involved in the proposed merger, The relevant market area for the resulting bank It is hereby ordered, for the reasons set forth is Stark County and the northwest portion of in the Board’s Statement of this date, that said Carroll County. In this area, 18 banks operate 46 application be and hereby is approved, provided offices which hold total IPC deposits (deposits of that said merger shall not be consummated (a) individuals, partnerships and corporations) of before the thirtieth calendar day following the about $442 million and total loans of approxi­ date of this Order or (b) later than three months mately $232 million. Harter Bank, with about after said date. 22 per cent of the IPC deposits and about 24 Dated at Washington, D. C., this 20th day of per cent of the loans, is the largest bank in the April, 1966. area. Waynesburg Bank, with less than I per cent By order of the Board of Governors. each of the area IPC deposits and loans, ranks, Voting for this action: Chairman Martin, and Gover­ respectively, sixteenth and seventeenth in these nors Shepardson, Mitchell, Daane, Maisel, and Brim­ categories. The second largest bank, First Na­ mer. Absent and not voting: Governor Robertson. tional Bank of Canton, holds about 21 per cent (Signed) Merritt Sherman, Secretary. [seal] 1 Figures are as of December 31, 1965. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 659 each of the IPC deposits and loans held by all its loan portfolio is in real estate loans, and a banking offices in the area. sizable portion of its loans are to borrowers who A single office bank, located three miles west reside outside the Waynesburg area. There is evi­ of Waynesburg, and a branch of First National dence that there is an unsatisfied demand in Bank of Canton, located five miles east of Waynes­ Waynesburg for personal instalment loans and for burg, are the chief competitors of Waynesburg business credit, notably for inventory financing Bank. There is no evidence that either of these and instalment paper discounting. There are no offices would be adversely affected by the merger. other banking offices in Waynesburg. As previ­ The effect of the proposed merger on competi­ ously indicated, a small bank is located three tion would not be significantly adverse. miles west of Waynesburg, and a branch of the Financial and managerial resources and future second largest bank in Stark County is situated prospects. Waynesburg Bank has satisfactory fi­ five miles east of the community. nancial resources, and its prospects are reasonably The replacement of Waynesburg Bank by an satisfactory. The bank’s stock is closely held, and office of Harter Bank would make full-service its chief executive officer is well past the normal banking conveniently available to the community retirement age. The banking factors, as they relate of Waynesburg. to Harter Bank, are satisfactory and would not be The banking convenience and needs of Canton adversely affected by the proposed merger. Under would not be appreciably affected by the proposed the capable and progressive management of Har­ merger. ter Bank, the present office of Waynesburg Bank would become a more significant force in the Summary and conclusion. In the judgment of Waynesburg economy. the Board, the proposed merger would benefit the Convenience and needs of the communities. It banking convenience and needs of the Waynes­ appears that Harter Bank would more adequately burg area, and would not result in any signifi­ serve the banking needs of the Waynesburg com­ cantly adverse consequences for banking com­ munity. Waynesburg Bank has a relatively low petition. ratio of loans to deposits. About 67 per cent of Accordingly, the application is approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS DEATH OF DIRECTOR farmers in the uses made of such credit. Both Mr. Harry E. Rogier, President, The First Na­ cross-classification and multiple regression methods tional Bank of Vandalia, Illinois, who had served are employed to reveal the underlying relation­ as a Class A director of the Federal Reserve Bank ships. In addition, an extensive appendix presents of St. Louis since January 1, 1965, died on April data on which further investigations might be 20. " based. This volume is the second in a series based on RESIGNATION OF DIRECTOR the 1960 Sample Survey. The first was a compila­ Mr. Raymond Rebsamen, Chairman and Federal tion of statistics entitled Farm Debt: Data from Reserve Agent of the Federal Reserve Bank of St. the I960 Sample Survey of Agriculture. Louis since October 1963, resigned effective April Single copies of either volume may be purchased 22, 1966. He was also serving as a Class C director for $1.00. The group rate, for 10 or more copies at the time and had been a Class B director from of either publication in a single shipment, is 85 January 1962 until his appointment as a Class C cents each. Requests should be sent to the Division director in October 1963. Mr. Rebsamen is Chair­ of Administrative Services, Board of Governors of man of the Board of Rebsamen & East, Inc., Little the Federal Reserve System, Washington, D.C. Rock, Arkansas. 20551. Remittance should accompany order and APPOINTMENT OF DIRECTOR AND DESIGNATION AS be made payable to the Board of Governors of the CHAIRMAN Federal Reserve System. On May 11, 1966, the Board of Governors of the REVISION IN CONSUMER CREDIT STATISTICS Federal Reserve System announced the appoint­ Estimates of consumer credit extensions, repay­ ment of Frederic M. Peirce of St. Louis, Missouri, ments, and outstandings for the commercial bank as a Class C director of the Federal Reserve Bank sector have been revised for the period July 1963 of St. Louis for the unexpired portion of a term to date. The major feature of the revision was the ending December 31, 1968, and his designation as adjustment to benchmark data provided by com­ Chairman and Federal Reserve Agent of the Bank mercial bank call reports for June and December for the remainder of 1966. Mr. Peirce is President 1964 and June 1965. Corresponding estimates of of General American Life Insurance Company in total consumer credit have been revised to take St. Louis. Both as Chairman and as a Class C account of the new estimates for the banks. director of the St. Louis Reserve Bank, Mr. Peirce The revised figures have been included in the succeeds Mr. Raymond Rebsamen who had regular tables on consumer credit statistics on resigned on April 22 (see above). pages 708-11 of this Bulletin, and back data for MERCHANT AND DEALER CREDIT IN AGRICULTURE 1963 and 1964 are shown in the special tables on Merchant and Dealer Credit in Agriculture by pages 736-38. Wilellyn Morelle, Leon Hesser, and Emanuel ADMISSION OF STATE BANK TO MEMBERSHIP IN Melichar is available for distribution. This pub­ THE FEDERAL RESERVE SYSTEM lication presents an analysis of the role of mer­ The following bank was admitted to membership chant and dealer credit in agriculture, based on in the Federal Reserve System during the period data obtained from the 1960 Sample Survey of April 15, to May 15, 1966: Agriculture. Among the topics covered are the relative degree to which different kinds of farmers Ohio used merchant-dealer credit and variations among Ansonia.............The Citizens Bank Company 660 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Released for publication May 13 Industrial production continued to rise in April, consumer staples increased. Output of business but less rapidly than in earlier months of the year, equipment continued to advance and was 17 per partly because of strikes. Construction activity cent above a year earlier. Production of iron and remained close to the record rate reached in steel rose further, but the increase was not as large March, while retail sales were a little lower. The as in preceding months. unemployment rate edged down. Prices of in­ dustrial commodities continued to rise. Bank credit Construction and the money supply increased further. Yields on New construction outlays—which, on the basis corporate and municipal bonds rose, and common of revised figures for recent months, reached a stock prices declined. new high annual rate of $77.5 billion in March —changed little in April. Both private nonresi­ Industrial Production dential and private residential expenditures re­ Industrial production rose in April to 153.4 per mained at about their March rates, as did public cent of the 1957-59 average from 153.0 in March construction. and was 9 per cent above a year earlier. Output of final products and durable materials increased; Employment production of nondurable materials was reduced Nonfarm employment in April was affected by because of a coal strike. coal and construction strikes, and at 62.9 million, Auto assemblies were at an annual rate of 9.2 was unchanged from March and 3.0 million million units in April, down 2 per cent from higher than a year earlier. Employment in services March as output was curtailed early in the month and State and local governments increased to new because of the railroad strike. Revised produc­ highs. In manufacturing, employment rose further tion schedules for May indicate a further decline and the average workweek continued at the high of about 5 per cent. Furniture and color televi­ level of 41.5 hours generally prevailing since Jan­ sion sets increased further in April but mono­ uary. The unemployment rate declined from 3.8 chrome television sets declined. Appliances re­ per cent in March to 3.7 per cent in April—the covered from the strike-reduced March level and same level as in February but well below the yearago rate of 4.8 per cent. Distribution The value of retail sales in April declined about 1.5 per cent, according to the advance figures, from the high March level but was 10 per cent above a year earlier. Sales at durable goods stores fell 7 per cent in April as deliveries of new domestic autos dropped to an annual rate of 7.9 million units and as sales of most other durable goods also declined. Sales at nondurable goods stores rose 1 per cent. Commodity Prices Average industrial prices, which increased at an annual rate of about 3.5 per cent during the first four months of the year, continued to rise from 661 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

662 FEDERAL RESERVE BULLETIN • MAY 1966 mid-April to mid-May. Prices of copper products at a pace comparable to the rapid growth in late increased further and the foreign producer price 1965. of copper ingot was raised substantially above the Total and required reserves increased substan­ domestic price. Machinery, fabricated metal prod­ tially in April, following small changes in Feb­ ucts, and lumber rose further, while lead declined ruary and March. Excess reserves rose, but bor­ along with steel scrap. Average wholesale prices rowings increased more, resulting in a rise in net of foodstuffs declined substantially further in late borrowed reserves to a level of about $275 mil­ April as livestock prices fell. In early May, how­ lion in the four statement weeks ending April 30. ever, livestock prices increased again in response Reserves were supplied principally through Sys­ to a decrease in marketings that was partly sea­ tem purchases of U.S. Government securities and sonal, and the average for foodstuffs largely re­ absorbed chiefly by currency outflows. covered. Security Markets Bank Credit, Money Supply, and Reserves Yields advanced in both corporate and munici­ Commercial bank credit rose $2.8 billion in pal bond markets between mid-April and mid­ April, about the same as in March. The increase May, and are approximately midway between the in total loans was not as large as in the preced­ highs reached early in March and the lows of ing month. Bank holdings of U.S. Government early April. Common stock prices declined in securities rose somewhat, following successive de­ heavy trading. clines in the first quarter. Also, banks in April Yields on U.S. Government notes and bonds added substantially to their portfolios of munici­ changed little on balance after mid-April, with pals, agency issues, and participation certificates the mid-May average on 3 to 5-year issues around after having reduced their holdings in March. 4.90 per cent and that on long-term bonds about The money supply increased $1.9 billion in 4.55 per cent. The 3-month Treasury bill was bid April—much more than the preceding month. In at 4.61 per cent, compared with 4.66 per cent a addition, following a relatively slow expansion month earlier. Rates on the 6-month and 1-year in earlier months of the year, time and savings bills rose somewhat on balance over the same deposits at commercial banks in April increased period. PRICES Bureau of Labor Statistics indexes. Latest figures shown for consumer prices, March; for wholesale prices, April. 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 L n, 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........................................................... May 1966 724-35 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: Annually 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 664 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.......... 666 Reserve Bank discount rates; margin requirements; reserve requirements ................... 671 Open market transactions; Federal Reserve Banks........................................................... 673 Bank debits; currency in circulation .................................................................................. 676 Money supply; banks and the monetary system ............................................................... 678 Commercial and mutual savings banks, by classes ........................................................... 680 Commercial banks, by classes ............................................................................................. 684 Weekly reporting member banks .................................................................................... 686 Business loans ...................................................................................................................... 689 Interest rates .......................................................................................................................... 690 Security prices; stock market credit.................................................................................... 691 Open market paper; savings institutions ......................................................................... 692 Federal finance .................................................................................................................... 694 Federally sponsored agencies ............................................................................................. 699 Credit agencies, security issues .......................................................................................... 700 Business finance .................................................................................................................. 703 Real estate credit .................................................................................................................. 705 Consumer credit .................................................................................................................... 708 Industrial production ......................................................................................................... 712 Business activity; construction ......................................................................................... 716 Employment and earnings ................................................................................................. 718 Wholesale and consumer prices ........................................................................................ 720 National product and income series .................................................................................. 722 Flow of funds ........................................................................................................................ 724 Revised estimates of consumer credit for 1963-64 ...................................................... 736 Guide to tabular presentation ............................................................................................... 664 Index to statistical tables ..................................................................................................... 767 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). 665 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

666 BANK RESERVES AND RELATED ITEMS MAY 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 Period Tr u e r a y s ­ Cur­ Treas­ than m re e se m rv b e e s r , bank Me r m es b e e r r v e b s ank d o a r t e T U o . t S a . l G B o r v o o i t g 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 e s u t s e e s r ­ ­ c v D o a a a n n u d i c s d n ­ ­ e t s s Float * t T al o ­ 2 s G to o c ld k r s o c e t i a n u u n n g c r t­ ­ y d ­ r c t e c u i i n i o n l r c a n ­ y ­ h c i u n o a r g s l y d h s ­ Tr u e w r a y i s t ­ h F e F . i R o gn r . ­ Ba O n t k h s ers c O F o a t u . c h R n ­ e . t r s B W F a . n R it k h . s c r C o a en n i u n c d r y ­ J Total Averages of daily figures 1929—June........ 179 179 978 61 1,317 4,024 2,018 4.400 210 30 30 376 2,314 2,314 1933—June......... 1,933 1,933 250 (2 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec.......... 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec.......... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec.......... 23.708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec.......... 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1 .290 615 920 353 739 17,391 ........... 17,391 1955—Dec.......... 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec.......... 24,765 24,498 267 706 1,633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec........... 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 1.063 19,420 19,420 1958—Dec.......... 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18.899 18,899 1959—Dec.......... 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec........... 27,248 27,170 78 94 1,66529,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec.......... 29,098 29,061 37 152 1,921 31,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2.859 20,118 1962—Dec.......... 30,546 30,474 72 305 2,298 33,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Dec......... 33,729 33,626 103 360 2,43436,610 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—Apr.......... 37,637 37,482 155 487 1,658 39,882 14,472 5,405 38,942 744 865 170 207 783 18,047 3,464 21,511 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 2(5 185 480 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...4..0..,.1..28 40,127 485 1,965 42,649 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 22,7(9 1966—Jan........... 40,626 40,451 175 427 2,253 43,449 13,733 5,608 41,588 819 700 160 245 465 18,8(2 3,938 22,750 Feb.......... 40,635 40,437 198 498 1,87043,116 13,734 5,653 41.224 834 798 140 234 789 18,482 3.751 22,233 Mar.......... 40,398 40,387 H 571 1,82442,943 13.700 5,700 '41 .394 '861 479 158 291 746 18,414 3,746 22,160 Apr.......... 40,629 40,587 42 647 1 ,93443,339 13,632 5,769 41,670 942 311 148 398 505 18,766*3,768*22,534 Week ending- 1965 Apr. 7............... 37,725 37,496 229 586 1,409 39,863 14,563 5,398 38,862 732 728 176 207 835 18,283 3,218 21,501 14............... 37,881 37,623 258 412 1,48739,883 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 79 596 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 98 427 2,20641,535 13,934 5,412 40,065 785 888 179 194 725 18,046 3,617 21,663 28............... 39,013 38,799 214 479 1,67441,201 13,923 5,408 39,901 792 873 156 186 710 17,914 3,680 21,594 Aug. 4............... (39,400 38,903 497 544 1,44041,418 13,857 5,423 39,944 797 903 155 196 500 18,204 3,579 21,783 11............... 39,651 39,259 392 619 1,48041,786 13,858 5,422 40,125 800 1,050 198 191 470 (8.230 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 8.39,480 39,339 141 483 1,55241,586 13,858 5,462 40,307 807 898 243 179 389 18,082 3,329 21,411 15............... 39,088 39,088 564 1,821 41,508 13,857 5,470 40,488 809 987 212 191 312 17,836 3,749 21,585 22............... 38,708 38,621 87 635 2,53941,918 13,858 5,470 40,319 812 1.023 187 207 220 18,478 3,636 22,114 29............... 39,074 39,074 559 1,898 41.578 13,858 5,474 40,286 811 961 199 199 222 18,232 3,679 21,911 Oct. 6............... 39,850 39,850 547 1,721 42,196 13,857 5,478 40,492 794 1,048 187 221 233 18,557 3,495 22,052 13............... 39,779 39,749 30 507 1 ,71742,061 13,857 5,493 40,814 802 1,021 178 218 203 18,175 3,530 21,705 20............... 39,486 39,424 62 611 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 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

668 BANK RESERVES AND RELATED ITEMS MAY 1966 RESERVES AND BORROWINGS OF MEMBER BANKS (in millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o e t l a d l qu R ir e e ­ d Excess B F r i o n a . a w n g t R k s ­ . s se F r r r e v e ­ e e s T h o e t ld al qu R ir e e ­ d 1 Excess B F r i o a n . a n w g t R k s ­ . s s F e r r r e v e ­ e e s T h o e t l a d l qu R ir e e ­ d Excess B F r i o a n . a n w g t R k s ­ . s se F r r r e v e ­ e e s 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 — 62 >2,160 1,797 363 184 179 861 792 69 69 211 1 33 78 78 (939—Dec............... 11,473 6’462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 60! 540 540 1941—Dec............... 12,812 9,422 3’390 5 3'385 5 J 42 4,153 '989 989 1 , (43 848 295 295 (945—Dec............... {6,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec............... 17'261 (6,275 '986 224 762 4,404 4,299 105 38 67 1,024 1,01 I 1 3 6 7 1950—Dec.............. 17'391 16,364 1,027 142 885 4,742 4X16 125 58 67 1' 199 1,(91 8 5 3 1955—Dec............... 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 1,164 2 85 -83 1956—Dec............... 19'535 18,883 652 688 -36 4,448 4,392 57 147 -91 1 J 49 1,138 12 97 -86 1957—Dec............... 19'420 18,843 577 710 -133 4,336 4,303 34 139 -105 1 ’ 136 1 J 27 8 85 -77 1958—Dec............... 18,'899 18,383 516 557 -41 4X33 4,010 23 102 -81 1 X77 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 (04 -104 1960—Dec.............. 19,283 (8,527 756 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 1 8 -11 1963—Dec............... 20X46 20,2(0 536 327 209 3,951 3,895 56 37 19 1 X56 1 '051 5 26 -21 1964—Dec............... 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1 '083 1 ,086 — 3 28 -31 1965—Apr............... 21,511 21,145 366 471 -105 4,111 4,086 25 75 -50 1 ,085 1 ,085 39 -39 21,472 21,147 325 505 -180 4,135 4,127 8 21 -13 1 'l 16 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 Aug. 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 I X9I 1 088 3 46 -43 Oct......... 21 958 21 '614 344 490 - 146 4,112 4,104 8 36 -28 1,090 1 ,085 5 85 -80 21 ,958 21,589 369 452 -83 4,002 3X92 10 87 -77 1,086 1 ,084 2 32 -30 Dec............... 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 U2 C, H6 — 4 45 — 49 22’233 21'862 371 478 - (07 4 J 68 4'150 18 93 -75 1 '092 1 X88 4 30 — 26 22'160 21.855 305 551 -246 4,194 4,188 6 43 -37 1,102 1 .099 3 65 -62 "22.5347*22,166 "368 626 /’-258 7’4,326 "4,270 "56 85 "-29 "1 J 28 "I.124 "4 38 "-34 Week ending— 1965—Apr. 7 . . . . 21.501 21.126 375 570 -195 4.139 4,121 18 128 — 110 1.087 ( .088 -1 79 -80 14.... 21,289 21.011 278 397 -119 4.017 3,998 (9 57 -38 1 ,064 1 ,060 4 14 -10 21 . 21.722 21,248 474 572 -98 4,093 4,081 12 133 -121 1,079 ( ,081 -2 65 -67 28.... 21,403 21,162 241 345 -104 4,118 4,108 10 3 7 1 ,105 1,101 4 7 -3 Nov. 3 . ,.. 22,111 21,730 381 486 -105 4,173 4,142 31 102 -71 1,105 1,102 3 33 -30 10.... 21,904 21,475 429 334 95 4,016 3,939 77 79 -2 1,066 1 ,060 6 6 17. . 21,877 21,561 316 489 -173 3,823 3'971 -148 59 -207 1'065 1 '062 3 105 -102 24.... 21,750 21,514 236 361 -125 3,958 3,969 -II 50 -61 1,078 1 ,074 4 4 Dec. 1 . . . . 22,192 21,767 425 534 -109 4,094 4,029 65 110 -45 1,136 1,138 -2 -2 8. .. . 22,334 21,873 461 478 —17 4,187 4,105 82 39 43 1,144 l'(25 IT 19 15 .... 22^463 21,898 565 486 79 4,183 4J35 48 124 -76 1 X89 1 ,080 9 37 -28 22. ... 22,804 22,570 234 2(8 16 4,402 4,374 28 83 -55 1,147 1,150 -3 -4 29.... 23,080 22,617 463 546 -83 4,399 4,383 16 138 -122 1,159 1,146 13 44 -31 1966—Jan. 5.... 23,270 22,951 319 562 -243 4,553 4,548 5 176 -171 1,185 1,182 3 37 -34 12.... 23,232 22,544 688 590 98 4,307 4,282 25 289 -264 1,116 1,113 3 45 -42 19. . .. 22,467 22,259 208 218 -10 4,229 4,182 47 66 -19 1,105 1,099 6 27 -21 26.... 22,451 22,146 305 352 -47 4,208 4,211 -3 61 -64 1 ,09! 1 ,089 2 74 -71 Feb. 2 . . .. 22,538 22,190 348 418 -70 4,271 4,257 14 13 1 1,114 1,109 5 49 -44 9. ... 22,323 21,979 344 503 -159 4,197 4,176 20 142 -121 1 ,085 1 ,087 -1 18 -19 16. 22,153 21,816 337 453 -116 4,132 4,123 9 116 -108 1 ,080 1,074 6 29 -24 23. .. . 22,106 21,708 398 520 -122 4,126 4,097 29 (03 -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 38 -38 9. .. . 22,045 21,685 360 614 -254 4,'128 4'117 11 21 -Il 1,090 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. 22,396 22,025 371 602 -231 4,225 4,216 10 1 18 -109 1,118 1.(15 3 120 -117 30.... 22,176 21,888 288 508 -220 4,227 4,218 10 21 -11 I .101 1,099 2 47 -46 Apr. 6. ... 22,358 22,025 333 623 -290 4.302 4,283 19 59 -40 1 ,094 1 .095 -1 39 -40 13. . . . 22,402 22,042 360 603 -243 4,232 4.193 38 28 11 1 ,099 ( .090 9 76 -67 20.... 7'22,6087*22,235 7*373 685 *-312 "4,246 "4,235 "12 160 "-(48 "1,131 "1,130 "1 41 "-40 27. . . . "22,616 7*22,240 >'376 642 "-266 "4,384 "4,307 "78 (17 "-39 "1,166 "1,150 "16 10 "6 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 BANK RESERVES AND RELATED HEMS 669 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 el t d 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 (939—Dec................................. 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941—Dec................................. 4,317 3,014 1' 303 1 I '302 2’210 1 ,406 804 4 800 1945 Dec............................... 6,394 5,976 '418 96 '322 4,576 3.566 1,0(1 46 965 1947—Dec......................... 6’861 6,589 271 123 148 4,972 4.375 '597 57 540 1950—Dec................................. 6,689 6,458 232 50 182 4,761 4,0l)9 663 29 634 1955 -Dec................................. 7,924 7,865 60 398 -338 5,7(6 5,220 497 159 338 1956—Dec................................. «;O78 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—bee................................. 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec................................. 7,954 7,912 41 490 -449 6,020 5.569 450 213 237 i960—Dec................................. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec................................. 8,367 8,308 59 39 20 6.931 6,429 502 31 471 1962—Dec................................. 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963—Dec................................. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1964—Dec................................. 8,735 8,713 22 125 -103 7,707 7,337 370 55 3(5 1965—Mar................................. 8,562 8,546 16 163 -147 7,576 7,279 297 83 214 Apr................................ 8,682 8,648 34 27 ( -237 7,633 7,326 307 86 221 May...................... 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 (07 197 Aug............................... 8,659 8,626 33 263 -230 7,784 7,461 323 160 163 Sept................................. 8,683 8,640 43 286 -243 7,873 7,549 324 (34 190 Oct................................. 8,814 8,776 38 245 -207 7,941 7,650 291 124 167 Nov................................. 8,800 8,757 43 221 -178 8,069 7,755 314 112 202 Dec...................... 9,056 8,989 67 228 -I6( 8,219 7,889 330 92 238 1966—Jan................. 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 (43 Mar................................. 8,768 8,743 25 243 -218 8.096 7,825 271 200 71 "8,902 "8,878 "24 261 "-237 "8,178 "7,894 "284 242 "42 Week ending— 1965—-Apr, 7................... 8,664 8,645 19 293 -274 7,610 7,272 338 70 268 ' 14....................... 8 672 8,635 37 248 -211 7,538 7,318 220 78 (42 21 8,718 8,696 22 279 -257 7,831 7,390 441 95 346 28......................... 8,652 8 626 26 227 -201 7,527 7,327 200 108 92 Nov. 3......................... 8,842 8,802 40 238 -198 7,991 7,685 306 t (3 193 10.......................... 8,769 8,725 44 (29 -85 8,053 7^752 301 126 (75 17.......................... 8,784 8'762 22 208 -186 8,206 7,766 440 (17 323 24......................... 8,758 8,710 48 212 -164 7,956 7,760 196 99 97 8,871 8,825 46 313 -267 8,092 7,775 317 1(1 206 8.......................... 8,949 8,845 104 309 -205 8,054 7,797 257 130 (27 15......................... 8'907 8 842 65 267 -202 8,284 7,840 444 58 386 22.......................... 9, 146 9’lO2 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 9,2(8 29 233 -205 8,284 8,002 282 116 (66 12......................... 9,132 9,088 43 206 -163 8,678 8,061 617 50 567 19......................... 9,024 8,971 53 83 -30 8,(09 8,006 102 42 60 26..................... 8,939 8,906 32 145 -113 8,214 7,940 274 72 202 Feb. 2......................... 8,928 8,9(3 15 194 -179 8,224 7,910 314 162 152 9............... 8,868 8,820 48 232 -(84 8,174 7,896 278 III 166 16......................... 8,793 8'757 36 (60 -125 8,149 7,861 288 148 (40 23................. 8,754 8,717 38 229 -191 8,133 7,807 326 (48 177 Mar. 2. ........... 8,768 8,726 41 214 - 173 8,042 7.813 229 212 17 9 8.715 8,686 29 336 -307 8,112 7,793 319 205 113 16......................... 8,759 8,690 69 225 -155 8,024 7,819 20S 233 -28 23......................... 8,862 8,821 42 228 -186 8.190 7,873 317 (36 181 30......................... 8,809 8,755 54 205 -151 8,039 7,816 223 235 -11 8,858 8,825 33 301 -268 8,104 7,822 282 224 58 ’ 13.......................... 8.92! 8,862 59 212 -153 8,151 7,897 254 287 -33 20......................... "8,944 "8,916 "28 292 "-264 "8,286 "7,953 "333 192 "141 27......................... "8,937 "<881 "56 252 "-196 "8,128 "7,901 "227 263 "-36 ‘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. Al! 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. Batiks: Based on closing figures. figures within the calendar month; they are not averages of the 4 or 5 weeks ending on Wed. that fail 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

670 MAJOR RESERVE CITY BANKS MAY 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 . r k R ­ g s . s F f i b e n u N d a n t n e e e d r r k t s a ­ l S d u e r o f p i r c l u it s P r r e e e s a q r e o v u c r g f i v e r . e e n s d t ch P a u s r e ­ s Sales ac 2 tr t - a i w o n a n s y s ­ 2 b c o b u P h f a y a u n n s i r k n e e ­ s s g t s o b S e a f l a l n l n i e k n e s g s t d L ea o t l a o e n r s s 3 d r e f o i a r n w o l g e m ­ s r s * lo N a e n l s trans. Total—46 banks 1966—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 I ,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 I ,074 829 154 675 Apr. 6. 31 257 553 -779 7.9 2,320 1,768 1.193 1.128 575 1 ,053 127 926 13............. 83 191 1 .201 -1,309 13.3 2,767 1,566 1.166 1 .601 400 1 ,474 54 1 .420 20 30 317 1 .227 -1,514 15.3 2.669 1,442 1 .217 1,452 225 1 ,573 82 1 .491 27............. 113 172 573 -632 6.3 2,269 1 ,696 1 ,155 1,113 540 1 .400 89 1,311 8 in New York City 1966—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 1 10 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 Apr. 6 IS 54 107 -146 3.6 964 856 642 321 214 752 94 658 13 37 28 863 -854 21 .8 1 ,377 514 514 863 1,111 44 1 ,067 20............. 8 157 822 -970 24.5 1,310 488 487 822 i 1,074 72 I ,002 27.............. 70 113 334 -377 9.3 981 647 539 441 108 923 83 839 38 outside New York City 1966—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 Apr. 6 16 203 445 -633 10.8 1 ,357 912 550 806 361 301 33 268 13............. 46 164 338 -456 7.7 1,390 1,052 651 739 400 363 10 353 20............. 21 160 406 -544 9.1 1,359 954 729 630 225 499 10 489 27....... 44 59 240 -255 4.2 1,288 1 ,048 616 672 433 478 6 472 S in City of Chicago 1966—Mar. 2............. 28 92 -120 12.1 275 183 156 119 27 9 9 9.............. 37 176 -212 21.7 286 110 101 185 10 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 T 2 30............. 1 28 236 -263 26.7 355 118 108 247 10 23 23 Apr. 6 -2 28 254 -284 29.0 343 89 89 255 63 63 13 . 5 61 160 -216 22.1 300 140 136 164 4 6 6 20............. 1 21 55 -75 7.4 273 218 197 76 22 17 17 27............. 16 -69 84 8.2 254 323 198 56 125 17 ........ 17 33 others 1966—Mar. 2.............. 25 58 568 -602 12.5 1,163 595 423 740 172 192 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 Apr, 6 17 175 191 -348 7. 1 1,013 822 462 552 361 237 33 205 13.............. 41 102 178 -239 4.9 1,090 912 515 574 396 357 10 347 20.............. 21 139 351 -469 9.5 1,086 735 532 554 203 482 10 472 27.............. 28 59 308 -339 6,8 1,034 726 418 616 308 461 6 455 i 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, i 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

MAY 1966 DISCOUNT RATES 671 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 133 Federal Reserve Bank Secs. 13 and 13a 5 Sec. 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Apr. 30 date rate Apr. 30 date rate Apr. 30 date rate Boston........................................ 4’4 Dec. 8,1965 4 5 Dec. 8, 1965 4*/i 5’4 Nov. 24, 1964 4*4 New York........................... • 4*4 Dec. 6, 1965 4 5 Dec. 6, 1965 4*4 5*4 Dec. 6, 1965 5 Philadelphia...................................... 414 Dec. 10, 1965 4 5 Dec. 10, 1965 4’A 5’4 Dec. ID, 1965 5 Cleveland............................................ 4’4 Dec. 10, 1965 4 5 Dec. 10, 1965 4*4 6 Dec. 10’ 1965 5’4 Richmond........................................... 4*4 Dec. 10, 1965 4 5 Dec. 10, 1965 4*4 5’4 Dec. 10, 1965 5 Atlanta................................................ 4*4 Dec. 8, 1965 4 5 Dec. 8, 1965 4*4 6*4 Dec. 8, 1965 6 Chicago ............................................... 4% Dec. 6' 1965 4 5 Dec. 6, 1965 414 5*4 Dec. 6' 1965 5 St. Louis.............................................. 4*6 Dec. 10' 1965 4 5 Dec. 10, 1965 4*4 5*4 Dec. 10' 1965 5 Minneapolis...................................... 4’/z Dec. 10, 1965 4 5 Dec. 10, 1965 4’4 5*4 Dec. I0’ 1965 5 Kansas City....................................... 4*4 Dec. 13, 1965 4 5 Dec. 13, 1965 4*4 5*4 Dec. 13’ 1965 5 Dallas........................................ 4’4 Dec. 10, 1965 4 5 Dec. 10, 1965 4’4 5*4 Dec. 10, 1965 5 San Francisco.................................... 4'4 Dec. 10, 1965 4 5 Dec. 10, 1965 44 5'4 Dec. io; 1965 5 i Advances secured by U.S. Govt, securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers' acceptances and of agricultural paper may have member banks secured by U.S. Govt, direct securities. Maximum matu­ maturities not over 6 months and 9 months, respectively, and advances rity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. O In c t e ffe 3 1 c 0 5 t Dec 1 . 9 . 3 4 . . . 1 2 . . . . , . . . . . . 1 . . . . 9 . . . . 4 . . . . . . 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . t t t 4 % 1 - - 1 l'A f 1 1 1 '4 A A M Se u p ‘ a p g r “ y t . . . 1 1 1 4 9 2 5 4 5 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . . . . . . . . . . . 9 . . . . . . . . . . . . . 5 . . . . . . . . . . . . . . 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 t 1 l% ‘ ’ 4 4 4 t - - - - - - ’ 2 4 2 2 2 1 1 % % ' ' ’ ‘ 4 4 4 4 2 2 2 1 1 1 1 % % % ' ’4 4 16..... 1 . 9 .. 5 .. 9 ........... ' . ...... 1 . 8 . ....... 2 3 3 .. . ' ' . 4 4 4 3 3 .. - - . - 4 . 3 4 3 ... 4 ............. 4 4 3 3 ’ 13............................ 2'4 2% 1946 r %-i 1 Nov. 2 1 3 8 . . . . . .. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2'4 2 - '4 2 >4 2 2' 4 4 I960 1 1 June 3............................... 3'4-4 4 1956 10................................ 34-4 3(4 2'4-3 2% 14................................ 34 3’4 1948 20.................. . ,. 2’4-3 2% 3 -3'4 3 jan 12 ...............1. .....-..t.%.. 1'4 Aug. 24............................... 2’4-3 3 Sept, 9................................ 3 3 19 ..................... 1% t% ~ 31............................... 3 3 Aug. 13.............................. I *4-1'4 1'4 23............................... 1'4 14 1957 1963 1950 No ~ v , 2 15. 3 A ... u .. . . g .. . . . . . . . . . . . 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........ 3 3.. .. 3 ..- - . 4 . 3 3. ' ' 4 4 3 3 3 '4 July 17... ' .. ... 2 ... 6 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... 3 3 - 4 3'4 i'A-1% 1’4 Dec. 2. ............................ 3 3 ” 25................................... 1’4 1’4 1964 1958 2’4-3 3 Nov. 24............................... 34-4 4 1953 24............................... 2’4-3 30................................ 4 4 Jan. 16...................... l%-2 2 Mar. 7 ................. 2'4-3 23................................. 2 2 13............................... 2'4-2% 21............... 2’4 . 1965 1’4-2% 1% 4 -4% 44 1954 1% 1’4 13............................... 44 44 Feb 5 ....................... 1’4-2 1’4 Aug. 15............................... 1’4-2 1’4 15.................................. 1% 1’4 Sept. 12 l%-2 2 14-1’4 1’4 23................................ 2 2 1966 16.................................. 1'4-1’4 1$ Oct. 24................................ 2 -24 2 May 21.................................. 1'4 Nov 7................................ 2'4 2*4 In effect Apr. 30............... 4'4 44 f Preferential rate of % of 1 per cent for advances secured by U.S. against U.S. Govt, securities was the same as its discount rate except Govt, securities maturing in 1 year or less. The rate of 1 per cent was In the following periods (rates in percentages): 1955—May 4-6, 1.65; continued for discounts of and advances secured by eligible paper. Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, Note.—Discount rates under Secs. 13 and 13a (as described in table 2.75; 1961—Jan. 9. Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1942, see Banking and Monetary Statistics, 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, 1943, pp. 439-42. 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24. The rate charged by the F.R. Bank of N.Y. on repurchase contracts 28, 30, 31, 3.875; 1965—Jan. 4-8,3.875. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

672 RESERVE REQUIREMENTS MAY 1966 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS (Per cent of deposits) (Per cent per annum) Net demand deposits2 Time deposits Effective date Type and maturity Central of deposit J 1 a 9 1 n 3 , 6 . J 1 a 9 I n 5 , 7 . J 1 a 9 1 n 6 , 2 . J 1 1 u 9 7 6 ly , 3 N 1 2 9 o 4 6 v , 4 . D 19 6 e 6 , c 5 . Effective date1 C r b e a e c s n n i e t k t r y r v s a e 3 l R b e c a s i n e ty k rv s e C ba o tr n u y k n s ­ r r e e c a s s i n e e t r y r d v v e e C ba o tr n u y k n s ­ banks Savings deposits: 1 year or more................... 2ft 3 4 4 4 4 Less than 1 year............... 2/2 3 3’4 3l/z 4 4 In effect Dec. 31, 1948.. 26 22 16 7ft 7ft Other time deposits: 1 1 year or more.................. 2ft 3 4 4 4V4 5ft 1949—May 1,5.......... 24 21 15 7 7 6 months-1 year................. 2 3 3ft 4 4V4 5% June 30, July f.. 20 14 6 6 90 days-6 months............ 2 2*4 2ft 4 % 514 Aug. 1’11..... 23ft 19ft 13 5 Less than 90 days............. I 1 I 1 4 5!4 Aug. 16, 18......... 23 19 12 5 (30-89 days) Aug. 25............... 22ft 18ft 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. 19ft 17ft lift Under this regulation the rate payable by a member bank may not in Mar. 20, Apr. L. 19 17 11 any event exceed the maximum rate payable by State banks or trust cos. Apr. 17............... 18ft on like deposits under the laws of the State in which the member bank Apr, 24............... 18 161/2 is located, Effective Feb. !, 1936, maximum rates that may be paid I960—Sept. 1............... 17ft 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........ 16 >/2 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. I. 1933-Jan. 31, 1935, 3; Feb. I, 1935-Dec. 31, 1935, 2ft (per cent). In effect May I 1966.. . 16'4 12 4 4 MARGIN REQUIREMENTS Present legal requirement: (Per cent of market value) Minimum................................ 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 aThurs.) July 28, July 10, Nov. 6, records changes at central reserve and reserve city banks, I960 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*4 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 I 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, I960. 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 Al! 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 Mar. 2, 1966 Four weeks ending Mar. 30, 1966 Gross demand—Total. .. 142,298 27,124 6,548 52.664 55,963 Gross demand—Total.. . 142.005 27.592 6,544 52,338 55.531 Interbank....................... 15,158 4,760 1 ,232 7,189 1 977 Interbank. . ......... 15 217 4 782 1 226 7 261 1 948 U.S. Govt....................... 4,558 ’900 ’239 1.868 1,551 U.S. Govt....................... 3 ’ 904 796 198 1 441 1 ^470 Other.............................. 122,'583 21,464 5,077 43,608 52,435 Other...................... 122,885 22.014 5.121 43,636 52,115 Net demand 1................... 115,660 20,611 5', 378 4!,881 47^791 Net demand 1................... 115,316 20.790 5.402 41.673 47,452 Time.................. 122,457 18^61 5,033 46,124 52,740 Time.................................... 123,673 18,693 5,158 46,551 53^272 Demand balances due Demand balances due from dom. banks...... 7,521 172 116 I ,956 5,277 from dom. banks......... 7,463 156 97 I 968 5 243 Currency and coin............ 3,755 310 71 1,133 2,241 Currency and coin...... 3; 709 299 75 1 123 2,212 Balances with F.R. Balances with F.R. Banks...................... 18,420 3,853 1,021 7,662 5,884 Banks.............................. 18.476 3 908 1 025 7 664 5 880 Total reserves held...... 22,175 4.163 1 ,092 8,795 8,125 Total reserves held........... 22,185 4.207 1,100 8,787 8 092 Required................. 21.832 4,144 1.089 8,755 7,845 Required ............. 21 \839 4,178 1.098 8 738 7 825 Excess................ 343 ' 19 ' 3 40 "280 Excess.............................. 346 ' 29 ' 2 ' 49 267 i Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 OPEN MARKET ACCOUNT 673 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (tn 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 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 .................................................... I ,H4 979 171 1,070 979 171 33 957 Mar..................................................... 960 314 101 873 314 101 78 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 sates maturity purchases sales maturity shifts shifts shifts 1965 Mar....................................................... 36 574 45 -574 10 Apr....................................................... May................................................... 65 -2,521 32 12 June ................................. 185 166 43 July....................................................... Aug.......................................... 61 -1,821 35 -116 10 Sept............................................ 107 40 4 Oct...................................................... Nov..................................................... 5,582 Dec........................................................ 1966—Jan......................................................... Feb.................................... . . . 11 -957 Mar....................................................... 9 144 -144 Repurchase agreements Bankers’ acceptances (U.S. Govt, securities) Net change Net change Month i G n o U v . t S , . Under i s n e c U ur . i S ti . e G s o a v n t d , Gross Gross securities Outright, repurchase acceptances purchases sales net agreements, net 1965 Mar.................................................. 482 434 684 1 71 756 Apr....................................................... 1,831 1,717 163 -1 -38 124 May................................................ 1,207 1,233 932 -3 -20 909 June..................................................... 1,894 1,895 415 -10 -19 386 July....................................................... 2,734 2,549 106 -6 -12 88 Aug....................................... 1 j 552 1 ,955 -157 19 -137 Sept.................................................... 450 450 725 3 4 732 Oct...................................................... 352 352 -117 2 21 -94 Nov..... 24 24 918 8 16 941 Dec....................................................... 1,661 I ,372 193 25 52 270 1966—Jan........................................................ 1,595 1 ,545 -203 -2 -75 -280 Feb....................................................... '272 611 -376 12 -365 Mar...................................................... 222 222 545 3 1 549 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

674 FEDERAL RESERVE BANKS MAY 1966 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month 1 rem 1966 1966 1965 Apr. 27 Apr. 20 Apr. 13 Apr. 6 Mar. 30 Apr. Mar. Apr. Assets Gold certificate account..................................................... 11,459 11,452 1 1,468 11,489 11,491 11,459 11,491 12,607 Redemption fund for F.R. notes...................................... 1,731 1,728 1,717 1,710 1 .713 1'731 I ,713 1 '537 Total gold certificate reserves......................................... 13,190 13 180 13 185 13,199 13,204 13,190 13,204 14 144 Cash...................................................................................... 222 219 212 209 210 238 210 1 39 Discounts and advances: Member bank borrowings............................................. 222 1 587 297 790 579 432 307 553 Other................................................................................ 20 ’ 20 20 20 20 20 20 15 Acceptances: Bought outright............................................................... 80 76 76 76 76 80 76 54 Held under repurchase agreements............................. 108 33 69 38 54 79 50 50 U.S. Govt, securities: Bought outright: Bills................................................................................. 9,162 8,434 9,278 9,278 8,987 9,162 9,225 6,890 Certificates—Special................................................. Other..................................................... 12 12 12 12 12 12 12 Notes............................................................................. 24,965 24,926 24,926 24 926 24,926 24,965 24,926 25,691 Bonds............................................................................ 6; 574 6,571 6'571 6,571 6,571 6,574 6,571 4,928 Total bought outright................................................... 40,713 39,943 40,787 40,787 40,496 40,713 40,734 37,509 Held under repurchase agreements................. 240 364 245 Total U.S. Govt, securities......................................... 40,713 39,943 41,027 41,151 40,496 40,713 40,734 37,754 Total loans and securities.................................................. 41,143 41,659 41 489 42,075 41 ,225 41,324 41,187 38 426 Cash items in process of collection................................. 7,391 8,068 7,116 6 367 6'206 6,803 5 954 S 838 Bank premises. .................................................................... ' 102 102 102 102 102 102 102 101 Other assets: Denominated in foreign currencies.............................. 245 242 242 241 218 299 218 315 IMF gold deposited i.................................................... 181 179 177 166 165 181 165 All other............................................................................ 435 4(0 390 364 342 442 343 459 Total assets........................................................................... 62,909 64,059 62,913 62,723 61,672 62,579 61,383 59,422 Liabilities F.R. notes............................................................................. 36,533 36,653 36,857 36,730 36,419 36,464 36,408 33,962 Deposits: Member bank reserves................................................ 18,406 18 488 18,352 19 088 17 941 18 736 18 000 18 259 U.S. Treasurer—General account.............................. 297 538 210 108 546 512 ’521 ’ 944 Foreign.............................................................................. 115 129 153 154 142 192 329 146 Other: IMF gold deposit1...................................................... 181 179 177 166 165 1 81 165 AH other....................................................................... 219 221 223 187 206 220 218 208 Total deposits..................................................................... 19,238 19 555 19,115 19,703 19,000 19 841 19,233 19,557 Deferred availability cash items....................................... 5,723 6,478 5.576 4 819 4,818 4,842 4 301 4,193 Other liabilities and accrued dividends .......................... 182 '172 191 202 195 188 200 533 Total liabilities 6!,676 62,858 61,739 61,454 60,432 61,335 60,142 58,245 Capital Accounts Capita! paid in..................................................................... 560 560 560 560 560 560 560 539 Surplus................................................................................ 551 551 551 551 551 551 551 524 Other capital accounts................................................... 122 90 63 158 129 133 130 114 Total liabilities and capital accounts............................... 62,909 64,059 62,913 62,723 61,672 62,579 61,383 59,422 Contingent liability on acceptances purchased for foreign correspondents.................................................. 137 132 132 128 129 137 129 139 U.S. Govt, securities held in custody for foreign account...................................................................... 7,489 7,512 7,489 7,600 7,638 7,455 7,617 7,626 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)....................... 40,009 40,042 39,971 39,805 39,757 39,989 39,725 36,624 Collateral held against notes outstanding: Gold certificate account................................................. 6,488 6,488 6,535 6,535 6,535 6,553 6,535 6,900 Eligible paper................................................................... ' 22 33 30 '108 ’ 39 38 43 12 U.S. Govt.* securities....................................................... 34,673 34,673 34,732 34,712 34,712 34,678 34,712 31,280 Total collateral............................................................ 41,183 41,194 41 ,297 41,355 41,286 41,269 41,290 38,192 1 See note 2 to table at bottom of page 742. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 FEDERAL RESERVE BANKS 675 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1966 (In millions of dollars) Item Total Boston Y N o ew rk P p d h e h i ! i l » a a - C l l a e n v d e­ m Ri o c n h d ­ At t l a an­ C ca h g i o ­ L S o t u . is M ap i o n l n is e­ K C sa i a t s n y ­ Dallas F c S i r s a a c n n o ­ Assets Gold certificate account,,.,........ 11.459 677 2.820 699 941 1 .057 692 2,052 444 269 404 520 884 Redemption fund for F.R. notes......... 1 .731 99 414 92 148 144 100 311 63 32 66 57 205 Total gold certificate reserves........ 13,190 776 3,234 791 1 .089 1.201 792 2.363 507 301 470 577 1 .089 F.R notes of other Banks.................... 1,072 75 257 71 95 101 127 92 42 23 40 54 95 Other cash ............................................. 238 16 33 13 33 12 19 35 14 6 12 15 30 Discounts and advances: Secured by U.S. Govt, securities... 409 11 61 6 12 33 53 56 32 13 92 5 35 Other................... 43 1 5 1 2 7 3 2 . 10 2 6 3 Acceptances: Bought outright. ........................... 80 80 Held under repurchase agreements. 79 79 U.S. Govt, securities: Bought outright. ............................... 40,713 2,140 10.179 2.108 3.335 2.753 2,157 6.872 1 .425 81 I 1.536 1.568 5,829 Held under repurchase agreements. Total loans and securities. ................... 41,324 2,152 10.404 2.115 3.349 2.787 2.217 6.931 1.459 834 1.630 I .579 5.867 Cash items in process of collection.. . 8.604 512 1.632 463 581 731 724 1.441 420 244 546 500 810 Rank premises.......................................... 102 3 9 3 5 5 20 20 7 3 7 10 10 Other assets: Denominated in foreign currencies. 299 14 1 79 16 27 15 18 43 I 1 7 13 17 39 IMF gold deposited ~......................... 181 181 All other............................................... 442 22 1 1 1 23 36 29 24 72 15 9 19 18 64 Total assets............................................. 65,452 3,570 15.940 3.495 5.215 4,881 3.941 10.997 2.475 1 .427 2,737 2.770 8,004 Liabilities F.R. notes.............................................. . 37,536 2,246 8,536 2,206 3.159 3,375 2.163 6.818 1 .419 706 1 .424 1.189 4,295 Deposits: Member bank reserves,............... 18,736 747 5.310 800 {.399 844 1 ,095 2,786 647 470 821 1 .086 2.731 U.S. Treasurer—General account.. 512 24 64 31 18 18 45 65 30 24 42 43 108 Foreign....................... ................... 192 6 ■' 96 7 12 7 8 19 4 3 6 7 17 Other: IMF gold deposit 2........................ 181 181 Ait other.......................................... 220 1 151 * * 4 1 1 I 1 1 1 58 Total deposits.......................................... 19,841 778 5,802 838 1 .429 873 1.149 2,871 682 498 870 1.137 2.914 Deferred availability cash items.......... 6,643 476 1 ,231 375 501 555 544 1 .095 325 189 382 366 604 Other liabilities and accrued dividends 188 10 47 10 16 12 10 31 6 5 7 7 27 Total liabilities........................................ 64,208 3,510 >5.616 3.429 5.105 4.815 3,866 10,815 2,432 1 ,398 2,683 2,699 7,840 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. .......................... 133 6 34 6 10 9 8 22 5 3 5 6 19 Total liabilities and capital accounts.. 65,452 3,570 15.940 3.495 5.215 4.881 3,941 10.997 2,475 1,427 2.737 2.770 8,004 Ratio of gold certificate reserves to F.R. note liability (per cent): Apr. 30, 1966.............................. 35.1 34.6 37,9 35.9 34.5 35.6 36.6 34.7 35.7 42.6 33.0 48.5 25.4 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 Apr. 30’ 1965.................................. 40.8 42.0 43.3 41.4 39.0 41.3 39.0 41.4 41.3 40.9 40.0 42.9 35.1 Contingent liability on acceptances purchased for foreign correspond' ents ... ........................................ 137 7 4 36 7 12 7 8 20 5 3 6 8 18 Federal Reserve Notes—Federal Reserve Agent’s Accounts F.R. notes outstanding (issued to Bank). .............................................. 39,989 2,378 9,098 2,301 3.441 3.548 2,357 7,200 1.501 740 1,497 1 .293 4,635 Collateral held against notes out­ standing: Gold certificate account................ 6,553 460 1 ,000 500 600 886 425 1 JOO 315 127 225 180 735 38 5 33 U.S, Govt, securities......................... 34,678 1 .945 8,200 1,900 2,950 2,693 1 ,975 6.300 1,310 625 1,300 1,180 4,300 Total collateral................................ 41,269 2,405 9,200 2,405 3.550 3,579 2,400 7,400 (.658 752 1.525 (,360 5,035 1 After deducting $220 million participations of other F.R. Banks. ^ After deducting $96 million participations of other F.R. Banks. 2 See Note 2 to table at bottom of page 742. 4 After deducting $10! million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

676 FEDERAL RESERVE BANKS. BANK DEBITS MAY 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 Apr. 27 Apr. 20 Apr. 13 Apr. 6 Mar. 30 Apr. Mar. Apr. Discounts and advances—-Total................................. 242 1.607 317 810 599 452 327 568 Within 15 days.................................................................. 215 1. 582 292 787 578 422 306 550 16 days to 90 days.......................................................... 27 25 25 23 21 30 21 18 91 days to 1 year.............................................................. * ♦ Acceptances—.Total............................................................. 188 109 145 114 130 159 126 104 Within 15 days................................................ 123 54 90 57 66 91 63 58 16 days to 90 days........................................................... 65 55 55 57 64 68 63 46 (j S Government securities—Total................................. 40.713 39,943 41.027 41.151 40.496 40,713 40,734 37,754 Within 15 days1................................................... 1.195 1 .237 1 .213 1.261 706 7.326 506 5.075 16 days to 90 days........................................................... 10,624 10.258 11.031 11.107 10,991 4.374 11.047 3,509 91 days to I year.............................................................. 13.907 13.485 13.820 13.820 13,836 14,026 14.218 15,153 Over 1 year to 5 years..................................................... 13.297 13.273 13,273 13,273 13.273 13.297 13,273 12’409 Over 5 years to 10 years............................................... 1.305 1.305 I 305 1 305 1 .305 1 ,305 1.305 1.292 Over 10 years..................................................................... 385 385 385 385 385 385 385 316 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total s P t o er u l n in d g s B fr e a lg n i c a s n C d a o n l a l d ar i s an F fr r a e n n c c s h G m er a m rk a s n Ita li l r i e an Jap y a e n n ese N gu l e a i t n l h d d e e s r r s ­ f S r w an is c s s 1965—May................................ 80 17 41 2 1 1 1 2 12 June.................... 457 390 42 2 1 17 1 J 3 July................................. 620 549 52 2 1 12 I 3 ♦ 884 819 47 2 11 2 1 3 Sept........................... 867 802 47 1 11 2 1 3 * Oct.................................. 820 750 52 2 10 2 1 3 Nov........................... 671 600 52 2 1 11 2 1 3 * Dec.................................. 629 534 53 2 34 3 * 1966—Jan................................... 398 303 53 2 1 34 1 1 3 * BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits t ( o In d e b m ill a io n n d s d o e f p d o o s l i l t a a r c s) counts^ Turnover of demand deposits Period S T M 2 o 2 S t 5 a A l ’s L N e .Y ad . ing S 6 M o S t A he ’s rs2 T c o N ( e t e n a . x Y l t c e l . 2 r . ) s 2 4 SM o 2 th S 18 e A r ’s SM T 2 o 2 S t 5 a A l ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A 2 l .) . 2 ’s 4 SM o 2 th S 18 e A r ’s 1965 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 May................................ 4’825.6 1^954.1 1,082.7 2,871.5 1,788.8 47.0 96.0 44.3 34.7 30.6 J une.................... 5,327.8 2,308.4 1,146.8 3,019.4 1 ,872.6 50.9 107.0 45.5 36.3 32.2 July...................... 5,302.6 2,281.6 1,149.5 3,021.0 1,871.5 49.3 104.9 44.4 35.1 31. 1 Aug.................................. 5'146.8 2’128.0 1’141.0 3,018.8 M77.8 48.4 99.4 44.9 35.5 31.7 5,126.9 2,104.3 1,142.9 3,022.6 1,879.7 47.2 95.4 44.1 35.3 31.4 Oct.................................. 5,129.9 2,061.0 1,165.4 3,068.9 1,903.5 47.4 96.3 43.8 35.1 31.4 Nov................................ 5'408.3 2^229.4 1,215.0 3,178.9 1,963.9 50.5 104.7 47.6 37.0 32.1 Dec.................................. 5,523.1 2,273.5 1,234.5 3,249.6 2,015.1 50.6 102.2 47.7 37. 5 33.3 1966—Jan................................... 5,509.6 2,311.5 1,218.4 3,198 J 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 I ,336.6 3,397.1 2,060.5 52.3 107.1 49.1 38.3 33.5 Apr.................................. 5,934.1 2,544.0 1,304.2 3,390.1 2,085.9 52.8 112.0 47.8 37.7 33.3 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’s include some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. For a description of the revised series see Mar. 1965 Bulletin, p. 390. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 U.S. CURRENCY 677 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir­ End of period cula­ tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $ 1,000 $5,000 $10,000 1939....................... 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 9(9 191 425 20 32 1941....................... U U60 8,120 751 695 44 H355 2331 2,545 3,044 724 1333 26 ( 556 24 46 1945....................... 28’5(5 20', 683 1,274 1,039 73 2J13 6,782 9,201 7334 2,327 4,220 454 801 7 24 1947....................... 28’868 20,020 I ,404 1 ;048 65 2; (10 6,275 9,119 8,850 2348 5,070 428 782 5 17 1950....................... 27,741 19;305 1,554 1,113 64 2; 049 5,998 8,529 8,438 2322 5,043 368 588 4 12 1955 ..................... 31,158 22;021 1,927 IJL2 75 2, 151 6317 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 9337 2,792 5,886 275 373 3 9 1959....................... 32'591 23;264 2,304 U511 85 2,2(6 6,672 10,476 9326 2,803 5,9(3 261 34( 3 5 I960....................... 32,869 23,521 2^27 1,533 88 2,246 6391 10,536 9,348 23(5 5,954 249 316 3 10 1961....................... 33,918 24,388 2,582 1^588 92 2313 6378 10335 9331 2369 6,(06 242 300 3 (0 1962........................ 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963 ....................... 37,692 26,807 3,030 1,722 103 2 369 7373 12J09 10385 3,221 7,110 249 298 3 4 1964....................... 39,619 28,100 3,405 I'806 Hl 2,517 7,543 12317 11,519 3381 7,590 248 293 2 4 1965—Mar............ 38,816 27,424 3,520 1,704 111 2,391 7,327 (2,371 11,392 3316 7,536 245 288 2 4 Apr 38,760 27;365 3^566 1,714 1(2 2J81 7,275 12,3(7 i(,394 3,313 7,544 244 288 2 4 May........... 39,207 27^58 3,608 U740 1 (4 2,427 7,375 (2394 11,449 3,332 7,579 244 289 2 4 June........... 39,720 28,188 3; 662 l'752 116 2,447 7,489 12,723 11332 3361 7,635 243 287 3 4 July............ 39^897 28,311 3,689 1,748 116 2'431 7,493 12333 11,586 3,376 7,674 243 287 3 4 Aug............ 40'165 28,506 3,751 1,761 118 2,442 7,5(3 12,921 11,659 3,389 7,735 243 286 3 4 Sept....... 40,443 28,724 3,808 1,783 120 2,474 7,599 12,941 (1,7(9 3,392 7,792 243 286 3 4 Oct........ 40,754 28,926 3,856 I ,807 121 2 389 7,624 (3,'029 11328 3,4(1 7,883 243 285 3 4 Nov............ 41,824 29,829 3,956 1 ,858 124 2,571 7,882 13,439 11,994 3,469 7,990 243 286 3 4 Dec............. 42^056 29;842 4,027 I ,908 127 2,618 7394 13369 12,214 3,540 8,(35 245 288 3 4 1966—Jan.... 41 ,092 28,982 4,060 1 ,818 127 2,489 7,514 12,974 12,i10 3 382 8,092 243 286 3 4 41,252 29.149 4,096 1 .818 128 2.495 7,586 13,027 12,103 3,470 8,098 243 286 3 4 Mar............ 41,469 29.323 4.152 1 ,824 129 2 396 7,607 13,116 12.147 3 378 8.136 242 285 3 4 J Outside Treasury and F.R. Banks. Before 1955 details are slightly 7 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 Held by Kind of currency T s M o ta t a 1 a n 9 r l d . 6 i 6 o 3 n u 1 g , t ­ A g a s o s g l s i d l a e v i c n e 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 o n R d k r . s A B F a g a . n e n R d n k . t s s M 1 a 9 r. 6 6 31, Fe 1 b 9 . 6 6 28, M 1 a 9 y 6 5 31, certificates Agents Gold..................................................................................... 13,634 (13.204) 2 430 Gold certificates...................................................... (13,204) J 13.203 1 F.R. notes.............................................................................. 39.725 101 3,316 36,308 36,139 33,900 Treasury currency—Total.................................................. 5,739 (638) 367 21 1 5,161 5.113 4,915 Standard silver dollars............................................... 485 3 * 482 482 482 Silver bullion................................................................ 955 635 321 Silver certificates................................................... (638) 2 ...............2..6.. 609 618 988 Fractional coin 4.......................................................... 3,871 42 159 3,670 3,614 3,038 United States notes................................................... 323 2 25 296 294 299 In process of retirement 5.......................................... 105 ♦ I 104 105 109 Total—Mar. 31, 1966. ....................................................... 6 59.098 (13,842) 898 13,203 3.528 41,469 Feb. 28, 1966. ....................................................... (>59,254 (14.088) 800 13,431 3.771 41.252 Mar. 31. 1965 ....................................................... *56,474 (15.377) 702 11,477 5,480 38,816 i Outside Treasury and F.R. Banks. Includes any paper currency held s 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. 667. for other items; gold certificates are secured by gold, and silver certificates 2 Includes $156 million reserve against United States notesand $165 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 * 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

678 MONEY SUPPLY MAY 1966 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t jus a te d d ­ 1 Total c C om ur p re o n n c e y n t 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 d d e e p m os a i n ts d 1 1957—d6C........................................................ 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 116J 66.6 4,9 1960—Dec........................................................ 141.1 28.9 112.1 72.9 144.7 29,6 115.2 72 I 4.7 1961—Dec........................................................ 145.5 29.6 116.0 82.7 149,4 30.2 119.2 8! 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 11 CO 5 1 1964—Dec........................................................ 159.7 34.2 125.4 126.6 164.0 35.0 129.1 125 2 5 5 toss — Anr...................................................... 161.1 34.7 126.4 133.5 161.6 34.5 127.1 134 0 5.6 May 160.0 34.9 125.1 134.6 157.6 34.6 123.0 135.4 9.7 June 161.8 35.0 126.8 135.9 159.6 34.9 124.6 136 6 9.3 July. 162.5 35,2 127.3 137.6 160.9 35.4 125.6 138 3 9 1 Aug. 162,7 35.4 127.3 140.1 160.5 35.5 125.0 140.2 7 4 Sept. 164.3 35.6 128.7 141 .6 163.2 35.6 127,5 141 4 5*6 Oct. 165.6 35.9 129.7 143.6 165.8 36.0 129.8 143’5 5.0 Nov. 165.7 36.1 129.6 145.5 167.4 36.5 130.9 144 4 4.0 Dec. 167.4 36.3 131.2 147.0 (72.0 37.0 135 0 145 3 4.5 168.4 36.7 Bl 8 148.0 173 0 36 5 136 5 >47 4 3.7 Feb......................................... 168.0 36.8 131 .2 148.8 167.8 36 3 131.5 148 7 5 1 Mar. 169.2 36.9 132 3 149 6 167.8 36.5 1 31 3 150’2 4.5 Apr. 171.1 37. / 134. 1 151.5 171 .6 36.8 134.9 (52.2 3 0 Week end ing— 1965—Nov. 3. (65.9 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 i 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 J 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 (72.7 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 5 26.. 167.4 36.6 130.8 148.2 170. 9 36.1 1 34.8 147.9 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 16 6 133 5 148.3 4 3 16.. (68.3 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. S 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 16.. 169.2 36,9 132.3 149.5 169,4 36^6 132 8 150. 1 0 6 23.. 169.8 36.9 132.9 149,8 167.9 36 6 111 3 150.3 5 5 30. . 169,1 36.9 132.2 150 2 166.6 36 3 130.2 151,0 5.7 Apr. 6.. 170.1 16 9 133 2 150 7 169 0 36 8 132.2 151.5 4 8 13.. 171.2 37.2 1 34.0 151 ‘2 1 71 ’9 37.1 1 34.8 152,0 2^4 20*. 171.1 37.0 134.1 151.6 173.7 36.7 137.0 152.1 1 4 27*. 170.9 37.1 133.7 152.0 171,8 36.5 135.3 152.6 2'9 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 3-43; for monthly mercial banks. Time deposits adjusted are time deposits at all commercial data 1947-58, see June 1964 Bulletin, pp. 679-89. banks other than those due to domestic commercial banks and the Averages of daily figures. Money supply consists of (!) 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

MAY 1966 BANKS AND THE MONETARY SYSTEM 679 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date ury U. S. Government securities liabil­ Capital cur­ ities Total and Gold s r t o e i a n n u n g c t d ­ y ­ Total Lo n a e n t s, Total s C a a o v n i m n d g ’ l s , R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s ­ r ca a n p n e it d t a l, c d u e r a p r n o e d n si c t y s c m o n a u i c e s n ­ t c t . s , banks Banks 1929—June 29,................... 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30..................... 4,031 2,286 42,148 21,957 10'328 8,199 1 ,998 131 9,863 48,465 42 029 6 436 1939—Dec. 30..................... 17'644 2,963 54^564 22'157 23 J05 19'417 2,484 1,204 9'302 75,171 68J59 6'812 1941—Dec. 31..................... 22,737 3'247 64,653 26,605 29,049 25,511 2,254 1'284 8999 90 637 82 811 7'826 1945—Dec. 31..................... 20^065 4'339 167,381 30,387 128 J17 101’288 24,262 2,867 8^577 191 J85 180^806 10 J79 1947—Dec. 31..................... 22,754 4'562 160,832 43,023 107,086 81,199 22,559 3,328 10'723 188 148 175,348 12,800 1950—Dec. 30..................... 22'706 4,636 171,667 60,366 96,560 72,894 20,778 2'888 14,741 199,008 184,384 14 624 1963—Dec. 20.............. 15,582 5,586 333,203 189'433 103,273 69,068 33'552 653 40,497 354,371 323,251 31’118 1964—-June 30..................... 15,461 5,578 343,988 201'161 100,879 65,337 34'794 748 41,948 365,027 333,114 31 915 Dec. 31..................... 15'388 5,405 365,366 214,254 106,825 68,779 37;044 1 ,002 44,287 386,159 352,964 33’193 1965—Apr 28..................... 14,400 5,400 368,900 219,300 102,600 64,200 37,400 1,100 47,000 388,700 354,000 34,700 May 26..................... 14,300 5,400 371,200 222,100 102,400 63'000 38,300 1,100 46 J00 390,900 354 600 36 400 June 30..................... 13'934 5'413 378*834 228,721 102,318 62,606 39;100 '612 47,795 398,181 362,370 35*814 July 28..................... 13'900 5'400 376,500 226 J00 102'000 62,200 39,200 600 48'100 395,800 360,000 35’800 25..................... 13'900 5 J00 378,700 228 J00 101,500 61,300 39'200 1,000 49'100 398,000 361,100 37,000 13,900 5,500 383'500 231,600 102,300 61'700 39,600 1,000 49'500 402,800 365,900 36 900 27 P................... 13'900 5'500 385'900 231,900 104,300 64,000 39,200 1 ,000 49’700 405’200 368,300 36 900 13,800 5 J00 389,000 234,300 105'400 64’300 40,100 1 , 100 49,300 408,300 370,300 38 J00 Dec. 29*................... 13'700 5 '600 396 J00 240 200 105,900 64,000 40,900 '900 50’100 415 500 379,000 36 500 1966—jan. 26^................... 13,700 5,600 394,100 238,700 105,700 64,700 40,000 900 49 700 413 500 376 700 36 800 Feb. 23p................... 13 J00 5'700 393 J00 239,500 103'400 62'500 40,000 900 50,400 412 J00 373 J00 38’800 Mar,30 rP................. 13,600 5,700 397,100 244'200 102'100 60,600 40,500 1 ,000 50,900 416,500 378,300 38*200 Apr. 27P............... 13,600 5'800 400’600 247^000 101 J00 60 J00 40,700 '900 51 J00 420,000 382,200 37,800 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted * Not seasonally adjusted Time U. S. Government Date Total o b r u C e a t n u n s c i r k d y ­ s e d ju e m s D p a t a o d e e n d s ­ ­ d i t s 2 Total o b r u C e a t n u n s c i k r d y ­ s e d ju e m s D p a t a o d e e n d s ­ ­ d i t 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 v e y s m i s t n a ­ g l s n F e e i o g t r n ­ 4 T h c i r u 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 J93 27,059 15,258 10,523 1 ,278 1,217 2,409 846 634 1941—Dec. 31... . 48,607 9,615 38,992 27 J29 15,884 10,532 1,313 1,498 2,215 1,895 867 1945—Dec. 31.... 102,341 26,490 75,851 48,452 30,135 15,385 2,932 2,141 2,287 24,608 977 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2 J89 668 1963—Dec. 20.... 153,100 31 JOO 121,400 158,104 33,468 124,636 155 J13 l!O,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—Apr, 28.... 159,000 33,800 125,200 159,100 33,500 125,600 184,600 134,100 50,100 400 1 ,500 800 7,100 1,000 May 26.... 157,500 34,000 123,500 155,500 34,000 121,600 186,100 135,400 50,300 400 1,500 800 10,100 700 June 30... . 161 JOO 34,100 126 JOO 158,878 34,524 124,354 188,348 137,088 50 J18 342 1,631 779 12,062 672 July 28.... 159,800 34,400 125,400 159,600 34,500 125,100 190,100 138,700 51,000 300 1,600 800 7,100 800 Aug. 25.... 159 JOO 34,500 125,200 158,300 34 JOO 123,600 191 JOO 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 JOO 141,800 51,600 300 1,700 800 7,600 900 Oct. 27*... 163 JOO 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 1,500 800 5,600 900 Dec. 29p... 166,800 35,400 131,400 171,900 36,200 135,700 198,500 145,600 52,600 300 1,700 800 5,600 500 1966—Jan. 26*.,. 166,500 36,000 130,500 168,700 35,500 133,200 200,800 147,600 52,800 300 1,600 800 4,000 700 Feb. 23*... 164,200 36,100 128,100 163,400 35,700 127,700 201 JOO 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 ISO JOO 53,400 300 1,700 900 5,200 500 Apr. 27p... 168,400 36,200 132,200 168,500 35 JOO 132,600 205,600 152,300 53,100 300 1,700 900 5,100 300 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. 1 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 0 0 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

680 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities T l o ia ta ­ l Interbank1 Other Bor­ Total Num­ Cla a s n s d o d f a b te ank Total Loans U.S. a C ss a e s t h s 1 c b a i a l p n it i d i t e a s l Total i De­ Demand r i o n w gs ­ c c a o a p u c i n ­ ta ts l ba b o n e f k r 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 8,577 35,415 177,332 165,612 14,065 105.935 45,613 227 10,542 14,553 1947—Dec. 314............... 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53,(05 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—Apr. 28................ 335,020223,890 64,18046,95052,580 397,710349,320 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 14.24C 970 9,890 138,490 185,960 4,97033,000 14,300 June 30,.............. 342,138231,737 62,60647,79558,083410,935 362,611 16,172 1,034 11,802 145,319 188,284 3,72634,015 14,295 July 28................ 340,780230,510 62,15048,12052,070403,210353,730 14,460 980 6,890 141,410 189,990 4,73033,820 14,291 Aug. 25. ...... . 343,120232,710 61,32049,09051,460404,900354,340 14,900 1,010 7,230 139,340 191,860 5,06034,020 14,293 Sept. 29................ 347,070235,830 61,72049,52053,780411,570361,320 15,850 1,040 7,370 143,440 193,620 4,40034,280 14,297 Oct. 27*............. 351,010237,290 64,04049,68053,870415,530363,760 15,710 1,030 4,120 147,050 195,850 5,78034,510 14,303 Nov. 24’’............. 352,920239,370 64,27049,28055,9404(9,500366,550 15,770 1,030 5,390 147,920 196,440 5,97034,720 14,309 Dec. 29”............. 360,460 246,310 64,04050,11058,410429,810376,400 16,440 1 ,000 5,350 155,220 198,390 6,8(0 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 6,150 34,900 14,299 Feb. 23”.............. 358,310 245,440 62,47050.40056,260425,650 371,750 15,900 1,080 5,240 147,930201,600 6,73035,010 14,299 Mac. 30 r”.......... 361,050249,580 60,62050,85054,650427,050373,590 15,310 1 ,080 4,930 147,650204,620 6,14035,(70 14,306 Apr. 27”. ...... 363,450251,510 60,23051,71057,100431 ,730379,240 15,630 1,100 4,890 152,040205,580 4,91035,370 14,307 Commercial banks: 1941—Dec. 31............... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31............... 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 31 4............. 116,284 38,057 69,221 9,00637,502 155,377 (44,103 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—Apr. 28............... 281,240 181,530 58,32041,39051,640342,060299,140 14,450 920 6,850 142,550 (34,370 5,02028,210 13,793 May 26............... 282,230 183,930 57,19041,11051,180342,700299,180 14,240 970 9,890 138,430135,650 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 3,68229,479 13,791 July 28............... 285,940 187,060 56,32042,560 51 ,090346,410302,650 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 7,230 139,280140,610 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 58,45044,08052,890357,9203(1,860 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 (44,480 5,97030,060 13,805 Dec. 29”............. 304,150 201,030 58,52044,600 57,430371,560323,770 (6,440 1,000 5,350 155,170145,810 6,810 30,230 13,804 1966—Jan. 26»............. 301.500 198,130 59,19044,18054,260365,980319,060 15,490 1,060 3,780 150,890147,840 6,15030,230 13,794 Feb. 23”............. 301 ,350 199,610 56,88044,86055,340366.800318,720 15,900 1 ,080 5,240 147,880 148,620 6,730 30,300 13,794 Mar. 30”, ...... 303,690 203,490 55,02045,180 53,750 367,790320,100 15,310 I ,080 4,930 147,600 151,180 6,14030,430 13,801 Apr. 27”............. 306,240205,080 54,99046,(7056,250372,710326,130 15,630 1,100 4,890 151,990152,520 4,91030,660 13,802 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 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1964—Dec. 31................ 228,497 147,690 48,71732,08952,737 289,142 255,724 17,007 664 5,838 128,539 (03,676 2,481 22,901 6,225 1965—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 43,396 35,10050,198296,049259,743 15,355 851 10,806 120,077 112,654 3,455 24,323 6,235 July 28............... 235,644 157,345 42,863 35,43644,703288,568251,216 13,671 803 6,296 116,404 114,042 4,59824,193 6,230 Aug. 25............... 237,093 158,885 42,06436,14443,951 289,232251,232 (4,073 825 6,565 114,426 115,343 4,73224,279 6,227 Sept. 29...., . .. 240,078 161,336 42,29436,448 46,087294,704256,981 14,991 861 6,805 117,924 (16,400 4,14824,432 6,223 Oct. 27............... 243,144 162,156 44,438 36,55046,119297,674258,443 (4.815 848 3,760 120,904 118,116 5,46224,654 6,223 Nov. 24.. 244,260163,597 44,55236,111 48,110300,784260,630 14,875 850 4,927 121,503 I(8,475 5,691 24,768 6,225 Dec. 29................ 250,675 169,422 44,39036,863 50,205309,596268,834 15,522 822 4,899 128,080 119,511 6,501 24,917 6,221 1966—Jan. 26............. 247,921 166,717 44,80936,395 47,366304,163264,155 14,606 879 3,387 124,179 (21,104 5,873 24,896 6,2(2 Feb. 23............... 247,810 168,112 42,732 36,96648,453 305,117264,032 (5,054 895 4,691 121,740 121,652 6,361 24,955 6,208 Mar. 30............... 249,847 171,495 41,23037,122 46,883 305,819 265,256 14,477 897 4,431 121,558 123,893 5,757 25,050 6,203 Apr. 27”............. 252,103 172,702 41,37038,031 49,323 310,342270,866 14,795 918 4,617 125,479 125,057 4,55425,239 6,199 Mutual savings banks: 1941—Dec. 31............... 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31............... 16,208 4,279 10,682 1,246 609 17,020 15,385 h 15,371 7 1,592 542 1947—Dec, 3(4............. 18,641 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—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 r............. 57,360 46,090 5,600 5,670 900 59,260 53,490 50 53,440 4,740 505 Apr. 27”............. 57,210 46,430 5,240 5,540 8 SO 59,020 53,110 50 53,060 4,7(0 505 For notes see end of tabic. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 681 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 i c b a i a l a l p i n i c a t i d i t ­ ­ e a s l Total 1 m D a e n ­ d Time Demand Time r B i o n o g w r s ­ ­ c c T a o a o p u c t i n ­ a ta t l s l N ba b o u n e m f r k s ­ counts2 U.S. Other Govt. Reserve city member banks New York City: 5- 6 1941—Dec. 31................... 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31................... 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31................... 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 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—Apr. 28................... 40,325 29,173 4,764 6,388 9,844 52,852 43,502 4,226 492 1,666 20,842 16,276 1,655 4,517 13 May 26............. 40,201 29,558 4,674 5,969 10,230 53,184 43,820 4,308 549 1,989 20,289 16,685 1,498 4,548 13 June 30................... 42,225 30,975 4,907 6,342 12,186 57,150 47,322 5,065 579 2,561 22,380 16,738 1,423 5,094 13 July 28................... 40,802 29,438 4,834 6,530 9,639 52,998 43,263 4,300 525 1,409 19,934 17,095 1,426 5,091 13 Aug. 25................... 41,207 29,896 4,566 6,745 9,233 53,106 42,890 4,123 534 1,287 19,557 17,389 1,586 5,114 12 Sept. 29................... 41,876 30,680 4,366 6,830 9,851 54,511 44,942 4,669 563 1,971 20,449 17,290 993 5,106 12 Oct. 27................... 42,411 30,518 5,239 6,654 9,508 54,477 44,034 4,286 553 836 20,546 17,813 1 ,808 5,137 12 Nov. 24................... 41,922 30,840 4,897 6,185 10,098 54,647 43,957 4,370 546 789 20,434 17,818 2,072 5,142 12 Dec. 29.................... 44,622 32,909 5,120 6,593 11,035 58,389 47,375 4,757 513 1,257 22,987 17,861 2,646 5,149 12 1966—Jan. 26................... 43,410 32,404 4,852 6,154 10,141 56,377 45,598 4,429 566 618 21,707 18,278 2, 104 5,101 12 Feb. 23................... 43,167 32,602 4,260 6,305 11,181 57,358 46,014 5,001 578 822 21,745 17,868 2,304 5,115 12 Mar. 30................... 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 Apr. 27?................. 44,238 33,427 4,426 6,385 10,952 58,020 48,131 4,804 621 1,401 22,475 18,830 1,200 5,126 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 1,448 22 396 5,362 4,578 204 1,056 12 1965—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 U 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 It 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. 30................... 11,202 8,100 1 ,532 I ,570 2,172 13,900 1!,570 1,182 35 203 5,035 5,115 619 1 ,123 11 Apr. 27?. ............... 11,260 8,161 1,470 1,629 2,568 14,289 12,319 1,222 32 530 5,412 5,123 367 1,131 11 Other reserve city: 5. 6 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31................... 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31................... 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 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—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 12,11619,864 110,063 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. 30................... 91,071 66,041 12,259 12,771 18,555 112,776 98,661 6,900 184 1,610 43,11646,851 2, 155 9,089 170 Apr. 27 p................. 92,397 66,743 12,583 13,071 20,021 115,509 100,917 6,896 194 1,720 44,751 47,356 2,225 9,167 170 Country member banks:5- 6 1941—Dec. 31................... 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31................... 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31................... 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 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—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 15,18214,995 114,744 102,475 1,847 71 2,174 49,02549,358 650 9,301 6,027 Sept. 29 98,669 60,344 22,915 15,410 15,369 116,399 104,123 1,918 71 1,840 50,311 49,983 508 9,421 6,023 Oct. 27.................... 100,156 60,922 23,543 15,691 15,478 118,109 105,572 1,994 71 1,184 51,70750,616 643 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.................... 1'02,710 62,844 23,740 16,126 16,366 121,528 108,680 2,048 71 1,461 53,767 51,333 697 9,617 6,027 102,848 62,445 24,175 16,22815,638 121,086 108,484 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.................... IO3;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 Apr. 27?.................. 104,208 64,371 22,891 16,946 15,782 122,524 109,499 1,873 71 966 52,841 53,748 762 9,815 6,006 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

682 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER. BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets—• Securities Total Interbank 1 Other b c C a a l l n a l k s d s a a o n te f d Total Loans G U o . v S t . . Other as C s a e s ts h 1 c c b o a i u a l a l p i l n n c a t i d i t - ­ t e s a s l 2 Total i m D a e n ­ d Time U. D S. e ma O n t d her Time 3 B r i o n o w g r s - ­ c c T a o a o p u c t i n ­ a ta t l s l b N a b o u n e f m k r s ­ 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 62,72334,594 50,337 310,730 273,657 15,077 443 6,712 140,702 110,723 3,57125,27713,284 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664 733 6,487 154,043 126,185 2,58027,37713,486 1965—June 30.. 285,375 187,207 56,42641 ,742 56,555 351,544 309,612 15,920 928 11,761 144,205 136,798 3,56229,051 13,528 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1962—Dec. 28.. 127,254 75,548 35,663 16,042 29,684 160,657 142,825 9,155 127 3,735 76,07553,733 1,63612,750 4,505 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,83661,288 1,70413,548 4,615 1964—Dec. 31.. 151,406 96,688 33,40521,312 34,064 190,289 169,615 10,521 211 3,604 84,53470,746 1,10915,048 4,773 1965—June 30.. 156,989 103,377 30,23023,382 31,595 193,748 171,528 9,096 313 6,721 79,009 76,389 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 23,140 19,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,50422,509 99 4,488 7,262 1965—June 30.. 48,058 28,375 13,039 6,644 6,357 55,507 49,869 565 78 955 24,12824,144 108 4,739 7,294 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1 291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1.905 365 4 279 714 1947—Dec. 31 * 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 17 10 351 1 1 034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12 12,192 1 '252 194 1962—Dec. 28.. 38,597 28,778 4,639 5,180 784 39,951 36,104 1 9 26735,827 7 3 343 331 1963—Dec. 20.. 41,664 32,300 4,324 5,041 722 43,019 38'657 1 5 29238,359 38 3’572 330 1964—Dec. 31.. 45,358 36,233 4,110 5,015 893 47,044 42,751 2 7 32642 416 20 3*731 327 1965—June 30.. 47,031 37,970 3,975 5,085 910 48,806 44,293 ........... 1 6 37443,912 43 3; 848 327 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 683 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 vt . . Other a C ss a e s t h s 1 c c b o a i a l a l u p i n i c a t i n d i ­ t ­ e a t s s l 2 Total1 m D a e n ­ d Time U. D S. emand Time 3 r B i o n o g w r s - ­ c c T a o a o p u c t i n ­ t a a t l s l b N a b u o n e m f k r s ­ Govt. Other Noninsured mutual savings banks: 1941 Dec 31 ............... 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945 Dec. 31 ........... 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec 31 4................ 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1962—Dec. 28........... 5,961 3,938 1,490 533 106 6,134 5,427 1 6 5,420 1 608 180 1963—Dec. 20................... 6,425 4,380 1,548 498 104 6,602 5,859 I 8 5,851 633 179 1964 Dec 31................... 7,005 4,852 1,678 475 111 7,195 6,387 6 6,381 670 178 1965 June 30. . ..... 7,385 5,126 1,778 481 110 7,576 6,686 1 20 6,666 1 688 177 1 Reciprocal balances excluded beginning with 1942. Note.—Data are for all commercial and mutual savings banks in the 2 Includes other assets and liabilities not shown separately. United States (including Alaska and Hawaii, beginning with 1959), For J Figures for mutual savings banks include relatively ,small amounts definition of “commercial banks” as used tn 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. * Beginning with Dec. 31, 1947, the series was revised; for description, Comparability of figures for classes of banks is affected somewhat by see note 4, p. 587 May 1964 Bulletin. changes in F.R. membership, deposit insurance status, and the reserve 5 Regarding reclassification of New York City and Chicago as reserve classifications of cities and individual banks, and by mergers, etc. cities, see Aug. 1962 Bulletin, p. 993. For various changes between Data for Dec. 31, 1964 and June 30, 1965 for national banks have been reserve city and country status in 1960-63, see note 6, p. 5 87, May 1964 adjusted to make them comparable with State bank data. (Dec. 20,1963, Bulletin. data also adjusted to lesser extent.) 6 Beginning with May 18, 1964, one New York City country bank with Figures are partly estimated except on call dates. loans and investments of $1,034 million and total deposits of $982 million For revisions in series before June 30, 1947, see July 1947 Bulletin, was reclassified as a reserve city bank. Beginning with May 13, 1965 pp. 870-71. (Toledo, Ohio), reserve city banks with total 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 1964—Dec. 31..................................................................... 267.2 167.1 61.4 38.7 273.9 172.1 63.0 38.8 1965—Mar. 31..................................................................... 275.5 175.8 59.6 40.1 273.9 174.5 59.0 40.3 Apr. 28 .... ‘........................................................... 277.3 177.1 59. 1 41.1 275.9 176.2 58.3 41.4 May 26 ............................................................. 279.4 179.5 58.6 41.3 277.1 178.8 57.2 41.1 June 30..................................................................... 282.8 183.0 57.7 42.1 283.9 184.9 56.9 42.2 July 28............................................................... 281.5 182.7 56.4 42.4 281.2 182.4 56.3 42.6 Aug. 25 ........................................................... 286.1 185.8 57.0 43.3 283.2 184.3 55.5 43.4 286.2 186.2 56.5 43.5 286.8 187.0 55.9 43.9 Oct. 27p........................................................... 288.9 188.0 57.0 43.9 290.3 187.8 58.5 44.1 Nov. 24p................................................................... 291.5 189.8 57.6 44. 1 292.4 190.0 58.7 43.7 Dec. 31p.,.,........................................................... 294.0 191.8 57.6 44.6 301.3 197.6 58.9 44.7 1966—Jan. 26s.................................................................... 297.0 195.0 57.4 44.6 296.4 193.0 59.2 44.2 Feb. 23 p.................................................................. 297.1 195.5 56.3 45.3 295.7 193.9 56.9 44.9 Mar. 30p .................................................................... 299.9 199,3 55.6 45.0 298.1 197.9 55.0 45.2 Apr. 27p .......................................................... 302.7 201.0 55.9 45.8 301.1 200.0 55.0 46.2 1 Adjusted to exclude interbank loans. are call dates. For back data see June 1964 Bulletin, pp. 693-97; for description of Note.—Data are for last Wed, of month except for June 30 and Dec. seasonally adjusted series, see July 1962 Bulletin, pp. 797-802. 31; data are partly or wholly estimated except when June 30 and Dec. 31 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

684 COMMERCIAL BANKS MAY 1966 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 Investments For purchasing To. U.S. Government Class of l T oa o n t s a l 1 Com- o s r e c c a u r r r i y ti i e n s g institutions Other securities State b c a a n ll k , d a a n te d i m n a v e n e n d s ts t­ Total 2 d t c a i r u n i n i a a s d ­ l l ­ A c tu a u g l r l r ­ ­ i- b k d a T e n r e o o r a d s ­ l ­ ot T h o er s ba T n o k s ot T he o r s t e a s t ­ e u v d i t a i n o i d l ­ ­ s - Other Total Bills c C t a i e f t i e r ­ s ­ Notes Bonds s g r l a i e o o t n c c i v e u d a t s l ­ , O s r e i t t h c ie u e s r ­ ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 8301,220 115 9,393 5,723 94769,221 2,(93 7,789 6,03453,205 5,2763,729 1962—Dec. 28.. 235,839 140,10648.673 7,0975,1442,131 2,578 8,45934,25930,553 3,90966,434 11,674 3,93223,841 26,987 24,7554,543 1963—Dec. 20.. 254,162 156,00652,9477.4705,3532,509 3,605 9,47939,056 34,5504,03463,196 11,059 1,65822,41528,065 29,7865,173 1964—Dec. 31.. 277,376 175,58960,2177,505 5,5422,843 3,491 10,91343,67539,8095,15262,991 13,377 19,03930,57433,5335,263 1965—June 30.. 287,723 188.641 65,5468,0686,0662,912 3,788 11,46346,22343,0565,14856,853 8,920...... 14,67833,255 36,541 5,688 All insured 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3, 159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,361 1,13288,912 2,45519,071 16,045 51,342 3,8733,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 8231,190 114 ........... 9,266 5,654 91467,941 2,124 7,552 5,9(8 52,347 5,1293,621 1962—Dec, 28,. 234,243 139,44948,4587,0605,1192,103 2,551 8,43434,12330,4023,89065,891 11,514 3,91623,715 26,74624,5474,356 1963—Dec. 20.. 252,579 155,261 52,7437,4445,3212,476 3,594 9,415 38,86134,3834,01562,723 10,952 1,64922,31627,80629,559 5,035 1964—Dec. 31.. 275,053 174,23459,7467,4825,3552,794 3,419 10,81243,43639,6275,11262,499 13,275 18,93930,285 33,2945,026 1965—June 30.. 285,375 187,20765,0538,047 5,9252,860 3,680 11,34245,95142,879 5,09256,426 8,849 14,603 32,97436,295 5,447 Member, total 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,1333,378 47 3,455 1,900 1,05778,338 2,27516,985 14,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 ...... 7,130 4,662 83957,914 1,987 5,816 4,81545,295 4,(99 3,105 1962—Dec. 28.. 195,698 118,63743,843 4,4194,9541 ,777 2,445 7,93627,162 24,7993,65752,968 8,862 3,249 19,44321,41420,7733,319 1963—Dec. 20.. 210,127 131,71247,4034,6595,1242,136 3,439 8,87531,00927,9083,765 49,342 8,032 1,307 18,07221,93225,2103,864 1964—Dec. 31.. 228,497 147,690 53,717 4,643 5,1422,411 3,250 10,17934,58732,0244,82448,717 9,932 15,23823,54828,3743,715 1965—June 30.. 237,328 158,83258,6404,969 5,7292,442 3,516 10,73536,57734,5824,78343,396 6,260........... 11,43025,70631,0364,064 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 123 522 7.265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,4531,172 26 80 287 27217,574 477 3,433 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 ........... III 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 I ,998 508 2,488 2,023 3,585 432 1963—Dec. 20.. 34,827 23,577 12.332 262,677 569 1 ,007 2,247 1,968 2.257 1,068 6,154 1 ,711 147 2,341 1,955 4,653 442 1964—Dec. 31.. 39,507 27,301 14,189 302,742 623 1,179 2,615 2,546 2,654 1,371 6,178 1,958 1,972 2,248 5,579 449 1965—June 30.. 42,225 30,975 16,082 163,657 561 1,212 2,977 2,866 2,832 1,419 4,907 1,036 1,120 2,752 5,799 543 Citv of Chicago: 1941—Dec. 31.. 2,760 954 732 6 48 52 I 22 95 I ,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 I ,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 1 14 194 4 1,527 1,508 6,467 295 751 5,421 956 820 [945—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 1,3421,053 1962—Dec. 28.. 73,130 46,567 17,660 1 ,179 1,053 752 1,020 3,58311,030 9,860 1,266 (8,398 2,343 1,403 7,257 7,395 7,252 913 1963—Dec. 20.. 78,370 51,891 18,862 1,219 1,243 891 1,224 4,28612,525 11,106 1,46216,686 2,152 545 6,600 7,390 8,810 981 1964—Dec. 31.. 84,670 57,555 21,102 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 ,2(4 9781,034 1,241 5,07614,21313,636 1,981 14,030 1,819 4,161 8,050 11,108 1,008 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 I 10 481 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 11,299 3,187 728 447 764 1,563(4,441 12,273 82625,425 4,144 1,223 8,849 11,209 8,694 1,807 1963—Dec. 20.. 87,316 50,023 12,831 3,374 708 496 966 1,591 16,11413,951 91724,797 3,822 573 8,531 11,871 10,385 2,111 1964—Dec. 31.. 93,759 55,733 14,5563,493 830 599 710 1 ,73017,96415,899 1,047 24,341 4,209 7,206 12,925 11,531 2,154 1965—June 30.. 97,043 59,41! 15,641 3,713 629 616 796 1 ,67518,98417,413 1,07422,697 2,932 5,849 13,915 12,6372,299 Nonmcmber 1947—Dec. 31.. 18.454 5,432 1,205 614 20 156 2 2,266 1,061 109 11,318 206 1,973 1,219 7,920 1,078 625 1962—Dec. 28.. 40,141 21,469 4,8302,678 190 354 132 523 7,097 5,754 252 13,466 2,812 683 4,398 5,573 3,9821,224 1963—Dec. 20.. 44,035 24,295 5,5442,811 229 373 166 604 8,047 6,643 269 13,854 3,027 351 4,343 6,133 4,576 1,309 1964—Dec. 31.. 48,879 27,899 6,5002,862 400 432 241 733 9,088 7,786 32814,273 3,445 3,80! 7,026 5,159 1 .548 1965—June 30.. 50,394 29,809 6,9063,099 336 470 272 729 9,646 8,474 366 13,457 2,660...... 3,248 7,549 5,504 1,624 1 Beginning with June 30, 1948, figures for various loan items are 2 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for earlier dates appear in the add to the total and are not entirely comparable with prior figures. Total preceding table. loans continue to be shown net. For other notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 COMMERCIAL BANKS 685 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Re­ Bal- Deb c C a a l n l a l k s d s a a o n te f d B s F w e a r . n i v R t k h e . s s r C c a e o n n u i c d r n y ­ b m a a w d n e n c i o s t k e t h ­ i s s c 3 ju m p s o d a a t d s e e n i - ­ t d d s 4 D I o n - terba F n o k r- G U o .S vt . . S l a o t n c a d a te l C c o a f e e i f n e r f r d d i s t ­ i ’ ­ IPC I b n a t n e k r­ G P U a o o n . s S v d t t . a , l S l a o t n c a d a te l IPC B r i o n o g w r s - ­ c C o a t a u a c p n l ­ i t ­ s mestic3 eign5 govt. checks, Sav- govt. etc. ings Total: 2 1947—Dec. 31 ... . 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1962—Dec. 28.. . . 17,680 4,252 13,099 124,342 14,713 1,295 6,829 12,071 4,511 124,459 535 269 6,450 90,991 3,62724,094 1963—Dec. 20. . . . 17,150 4,048 12,312 126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908102,8863,66425,677 1964—Dec. 31 ... . 17,581 4,532 15,111 134,671 16,369 1,569 6,510 13,519 5,970 135,694 819 272 9,812116,635 2,67927,795 1965—June 30. . . . 17,842 4,978 13,023 126,714 14,696 1,476 11,796 13,291 6,001 125,974 1,032 278 10,573126,5163,68229,479 AU 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 III 826 33,946 61 9,734 1962—Dec. 28.. .. 17,680 4,232 12,795 123,361 14,579 1 ,265 6,815 11,991 4,434 123,744 402 269 6,397 90,7143,58423,712 1963—Dec. 20.. . . 17,150 4,033 11,984 125,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853102,600 3,571 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 10,522(25,9983,56229,051 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 74,316 3,550 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 84,326 3,499 21,054 1964—Dec. 31 .... 17,581 3,490 9,057 108,324 15,604 1,403 5,838 10,293 5,368 112,878 664 239 8,012 95,425 2,481 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 III 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 Ci tv 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 1 12 4,500 17 6 185 3,595 255 996 1964—Dec. 31 ... . 1,006 55 150 4,294 1 ,389 59 396 312 122 4,929 22 5 213 4,361 204 1,056 1965—June 30.. .. 1,028 64 97 3,881 1,237 60 699 276 109 4,542 27 5 181 4,563 438 1,096 Other reserve city: 1941—Dec. 31.. .. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31. . . . 6,326 494 2,174 22,372 6,307 110 8,221 1 ,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1962—Dec. 28.... 7,671 1,021 2,253 35,481 7,229 248 2,337 3,216 980 39,413 82 83 2,633 28,027 1,388 7,263 1963—Dec. 20.. . . 7,587 935 2,105 35,859 6,958 267 2,212 3,144 1,034 39,281 95 72 2,950 31,982 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 II 2,525 1947—Dec. 31 .. .. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1962—Dec. 28... . 4,817 1,947 5,389 44,689 1,753 19 1,931 5,337 756 40,801 51 100 2,242 34,350 172 7,744 1963—Dec. 20.. . . 4,919 1 ,884 5,060 46,049 1 ,764 29 1,960 5,590 790 41 ,877 56 86 2,778 37,829 390 8,377 1964—Dec. 31 .... 5,165 2,092 6,295 49,253 2,141 41 1,760 6,031 1,068 45,298 71 83 3,282 41,803 213 8,886 1965—June 30. . . . 5,267 2,326 5,333 47,143 1,784 41 3,222 6,010 979 42,810 71 81 3,566 44,739 323 9,359 Nonmember:2 1947—Dec. 31. . . . 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1962—Dec. 28.... 989 5,202 22,814 642 57 743 2,802 428 19,813 176 26 1,292 16,675 77 4,240 1963—Dec. 20. . . . 917 4,953 23,763 671 78 743 2,880 438 20,654 144 29 1,545 18,560 165 4,623 1964—Dec. 31. . . . 1,042 6,054 26,348 765 166 672 3,227 602 22,816 156 33 1,800 21,210 198 4,894 1965—June 30. . . . ............. 1,125 5,192 24,982 686 130 989 3,164 552 21,473 181 30 1,981 22,702 228 5,156 3 Beginning with. 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 4 Through I960, demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes,of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt, less cash items in process of collection, status, and the reserve classifications of cities and individual banks, and 5 For reclassification of certain deposits in 1961, see note 6, p. 589, by mergers, etc. May 1964 Bulletin. Data for Dec. 31, 1964 and June 30, 1965, for national banks have been adjusted to make them comparable with State bank data. (Data for Note.—Data are for all commercial banks in the United States. (For Dec. 20, 1963, also adjusted to lesser extent.) definition of “commercial banks” as used in this table and for other banks For other notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

686 WEEKLY REPORTING MEMBER BANKS MAY 1966 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing To financial institutions or carrying securities Loans Wednesday m i T l n o a e v o n a n e t n d t a s s s l t ­ 1 j i m u n a s a v e t n d e n e d ­ s d t s t ­ 2 j L us a o t d a e n ­ d s 2 i C n m t a c r o d n i i e a u a m d r l l s ­ ­ ­ A t c u g u r r a l­ i l ­ G U T a s o n . e o v ­ d S t . b . d r e o O a k c l s u e e t e h r r r ­ s i s e ­ r G U s o T . e v o ­ S t . , o th O c e s u t r e h r s ­ i e ­ r F ei o g r n B ­ an c k m D o ti e m o c s ­ ­ ­ f P s i a a n e N n l a r e d n s o s , . n b O an th k er es R ta e t a e l o A th l e l r s V a e r t r a e i v o l ­ u e n s ­ c t u ie r s i­ ties c t u ie r s i­ ties m ci e a r l ­ c e o tc s. . , Total­ Leading cities 1965 Apr. 7....................... 153,942 151,296103,994 44,363 1,537 677 3,590 68 1,895 1,568 2,646 4,524 4,057 20,344 23,664 2,293 14....................... 154,197 151,693 104,704 44,448 1 ,542 733 3,710 68 1,911 1,596 2,504 4,603 4,083 20,440 23,863 2,293 21....................... 155,743 152,859 105,375 44,525 1,547 1,009 3,814 71 1,925 1,585 2,884 4,739 4,056 20,474 23,920 2,290 28....................... 155,553 152,672105,234 44,597 1,550 930 3,642 67 1,933 1,587 2,881 4,620 4,083 20,559 23,959 2,293 1966 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....................... 166,931 164,234118,632 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....................... 166,814 163,662118,410 52,640 1,648 554 3,198 105 2,178 1,551 3,152 5,944 4,674 22,867 25,668 2,617 Apr. 6....................... 166,873 164,128118,466 52,423 1,644 692 3,424 90 2,174 1,558 2,745 5,864 4,685 22,845 25,669 2,602 13....................... 166,762 164,123 118,567 52,583 1,651 867 3,299 90 2,167 1,526 2,639 5,664 4,643 22,942 25,737 2,602 20....................... 168,507 166,233 119,743 52,723 1,650 1,141 3,539 94 2,164 1,519 2,274 5,954 4,685 23,001 25,877 2,604 27....................... 168,523 165,865 119,494 52,495 1,646 980 3,438 92 2,156 1,506 2,658 6,015 4,774 23,041 25,947 2,596 New York City 1965 Apr. 7....................... 38,189 37,233 26,768 14,760 28 345 2,272 13 510 842 956 1,440 948 2,366 3,864 620 14....................... 37,972 37,278 26,915 14,733 29 328 2,348 12 511 845 694 1,495 945 2,395 3,894 620 21....................... 38,822 37,730 27,225 14,747 29 450 2,427 12 518 843 1,092 1,575 945 2,400 3,899 620 28....................... 38,602 37,422 26,955 14,829 29 380 2,225 12 519 856 1,180 1,494 952 2,423 3,856 620 1966 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 1,968 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 Apr. 6...................... 42,265 41,050 31,139 17,800 22 365 2,146 17 649 815 1,215 1,880 1,248 2,982 3,981 766 13....................... 41,765 40,989 31,097 17,873 22 421 2,015 17 640 810 116 1,817 1,246 3,006 3,996 766 20 42,483 42,118 31,765 17,831 21 696 2,293 15 640 792 365 1,993 1,222 3,019 4,010 767 27....................... 42,393 41,518 31,355 17,728 20 399 2,188 15 633 796 875 2,035 1,272 3,022 4,014 767 Outside New York City 1965 Apr. 7....................... 115,753 114,063 77,226 29,603 1,509 332 1,318 55 1,385 726 1,690 3,084 3,109 17,978 19,800 1,673 14....................... 116,225 114,415 77,789 29,715 1,513 405 1,362 56 1,400 75! 1,810 3,108 3,138 18,045 19,969 1,673 21...................... 116,921 115,129 78,150 29,778 1,518 559 1,387 59 1,407 742 1,792 3,164 3,111 18,074 20,021 1,670 28....................... 116,951 115,250 78,279 29,768 1,521 550 1,417 55 1 ,414 731 1,70! 3,126 3,131 18,136 20,103 1,673 1966 Mar. 2................. 124,235 122,654 86,376 33,858 1 ,631 262 1,353 83 1,538 735 1,581 3,924 3,426 19,798 21,609 1,841 9....................... 123,360 121,841 85,883 33,754 1,630 175 1,317 81 1,533 739 1,519 3,761 3,411 19,765 21,560 1,843 16....................... 124,986 123,299 87,288 34,425 1 ,610 273 1,295 81 1,533 732 1,687 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 Apr. 6....................... 124,608 123,078 87,327 34,623 1,622 327 1,278 73 1,525 743 1,530 3,984 3,437 19,863 21,688 1,836 13....................... 124,997 123,134 87,470 34,710 1,629 446 1,284 73 1,527 716 1 ,863 3,847 3,397 19,936 21,741 1,836 20....................... 126,024 124,115 87,978 34,892 1,629 445 1,246 79 1,524 727 1,909 3,961 3,463 19,982 21,867 1,837 27................... 126,130 124,347 88,139 34,767 1,626 581 1,250 77 1,523 710 1,783 3,980 3,502 20,019 21,933 1,829 For notes see p. 688. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 WEEKLY REPORTING MEMBER BANKS 687 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 U.S. Government securities Total assets— Wednesday Total Bills C ti e fi r ­ ­ No m te a s t u an ri d n g b — onds O s ri e t t c h ie u e s ­ r Total d a o w B n t m i c a i c t l e e h ­ s s ­ a e w B f n i o g a c i r t l e n h ­ ­ s Cu c a r o r n e i d n n cy se w F R r . i v R e th e ­ . s a o s A t s h U e e t r s c l T i a a a t o p i n b e t i d i s a t l a i l ­ l cates With­ 1 to After banks banks Banks accounts in 1 year 5 years 5 years Total . , Leading Cities 1965 Apr. 7................... 24,701 3,863 3,355 10,946 6,537 22,601 18,235 3,013 228 1,816 13,(78 6,180 193,864 ........2..4..,.5..13 3,680 3,398 10,972 6,463 22,476 18,598 3,205 234 2,003 (3,156 6,219 196,512 21................... 24,586 3,708 3,432 10,942 6,504 22,898 18,162 3,125 225 2,003 12,809 6,246 196,230 28................... 24,510 3,669 3,465 10,887 6,489 22,928 18,507 3,128 224 2,023 13,132 6,325 195,543 1966 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 2,8(1 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 Apr. 6................... 21,779 3,313 508 2,853 9,263 5,842 23,883 19,162 3,132 194 1,959 13,877 7,021 211,499 13................... 21,724 3,294 507 2,784 9,249 5,890 23,832 19,175 3,255 193 2,245 13,482 6,981 2(1,679 20................... 22,073 3,537 503 2,805 9,279 5,949 24,417 19,228 3,100 197 2,176 13,755 6,960 212,745 27................... 21,849 3,281 504 2,832 9,284 5,948 24,522 19,535 3,400 187 2,199 13,749 6,907 212,336 New York City 1965 Apr. 7................... 4,532 827 670 1,721 1,314 5,933 4,029 120 102 293 3,514 2,525 50,564 14 4,526 841 67( 1,712 1 ,302 5,837 4,205 (23 112 295 3,675 2,538 50,821 21................... 4,555 870 673 1,699 1,313 5,'950 3,902 141 107 286 3,368 2,562 50,607 28................... 4,501 873 658 1,667 1 ,303 5,966 4,319 99 109 289 3,822 2,607 50,867 1966 Mar. 2................... 4,151 848 131 570 1,2(2 1,390 5,791 4,227 153 98 297 3,679 2,832 54,411 9................... 3,779 593 120 543 1,214 1,309 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................... 4,043 911 123 538 1,342 1,129 5,568 4,403 143 87 309 3,864 2,902 55,406 Apr. 6................... 4,255 1,075 124 587 1,316 1,153 5,656 4,352 148 92 300 3,812 2,799 56,556 13................... 4,236 1 ,061 (24 591 1,317 1 , (43 5,656 4,381 149 93 313 3,826 2,800 54,999 20................... 4,386 1 ,214 125 586 1 ,320 1,141 5,967 4,453 153 99 303 3,898 2,792 56,016 27................... 4,203 1,0(4 130 588 1,335 1,136 5,960 4,600 203 87 303 4,007 2,740 55,893 Outside New York City 1965 Apr. 7................... 20,169 3,036 2,685 9,225 5,223 16,668 14,206 2,893 126 1,523 9,664 3,655 143,300 14................. 19,987 2,839 2,727 9,260 5,161 16,639 14,393 3,082 (22 1,708 9,481 3,681 145,691 21................... 20,031 2,838 2^759 9^43 5,191 16,948 14,260 2^984 118 1 '717 9,441 3; 684 145 ,'62 3 28................... 20,009 2,796 2,807 9,220 5,186 16,962 (4,188 3,029 115 1 ,734 9,310 3,718 144,676 (966 Mar. 2................... 18,267 2,744 399 2,292 7,812 5,020 18,0(1 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 9,711 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 Apr. 6................... 17,524 2,238 384 2,266 7,947 4,689 18,227 14,810 2,984 102 1,659 10,065 4,222 154,943 13................... 17,488 2,233 383 2,193 7,932 4,747 18,176 14,794 3,106 100 1,932 9,656 4,181 156,680 20................... 17,687 2,323 378 2,219 7,959 4,808 18,450 14,775 2,947 98 1,873 9,857 4,168 156,729 27............. 17,646 2,267 374 2,244 7,949 4,812 (8,562 14,935 3,197 100 1,896 9,742 4,167 156,443 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

688 WEEKLY REPORTING MEMBER BANKS MAY 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 p m D s o d a a t d s e e e n i ­ ­ ­ d t d s 5 TotaH» IPC S g l a o o t n c a v d a t t e l . e F ig o n r ? ­ G U o . v S t . . c m m D c o t i i e e m a o c s r l ­ ­ ­ ­ Total8 S in a g v s ­ IPC Oth S l e a o r t n c a t a d l i e l m e e 9 F ig o n r ­ ? F F B r , a o n R m k . s o F t r h o e m rs O li t a i t b e h s i e li r ­ c C o i a u t a c a n p ­ l t ­ s banks govt. Total— Leading cities 1965 166,964 63,753 95,492 67,942 4,772 1 ,947 3,899 12,333 71,472 42,352 18,657 5,561 4,210 66 4,245 6,611 15,978 14........... 169,276 65,031 97,749 71,239 4,841 1 ,877 2,843 12,377 71,527 42,217 18,756 5,616 4,252 224 4,371 6,679 15,962 21........... 168,800 65,243 97,143 70,163 5,210 1 ,928 3,823 11,998 71,657 42,171 18,828 5,735 4,243 162 4,511 6,805 15,952 28.......... 168,212 64,741 96,130 68,571 5,269 1,8865,26610,965 72,082 42,148 19,052 5,898 4,317 259 4,306 6,769 15,997 1966 Mar 2.......... 178,782 65,231 99,182 71,371 5,53! 2,109 3,147 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 2,044 1,078 12,137 79,940 45,10023,258 6,627 4,155 373 5,172 8,296 17,264 (6........... 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 1,974 3,821 11,652 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 11,512 81,001 45,11! 24,160 6,755 4,164 407 4,883 7,966 17,250 181,216 66,682 100,076 72,135 5,132 2,036 1 ,937 13,014 81,140 44,33925,166 6,617 4,196 618 4,693 7,572 17,400 ' 13........... 181,319 67,991 100,065 74,967 5,006 2,076 614 12,699 81,254 43,87425,611 6,773 4,175 166 4,907 7,885 17,402 20........... 181,628 69,266 100,181 75,100 5,302 2,139 733 12,132 81,447 43,52025,735 7,037 4,338 1 ,452 4,295 8,005 17,365 27.......... 182,895 67,921 101,082 73,303 5,469 2,027 3,983 11,807 81,813 43,37726,040 7,125 4,475 58 4,014 7,982 17,387 New York City 1965 41,238 15,591 26,008 16,688 319 1,413 1,163 3,433 15,230 4,902 6,321 526 3,019 1 ,853 3,131 4,342 ‘ 14........... 41,261 15,688 25,977 17,329 347 1,353 812 3,371 15 284 4,884 6’378 525 3'041 2,112 3, 107 4 341 21........... 41,216 15.995 25,842 17,218 305 1 ,421 1,141 3,385 15 374 4,880 6,468 528 3’045 1 ,902 3,148 4 341 28........... 41 ,799 16,133 26,182 17,108 318 1 ,383 1,651 3,059 15,617 4,882 6,'655 545 3,093 20 1 ,594 3,'114 4,340 1966 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 8,139 666 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 66! 2,948 146 1 ,969 3,714 4,917 46,014 16,779 27,963 17,966 460 1,482 629 3,415 18 05! 5,041 8,854 611 2,979 2,031 3,558 4,953 ‘ 13........... 44,253 16,685 26,186 18,121 283 1 ,543 115 3,333 18,067 4; 975 8,940 630 2.961 5 2,170 3'622 4,949 20........... 45,095 17,276 27,018 18,756 264 1,600 131 3,323 18,077 4,922 8,846 666 3,074 706 1,688 3,581 4,946 27........... 46,265 17,045 28,090 18,565 327 1,486 1 ,391 3,494 18,175 4,894 8,903 662 3,165 1 198 3,485 4 945 Outside New York City 1965 125,726 48,162 69,484 51,254 4,453 534 2,736 8,900 56,242 37,45012,336 5,035 1,191 66 2,392 3,480 11,636 ' 14........... 128,015 49,343 71 ,772 53,910 4,494 524 2,031 9,006 56,243 37,333 12,378 5,091 1,211 224 2,259 3,572 11,621 21........... 127,584 49,248 71,301 52,945 4,905 507 2,682 8,613 56,283 37,291 12,360 5,207 1,198 162 2,609 3,657 11,611 28........... 126,413 48,608 69,948 51,463 4,951 503 3,615 7,906 56,465 37,266 12,397 5,353 1,224 239 2,712 3,655 11,657 1966 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 4,679 557 2,056 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 4,739 529 2,714 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 5,173 535 2,258 8,303 63,031 39,987 15,477 6,094 1 ,216 261 2,914 4,252 12,333 135,202 49,903 72,113 54,169 4,672 554 1 ,308 9,599 63,089 39,29816,312 6,006 1 ,217 618 2,662 4,014 12,447 13........... 137,066 51,306 73,879 56,846 4,723 533 499 9,366 63,187 38,899 16,671 6,143 1 ,214 161 2,737 4,263 12,453 20........... 136,533 5t ,990 73,163 56,344 5,038 539 602 8,809 63,370 38,598 16,889 6,371 1 ,264 746 2,607 4,424 12,419 27........... 136,630 50,876 72,992 54,738 5,142 541 2,592 8,313 63,638 38,48317,137 6,463 1,310 58 2,816 4,497 12,442 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. 9 Includes negotiable certificates of 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. Apr. 6 Apr. 13 Apr. 20 Apr. 27 6 Includes certified and officers* checks and deposits of mutual savings Total—'Leading cities......... 17,237 17,303 17,378 17,502 banks, not shown separately. New York City.................... 7,267 7,312 7,352 7,352 ^ Deposits of foreign governments and official institutions, central Outside New York City... 9,970 9,991 10,026 10,150 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 BUSINESS LOANS OF BANKS 689 COMMERCIAL AND INDUSTRIAL LOANS OK WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during— Industry 1966 1966 1966 1965 1965 A 2 p 7 r. A 2 p 0 r. A 1 p 3 r. A 6 pr. M 30 ar. Apr. Mar. Feb. I IV III h 2n a d lf h 1 a s l t f Durable goods manufacturing: Primary metals.................................... 972 962 974 963 971 1 97 -9 153 11 6 17 160 Machinery........................................... 3,016 3,013 3,015 3,043 3,075 -59 165 79 213 85 36 121 534 Transportation equipment............... 1,339 1,331 1,324 1,298 1,321 18 144 53 125 -50 180 130 119 Other fabricated metal products. . , 1,459 1,470 1,473 1,451 1,451 8 15 -6 96 -39 109 70 323 Other durable goods......................... 1 ,715 1,721 1,731 1,698 1,677 38 103 24 156 -35 118 83 285 Nondurable goods manufacturing: Food, liquor, and tobacco............... 2,231 2,262 2,297 2,306 2,351 -120 -13 24 -39 657 103 760 -370 Textiles, apparel, and leather........... 1,858 1,879 1,870 1 ,858 1 ,855 3 180 190 325 -336 172 -164 424 Petroleum refining................. 1,633 1,627 1 ,631 1,619 1,639 -6 9 24 149 157 102 259 189 Chemicals and rubber...................... 2,000 2,119 2,110 2,121 2,H6 -116 189 123 330 92 -9 83 299 Other nondurable goods................... 1,281 1,279 1,260 1,259 1,250 31 76 26 93 -46 108 62 203 Mining, including crude petroleum and natural gas............................... 3,711 3,713 3,728 3,706 3,711 26 -36 118 242 1 243 221 Trade: Commodity dealers,................. 1,265 1,289 1,331 1,346 1,375 -110 -100 -5 -100 374 62 436 -390 Other wholesale........................ 2,773 2,755 2,736 2,731 2,722 51 80 26 6 139 44 183 270 Retail.......................................... 3,275 3,316 3,125 3,133 3,086 189 161 56 -11 -58 -19 -77 681 Transportation, communication, and other public utilities....................... 5,711 5,734 5,760 5,733 6,007 -296 89 -I -123 628 333 961 505 Construction........................................... 2,600 2,593 2,584 2,576 2,583 17 38 1 36 -3 29 26 259 All other: I Bankers’ acceptances......................... 716 723 719 750 695 21 32 6 -1 5 -191 -186 -213 All other types of business, mainly services.............................................. 6,680 6,669 6,651 6,618 6,582 98 133 30 243 287 94 381 564 Total classified loans 44,235 44,455 44,319 44,209 44,467 -232 1,424 605 1,769 2,110 1,278 3,388 4,063 Commercial and industrial loans— All weekly reporting banks.......... 52,495 52,723 52,583 52,423 52,640 -145 1,581 737 2,011 2,512 1,270 3,782 4,728 i Beginning Dec. 31, 1963, bankers’ acceptances for the creation of Note.—About 200 of the weekly reporting member banks are included dollar exchange are excluded from commercial and industrial loans and in this series; these banks classify, by industry, commercial and industrial those relating to commercial transactions are shown in a separate cate­ loans amounting to about 85 per cent of such loans held by ail 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—coot.: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, 3^1 Oct. 14, 3^; 1956—’Apr. 13, 3^; Aug. 21, 4; 1957—Aug. 6, 4^; 1958—Jan. 22, 4; Apr. 21, 3>/2; Sept. 11,4; Note.—Weighted averages. For description see Mar. 1949 Bulletin, 1959—May 18, 4W» Sept. 1, 5; 1960—Aug. 23, 4^; 1965—Dec. 6, 5; pp. 228-37. Bank prime rate was 3 per cent Jan. 1, 1955—Aug. 3, 1955. and 1966—Mar. 10, 5Vi. Changes thereafter occurred on the following dates (new levels shown Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

690 INTEREST RATES MAY 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 ! r . , p p l a a p ce e d r b a a c n c k e e p r t­ s’ F f e u d n e d r s a l 3-month bills 5 6-month bills 5 9- to 12-month issues 4- to 6- directly, ances, rate 3 3- to 5months 1 m 3 o - n to th 6 s - 2 90 days 1 on i R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et y (m i B e a i l l d r l k s ) e 5 t Other 6 iss y u e e a s r ? 1965.............................. 4.38 4.27 4.22 4.07 3.954 3.95 4,055 4.05 4.06 4.09 4.22 1965—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.(1 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 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................... 5.2! 5.02 4.96 4,65 4.626 4.58 4.825 4.78 4.81 4.96 4.94 5.38 5.25 5.00 4,67 4,611 4.61 4.742 4.74 4.76 4.87 4.86 Week ending— 1966—Apr. 2............ 5.38 5.25 5.00 4.68 4,555 4.51 4 755 4.72 4.75 4.89 4.87 9..........., 5.38 5.25 5.00 4.75 4^531 4.53 4,719 4.68 4,75 4.86 4.80 16.. 5.38 5.25 5.00 4.70 4,618 4.64 4 763 4.77 4.79 4 89 4,85 23 5.38 5.25 5.00 4.77 4,664 4.65 4 754 4.74 4.75 4 86 4 87 30............ 5,38 5.25 5,01 4.48 4,630 4.64 4.730 4.74 4.75 4.88 4^ 90 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance cos., for varying maturi­ closing bid prices. ties in the 90-179 day range. 5 Bills quoted on bank discount rate basis. 3 Seven-day average for week ending Wed. 6 Selected note and bond issues. 1 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 ­ Total 1 term) Total 1 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—Apr......................................... 4.15 3.28 3.09 3.5! 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 4.91 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 Apr......................................... 4.55 3.68 3.46 4.06 5.16 4.96 5.41 5.09 5,19 5.2! 4.78 3.15 Week ending—• 1966—Apr. 2................................. 4,54 3.68 3.44 4.06 5.19 4.99 5.42 5, 10 5.24 5,22 4.80 3.24 ‘ 9 4.52 3.68 3.44 4.06 5.17 4.98 5.42 5.10 5,20 5.22 4.78 3 15 16.. 4,55 3.64 3.42 4.03 5. 16 4.95 5.40 5,09 5.18 5.21 4,77 3.15 23... 4.57 3.69 3.47 4.06 5.16 4.95 5.41 5,09 5.18 5.21 4.77 3. 13 30................................. 4.58 3.72 3.50 4.09 5. 16 4.95 5.41 5.09 5.18 5.21 4.80 3.15 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; earn Ings/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—42 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

MAY 1966 SECURITY MARKETS 691 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 k io ) prices u V m ol e ­ of Period Y c ( e p ie n e l t r d ) I c n ( r e e p a t s n e e t t e t r r ) ­ F c ( e e e p t n e c e s t . r ) , ( M t y i u r ty s r a ­ . ­ ) L p r c ( a o e r p i t n a e c io t n r e ) / d ( A o t l h o l v l o a a g n u r . , s ) Period ( G t U l e o o r . n m S v g t . ) , ­ S l a o t n c a d a te l A C p a A o o te r r A ­ ­ Total d t I r u n ia s ­ l ­ R ro a a i d l­ P u i l u t t i i y c b l ­ ­ s ( h t t r h i a n a o r g d e u s ­ , ) 1961....1. ..5..,.6...9. (5.98) 1964.............. 84.46 111.5 95.1 81.37 86.19 45.46 69.91 4,888 1962,....... 5,60 (5.93) 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—Apr.. 84,53 112.2 95.0 87.97 93.08 46.63 77.24 5,673 1964.............. 5.45 5.78 .57 24.8 74.1 17.3 May., 84.58 111.9 94.7 89.28 94.69 45,53 77.50 5,510 1965.............. 5.47 5.76 .54 24.8 7.41 18.1 June.. 84.57 110.8 94.3 85.04 90.19 42.52 74,12 5,828 July.. 84.51 110.8 93.9 84.91 89.92 43.31 74.63 4,056 1965—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 Apr... 79.75 105.9 87.6 91.60 98.17 52.33 70.06 9,310 1966—Jan... 5,70 5.81 .51 24.6 73.4 18.0 Week Feb. . 5.85 .55 24.6 73.2 18.8 ending— Mar.. 6,00 5.90 .56 24.7 74.3 18.9 Apr. 2..... 79.88 105.5 87.5 89.37 95.63 50.85 69.46 8,138 9 80.12 106.1 87.6 91.35 97.92 52.23 69.71 9,657 i Last 6 months only. 16........ 79.83 106.6 87.6 91.73 98.31 52.74 69.97 10,696 23..... 79.56 105.8 87.5 91.98 98.58 52.89 70.24 9,345 Note,—Annual data are averages of monthly figures. Yields 30........ 79.47 104.9 87,7 91.60 98.18 51.70 70.38 7,663 on FHA-insured mortgages are derived from weighted averages of FHA field-office opinions on private secondary market prices for Sec. 203, 30-year mortgages, with the minimum down pay­ Note.—Annual data are averages of monthly figures. Monthly and weekly ment, a maximum permissible interest rate of 5*4 per cent, data are averages of daily figures unless otherwise noted and are computed as through January 1966 and 5>/i percent thereafter, and an assumed follows: U.S. Govt, bonds, derived from average market yields in preceding table prepayment period of 15 years. Price data are reported as of the on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds, first of the succeeding month. derived from average yields as computed by Standard and Poor’s Corp., on basis Conventional first mortgages, Home Loan Bank Board in of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks. Standard cooperation with Federal Deposit Insurance Corporation be­ and Poor’s index. Volume of trading, average daily trading in stocks on the ginning in late 1962; interest rate data for earlier years—in N.Y. Stock Exchange for a S^-hour trading day. parentheses—are based on estimates from Federal Housing Administration. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N. Y. Stock Exchange brokers and dealers for pur­ Money borrowed on— Cus­ firms secured by— chasing or carrying— tomers’ Month Total net securities free o U t . h S e . r G t o h v an t. 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 t r h i e ti r e s se G c U u o . r S v it t . i , e s Total Oth C c e o u r l s l s t a o e t c e m u ra e ri l r t ies co O ll t a h te e r r a l c a b r n e a c d l e ­ i s t 1963—Dec........ 7,242 26 5,515 140 1,727 32 4,449 3,852 597 1,210 1964—Dec........ 7,053 21 5,079 72 1,974 222 3,910 3,393 517 1,169 1965—Mar...,, 6,941 30 5,055 129 1,886 106 3,894 3,303 591 1,264 Apr........ 7,001 30 5,066 67 1,935 213 3,853 3,326 527 1,207 May.... 7,085 26 5,129 75 1,956 157 4,030 3,397 633 1,208 June.... 7,084 26 5,114 73 1,970 225 4,211 3,396 815 1,297 July.... 6,833 24 4,863 69 1,970 82 3,594 3,099 495 1,233 Aug........ 6,874 22 4,886 68 1,988 145 3,626 3,108 518 1,192 Sept....... 7,036 22 4,994 88 2,042 86 3,522 2,978 544 1,369 Oct......... 7,117 23 5,073 95 2,044 150 3,403 2.882 521 1,475 Nov....... 7,304 23 5,209 93 2,095 134 3,527 2,930 597 1,479 Dec..... 7,705 22 5,521 101 2,184 130 3,576 2,889 687 1,666 1966—Jan......... 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 Mar....... 7,823 26 5,645 105 2,178 108 3,495 2,855 640 1,822 Note.—Data in first 3 cols, and last col. are for end of month; in other ners of reporting firm. Balances are net for each customer—i.e., all ac­ cols, for last Wed. counts of one customer are consolidated. Money borrowed includes Net debit balances and broker and dealer credit: Ledger balances of borrowings from banks and from other lenders except member firms of member firms of N.Y. Stock Exchange carrying margin accounts, as national securities exchanges. reported to Exchange. Customers* debit and free credit balances exclude Bank loans to others than brokers and dealers: Figures are for weekly balances maintained with reporting firm by other member firms of national reporting member banks. securities exchanges and balances of reporting firm and of general part­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

692 OPEN MARKET PAPER; SAVINGS INSTITUTIONS MAY 1966 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS’ ACCEPTANCES OUTSTANDING (In miHions of dollars) Dollar acceptances Commercial and finance company paper Held by— Based on— End of period Accepting banks F.R. Goods stored in or Total th P r l o ac u e g d h P di la re c c e t d ­ Total Banks Others p i I n o m t r o t ­ s p f E r o o x r m t ­ s D e o x ll ­ ar ship p p oi e n d t s b e tn tw — een dealers 1 ly 2 Total O bi w lls n 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 1960........................ 4’497 1,358 3'139 2,027 662 49D 173 74 230 1,060 403 669 122 308 524 1961........................ 4,686 1 ,'711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962........................ 61000 21088 3,912 2,650 1,153 865 288 HO 86 1,301 541 778 186 171 974 1963........................ 6'747 1 '928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964........................ 81361 2,223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 111 43 1,565 1965—Mar............ 9.077 2,070 7,007 3,325 1,297 1,138 159 143 134 1,751 725 924 31 22 1,622 Apr 9,533 2,047 7,486 3,384 1,394 1,171 223 104 139 1,747 744 936 25 21 1,659 May. 9,934 1,976 7'958 3,467 1,452 1,187 264 82 160 1,774 761 965 23 21 1,698 June........... 9'370 1'965 7,405 3,355 1,443 1,127 316 53 157 1,702 736 960 13 18 1 ,627 July............. 10'439 2'046 8'393 3,337 1,357 1,094 263 35 151 1,794 782 949 11 16 1,580 Aug.. 10'358 2,117 8,241 3,299 1,321 1,078 243 55 145 1,779 797 933 H 12 1,547 Sept.......... 9'692 2'194 7'498 3,314 1,311 1,114 198 63 152 1,787 820 942 17 20 1,516 Oct.............. 10,554 2,250 8,304 3,3(0 1,264 1,099 165 86 156 1,804 842 919 18 16 1,515 Nov... 10,406 2,205 8,201 3,245 1,188 1,051 136 110 146 1,802 802 917 14 26 1,485 Dec............. 9,017 1,903 7,114 3,392 1,223 1,094 129 187 144 1,837 792 974 27 35 1,564 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 I ,828 8,828 3,313 1,294 1,177 117 122 135 1,762 738 920 35 22 I ,600 Mar............ n;oi4 2,066 8,948 3,388 1,266 1 ,037 229 126 129 1,867 775 887 36 21 1,668 i 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 r o a h a n r e t p d e r o 1 ­ Cash O as t s h e e ts r g r l e T e ia a s t n o i e b n e e t r i d s a r v l a i l e ­ l D i e ts p o 2 s­ l O ia t t i b h e i s e li r ­ G r c e o e s a n u e c r e n ­ v r t a s e l c M om or m tg i a tm ge e n lo ts a n 3 accts. Number Amount 1941 .......................... 4 787 89 3,592 1 1 829 689 11,772 10,503 38 1,231 1945 ............................ 4,202 62 10,650 1 .257 606 185 16,962 151332 48 1,582 1959 *............................. 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960................................. 26,702 416 6,243 672 5’076 874 589 40,571 36,343 678 3,550 581350 (,’200 1961................................ 28,902 475 6,160 667 5,040 937 640 42 829 38,277 781 3,771 61,855 1,654 1962................................. 32'056 602 6,107 527 5'177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963................................ 36,007 607 5'863 440 5'074 912 799 49,702 44,606 943 4,153 104,326 21549 1964................................. 40,328 739 5,791 391 5’099 1,004 886 54'238 48,849 989 41400 135,992 2,820 1965—Feb...................... 40,924 786 6,016 383 5,123 992 909 55,133 49,444 1,214 4,476 138,062 2,838 Mar............. 41,265 820 6,054 381 5,(44 1,007 931 55'602 49,989 11108 4,505 138,853 21873 Apr...................... 41'563 798 5'857 379 5'183 944 928 551652 49,978 1,216 41459 141,959 2,930 May.................... 41,853 882 5,841 367 5,188 968 913 56,0(3 50,166 1,334 4,512 142,676 31025 June 42 J 87 849 5,821 360 5,199 1,019 946 56,382 50,623 1,’226 41533 141,299 3,094 July............... 42,'600 807 5',791 356 5,284 946 955 561739 501844 1,350 4,545 151,885 2,947 Aug. 42,964 872 5,814 349 5’299 941 951 57,191 51,063 1,502 4,626 136,180 2,928 Sept..................... 43;305 842 5'795 349 5,263 960 95ft 57;470 51,506 1,326 4,639 132,029 2,897 Oct............ 43'680 813 5,585 338 5,265 897 974 57'552 51,663 11283 4,’607 127,757 2,859 44’031 888 5,515 333 5,243 885 966 57,863 511826 1,366 41672 124',O97 2,824 Dec........... 44’433 862 5'170 320 5,485 1,017 944 58,232 521443 1,124 41665 120,'476 2,697 (966—Jan...................... 44,709 904 5,217 314 5,560 920 965 58,588 52,336 1 230 4,669 116,124 2,590 Feb,.......... 44,’952 925 5'289 313 5,623 932 965 58,999 52,539 11354 4’, 737 114,106 21551 i 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

MAY 1966 SAVINGS INSTITUTIONS 693 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o se ta ts l Total United State and Foreign 1 Total Bonds Stocks M ga o ge rt s ­ e R st e a a t l e P lo o a li n c s y O as t s h e e ts r States local Statement value: 1941........................................ 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945............................................ 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1959............................................ 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960............................................ 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961............................................ 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962........................................ 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963............................................. 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964............................................ 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 Book value: 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................................. 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__Feb r ......................... 151,070 12,605 5,833 3,772 3,000 62,661 56,206 6,455 55,947 4,573 7,213 8,071 Mar............................... 151,663 12,337 5,55? 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 Feb................................. 160,234 11,624 5,159 3,444 3,021 66,323 59,031 7,292 60,881 4,704 7,772 8,930 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—-Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f M ga o ge rt s ­ s G e U c o . u S v r t . i , ­ Cash Other1 a li s a T s b e o i t l t i s a t 2 i l — e s S c a a v p i i n ta g l s u R n e d a s i 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 m n n t i s t 4 ­ ties profits 1941...................... 4,578 107 344 775 6,049 4,682 475 256 or6 1945 ........... 5,376 2,420 450 356 8,747 7,365 644 336 401 1959...................... 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 1960................. 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961...................... 68'834 5'211 3,315 4,775 82;135 70,885 5,708 2,856 1,550 1,136 1,908 1962...................... 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,230 1963 ....................... 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2^14 1964 ..................... 101,333 6,966 4,015 7,'041 119,355 101,887 7,899 5,601 2,239 1,729 2,590 1965—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 2,911 Dec...... 110,202 7,405 3,899 7'936 129,442 110,271 8,708 6,440 2,189 1,834 2,745 110,700 7,694 3,321 7,799 129,514 110,194 8,713 6,262 2,107 2,238 2,808 Feb............ 111,246 7,842 3,391 7,868 130,347 110,722 8,730 6,102 2,104 2,689 2,937 1 Includes other loans, stock in the Federal home loan banks, other 4 Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on opposite page) would include loans in process. and fixtures. 2 Before 1958 mortgages are net of mortgage-pledged shares. Asset Note.-—Federal Savings and Loan Insurance Corp, data; figures are items will not add to total assets, which include gross mortgages with no estimates for all savings and loan assns. in the United States. Data deductions for mortgage-pledged shares. Beginning with Jan. 1958, no beginning with 1954 are based on monthly reports of insured assns. and deduction is made for mortgage-pledged shares. These have declined annual reports of noninsured assns. Data before 1954 are based entirely consistently in recent years and amounted to $42 million at the end of on annual reports. Data for current and preceding year are preliminary 1957. even when revised. 3 Consists of advances from FHLB and other borrowing. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

694 FEDERAL FINANCE MAY 1966 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U, S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net Bu n d e g t et T f P u r 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 c o u t t a s a . l l s 2 : Budget f T P u l r n u u d s s s : t 3 A m L d e e j n s u t s s s : t 4 ­ E p T q a o u y t a t a l s l s , ; p r a e o c y r t t s s . . C & (d d h a i i e a g r n b n e e g t c n t e . ) a I t g L n r e v u e b n e s s y . s s t s : t & , L N d c e a e o s s b n s h t : ­ Eq N u e a t ls: Cal. year—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 -5,241 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 I ,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—Mar............ 11,188 2,175 285 13,065 8,139 2,064 637 9,566 3,499 -1,859 292 -43 ’*-2,107 X...... 8,549 2,201 244 10,492 8,268 2,949 741 10,476 16 -891 -1,471 57 523 7,268 4,885 284 11,857 8,116 2,323 -128 10,567 1,290 3,119 3,597 - 151 -327 June 13,404 3,209 1,275 15,320 9,070 ' 3,589 1,098 11,561 3,759 -1,566 615 -17 -2,163 July................. 3,807 1,417 233 4,981 7,240 2,418 -37 9,696 -4,714 -667 -1,045 50 318 Aug................. 7,350 4,572 314 11,595 8,990 2,349 -960 12,299 -705 2,131 2,515 -383 Sept................ 10,999 1,954 328 12,599 9,452 3,142 1,504 11,090 1,509 -1,542 -1,210 46 -378 Oct.................. 3,295 1,262 238 4,283 8,750 2,447 679 10,518 -6,234 2,187 -1,308 125 3,370 Nov................. 8,106 3,012 358 10,728 9,105 2,707 -500 12,312 -1,584 2,978 519 75 2,385 Dec,................ 9,553 1,935 602 10,838 9,426 2,636 942 11,121 -283 -852 -935 107 -24 1966—Jan.................. 6,453 951 253 7,091 8,809 3,048 624 11,233 -4,142 1,364 -1,897 84 3,177 Feb.................. 8,335 4,181 68 12,400 8,156 2,621 -486 11,264 1,136 1 ,568 1,749 74 -255 Mar................. 11,297 2,745 166 13,804 10,193 2,996 1,103 12,086 1,718 -1,971 2 -50 -1,924 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 c l u i e t s t f T u r n u d s s t 3 a C c l c e o a u ri n n t g s i M ssu a o a r f k n e c t e in I G n v o U e v . s t t S , , . p d g d u i r e r i b o n e b l s c t i s c t T o r H u e t a e s s l i u d d r e y a T c u c r r e o e a r u ’ s n s ­ t Balance b F a . n R k . s l T a o n a a d x n O as n t s h e e t e t s r sec.3 sec.3 accts. 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 -I ,548 -845 596 1,464 3,630 -528 -6,028 6,582 708 4,577 1,297 Month: 1965—Mar.............. 3,049 HO 396 327 -292 -2,186 116 1,289 9,231 867 7,271 1,093 280 -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 1,560 -629 260 -1,749 1,308 -44 973 6,479 805 4,399 1,275 Mar.................. 1,104 -251 987 341 -2 -2,312 90 -224 6,255 521 4,444 1,290 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. i 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

MAY 1966 FEDERAL FINANCE 695 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W he I i l t n d h d ­ ivid O ua th l er Corp. Total a L b n i a d q c u c t o o o r ­ H w ig ay h­ Total O R a A n .R d S . I e U m n p - l . a g n if d t t C o u m s s ­ r m e a p e n a n d y t s ­ fu R n e d ­ s Other Fiscal year—1962... 101,865 36,24614,403 21,296 12,752 5,367 3,080 17,032 13,197 3,334 2,035 1,171 1,358 6,266 1,838 1963... 109,739 38,719 14,269 22,336 13,410 5,521 3,405 19,729 15,128 4,107 2,187 1,241 1,815 6,571 2,604 1964... 115,530 39,259 15,331 24,301 13,950 5,630 3,646 21,936 17,405 4,037 2,416 1,284 1,702 7,148 2,499 1965... 119,699 36,84016,820 26,131 14,793 5,921 3,782 22,138 17,833 3,817 2,746 1,478 2,097 6,030 2,686 Half year: 1964—Jan.-June.. 63,683 19,139 11,866 15,059 6,907 2,690 1,748 12,727 10,032 2,449 1,424 623 759 6,104 1,283 July-Dec.. . 51,347 17,732 3,598 9,989 7,398 3,089 1,947 9,379 7,536 1,594 1,170 729 897 1,008 1,463 1965—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 9,60! 7,743 1,607 1,274 898 1,296 I.O62 1,309 Month: 1965 -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 4,21 I 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 I ,412 2,727 682 1,007 384 309 547 349 147 292 136 166 107 229 Feb............. 12,400 5,948 1,038 573 1 .038 395 348 3,717 2,895 785 207 129 155 644 239 Mar,...... 13,804 3,440 936 7,244 1,133 n.a. 302 2,154 2,037 69 272 168 149 2,057 365 Cash payments to the public Period Total * t f i N e d o n e n a s ­ a ­ e l aff I a n i t r i s , 6 s S e p r a e a r ­ c c e h t A u c r g u e r l i ­ 6 ­ 7 sou N u r r r e c a a ­ e t l ­ s 7 t m r C a 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 a l o f l r a t h r & e , E t d i u on ca­ e V ra e n t­ s In e t s e t r­ G g e o r e a v n l t ­ . Fiscal year—1962..... 107,662 51,462 3,976 1,257 4,399 2,282 5,487 1,691 23,975 1,052 6,092 6,940 1,837 1963 113,751 53,429 3,805 2,552 5,623 2,535 5,777 -268 25,698 1,214 5,971 7,427 1,953 1964 120,332 54,514 3,492 4 171 5,761 2,680 6,545 1,674 27,285 1,299 6,107 8 011 2,221 1965......... 122395 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—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 Mar................. 12,086 5,652 427 519 284 216 504 336 2,967 460 594 498 198 1964 1965 1966 1964 1965 1966 Item HI ’•III IV ’I HI ’■III IV I II HI IV I in IV I Seasonally adjusted Not seasonally adjusted Cash budget: Receipts............................. 28.6 28.4 ’■28.8 29.7 32.6 30.6 r30,7 32.7 33.4 27.0 24.3 30.7 37.7 29.2 25.8 33.3 Payments........................ 29.8 30.0 29.8 30.2 32.4 32.1 33.1 36.9 30.1 30.9 30.6 28.3 32.6 33.1 34.0 34.6 Net...................................... -1.2 -1.6 r~L0 -.4 .3 -1.5 ’■-2.4 -4.2 3.3 -3.9 -6.3 2.4 5.1 -3,9 -8.1 -1.3 For notes, see opposite page. 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696 U.S. GOVERNMENT SECURITIES MAY 1966 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 End of period d T g e r o b o t s t a s l i d d T g e i r o r b o e t s t a c s l 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 s l ­ 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 I960—Dec........................................ 290,4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47 8 47.2 44 3 [ 961 —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 I 1965—Apr........................................ 317.2 316.6 267.8 212.5 56.9 55 I 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 i 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 6 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 46.1 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 Apr............................... 320.1 319.6 270,3 215.0 59.5 1 .7 50.8 103.1 2.7 52.8 50.4 44.9 ’ Includes non-interest-bearing debt (of which $279 million, on Apr. 30, 5 Includes (not shown separately): depositary bonds, adjusted service 1966, was not subject to statutory debt limitation) and guaranteed secu­ bonds, foreign currency series, foreign series, and Rural Electrification rities not shown separately. - Excludes guaranteed securities. Administration bonds; before 1954, armed forces leave bonds; before J 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 $15,735 million on Mar. 31, 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) Held by— Held by the public E pe n r d i o o d f T g d r o e o t b s a t s l ag G U t a e r o n n u . 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 m c k ia ­ s l s M b av a u n i t n u k g a s s l p I c a n a o n s n m c u ie e r ­ s ­ c r 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 s e l . Savi I n n g d s i vidu O a t l h s er n F a i o t n a i r n t o e e d n i r g ­ a n l 1 i O m t n o v t i r h s e s o e s , ­ r 2 funds 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 1 8.5 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 1 1 .1 17.9 21,2 48.9 21.1 16.7 14.5 1965_Mar.................. 318,4 60.7 37.6 220.2 60 4 6.0 (1.1 17.2 23.2 49.2 22.3 16 0 14.8 Apr................. 317.2 59.2 37,8 220,3 59.7 5.8 11.0 17.0 24.3 49.2 22.0 16'6 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 22,3 158 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. 119.4 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 io.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 15.5 Feb................. 323.7 61 .7 40.2 221 .9 58.7 5.5 10.3 17.7 r24 7 49 7 23.4 rl6 1 r15 6 Mar................. 321.5 61.7 40.7 219.0 56.9 5.5 10.2 16.6 24.5 49.7 23.9 16J 15.6 t Includes investments of foreign balances and international accounts Note.—Reported data for F.R, Banks and U.S. Govt, agencies and in the United States. trust funds; Treasury estimates for other groups. 2 Includes savings and loan assns., dealers and brokers, nonprofit institutions, and corp, pension funds. 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MAY 1966 U.S. GOVERNMENT SECURITIES 697 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total y 1 e - a 5 r s y 5 e - a 1 r 0 s 1 y 0 ea -2 rs 0 20 O y v e e a r rs 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—Feb. 28............................................................. 217,690 94,226 62,002 32,224 62,893 35,008 8,443 17,120 Mar. 31............................................................ 215.150 91,704 59,481 32.223 64,306 33,607 8.442 17,092 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— Feb. 28..................................................... 13,719 1 ,569 985 584 3,259 3,352 2,073 3,466 Mar. 31..................................................... 13,533 1.383 798 585 3.486 3,125 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—Feb. 28............................................... 40,189 25,235 8,767 16,468 13,120 1,449 147 238 Mar. 31..................................................... 40.734 25,771 9,225 16.546 13,273 1 .305 147 238 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—Feb. 28.................................................... 163,782 67,422 52,250 15,172 46,514 30,207 6,223 13,416 Mar. 31..................................................... 160.883 64,550 49.458 15,092 47.547 29,177 6,222 13.388 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—Feb. 28............................................ 48,342 15,066 8,382 6,684 20,916 11,548 342 470 Mar. 31............................................. 46,920 13,713 7.195 6,518 21,358 11.032 360 456 Mutual savings banks: 1963—Dec. 31............................................ 5,502 690 268 422 1 .21 1 2,009 377 I ,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—Feb. 28............................................ 5,377 734 458 276 1 .555 1 ,617 328 1,(43 Mar. 31............................................. 5,349 765 477 288 1 .568 1 ,572 327 1,117 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—Feb. 28............................................ 8,741 796 488 308 1 ,983 2,083 1 ,097 2,781 Mar. 31............................................ 8,629 737 451 286 2,151 1.876 1 ,095 2,771 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 5,911 4,657 1,254 1,755 225 35 89 1966—Feb. 28.......................................... . 8,798 6,825 5,383 1 ,442 1 ,626 237 31 78 Mar. 31............................................ 7,592 5,579 4,053 1,526 1 .715 (99 24 74 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—Feb. 28............................................ 3,867 722 527 195 1,056 1,370 256 463 Mar. 31............................................. 3.850 707 527 180 1 .074 1 .350 256 462 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—Feb. 28............................................ 16,852 6,569 5,474 t ,095 2,067 1,837 1,995 4,384 Mar. 31............................................ 16,614 6,346 5.448 898 2.087 1 ,799 1 ,974 4,408 AU 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 11,386 2,187 3,962 1966—Feb, 28............................................ 71,805 36,710 31,537 5,173 17,309 11,515 2,173 4,098 Mar. 31 ............................................ 71,929 36,702 31,305 5,397 17,593 11,348 2,185 4,101 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 nonflnancial 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 5,939 commercial banks, 503 mutual savings Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

698 U.S. GOVERNMENT SECURITIES MAY 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 securitiesr W 1 y it e h a in r y 1 e - a 5 rs y 5 e - a 1 r 0 s 10 O y v e e a r rs U se .S c , u G rit o ie v s t, Other m b C e a o r n m c k ia s ­ l o A th l e l r 1965—Mar................................. 1,690 I ,369 184 83 53 523 24 672 r470 108 Apr................................. 1,769 1,467 172 91 38 562 38 708 460 155 May........................ 1,670 1 >79 151 108 32 448 33 698 491 143 June,.............................. I '786 1 '453 200 103 31 584 45 696 462 204 July................................. I '519 1 >84 125 82 28 452 37 615 415 152 Aug................................. 1 *488 1,172 183 91 43 465 39 568 417 140 Sept................... 1,548 1,297 140 70 41 458 32 604 453 1 39 Oct................................. rl ,927 ••1,713 123 64 26 596 36 r833 461 M48 Nov........................... 2,115 1 ,745 243 94 '33 595 50 895 575 r156 Dec................................. 2'187 I ,691 286 166 '44 637 55 I ,000 r495 146 1966—Jan.................................. 2,129 1,660 261 164 43 600 59 970 501 130 2,230 1,714 361 124 30 651 58 921 601 164 Mar. 2' 100 1,650 231 1 80 38 683 69 851 495 188 Week ending— 1966—Mar. 2.......................... 2,294 I ,917 230 113 34 728 57 934 574 185 9..........1 ..,.9..6..4......... 1,610 168 148 39 599 59 793 514 1 11 16.......................... 2,215 1,712 250 217 37 723 62 901 528 r253 23.......................... 2 J 20 1,640 243 206 '32 651 r68 929 r472 r22l 30......................... >•2,035 '1 ,570 272 157 35 '740 79 >76 '441 rl73 Apr. 6.......................... 2,102 1,736 178 139 49 643 82 825 552 248 ' (3......................... 1,547 1 ,275 160 89 24 464 53 671 360 166 20.......................... 1,845 1 ’550 (66 107 22 555 55 716 519 202 27........................ 1 >74 1 >82 119 61 13 457 35 691 591 239 Note.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. Govt, securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U.S. Govt, securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi­ DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity U.S. Commercial banks Period mat A ur ll i ties W 1 y it e h a in r y 1 e - a 5 rs 5 O y v e e a r r s se a c G g u e o r n v i c t t i y . e s' Period sou A r l c l es Y N o e r w k Else­ C t o io rp n o s r f a­ o A th l e l r where City 1965—Mar.......... 3,034 2,590 1 12 '331 275 3,471 r3,l 17 115 238 330 1965—Mar............ 3,181 626 807 1,350 398 May..... 3 >98 2 >08 149 '740 415 Apr............ 3 >94 918 885 1,369 r421 June 3,651 2,838 115 697 537 May........... 3 >35 765 828 1 ’327 r715 July.......... 4,180 3,472 100 '608 455 June. 4’094 I ,251 776 1 ,457 '610 Aug. 3,548 2,907 222 419 375 July............ 4,459 1,293 1 ,009 1,468 688 2.858 2,622 75 161 298 Aug............ 3’815 967 650 1 ’584 '614 2,562 2,381 68 112 289 3’050 807 643 1 284 316 Nov.. '3 >98 2 >28 '176 94 302 Oct.............. 2,579 823 605 ’871 279 3 >49 '2'856 187 5 280 Nov............ 3>I6 829 519 1,451 217 Dec............. 3 275 1 ,014 r531 1 389 r34O 1966—Jan............ 2,651 2,725 -58 —16 244 1,886 1 '866 40 -20 318 1966—Jan.............. 2.708 767 '652 906 '383 1,963 2,045 -101 20 356 Feb............. 2,313 551 423 972 367 Mar I >58 365 340 1,073 180 Week ending— Week ending— 1966—Feb. 2.. 2,584 2,850 -246 -20 289 9. . 1,966 1,798 197 -29 265 1966—Feb. 2... 2.920 949 759 806 407 16. . 2,001 1,965 64 -27 244 9. .. 2,636 722 475 855 584 23. . i ,523 1,615 -102 9 449 16. 2,722 771 505 981 464 23 . 1 .709 200 289 1,070 151 Mar. 2. . 2,088 2,240 -126 -26 348 9. . 1,712 1 ,868 -118 -38 268 Mar. 2 . . . 1 ,953 421 319 1,068 146 16.. 1,854 1,975 -124 3 282 9 . .. 1,822 224 300 1,167 132 23. , 1,687 1,737 -104 53 382 16. 2,017 452 333 1,029 204 30. . 2.375 2,374 -62 62 422 23. 1 ,758 226 284 I ,062 187 30. .. 2,057 405 404 1,033 215 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

MAY 1966 OUTSTANDING SECURITIES 699 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, APRIL 30, 1966 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon, rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Apr. 30, 1966. 1,001 Sept. 30, 1966................... 1,000 Apr. 1,1968.........1ft 212 Oct. I, 1969...........4 6,258 May 5, 1966. 2,301 Oct. 6, 1966............ 1,002 Oct. 1,1968...........1'4 115 Feb. 15, 1970...........4 4,381 May 12. 1966. 2,304 Oct. 13, 1966................ 1,000 Apr. 1,1969............li/2 61 Aug, 15, 1970..........4 4,129 May 19, 1966. 2,301 Oct. 20, 1966................... 1,002 Oct. 1,1969...........1>4 159 Aug. 15, 1971..........4 2,806 May 26, 1966. 2,313 Oct. 27, 1966................... 1,000 Apr. 1, 1970...........1'4 88 Nov. 15, 1971...........3% 2,760 May 31, 1966. 1,001 Oct. 31, 1966.,............... 1,000 Oct. 1,1970............IJi 113 Feb. 15, 1972...........4 2,344 June 2, 1966, 2,302 Nov. 30, 1966............ 1,001 Nov. 15, 1970...........5 7,680 Aug. 15, 1972..........4 2,579 June 9, 1966. 2,301 Dec. 31, 1966................. 1,001 Apr. 1,1971...........1'4 2 Aug. 15, 1973...........4 3,894 June 16, 1966, 2,301 Jan. 31,1967................... 1 ,001 Nov. 15, 1973..............4 »/ft 4,357 June 22, 1966. 4,522 Feb. 28, 1967,................. I ,000 Treasury bonds Feb. 15, 1974...........4'4 3,130 June 23, 1966. 2,304 Mar. 31, 1967.................. 1,000 June 15, 1962-67...2(4 1,430 May 15, 1974...........4*4 3,593 June 30, 1966. 3,302 Dec. 15, 1963-68...2>4 1,791 Nov. 15, 1974............3% 2,243 July 7, 1966. 2,305 Certificate June 15, 1964-69...214 2,547 May 25, 1975-85...4ft 1,217 July 14, 1966. 2,301 Nov. 15, 1966.....4’4 I ,652 Dec. 15, 1964-69... 2(4 2,507 June 15, 1978-83... 3% 1,580 July 21, 1966. 2,302 Mar. 15, 1965-70...2'4 2,408 Feb. 15, 1980..........4 2,607 July 28, 1966. 2,301 Treasury notes May 15, 1966...........3}$ 1 ,029 Nov. 15, 1980............3*4 1,911 July 31, 1966. 1,000 May 15, 1966.........4 8,289 Aug. 15, 1966..... .3 700 May 15, 1985...........3% 1,125 Aug. 4, 1966. 1,000 Aug- 15, 1966.........4 8,433 Nov. 15, 1966...........3% 1,851 Aug. 15, 1987-92... 4*4 3,818 Aug. 11, 1.966. 1,001 Oct. 1, 1966........1 ft 357 Mar. 15, 1966-71...2ft 1 ,397 Feb. 15, 1988-93.,.4 250 Aug. 18, 1966, 1,001 Nov. 15, 1966.........4 2,254 June 15, 1967-72... 2ft 1,273 May 15, 1989-94.. .4*4 1,560 Aug. 25, 1966. 1,001 Feb. 15, 1967.........3S/S 2,358 Sept. 15, 1967-72.. .2*/$ 1 ,952 Feb. 15, 1990............314 4,898 Aug. 31, 1966, 1,000 Feb. 15, 1967.........4 5,151 Nov. 15, 1967.........3% 2,019 Feb. 15, 1995......3 2,132 Sept. 1, 1966. 1,001 Apr. 1,1967..........U/2 270 Dec. 15, 1967-72,..2ft 2,673 Nov. 15, 1998............3'4 4,408 Sept. 8, 1966, 1,000 May 15, 1967.........4'4 9,748 May 15, 1968.........3% 2,460 Sept. 15, 1966. 1,002 Aug. 15,1 967.........3% 2,929 Aug, 15, 1968.........3ft 3,747 Convertible bonds Sept. 22, 1966, 1 ,000 Aug. 15. 1967.........47/8 2,117 Nov. 15, 1968.........334 1 ,591 Investment Series B Sept. 29, 1966, 1,000 Oct. 1, 1967..........1ft 457 Feb. 15, 1969.........4 3,728 Apr. 1, 1975-80... 2*4 2,704 Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES. MARCH 31, 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 rs 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: 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 207 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. 25, 1966............................5.15 Oct. 25, 1966 506 Feb. 1,1966.....................5.GO Nov. 1, 1966 323 Mar. 25, 1966............................5.40 Feb. 27, 1967 543 Mar, 1,1966......................5.15 Dec. 1, 1966 340 Bonds: Federal land banks Dec. 9,1963............ 4*4 Aug. 15, 1966 200 Bonds: June 15, 1964...............................4'4 Nov. 15, 1966 275 June 21, 1965...................4.35 May 2, 1966 117 Oct. 15, 1965...............................4ft Jan. 25, 1967 375 May 1,1958........................3'4 May 2, 1966 108 Mar. 15, 1965...............................4*4 Sept. 15, 1967 185 Sept. 20, 1961 ........................4% July 20, 1966 193 June 15, 1965...............................4% Mar. 1, 1968 250 Oct. 20,1965.......................4.55 Sept. 20, 1966 219 Aug. 23, 1965 ........................4ft Dec. 20, 1966 239 Federal National Mortgage Association— Feb. 15, 1957........................4/8 Feb. 15, 1967-72 72 secondary market operations Apr. 20, 1965 ........................4'4 Feb. 20, 1967 126 May 1,1962.....................4 May 22, 1967 180 868 Dec. 20, 1965........................4% Aug. 21, 1967 179 Oct. 1,1957........................4% Oct. 1, 1967-70 75 Debentures: Oct. 22,1963......................4ft Oct. 23, 1967 174 Dec. 12, 1960............................4% Dec. 12, 1966 93 Feb, 21, 1966....................... Jan. 22, 1968 130 Feb. 10, 1966..............................5 Feb. 10, 1967 150 Apr. 1,1959.......................4ft Mar. 20. 1968 111 Mar. 10, 1966................................SMo May 10, 1967 250 May 1,1963....................4 June 20, 1968 186 Oct. 11, 1965................................4'4 Oct. H, 1967 150 Aug. 20, 1964.....................4% Aug. 20, 1968 160 Mar. 10, 1958..................... 3M%ar. Il, 1968 87 Feb. 2,1959.......................4ft Mar. 20, 1969 100 Apr. 10, 1959................................4% Apr. 10, 1969 88 Feb. 23, 1965 ...................... 4'4 July 15, 1969 130 Apr. 11, 1960................................4% Apr. 10, 1970 142 July 15, 1957.....................4ft July 15, 1969 60 Sept. 12, 1960.................................4% Sept. 10, 1970 119 Oct. 20, 1964.....................4ft Oct. 20, 1969 209 Aug. 23, 1960.................................44 Aug. 10, 1971 64 Feb. 1,1960.......................5ft Feb. 20, 1970 82 Sept. 11, 1961.................................4% Sept. 10, 1971 96 Feb. 14, 1958.....................3'4 Apr. 1, 1970 83 Feb. 10, I960................................5J/s Feb. 10, 1972 98 Jan. 5, 1960.......................5ft July 20, 1970 85 Dec. 11, 1961................................4% June 12, 1972 100 May 1, 1956.......................3'4 May I, 1971 60 June 12, 1961................................4'4 June 12, 1973 146 Sept. 14, 1956.....................3’4 Sept. 15, 1972 109 Feb. 13, 1962................................4'4 Feb. 10, 1977 198 Feb. 20, 1963.....................4ft Feb. 20, 1973-78 148 Feb. 20, 1962.....................4ft Feb. 20, 1974 155 Banks for cooperatives Apr. 20, 1965.....................4ft Apr. 21, 1975 200 Feb. 21, 1966.....................5 Feb. 24,1976 123 Debentures’. Oct. 4,1965......................4.35 Apr. 4, 1966 231 Tennessee Valley Authority Nov. 1, 1965..............................4.40 May 2, 1966 165 100 Dec. 1,1965 ............................... 44 June t, 1966 207 Bonds: Feb. 1,1966...............................4.95 Aug. 1, 1966 217 Nov. 15, 1960..................4.40 Nov. 15, 1985 50 July 1,1961......................4ft July 1, 1986 50 Feb. 1.1962......................414 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

7UU CREDIT AGENCIES; SECURITY ISSUES MAY 1966 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks (s F M e e c d o o e n rt r d g a a a l r g y N e a m A ti a o s r s n k n a e , l t B f a o n r k s int F er e m de e r d a i l a te Fe la d n e d ra l Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a b A t n e e o d m r c s e ­ ­ s I m nv e e n s ts t­ p C a o d a n s e s d i ­ t h s B n a o o n n t d e d s s p M o b d e s e e m i ­ r t s ­ C s a to p c it k al M l g o ( a A a o g n ) r e t s ­ D n t e a u ( o L n b r t e d e e ) s s n ­ c L a o t ( o o i t A v o a p e ) n e s s r ­ D t e u ( b U re e s n­ c L o a d ( o u A n i a s n d ) n ­ t s s D t e u (L b re e ) s n­ M l g o ( a A a o g n r ) e s t ­ B ( o L n ) ds 1957............... 1,265 908 63 825 653 685 1,562 1,315 454 222 932 886 919 1,599 1958............... 1'298 999 75 714 819 769 1 ,323 1,100 510 252 1 ,157 1,116 2,089 1,743 1959.............. 2,134 1 ,093 103 I 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 I ,585 2,828 2,43! 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 15! 1 171 2,000 1,788 840 589 2,099 1 ,952 3,310 2,834 1964.............. 5'325 1,523 141 4 369 l’l99 1,227 1,940 1,601 958 686 2,247 2,112 3,718 3,169 1965—Mar... 4,747 1,76! 80 4,090 I ,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 I ,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 ! ,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 I ,640 129 5,221 1 ,045 I ,277 2,456 1 ,884 1 ,055 797 2,516 2,335 4,281 3,710 1966—Jan.. . 5,898 I ,424 80 5,068 844 I ,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 I , 145 819 2,60! 2,404 4.385 3.813 Mar... 5,687 1 ,632 89 5,060 824 1 ,303 3,188 2,648 1 ,137 819 2,708 2,470 4.477 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) Al1 issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv­ Total G g o a e b t a n i l l o e i­ n r­ s R n e u v e e­ PHA! G l U o o a .S v n . t s , State d S i p s a s t e n t a c r d t i i , c a t l Other2 ered ^ Total c E at d io u n ­ R b a r o i n a d d d g s e s i U ti t e il s ­ 4 H in o g u s s­ V a a e n i t d s e ’ r ­ O p p o t u h s r e e ­ s r aulh. I960.................. 7,292 4,771 2,095 302 125 1,110 1 ,984 4,198 7,102 7,247 2,405 1,007 1316 426 201 1,891 1961.................. 8,566 5; 724 2,407 3is 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 11620 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 1965r................ 11,328 7,177 3,517 464 170 2,401 1 783 5,144 1!,538 10,470 3,618 900 1.965 626 50 3 311 1965'-Feb........ 966 666 288 1 1 191 290 484 755 872 308 20 277 1 266 Mar.. . . 1 ,036 546 363 116 12 84 408 544 I ,019 904 394 28 152 127 203 Apr,.... 994 687 291 16 295 277 422 991 826 288 120 84 )7 317 May.... 987 506 347 126 8 180 370 436 939 924 392 70 125 133 204 June.... 1 ,065 570 481 14 192 422 451 1.119 972 453 62 198 13 246 July. .. . 1,040 776 247 17 400 260 379 995 986 215 26 170 50 522 Aug. - . . 733 373 224 132 4 38 27! 425 1 .004 648 19! 5! 113 119 155 Sept.. .. 1,008 770 224 14 337 280 390 761 966 203 194 116 3 451 Oct........ 844 477 343 24 193 320 332 965 794 197 79 109 87 322 Nov.. .. 1 ,043 836 190 17 241 270 53! 926 1,021 381 74 289 13 ♦ 260 Dec........ 764 365 283 90 25 67 367 330 1 ,100 754 216 137 164 91 145 1966—-Jan........ 1,205 886 298 22 468 283 455 596 1 175 385 230 150 2 408 Feb........ 831 580 235 15 194 154 483 1 ,200 822 196 66 118 441 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract 5 Includes urban redevelopment loans. requiring the Public Housing Administration to make annual contributions to the local authority. Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale. . Investment Bankers Assn, data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 SECURITY ISSUES 701 TOTAL NEW ISSUES (In millions of dollars) Proposed use of net proceeds, Gross proceeds, all issues 1 all corporate issues 6 Noncorporate Corporate New capital Re­ Period Bonds Stock tire­ Total U. S. G U o . v S t . , S U ta .S te . Total New Other m o e f n t Govt.2 a c g y e n * ­ lo a c n a d l 4 Other 5 Total Total P li u cl b y ­ v P at r e i l ­ y fe P r r r e e ­ d C m o o m n ­ Total money7 p p o u s r e ­ s s r e it c ie u s ­ offered placed 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 9(5 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1,507 754 1963.................... 31,616 7,213 1,168 10,107 891 12,237 10,872 4,714 6,158 342 1,022 12,081 10,553 8,993 1,561 1,528 1964.................. . 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 4(2 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—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 (22 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 ,37? 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 (36 3,084 475 1,176 23 1,410 1,220 480 740 119 70 1 ,395 1,346 1 ,21 1 135 50 Feb.......... 2,995 345 503 804 42 1.301 1,168 560 608 75 59 1,287 1,251 1 ,086 165 36 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o u an s d Transportation Public utility Communication 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 U8 1,014 47 1959................................................... 1,941 70 812 28 942 15 3,189 15 707 1,801 6 I960.................................................. 1,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1961................................................... 3,691 287 1,109 36 651 35 2,883 106 1,435 382 2,248 22 1962................................................... 2,958 228 803 32 543 16 2,341 444 1,276 11 1,825 23 1963................................................... 3,312 (90 774 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—Feb............................... 192 15 35 2 47 ♦ 215 13 44 213 3 Mar...................................... 494 56 104 4 108 17 229 57 26 4 236 9 Apr....................................... 540 16 120 6 58 1 176 34 15 3 244 2 May..................................... 698 22 75 4 163 248 23 143 t 364 6 June..................................... 441 41 151 15 44 1 184 8 98 1,028 7 July, . . ............................... 399 50 265 4 124 3 202 24 102 51 197 4 Aug...................................... 307 54 5( 2 42 297 5 25 4 129 4 Sept.................................... 414 16 I 17 8 65 287 74 196 5 313 27 Oct.............................. 273 10 77 5 53 13 158 9 92 3 272 8 Nov...................... 402 17 44 94 209 28 43 4 433 3 Dec............... 470 18 192 24 130 243 62 43 7 418 16 1966—Jan........................................ 403 22 116 10 167 388 14 125 * 146 4 Feb........................................ 5 34 18 84 8 94 * 249 5 145 * (44 5 i Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price, 2 For plant and equipment and working capital. 2 Includes guaranteed issues, 8 All issues other than those for retirement of securities. 3 Issues not guaranteed, * See Note to table at bottom of opposite page. Note,—Securities and Exchange Commission estimates of new issues 5 Foreign governments, International Bank for Reconstruction and maturing in more than 1 year sold for cash in the United States. Development, and domestic nonprofit organizations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

702 SECURITY ISSUES MAY 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 I c n o ve s s .1 t, Other In c v o e s s .1 t, Other I c n o v s e . s 1 t. Other 1960........................ 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—1................... 4,213 2,058 2,154 2,272 967 1,305 1,326 615 485 606 841 8 II.................. 6,339 2,529 3,810 4,007 1,252 2,755 1,243 1 ,089 515 762 728 327 Ill................ 5,064 2,540 2,524 3,207 1,232 ( ,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 Stacks & 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 1,408 476 458 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 10! -47 115 693 1,069 1965—1................... 574 -256 -5 -t 39 9 281 97 64 (00 351 901 11................. 814 138 234 -30 57 -28 293 116 201 139 1,156 719 HI......... 625 -210 223 — 19 37 21 554 78 255 149 282 530 IV.............. . 601 -243 163 52 -3 215 24 124 130 918 1,210 i Open-end and closed-end cos. foreign and include offerings of open-end investment cos., sales of securi­ 2 Extractive and commercial and misc. cos. ties held by affiliated cos. or RFC, special offerings to employees, and also 3 Railroad and other transportation cos. new stock issues and cash proceeds connected with conversions of bonds * Includes investment cos. into stocks. Retirements include the same types of issues, and also securi­ ties retired with internal funds or with proceeds of issues for that purpose Note,—Securities and Exchange Commission estimates of cash trans­ shown on p. 701. actions only. As contrasted with data shown on p. 701, 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 Mouth Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales 1 Re t d io e n m s p­ s N al e e t s Total 2 po C s a it s i h o n Other 1955 ............... 1,207 443 765 7,838 438 7,400 1965—Mar... 356 168 188 30,464 I 597 28 867 Apr.. . 351 155 196 3i;s2l U523 29,998 1956.............. 1,347 433 914 9,046 492 8.554 May . 301 158 143 31 431 I 551 29 880 1957............... 1,391 406 984 8,714 523 8,191 June.. 417 186 231 30,036 1 447 28,589 1958.......... 1,620 511 1,109 13,242 634 12'608 July.., 332 147 185 30,749 1 616 29,133 1959............... 2,280 786 1'494 15,818 860 14,958 Aug... 272 142 129 31,762 1,815 29,947 1960............... 2,097 842 L255 17,026 973 (6,053 Sept,,. 381 183 199 32,824 1,787 311037 Oct.... 394 173 220 33,921 1,758 32,163 1961............... 2,951 1,160 1,791 22,789 980 21,809 Nov... 360 163 197 34 533 ! 847 32,686 1962............... 2,699 1,123 1,576 21'271 1,315 19^956 475 176 299 35,220 I 803 33,417 1963............... 2,460 I'504 952 25,214 1,341 23,873 1964............... 3'404 1,875 1,528 29'116 1,329 27,787 1966—Jan. .. 507 191 316 36,213 2 009 34,204 1965............... 4,359 1,962 2,395 35 ,'220 1,803 33,417 Feb... 440 229 211 36 J 78 2,094 34,084 Mar. . 592 244 348 36,173 2,040' 34J33 1 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 less 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

MAY 1966 BUSINESS FINANCE 703 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1964 1965 Industry 1961 1962 1963 1964 II III IV I II IK 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 41,946 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 6,541 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 1,509 2,023 Dividends................................................. 2,699 2,898 3,179 3,526 4,000 879 740 1 ,183 804 I ,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 I ,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,Hi 4,123 4,217 4,404 4,449 4,454 4,571 Profits before taxes........................................ I ,237 1,319 1,487 1,558 1,944 361 373 424 440 473 504 528 Profits after taxes.......................................... 1,025 1,099 I ,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 1,036 977 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 i Includes 17 corps, in groups not shown separately. Telephone: Data obtained from Federal Communications Commis­ z 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 Kcne^Manu/acturing 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. AU 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

704 BUSINESS FINANCE MAY 1966 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a r a f o x t f e e i r s ts d C d e i a n v s d i h ­ s tr U p i r b n o u d f t i i t e s s d ­ co c a n a l t l i 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 ­ s e P t a a r f o x t f e e i s r ts d C d e i a n v s d i h ­ s tr U p i r b n o u d f t i i e t s s d ­ co c a n a t l i s l p o o u i n w t m a ­ l p ­ ances 1 ances 1 1958............... 41.4 19.0 22.3 11.6 10.8 22.0 1964—HI... 65.3 27.8 37,5 17.4 20.1 34.3 1959............... 52.1 23.7 28.5 12.6 15.9 23.5 IV... 65.9 28.1 37.8 17.7 20.0 34.8 1960............... 49.7 23.0 26.7 13.4 13.2 24.9 1965—L ... 73.1 29.5 43.6 18,0 25.6 35.4 1961............... 50.3 23.1 27.2 13.8 13.5 26.2 IL... 73,9 29,8 44.1 18.6 25.5 35.8 1962............... 55.4 24.2 31.2 15.2 16.0 30.1 HL. . 74.6 30.1 44.5 19.2 25.3 36.3 1963 ........ 58.6 26.0 32.6 15.8 16.8 32.0 IV... 77.0 31.1 45.9 19.9 26.0 36.8 1964............... 64.8 27.6 37.2 17.2 19.9 34.0 1965 ............... 74.7 30. 1 44.5 18.9 25.6 36.1 1966—1........ 81.1 32.7 48.4 20,6 27.8 37.3 * 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 11.4 171,2 1.8 112.8 14.1 42.5 1962................................ 142.8 326.7 42.9 20.2 3.7 146.7 100.9 12.4 184.0 2.0 121.2 15 0 45,7 1963...................... 151.2 349.9 44.5 20.6 3.6 159.7 107.3 14.3 198.8 2.5 131.8 16.3 48.2 1964................................ 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. I 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 ......................... 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 1 88.3 123.4 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 Durable d N ur o a n b ­ le Mining Railroad Other u P ti u l b it l i i e c s n C i o ca m ti m on u s ­ Other ' a ( n r S a n . t u e A a ) . l 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 (.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 I 04 1.10 1.92 5.65 3.79 10.03 1964............................................. 44.90 9.43 9.16 I 19 1.41 2.38 6,22 4.30 10.83 1965r........................................... 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 I .83 3 15 8.04 18 95 1964—n.................................... 11.11 2.30 2.23 .29 .36 .63 1.58 1.10 2.61 43.50 Ill 11.54 2.37 2.30 .30 .37 .59 1.71 1.06 2.84 45.65 IV.................................... 12.84 2.83 2.76 .33 .35 .64 1,76 1.17 3.01 47.75 1965—1....................................... 10.79 2.25 2.28 .29 .39 .58 1.32 1.08 2.59 49 00 II..................................... 12.81 2.76 2.70 33 ,44 .77 1.71 1.24 2.85 50 35 HI .................... 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 IP................................... 15.01 3.29 3.27 .40 .51 .90 2.00 4 64 58.90 1 Includes trade, service, finance, and construction. Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corp, and noncorp, business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 REAL ESTATE CREDIT 705 MORTGAGE DEBT OUTSTANDING (In billions of dollars) Atl properties Farm Nonfarm Other Multifamily and Mortgage E pe n r d i o o d f h A e o r l l s d l ­ tu F i t i c n i n i o s a a t n l i n ­ s ­ 1 a U g . e S h n . o ­ lde v r I i s d n 2 u d a i­ ls h A e o r l l s d l ­ tu F i t n i c i n i s o a a t l n i n ­ s , 1 O h e o r t s h l ^ d e ­ r h A e o r l l s d l ­ T 1 o - t a to l 4- F f i a n i m n s a t i i n l ­ y , ho O h u o s th e ld s e ­ r c T o o m ta m l erc F i i a n in l s a t p i n ­ r , o pe O h r o t t i h l e d e s r ­ 4 F V H A A - t - ype C $ ve o n n ­ ­ cies o a th n e d r s tutions t ers tutions 1 ers w un ri d tt e e r n ­ tional 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 (945............ 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6,4 (2,2 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 It.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^.......... 342.2 264,7 12.4 65.2 21.2 7.8 13.4 321. 1 213.0 184.4 28.5 108.1 72.5 35.6 81.1 239 9 1963—in... 273.4 210,8 11.1 51.5 16.6 6.1 10.5 256.8 178.2 152.2 26.0 78.6 52.5 26.1 72.1 184.7 IV... 281.2 217,1 11.2 52,9 16.8 6.2 10.7 264.4 182.2 156.0 26.2 82.2 54,9 27.3 73.4 190.9 1964—I.... 287.4 222.0 11.3 54.1 17,3 6.4 10.9 270.0 185.4 159.0 26.4 84.6 56.5 28.1 74.2 195.8 [I... 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 HI... 303.6 234.8 11.3 57.4 18.5 6.9 H.7 285.1 193.9 167.0 26.9 91 .2 61.0 30,2 76.2 208.9 IV... 311.6 241.0 U.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—Ph.. 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 II?.. 326.0 252.2 11.7 62.1 20.2 7.4 12.8 305.8 204.8 177.1 27.7 (01.0 67,7 33.3 78.7 226.8 HI*. 334. 1 258.6 1 1 .9 63.7 20.7 7.6 13.1 313.4 209.0 180.9 28,0 104.5 70. 1 34.4 80.1 233.3 IV" . 342.2 264.7 12.4 65.2 21.2 7.8 13.4 321.1 2(3.0 184.4 28.5 108.1 72.5 35.6 81.1 239.9 i 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 ^ Derived figures; includes debt held by Federal land banks and farm Admin., Public Housing Admin., Veterans Admin., and Comptroller debt held by Farmers Home Admin. of the Currency. 4 Derived figures; includes small amounts of farm loans held by Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Total FHA- VA- Con­ n fa o r n m ­ Farm Total FHA- VA- Con­ O n t o h n e ­ r Farm Total in­ guar- ven­ Total in­ guar­ ven­ farm sured antced tional sured anteed tional 1941.................................. 4,906 3,292 1,048 566 4,812 3,884 900 28 1945.................................. 4,772 3,395 856 521 4,208 3,387 797 24 I960.................................. 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961.................................. 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,029 2,753 51 1962............................ 34.476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963.................................. 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964.................................. 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965" . .......................... 49,703 44,778 1963—HI........................ 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 1 %4—I............................ 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 II. ....................... 41,648 27,750 7,158 2,793 17,799 11,340 2,558 38,199 34,407 11,376 10,826 12,205 3,739 53 Ill........................ 42,948 28,432 7,250 2,786 18,396 11,896 2,620 39,381 35,449 11,826 10,977 12,646 3,879 53 IV......................... 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965—1............................ 44,799 29,388 7,329 2,722 19,337 12,723 2,688 41,521 37,357 12,664 11,228 13,465 4,112 52 .......................... 46,548 30,383 7,469 2,712 20,202 13,371 2,794 42,467 38,214 13,036 11,322 13,856 4,202 51 Hip...................... 48,367 43,617 iyp............. , 49,703 44,778 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

706 REAL ESTATE CREDIT MAY 1966 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Non farm Period Total VA- Farm 1 Total VA- Farm Total in F s H u A re - d a g n u te a e r d ­ Other 1 Total in F s H u A re - d a g n u te a e r­ d Other 1945................................................... 976 6,637 5,860 I ,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 41 033 9 665 6*553 24*815 3*170 1962................................................... 7,478 6,859 1,355 469 5,035 619 46’902 43,502 10,176 6,’395 26*931 3*400 1963................................................... 9,172 8 306 1 598 678 6,030 866 50 544 46,752 10 756 6,401 29 595 3'792 1964................................................ 10,432 9,385 1 811 674 6,900 1 047 55 152 50 848 11 484 6 403 32 961 4*304 1965 ’............................................... 10,942 9,785 I ’ 716 539 7^530 1,157 60’021 55’l97 12’094 6*292 36811 4*824 1965—Feb.r.................................... 743 649 121 48 480 94 55 947 51 594 11,668 6,435 33,491 4 353 Mar......................... 939 786 154 51 581 153 56,343 51*923 11 742 6 432 33 749 4 420 Apr............................... 880 772 134 40 598 108 56,687 52,213 11,786 6 419 34,008 4374 May...................................... 749 662 1 17 37 508 87 56,997 52 482 11 821 6 404 34 257 4515 June......................... 939 840 142 41 657 99 57 384 52 806 11*860 6 384 34'562 4*578 July...................................... 834 759 121 40 598 75 57 663 53 041 11*866 6'361 34 814 4*622 Aug....................................... 867 798 144 41 613 69 58,017 53,359 11,914 6^340 35;105 4,658 Sept....................................... 932 868 142 45 681 64 58,411 53 723 11,950 6 326 35,447 4 688 Oct......................................... 932 868 161 44 663 64 58,824 54,103 12,010 6 316 35,777 4 721 Nov........ 959 890 149 41 700 69 59,276 54'525 12,063 6 307 36 155 4 751 Dec............................... 1,248 1 ,079 154 42 883 169 60,021 55,197 12,094 6,292 36,811 4 824 972 865 168 52 645 107 60,518 55,675 12,183 6,307 37 185 4 843 Feb........................................ 817 703 143 39 521 114 60,881 55,988 12,246 6,294 37,448 4^893 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-ycar figures, because (I) 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. Lor 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 t t i r o o e u n n w c ­ ­ H c p h o u a m r s ­ e e Total 2 F su H in re A ­ d - a g n V u t A e a e r - d ­ t C i v o e o n n n a ­ ­ l Period va A n d c ­ es R m e e p n a ts y­ Total t S e h rm or . t­ 1 t L e o rm ng ­ 2 M de e p m o b si e t r s s 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 1 447 1,216 1 180 1961............ 17'364 5,081 7,207 68,834 4’167 7'152 57315 1962......................... 4'111 3’294 3,479 2 005 1 474 1 213 1962............. 20,754 5'979 8,524 78,770 4,476 7010 67 284 1963......................... 5 301 4,296 4,784 2 863 1 ,’921 1,151 1963............ 24'735 7,039 9’920 90,944 4,696 6 360 79'288 1964......................... 5,565 5,025 5,325 2’846 2 479 1 199 1964.....2..4...,.5.05 6 515 10,397 101 333 4 894 6 683 89 756 1965......................... 5’6O7 4,335 5,997 3,074 2,923 1,043 1965.....2...3..’..847 5^922 10^697 110,202 5,141 6,391 98*670 1965—Mar.. . .... 348 452 4,747 2,277 2,470 1,048 1965—Mar.. 2,056 544 824 103,173 4,938 6,626 91,609 Apr........ 735 264 5'219 2'565 2'653 1 026 Apr.. 2,068 558 850 103,997 4,950 6,587 92,460 May............ 350 342 5,227 2,480 2,748 1 '017 May, 2,022 526 861 104,837 4,973 6,565 93,299 June 602 243 5'586 2 867 2^719 1,172 June, 2,399 614 1 ,099 105,849 4,999 6,557 94,293 July............. 613 406 5,793 3,176 2'617 '912 July.. 2,186 520 1 ,063 106,668 5,020 6,544 95,104 Aug....... 355 378 5 770 2 951 2 819 902 Aug.. 2,187 511 1 ,099 107,513 5,047 6,504 95,962 Sept............. 310 278 5 802 2 908 2 894 942 Sept.. 2,079 490 1 ,015 108,255 5,079 6,477 96,699 Oct........ 337 312 5,826 2,‘924 2'902 957 Oct.. 1,961 487 910 108,922 5,103 6,459 97,360 236 338 5,724 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 2’923 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 2,837 2'901 795 Feb.. 1,554 307 645 111,246 5,177 6,361 99,708 Mar............. 214 266 5,687 2,598 3,089 823 Mar.r I ,986 455 810 111,970 5,201 6,325 100,444 1 Secured or unsecured loans maturing in 1 year or less. t 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, and beginning with 1966 includes real estate sold on contract not acquired Note.—Federal Home Loan Bank Board data, by foreclosure. Note.—Federal Home Loan Bank Board data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 REAL ESTATE CREDIT 707 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-guarantccd Governmentunderwritten Period Total h N om M ew e o s rtga h i g s o E e t m i x s n ­ e g s e P c r t o s j­ 1 m p P e r i e r o m r n o t v y t p ­ e s ­ ­ 2 Total 3 h N om M ew e o s rtga h i g s o E e t m i x s n ­ e g s E pe n r d io o d f Total Total s F u i H n re ­ A d - a g n V u t A c a e r - - d 1 t C i v o e o n n n a ­ ­ l 1945................. 18.6 4.3 4. 1 2 14.3 1945............................... 665 257 217 20 171 192 1 1 9 9 6 6 0 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6 , , 2 5 9 4 3 6 2 1 , , 1 '7 9 8 7 3 2 2, ’ 4 9 0 8 3 2 9 71 2 1 6 9 8 8 55 2 1 1 , , 9 8 8 2 5 9 1 1, , 1 5 7 5 0 4 4 6 2 5 8 6 1 1 1 9 9 9 5 5 5 7 9 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 H 13 0 7 0 7 . . . 7 9 6 4 5 5 0 7 3 . . . 8 2 1 2 1 1 3 6 9 . . . 8 5 7 3 3 3 0 0 0 . . . 7 4 0 6 6 7 0 7 7 . . 6 0 4 1962............................ 7,184 1 ’849 3,421 1 ,079 834 2,652 1,357 1,292 i960. .............. 141.3 56.4 26 7 29 7 84 8 1963......................... 7,216 1,664 3’905 843 804 3,045 1,272 1,770 1 1 9 9 6 6 4 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 8' ’ 6 1 8 3 9 0 1 1 , ’ 7 6 0 0 5 8 4 5 ' , 9 7 6 6 5 0 8 59 9 1 5 6 6 3 63 4 2 2 , , 8 6 4 5 6 2 1 ,0 8 2 7 3 6 1 1 , , ' 7 8 7 21 4 1 1 9 9 6 6 1 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 5 6 3 6 . . 5 1 6 59 2 . . 2 1 2 3 9 2 3 5 2 2 9 9 6 9 1 9 0 3 4 . 9 3 1965-— A M M p a a r r y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6 6 2 4 3 5 0 4 1 1 1 3 2 1 7 8 6 4 3 3 1 9 9 3 9 6 6 5 51 7 2 4 4 5 5 3 2 2 1 1 1 7 8 6 9 2 7 6 5 7 7 4 1 1 1 3 1 2 9 5 5 1 1 1 9 9 9 6 6 6 3 4 5 . . " . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 1 8 9 3 2 7 . . . 2 0 6 6 6 7 5 9 3 9 2 I 3 4 3 8 2 5 0 3 0 3 3 31 0 0 .9 9 1 1 1 13 2 1 9 8 6 3 8 3 J J A u u u l n y g e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 8 7 7 1 5 6 6 1 1 1 2 6 4 7 3 0 4 5 5 8 0 94 4 6 4 7 5 1 1 0 6 5 67 6 8 2 2 2 1 4 1 5 7 7 6 6 7 5 5 8 1 1 16 5 5 7 2 2 1963— I H 1 f .. . I . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 7 7 6 3 8 9 . . 2 2 7 6 6 6 3 3 4 , . . 8 0 6 3 3 3 3 3 4 . . 0 3 5 3 3 3 0 0 0 . ’ 0 3 4 1 1 1 1 0 0 9 3 6 * .2 6 9 O Se c p t. t . . . . . . . . . . . . . . . . .. . . . ......... 8 81 6 0 1 1 16 5 1 9 5 5 9 5 7 4 4 4 2 5 6 52 2 2 2 4 5 5 4 7 81 8 1 1 6 7 3 7 IV. . . .. 182.2 65.9 35.0 30.9 116.3 Nov.. . -........... 824 156 550 61 57 243 79 163 1964—1........... 185.4 66.6 35.7 31.0 118.8 Dec.................... 780 165 533 38 43 228 77 151 IL..... 189.8 67.3 36.3 30 9 122.5 III.. 193.9 68.4 37.4 31.1 125.4 1966-—Jan.................... 800 180 547 42 30 236 80 156 IV........ 197.6 69.2 38.3 30.9 128.3 Feb................... 639 134 378 96 32 190 69 121 Mar................... 753 160 447 68 78 163 59 104 1965—1"......... 200.5 70. 1 39.0 31.0 130.5 IP’........ 204.8 70.7 39.7 31.0 134.1 IHA. . . 209.0 72.0 40.9 31.1 136.9 * Monthly figures do not reflect mortgage amendments included in annual totals. IV"... . 213.0 73.1 42.0 31.1 139.8 2 Not ordinady secured by mortgages, 5 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. i 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 c g l u o a s r e a d n . tee F d i g l u o r a e n s s . d o F n o o r t V ta A k - e g u in a t r o a n a te c e c d o u l n o t a n p s r , i n a c m ip o a u l n r t e s p a b y y m ty e p n e ts a o r n e d p e r r e i v v i e o d u s f l r y o m in s d u a re ta d o o n r FH N L o B t B e. —- a F n o d r t F o . t R al . d e e s b ti t m a o te u s ts . tan F d o i r n g, c o f n ig v u e r n e t s i on a a r l e , number and average amount of loans closed. figures arc 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 Nonfarm (during mit­ End of period) ments End of period Total Farm period Total F su H in re A ­ d - a g n V u t A e a e r - ­ d c P ha u s r e ­ s Sales bu d u r i n s s e ­ ­ d Total in F s H u A re - d C t o io n n v a e l n­ 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 1 19 9 6 6 2 1 . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 5 , , 0 9 9 2 3 3 3 3, , 5 4 7 9 1 0 2 2 , , 6 3 0 5 3 3 8 7 1 4 5 0 4 5 9 41 8 6 3 3 5 1 5 1 1 1 9 9 9 5 5 6 8 9 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6 5 5 4 0 . . . 1 5 0 4 5 4 2 3 7 . . . 7 9 0 5 5 5 . . . 1 9 4 4 4 3 2 6 7 . . . 5 8 9 1 i 1 i 2 2 d . . 1 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 I ,327 913 200 793 1962.................................. 85.1 69.9 7.2 62.7 15.2 1965—Mar......... 4,364 2,986 1,378 45 43 320 1 1 9 9 6 6 3 4 . " .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 1 9 4 . . 0 0 8 95 2 . . 1 2 7 7 .5 9 7 87 4 .7 2 1 18 6 .8 9 Apr.............. 4,341 2,989 1-352 51 43 321 1965"............................... 129 3 108 I 8.0 100.1 212 May................. 4,326 2^997 1 '329 47 32 327 June................ 4,303 2,992 1,311 44 27 360 1963—1............................ 88.0 72.4 7.3 65. 1 15.6 July................ 4,309 3,012 1 '297 49 9 376 II........................... 91.7 75.5 7.4 68.1 16.2 4'332 3'039 1'293 54 418 HI......................... 95.2 78.6 7.5 71.2 16.6 4,372 3,083 I ',289 78 443 IV.......................... 99.0 82.2 7.5 74.7 16.8 Oct.. ......... 4,436 3,145 1,290 96 559 Nov......... 4,559 3,255 1 ^304 155 674 1964—1"......................... 101.9 84.6 7.6 77.0 17.3 Dec ............ 4,731 3,404 1,327 205 793 II".............. 105.8 87.7 7.7 80.0 18.1 HI"....................... 109.7 91.2 7.8 83.5 18.5 1966—Jan................... 4,948 3,588 1,360 246 62 923 IV"....................... 114.0 95.1 7.9 87.2 18.9 Feb .. ...... 5,215 3,811 1,404 295 829 Mar............ 5^528 4,077 1 '451 344 .........7..5..0 1965—I"....................... 117.2 97.7 7.9 89.9 19.5 IIP.......................... 121.2 101.0 8.0 93.0 20.2 Up.,................... 125.0 104.3 8.0 96.3 20.7 Note.—Federal National Mortgage Assn, data including mortgages IV"....................... 129.3 108, I 8.0 100.1 21.2 subject to participation poll of Government Mortgage Liquidation Trust, but excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage Co., the Defense Homes Corp., the Public Note.—Based on data from same sources as shown for “Mortgage Housing Admin., and Community Facilities Admin. Debt Outstanding” table (second preceding page), and for table immedi­ ately above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

708 CONSUMER CREDIT MAY 1966 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total i Total t m p A a o u p b t e i o l r e ­ 1 co p O g n a o s t p o h u e d m e r s r 1 e r e a l r n o R n d a i e n z p m s a a t o i i M r o d n ­ P l e o rs a o n n s a ' l Total । p S l a o i y n a m g n l s e e n ­ 1 t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939............................................ 7,222 4,503 1 ,497 1,620 298 1,088 2,719 787 1.414 518 1941 .......................................... 9,172 6,085 2,458 l ,929 376 1,322 3,087 845 1,645 597 1945 .......................................... 5,665 2,462 455 816 182 1 ,009 3.203 746 1.612 845 I960............................................ 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961 ........................................ 57,678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5,324 3,691 1962 .......................................... 63,164 48,034 19,540 12,605 3,246 12'643 15,130 5,456 5,684 3,990 1963 .......................................... 70,461 54,158 22,433 13,856 3,405 14,464 16,303 6,1 (7 5.871 4,315 1964 ........................................ 78,442 60,548 25,195 15,593 3,532 16,228 17,894 6,954 6,300 4,640 1965............................................ 87.884 68,565 28,843 17,693 3,675 18,354 19,319 7,682 6,746 4,891 1965-—Jan.. ............................... 77,783 60,442 25,231 15,455 3,505 16,251 17,341 6,950 5,724 4,667 Feb................................. 77,406 60,436 25,383 15,2(8 3,479 16,356 16,970 7,034 5,154 4,782 Mar................................. 77,796 60^861 25,691 15,180 3’475 16’515 16^935 7,156 4,977 4,802 Apr................................. 79,237 61 .886 26,235 15,292 3,488 16,871 17,351 7,277 5,210 4,864 May................................ 80,469 62,807 26,717 15,458 3,534 17,098 17,662 7,400 5,453 4,809 June................................ 81'717 63,850 27,280 15,648 3,576 17 346 17,867 7,546 5,528 4,793 July................. 82,539 64,704 27,779 15,818 3,604 17^503 17’835 7,539 5^34 4,762 Aug.,.................... 83,319 65,508 28,111 15,996 3^648 17,753 17,811 7,575 5,498 4,738 Sept................................. 83,80! 65,979 28'175 16,229 3'664 17.911 17,822 7,600 5,496 4,726 Oct...................... 84,465 66,511 28,393 16,492 3,'676 17,950 17,954 7.624 5,645 4,685 Nov............................... 85,291 67,168 28,612 16,797 3,689 18,070 18,123 7.648 5,740 4,735 Dec................................ 87,884 68,565 28,843 17,693 3,675 18,354 19,319 7,682 6,746 4,891 1966--Jan.................................. 87,027 68,314 28,789 17,566 3,634 18,325 18,713 7,666 6,107 4,940 Feb.................................. 86'565 68.279 28,894 17,386 3 ’ 603 18,’ 396 18,286 7,731 5,505 5,050 Mar................................. 87,059 68,827 29,248 17,450 3,597 18,532 18,232 7,795 5,393 5,044 ^ Figures For the period beginning July 1963 have been revised; see Note,—Consumer credit estimates cover loans to individuals for house­ announcement on p. 660. hold, family, and other personal expenditures, except real estate mortgage 2 Holdings of financial institutions; holdings of retail outlets are in­ loans. For back figures and description of the data, see “Consumer cluded in “other consumer goods paper?' Credit,’’ Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total1 Total 1 m b C a e o n rc m k ia s ­ l 1 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 n o c n e e ­ r 2 Other 2 Total s D t m o e r p e e a n s r t t -1 ­ F st t u o u r r r n e e i s ­ A s a to p n r p c e e l s i ­ d m e A a o u l b e t r i o l s ­ e 4 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 (98 759 1 ,605 320 496 206 188 395 1945 ............................. 2,462 I ,776 ’745 300 102 629 686 131 240 17 28 270 1960................................ 42,832 37,2(8 16,672 11,472 3,923 3,670 1 ,481 5,615 2 414 1 107 333 359 1 402 1961................................ 43,527 37.935 17,008 11,273 4'330 3,799 t '525 5 595 2'421 I 058 293 342 1,481 1962. ............ 48,034 41,782 19,005 12,194 4,902 4,(31 1 '550 6,252 3 0(3 1 073 294 345 1 '527 1963................................ 54,158 47,405 22,023 13’523 5,622 4,590 1 ’647 6,753 3’427 1 ,086 287 328 1 ,625 (964................................ 60,548 53,141 25,094 14,762 6,458 5,078 1,749 7,407 3’922 1,152 286 370 1 ,677 1965................................ 68,565 60,273 29,(73 (6,138 7,512 5'606 1 '844 8,292 4,488 1 ,235 302 447 1 '820 1965—jan................ 60,442 53,259 25,191 14,797 6,429 5,078 1 ,764 7,183 3,791 I 128 285 373 1,606 Feb...................... 60,436 53,425 25,3(9 14,782 6,465 5J01 1 ,758 7,0! 1 3’71 3 1 ’ 101 282 377 1 ,538 Mar.................... 60 ,’861 53,910 25,610 14,831 6,569 5,132 1,768 6,951 3,673 1 085 277 384 1 ,532 Apr..................... 61'886 54,911 26,200 14,991 6'739 5202 1 ,779 6’975 3,701 1 077 275 395 1,527 May 62’807 55,762 26’670 15,158 6,871 5,243 1 .820 7,045 3 ,745 I ^076 277 405 1 ,'542 June................... 63,850 56,726 27,214 15,372 7,032 5,287 1,821 7 J 24 3,785 1 ’084 281 417 1 ,557 July.., ............... 64,704 57,537 27,705 15,565 7,124 5,334 I ’ 809 7,' 167 3,811 I 090 284 425 I ,557 Aug................... 65,508 58,296 28,107 15,721 7,235 5,387 1 846 7 212 3 847 1 103 287 431 1'544 Sept..................... 65.979 58,703 28,343 15802 7’310 5,410 1 ,838 7,276 3’910 1 J 17 289 433 1 ’527 Oct.............. 66,511 59,’ 105 28’618 (5,876 7’363 5,422 1,826 7’406 1 979 1,138 293 438 L558 Nov............ 67,168 59,567 28,855 15,963 7,436 5,465 1,848 7,601 4’101 1,167 297 443 1,593 Dec..................... 68,565 60'273 29,173 16’138 7,512 5,606 1,844 8'292 4 488 1235 302 447 1 ,820 1966—Jan................ 68,314 60,202 29,201 16,106 7,447 5,598 1,850 8,(12 4,419 1 ,208 300 448 1,737 Feb...................... 68,279 60;331 29,312 16,072 7’473 5'621 1,853 7,948 n.a. 451 n.a. Mar..................... 68'827 60,863 29'684 16,106 7,593 5,630 1,850 7,964 n.a. n.a. n.a. 459 n.a. 1 See footnote 1 above. 4 Automobile paper only; other instalment credit held by automobile 2 Consumer finance cos. included with “other” financial institutions dealers is included with “other” retail outlets, until 1950. 3 Includes mail-order houses. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 CONSUMER CREDIT 709 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 t o a o i t m o h p m d e e e ­ r r s r e R l m r a o t e n i n a o o p i d n z n d a a s i ­ r ­ s l P o o e a n n r a ­ s l End of period Total m A p o a u p b t e i o l r ­ e s O g p c u o a o t m o h p n d e e e ­ r r s r m i R z lo a o e a n a d t p i n d e a o s i r 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 (78 166 135 363 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................................... 11,472 7,528 2,739 139 1,066 1960.......................... 16,672 5,316 2,820 2,759 2,200 3,577 1961................................... 11,273 6'811 3'100 161 1'201 1961........................... 17,008 5,391 2; 860 2,761 2,198 3,798 1962................................... 12'194 7,449 3,123 170 1^452 1962........................... 19,005 6,184 3,451 2,824 2,261 4,285 1963................................... 13^523 8’228 3'383 158 i'754 1963.......................... 22,023 7,381 4,102 3,213 2,377 4,950 1964................................... 14,762 8,701 3,889 142 2,030 1964........................... 25'094 8,691 4,734 3,670 2,457 5,542 1965 ................................. 16,138 9,241 4,429 123 2345 1965........................... 29 J 73 I0JI0 5,721 4,266 2,543 6,333 1965—Jan........................ 14,797 8,684 3,943 140 2,030 1965—Jan.............. 25,191 8,705 4,780 3,706 2,432 5,568 Feb........................ 14,782 8,693 3,887 139 2,063 Feb......... 25,319 8,772 4,841 3,691 2,411 5,604 Mar....................... 14,831 8'723 3'897 137 2,'074 Mar............... 25^610 8,896 4,944 3^697 2,403 5,670 Apr........................ 14,991 8,824 3,928 136 2,103 Apr.. 26,200 9,120 5,083 3,742 2,413 5,842 May....................... 15,158 8,919 3'977 134 128 May, 26’670 9 J24 5,201 3,783 2’441 5,921 June....................... 15,372 9'055 4’023 133 2,161 June............... 27’214 9,534 5,340 3,842 2,472 6,026 July....................... 15,565 9,174 4,067 133 2,191 July............... 27,705 9,761 5,449 3,917 2,497 6,081 Aug........................ 15,721 9'235 4,125 131 2,230 Aug.. . 28,107 9,909 5,521 3,984 2,524 6,169 Sept........................ 15,802 9,196 4'204 129 2,273 Sept.. ........... 28,343 9,985 5,516 4,062 2,539 6,241 Oct........................ 15,876 9,201 4^269 128 2,278 Oct.. , ........... 28,618 10,119 5,570 4; 125 2,550 6,254 Nov....................... 15'963 9'210 4,332 126 2,295 Nov............... 28'855 10'220 5^645 4J72 2,553 6,265 Dec.............. 16,138 9'241 4’429 123 2,345 Dec................ 29,173 10,310 5,721 4,266 2,543 6,333 16,106 9,187 4,460 119 2,340 1966—Jan................ 29,201 (0,314 5,740 4,293 2,511 6,343 Feb........................ 16'072 9'187 4,423 1 17 2,345 Feb................ 29,312 10,361 5,785 4,311 2,484 6,371 Mar....................... 16,106 9’214 4322 1 16 2,354 Mar............... 29,684 10,533 5,885 4,351 2,476 6,439 See Note to first table on previous page. i See footnote 1 to table at top of p. 708. See Mote to first table on previous page. NONINSTALMENT CREDIT INSTALMENT CREDIT HELD BY OTHER FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single­ payment Charge accounts Other Repair loans Auto- con- and Per- End of period Total m p o ap b e il r e s g p u o a m o p d e e r s r m iz l o o a a d tl n e o s r n n- s lo o a n n a s l End of period Total1 C m o e m r­ ­ O fin th a e n r ­ p D a e rt ­ ­ Other Credit S c e r r e v d ic it e 1939................................... 789 81 24 15 669 ba c n ia k l s 1 tu in c ti i s a o t l i n ­ s st m o e re n s t 2 o r u e t t l a e i t l s cards3 1941................................... 957 122 36 14 785 1945................................... 731 54 20 14 643 1939, . . 2,719 625 162 236 1,178 518 I960................................... 9,074 1,665 771 800 5,837 1941............. 3/187 693 152 275 1,370 597 1961................................... 9'654 1'819 743 832 6,257 1945 . . 3,203 674 72 290 1,322 845 1962.................................. 10,583 2^111 751 815 6,906 1963................................... 11,859 2'394 835 870 7,760 1960............... 13,196 3,884 623 941 3,952 436 3,360 1964 ................................. 13,285 2,699 997 933 8,656 1961............... 14’151 4,413 723 948 3,907 469 3,691 1965 .................................. 14,962 3,124 1,153 1 ,009 9,676 1962............... 15’130 4,690 766 927 4,252 505 3,990 1963............... 16,303 5,205 912 895 4,456 520 4,315 1965—Jan................ 13,271 2,689 996 933 8,653 1964............... 17,894 5,950 1,004 909 4,756 635 4,640 Feb.................... 13'324 2,700 1,006 929 8,689 1965............... 19,319 6,587 1 ,095 968 5,055 723 4,891 Mar.. ............. 13,469 2; 744 1,019 935 8,771 Apr............... 13,720 2,813 1,042 939 8,926 1965—Jan... 17,341 5,947 1,003 793 4,280 651 4,667 May...................... 13'934 2,868 1,058 959 9,049 Feb... 16,970 6,028 1 ,006 660 3,857 637 4,782 June 14^140 2,934 1,076 971 9,159 Mar... 16,935 6,133 1,023 601 3,743 633 4,802 July....................... 14'267 2,970 1,092 974 9,231 Apr.. . 17,351 6,243 1 ,034 626 3,942 642 4,864 Aug.. 14,468 3,015 1,106 993 9,354 May .. 17,662 6,342 1,058 647 4,142 664 4,809 Sept,.................... 14,558 3,045 1,120 996 9,397 June.. 17,867 6,477 1,069 627 4,218 683 4,793 Oct. 14’611 3,065 1,130 998 9,418 July.. . 17,835 6,476 I ,063 591 4,217 726 4,762 Nov............ 14'749 3,094 1,135 1,010 9,510 Aug... 17,811 6,497 1,078 595 4,149 754 4,738 Dec....................... 14^962 3,124 1 J 53 1,009 9,676 Sept... 17,822 6,520 1 ,080 647 4,078 771 4,726 Oct. .. 17,954 6,546 1,078 682 4,221 742 4,685 1966—Jan................ 14,895 3, (00 I , 149 1,004 9,642 Nov... 18,123 6,555 1,093 725 4,291 724 4,735 Feb....................... 14'947 3,110 1,155 1 ,002 9,680 Dec... 19,319 6,587 1,095 968 5,055 723 4,891 Mar....................... 1S;O73 3,157 1,172 1,005 9,739 1966—Jan... 18,713 6,574 1,092 855 4,509 743 4,940 Feb... 18,286 6,630 1,101 n.a. n.a. 746 5,050 Note.—Institutions represented are consumer finance cos., credit Mar... 18,232 6,676 1,119 n.a. n.a. 755 5,044 unions, industrial loan cos., mutual savings banks, savings and loan assns., and other lending institutions holding consumer instalment loans. See also Note to first table on previous page. i See footnote 1 to table at top of p. 708, 2 Includes mail-order houses. . 3 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

710 CONSUMER CREDIT MAY 1966 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT 1 (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir ti o a n nd l oans Personal loans Period S.A.2 N.S.A. S.A.2 N.S.A. S.A.2 N.S.A. S.A.2 N.S.A. S.A.2 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 55,1-26 19,796 15,685 2,051 17,594 1963. 61,295 22,292 17,102 2,198 19,703 1964. 67,505 24,435 19,473 2,204 21,393 1965........................................... 75,508 27,914 21,454 • • ............... 2,238 23,902 1965-—Jan.................................. 5,947 5,045 2 186 1,871 1,695 1 ,401 185 137 1,88! 1,636 Feb................................. 6.082 5,075 2 249 1,948 1 ,768 1 ,344 177 134 1,888 1,649 Mar................................. 6,107 6,253 2 268 2,424 1 ,702 1 ,625 189 179 1,948 2,025 Apr.................. 6,245 6,554 2 299 2,537 1 .648 1 ,621 194 193 2, 104 2,203 May................................ 6,167 6,253 T 249 2,419 1 ,731 1,684 191 217 1,996 1,933 June................................ 6, 196 6.839 2 285 2.646 1,719 1 ,804 199 227 1 ,993 2,162 July................................. 6,383 6,537 2 355 2,524 1,818 1.777 180 201 2.030 2,035 Aug................................. 6,385 6,493 2 372 2,40! 1 ,816 1 ,789 194 226 2,003 2,077 Sept................................. 6,434 6,085 2 385 2,088 1 ,859 1 ,849 176 189 2,014 ( ,959 Oct.................................. 6,425 6,247 2 338 2,318 1,907 1,899 179 183 2,001 1 .847 Nov................................. 6,530 6,608 2 480 2,410 1 ,873 2,004 185 189 1 ,992 2,005 Dec....................... 6,489 7,519 2 443 2,328 1 ,862 2,657 185 163 1,999 2,371 1966-—Jan.................................. 6,544 5,586 2 340 2,001 1,983 1,684 176 130 2,045 1 ,771 Feb.................................. 6,492 5,517 2 340 2,084 I .957 1,527 171 130 2,024 1 ,776 Mar................................. 6,673 6,865 2 479 2,676 I ,959 1,890 183 174 2,052 2,125 Repayments I960 ........................................... 45,972 16,384 13,574 1,883 14,130 1961............................................ 47,700 16,472 14,246 2,015 14,967 1962............................................. 50,620 (7,478 14,939 1,996 16,206 1963............................................. 55,171 19,400 15,850 2,038 17,883 1964 ... .................................. 61,121 21,676 17,737 2,078 19,630 1065 ....................................... 67,495 24,267 19,355 2,096 21,777 1965-—Jan.. ............................... 5,332 5,153 I ,9(6 1,836 1 ,527 1,539 172 165 1 ,717 I ,613 Feb............................... • 5,485 5,080 1,947 1 ,795 1 '665 1,581 (73 160 1 ,700 1,544 Mar............................... 5,465 5,830 1,970 2,118 1,568 1,662 174 184 1 ,753 1,866 Apr................................. 5,500 5,531 t ,975 1 ,993 1 >97 1 *510 180 180 1 ,848 1,848 May............................... 5,511 5,330 1 .987 1 ,937 1 ,569 (,518 174 170 1 ,781 1,705 June................................ 5,601 5.796 2,007 2,082 I 590 1,6(4 179 185 1 ,825 1 ,915 July................................. 5.659 5,682 2’007 2,025 1,608 1,607 171 173 1 >73 1 >77 Aim................................. 5,729 5,688 2,068 2,068 1 ,662 1,611 180 182 1,819 I ,827 Sept................................. 5.748 5,616 2,056 2,024 1 ,638 1,617 171 173 1 ,883 1 >02 Oct.................................. 5,805 5,714 2,080 2,099 1 ,670 1,636 171 171 1,884 1,808 Nov........................... 5,831 5,955 2,(48 2,193 1 ,683 1,700 176 177 1'824 I ,885 Dec ....................... 5.855 6,120 2,107 2,097 1,720 1 .760 175 176 1 >53 2,087 1966-—Jan.................................. 5,947 5,837 2,1 15 2,055 1,778 1,811 176 171 1,878 ! ,800 Feb . .............................. 5,954 5,552 2,135 1,979 1 ,781 l ,707 174 16! 1 ,864 1 ,705 Mar................................. 6,024 6,317 2,216 2,322 1 ,708 1 ,826 176 180 1 ’924 I ,989 Net change in credit outstanding ^ I960 3,588 1,270 896 330 1 ,093 1961............................................. 696 -465 332 53 777 1962 .............................. 4,506 2,318 746 55 1,388 1963 .......................... 6, 124 2,892 1 ,252 160 1,820 j 964 .................................... 6,384 2,759 1 ,736 126 i ,763 1965. . ................................... 8,013 3,647 2,099 142 2,125 1965-—Jan.................... 615 -108 270 35 168 -138 13 -28 164 23 Feb.................................. 597 -5 302 153 103 -237 4 -26 188 105 Mar......................... 642 423 298 306 134 -37 15 -5 195 159 Apr.................................. 745 1,023 324 544 151 UI 14 13 256 355 May............................... 656 923 262 482 162 166 17 47 215 228 June. ............................. 595 1 ,043 278 564 129 190 20 42 168 247 July. ............................... 724 855 348 499 210 170 9 28 157 158 Aug................................ 656 805 304 333 154 178 14 44 184 250 Sept................................. 686 469 329 64 221 232 5 16 131 157 Oct................. 620 533 258 2(9 237 263 8 12 117 39 Nov................................ 699 653 332 217 190 304 9 12 168 120 Dec................................. 634 1,399 336 231 142 897 10 -13 146 284 1966--Jan................................... 597 -251 225 -54 205 -127 0 -41 167 -29 Feb.................................. 538 -35 205 105 176 -180 -3 -31 160 71 Mar................................. 649 548 263 354 251 64 7 -6 128 136 i See footnote 1 to table at top of p. 708. sales of instalment paper, and certain other transactions may increase 2 Includes adjustments for differences in trading days. the amount of extensions and repayments without affecting the amount 3 Net changes in credit outstanding equal extensions less repayments. 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. financing charges. Renewals and refinancing of loans, purchases and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 CONSUMER CREDIT 711 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total1 Commercial banks1 S c a o le m s p fi a n n a i n e c s e Ot i h n e st r i t f u in ti a o n n c s ial Retail outlets Period S.AJ N.S.A. S.A. 2 N.S.A. S.A.2 N.S.A. S.A. 2 N.S.A. S.A.2 N.S.A. Extensions I960............................................ 49,560 18,269 1 1 456 12 073 7,762 1961........................................... 48,396 17,711 10’667 12,282 7,736 1962............................................ 55,126 20,474 11 999 13 ’525 9 128 1963........................................... 61 '295 23'344 12 664 1 4 894 10 393 1964............................................ 67,505 25,950 14’020 16,251 11’284 1965............................................ 75'508 29,738 15,075 18,120 12375 1965—-Jan.................................. 5,947 5,045 2,288 2,042 1,175 1,027 1,459 1,219 1 ,025 757 Feb................................ 6,082 5^075 2'322 2,042 1,281 1 ,060 1 ,427 1,217 1 ,052 756 Mar................................ 6, 107 6'253 2'363 2,494 1,276 1 ’292 I ’487 1 ,551 981 916 Apr................................ 6,245 6,554 2,418 2,665 1 ,'243 1'284 1 '607 1,653 977 952 May............................... 6,167 6.253 2,405 2'523 1,242 1 ’,239 1 ’494 1,487 I ,026 1,004 June....................... 6,196 6 839 2,427 2’746 1,237 1 393 1 504 1,654 1,028 1 046 July................................ 6'383 6,537 2'516 2’648 1 253 1 318 1 538 1’557 1 ,076 1,014 Aug.................. 6,385 6,493 2,575 2,608 1’256 i ,293 1,514 1,576 1 ’040 1,016 Sept. 6.085 2,567 2'386 1311 1 ,228 1’514 1 '440 J ,042 1,031 Oct,............................... 6,425 6,247 2,581 2’488 l’,2i4 1 ,223 1,508 1 304 1,122 1,132 Nov...................... 6,530 6,608 2,659 2,517 I '267 1 ’293 1 ,512 1,574 1 ,092 1 '224 Dec............................... 6,489 7.519 2,610 2’579 1 '291 1 ,425 l'5M 1 ’788 1 .074 1 327 6,544 5,586 2,500 2,240 I ,270 I JOI 1 553 1 298 1,221 947 Feb............................... 6^492 5 517 2,517 2'243 1 ’230 1 ,057 1 *559 1 '.338 1'186 879 Mar................................ 6,673 6.865 2,619 2,784 1 '273 1 J!8 1'573 1,634 1 308 1.129 Repayments I960 .......................................... 45,972 16,832 10,442 11,022 7,676 1961 .......................................... 47'700 18,294 10’943 11.715 6, 749 1962 .......................................... 50,620 18,468 11 ’ 434 12,593 8,125 1963 ...................................... 55,171 20,326 12 211 13,6(8 9.016 1964 .......................................... 61,121 22'971 13’161 14,825 10.164 1965 .......................................... 67,495 25’663 13 699 16343 J J,690 1965 Jan......................... 5,332 5 J53 2,040 1 ,947 1 ,059 992 1 399 1 333 934 981 Feb..................... 5'485 5,080 2,060 1 ,913 1,157 1,075 1,286 1,164 982 928 Mar................................. 5'465 5.830 2,044 2305 1,136 I 343 1'328 1 ,406 957 976 Apr........................ .. .. 5’500 5,531 2,057 2,077 1 J08 1,124 1 ,396 1,402 939 928 May............................... 5,511 5 J30 2,096 2,051 1 J 13 1,072 1.329 1 ,273 973 934 June............................... 5,601 5,796 2,112 2,202 1 J 37 1,179 1,377 1,448 975 967 July................................ 5,659 5,682 2,117 2,156 1,152 IJ25 1.421 1,430 969 971 Aug................................. 5,729 5,688 2, 187 2305 1 J 60 1 ' (37 1,384 1,375 998 971 Sept.......................... 5,748 5,616 2, 183 2J52 1’180 1 (47 1,410 ) , 350 975 967 Oct.. ........................... 5,805 5,714 2,253 2312 1 130 1 149 1 ,422 1 '351 1,000 I ,002 Nov................................ 5,831 5,955 2,264 2384 1,194 1 ' 206 1 ,377 1'436 996 I '(129 Dec................................. 5 355 6 J 20 2352 2,259 1 303 1 350 1,401 1 .575 999 1 '036 1966—Jan.................................. 5,947 5.837 2373 2,212 1,202 1.133 i ,406 1,365 1,066 1,127 Feb................................. 5,954 5,552 2'292 2 J 32 t J37 1 ,091 1'420 1 386 ।; 105 1 .043 Mar................................ 6.024 6317 2 399 2,412 1,175 1 334 1,463 1 ,508 1,087 1,113 Net change in credit outstanding ■' I960 ................................... 3 588 I .446 1,152 1 ,051 -61 (961 ........................................ 696 335 —199 578 -20 (962 ........................................ 4,506 1 ,997 921 932 656 (%3 ......................................... 6, 124 3,018 1 ,329 1 ,276 501 1 %4.......................................... 6, 384 3,065 1 ,239 1 ,426 654 1965 .......................................... 8'01 3 4,075 1,376 1,677 885 1965—Jan.................................. 615 - 108 248 95 116 35 160 -14 91 -224 Feb................................ 597 -5 262 129 124 -15 141 53 70 -(72 Mar................................ 642 423 319 289 (40 49 159 145 24 -60 Apr.............................. . 745 1,023 361 588 135 160 211 251 38 24 May................................ 656 923 309 472 (29 167 165 214 53 70 595 1,043 315 544 100 214 127 206 53 79 July................................ 724 ’855 399 492 101 193 117 127 (07 43 Aug................................ 656 805 388 403 96 156 130 201 42 45 Sept................................ 686 469 384 234 131 81 104 90 67 64 Oct................... 620 533 328 276 84 74 86 53 122 130 Nov................................ 699 653 395 233 73 87 135 (38 96 195 Dec........................ 634 I ,399 358 320 88 175 113 2(3 75 691 1966—Jan.................................. 597 -251 227 28 68 -32 147 -67 155 -180 Feb................................. 538 -35 225 111 93 -34 139 52 81 -164 Mar................................ 649 548 320 372 98 34 110 126 121 16 1 See footnote 1 to table at top of p. 708. of paper. In those months the differences between extensions and re- 2 Includes adjustments for differences in trading days. payments for some particular holders do not equal the changes in their 3 Net changes in credit outstanding are equal to extensions less repay- outstanding credit. Such transfers do not affect total instalment credit ments except in certain months when data for extensions and repayments extended, repaid, or outstanding. have been adjusted to eliminate duplication resulting from large transfers See also Note to previous table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

712 INDUSTRIAL PRODUCTION: S.A. MAY 1966 MARKET GROUPING (1957-59=100) 1957-59 1965 1966 J’1965 Grouping p p ti o r o o r n ­ ­ a a v g e e r­ Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan,r FebT Mar. Total index.............................. 100.00 143.3 140.7 140.9 141.6 142.7 144.2 144.5 143.5 145.1 146.4 148.7 150.2 (SI .6 153.0 Final products^ total............................. 47.35 142.4 140. 1 139.4 140.2 140.7 141,7 142.3 143.3 145.7 147.4 148.8 149.5 151.0 152.2 Consunier goods............................... 32.31 140.2 140.0 138.5 138.6 138.7 139.3 139.5 140.7 141.7 142.8 144. 1 144.1 145.0 145.8 Equipment, including defense.... 15.04 146.9 140.4 141.2 143.7 144.9 147,0 148.4 149.0 154.3 157.3 158.8 161.3 163.9 165.7 Materials................................................ 52.65 144. 1 141.7 142.6 142.6 144.5 146.4 146.1 143.7 144.3 145.6 148,7 150.4 151.9 154.0 Consumer goods Automotive products............................. 3.21 167.1 173.1 166.9 168. 1 168.1 167.8 169.8 166.5 168.6 168.8 169.4 168.5 167.6 171. 7 Autos....................................................... 1.82 182,6 194.2 183.5 184.9 187.1 184,6 184,3 178.1 181.1 182.5 182.4 180.3 177.8 183.8 Auto parts and allied products..... 1.39 146.8 145.2 145.1 146.0 143,0 145.8 150.7 151 .2 152.0 150,8 152.4 153.1 154.3 155.7 Home goods and apparel.................... JO.00 143.7 142.4 141.1 141.4 141.5 140.9 140.1 142.7 145. 1 146.8 150.6 149.9 150.9 150.9 Home goods............................ 4.59 154.7 154.0 152.1 151.8 151 .3 151.2 149.8 153,0 156.9 159.0 164.8 165.7 166.2 165.4 Appliances, TV, and radios........... 1 .81 152.4 150.8 149.0 147.6 148.8 146.5 145.2 149. 1 154.0 155,2 161.3 165.0 162.7 157.9 Appliances..................................... I .33 153.3 152.3 151 .1 149.7 152.1 148.4 146,4 151 .0 156.6 156.5 162.0 163.2 163.1 151.7 TV and home radios................... .47 149.8 146.8 141 .3 141.6 139.2 141.3 141.9 143,6 146.6 151.5 159.3 170.0 161 .7 175.6 Furniture and rugs................... 1.26 154.2 152.7 152.0 154.4 153.5 154.0 152.3 152.0 154.9 157.4 161.0 163.3 164.0 165.4 Miscellaneous home goods............ 1.52 158.0 158.9 155.8 154.7 152.6 154.4 153.3 158.4 161.9 164.8 172.2 168.6 172. 1 174.4 Apparel knit goods, and shoes......... 5.41 134,3 132.5 131.8 132.5 133.2 132.2 131 .9 134.0 135.1 136.5 138.5 136.4 137.9 Consumer staples................................... 19. JO 133.9 133.2 132.4 132.2 132.7 134.1 134.1 135.3 135.4 136.4 136.5 136.9 138. 1 138.9 Processed foods..................................... 8.43 122,2 122.1 122,1 121.1 120.7 122.4 121,6 121.6 122.2 123.1 123.1 123.7 124.6 125. 1 Beverages and tobacco........................ 2.43 125,7 128.1 121.5 124.8 126.2 123.9 123.6 127.5 126.0 128.2 128.5 128.6 129.9 rirugs, soap, and toiletries................. 2.97 157,0 154.2 152.6 151,9 152.9 157.0 160.1 161.3 159.2 161.2 162,7 164 0 166.0 167.3 Newspapers, magazines, and books. 1.47 127.1 128.6 126.9 126.6 125.6 128.0 128.0 126.1 126.3 127.6 129.6 132.0 134.0 137.3 Consumer fuel and lighting............... 3.67 149.8 146.5 148.8 148.2 150.6 151.2 150.6 154.2 156.0 155.2 153.9 151.9 153.0 Fuel oil and gasoline............... 1.20 122.4 118.6 122.4 1 19.9 122.8 123.1 123.1 122.6 124.8 126.6 126.4 125.1 124.0 124.5 Residential utilities.......................... 2.46 163.2 160.0 161.7 162.0 164.1 164.9 164.0 169.7 171.1 169.2 167.4 165.0 167.2 Electricity....................................... 1.72 171.6 167.0 169.1 169.3 172.2 172.6 171.3 181.0 182.9 180.1 177.5 174.3 177.0 Gas.................................................. .74 144.0 Equipment Business equipment................................ 11.63 156.6 150.1 150.9 153.5 154.6 156.4 157.8 159.0 164.3 167.2 168.9 170.5 173.2 175.1 Industrial equipment......................... 6.85 153.1 148.3 148.4 150.6 151.9 155.1 153.8 155.3 159.4 162.0 162.4 162.6 166. 1 167,7 Commercial equipment....................... 2.42 164.4 159.1 161.3 162.3 164. 1 165.2 165.2 166.4 169.7 172.7 174.5 177.5 178.6 183.4 Freight and passenger equipment. .. 1 .16 162.4 148.2 150.8 157.1 157,8 155.0 163.6 164.2 178.7 180.4 188.0 194.9 198.9 198,4 Farm equipment.................................. .61 148. 1 140.4 138.3 141.7 143.7 145.3 157.1 155.4 155.7 165.8 163.9 161.2 158.0 Defense equipment. .............................. 3.41 Materials Durable goods materials....................... 26. 73 144.2 142.6 142.9 143.4 146.1 148.4 147.3 142.8 142.2 143.0 146.7 150.1 15/ 7 155.1 Consumer durable................................ 3.43 166.8 166.3 163.4 162.3 169.9 171.8 167.9 165.4 167.0 168.2 168.3 170.0 173.6 169.1 Equipment.............................................. 7.84 151.9 146,9 147.5 148,7 150,0 153.3 154.7 154,2 158 4 160.0 163.2 165.8 170.0 171 8 Construction......................................... 9.17 133.8 133,5 130.5 131 .4 131.3 132.7 134.6 1 34.5 135.3 137.2 138.8 142.9 143.6 146.4 Metal materials n.e.c............................ 6.29 137.6 142,5 141.8 139.7 142.3 146.3 142.4 130.6 126.2 123 2 130.5 137.5 1 39.6 144.8 Nondurable materials............................ 25.92 144.0 140.6 142.4 141.8 143,4 145.0 144.8 144.5 146. 4 148,1 150. 7 150.6 152.1 152. 7 Business supplies................................... 9.11 136.5 134.2 135.1 134.1 134.8 137.6 135,1 135.9 136.8 140 3 143.4 143.4 145.8 145 4 Containers.......................................... 3.03 136.6 129.7 1 37.3 132.0 132.0 136.1 132. 1 134.4 136,6 144,9 146.9 142.3 144.3 137.8 General business supplies............... 6.07 136.5 136.5 134.0 135.2 136.2 138.3 136.6 136.7 136.9 138.0 141 .7 144.0 1 46.6 149.2 Nondurable materials n.e.c................. 7.40 173.9 167.6 170.8 168.8 171.1 174.7 176.6 178.3 179,5 180,9 183,8 184.8 186,2 185.9 Business fuel and power..................... 9.41 127.6 125,7 127.2 127.9 129.9 128,9 129,2 126.3 129.7 129,9 131.7 130.6 131.4 133 8 Mineral fuels..................................... 6.07 115.2 112,3 114.3 115.1 116.9 117,0 117.2 112.1 117.9 117,8 119,5 117 4 118,0 120,6 Nonresidential utilities.................... 2.86 159.2 158,5 159.6 160.1 162.4 158,8 160.1 161.5 160,9 161.7 163,8 164.9 165.9 Electricity....................................... 2.32 161.0 159.1 160.2 160.7 163.4 160,8 162,3 163,5 162.7 163 4 166.0 166.4 167.5 General industrial................... 1.03 157.7 154.9 155.8 156.0 159.8 159,3 161.3 160,7 158,4 162.0 163.0 163.7 163.9 Commercial and other............ 1.21 169.8 168.3 169.8 170.5 172.4 167.9 169.2 171 .9 172.3 170.7 174.7 175.1 177.0 Gas................................................... .54 151 .2 Supplementary groups of consumer goods Automotive and home goods............. 7.80 159.9 161.9 158.2 158.5 158.2 158.1 158.1 158.5 161.7 163,0 166.7 166.9 166.8 168,0 Apparel and staples.............................. 24.51 134.0 133.0 132.3 132.2 132.8 133.7 133.6 135,0 135.4 136.4 137.0 136,8 138.1 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 INDUSTRIAL PRODUCTION: S.A. 713 INDUSTRY GROUPINGS (1957-59=100) Grouping 19 p p 5 r o 7 o r - ­ ­ 59 » a a v 1 g 9 e e 6 r­ 5 1965 1966 tion Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb,r Mar. Total index. ...................... 100.00 143.3 140.7 140.9 141.6 142.7 144.2 144,5 143.5 145.1 146.4 148.7 150.2 151.6 153,0 Manufacturing, total............................. 86.45 144.9 142.3 142.4 143.1 144.1 145.7 146.0 145.2 146.7 148.2 150.6 152.4 153.9 155. 1 Durable.............................................. 48.07 148.4 144.8 145.5 146.4 148. 1 150,0 150.5 148.2 (50,3 151.3 155.0 157.6 159.6 161.4 Nondurable........................................ 38.38 140,7 139.1 138.5 138.8 139,0 140.4 140,4 141.3 142.1 144.2 145.1 146.0 146,8 147.3 Mining.............................................. 8.23 114,4 112.5 113.0 114.0 115.3 116.0 117,0 112.6 115.8 116.0 117.9 117.2 1 17,7 120.3 Utilities................................................... 5.32 161 .0 158.5 159.9 160.4 162.5 161.3 161,4 165.3 165.7 165.1 165.5 164.9 166.5 168.5 Durable manufactures Primary and fabricated metals........... 12.32 142.0 142.5 144.0 142.7 144.5 148.4 146.9 138.1 135.6 134.3 139.5 142.2 144.8 149.2 Primary metals...................................... 6.95 137.5 140.4 141 .4 140.2 143.0 148.7 146.5 131 .2 123.7 119.4 126.5 130.8 132.5 139.7 Iron and steel................................... 5.45 133.6 139.5 141.2 139.7 143.3 152.1 143.3 125.0 115.8 110.5 1 18.2 122.9 128.7 135.3 Nonferrous metals and products., 1.50 152.1 151.0 153.6 153.4 146.1 138.4 149.0 152.3 155.0 158.8 162,1 159.1 159.2 163.1 Fabricated metal products............ 5.37 147.8 145.2 147.4 146.0 146.4 148.0 147.5 147,0 150.9 153.6 156.3 157.0 160.6 161 .4 Structural metal parts............... 2.86 145.4 144.1 144.3 142.7 144.3 145.5 145.0 144.7 148.2 152.6 154.0 154.2 158.9 159.5 Machinery and related products. .... 27.98 154.3 148.5 149.3 151.2 153.4 154.8 155.8 155.8 160.0 161.8 164.9 168.2 170.0 170.8 Machinery............................................. 14.80 160.4 153.9 155.4 156.9 159,0 160.6 161.4 162,3 166,0 167.5 170.7 174.3 176.7 176.2 Nonelectrical machinery......... 8.43 160.3 153.8 155.2 157.0 159.4 161.7 162.4 162.4 165,8 166.9 169.2 17! .9 174.4 173.7 Electrical machinery........................ 6.37 160.6 154.1 155.8 156.8 158.4 159.2 160.1 162,1 166.2 168.4 172,8 177.6 179.8 179.5 Transportation equipment................. 10.19 149,2 144.4 144.6 147,3 149.5 149.8 151.5 149.4 155,0 157.3 160,7 163.1 163.2 165.6 Motor vehicles and parts............... 4.68 175.2 176.4 173.2 175.5 178.0 177.4 177.5 175,2 177.1 178.0 179,2 176.7 175.5 178.2 Aircraft and other equipment. . .. 5.26 125,3 115.3 118,6 121.7 123.3 124.1 127.3 125.6 134.4 138.0 143.4 150.1 151.6 153.8 Instruments and related products. .. I .71 151.4 146,9 145.5 147.0 149,8 152. 1 152,6 155.7 158.0 159.0 162.2 166.0 171.2 173.5 Ordnance and accessories . . I .28 Clav, glass, and lumber............ 4.72 127.6 126.0 124. 1 125.5 124.7 126.3 127.5 127.3 128.5 129.5 133. 1 134.3 136. 1 137.3 Clay, glass, and stone products........ 2.99 133.5 129.2 129.9 130.3 131.6 132.6 133.5 133.8 134.4 135.5 137,6 139.4 141.6 142.9 Lumber and products......................... 1 .73 117.4 120.5 114.2 117.1 112.8 1 15.4 117.2 116.2 1 18.3 119. 1 125.4 125.6 126.5 127.5 Furniture and miscellaneous................ 3.05 151.7 148.4 149.5 150. 1 150.3 149.7 151.5 152.0 155.1 157.8 159.9 158.4 161. 1 162.6 F M u i r s n c i e t l u la r n e eo a u n s d m fix an tu u r f e a s c .. t . u ... r . e .. s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 . . 5 5 1 4 1 1 5 4 7 6 . . 4 0 1 1 5 4 4 2 . . 3 4 1 1 5 4 5 3 , , 6 2 1 1 5 4 6 3 . . 5 6 1 15 4 6 3 . . 8 6 i 15 o 5.8 1 1 5 4 6 6 . . 3 6 1 14 5 7 6 . . 1 8 1 15 5 0 9 . . 4 7 1 1 6 5 2 3 . . 6 0 1 1 6 5 4 5 . . 3 5 1 1 6 5 5 1 . . 4 2 1 1 6 5 6 5 . . 8 3 1 1 5 6 7 8 . . 0 0 Nondurable manufactures Textiles, apparel, and leather....... 7.60 135.7 133.7 133.9 135.0 134.5 134.7 134.1 135.5 137.3 138.8 140.3 139.1 139.6 140.5 Textile mill products........................... 2.90 134.8 131.5 132.2 131.6 132.2 133.8 134.8 135.7 137,7 139.4 140.3 140.1 140.5 140.4 Apparel products....................... 3.59 145.0 144,0 144.3 145.3 145.4 143.8 141 .9 143.8 145.7 147.2 148,5 146.9 148.1 Leather and products.......................... 1.11 107.8 106.1 105.0 110.9 105.1 107.7 107.0 108.2 109,3 H0J H3.9 111.7 I 10. 1 Paper and printing. .............................. 8.17 135.3 132.9 133.2 134.2 134.0 135.9 136.4 135.4 136.4 139.2 139.9 141. 1 142.5 142.4 Paper and products............................. 3.43 142.3 139,0 140.0 140.9 139.4 142.1 141,1 143.9 143.6 147.4 147.7 148.4 148.4 146.9 Printing and publishing.......... 4.74 130.3 128,5 128.3 129.3 130.0 131.3 133.0 129.3 131.1 133.2 134,2 135.7 138.2 139,2 Newspapers...................................... 1 .53 124,2 121.0 120.7 121.5 124.7 126.2 129.7 120.1 125.1 127.2 129.5 I 30.2 130.4 130.7 Chemicals, petroleum, and rubber.,.. 11.54 164.6 162.0 160.8 161.2 161.6 164. 1 164.9 166.9 167.7 170.1 171.7 173.6 174. 1 175.2 Chemicals and products..................... 7.58 173.3 169.5 169.2 169.3 169.9 172.8 174.2 176.6 177.1 178.5 180.6 181.9 184.4 186.2 Industrial chemicals......................... 3.84 196.1 190.8 191.6 191.7 192.9 194.9 195.7 199,9 200.9 202.9 206.3 206,3 209.5 Petroleum products.............................. 1.97 123.4 122.2 121.5 122.9 121.8 124.5 125.8 125.1 124.0 126.1 127.8 130.5 125.5 126.3 Rubber and plastics products............ 1.99 172.2 172.6 167.7 168.2 169. 1 170.2 168.1 171 .2 175.5 181.6 181.3 184.6 183.3 Poods, beverages, and tobacco............ 11.07 123.1 123.7 122.4 121.5 122,3 122.9 122.3 123.1 123.0 124.5 124.7 125.5 126.5 126.4 Foods and beverages........................... 10.25 123.3 123.4 122.5 121,9 122.3 123.1 122.4 123.2 123.6 125.0 125,3 126.0 126.4 126.3 Food manufactures.. ............... 8.64 122.4 122.4 122,6 J 20.6 121.2 122.6 121.9 121.8 122.1 123.5 123.6 124.6 125.5 125.6 Beverages............................................ 1.61 128.4 128.6 121.8 129.0 128.5 125.9 125.0 131.0 131.8 133.0 134,3 133.2 131.3 Tobacco products................................. .82 120.5 127.2 120.9 116.5 121.8 1 19.9 120.7 120,6 114.5 118,9 1 17.1 119.6 127.0 Mining Coal, oil, and gas.................................. 6.80 112.2 110.0 111.3 112. 1 113.3 113.7 114.4 109.9 114.5 114. 1 115.2 113.6 114.3 116.9 Coal........................................................ 1.16 111.8 103.1 107,9 1 13,0 117.1 117,1 115.2 106.7 116.8 115.7 118.5 114.4 111.2 117.7 Crude oil and natural gas................... 5.64 112.3 111.4 112.0 111.9 112.5 113.0 114,2 110.6 114.0 113.8 114,5 113.4 115.0 1 16.7 Oil and gas extraction.................... 4.91 116.0 114.5 115.8 115.6 116.9 117.0 117.6 113.4 118. 1 118.3 119,8 118,1 119.6 121.3 Crude oil............................ 4.25 Hl.8 110.5 111 .4 111,3 112,2 112.1 113.4 108.5 114.0 114.5 116.0 114.1 115.1 117.2 Gas and gas liquids..................... .66 142.8 140.2 144.0 143.1 146,5 147.9 144.6 144.8 144.5 142.6 143.9 1 43.3 Oil and gas drilling.......................... .13 87.1 90.2 86.0 87.4 82.9 86.0 91.2 91.3 86.4 83.5 78.8 81 .9 83,8 86.2 Metal, stone, and earth minerals........ 1.43 124.8 124.3 121.4 122.9 124.9 126.9 129.6 125.3 121.7 125.1 130.7 134.6 133.6 136.7 Metal mining. ....................................... .61 122.6 124,6 125.8 121.6 123,7 126.4 130.2 122,4 116.5 114,2 120,6 133.4 130,8 136.2 Stone and earth minerals................... .82 126.5 124. 1 1 18.2 123.9 125,8 127,3 129.1 127.4 125.5 133,2 138.2 135.5 135.6 137.0 Utilities Electric.................................................... 4.04 165,5 162.4 164.0 164.3 167,1 165.8 166.2 170.9 171,3 170.5 170.9 169.7 171.5 Gas........................................................... 1.28 147.0 146.0 147.2 147.8 147 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

714 INDUSTRIAL PRODUCTION: N.S.A. MAY 1966 MARKET GROUPINGS (1957-59=100) 1957-59 ?1965 1965 1966 pro­ aver­ Grouping por­ tion age Mar. Apr. May June July Aug. Sept, Oct. Nov. Dec. Jan.r Feb.r Mar. Total index....................................... 100,00 143.3 141.7 141.6 142.6 145.2 139.3 143,2 145.9 149.9 148.1 146.6 148 3 151.8 154.0 Final products, total............................. 47.35 142.4 140.9 138.5 139.8 143.2 138.3 141.1 145.7 151.4 148. 7 146.4 148.5 151.4 153.0 Consumer goods............................... 32.31 140.2 140.5 136.9 137.8 141.6 135,2 138,9 143.8 150.1 145.2 140,0 142.2 145.4 146.4 Equipment, including defense. .. . 15.04 146.9 141.6 142.0 144.2 146,8 144,9 145,9 149.7 154.2 156, 1 160,3 162.1 164.4 167.3 Materials............................................... 52.65 144.1 142.5 144,3 145.0 147.0 140.3 145,1 146.2 148,6 147.6 146,8 148.1 152. 1 154,8 Consumer goods Automotive products............................. 3.21 167, I 182.9 176,7 178.8 180.3 158,5 106,8 129.4 185.3 184.7 172.4 178. 1 177. 7 181,0 Autos................................................... 1.82 182.6 213.6 200.0 203.4 208.6 171.7 72.8 114.0 206.4 211.7 191 .5 198.3 195.6 202.2 Auto parts and allied products......... 1.39 146.8 142,4 146.0 146.5 143.1 141,2 151.7 149,8 157.5 149 0 147.3 151.4 154.1 153. 1 Home goods and apparel..................... 10,00 143. 7 147,2 141.8 142.6 145.2 129.9 142,1 148. 9 155.8 149.8 144.0 144.9 154.0 155 3 Home goods.............................. 4.59 154.7 157 3 152.8 153.0 155.6 138.9 145,6 161.7 167.6 165 4 166,0 159 9 165.8 167.9 Appliances, TV, and radios.......... 1.81 152.4 163 1 154,5 154.7 158,1 126.5 129.2 158.1 166.0 162,0 160 9 160. 1 168 2 168.6 Appliances..,.,,..,............ 1 .33 153,3 170,8 161.5 161.8 165.4 130.2 123,9 154.3 157.3 155 3 (57.6 159.6 170,7 166.1 TV and home radios................... .47 149,8 141 .4 134.7 134.7 137.5 115.9 144.2 168.7 190,6 181 .0 170 4 161.5 1 61 1 175.6 Furniture and rugs........................... 1.26 154,2 150.9 149,3 148.5 151 .7 145.8 156, 1 158.5 163 0 163.2 167.0 159.7 162 0 163.4 Miscellaneous home goods....... 1.52 158.0 155.7 153.5 154.7 155.7 148.2 156.4 168.7 (73.2 171.4 171.3 159.8 166.1 170.9 Apparel, knit goods, and shoes......... 5.41 134.3 138.5 132.5 133.8 136.5 122.3 139.2 138.0 145.9 136.5 125.3 132.3 144.1 Consumer staples................................... 19.10 133.9 129.9 127.6 128.4 133.1 134.0 142.6 143.6 141.2 136.2 132 5 134.7 135.4 135.9 Processed foods................................... 8.43 122.2 113.8 112.7 114.4 118.8 122.4 133.5 1 37.7 136.7 128.6 119.8 116.9 116.9 116.7 Beverages and tobacco........................ 2,43 125.7 124.6 123.9 133,6 144.4 127.6 134,8 131.2 129.4 123.0 108.9 112.7 118.2 Drugs, soap, and toiletries................. 2.97 157.0 155.0 151.1 152.1 156.3 153.9 163.6 162.9 162.4 161.7 159.4 165.6 165 5 168.1 Newspapers, magazines, and books. 1 .47 127. 1 128.3 125.9 125.6 124.6 126. 1 129.7 129,6 128.1 127.6 130.1 130,7 133. 1 137.0 Consumer fuel and lighting............... 3.67 149.8 150.2 145.1 138.5 142,8 151.9 156,5 155,1 146.7 144, 8 156 2 165,5 165.2 Fuel oil and gasoline....................... 1.20 122.4 117.4 116.0 115.9 121.4 125.1 126.7 122.6 121.6 125,8 129.4 1 30,3 1 27 3 123.2 Residential utilities........................... 2.46 163.2 Electricity....................................... 1.72 171.6 175.7 165.7 151.5 156.7 i72.6 181.6 182.8 165,5 158 5 180.2 199,7 200.7 Gas.................................................. .74 144.0 Equipment Business equipment............................... 11,63 156.6 151.9 152.2 154.4 157.3 153.9 154.9 159.8 163.8 164.9 169.7 170,9 173.9 177.3 Industrial equipment........................... 6.85 153 1 148.4 148,4 150.8 153.3 153.5 153 3 156.7 158.4 159.7 163.4 162.9 165.3 167 9 Commercial equipment........... 2.42 164.4 157.7 158.2 160.4 164.6 162.9 165.5 168.9 172.6 174.8 179 7 177,7 179.5 181 .1 Freight and passenger equipment. .. 1.76 162.4 154.9 156.8 161.8 164. 1 148.8 157.1 164.2 178.7 176.8 184.2 194.9 198.9 207.3 Farm equipment.................................... 61 148 1 158.9 157,6 149.2 152.8 137.9 125.4 145.5 146.1 149.2 159 8 164,1 176.3 Defense equipment................................ 3.41 Materials Durable goods materials....................... 26,73 144.2 142,9 144.4 146.9 149.5 142,9 144.5 146.6 147.6 145.4 145,9 147,4 151.4 155 4 Consumer durable................................ 3.43 166.8 171 .3 168.3 168,8 171 .6 158.1 144.4 165.4 171.2 173.2 176.7 176.0 176.2 1 74. 2 Equipment...................................... 7.84 151.9 148.5 149. 1 149.7 151.5 148.5 150,1 152,7 157.9 160.2 165.6 167.3 171 5 173 7 Construction.......................................... 9. 17 133.8 125 5 129,2 136.0 141.2 139.3 144.0 142,6 142.7 136.9 131 9 129.0 132 1 1 37 6 Metal materials n.e.c............................ 6.29 137.6 145.9 147.5 147.4 146.9 133.1 138,3 134 5 129.2 124.2 1 24 8 133.9 140.9 148.3 Nondurable materials........................... 25.92 144.0 142,0 144.3 143.1 144.5 137.5 145.7 145.8 149. 7 149.9 147.7 148.7 152.8 154 7 Business supplies................................... 9.11 136.5 134.2 138.7 136.3 137.0 128.4 137.2 139,8 144.1 143.5 137 5 137,9 143.4 145 4 Containers.......................................... 3.03 136.6 129.7 141.4 133,3 138.6 130.7 145.3 143.1 144.8 140.6 127.8 1 33 8 141 4 1 37.8 General business supplies............... 6,07 136.5 136.5 137.4 137,9 136.2 127.2 133.2 138.1 143 7 144.9 142.4 140.0 144.4 149.2 Nondurable materials n.e.c................ 7.40 173.9 171 .8 174.2 173,0 173.7 163.9 174.8 176 5 180.4 182 7 180.1 1 83 9 189.9 190.5 Business fuel and power..................... 9.41 127.6 126.1 126.2 126.0 128. 8 125.7 131 .2 127.5 130.9 130.2 132.1 131.5 132.7 134.1 Mineral fuels.............................. 6,07 115.2 114.9 115.6 113,9 114.9 109.3 115.7 110.9 118.8 119 3 121.3 119 4 121.6 123 2 Nonresidential utilities.................... 2.86 159.2 Electricity....................................... 2.32 161.0 153.6 152.7 156,3 164.8 168,9 174,8 171.9 165.1 160,4 162.5 163 7 162.1 General industrial.................... 1 .03 157.7 153.4 153.8 156.8 161.2 158.5 164.5 163.1 161.9 162.0 161.4 162^9 159.6 Commercial and other............ 1.21 169.8 159.2 157.1 161.5 174.1 184.2 190.3 186,0 174.0 164.9 169.5 170.7 170.4 Gas.................................................. .54 151.2 Supplementary groups of consumer goods Automotive and home goods....... 7.80 159.9 167.8 162.6 163.6 165.8 147.0 129,6 148,4 174.9 173.4 168 7 167.4 170.7 173.3 Apparel and staples............................ 24.51 134.0 131.8 128.7 129.6 133,6 131.4 141.8 142,3 142.2 136.2 130 9 134 1 137 4 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 INDUSTRIAL PRODUCTION: N.S.A. 715 INDUSTRY GROUPINGS (1957-59=100) 1957-59 P1965 1965 1966 Grouping p p r o o r ­ ­ aver­ tion age Mar. Apr, May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb? Mar. Total index...................................... 100.00 143.3 141.7 141.6 142.6 145.2 139.3 143.2 145,9 149.9 148,1 146.6 148.3 (51.8 154,0 Manufacturing, total........................... 86,45 144.9 143.5 143.4 144.6 147.2 140.3 143.9 147.5 152.3 150.5 148.3 149. 9 153. 9 156.3 Durable .......................................... 48.07 148.4 147.1 147,5 149,0 151.7 144.9 143.3 148.3 154.6 154.5 155,4 156.3 160.0 (63.6 Nondurable .................. . 38.38 140.7 139,0 138.2 139.0 141 .5 134.6 144.7 146.5 149,4 145.5 139.3 141 .9 146.1 147.3 Mining........................................ 8.23 114,4 111. i 113,0 114,4 115.9 112.3 118.2 114.2 118.4 117.2 117.4 115.6 H6.9 118.8 I ItilitipA ............................................... 5.32 161.0 Durable manufactures Primary and fabricated metals........... 12.32 142.0 145.9 148.4 146.0 147. 4 138.7 143.1 141.1 139.0 136. 7 137.0 141.3 146.8 152.4 Primary metals...................................... 6.95 137.5 149.1 150.9 146.6 145.9 133,1 137.4 131.1 126,2 121.8 122.7 132. 1 140.1 148,4 Iron and steel.................................... 5.45 133.6 146.5 148.3 142.5 143.3 135,4 134.7 125.0 117.5 Hl.6 115.2 125.4 134,2 142. 1 Nonferrous metals and products.. 1.50 152.1 158,5 160.4 161.5 155.2 124,6 147.5 153.4 157.9 158,8 149,8 156.4 161.6 171.3 Fabricated metal products................. 5.37 147.8 141.7 145.2 145.3 149,3 145.8 150.4 154.1 155.4 156. 1 155.5 153.2 155.3 157.5 Structural metal parts..................... 2.86 145.4 138.5 140.0 142.0 147.2 145.5 148.6 150.5 152.6 154.9 155.5 151.1 152. 5 153.3 Machinery and related products......... 27.98 154.3 152.9 151.6 153. 7 156.5 149.4 142.5 152.0 163.3 165.6 168.1 169,5 172.1 174.3 Machinery.............................................. 14.80 160.4 158.2 157.5 158.6 161.7 155.0 155.3 163.3 167.8 169.2 173.7 173,4 177.8 179.4 Nonelectrical machinery................ 8,43 160.3 159.6 1 59.9 160.9 163.2 159.3 154,8 160.3 162.8 165,1 171.2 171 .9 176.1 178,6 Electrical machinery........................ 6.37 160,6 156.3 154,4 155.7 159.8 149.2 156,0 167.3 174.3 174.6 177.1 175.5 180.1 180.4 Transportation equipment................. 10.19 149.2 150,6 148.3 151,9 153.9 144.0 123,8 137.3 160.9 164.6 164.6 168.0 168 0 171,1 Motor vehicles and parts............... 4.68 175,2 187.7 179.8 185.0 189.0 168.5 120,2 149.5 189.4 191.8 184.9 186.6 184. 1 187.2 Aircraft and other equipment. . . . 5.26 125.3 117,0 119.2 121.2 121.6 121.1 125,0 125.1 135.1 140.1 (46.3 151 .6 153.4 156. 1 Instruments and related products. .. 1.71 151.4 144.7 143.3 145.5 151.3 150.6 153.8 157,4 159.7 161.9 164.! 164.8 168.6 170.9 Ofrfnflnrp find accftSRorics ............... 1 28 Cd ay fams and lumber....................... 4.72 127.6 117.3 122.9 130.6 135.5 133.0 139.8 138.0 138.0 130. 1 123.6 120.0 125. 2 131.7 Clayj glass’ and stone products......... 2.99 133.5 118,9 129.3 136.2 142.1 141.9 146.2 143.2 144.5 138.2 131.7 125.5 127.4 136.5 Lumber and products.,.................... 1.73 117.4 1 14.5 111.9 121,0 124.1 117.7 128.9 129.0 126.6 116.1 109.7 HO.5 121.4 123.5 Furniture mid miscellaneous............ 3.05 151.7 145.6 145.2 146.7 150.5 146.4 156.3 159,0 163.4 163.1 162.4 152.2 156.4 159.6 Furniture and fixtures........................ 1.54 157.4 152.4 151 .4 151.8 156,5 154,2 (61.5 162.8 165.8 165.5 169.2 162.1 163.5 166.0 Miscellaneous manufactures............... 1 .51 146.0 138.8 138.9 141 4 144,3 138.5 151 .0 155.2 160.9 160,6 155.5 142. 1 149.1 153. 1 Nondurable manufactures Textiles apparel, mid leather. ...... 7.60 135. 7 139.4 135.5 136.5 137.4 121,9 138.4 137.4 144.8 138.7 128.8 137.1 '146.3 146.2 Textile mill products................... 2.90 134.8 134. 1 135.5 137.5 136.8 121.5 138.2 [36.4 141.8 140. 1 130.5 139.4 143.3 143,2 Apparel products.................................. 3.59 145.0 151 .9 145.0 145.3 147,6 130.1 146,2 146.7 157.4 147.2 134.4 143.2 [57.7 Leather and products................. 1.11 107,8 1 (2.5 105.0 105.9 106.2 96.4 114.0 109.8 112.0 107.9 106.3 111.1 117.7 Paper and printing................................ 8.17 135.3 134.6 136.1 135.2 134. 7 127.3 135,6 137.8 142.8 142. 1 137,3 137.5 142.6 143.2 Paper and products............................. 3.43 142,3 141,8 144.2 141 .6 142,2 130.7 144.2 146.8 152.9 148.1 137,4 146.2 152. 1 146.6 Printing and publishing....................... 4.74 130.3 129.5 130.2 130.5 129.3 124.8 129.3 131.4 135.4 137.8 137.3 131.2 135.7 140.8 Newspapers...........,........................... 1 .53 124.2 123 4 129.3 129 5 125 3 109 8 117 4 120.9 134.2 139 9 132 7 1 19.3 126 I 135,1 Chemicals, petroleum, and rubber.... 11.54 164.6 163,2 163.4 162.9 165.4 159.1 166.3 168.9 [70.7 169.2 168.3 172.5 175.7 177.8 Chemicals and products..................... 7,58 173.3 171.5 173.2 171.7 174. 1 168.6 176.0 178.1 178.3 178. 1 177.8 180.8 185.9 189.3 Industrial chemicals......................... 3,84 196.1 192.7 196.4 192. 8 195.8 190.0 196.7 201.9 201.9 204.5 207. 3 205.3 213,7 Petroleum products............................. 1,97 123.4 117,9 1(6.6 121 J 125.5 130. i 132.1 127.6 (25,2 124.5 124.7 126. 6 123.0 121 9 Rubber and plastics products......... . 1.99 172.2 176.4 172 9 1 70.7 171 .6 151.5 163.1 175.1 186 9 179.8 175.0 186. 4 188.8 Foods beverages and tobacco............ 11.07 123.1 116. 7 /15. 4 118.8 124.4 123.2 133.3 135.9 135. 1 127.8 118.0 116.6 117.9 119.2 Foods and beverages........................... 10.25 123.3 116.0 115,0 118.6 123.9 124.6 133.5 136,7 136.0 (28.3 1 19.8 1(6.5 1)7.2 118.7 Food manufactures................... 8.64 122.4 114.4 113.0 1(4.6 118,7 122.0 132.9 137.2 136.8 129.1 120.5 1 17.7 1 17.7 117.4 Beverages........................................... 1.61 128.4 124.2 125.5 140.1 151,6 138.5 136,9 134.3 131.8 123.8 1 15.8 (09.9 114.1 Tobacco products................................. .82 120.5 125.3 120.7 120.7 130.3 106. 1 130.6 125.3 124.7 121.3 95.3 118.3 126.4 Minins Coal, oil, and gas.................................. 6.80 1/2.2 111.5 112.0 110.6 111.3 106.9 113.3 109.0 115.6 115.7 117.2 115.5 117.4 118.6 Coni...'.....”......................... 1.16 UI .8 103.9 108.7 114.1 116.6 90.2 121.2 112.9 127.3 120.4 116.4 H2.I 112.5 118.6 Crude oil and natural gas.......... 5.64 112.3 113.5 112.6 109.9 110.2 U0.3 111,7 108.2 113.1 1.14.7 117.3 H6.2 1 18.4 118.6 Oil and gas extraction..................... 4.91 1 16.0 117.5 117,2 113.8 114,5 113.8 114.4 110.4 H6.8 119.0 122,5 (21.1 123.8 124.3 Crude oil........................................ 4.25 111,8 112.7 113.2 110.2 Hl.1 109.9 111 J 106,3 112,9 H4.5 117.2 H5.8 118.6 1 19.5 Gas and gas liquids...................... .66 142.8 147.8 143.3 137 5 136.4 139.0 135.8 136.7 141.5 147.9 155.8 (55. t Oil and gas drilling. ........................ .73 87.1 83.6 81 .5 83,6 81.2 86.6 93.3 93.2 88.6 85.6 82.6 83.1 81.8 79.9 Metal, stone, and earth minerals........ 1.43 124.8 109.1 117, 7 132.4 138.0 138.1 141.8 138.7 132.0 124.4 118.5 115.8 114.6 119.9 Metal mining......................................... .61 122.6 110.9 1 17.0 133.8 139.8 135.2 140.6 138.3 124.7 110.8 108.5 117.4 1 17.7 121.2 Stone and earth minerals................... .82 126.5 107,7 118,2 131.3 136.7 140.2 (42,7 138.9 137.4 134.5 125.8 114.6 (12.4 118.9 Utilities Electric.................................................... 4.04 165.5 163.0 158.2 154,2 161.4 170.5 177.7 176.6 165.3 159,6 170.0 179.1 178.6 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

716 BUSINESS ACTIVITY; CONSTRUCTION MAY 1966 SELECTED BUSINESS INDEXES (1957-59=100) Manu­ Industrial production facturing 2 Prices 4 Nonag­ Major market groupings Con­ ric ul- 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 r t t i r a o o u c n n c t ­ s ­ T m p t o e u e l m t o r n a a y l t ­ - l — i p m E lo e m n y ­ ­ t r P o a l y ls ­ F l c i o r n e a a g i r d g s ­ ­ ht s T r a e o l t e t a a s i l l 3 s C um on e ­ r W m c s o o a h m l d o e i l ­ t e y ­ Total s C u o m n e ­ r E m q e u n ip t ­ rials Mig. M in i g n­ U iti t e il s ­ goods 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 [952....................... 84.3 84.3 79.5 94. 1 84.3 85.2 90.5 61.2 67 93.0 106. 1 84.5 115.0 79 92.5 94.0 1953....................... 91.3 89.9 85.0 100,5 92.6 92.7 92.9 66.8 70 95.6 111.6 93.6 116.6 83 93.2 92.7 1954....................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104.6 82 93.6 92.9 1955....................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.5 105.5 94.8 115.3 89 93.3 93.2 1956...................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96.2 1957..., ............... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108,2 97 98.0 99.0 1958....................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98. 1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959................ 105.6 105.7 106.6 104. 1 105.4 106.0 99.7 108.0 105 101.5 100. 1 105.1 97.9 105 101.5 100.6 I960. .................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.2 99.9 106.7 95.3 106 103.1 100.7 1961.............. 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 108 102.8 95.9 105.4 91.2 107 104.2 100.3 1962............ 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 120 105.7 99. 1 113.8 92.4 115 105.4 100.6 1963....................... 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 132 107.8 99.7 117.9 93. 3 120 106.7 100.3 1964....................... 132.3 131.8 131.7 132.0 132.8 133. 1 til.3 151.3 137 110. 8 101.4 124.2 95.5 127 108.1 100.5 1965 ?'............ 143.3 142.4 140.2 146.9 144.1 144.9 I (4.4 161.0 143 115.1 106.2 135.9 96.6 138 109.9 102.5 1965—Mar........... 140.7 140,1 140.0 140.4 141.7 142.3 1 12.5 158.5 141 113.9 105.0 134.3 98,1 134 109.0 101.3 Apr 140.9 139.4 138.5 141.2 142.6 142.4 113.0 159.9 152 113.9 105.1 132.8 98.6 133 109.3 101.7 May...... 141.6 140.2 138.6 143.7 142.6 143.1 114.0 160.4 145 114.3 105,2 133,8 100.5 (36 109.6 102,1 142.7 140,7 138.7 144.9 144.5 144,1 115.3 162.5 139 114.8 105.9 134.5 93.8 (37 1 10.1 102.8 July........... 144.2 141.7 139.3 147.0 146.4 145.7 116.0 161.3 149 1 15.2 106.4 135.3 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 Sept, 143,5 143.3 140.7 149.0 143.7 145.2 112.6 165.3 147 115.7 106,8 136.7 93.5 (39 110.2 103.0 Oct....... 145.1 145.7 141 .7 154.3 144.3 146,7 1 15.8 165.7 147 H6.1 107.2 138.6 93.4 142 1 (0.4 103.1 Nov........... 146.4 147.4 142.8 157.3 145.6 148.2 116.0 (65.1 141 H7.0 108.3 140.7 97.9 (44 110.6 103.5 Dec .......... 148.7 148.8 144.1 158.8 148.7 150.6 117,9 165.5 153 117.8 109.0 142.5 102.4 145 1(1.0 104.1 1966—Jan....... '150.2 '149.5 '144.1 161.3 '150.4 '152.4 117.2 '164.9 '152 118.3 109.6 144.6 99.3 146 111.0 104.6 Feb............ '151.6 151 .0 <145.0 r163 9 '151.9 153.9 '117.7 '166 5 '157 1 19.0 '110.6 '146.9 97.2 '148 111.6 (05.4 Mar........... '■153,0 152.2 (45.8 '165.7 '154.0 155. 1 120.3 '168.5 (58 '119.7 '111.1 '147,6 100.2 150 112.0 105.4 Apr.*’........ 153.4 153.1 146.3 167.7 153.9 156. I 115.3 170.0 119.7 Hl .4 147.8 97.0 148 105.5 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; *» Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Note.—Data are seasonally adjusted unless otherwise noted. Freight carloadings: Based on data from Association of American Construction contracts: F. W. Dodge Co. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1965 1966 Type of ownership and type of construction 1964 1965 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total construction............................... 47,330 49,272 4,224 4,770 4,864 4,625 4,795 4,265 4,141 4,356 3,745 3,698 3,374 3,270 4,737 By type of ownership: Public........................................... 15,371 16,302 1,356 1,539 1,517 1,553 1,750 1,313 1,332 1,294 1,163 1,304 1,125 J .066 Private............................................... 31,959 32,970 2; 867 3,231 3,348 3,072 3,045 2,952 2,809 3,061 2,582 2,395 2,249 2,204 By type of construction: Residential building....................... 20,565 21,247 1,877 2,139 2,074 2,080 1 ,952 1,971 1,743 1,897 1,696 1,446 1,290 1,299 2,004 Nonresidential building................ 15,522 17,219 1,384 1,546 1,775 1,551 1,691 1,507 1,464 1,582 1,328 1,433 1,177 1,259 1,726 Nonbuilding. .................................. 11,244 10,805 962 1,086 1,015 993 1,151 788 934 877 721 819 906 712 1,007 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

MAY 1966 CONSTRUCTION 717 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Non­ Business O no th n e - r C v o a n ti s o e n r ­ Total d f e r a e n r s t m i i ­ a l Total In tr d ia u l s­ m C e o r m cia ­ l P ut u i b li l t i y c d r t c e ia s n i l - - Total M ta i r l y i­ H w i a g y h­ de m v & e e n l o t p­ Other 1 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 15357 1' 402 5,545 1,019 7,491 1959 2............................. 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 1 ,465 5,761 1,121 7,723 I960............................... 53,941 38,078 21 '706 11,652 2,851 4; 180 4,621 4,720 15'863 I' 366 5337 1 J75 7’885 1961................................ 55,447 38,299 21,680 11,789 2,780 4,674 4,335 4,830 17,148 t'371 5,854 1 ,384 8,539 1962 3 ............................. 59,667 41,798 24,292 12,316 2'842 5,144 4330 5,190 17'869 1 '266 6,365 1 324 8,714 1963 ■*............................ 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,(44 1,729 10,466 1965................................ 7f'903 49,999 26,689 16,968 5,086 6,704 5,178 6^342 21,904 883 7,539 2,032 11450 1965—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 31 1 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 7312 1,976 11'466 June................... '71'756 50,317 27,224 16,812 5,426 6,199 5,187 6,281 '21 339 834 '7^523 '2.112 '10,970 July..................... '7OJ58 49'122 26,983 15,974 4307 5,882 5,185 6,165 '21,236 980 '7'499 O .770 r10,987 Aug..................... '70'863 49'222 26,621 16,354 4’973 6,239 5,’ 142 6,247 '21,641 910 7,494 '2 016 '11,221 Sept.............. '72,830 50,167 26,413 17,506 5.321 6’977 5'208 6,248 '22,663 I .025 '7’689 '2,’07 5 '1 1 374 Oct...................... '72,687 50,084 26,343 17,320 5,068 7'056 5'196 6321 r22.603 832 '7,734 '2’007 ’12,030 Nov. '74^039 51,209 26'243 18326 5’291 7^706 5,429 6,540 ’’22.830 967 7'398 '2 327 '12, 138 Dec.. ............... '76,046 53,445 26.684 19,679 6,250 8,017 5'412 7,082 r22.601 760 '7'559 '2 321 '11 ’961 1966—Jan...................... 76,055 53,285 27,460 19,053 5,987 7,846 5,220 6,772 22,770 733 7,507 2,339 12,191 Feb..................... 77,017 54,290 27'463 19,435 6,629 7.294 5,512 7,392 22,727 823 7357 2,273 12’174 Mar.”................. 77,465 54,447 27'151 19,650 6,658 7,585 5 ’ 407 7’. 646 23,018 7,409 2 308 77,417 54387 27,267 5334 22'830 7 J60 1 Sewer and water, formerly shown separately, now included in Other. Note.—Monthly data are at seasonally adjusted annual rates. Be­ 1 Beginning with 1959, includes data for Alaska and Hawaii. ginning with 1959, figures are Census Bureau estimates. Data before ■' 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- (private only) underwritten Period Total Non­ Private Metro­ Total N fa o rm n­ politan m po e li t t r a o n ­ Total fam l- i ly fam 2- i ly f M am ul i t l i y ­ Public Total FHA VA 1955 1 ,646 1,627 19 670 277 393 1956. 1 349 1,325 24 465 195 271 1957 1 324 1’175 49 322 193 128 195R................................ 1382 1 314 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,.............................. 1 392 1,054 439 1 363 992 49 422 30 339 26! 78 1963............................... I 341 1'151 490 1,609 1,021 53 535 32 292 221 71 1964................................ 1 391 1'119 472 1'557 972 54 532 33 264 205 59 1965 ............................. 1343 1 ',068 475 1,505 962 50 493 38 249 197 53 1965--Feb..................... 1,482 1 368 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..................... 1352 f ,532 155 103 52 152 100 5 48 3 22 17 5 May................... 1,516 1301 162 111 52 158 102 5 50 5 24 19 5 June................... I' 566 I 339 162 115 48 156 100 6 50 7 25 19 5 July..................... 1,473 1 347 144 95 49 141 94 5 43 3 22 17 5 Aug........... 1 '427 1,409 138 95 43 135 88 5 42 3 22 18 5 Sept.................... I 353 1 '436 126 88 38 124 80 4 40 2 21 17 4 Oct............ 1 311 1'380 136 95 41 134 87 4 43 22 18 4 Nov.................... 1 347 I '531 1 18 79 39 116 71 4 41 2 20 16 4 Dec..................... 1,769 1 335 103 76 27 102 60 3 39 1 18 15 3 1966-—Jan...................... 1 ,611 1,585 87 62 26 85 48 3 34 3 16 13 3 Feb..................... "1 ,'365 *1,340 ”81 55 26 ”78 47 3 29 ”3 15 12 2 Mar.................... "1 343 ”1312 ”129 91 38 ”124 81 5 38 ”5 23 19 3 Note.—Beginning with 1959, Census Bureau series includes both farm available by area or type of structure. Data from Federal Housing and nonfarm series developed initially by the Bureau of Labor Statistics. Admin, and Veterans Admin, represent units started, based on field office Series before 1959 reflect recent Census Bureau revisions which are not reports of first compliance inspections. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

718 EMPLOYMENT MAY 1966 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Total non- Total Unemploy­ Period i p n o st p i u tu la ti t o io n n al l N ab o o t r i n f o t r h c e e l f a o b rc o e r Employed1 m ra e te n 2 t N.S.A. N.S.A. S.A. Total In nonagri- U pl n o e y m ed ­ (pe S r .A ce . nt) Total cultural . In industries agriculture 1960 3.......................... 125,368 52,242 73 126 70,612 66,681 60,958 5,723 3 931 5 6 1961............................. 127,852 53'677 74’175 71'603 66 796 61,333 5,463 4 806 6 7 1962............................. 130'081 55^400 74 681 71 854 67’846 62,657 5 190 4 007 5 6 1963............................. 132'125 56,412 75^712 72,975 68’809 63,863 4,946 4 166 5'7 1964............................. 134'143 57'172 76*971 74,233 70 357 65,596 4 761 3 876 5 2 1965............................. 136,241 57'884 78 357 75,635 72’179 67,594 4,585 3’456 4 6 1965—Apr................. 135,812 58,504 77,988 75 302 71,688 66,919 4,769 3,6)4 4 8 May............... 135'982 57*556 77,990 75’306 71 816 66*947 4 869 3,490 4 6 June............... 136'160 55,477 78 332 75,652 72,085 67,434 4,651 3 367 4.7 July............... 136,252 55’102 78,747 76,054 72 318 67*979 4*639 3 436 4.5 Aug......... 136,473 56*310 78 465 75’772 72 387 67*815 4,572 3 385 4 5 Sept. 136,670 58,626 78,334 75,611 72,297 67,879 4,418 3’314 4'4 Oct.......... 136i862 58,149 78,606 75'846 72*561 68’010 4,551 3,285 4.3 Nov, 137^043 58'445 78,906 76,11 1 72,914 68,641 4’273 3 197 4.2 Dec................. 137'226 58’749 79,408 76367 73,441 68 355 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 59,930 79,279 76355 73 321 69,079 4'442 2,834 3.7 Mar................. 137,741 59*707 79315 76341 73 415 69*072 4'363 2,906 3 8 Apr................. 137,908 58 ,’994 79,674 76*666 73,799 69317 4*482 2,867 3.7 1 Includes self-employed, unpaid family, and domestic service workers. Note.—-Information relating to persons 14 years of age and over is ob­ 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 I960 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 ti 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 1960.............................................................. 54,203 16,796 712 2,885 4,004 11,391 2,669 7,392 8,353 1961.............................................................. 53,989 16,326 672 2,816 3,903 11,337 2,731 7,610 8,594 1962.............................................................. 55,515 16,853 650 2,902 3,906 11,566 2,800 7,947 8,890 1963 ............................................................. 56,602 16,995 635 2,963 3,903 11,778 2,877 8,226 9,225 1964 ............................................................. 58,156 17,259 633 3,056 3,947 12,132 2,964 8,569 9,595 1965............................................................... 60,444 17,984 628 3,211 4,031 12,588 3,044 8,907 10,051 SEASONALLY ADJUSTED 1965—Apr................................................... 59,846 17,803 629 3,145 4,013 12,494 3,024 8,814 9,925 May................................................. 60,032 17,835 627 3,188 4,020 12,532 3,032 8,843 9,954 June................................................. 60,290 17,943 626 3,195 4,034 12,580 3,041 8,857 10,014 July................................................. 60,501 18,032 633 3,154 4,031 12,619 3,049 8,929 10,054 Aug................................................... 60,621 18,072 627 3,189 4,049 12,600 3,053 8,946 10,085 Sept................................................... 60,756 18,098 617 3,186 4,067 12,641 3,061 8,967 10,119 Oct................................................... 61,001 18,163 622 3,202 4,071 12,684 3,069 9,019 10,171 Nov......................................... 61,472 18,321 627 3,267 4,079 12,754 3,074 9,081 10,269 Dec................................................... 61,884 18,429 630 3,386 4,079 12,822 3,082 9,128 10,328 1966—Jan..................................................... 62,148 18,522 632 3,383 4,090 12,909 3,080 9,142 10,390 Feb................................................... 62,501 18,691 631 3,374 4.104 12,942 3,082 9,205 10,472 Mar.”............................................... 62,881 18,763 633 3,462 4,108 13,006 3,099 9,242 10,568 Apr?’.............................................. 62,887 18,825 596 3,377 4,115 12,955 3,103 9,261 10,655 NOT SEASONALLY ADJUSTED 1965—Apr................................................. 59,471 17,659 623 2,978 3,977 12,418 3,012 8.796 10,008 May................................................. 60,000 17,745 629 3,223 4,008 12,437 3,029 8,905 10,024 June................................................. 60,848 18,027 640 3,412 4,070 12,596 3,062 9,008 10,033 July................................................. 60,694 18,016 641 3,476 4,083 12,583 3,098 9,081 9,716 Aug................................................... 60,960 18,211 640 3,575 4,098 12,574 3,102 9,062 9,698 Sept................................................... 61,515 18,428 627 3,495 4,112 12,639 3,073 9,039 10,102 Oct.................................................... 61,786 18,412 629 3,465 4,104 12,736 3,066 9,073 10,301 Nov................................................... 62,029 18,443 631 3,375 4,091 12,960 3,062 9,054 10.413 Dec................................................... 62,660 18,415 628 3,203 4,087 13,638 3,064 9,046 10,579 1966—Jan................................................... 61,041 18,274 617 2,974 4,025 12,716 3,049 8,959 10,427 Feb................................................ 61,212 18,457 613 2,851 4,034 12,617 3,054 9,030 10,556 Mar.”. ............................................. 61,793 18,574 616 3,015 4,055 12,692 3,074 9,103 10,664 Apr.”............................................... 62,454 18,676 590 3,198 4,078 12,834 3,091 9,242 10,745 i Data include Alaska and Hawaii beginning with 1959. that includes the 12th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed Note.—Bureau of Labor Statistics; data include all full- and part- forces are excluded. time employees who worked during, or received pay for, the pay period Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 EMPLOYMENT AND EARNINGS 719 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (fn thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1965 1966 1965 1966 Apr. Feb. Mar.’’ Apr.'' Apr. Feb. Mar." Apr.'' Total........................................................................................ 13 238 13 937 13 997 14 034 13 108 1 3 727 13 823 13 898 Durable goods....................................................................... 7 588 8,122 8,172 8 207 7 570 8 024 8 094 8 184 Ordnance and accessories.......................................... 98 118 121 123 97 118 ’ 121 ’ 122 Lumber and wood products,.................................... 532 553 559 553 518 522 528 537 Furniture and fixtures................................................. 356 373 373 372 352 367 369 369 Stone clay, and glass products................................ 498 516 518 520 492 488 496 514 Primary metal industries............................................ 1 050 1 050 1 055 1 053 1,065 1 049 1 060 1 068 Fabricated metal products......................................... 966 1 036 I ’042 1 040 958 1 019 1 025 1 032 Machinery except electrical...................................... 1 176 1 262 I 264 1’269 1 190 1 266 1 277 1 ’ 284 Electrical machinery............................................... 1’119 1 269 I 275 1 302 1,106 1 261 1 262 1 286 Transportation equipment........................................ l’2l8 1^330 l>5 1’357 L226 1'341 1 J52 L366 Instruments and related products....................... 241 265 267 269 240 263 266 266 Miscellaneous manufacturing industries................. 334 350 353 349 326 330 338 340 Nondurable goods.............................................................. 5 650 5 815 5 825 5 827 5 538 5 703 5 729 5 714 Food and kindred products...................................... 1136 1 161 1 160 1 * 142 1 062 1 074 1 074 1 068 Tobacco manufactures.............................................. 74 ’ 70 ' 72 ’ 72 ’ 64 67 ’ 64 61 Textile-mill products................................................... 818 842 844 846 816 834 839 844 Apparel and other finished textiles......................... I 197 1,229 1 227 1 233 1,182 1 236 1 242 1 218 Paper and allied products.......................................... 494 512 513 514 490 504 507 *510 Printing publishing, and allied industries............. 615 639 640 641 614 635 638 640 Chemicals and allied products.................................. 538 554 556 557 545 549 557 565 Products of petroleum and coal.............................. 110 110 110 110 109 107 108 109 Rubber products.......................................................... 358 379 384 389 354 377 381 385 Leather and leather products.................................... 310 319 319 323 302 320 319 314 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 Apr. Feb. Mar J’ Apr.l> Apr. Feb. Mar J' Apr.’' Apr. Feb. Mar.?’ Apr.?’ Total......................................................................... 41 0 41.6 41.5 41 5 105 82 110 27 110 95 110.83 2.60 2.67 2 68 2 69 Durable goods.......................................................... 41 9 42.4 42.3 42.4 115.93 120.41 120.69 121.11 2.78 2.86 2.86 2.87 Ordnance and accessories............................. 41.2 42.3 42.0 42.6 126.28 132.93 131 99 133.98 3.08 3.15 3 15 3 16 Lumber and wood products........................ 40 9 41 1 41.5 41.5 86.69 88.48 90.20 92.10 2.13 2.19 2 20 2 23 Furniture and fixtures................................... 41.4 41.7 42.0 41.8 85.06 88.58 89.64 88.97 2.09 2.15 2.16 2 17 Stone clay, and glass products................... 41.3 42.4 42.8 42.2 106.97 110 54 113 25 114.78 2.59 2.67 2.69 2 72 Primary metal industries.............................. 43 7 42 0 41.9 41.7 141.12 136.08 137.25 137.25 3.20 3.24 3 26 3 26 Fabricated metal products............................ 41 7 42 6 42.5 42.4 113 02 119 00 119 85 119.56 2.73 2.82 2 84 2 84 Machinery except electrical......................... 42. 3 44.0 43.9 43.7 123.38 133.76 134.51 133.59 2.91 3.04 3.05 3 05 Electrical machinery..................................... 40.5 41.6 41.4 41.3 102.91 108.47 107.79 107.83 2.56 2.62 2.61 2.63 Transportation equipment............................ 42.7 43.4 43.0 43 5 134 09 141.14 140.38 141.37 3.17 3.29 3.28 3.28 Instruments and related products............... 40.5 42.5 42.5 42.0 104.38 112.25 112.67 111.34 2.59 2.66 2.67 2.67 Miscellaneous manufacturing industries... 39.5 40.3 40.2 40. 1 83. 10 88.44 89.06 88.36 2.12 2.20 2.21 2.22 Nondurable goods................................................... 39.9 40.6 40.4 40.4 92. 20 96. 48 96.88 96.96 2.34 2.40 2.41 2.43 Food and kindred products........................ 41.0 416 41.1 41.1 98.74 101.59 101.66 101.81 2.45 2.49 2.51 2 52 Tobacco manufactures.................................. 36 7 41 4 39.3 38.7 77.96 88.31 84.42 84.98 2.19 2.23 2.21 2.26 Textile-mill products..................................... 41 5 42 5 42.4 42.1 75.03 81.22 81.22 80.29 1.83 1.92 1.92 1.93 Apparel and other finished textiles............ 36 0 36.6 36.5 36.6 63.72 68.81 69.37 67.33 1.79 1.88 1.88 1 86 Paper and allied products............................ 42 7 43 5 43.5 43 7 109.72 115.94 117.34 117.07 2.60 2.69 2.71 2.71 Printing, publishing, and allied industries. 38.5 38.7 38.7 38.8 115.67 119.74 121.06 120.05 3.02 3.11 3.12 3.11 Chemicals and allied products................ 42 2 42.2 42.1 41.9 120.84 123.19 122.64 123.77 2.85 2.94 2.29 2.94 Products of petroleum and coal. ............... 42.4 42.8 42.5 42.6 139.07 140.95 141.62 145.27 3.28 3.38 3.38 3.41 Rubber products........................................... 41.1 42.3 42.1 42.3 104.45 110.88 110.62 111.72 2.56 2.64 2.64 2.66 Leather and leather products....................... 38.3 38.9 38.5 38.9 69.56 75.26 74.31 72.94 1.88 1.92 1.93 1.94 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

720 PRICES MAY 1966 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em H s Food Total Rent H ow o n m e e r ­ ­ F a o n u i e d l l e G a l n e a c d s ­ n F i a n i n u s g h d r s ­ ­ A up p a k p n e a d e r e p l T p t r o i a o r n t n a s ­ ­ Total M ic e a d l ­ s P o e n r a ­ l R a i e n n a g d d ­ O g a o t n o h d d e s r ship coal tricity o t p i e o r n a­ care care re t c io re n a­ s i e c r e v s ­ 1929 ... ... 59.7 55.6 85.4 1933. .. 45.1 35 3 60.8 1941............................ 51.3 44^2 61.4 64.3 45,2 88.3 51.2 50.6 47.6 57.3 58.2 1945............................ 62.7 58.4 67.5 66.1 53.6 86.4 55,4 57.5 63.6 75,0 67.3 1957............................ 98.0 97.8 98.5 98.3 98.2 100.8 96.9 99.4 99.5 96.5 97,0 95,5 97.1 96.9 98.5 1958............................ 100.7 101.9 100.2 100,1 100.4 99.0 100.3 99.9 99.8 99.7 100,3 100.1 100.4 100.8 99.8 1959............................ 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100,7 100.6 103.8 102,8 104.4 102,4 102.4 101.8 I960............................ 103.1 101.4 103.1 103.1 103,7 99,5 107.0 101,5 102.2 103.8 105,4 108.1 104.1 104.9 103.8 1961............................ 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101,4 103,0 105.0 107.3 111.3 104.6 107.2 104.6 1962............................ 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103,6 107.2 109,4 114.2 106.5 109.6 105.3 1963 ............................ 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 Hl.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 HI.I 115.6 122.3 109.9 115.2 111.4 1 965—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................ IIO.2 109.7 108.6 109.1 Hl.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 HO.O 115.4 113.4 1966—Jan.................. 111.0 111.4 109.2 109.7 113.1 108.9 107.9 103.6 107.3 1 1 (.2 H6.9 124.2 110.4 115.7 113.4 Feb................. 111.6 113.1 109.4 109.8 113.3 109.0 108.2 103.8 107.6 HI .1 117.1 124.5 110,8 115.9 113.6 Mar............... 112.0 113.9 109.6 109.9 113.5 108.9 108.2 104.0 108.2 Hl.4 117.6 125.3 111.0 116.6 113.8 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 Period m c t o i o e m d s i ­ ­ p F u r a c o r t m d s ­ P f e o s r o s o e d c d s ­ Total t T e il 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 ls . m , ­ 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 c e s . , t ­ c M e h r i y a n ­ ­ F t e u u t r r c e n . , i ­ N t m m al o i h e n n ' - c ­ - b T e a t c o c c . ­ o, n c M e e o l i l u s 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 I960............................... 100.7 96.9 100,0 101.3 101.5 105.2 99.6 100,2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99.3 1961................................ 100.3 96.0 100.7 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103,9 1962................................ 100.6 97.7 101.2 100.8 100.6 107.4 100,2 97.5 93.3 96,5 100.0 100.0 102,3 98.8 101.8 104.1 107.3 1963................................ 100.3 95.7 101.1 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 102.2 98.1 101,3 106.1 110.4 1964................................ 100.5 94.3 101 .0 101.2 101.2 104.6 97.1 96.7 92.5 100.6 99.0 102,8 102.9 98.5 101.5 107.4 109,2 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—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 93.1 100.3 100,0 105.9 103.8 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 Hl.5 Sept.................... 103.0 99.5 106.7 102.7 102.1 111.3 99.2 97.2 93.3 102,0 100.0 106.2 103.8 97.7 101.6 107.7 111.5 Oct...................... 103,1 99.4 106.9 102.8 102.0 113,3 99.4 97,6 93.4 101.6 100,5 106.3 103,9 97.8 101,6 107.7 111.2 Nov.................... 103,5 100.3 107.6 103.2 101.9 113.6 100.3 97.5 93.5 101.6 100,8 106.7 104.1 98.0 101.6 107.7 113.2 Dec..................... 104,1 103.0 109.4 103,2 102.0 114.6 100.6 97.6 93.5 101.9 100,9 106.6 104,2 98.2 101.6 107,9 112.5 1966—Jan...................... 104.6 104,5 110,3 103.5 101.9 116.0 100.5 97.6 93.7 102,8 101.2 107.0 104.4 98.3 102.0 108,1 114. 3 Feb..................... H05.4 r107.4 ’■111.8 103.8 102.0 H 17.8 100.3 97.6 94.1 ’■103,7 101.3 r107.5 104.7 98.4 H02.1 108,0 116.0 Mar..................... 105,4 106.8 111.7 104.0 102.1 118.6 99,9 97.6 94.2 105.1 102.1 108.0 104.9 98.3 102.2 109.6 H3.2 See next page for composition of other commodities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 PRICES 721 WHOLESALE PRICES: DETAIL (1957-59= 100) 1965 1966 1965 1966 Group Group Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce............ 107.8 97.5 r98.0 101.1 Woodpulp................................................ 98.1 98.0 98 0 98 0 Grains........................... 90.6 92.4 92.9 90.8 Wastepaper.............................................. 96,2 105,8 r 105 5 108 7 r.ivestock and poultry.............. 89.8 112.6 116.7 114.2 Paper......................................................... 103.8 105 2 105 4 105 4 Plant and animal fibers. ........................ 91.6 89.6 89.5 89 7 Paperboard.......................................... 96.3 96 7 96 7 97 0 Fluid milk................................................ 100.1 108.4 rl 1 1 .5 113.3 Converted paper and paperboard.. , . 98.8 100 8 100 9 102 2 Eeqs 86.9 99.8 1 16.3 118.5 Building paper and board.................... 92.2 92.7 92 7 92.7 Hay and seeds......................................... 119.2 113.5 116.6 115,7 Other farm products............................. 95.2 102.5 102.3 102 1 Metals and Metal Products: Processed Foods: Iron and steel.......................................... 101.3 102.0 r102 2 102 3 Nonferrous metals................................. 112 3 118 3 119 5 120 9 Cereal and bakery products................ 108.1 111.8 H 12.1 112.2 Metal containers..................................... 105.7 109 8 109 8 109 8 Meat, poultry, and fish........................ 92.4 112.7 H14.9 1 (4.2 Hardware.................................................. 105.4 107 3 H07 4 108 2 Dairy products and ice cream............. 107.5 rl 10.9 >112.7 114.8 Plumbing equipment.............................. 104 0 106.6 106 7 107 5 Canned and frozen fruits and veg- Heating equipment................................. 91 .6 91.5 91.7 91 9 etables................................................... 100.7 104.7 105.5 105.3 Fabricated structural metal products. 100. 3 102. 3 102.6 103^0 Sugar and confectionery........... 108.1 109.4 1 10.3 110,0 Fabricated nonstructural metal prod- Packaged beverage materials............... 93.2 93.5 93.5 93.5 ucts....................................................... 109.1 110.0 >110 5 110.9 Animal fats and oils.............................. 110.0 rl25.8 '126.2 121.9 Crude vegetable oils.............................. 109.7 106.5 107.6 104.3 Machinery and Motive Products: Refined vegetable oils.............. 102.6 116.1 116,0 112.0 Vegetable oil end products................. 102.3 99.5 102.5 102.5 Agricultural machinery and equip..., 114.6 117.3 >■117.8 118.0 Miscellaneous processed foods............ 112.4 114.0 114.1 114.4 Construction machinery and equip.. . 114.5 116.9 H 17.5 117 9 Metalworking machinery and equip. . 115.6 119.8 >-120.7 120.8 Textile Products and Apparel: General purpose machinery and equipment............................................. 104.4 106.8 106.8 107 3 Cotton products................... 99.6 101.0 HOI .5 101.8 Miscellaneous machinery..................... 105.1 105 4 105.6 105.6 Wool products........................................ 103.1 105.9 105.8 106.0 Special industry machinery and Man-made fiber textile products,.... 96.4 91.3 >91.0 90.8 equipment (Jan. 1961= 100)............ 107.8 109.1 109.4 109 8 Silk products.................................... 131 .4 147.6 155.3 151 .4 Electrical machinery and equip....... 96. 8 97.0 r97 8 98,1 Apparel.............................................. 103.1 104.6 H04.7 104.7 Motor vehicles........................................ 100. 8 100.5 100,4 100.3 Other textile products........................... 119.2 124.7 124.2 (26.3 Transportation equip,, R.R. rolling stock (Jan. 1961 = 100)...................... 100.6 101 .0 101,0 101 .0 Hides, Skins, Leather, and Products: Hides and skins...................................... 92.1 140.0 152.8 147.8 Furniture and Other Household Dura- Leather...................................................... 105.7 116.6 118.0 123.9 Mes: Footwear.................................... 109.1 114.4 114.9 115.3 Other leather products.......................... 102.9 110.3 rl 1 1 6 112.0 Household furniture.............................. 106.0 107.0 107 2 107 2 Commercial furniture........................... 103.6 104.1 104 1 104 1 Fuels and Related Products, and Power: Floor coverings...................................... 97.9 97 7 97 7 97 7 Household appliances........................... 90.0 88.7 88 7 88.6 Coal.......................................................... 97.3 98,1 98.2 97.6 Television, radios, and phonographs.. 85.9 84.1 >84 0 84 0 Coke.......................................................... 107.3 107.3 107.3 107.3 Other household durable goods.......... 105.1 106.8 rl07 1 106.9 Gas fuels (Jan. 1958= 100)................... 124.1 128.2 128.9 128.9 E Pe le tr c o tr l i e c u m po w pr e o r d ( u J c a t n s . , 1 re 9 f 5 i 8 n = ed 1 .. 0 .. 0 ... ) . . . . . . . . . . . . . . . . . . . 1 9 0 4 0 . . 0 8 1 9 0 8 0 . . 3 4 1 9 0 7 0 . . 8 4 1 9 0 7 0 . . 2 4 Nonmetallie Mineral Products: Chemicals and Allied Products: Flat glass................................................... 101.6 99.9 99.9 99 9 Concrete ingredients.............................. 103.2 103.6 103.7 103 8 Industrial chemicals................ 94.5 95.1 95.2 95.2 Concrete products.................................. 101.2 102.0 102 I 102.3 Prepared paint............................... 104.4 105.9 105.9 105.9 Structural clay products.................. 104.9 105.6 r105 8 105 9 Paint materials........................................ 90.3 89.5 89.5 89.8 Gypsum products................................... 108.4 101.4 101.4 101 4 Drugs and pharmaceuticals.................. 94.6 94 4 94. 5 94 4 Asphalt roofing........................................ 91 7 94.6 r94 8 94 8 Fats and oils inedible........................... 118.7 113.1 110.0 106.9 Other nonmetallic minerals............... 101.6 101.8 >101 7 102 1 Mixed fertilizers..................................... 105.0 105.4 r105.3 105.3 Fertilizer materials................................. 104.3 103.8 104.7 104.7 Tobacco Products and Bottled Bever- Other chemicals and products............. 99.8 100.2 100.2 100.2 ages: Rubber and Products: Tobacco products................................... 106.1 106.6 106 6 110 8 Alcoholic beverages............................... 100.6 101.1 101 0 101 0 Crude rubber....................................... 90.6 90.0 91.0 91 .3 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 97.9 98.5 98.7 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms.... 102.2 103.2 >■103.3 103.2 Manufactured animal feeds................. 114.2 121.8 124 8 119 6 Lumber..................................................... 101.3 104.3 HO5.6 107.1 Notions and accessories........................ 99.1 99,1 99,8 99,8 Millwork................................................... 107.6 107.9 r108.4 109.1 Jewelry, watches, photo equipment... 103.5 105.0 H05.1 105.1 Plywood.................................................... 92.2 93.9 r94.0 96.5 Other miscellaneous products............. 102.8 105.0 104.9 104.9 Note.—Bureau of Labor Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

722 NATIONAL PRODUCT AND INCOME MAY 1966 GROSS NATIONAL PRODUCT (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965 I JI III IV !*> Gross national product,...................................... 103.1 55.6 124.5 284.8 520.1 560.3 589.2 628.7 676.3 657.6 668.8 681.5 697.2 713.9 Final purchases....................................................... 101.4 57.2 120.1 278.0 518.1 554.3 583.5 623.9 668. 1 648.8 662. 4 673.9 687.1 705.8 Personal consumption expenditures................... 11.1 45.8 80.6 191.0 335.2 355.1 373.8 398.9 428.7 416.9 424.5 432.5 441.0 451.8 Durable goods.................................................. 9.2 3.5 9.6 30.5 44.2 49.5 53.4 58.7 65.0 64.6 63.5 65.4 66.4 68.7 Nondurable goods.......................................... 37.7 22.3 42.9 98.1 155.9 162.6 168.0 177.5 189.0 182.8 187.9 190.5 195.0 200. 1 Services................................................................ 30.3 20. 1 28.1 62.4 135.1 143.0 152.3 162.6 174.7 169.5 173.1 176.7 179.6 183.0 Gross private domestic investment..................... 16.2 1.4 17.9 54.1 71.7 83.0 86.9 92.9 105.7 103.4 102.8 106.2 110.3 111.7 Fixed investment................................................ 14.5 3.0 13.4 47.3 69.7 77.0 81.2 88.1 97.4 94.6 96.4 98.6 100.2 103.6 Nonresidential................................................ 10.6 2.4 9.5 27.9 47.0 51.7 54.3 60.5 69.8 66.9 68.4 70.9 73.0 75.5 Structures................................................... 5.0 .9 2.9 9.2 18.4 19.2 19.7 21.1 24.3 23.2 24.5 24.2 25.4 26.9 Producers’ durable equipment.......... 5.6 1.5 6.6 18.7 28.6 32.5 34.6 39.4 45.5 43.7 43.9 46.7 47.6 48.5 Residential structures.......................... 4.0 .6 3.9 19.4 22.6 25.3 26.9 27.5 27.6 27.7 28.0 27.7 27.2 28.2 Nonfarm..................................................... 3.8 .5 3.7 18.6 22.0 24.8 26.3 27.0 27. 1 27. 1 27.5 27. 1 26.7 27.6 Change in business inventories...................... 1.7 -1.6 4.5 6.8 2.0 6.0 5.7 4.8 8.2 8.8 6.4 7.6 10.1 8. 1 Non farm......................................................... 1.8 -1.4 4.0 6.0 1.7 5.3 4.9 5.4 7.9 9.2 6.6 7.0 8.9 7.4 Net exports of goods and services..................... 1.1 .4 1.3 1.8 5.6 5.1 5.9 8.6 7.1 6.0 8.0 7.4 6.9 6.4 Exports................................................................ 7.0 2.4 5.9 13.8 28.6 30.3 32.4 37.0 39.0 34.7 40.4 40. 1 40.8 41 .7 Imports................................................................ 5.9 2.0 4.6 12.0 22.9 25.1 26.4 28.5 31.9 28.6 32.4 32.7 33.9 35.3 Government purchases of goods and services. . 8.5 8.0 24.8 37.9 107.6 117.1 122.6 128.4 134.8 131.3 133.5 135.4 139.0 144.0 Federal................................................................ 1.3 2.0 16.9 18.4 57.4 63.4 64.4 65.3 66.6 64.9 65.7 66.5 69.2 72.5 National defense........................................... 13.8 14. 1 47.8 51.6 50.8 49.9 49.9 48.8 49.2 49.8 52.0 55.0 Other............................................................... 3.1 4.3 9.6 11.8 13.6 15.4 16.7 16. 1 16.5 16.7 17.2 17.5 State and local................................................... 7.2 6.0 7.9 19.5 50.2 53.7 58.3 63.1 68.2 66.4 67.8 68.9 69.8 71.5 --------------------------------------------------------------- —— —--------— —————— Gross national product in constant (1958) dollars........................................................... 203.6 141.5 263.7 355.3 497.3 530.0 550.0 577.6 609.6 597.7 603.5 613.0 624.4 633.6 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 Surrey 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) 1965 1966 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965 I II III IV I" National income..................................................... 86.8 40.3 104.2 241.1 427.3 457.7 481.1 514.4 554.7 540.6 549.5 557.9 570.8 587.9 Compensation of employees................................ 51.1 29.5 64.8 154.6 302,6 323.6 341.0 365.3 391.9 382.4 387.9 393.7 403.6 416.2 Wages and salaries........................................... 50.4 29.0 62.1 146.8 278.1 296.1 311.2 333.5 357.4 348.9 353.6 359.0 368.1 377.0 Private............................................................. 45.5 23.9 51.9 124.4 225.9 240. 1 251.6 269.2 288.5 282.0 285.9 290.0 296. 1 303.1 Military........................................................... .3 .3 1.9 5.0 10.2 10.8 10.8 11.7 12.4 11.8 11.8 12.3 13.7 14.4 Government civilian.................................... 4.6 4.9 8.3 17.4 42.0 45.2 48.8 52.6 56.5 55.0 55.9 56.7 58.3 59.5 Supplements to wages and salaries................ .7 .5 2.7 7.8 24.6 27.5 29.8 31.8 34.5 33.5 34.3 34.7 35.5 39.2 Employer contributions for social in­ surance .................................................... . 1 . 1 2.0 4.0 11.8 13.7 15.0 15.4 16.3 16.0 16.2 16.3 16.6 19.8 Other labor income...................................... .6 .4 .7 3.8 12.7 13.9 14.8 16.5 18.2 17.5 18.1 18.4 18.9 19.4 Proprietors’ income............................................... 15.1 5.9 17.5 37.5 48.4 50.1 50.8 51.1 54.5 51.9 54.6 55.4 56.2 56.9 Business and professional.............................. 9.0 3.3 11.1 24.0 35.6 37.1 37.8 39.1 40.3 39.9 40.1 40.4 40.7 41.0 Farm.................................................................... 6.2 2.6 6.4 13.5 12.8 13.0 13.0 12.0 14.3 12.0 14.5 15.0 15.5 15.9 Rental income of persons.................................... 5.4 2.0 3.5 9.4 16.0 16.7 17.6 18.2 18.6 18.5 18.6 18.6 18.7 18.8 Corporate profits and inventory valuation adjustment....................................................... 10.5 -1.2 15.2 37.7 50,3 55.7 58.1 64.5 73.1 71.7 72.0 73.5 75.2 78.3 Profits before tax............................................. 10.0 1.0 17.7 42.6 50.3 55.4 58.6 64.8 74.7 73.1 73.9 74.6 77.0 81.1 Profits tax liability........................................ 1.4 .5 7.6 17.8 23. 1 24.2 26.0 27.6 30.1 29.5 29.8 30.1 31.1 32.7 Profits after tax............................................ 8.6 .4 10.1 24.9 27.2 31.2 32.6 37.2 44.5 43.6 44.1 44.5 45.9 48.4 Dividends................................................... 5.8 2.0 4.4 8.8 13.8 15.2 15.8 17.2 18.9 18.0 18.6 19.2 19.9 20.6 Undistributed profits.............................. 2.8 — 1.6 5.7 16.0 13.5 16.0 16.8 19.9 25.6 25.7 25.5 25.3 26.0 27.8 Inventory valuation adjustment.................... .5 -2.1 -2.5 -5.0 -.1 .3 -.4 -.3 -1.6 -1.4 -1.8 -1.2 -1.8 -2.8 Net interest.............................................................. 4.7 4.1 3.2 2.0 10.0 11.6 13.6 15.2 16.5 16.1 16.4 16.7 17.1 17.6 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

MAY 1966 NATIONAL PRODUCT AND INCOME 723 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (tn billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965 I II III IV IP Gross national product........................................ 103.1 55.6 124.5 284.8 520.1 560.3 589.2 628.7 676.3 657.6 668.8 681.5 697.2 713.9 Less: Capital consumption allowances...... 7.9 7.0 8.2 18.3 45.2 50.0 52.8 55.7 58.7 57.7 58.3 59.1 59.8 60.7 Indirect business tax and nontax liability........................................................ 7.0 7.1 11.3 23.3 47.7 51.5 54.6 58.0 62.0 61.5 61.4 62.0 62.9 62.5 Business transfer payments.................... .6 .7 .5 .8 2.0 2.1 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3 Statistical discrepancy............................. .7 .6 .4 1.5 - .7 .5 -.7 -.5 -.2 -3.1 -1.4 1.4 2.4 1.5 Plus: Subsidies less current surplus of government enterprises............................. , l .2 1.4 1.4 .7 1.2 1.2 1.4 1.3 1.2 1.1 ( ( Equals: National income..................................... 86.8 40.3 104.2 241.1 427.3 457.7 481.1 514.4 554.7 540.6 549.5 557.9 570. 8 587.9 Less: Corporate profits and inventory valuation adjustment........... 10.5 -1.2 15.2 37.7 50.3 55.7 58. 1 64.5 73.1 71.7 72.0 73.5 75.2 78.3 Contributions for social insurance. ... .2 .3 2.8 6.9 21.4 24.0 26.8 27.8 29.5 28.9 29.2 29.6 30.2 36.6 Excess of wage accruals over disburse­ ments.................................................. Plus: Government transfer payments............. .9 1.5 2.6 14.3 30.4 31.2 33.0 34.2 36.8 36,0 35.1 38.9 37.3 39.4 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 19.9 20.4 20.8 21.1 21.8 Dividends................................................... 5.8 2.0 4.4 8.8 13.8 15.2 15.8 17.2 18.9 18.0 18.6 19.2 19.9 20.6 Business transfer payments.................... .6 .7 .5 .8 2.0 2.1 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3 Equals: Personal income................................. 85.9 47.0 96.0 227.6 416.8 442.6 464.8 495.0 530.7 516.2 524.7 536.0 546.0 557.1 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 52.4 57.4 60.9 59.2 65.4 64.8 66.2 64.8 65,7 68.3 Equals: Disposable personal income............... 83.3 45.5 92.7 206.9 364.4 385.3 403.8 435.8 465.3 451.4 458.5 471.2 480.3 488.7 Less: Personal outlays........................................ 79. 1 46.5 81.7 193.9 343.2 363.7 383.4 409.5 440.5 428. 1 436.1 444.4 453.2 464.4 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 335.2 355. 1 373.8 398.9 428.7 416.9 424.5 432.5 441.0 451.8 Consumer interest payments....... 1.5 .5 .9 2.4 7.6 8.1 9.0 10.0 11.1 10.6 11.0 11.3 11.6 11.9 Personal transfer payments to foreigners.................................................• .3 .2 .4 .5 .5 .6 .6 .6 .6 .6 .6 .6 .6 Equals: Personal saving...................................... 4.2 -.9 11.0 13.1 21.2 2L6 20.5 26.3 24.9 23.3 22.4 26.8 27. 1 24.4 Disposable personal income in constant (1958) dollars...................................................... 150.6 112.2 190.3 249.6 350.7 367.6 380.6 406.5 427.6 417.9 421.7 432.3 439.4 443.5 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar J’ Total personal income............................ 495.0 530.7 517.8 520.5 525.0 528.5 530.4 532.1 1545.4 541.3 546.1 550.9 '552.5 '557.4 561.0 Wage and salary disbursements.......... 333.5 357,4 351.1 351.5 353.9 355.4 357.4 358.8 360.8 364.7 368.3 371.3 373.8 377.3 380.0 Commodity-producing industries... 133.9 143.9 141.9 141.4 142.3 143.1 144.0 144.6 144.7 146.1 148.1 149.5 150.4 152.4 153.7 Manufacturing only........................ 107.2 115,5 113.9 113.6 114.1 114.8 115.6 116.1 116.4 117.5 119.1 120.0 121.1 123.0 124.0 Distributive industries...................... 81.1 86.5 85.5 85.6 86.2 86.5 86.8 87.0 87.2 87.8 88.2 88.7 89.4 89.9 90.2 Service industries..................... 54.1 58. 1 56.7 57.2 57.6 57.8 58.2 58.5 58.8 59.6 60.0 60.4 60.7 61.0 61.4 Government......................................... 64.3 68.9 67.0 67.4 67.7 68.0 68.3 68.7 70.1 71.3 72.0 72.6 73.2 74.0 74.6 Other labor income............................... 16.5 18.2 17.6 18.0 18.1 18.2 18.3 18.4 18.4 18.6 18.9 19.0 19.2 19. J 19.5 Proprietors* income............................... 51.1 54.6 51.8 52.9 54.8 56.0 55.5 55.3 55.4 55.9 56.2 56.5 56.6 56.9 57.2 Business and professional................. 39. 1 40.3 40.1 40.0 40.1 40.1 40.3 40.4 40.5 40.6 40.7 40.8 40.9 41.0 41.1 Farm.................................................... 12,0 14.3 11.7 12.9 14.7 15.9 15.2 14.9 14.9 15.3 15.5 15.7 15.7 15.9 16.1 Rental income....................................... 18.2 18.6 18.5 18.6 18.6 18.6 18.6 18.6 18.6 18.7 18.7 18.7 18.8 18.8 18.9 Dividends................................................. 17.2 18.9 18.0 18.2 18.5 19.1 19.0 19.2 19.5 19.7 19.9 20.2 20.4 20.6 20.6 Personal interest income................... 34.3 37.! 36.2 36.5 36.7 37.0 37.2 37.5 37.7 37.9 38.2 38.5 38.9 39.4 40.0 Transfer payments.................................. 36.6 39.2 37.6 37.8 37.4 37.2 37.6 37.7 >48.4 39.3 39.6 40.3 ML 4 Ml. 8 41.6 Less: Personal contributions for social insurance............................. 12.4 13.2 13.0 12.9 13.0 13.1 13.2 13.3 13.4 13.5 13.6 13.7 16.6 16.8 16.9 Nonagricultural income.......................... 478.7 512.1 502.2 503.2 505.8 508.2 510.8 512.9 1526.2 521.7 526.3 530.7 •■532.5 '537.2 540.5 Agriculture income.................................. 16.3 18.6 15.7 17.3 19.2 20.4 19.7 19.2 19.2 19.6 19.9 20.2 20.1 20.3 20.5 1 Includes retroactive lump-sum payment of social security benefits Note.—Dept, of Commerce seasonally adjusted monthly totals at in the amount of $10.6 billton. annual rates. See also Note to table at top of previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1. SUMMARY OF FLOW OF FUNDS ACCOUNTS, 1965 (In billions of dollars) Private domestic nonfinancial sectors Financial sectors Rest of State U.S. the AU Nath Sector H h o o u ld se s ­ B n u es s s i­ a g nd o v lo ts c . al Total Govt. Total M a o u n t e h ta . ry C ba o n m k l s . N f o in n a b n a c n e k world sectors D a is n c c r y ep­ and sa i v n in v g e st­ ment Transaction category u s u s u s u s u s u s U S u s U S u s u s U 1 Gross saving.............................. ......... 104.7 ......... 69.7 .......... -2.5 ......... 172.0 ......... -.6 ......... 3.8 ......... .2 2.2 ......... 1.4 ......... -4.3 .......... 170.8 .2 175.1____ 1 2 Capital consumption........... .......... 59.3 ____ 49 4 ......... 108.7 ......... 9 4 ......... 5 . 109 6 109.6.......... 2 3 Net saving (1 —2)......... ......... 45.4 ......... 20.3 .......... -2.5 ......... 63.2 ......... -6 ......... 2.9 .....................2 ......... 1.8 ......... .9 ......... -4.3 .......... 61.2 65.5.......... 3 4 Gross investment (5fW)..... 111.6......... 64.9......... -2.0......... 174.4 ......... -2.0......... 3.9....... .2........1..7......... 2.6......... -3.6.....1..7..3.3......... -3.6 174.2....... 4 5 Private cap. expend., net..... 88.8......... 81.0......... 169.8 ......... .8......... .4..........4 170.6 ......... 170.6 ........ 5 6 Consumer durables.............. 65.0......... 65.0......... 65.0 .. 65.0.......... 6 7 Residential const!................. 19.6......... 7.5......... 27.1......... 27.1 27.1.......... 7 8 Plant and equipment........... 4 2......... 65.3......... 69.5.......... S .. 4 ■ ■ 4 70 3 ......... 70.3......... 8 9 Inventory change.................. 8.2......... 8.2.......... 8.2......... S.2......... 9 10 Net financial invest. (11—12). 23.8......... -16.1.......... -2.0......... 4.6......... -2.0.......... 3,1......... .2......... 1.3........2..2......... -3.6........2. .6......... -2.6 3.6......... 10 11 Financial uses, net.................... 51.8____ 24.8.......... 10.0......... 86.6.......... 3.7 68.6......... 2.3......3...0.1......... 36.3......... 1.9.....1..6..0.8 ......... 5.5.......... 11 12 Financia I sources....................... ......... 29.0 ......... 40.9 .......... 12.0 .......... 81.9 ......... 64.9 .......... 2.1 .......... 28.8 ....... 34.1 ......... 5.5 ......... 158.1 1.9......... 12 13 Gold & off. U.S. fgn. exch.. .1......... -13.... — 1,3......... 1.7 .4 .4 .4 13 14 Treasury currency. ....... ....................2 .2.......... 2......... .2 .2 .1 14 15 Dem. dep. and currency.. - ......... 7 2 .......... 2.1 .......... 5.1 6.0 7.2 15 16 Private domestic............... 10.7......... -3.3.......... -.5......... 7.0.......... .5 8.5 ......... 2.2 ......... 6.3 .5......... ■ ■.................. 7.4 8.5 1.1 ..................... 16 17 U.S. Govt.......................... — 14 . ......... -1 2 . -1.2 -1.4 -1.2 .2 17 18 Foreign.............................. — 1 — 1 * — 1 — 1 18 19 Time and svgs. accounts... 24.6......... 32.6......... -.1 33.0 — .1......... 33 0 19 20 At com!, banks................ 11.5......... 5 0......... 3.0 ....... 19.5......... * .1 20.1 20 1 1 5................... 20 1 ... 20 21 At svgs. instit.................... 13.1......... 13.1 ......... -.2 12.9 -.2 12.9 ......... 12.9 ............... 21 22 Life insur. reserves.............. 4.1......... 4.1......... ......... 3.9 ......... 3 9 4 1 22 23 Pension fund reserves.......... 12.5......... .......... 4.2 12.5 4.2 .. . 13 ..... 7.6 ......... 7,0 ......... 12 5 ..................... 23 24 Consol, bank items1............ .2 .2 -.4 .6 .6 -.4 .2 .2 ......... 24 25 Credit mkt. instr.................. 3.5 27.5 .1 30.5 7.2 7.7 10.9 65.7 4.5 3.6 66.7 9.5 3.8......2..8...3 .8 34.5 8.7 -.3 29 81.7 81.7 ............. 25 26 U.S. Govt, securities.... 3.0....... —2 1 2 4 3 3 4 1 9 3 7.. .. —2 0.......—.. 9 — 1 . . . 41 ..................... 26 27 State and local oblig......... 3.7....... -.6 7.4 3.1 7.4 4 3 . 4 7......... — 4 ......... 7.4 ..................... 27 28 Corp, and foreign bonds. — .8....... ....... 5 4 5 I 4.3 5.4 5.0 2.7 • .8 5.0 1.9 • 1.2 ......... 9.3 ..................... 28 29 Corp, stocks................... -2 1....... ....... 3 -2.1 .3 5.4 2.8 5.4 2.8 -.5 -.3 ......... 2 8 29 30 1* to 4-family mortgages. -.3 15.3 .....................2 .4......... .1 15.4 .4____ 14.9 -.1 ........2......7.................. 12.2 -.1 ......... 15.4 ......................... ........ 30 31 Other mortgages............... ................ 1.0 ......... 9 1 ___ 10 I 6 . . 2 6......... 6 9 ......... 10 1 ............ 31 32 Consumer credit................ .......... 9.1 } 5........ 1.5 9.1 7 6 - 4 4.. . 3 1 . 91 ........... 32 33 Bank loans n.e.c... — .. ................ 14 ......... 12.5 ......... 14 0 16.8 2.4 16.7......... ......... 2.4 ...... .4 ......... 16.8 ..................... 33 34 Other loans......................... ......... .7 .7 3.1 .....................3 .7 4.1 3.5 -.5 2.4 1.7 .1......... -.9........3..2 1.7 .3 1.5 6.8 6.8 -.1 ......... 34 35 Open marker paper... .7 -.3 .7 -.3 -.3 1.0 1 — 5 .... .1 1.0 .3 -.1 7 ........... 35 36 Federal loans................ .....................1 ......... 8 .....................3 ......... 1.2 3 4. ......................7 .....................7 ......... 16 ......... 3 4 ..................... 36 37 Security credit....................... .6 1.2 .6 1.2 4 -.2 .2......... .2 -.2 * * 10 ................. 37 38 To brkrs. and dealers.... 6 . . . . .6......... -.8 -.2 - 5.......-...3 -.2 * .......... —.2 .................... 38 39 To others............................ ......... 1.2 ......... 1.2 1 2......... .5......... * .... 12 ................... 39 40 Taxes payable........................ 2 0 2 - ■ .2 2.0 2 . . 0 .2 .4 1.7 1.3 40 41 Trade credit...................... ......... .1 13 5 8 3 1 13.5 8.5 4 .5 2......... .2......... 14.1 9.0 — 5.1 ......... 41 42 Equity in noncorp, business. — 4 4......... . .. —4 4 -4.4 -4.4 -4 4 ......... 42 43 Mise, financial trans............ .2 .2 9.4 4.5 9.7 4.7 * -.1 19 4 7 .......... -.1 9 3 0 1.0 1.8 .1 2.2 11.6 11.5 - 1 ..................... 43 44 Sector discrepancies (1 — 4)... -6.9......... 4.8......... -.4......... -2.5......... 1.4......... - .2......... .5......... -1.2......... -.7.....-..2...4......... -2.4 .9. 44 i Claims between commercial banks and monetary authorities: member bank reserves, vault cash, F.R- Ioans to banks, F.R. float, and stack at F.R. banks. 724 FLOW OF FUNDS MAY 1966 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 FLOW OF FUNDS 725 2. SAVINGS, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1963 1964 1965 Transaction category, 1961 1962 1963 1964 1965 or sector IV I II III IV u II' III' IV I. Saving and investment 1 Gross national saving.................... 119.7 134.5 144.1 158.0 175.1 152.0 153.2 155.0 159.7 164.0 174.5 172.7 174.7 178.S I 2 Households....................................... 75.8 82. 1 85.9 98.4 104.7 91.8 93.4 99.5 99.3 101.3 102.1 101.0 107.3 108.3 2 3 Farm and noncorp, business........ 12.6 13.1 13.4 13.9 14.3 13.6 13.8 13.9 14.0 14.1 14.2 14.3 14.5 14.6 3 4 Corporate nonfin. business........... 35.6 41.8 44.3 49.4 55.3 45.2 48.7 49.3 50.2 49.4 55.2 54.7 55.4 56.0 4 5 U.S. Government........... -4.8 — 4.8 — 1.0 -5.0 -.6 -. 1 -3.9 -8.9 -5.1 -2.3 2.4 2,0 -4.2 — 2.6 5 6 State and local govt............... -2.9 -1.4 — 1.8 -2.1 -2.5 -1.8 -2.2 -2.2 -2.0 -1.9 -2.9 -3. 1 -2. 1 -1.7 6 7 Financial sectors............................. 3.3 3.8 3.2 3.4 3.8 3.2 3.5 3.4 3.4 3.3 3.5 3.9 3.9 3.9 7 8 Gross national investment............... 117.9 133.8 143.1 156.3 174.2 152.3 152.1 154.3 158.4 160.4 171.4 170.9 174.9 179.8 8 9 Consumer durable goods........ 44.2 49.5 53.4 58.7 65.0 54.9 57.4 59.1 60.5 57.9 64.6 63.5 65.4 66.4 9 10 Business inventories........................ 2.0 6.0 5.7 4.8 8.2 8.1 3.3 4.2 4.0 7.7 8.8 6.4 7.6 10.1 10 11 Gross pvt. fixed investment...... 69.7 77.0 81.2 88,1 97.4 84.3 86.5 86.8 88.8 90.2 94.6 96.4 98.6 100.2 11 12 Households............................. 20.9 22.2 22.6 23.5 23.8 23.2 23.8 23.7 23.6 23.0 22.8 24.3 24. 3 23.7 12 13 Nonfinan. business..................... 48.1 54.2 57.6 63.7 72.8 60.0 61.8 62.2 64.4 66.3 70.9 71.2 73.5 75.7 13 14 Financial sectors..................... .7 .6 1.0 .9 .8 1.1 .9 .9 .9 .8 .9 .9 .8 . 8 14 15 Net financial investment................ 2.0 1.3 2.8 4.7 3.6 5.0 4.9 4.2 5.1 4.6 3.5 4.6 3.4 3.0 15 16 Discrepancy (i-8)................................ 1.8 .7 1.0 1.6 .8 -.3 l.l .7 1.3 3.6 3.1 1.9 -.2 -1.3 16 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 44.3 54.3 58.2 67.1 72.3 63.0 58.7 75.1 63.9 70.5 76.S 73.2 55.0 83.7 17 18 Loans and short-term securities.... 16.4 15.5 18.8 27.1 32.1 27.9 24.3 28.6 15.6 39.8 45.2 32.1 10.4 40.6 18 19 Long-term securities and mtgs...... 27.9 38.8 39.3 40.0 40.1 35.0 34.5 46.5 48.4 30.7 31.6 41.1 44.6 43.1 19 By sector 20 U.S. Government................................ 7.6 7.8 5.0 6.7 3.6 5.9 7.6 5.6 8.7 5.0 7.5 2.7 -6.7 10.9 20 21 Short-term mkt. securities............. 8.8 .5 1.4 4.0 3. 5 5.2 9.1 — 1.0 -3.7 11.4 13.9 2.4 -12,8 10.5 21 22 Other securities............................... -1.4 6.8 3.8 2.2 .6 1.3 — .5 4.9 11.4 — 7.0 — 6.2 .6 5 2 7 7 22, 23 Loan participation certs............. .3 .5 -.2 .5 — .5 -.5 -1,1 1.7 .9 .6 -.2 -.3 .9 — 2.3 23 24 Foreign borrowers............................... 2.8 2.3 3.3 4.6 2.9 3.2 3.9 4.9 2.6 7.1 6.0 1.9 .9 2.5 24 25 Loans.............................. 2.0 1.2 2.2 3.9 1.9 3.4 3.9 4.0 2.6 5.0 4.7 1.0 .2 1.8 25 26 Securities........................................... .8 1.0 1.0 .7 .9 -.2 * .9 2.0 1,3 1.0 .7 .8 26 27 Pvt. domestic nonfin. sectors............ 33.9 44.2 49.9 55.8 65.8 53.9 47.2 64.6 52.7 58.5 63.2 68.6 60.9 70.2 27 28 Loans................................. 5.4 13.3 15.5 18.7 27.2 19.9 12.2 23,9 15.7 22.8 26.8 29.1 22.1 30.6 28 29 Consumer credit................ 1.7 5.5 6.7 6.9 9.2 6.6 7.4 7.2 7.1 6.0 9.7 8.9 8.9 8,9 29 30 Bank loans n.e.c........................... 2.2 4.8 6.0 7.6 14.0 11.5 2.7 9.7 4.7 13.2 14,4 13.9 8.5 18.9 30 31 Other loans............................. 1.6 5.0 2,7 4.1 4 I 1.8 2.1 7.0 4.0 3.5 2.6 6.3 4 6 2.8 31 32 Securities and mortgages............... 28.6 31.0 34.4 37.1 38^6 34.0 35.0 40.7 37.0 35.7 36.5 39.6 38.8 39.6 32 33 State and local obligations......... 4.9 5.0 6.7 5.9 7.4 7.1 4.2 6.4 6.0 6.8 7.1 7.5 5.0 9.9 33 34 Corporate securities.................... 7.1 5.1 3.6 5.4 5.7 2.2 6.2 7.1 5.3 2.9 4.6 6.7 8.0 3,6 34 35 1- to ^family mortgages....... 11.4 13.0 15.2 15.8 15.4 15.2 15.6 16.3 15.8 15.4 15.4 15.1 15.2 16,0 35 36 Other mortgages.......................... 5.1 7.9 9.0 10.1 10.1 9.4 8.9 10.9 9.9 10.6 9.4 10.3 10.6 10.1 36 37 Net sources of credit (- 17)........ 44.3 54.3 58.2 67.1 72.3 63.0 58.7 75.1 63.9 70.5 76.8 73.2 55.0 83.7 37 38 Chg. in U.S. Govt, cash balance.. * 1.3 -.3 .2 -1.2 -.8 3.6 -.9 -1.1 -.9 5.3 1.4 -12.9 1.3 38 39 U.S. Govt, lending................ 2.8 3.5 2.7 3.8 4.5 4.1 3.4 4.9 3.4 3.6 4.9 6.7 3. 1 3.2 39 40 Foreign funds.................. 2.5 2.8 2.3 2.4 1.8 .3 1.7 3.3 1.0 3.8 3.6 4.4 -.8 . 1 40 41 Pvt. insur. & pension reserves.... 8.7 9.0 10.2 11.2 10.9 9.7 11.0 12.1 10.2 11.6 10.8 11.4 10.7 10.8 41 42 Sources n.e.c.................................... 3.7 3.2 4.2 5.4 5.3 1.2 4.1 6.4 4.2 6.8 9.3 5.5 -.8 7.3 42 43 Pvt. domestic nonfin. sectors........ 26.6 34.5 39.2 44.1 50.9 48.5 35.0 49.4 46.3 45.6 42.8 43.8 55.7 61.1 43 44 Liquid assets................................ 24.9 31.5 37.3 33.0 43.4 48.3 27.5 29.3 31.5 43.6 38.0 35.2 43.3 57.1 44 45 Deposits.................................... 24.0 30.1 34.2 35.4 40.6 42.3 25.3 31.9 38.1 46.2 34.2 31.1 42.4 54 7 45 46 Demand dep. and currency 3.8 2.1 5.7 6.5 8.0 11.9 -1.0 5.6 9.1 12.5 -.8 3.7 7. 1 22.1 46 47 Time and svgs. accounts... 20.2 28.1 28.5 28.8 32.6 30.4 26.2 26,3 29.0 33.7 35.0 27.4 35.3 32.6 47 48 At commercial banks.... 9.0 15.0 13.4 13.1 19.5 15.4 11.5 10.6 12.2 18.1 21.9 15.2 22.2 18.5 48 49 At savings instit......... 11.2 13.0 15.1 15.7 13.1 15.0 14.7 15.7 16,8 15.6 13.1 12.1 13,1 14 1 49 50 Short-term U.S. Govt. sec... 1.0 1.4 3.1 -2.4 2.8 6.0 2.2 -2.6 -6.6 -2.6 3.8 4.1 .9 2.4 50 51 Other U.S. Govt, securities.... -1.3 .5 1.6 3.3 .5 .3 2.4 6.8 6.6 -2.5 .1 3.2 -.7 -.7 51 52 Pvt. credit mkt. instruments ... 4.2 2.3 2.2 7.7 7.7 2.7 5.2 13.1 6.7 5.5 4.9 4.8 12,0 8.8 52 53 Less security debt...................... 1.3 -.2 2.0 -.2 .7 2.8 -.2 -1.5 1.1 .2 — .6 — 1.1 4.2 53 54 Memo: Total U.S. Govt. sec....... -.3 1.9 4.7 .9 3.3 6.3 4.6 4.2 * -5.0 3.9 7.3 .2 1.7 54 III. Direct lending in credit markets 55 Total funds raised............................... 44.3 54.3 58.2 67.1 72.3 63.0 58.7 75.1 63.9 70.5 76.8 73.2 55.0 83.7 55 56 Less change in U.S. Govt, cash.... 1.3 -.3 .2 -1.2 —. 8 3.6 -.9 -1.1 -.9 5.3 1.4 -12.9 1.3 56 57 Total net of U.S. Govt, cash............ 44.3 53.0 58.5 66.9 73.5 63.8 55.2 76.0 65.1 71.4 71.4 71.8 67.9 82.4 57 58 Funds supplied directly to er. mkts.. 44.3 53.0 58.5 66.9 73.5 63.8 55.2 76.0 65.1 71.4 71.4 71.8 67.9 82.4 58 59 Federal Reserve System................. 1.5 1.9 2.6 3.2 3.8 4.5 3.2 1,0 2.1 6.4 4.1 3.9 1.2 6.1 59 60 Total.................7........................... 1.5 2.0 2.9 3.4 3.8 4.0 2.9 1.6 2,5 6.6 4.5 3.3 2.9 4.6 60 61 Less change in U.S. Govt. cash. * .1 .3 .2 ♦ -.5 -.3 .5 .4 .1 .4 -.6 1.7 -1.6 61 62 Commercial banks, net.................. 15.5 18.1 19.5 21.7 29.0 23.5 12.7 22.3 21.1 30.7 27.7 23.0 26.7 38.6 62 63 Total.............................................. 15.7 19.5 19.1 22,2 28.6 24.1 17.4 21.3 20.2 30.0 33.2 27.1 12.2 41.8 63 64 Less chg. in U.S. Govt. cash... 1.2 -.6 -1.2 -.3 3.8 -1.4 -1.5 -1.1 4.9 2.0 -14.6 2.8 64 65 Security issues......................... .2 . 1 .3 .6 .8 .9 .9 .5 .6 .4 .5 2.0 .] .4 65 66 Nonbank finance, net..................... 21.3 24.0 28.1 29.2 26.2 26.2 27.6 28.2 31.4 29.7 27.6 24.7 26.3 26.3 66 67 Total............................................. 23.7 28.7 34.5 33.6 31.9 31.1 32.2 38.4 32.9 31.0 35.0 36.0 22.9 33.6 67 68 Less credit raised..................... 2.5 4.7 6.4 4.4 5.7 4.9 4.7 10.2 1.5 1.4 7.4 11.3 -3.4 7.3 68 69 U.S. Government............................ 2.8 3.5 2.7 3.8 4.5 4.1 3.4 4.9 3.4 3.6 4.9 6.7 3 1 3 2 69 70 Foreign.............................................. .6 1.2 .8 .4 -.3 -.6 -1.3 2.3 -1.0 1.8 -1.5 .8 -2.6 2.0 70 71 Pvt. domestic nonfin....................... 2.6 4.4 4.9 8.7 10.3 6.2 9.8 17.5 8.2 -.6 8.6 12.7 13.3 6.3 71 72 Households................................... ,7 -1.7 L3 3.5 3.6 5.8 2.7 9.2 1.2 .9 .4 6.8 4.5 2.4 72 73 Business.................................. .1 2.3 2.1 1.3 .2 .6 1.7 2.0 2.6 -1.1 -3. 1 -3.1 4.5 2.2 73 74 State and local govts.................. 3.2 3.6 3.5 3.7 7.2 2.5 5.4 6.1 2.8 .6 H.4 8.4 3.1 5.9 74 75 Less net security credit............... 1.3 -.2 2.0 -.2 .7 2.8 * -.2 -1.5 1.1 .2 -.6 -1.1 4.2 75 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

726 FLOW OF FUNDS MAY 1966 3. PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1963 1964 1965 Transaction cateeorv. 1961 1962 1963 1964 1965 or sector IV I II III IV P IP IIP IV I. Demand deposits and currency 1 Net incr. in banking system liability.. 5.6 4.5 5.6 7.4 7,2 11.2 3.9 5.6 8.2 12.0 5.2 5.7 -3.6 21.5 1 2 U.S. Govt, deposits......................... 1.3 -.3 .2 -1.2 -.8 3.6 -.9 -1.1 - .9 5.3 1.4 - 12.9 13 2 3 Other................................................... 5.6 3.2 5.9 7.3 8.4 12.0 .3 6.5 9.3 13.0 1 4.2 9 3 20.3 3 4 Domestic sectors......................... 4.8 3. I 5,9 6.8 8.5 12.1 -1.0 6.7 8.3 13.2 -1.2 4.3 7.8 23.0 4 5 Households............................... .8 4. 1 5.3 7.4 10.7 6.8 10.6 3.4 2.8 13.1 9.6 3.6 8.6 20.9 5 6 Nonfinancial business....... 1.7 -2.3 — 1.9 -2.6 -3.3 -.8 -7.2 2.1 2. I -7.5 -4. 1 -2.4 -6.4 -.1 6 7 State and local govts............... .3 .9 2.0 .7 -.5 7.8 -1.7 -2,3 1.4 5.6 -53 1.6 .9 1.0 7 8 Financial sectors..................... 1.1 1.0 .2 .2 .5 .2 1.1 -.8 .7 -.4 .6 .8 1.0 8 9 Mail float.................................. 1.0 -.6 .3 1.0 1. 1 -1.9 -2.7 2.4 2.8 1.3 -1.0 1.0 4.0 .3 9 10 Rest of the world............................ .7 . 1 .1 .5 -. 1 -. 1 1.4 -.2 1.0 -.3 1.1 ♦ 1.5 -2.8 10 IT. Time and savings accounts 11 Net increase—Total............................. 20.7 28.7 29.5 30.4 33.0 31.3 27.9 28.0 30.0 35.7 35.5 28.4 34.9 33.1 11 12 At commercial banks—Total........... 9.4 15.6 14.3 14.6 20. 1 16.2 13.1 12.1 13.3 19.9 22.6 16.7 22. 1 18.9 12 13 Corporate business........................ 1.9 3.7 3.9 3.2 5.0 5.2 6.4 1.4 (.5 3.4 8.3 6.8 3.7 1.2 13 14 State and local govts....................... .9 1.0 1.6 1.7 3.0 2.2 .3 1.1 2.2 3.3 2. I .5 4.3 5.1 14 15 Foreign depositors.......................... .3 .6 1.0 1.4 .5 .8 1.5 1.5 1.0 1.6 .6 1.3 -. 1 .4 15 16 Households ............................. 6.2 10.3 7.9 8.2 11.5 8.0 4.9 8. 1 8.5 11.4 11.4 8.0 143 12 3 16 17 At savings institutions........................ 11.3 13.1 15.2 15.8 12.9 15.1 14.8 (5,8 16.7 15.8 12.9 1 1.7 12,9 14.2 17 18 Memo: Households total................... 17.4 23.4 23.0 23.9 24.6 23.0 19.6 23.8 25.4 27.0 24.5 20. 1 27.4 26.4 18 IH. U.S. Govt, securities 19 Total net issues..................................... 7.3 7.3 5.2 6.2 4.1 6.4 8.7 3.9 7.7 4.4 7.7 3.0 -7.7 13.2 19 20 Short-term marketable.................. 8.8 .5 1.4 4.0 3.5 5.2 9. 1 -1.0 -3.7 11.4 13,9 2.4 -12.8 103 20 21 Other.................................................. -1.4 6.8 3.8 2.2 .6 1.3 -.5 4.9 11.4 -7.0 -6.2 .6 5.2 2.7 21 22 Net acquisitions, by sector................. 7.3 7.3 5.2 6.2 4.1 6.4 8.7 3.9 7.7 4.4 7.8 3.0 -7.7 13.2 22 23 Federal Reserve System................. 1.5 1 .9 2.8 3.5 3.7 3.5 3.2 1.8 2.4 6.5 4.4 3.7 2.9 3,9 23 24 Short-term..................................... -1.1 2.0 4.9 2.1 3.7 .3 3.5 -2.3 5.1 2.2 15.5 7.0 -3.0 -4,8 24 25 Commercial banks.......................... 5.4 .8 -2.6 -.5 -2.0 -1.1 1.0 -6.6 2.7 .9 -.2 -8.0 -53 5.7 25 26 Short-term direct.......................... 9.3 -5.2 -3.7 3.9 -1.7 3.1 5.4 1.4 -.5 9.2 -1.3 -7.5 -6, 1 8.2 26 27 Other direct.................................. -4. 1 5.2 .5 -4. 1 -1.4 -5.4 -2.7 -9.0 3.8 -8.6 3 -1.1 -1.2 -3.7 27 28 Nonguarantccd............................ .3 .8 .5 -.2 1. 1 1.1 -1.7 1.1 -.6 .3 .8 .6 2.0 1 .2 28 29 Non bank finance.............................. .4 1.5 -.3 1.8 -.9 -2.6 1.7 3.5 2.8 -.7 2.5 -I. 1 -3.7 -1.2 29 30 Short-term direct......................... 1.1 .7 — 1.1 1. { -.3 -2.2 .4 2.8 .3 .8 -.5 -1.0 -1.7 2.1 30 31 Other direct.................................. -.8 .6 .6 .5 -.7 -.7 1.3 .3 2.2 -1.9 3,1 -.9 -2. 1 -3.0 31 32 Nonguaranteed............................ .2 .3 .3 .4 .3 .4 -. 1 .7 .2 -.4 32 33 Foreign.............................................. .4 1.2 .6 .4 -.1 .3 -1.8 1.0 -.2 2.7 -2.8 1.1 -1.8 3. 1 33 34 Short-term.......................... -.7 2.0 -.7 .2 -.4 -.9 — 1.6 .7 -1.1 2.8 -2.8 . 1 -2.5 3.4 34 35 Pvt. domestic nonfinan. sectors... -.3 1 .9 4.7 .9 3.3 6.3 4.6 4.2 -5.0 3.9 7.3 .2 1.7 35 36 Short-term direct.......................... .2 1.0 1.9 -3.3 2.2 4.8 1.4 -3.6 -7.5 -3.6 3.0 3.7 .4 1.6 36 37 Other direct................................... -1.6 -. 1 .9 2.9 -1.1 -1.6 2.9 5.2 5,7 -2.3 3 -.4 -2.8 - 1.6 37 38 Nonguaranteed............................ .3 .6 .8 .4 1.6 1.9 -.5 1.5 .8 - .2 -.2 3.5 2.0 .9 38 39 Savings bonds—Households... .8 .4 1.2 .9 .6 1.2 .8 .9 .8 1.0 .8 .4 .5 .8 39 IV. Other securities 40 Total net issues, by sector................... 13.6 11.6 13.1 14.6 16.7 12.1 13.4 17.3 13.9 13.9 15. t 19.1 15.2 17.4 40 41 State and local govts...................... 4.9 5.0 6.7 5.9 7.4 7.1 4.2 6.4 6.0 6.8 7. 1 7.5 5.0 9.9 41 42 Nonfinancial corporations............ 7.1 5.1 3.6 5.4 5.7 2,2 6.2 7.1 5.3 2.9 4.6 6.7 8.0 3.6 42 43 Commercial banks.......................... .2 . 1 .3 .6 .8 .9 .9 .5 .6 .4 .5 2.0 . 1 .4 43 44 Finance companies.......................... .5 .3 1.4 2.1 1.9 2.2 2.2 2.4 2.0 1.8 1.5 1.9 1.4 2.7 44 45 Rest of the world............................ .8 1.0 1.0 .7 .9 -.2 .9 2.0 1.3 1.0 .7 .8 45 46 Net purchases........................................ 13.6 11.6 13.1 14.6 16.7 12.1 13.4 17.3 13.9 13.9 15.1 19.1 15.2 17.4 46 47 Households........................................ 1.3 -2.1 -1.8 1 .3 .9 -.7 .6 4.9 .2 -.5 .4 -3 4.5 -1.2 47 48 State and local govts....................... 2.2 2.0 2.5 3.0 4.5 2.5 2.8 3.0 3. 1 2.9 3.1 4.0 4.9 6.0 48 49 Commercial banks.. ........... 2.6 4.4 5.2 3.7 4.7 3.6 2.4 2.6 4.9 4.7 3.8 6.8 4,5 3.7 49 50 Insurance and pension funds........ 8.0 7.7 7.8 7.5 8.6 6.4 7.7 7,9 6.8 7.5 83 7.9 9.4 8.8 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 . . .. . . . . . - - . . 1 7 -. . 2 5 -.5 -.5 * — - 1 .2 .5 1 . . 5 3 -.1 .3 -1.1 - - . . 6 4 -.3 . 1 - 1 .7 .0 2 1 . , 1 7 - - 7 5 . 3 4 1. .5 3 5 5 1 2 53 Investment cos.—'Net................. — .6 -.7 -.5 -.6 -1.3 -.8 -.5 -1.2 -.2 -.4 -1.7 -.4 -2. 1 -.9 53 54 Portfolio purchases................. 1.4 1.1 .8 1.1 1.6 .9 .5 1.7 2.1 .6 2.0 1.4 2.3 54 55 Net issues of own shares.... 1.9 1.8 1.3 1.6 2.8 1.7 .4 1.7 1.9 2.5 2.3 2.4 3.5 3.2 55 56 Rest of the world............................ .2 .2 -.2 -.5 .2 -.2 .1 -.4 -. 1 . 1 -1.0 -1.0 -.1 56 V, Mortgages 57 Total net lending.................................. 16.9 21.3 24.7 25.6 25.5 25.0 24.3 26.8 25.4 25.7 24.8 25.6 25.6 25.9 57 58 1- to 4-famiIy.................................... 11.8 13.4 15.7 15.5 15.4 15.6 15.5 15.9 15,5 15.1 15.4 153 15.0 15,8 58 59 In process...................................... .4 ,4 .5 -.3 1 .4 -.2 -.4 -.3 -.3 .1 .2 -.3 -.2 59 60 Disbursed...................................... 11.4 13.0 15.2 15.8 15.4 15.2 15.6 16.3 15.8 15.4 15.4 15.1 15.2 16.0 60 61 Other................................................... 5.1 7.9 9.0 10.1 10. 1 9.4 8.9 10,9 9,9 10.6 9.4 10.3 IO.t» 10.1 61 62 Net acquisitions.................................... 16.9 21.3 24.7 25.6 25.5 25.0 24.3 26.8 25.4 25.7 24.8 25.6 25.6 25.9 62 63 Households....................................... -.2 - .6 .1 -.3 -1.1 -.2 .3 .2 .2 -1.0 - .7 - .6 1.0 63 64 U.S. Government............................ .6 .3 -1.0 .2 1.0 -.4 .3 .8 . 1 -.3 .6 1.2 .7 1.4 64 65 Commercial banks.......................... 1.6 4.0 4.9 4.5 5.3 4.5 4.5 4.4 4.0 5.1 4,8 5.5 5.9 5.0 65 66 Savings institutions.......................... 11.0 13.2 16. 1 14.7 13. 1 16.2 14.5 14.9 15.1 14.4 13. 1 13.3 13.1 12.9 66 67 Insurance........................................... 2.7 3.0 4.0 5.1 5.4 4.4 4.5 5.0 5.3 5.6 5.9 5.5 5.0 53 67 68 Mortgage companies...................... .6 .5 .8 .4 .5 .9 .3 1.0 . 1 .2 1.0 .4 .9 -.1 68 VI. Bank loans n.e.c. 69 Total net borrowing.............................. 3.0 6.2 8.2 9.9 16.8 14.2 4.8 14.4 4.6 15.8 20.0 IS.6 10.9 20. 5 69 70 Nonfinancial business................... 1.3 4.3 5.1 5.0 12.6 9.4 .5 5.9 4.6 9.0 13.7 II. 1 7.6 17.7 70 71 Nonbank finance............................. .1 1.0 1.7 .5 2.4 1.5 3.7 -1.7 -.1 2.5 2.8 2.0 2.2 71 72 Households........................................ .9 .5 .9 2.6 1.4 2.1 2.2 3.8 4.3 .7 2.8 .9 1.2 72 73 Rest of the world............................. .7 .4 .5 !.9 .4 1 .2 1.9 1.0 1.7 2.8 2.9 — 1.2 .4 -.5 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Jan. 1966 Bulletin, p. 109. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 FLOW OF FUNDS 727 Notes to Table 2 of deposits and credit market instruments by households, nonfinancial I. Saving arid investment. Derived statistically from Commerce Dept, business, and state and local govts. Line 50 includes household savings income and product accounts. Tables presenting the relation to those bonds as well as marketable issues; see Table 3, line 39. Line 52 includes accounts are on pages 1535-37. Gross national saving (line 1) is the sum consumer credit and open-market paper in addition to private securities for domestic sectors of gross-saving entries in Table 4. It is before and mortgages, Une 53 is net of free credit balances at brokers. deduction of capital consumption allowances. Govt, saving is net of HI. Direct lending in credit markets. Monetary authority total is public outlays for capital goods as well as current operations. Gross Table 4(G), lines 5 less 14. Commercial-bank total, line 63, is Table national investment (line 8) is gross private domestic investment in 4(H), line 5; includes security credit. Nonbank finance totals include income-and -product accounts plus consumer durables plus net foreign security credit both in lending and funds raised and exclude investment investment. Net foreign investment differs from corresponding income- company shares on both sides; line 67 is lines 3 and 4 of Table 4(1), less and-product series by amount of errors and omissions in balance of pay­ line 4 of 4(1,8), and line 68 is line 7 of Table 4(1) plus line 5 of 4(1.7) less ments statement. line 4 of 4(1.8). Line 71 is the net sum of lines 50-53 in Table 2-IL Relation of saving-investment discrepancy to flow of funds matrix is described on page 1536. Notes to Table 3 II. Financial flows-Summary. This table is described in Nov. 1962 I. Demand deposits and currency. Lines 5-8 are holder record; line 9 Bull., p. 1405. Total net funds raised (line 17) is borrowing through is difference between holder and bank record. credit markets (Une 25 of Table 1) by households, nonfinancial business, III. U.S. Govt, securities. All holdings stated in par values; excludes govts., and foreigners. Credit market funds raised by all sectors consists special issues to international organizations and includes nonguaranteed of line 17 plus financial-sector borrowing (Table 4(H), line 33 and Table issues of Govt, agencies. Short-term category consists of direct market­ 4(1), line 7). , able issues due in less than one year plus part of those due in less than U.S. Govt, short-term securities are direct marketable issues due in less 2 years. than 1 year plus part of those due in less than 2 years. For further IV. Other securities. Total excludes open-end investment co. shares; detail see Table 4(E), lines 26-29. these are shown as a deduction on line 55, offsetting net purchases of Demand deposits on lines 38 and 46 are on bank-record basis rather such shares included in the other lines (mainly consumer) under “net than holder records shown in Table 4. Difference is described in Aug. purchases.’* Net purchases includes small amounts for mutual savings 1959 Bull., p. 852 if. Foreign funds consist of lines 8-12 of Table 4(J). banks and nonfinancial corporations not shown separately. Sources n.e.c. (line 42) is mainly financial institution net sources of funds V. Mortgages. Loans in process at savings and loan associations are other than deposits, insurance and pension reserves, security credit, and included in totals outstanding and treated as savings and loan liability. credit mkt. funds. _ _ _ Line 62 includes holdings by State and local govts, not shown separately. Private domestic nonfinancial sectors (line 43) consists of acquisition 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (In billions of dollars) 1963 1964 1965 1961 1962 1963 1964 1965 Category IV 1 II in IV P IP IIP IV (A) Households 1 1 Personal income.................................. 416.8 442.6 464.7 495.0 530.7 475.6 483.0 490.6 499.1 507.2 516.2 524.7 536.0 546.0 1 2 Less: Personal taxes &. nontaxes.. 52.4 57.4 60.9 59.2 65.4 61.6 60.4 56.9 58.8 60.7 64.8 66.2 64.8 65.7 2 3 Personal outlays................... 343.2 363.7 383.4 409.5 440.5 389.5 399.3 406.3 415.3 416.9 428, 1 436. 1 444.5 453.2 3 4 Equals: Personal saving..................... 21.2 21.6 20,4 26.3 24.9 24.4 23.4 27.3 25.0 29.5 23.3 22.3 26.7 27.1 4 5 Plus: Credits from Govt, insur,2. 3.4 3.5 4.0 4.8 5.7 4.2 4.5 4.6 5.1 4.9 5.2 6.2 5.9 5.3 5 6 Other adjustments3............. .6 .6 .6 .7 .8 .6 .5 .6 .7 .9 .8 .7 .8 .8 6 7 Net durables in consumpt... 2.9 6.7 8.5 10.8 14. 1 8.9 10.6 11.6 12.2 8.9 14.8 13.0 14. 1 14.4 7 8 Purchases........................... 44.2 49.5 53.4 58.7 65.0 54.9 57.4 59.1 60.5 57.9 64.6 63.5 65.4 66.4 8 9 Less; Cap. consumpt....... 41.3 42.8 45.0 47.9 50.9 46.0 46.8 47.5 48.3 49.0 49.8 50.5 51.3 52.0 9 10 Equals: Net saving...................... 28.0 32.4 33.5 42.6 45.4 38.2 38.9 44.1 43.0 44.2 44.1 42.2 47.5 47.6 10 1J Plus: Capital consumpt,4............. 47.8 49.7 52.4 55.8 59.3 53.6 54.5 55.4 56.2 57, 1 58.0 58.9 59.8 60.7 11 12 Equals: Gross saving......................... 75,8 82.1 85.9 98.4 104.7 91.8 93.4 99.5 99.3 101.3 102. | JOI.O 107.3 108.3 12 13 Gross investment (14+18)................. 78.0 87.8 91.5 102.1 111.6 97.6 98.2 103.0 100.8 106.4 105.6 104.3 117.1 119.3 13 14 Capital expend, (net of sales). . .. 65.0 71.7 76.0 82.3 88.8 78. 1 81.2 82.8 84. 1 81.0 87.4 87.8 89.7 90. 1 14 15 Residential construction............ 17.5 18.7 18.9 19.5 19.6 19.5 19.9 19.7 19.5 18.9 18.6 20.2 20. 1 19.4 15 16 Consumer durable goods.......... 44.2 49.5 53.4 58.7 65.0 54.9 57.4 59.1 60.5 57.9 64.6 63.5 65.4 66.4 16 17 Plant and equip, (nonprofit). .. 3.3 3.5 3.7 4.0 4.2 3.8 3,9 4.0 4. 1 4. 1 4. 1 4.2 4.2 4.3 17 18 Net finan. investment (19—37).......... 12.9 16.1 15.5 19.8 22.8 19.S 17.0 20.2 16.7 25.4 18.2 16.5 27.5 29.1 18 19 Net acquis, of finan. assets 5......... 29.9 36.6 41.9 47.2 5i.9 46.1 44.7 49.9 41.5 52.8 46.1 44.9 54.6 61.7 19 20 Demand dep. and currency. ... .8 4.1 5.3 7.4 10.7 6.8 10,6 3.4 2.8 13.1 9.6 3.6 8.6 20.9 20 21 Savings accounts......................... 17.4 23.4 23.0 23.9 24.6 23.0 19.6 23.8 25.4 27.0 24.5 20. 1 27.4 26.4 21 22 At commercial banks............. 6.2 10.3 7.9 8.2 11.5 8.0 4.9 8.1 8.5 11.4 11.4 8.0 14.3 12.3 22 23 At savings instutitions...... 11.2 13.0 15.1 15.7 13.1 15.0 14.7 15.7 16.8 15.6 13.1 12.1 13.1 14. 1 23 24 Life insurance reserves.............. 3.5 3.7 4.3 4.4 4.1 4.6 4.6 4.4 4.3 4.2 4.1 4.2 4.0 4.0 24 25 Pension fund reserves......... 8.6 8.8 9.9 11.6 12.5 9.3 10.9 12.3 11.0 12.4 12.0 13.4 12.6 12. 1 25 26 Cr. and equity mkt. instr...... .7 -1.7 1.3 3.5 3.6 5.8 2.7 9.2 1.2 .9 .4 6.8 4.5 2.4 26 27 U.S. Govt, securities.............. -.5 .4 3.7 2.1 3.0 7.6 2.3 4.0 .8 1.1 1.0 7.8 .6 2.6 27 28 Savings bonds...................... .8 .4 1.2 .9 .6 1.2 .8 .9 .8 1.0 .8 .4 .5 .8 28 29 Short-term mkt................... .5 2.9 -1.8 2.7 2.9 -.7 -4.3 -1.9 -.5 3.6 3.4 4.4 -.5 29 30 Other direct.......................... -1.2 - .9 -.9 2.0 -.9 1.6 2.4 5.1 .3 .3 -.6 . 1 -5. 1 2.0 30 31 Nonguaranteed................... * .3 .5 1.0 .5 1.9 -.2 2.2 1.6 .3 -2.8 3.9 .8 .4 31 32 State and local oblig............... 1.1 .4 1.6 2.6 3.7 3.3 2.3 4.9 .3 2.9 3.9 1.3 1.6 8.0 32 33 Corporate and fgn. bonds .. . -.2 -.9 -.5 -.7 -.8 .4 -1.7 -2.4 .8 .6 -1.1 1.0 1.9 -5.0 33 34 Corporate stock...................... .4 -1.6 -2.9 —. 6 -2.1 -4.4 2.5 -.9 -3.9 -2.4 -2.5 1.0 -4.3 34 35 Mortgages................................. -.2 * -.6 . 1 -.3 -1.1 -.2 .3 ,2 .2 -1.0 -.7 -.6 1.0 35 36 Net invest, in noncorp. bus.... -1.8 -2.3 -2.6 -4.2 -4.4 -2.7 -3.8 -4.7 -4.5 -3.8 -4.6 -4.6 -4.0 -4.4 36 37 Net increase in liabilities................. 16.9 20.6 26.3 27.4 29.0 26.6 27.7 29.7 24.8 27.4 27.9 28.4 27. 1 32.5 37 38 Credit mkt. instruments............ 13.4 18.9 22.1 23.6 27.6 21.8 24.3 23.9 23.9 22.2 27.6 11.6 26.7 28. 1 38 39 1- to 4-family mtgs.................. 11.2 12.9 14.9 16.0 15.3 14.8 16.3 16.0 16.2 15.6 15.5 14.0 15.2 16.4 39 40 Other mortgages..................... .9 .9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1,0 1.0 1.0 1.0 40 41 Consumer credit..................... 1.7 5.5 6.7 6.9 9.2 6.6 7.4 7.2 7.1 6.0 9.7 8.9 8.9 8.9 41 42 Bank loans n.e.c...................... .9 .5 .9 2.6 1.4 2.1 2.2 3.8 .1 4.3 .7 2.8 .9 1.2 42 43 Other loans 6............................ .6 .6 .5 .6 .7 .5 .6 .7 .6 .6 .7 .8 .7 .6 43 44 Security credit..................... 1.3 -.1 2.0 -.2 1.2 1.3 -.4 .7 -.8 -.3 -. 1 .7 . 1 4.2 44 45 Discrepancy (12 — 13)......................... -2.2 -5.7 -5.7 -3.7 -6.9 -5.8 -4.8 -3.5 -1.5 -5.0 -3.5 -3.3 -9.8 -10.9 45 For numbered notes see p. 733. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

728 FLOW OF FUNDS MAY 1966 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1963 1964 1965 Category 1961 1962 1963 1964 1965 IV I II III IV I*- IP III r IV (B) Nonfinancial business—Total 1 I Income before taxes 2............. 95.7 102.4 106.7 112.6 123.6 108.5 110,9 112,3 113.6 113,8 120.0 122,2 124.5 127.4 1 2 Gross saving........................................ 48,2 54.9 57.7 63.3 69.7 58.9 62.4 63.2 64.2 63.5 69.4 69.0 69.9 70.6 2 3 Gross Investment................................ 45.8 49.9 54.7 59.8 64.8 56,0 60,3 58.6 62.2 58.2 64,1 64.6 67.6 63.3 3 4 Capital expenditures........... 50.1 60.2 63.3 68.5 81.0 68.1 65.2 66.4 68.3 74.0 79.7 77.6 81.0 85.8 4 5 Fixed investment............................. 48.1 54.2 57.6 63.7 72.8 60.0 61.8 62.2 64.4 66,3 70.9 71.2 73.5 75,7 5 6 Business plant & equipment. . . 43.6 48.1 50.2 56.2 65.3 52.2 53,9 54.6 57,2 59.1 62,4 63.9 66,5 68.4 6 7 1 -4 family residential const. 3... .3 .1 .4 -.3 .2 .5 -.2 -.2 -.6 -.3 .8 -.1 -.2 7 8 Other residential... .................. 4.2 6.0 7.0 7.8 7.3 7.4 8.1 7.8 7.8 7.5 7.7 7.4 7.2 7.3 8 9 Change in inventories 4................. 2.0 6.0 5.7 4.8 8.2 8.1 3.3 4.2 4.0 7.7 8.8 6.4 7.6 10.1 9 10 Net. financial investment............ -4.3 -10.2 — 8.7 — 8.7 — 16.2 -12.1 — 4.9 -7.8 -6.2 — 15.8 — 15.6 — 13.0 -13.5 -22.5 10 II Net acquis, of finan. assets....... 17.7 14.5 17.6 15.4 24.8 11.0 12.3 15.5 25.8 8.2 24.3 25.6 22.3 27.0 11 12 Net increase in liabilities 7..,,,., 22.0 24.8 26.3 24.1 41.0 23.1 17.2 23.3 31.9 23.9 39. 9 38.6 35.8 49.5 12 13 Credit mkt. instruments....... 13.4 18.2 (8.8 22.2 30,6 21.4 15.2 29.0 21.0 23.6 28.2 32.9 28.8 32.3 13 14 Securities...................... 7.1 5.1 3.6 5.4 5.7 2.2 6.2 7.1 5.3 2.9 4.6 6.7 8.0 3.6 14 15 I-4 family mortgages,...... . ,2 . 1 .3 -.2 ,2 4 — .6 .3 — .4 - .2 -.1 1.1 . 1 -.4 15 16 Other mortgages..................... 4.2 7.0 8.0 9.1 9 1 8.5 7.9 9.9 8.8 9.6 8.3 9.2 9.6 9.1 16 17 Bank loans n.e.c....................... 1.3 4.3 5.1 5.0 12.6 9.4 .5 5.9 4.6 9.0 13,7 11.1 7.6 17.7 17 18 Other loans 7........................... .6 1.7 1.8 3.0 3.1 1.0 1 5.8 2.7 2.4 1.5 4.8 3.6 2.3 18 19 Trade debt................................... 7.3 4.7 6.4 3.4 8.3 2.4 3.9 -6.6 11.3 4.7 8.0 7.3 6.6 11.2 19 20 Other liabilities............................ 1.3 1.9 1.1 -1.5 2.1 — .7 -2.0 .9 — .3 -4.4 3.7 -1.6 .3 6.0 20 21 Discrepancy........................................... 2.4 5.0 3.1 3.5 4.8 2.9 2.2 4.6 2.0 5.3 5.3 4.4 2.3 7.3 21 (C) Farm and noncorporate nonfinancial business * 1 Net income 2....................... 55.6 57.5 58.7 59.4 62.9 58.9 59.3 58.4 59.1 59.7 60.3 63.0 63.8 64.6 1 2 Gross saving 6...................................... 12.6 13.1 13.4 13.9 14.3 13.5 13.6 13.8 13,9 14.0 14.2 14.3 14.5 14.6 2 3 Gross investment............................. 12,6 13.1 13.4 13.9 14.3 13.5 13.6 13.8 13.9 14.0 14.2 14.3 14,5 14.6 3 4 Capital expenditures......... 15.3 18,2 19.7 18.9 21.4 19.9 22.4 17.9 18.5 19.8 20.3 20.1 22.2 23.0 4 5 Fixed investment............................. 14.8 16.9 18,2 18.7 20.1 18.5 18.9 18.2 18.4 19.2 19.5 19.4 20,6 20.8 5 6 Change in inventories 4................. .5 1.3 1.5 .2 1.3 1.4 3.4 -.4 .1 .6 .8 ,7 1.6 2.2 6 7 Net financial investment........... — 2.7 -5.1 — 6.3 -5.0 -7.1 -6.3 -8.7 -4.1 -4.6 -5.8 -6.1 -5.8 -7.7 -8.4 7 8 Net acquis, of finan. assets........... .5 .5 .7 .5 .5 ,9 .6 .5 .8 .4 .5 .4 .4 .7 8 9 Net increase in liabilities 7............. 3.1 5.6 7.0 5.5 7.6 7.2 9.4 4.6 5.4 6.1 6.6 6.2 8. 1 9.1 9 10 Credit mkt, instruments....... 4.3 7.0 8.5 8.8 10,3 8.3 10.2 1.1 10.9 8,3 10.6 10.3 10.2 10.2 10 11 Mortgages..........2.....7..........4.....2..... 5.0 5.5 5.8 5.4 5.1 4.7 6.2 5.2 5.2 6.3 6.0 5.6 11 12 Bank loans n.e.c....................... 1.3 1.9 2.2 1.6 2,7 1.7 4.0 2.1 1.5 1.5 4.0 1.3 2.2 3,2 12 13 Other loans V................... .3 1.0 1.3 1.7 1 ,9 1.2 1.1 .9 3.1 1.6 1.4 2.7 2.0 1.5 13 14 Trade debt, net............................ .6 .9 1.1 .9 1.6 1.4 1.9 .7 — .8 2.2 .5 .6 1.9 3.3 14 15 Proprietors’ net investment 9... -1.8 -2.3 -2.6 -4.2 -4,4 -2.6 -2.7 -3.8 -4.7 -4.5 -4.6 -4.6 -4.0 -4.4 15 (D) Corporate nonfinancial business *0 I Profits,......,.................... 40.2 44.9 48.0 53.3 60.6 49.3 52.4 53.1 54,0 53,6 59.7 59.3 60,7 62.8 I 2 Profits tax accruals..................... 19,7 20.8 22.5 23.5 26.3 23.4 23.7 23.9 24.2 22.3 25.9 26.0 26.2 27.1 2 3 Net dividend payments 11............. 10.3 11.4 12.2 13.3 13.9 12.4 12.3 12,5 12.8 15.5 12.9 13,3 14.2 15.3 3 4 Net savings (1-2-3).............................. 10.1 12.6 13.3 16.5 20.4 13.4 16.5 16.7 17.0 15.7 20.8 20.0 20.3 20.4 4 5 Capital consumption........................... 25.4 29.2 31.0 32.9 34.9 31.8 32.2 32.6 33.2 33.7 34.3 34,7 35.1 35.6 5 6 Current surp.= gross saving (4T5).. 35.6 41.8 44.3 49.4 55.3 45.2 48.7 49.3 50.2 49,4 55,2 54.7 55.4 56.0 6 7 Gross investment................................. 33.2 36.8 41.2 45.9 50.5 42.3 46.5 44.7 48,2 44.1 49.9 50.2 53.1 48,7 7 8 Capital expenditures..................... 34.9 42.0 43.6 49.6 59.6 45.7 47.3 48.0 48.6 54.4 59.4 57.4 58.9 62.8 8 9 Fixed investment.............................. 33.3 37.3 39.4 45.0 52.7 41.1 43.6 43.8 45.2 47.4 51.4 51.8 52.9 54.9 9 10 Plant and equipment............ 31.1 34.3 35.7 41.3 49.0 37.1 39.7 40.0 41.6 43.8 47.1 48.1 49,4 51.2 10 11 Residential construction............ 2.3 3.0 3.7 3.7 3.8 3.9 4.0 3.8 3.6 3.6 4.2 3.6 3.5 3.6 11 12 Change in inventories 4................. 1.5 4.7 4.2 4.6 6.9 4.6 3.7 4.1 3.4 7.0 8.0 5.7 6.0 7.9 12 13 Not financial investment..... .. -1.7 -5.2 -2.4 -3.7 -9.1 -3.4 -.8 -3.3 -.4 -10.3 -9.5 -7.2 -5.8 -14.1 13 14 Net acquis, of finan. assets 12........ 17.2 14.0 16.9 14.9 24.3 10,4 11.8 14.7 25.4 23.8 25.2 21.9 26.3 14 15 Liquid assets................................ 3.3 1.6 2.3 -1.0 .3 3.6 -.7 1.1 3.4 -7.6 -1.0 .5 .5 1.3 15 16 Demand dep. and curr........... 1.6 -2.3 -1.9 -2.6 -3.3 -.8 -7.2 2.1 2.1 -7.5 -4.1 -2.4 -6.4 -.1 16 17 Time deposits.......................... 1.9 3.7 3.9 3.2 5.0 5.2 6.4 1.4 1.5 3.4 8.3 6.8 3.7 1.2 17 18 U.S. Govt, securities........ -.3 .2 .4 -L5 -2.1 -.8 .2 -2.4 -.2 -3.5 -5.1 -4.5 1 .7 -.5 18 19 Open-market paper..................... .1 .8 .7 1.4 .7 .6 1.0 2.0 1.6 1.1 -.1 .6 1.5 ,8 19 20 Consumer credit.......................... .1 .9 .7 1.0 1.2 .5 .2 1.7 .9 1.0 1.8 .4 .9 1.3 20 21 Trade credit.................................. 9.4 7.8 8.0 8,9 13.5 6.0 6.7 5.5 14.4 9.0 14,4 12.5 9.3 17.8 21 22 Other financial assets 13............ 4.4 2.9 5.2 4.5 9.3 -.3 4.5 4.3 5.1 4.2 8.6 11.8 11.1 5.9 22 23 Nel increase in liabilities................. 18.9 19.2 19.3 18.6 33.4 13.8 12.6 17.9 25.8 18.1 33.3 3 .4 27.6 40.4 23 24 Credit mkt. instruments............ 9.1 11.2 10.3 13.5 20.2 11.2 7.6 18.1 12.7 15,5 17.5 22,6 18.6 22.1 24 25 Corporate bonds..................... 4.6 4.6 3.9 4.0 5.4 3.7 3.6 3.8 4.2 4.3 4.7 5.0 8.3 3.6 25 26 Corporate stock....................... 2.5 .6 -.3 1.4 .3 -1.5 2.6 3.3 1.1 -1.5 1.7 -.4 -.1 26 27 Mortgages.................................. 1.7 2.9 3.4 3.4 3.5 3.7 2.6 3.9 3.2 3.7 3.0 4.0 3.7 3.2 27 28 Bank loans n.e.c..................... 2.4 2.8 3.4 9.9 5.4 -1.5 4,3 3.1 7.8 9.7 9.8 5.4 14.5 28 29 Other loans 14......................... .3 .7 .5 1.3 1.2 -. 1 .3 2.7 1.1 1.1 .1 2.1 1.6 .8 29 30 Profit tax liability15.................... 1.7 .4 1.8 .2 2.0 .8 .6 -.6 -.1 .9 2.6 -1.7 1.5 5.7 30 31 Trade debt.................................... 6.7 3.8 5.3 2.4 6.7 .6 3.2 -5.7 9.0 3.2 7.4 6.8 4.7 7.9 31 32 Other liabilities............................. 1.4 3.8 1.9 2.5 4.5 1.2 1.1 6.1 4.2 -1.6 5.7 4.7 2.8 4.7 32 33 Discrepancy.......................................... 2.4 5.0 3.1 3.5 4.8 2.9 2.2 4.6 2.0 5.3 5.3 4.4 2.3 7.3 33 34 Memo: Net trade credit..................... 2.7 4.0 2.7 6.5 6.8 5.4 3.5 11.3 5.4 5.8 7.0 5.7 4.6 9.9 34 35 Profits tax payments 15, 18.1 20.6 20.5 24.0 25.6 21.1 23.6 24.7 23.8 23.8 23.9 29.3 25.1 24.0 35 For numbered notes see p. 733. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 FLOW OF FUNDS 729 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1963 1964 1965 Category 1961 1962 1963 1964 1965 IV I II MI IV I' IP IIP IV (E) U.S. Government 1 I Tax receipts (net of refunds)............. 80.0 85.9 91.2 90.8 98.9 92.8 91.5 88.4 90.7 92.6 99.0 99.5 97.6 99.5 I 2 Individual income.............. 44.7 48.6 51.5 48.6 53.9 51.9 50.2 46.5 48.1 49.8 53.5 54.8 53.2 54.0 2 3 Corp, profits tax accruals.............. 21.8 22,7 24.5 26.0 28.3 25.4 25.7 25.9 26.2 26.4 27.7 28.0 28.3 29.2 3 4 Other................................................... 13.6 14.6 15,3 16,1 16.7 15.5 15.6 16.0 16.4 16.4 17.7 16.7 16.1 16.3 4 Social insurance programs 2 5 Premiums received.......................... 16.2 18.5 20.9 21.5 22.9 21.3 21.1 21.3 21.7 22,0 22.5 22.7 23.0 23.5 5 6 Benefits paid....................... 16.8 17.4 18.2 18.6 20.2 18.2 19.2 18.4 18.5 18.5 19.7 18.4 22.2 20.4 6 Life insur. & retirement programs 3 7 Premiums received.......................... 2.0 2.1 2.1 2.2 2.3 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.3 2.3 7 8 Benefits paid...................................... 3.0 2.9 3.2 3.2 3.4 3.2 3.2 3.1 3.1 3.2 3.3 3.4 3.5 3.5 8 9 Net grants and donations paid 4... . 18.3 19.4 20,5 22.9 24.4 21.4 21.8 22.9 23.2 23.6 23.6 24.3 24.6 25.0 9 10 Net interest paid................................... 6.6 7.2 7.8 8.4 8.8 8.0 8.3 8.2 8.5 8.4 8.6 8.7 8.8 8.9 10 11 Net purchases of goods & services.. 57.4 63.4 64.4 65.3 66.6 64.4 65.0 67.0 64.9 64.3 64.9 65.7 66.5 69.2 11 12 Net surplus............................................ -3.8 -3.8 .3 -3.8 .7 1.1 -2.7 -7.7 -3.7 -1.2 3.6 3.8 -2.8 -1.8 12 13 Credits imputed to consumers 5.... 1.0 1.1 1.3 1.3 1.4 1.3 1.3 1.3 1.5 1.2 1.3 2.0 1.6 1.0 13 14 Gross saving............................... -4.8 — 4.8 -1.0 -5.0 -.6 -.1 -3.9 -8.9 -5.1 -2.3 2.4 2.0 -4.2 -2.6 14 15 Net finan. investment (16 — 23).......... -5.0 -4.2 -1.1 -2.9 -2.0 .5 .9 -3.1 -8.4 -1.2 2.7 -.7 -6.0 -4.0 15 16 Net acquis, of finan. assets,...... 4.1 5.0 4.9 4.7 3.7 7.9 7.7 2.8 3.3 5.1 10.6 5.4 -9.9 8.8 16 17 Demand deposits & currency... .1 1.0 -.3 .6 -1.4 1.2 4.4 -1.5 -.7 .3 5.4 -.6 -13.5 3.0 17 18 Credit market instruments........ 2.8 3.5 2.7 3.8 4.5 4.1 3.4 4.9 3.4 3.6 4.9 6.7 3.1 3.2 18 19 Mortgages.............................. .6 .3 -1.0 .2 1.0 -.4 .3 .8 -.3 .6 1.2 .7 1.4 19 20 Other loans............................... 2.2 3.1 3.7 3.6 3.5 4.6 3.0 4.0 3.3 4.0 4.3 5.5 2.4 1.7 20 21 Excess of tax accruals over receipts...................................... .7 .8 1.7 .2 .2 2.0 .3 -.2 .9 -.3 1.2 -3.5 .7 2.3 21 22 Other financial assets $ ....... .5 - .3 .9 .1 .5 .6 - .4 -.4 -.2 1 .5 -.8 2.7 -.3 .4 22 23 Net increase in liabilities......... 9.1 9.2 6.0 7.7 5.7 7.4 6.8 5.9 11.7 6.3 8.0 6.0 -3.9 12.8 23 24 Life insurance and retirement reserves........................... 1.0 l.l 1.3 1.3 1.4 1.3 1.3 1.3 1.5 1.2 1.3 2.0 1.6 1.0 24 25 US Govt, securities ?............ 7.3 7.3 5.2 6.2 4.1 6.4 8.7 3.9 7.1 4.4 7.7 3.0 -7.7 13.2 25 26 Svgs. bonds 8........................... .8 .4 1.2 .9 .6 1.2 .8 .9 .8 1.0 .8 .4 .5 .8 26 27 Short-term direct $................. 8.8 .5 1.4 4.0 3.5 5.2 9.1 -1.0 -3.7 11.4 13.9 2.4 -12.8 10.5 27 28 Other securities........................ -2.9 4.8 l.l .9 -2.9 -3.3 1.0 1.0 10.0 -8.6 -7.4 -4.6 .4 .2 28 29 Non guaranteed issues............ .7 1.6 1.5 .4 2.8 3.4 -2.3 3.0 .5 .6 .5 4.8 4.2 1.7 29 30 Other loans to.............................. .3 .5 -.2 .5 -.5 -.5 -l.l 1.7 .9 .6 — ,2 -.3 .9 -2.3 30 31 Other liabilities........................... .5 .3 -.3 -.4 .7 .2 -2.1 -1.0 1.6 . 1 -.9 1.4 1.2 1.0 31 32 Discrepancy (14 —15)......................... .2 -.6 . 1 -2.1 1.4 -.6 -4.8 -5.8 3.3 -1.1 -.3 2.6 1.8 1.4 32 33 Memo: Corp, tax receipts, net......... 21.0 21.9 22.8 25.9 28.1 23.4 25.4 26.1 25.3 26.7 26.6 31.4 27.5 26.9 33 (F) State and local governments 11 1 Tax receipts. ......................................... 43.2 47.1 50.2 54.1 58.6 51.4 52.6 53.6 54.8 55.5 56.9 57.9 59.3 60.3 I 2 Social ins. and grants rec............ 10.4 11.5 12.9 (4.5 15.7 13.8 13.9 14.4 14.7 15.0 15.0 15.3 16.0 16.5 2 3 Purch of goods and services........... 50.2 53.7 58.3 63.1 68.2 60.0 61.3 62.7 63.8 64,3 66.4 67.8 68.9 69.8 3 4 Net interest & transfers paid *L... 3.9 3.9 4.0 4.2 4.3 4.0 4.1 4.2 4.1 4.3 4.4 4.4 4.3 4.3 4 5 Net surplus........................................... -.5 .9 .9 1.4 1.7 1.2 .9 1.1 1.5 1,9 1.1 l.l 2.2 2.6 5 6 Less retirement cr. to hsholds........... 2.4 2.4 2.7 3.5 4.2 2.9 3.2 3.4 3.6 3.7 4.0 4.2 4.3 4.3 6 7 Equals: Gross saving........................ -2.9 -1.4 -1.8 -2.1 -2.5 -1.8 -2.2 -2.2 -2.0 -1.9 -2.9 -3.1 -2.1 -1.7 7 8 Net financial investment (9 — 17).. .. -3.3 -2.5 -2.6 -3.6 -2.1 2.0 -3.6 -5.5 -3.8 -1.4 -3.1 -2.0 -1.4 -1.7 8 9 Net acquis, of finan. assets............ 4.4 5.6 7.2 6.2 10.0 12.5 4.0 4.7 6,4 9.7 8.4 10.5 8.4 12.5 9 10 Liquid assets.. ....................... 1.1 2.5 3.7 1.9 3.7 10.5 -1.1 1.2 1.1 6.4 2.1 4.8 1.6 6.2 10 11 Demand deposits and cur.... .3 .9 2.0 .7 -.5 7.8 -1.7 -2.3 1.4 5.6 -5.3 1.6 .9 1.0 II 12 Time deposits....................... •. .9 1.0 1.6 1.7 3.0 2.2 .3 l.l 2.2 3.3 2.1 .5 4.3 5.1 12 13 Short-term U.S. Govt. sec... -.1 .6 .1 -.5 l.l .5 .2 2.5 -2.4 -2.5 5.3 2.7 -3.5 . 1 13 14 Other U.S. Govt, securities. . .. .5 .7 .6 .9 1.2 -.9 1.9 . 1 1.8 -.1 2.7 1.3 1.4 -.6 14 15 State and local obligations........ -.2 -.7 -.7 — .6 -.6 -.7 -.6 -.6 -.6 -.6 -.6 -.8 -.6 -.5 15 16 Other 13........................................ 2.9 3.0 3.5 3.9 5.5 3.7 3.8 4.0 4.0 3.9 4.0 5.1 5.9 6.9 16 17 Net increase in liabilities......... 7.7 8.1 9.8 9.8 12.0 10.5 7.6 10.2 10.2 11.1 11.5 12.5 9.8 14.3 17 18 Credit market borrowing.......... 5.2 5.6 7.0 6.2 7.7 7.4 4.3 6.7 6.5 7.3 7.4 8.2 5.4 9.8 18 19 State and local obligations... 4.9 5.0 6.7 5.9 7.4 7.1 4.2 6.4 6.0 6.8 7.1 7.5 5.0 9.9 19 20 Short-term............................ .4 .4 .7 .5 1.3 .6 .5 1.0 . 1 .2 1.4 1.2 1.3 1.3 20 21 Other...................................... 4.5 4.6 6.0 5.4 6.1 6.6 3.7 5.4 5.9 6.6 5.7 6.4 3.7 8.6 21 22 U.S. Govt, loans........... .3 .6 .3 .4 .3 .3 .1 .4 .5 .5 .4 .6 .4 -.1 22 23 Employee retirement reserves.. 2.4 2.4 2.7 3.5 4.2 2.9 3.2 3.4 3.6 3.7 4.0 4.2 4.3 4.3 23 24 Trade debt.................................... J .1 .1 .1 . 1 .1 . 1 .1 .1 . 1 . 1 . 1 .1 . 1 24 25 Discrepancy................................ .4 1.1 .8 1.5 -.4 -3.8 1.4 3.3 1.7 -.4 .2 -1.1 -.7 * 25 26 Memo: Total U.S. Govt, sec............ .4 1.3 .7 .4 2.4 -.4 2. 1 2.6 -.6 -2.7 8.0 4.0 -2.1 -.4 26 For numbered notes see p. 733. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

730 FLOW OF FUNDS MAY 1966 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued Un billions of dollars) 1963 1964 1965 Category 1961 1962 1963 1964 1965 IV I II III IV Ir ID III’- IV (G) Monetary authorities 1 1 Current surplus.................................... . 1 . 1 . 1 . 1 .2 . 1 ,1 . 1 .1 . 1 . 1 .2 .2 .1 1 2 Net acquis, of financial assets........... 1.4 1.7 2.2 3.4 2.3 3.5 4.4 1.7 2.2 5.2 2.2 3.8 3.5 -.5 2 3 Gold and foreign exchange 2........ -.8 -.8 -.4 -1.3 -. 1 .5 -.8 .2 .2 -3.0 -2.2 1.3 -1.4 3 4 Treasury currency............................ .2 -.2 .2 -.1 -. 1 -.6 1 . 1 .3 .4 4 5 Credit mkt. instruments................. 1.5 2.0 2.9 3.4 3.8 4.0 2.9 1.6 2.5 6.6 4.5 3.3 2.9 4.6 5 6 U.S. Govt, securities................... 1.5 1.9 2.8 3.5 3.7 3.5 3.2 1.8 2.4 6.5 4.4 3.7 2.9 3.9 6 7 Short-term direct.................... -I. I 2.0 4.9 2.1 3.7 .3 3.5 -2.3 5.1 2.2 15.5 7.0 -3.0 -4.8 7 8 Other.......................................... 2.6 -.1 -2.2 1.3 .1 3.2 -.3 4.1 -2.6 4.2 -11.1 -3.3 5.8 8.8 8 9 F.R. float........................................... .5 .6 -.3 -.4 -.8 .5 .6 -1.1 .2 1.7 -3.4 9 10 F.R. loans to domestic banks.... . 1 -. 1 * . 1 -.1 .4 .5 .4 -.4 . 1 .5 2.6 -2.6 -.6 10 11 Net increase in liabilities..................... 1.3 1.6 2.1 3.3 2.1 3.5 4.3 1.6 2.1 5.1 2.1 3.6 3.3 -.6 11 12 Member bank reserves................... .3 . 1 -.4 .8 .4 1.0 2.4 -1.5 .3 2.0 -.4 2.3 -.8 .2 12 13 Vault cash of coml. banks 3......... .3 .7 .6 -.4 .3 1.0 .8 -.3 -.2 -2.1 2.8 -.5 -1.2 * 13 Demand deposits and currency.. 14 Due to U.S. Govt....................... . 1 .3 .2 -.5 -.3 .5 .4 . 1 .4 -.6 1.7 -1.6 14 15 Due to rest of the world 4........ .1 -.1 .1 -. 1 -.1 -.1 .4 -.3 . 1 .1 -.2 15 16 Currency outside banks............. .7 .8 1.7 2.4 2.2 2.0 1.5 2.5 1.9 3.6 -. 1 2.6 3.9 2.1 16 17 Other................................................... -.2 * -. 1 .3 -. 1 * * .3 -.2 1.1 -. 1 . 1 * -.4 17 (H) Commercial banks 5 1 Current surplus..................................... 1.3 1.5 1.7 1.9 2.2 1.8 1.9 1.9 2.0 2.0 2.0 2.2 2.3 2.4 1 2 Net acquisition of financial assets. .. 17.1 20.7 19.8 23.2 30.1 27.6 20.7 20.2 22.9 29.0 37.1 29.0 12.0 42.1 3 Member bank reserves 6................ .3 .1 -.4 .8 .4 1.0 2.4 -1.5 .3 2.0 -.4 2.3 -.8 .2 3 4 Vault cash.......................................... .3 .7 .6 -.4 .3 1.0 .8 -.3 -.2 -2.1 2.8 -.5 -1.2 4 5 Total loans and investments......... 15.7 19.5 19.1 22.2 28.6 24.1 17.4 21.3 20.2 30.0 33.2 27. 1 12.2 41.8 5 6 Credit market instruments........ 14.6 18.4 18.5 21.7 28.3 23.6 15.4 19.6 21.3 30.6 30.5 25. 1 21.9 35.9 6 7 U.S. Govt, securities?............ 5.4 .8 -2.6 -.5 -2.0 -1.1 1.0 -6.6 2.7 .9 -.2 -8.0 -5.3 5.7 7 8 Short-term direct................. 9.3 -5.2 -3.7 3.9 -1.7 3. 1 5.4 1.4 -.5 9.2 -1.3 -7.5 -6.1 8.2 8 9 Other direct.......................... -4.1 5.2 .5 -4.1 -1.4 -5.4 -2.7 -9.0 3.8 -8.6 .3 -1.1 -1.2 -3.7 9 10 Nonguaranteed.................... .3 .8 .5 -.2 1.1 1.1 -1.7 1,1 -.6 .3 .8 .6 2.0 1.2 10 11 Other securities & mortgages. 4.2 8.3 10.1 8.2 10.0 8. 1 6.9 7.0 9.0 9.7 8.6 12.3 10.5 8.7 11 12 State and local oblig........... 2.8 4.4 5.2 3.6 4.7 3.6 2.1 2.4 5.1 4.8 3.7 6.7 4.5 3.7 12 13 Corporate bonds......... -.2 .1 .3 .3 -.1 -.1 . 1 . 1 13 14 1- to 4-family mortgages. . .8 2.0 2.7 2.3 2.7 2.4 2.7 2.2 2.0 2.1 2.7 2.7 3.0 2.5 14 15 Other mortgages................. .8 1.9 2.2 2.2 2.6 2.1 1.8 2.2 2.0 3.0 2.0 2.9 3.0 2.4 15 16 Other credit exc. security.... 5.0 9.3 11.1 14.1 20.3 16.7 7.5 19.1 9.7 20.0 22.1 20.8 16.7 21.5 16 17 Consumer credit................. .9 2.3 3.0 2.8 4.4 2.8 3.0 2.5 3.0 2.5 4. 1 4.4 4.8 4.5 17 18 Bank loans n.e.c................. 3.0 6.2 8.2 9.9 16.8 14.2 4.8 14.4 4.6 15.8 20.0 15.6 10.9 20.5 18 19 Other loans 8....................... 1.1 .8 1.4 -.9 -.3 -.3 2.2 2.0 1.6 -1.9 .8 1.0 -3.5 19 20 CCC Ioans........................ .3 .5 -.2 .5 -.5 -.5 -1.1 1.7 .9 .6 -.2 -.3 .9 -2.3 20 21 Open market paper........ .8 .2 .7 - .5 . 1 .6 .4 .9 .9 -1.8 1.0 -1.2 21 22 Security credit.............................. 1.1 1.1 .6 .5 .2 .4 2.0 1.7 -1.1 -.6 2.7 2.0 -9.7 5.8 22 23 Mise, assets....................................... .7 .5 .4 .6 .9 1.6 . 1 .7 2.6 -.9 1.5 .1 1.8 . 1 23 24 Net increase in liabilities..................... 16.0 19.7 19.1 21.7 28.8 27.2 19.4 17.9 21.9 27.5 35.8 27.2 11.5 40.6 24 25 Demand deposits, net................... . 4.8 3.7 3.7 4.8 5.1 9.7 2.8 2.5 6.0 7.9 5.2 3.6 -9.4 21.2 25 26 U.S. Govt. 9.................................. 1.2 -.6 — 1.2 -.3 3.8 -1.4 -1.5 -1.1 4.9 2.0 -14.6 2.8 26 27 Foreign >0..................................... .7 .1 . 1 .4 -.2 1.5 -.2 1.1 -.6 1.4 -.1 1.3 -2.6 27 28 Other, net D................ 4.1 2.3 4.2 4.4 6.3 10.2 -2.5 4.2 6.4 9.7 -1.1 1.6 3.9 21.0 28 29 Time deposits.................................... 9.4 15.6 14.3 14.6 20. 1 16.2 13.1 12.1 13.3 19.9 22.6 16.7 22.1 18.9 29 30 F.R. float........................................... .5 .6 -.3 -.4 -.8 .5 .6 .1 -1.1 .2 1.7 -3.4 30 31 Borrowing at F.R. Banks.............. . 1 -.1 . 1 - . 1 .4 .5 .4 -.4 .5 2.6 -2.6 —. 6 31 32 Other liabilities................................ 1.3 -.1 1.4 2.1 4.0 1.7 2.6 2.2 3.0 .6 7.3 4.3 -.2 4.5 32 33 Security issues.............................. .2 .1 .3 .6 .8 .9 .9 .5 .6 .4 .5 2.0 . 1 .4 33 34 Discrepancy.......................................... * .3 .5 * .5 .8 .2 -.8 .6 .1 .3 -.1 1.5 .5 34 35 Memo: Total loans exc. mortgages.. 6.1 10.3 11.7 14.6 20.5 17.1 9.5 20.9 8.5 19.3 24.8 22.8 7.0 27.3 35 (I) Non bank financial institutions 1 1 Net acquis, of financial assets............ 28.3 32.7 37.1 36.9 36.2 34.2 33.7 42.9 35.4 35.8 37.9 40.0 28.5 38.6 I 2 Demand deposits and currency. .. 1.1 1.0 .2 .2 .5 .2 1 1.1 -.8 .7 -.4 .6 .8 1.0 2 3 Credit mkt. instr............................... 24.6 30.8 33.8 35.8 34.5 31.7 33.6 39.8 36.0 33.7 38.3 38.0 26.9 34.8 3 4 Security credit.................................. l.l -.3 1.9 -.5 .2 1.0 -1.0 .2 -1.1 -.2 -1.0 .4 -.5 1.9 4 5 Other financial assets...................... 1.5 1.2 1.2 1.4 1.0 1.2 1.1 1.7 1.3 1.6 1.0 1.0 1.3 .9 5 6 Net increase in liabilities..................... 26.8 30.5 35.7 35.1 34.1 33.6 32.0 41.6 32.8 34.2 34.6 38.1 26,2 37.4 6 7 Credit mkt. instruments 2............. 3.5 5.6 7.2 5.9 8.7 8.0 4.1 9.7 4.1 5.7 8.2 10.7 9.1 6.9 7 For numbered notes see p. 733. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 FLOW OF FUNDS 731 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1963 1964 1965 Category 1961 1962 1963 1964 1965 IV I II III IV IIr III’’ IV (1.1) Savings and loan associations 1 Net acquis, of financial assets........... 10.7 U.S 14.0 11.7 10.1 13.6 11.1 12.4 12.0 11.4 10.0 10.9 10.2 9.2 I 2 Demand deposits and currency 5. .4 .6 . 1 * .1 .1 * -.4 .1 .6 -.1 2 3 Cr. mkt. instr. 6............................... 9.4 10.3 13.3 11.1 9.5 12.8 10.7 11.5 11.3 10.8 10. 1 10.0 8.5 9.3 3 4 U.S. Govt, securities.................. .6 .4 1.0 .6 .5 .8 .7 .6 1.1 .9 .4 -.2 .8 4 5 1- to 4-family mortgages........... 7.0 7.4 9.6 7.8 6.6 9.4 8.4 7.9 7.6 7.2 7.1 6.8 6. 1 6.3 5 6 Other mortgages......................... 1.7 2.6 2.6 2.6 2.3 2.7 2.4 2.8 2.7 2.5 2.1 2.6 2.5 2.1 6 7 Mise, financial transactions........... .9 .6 .5 .7 .6 .6 .3 1.0 .8 .7 .4 .8 1.2 . 1 7 8 Net increase in liabilities..................... 9.9 10.7 13.3 11.0 9.3 12.9 10.4 11.6 11.3 10.9 9.0 10.0 9.6 8.6 8 9 Savings shares.................................. 8.7 9.4 11.1 10.5 8.4 10.6 9.9 10.7 11.1 10.4 8. 1 7.7 8.4 9.4 9 10 Mtg. loans in process..................... .4 .4 .5 -.3 -.1 .4 -.2 -.4 -.3 -.3 . 1 .2 -.3 -.2 10 11 Borrowing from FHLB................. .7 .8 1.3 .5 .7 1.7 .7 .8 .1 .6 .9 1.6 .7 -.6 11 12 Memo: FHLB loans less deposits... .4 .8 1.4 .5 .8 1.8 1.2 .5 -.1 .4 1.4 1.5 .7 -.3 12 (1.2) Mutual savings banks 1 Net acquis, of financial assets 4......... 2.3 3.3 3.6 4.5 4.0 3.2 4.3 5.0 5.2 3.8 4.3 4.3 4.2 3.2 1 2 U.S. Govt, securities....................... -.1 -.2 -.3 -.5 * .6 .2 -.9 -.2 .4 -.3 -1.1 2 3 Corporate bonds............................. -.1 -.2 -.2 -.1 -.4 .1 -.2 -. 1 -.4 . 1 1 .2 -.2 3 4 1- to 4-family mortgages............... 1.7 2.1 2.6 2.7 2.8 2.5 2.3 2.0 3.2 3.2 2.6 2.5 3.1 3.0 4 5 Other mortgages.............................. .6 1.0 1.3 1.6 1.4 1.6 1.4 2.1 1.5 1.5 1.3 1.3 1.5 1.5 5 6 Savings deposits................................... 1.9 3.1 3.3 4.2 3.6 3.6 3.9 4.0 4.7 4.4 3.9 3.1 3.7 3.7 6 (1.3) Life insurance companies 1 Net acquis, of financial assets 4........ 6.1 6.8 7.0 ■ 7.7 8.4 6.9 7.2 6.8 8.6 8.1 8.7 8.1 8.3 8.6 1 2 Cr, mkt. instr.................................... 5.7 6.5 6.7 7.4 8.1 6.6 6.9 6.5 8.4 7.6 8.6 7.8 8. 1 7.9 2 3 U.S. Govt, securities................... -.4 . 1 -.4 -.3 -.4 .3 -.4 —. 1 -.7 . 1 -.7 -.7 — . 5 3 4 State and local obligations........ .3 .1 -.2 -.1 -.3 -.2 -.8 .8 -.1 -.2 -.1 -.6 -.2 4 5 Corporate bonds......................... 2.5 2.5 2.8 2.3 2.7 2.2 2.7 2.3 1.8 2.2 2.0 2.0 3.6 3. 1 5 6 Corporate stock........................... .5 .4 .2 .5 .8 .1 .5 .5 .6 .6 .6 .6 .8 1.2 6 7 I- to 4-family mortgages........... .9 .6 .9 1.4 1.6 l.l 1.1 1.2 1.6 1.7 1.9 1.5 1.5 1.6 7 8 Other mortgages......................... 1.5 2.1 2.7 3.2 3.2 3.0 2.9 3.2 3.2 3.4 3.4 3.0 3.1 3.4 8 9 Other loans................................... .4 .7 .5 .3 .5 .1 .3 * .5 .5 .8 1.5 .5 -.6 9 10 Net increase in liabilities..................... 5.7 6.1 6.5 7.2 7.2 7.1 7.2 7.2 7.2 7.1 7.1 7.2 7.3 7.3 10 11 Life insurance reserves................... 3.4 3.6 4.1 4.3 3.9 4.5 4.5 4.4 4.2 4.1 3.9 3.9 3.9 3.9 11 12 Pension fund reserves..................... 1.4 1.4 1.7 2.0 2.2 1.8 1.8 1.9 2.0 2.0 2.1 2.2 2.2 2.3 12 13 Other.................................................. 1.0 1.0 .7 .9 1.1 .8 .9 .9 1.0 1.0 1.2 1. 1 1.1 1.0 13 (1.4) Noninsured Pension Plans I Net acquis, of financial assets 4......... 3.9 4.0 4.4 5.0 4.8 3.4 4.6 5.7 4.0 5.5 4.8 5.3 4.5 4.5 1 2 Credit mkt. instr. 7........................... 3.8 4.0 4.3 4.8 4.8 3.4 4.5 5.5 3.9 5.4 5.4 5.4 4.4 4.2 2 3 U.S. Govt, securities.............. .1 .2 .4 .4 -.3 .1 .3 .4 -.2 1.0 -.3 -.2 -.7 -.2 3 4 Corporate bonds..................... 1.2 1.2 1.5 1.6 1.6 .7 1.3 2.1 1.5 1.6 2.1 1.6 1.8 .9 4 5 Corporate stock...................... 2.3 2.2 2.2 2.3 3.0 2.2 2.3 2.4 2.1 2.2 3.1 3.0 2.9 3.2 5 (1.5) Other insurance companies 1 Net acquis, of financial assets 4........ 1.3 1.5 1.5 1.0 .9 1.6 1.2 1.1 .5 1.4 1.1 .7 1.2 .7 1 2 Demand deposits and currency... * * -.1 -.1 * * * 2 3 Credit mkt. instr.............................. 1.2 1.3 1.4 .9 .7 1.5 1.1 1.0 .4 1.2 1.0 .5 1.0 .5 3 4 -. 1 .2 -.1 .3 * -.3 .5 .2 .3 -.4 1 -. 1 4 5 State and local obligations........ 1.0 .7 .8 .2 .2 .8 .6 .3 * -.2 -.1 .2 .4 .2 5 6 Corporate bonds.......................’. .1 .1 .4 .3 .1 .2 .3 .4 .5 .4 .4 .3 .2 6 7 Corporate stock........................... .3 .4 .3 .3 .3 .2 .3 .7 -.5 .7 .3 .3 .3 .2 7 (1.6) Finance companies 1 Net acquis, of financial assets........... .6 2.7 4.0 4.0 5.0 4.0 3.5 7.3 2.3 2.8 4.8 6.0 4.9 4.2 1 2 1- to 4-family mortgages............... .6 .5 .8 .4 .5 .9 .3 1.0 .1 .2 1.0 .4 .9 -.1 2 3 Consumer credit.............................. 1.3 1.8 1.8 1.9 2.2 3.0 1.3 1.4 1.4 2.3 2.3 1.8 1.5 3 4 Other loans........................................ -.2 .8 1.6 1.8 2.5 1.1 .2 5.1 .8 1.2 1.6 3.4 2.2 2.9 4 5 Net increase in liabilities..................... .5 2.6 4.0 4.0 5.1 4.0 3.5 7.4 2.4 2.7 5.2 6.1 4.9 4.2 5 6 Corporate bonds.............................. .5 .3 1.4 2.1 1.9 2.2 2.2 2.4 2.0 1.8 1.5 1.9 1.4 2.7 6 7 Bank loans n.e.c............................... .1 1.0 1.6 .4 2.2 1.3 .3 3.5 -1.8 -.2 2.8 2.4 1.7 1.9 7 8 Open mkt. paper.............................. -.1 1.2 1.0 1.5 1.0 .5 1.0 1.5 2.1 1.2 .8 1.8 1.8 -.4 8 For numbered notes see p. 733. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

732 FLOW OF FUNDS MAY 1966 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1963 1964 1965 — Category 1961 1962 1963 1964 1965 IV I 11 III IV p IP IIP IV (1.7) Security brokers and dealers 1 Net acquis, of financial assets...... 1.0 .9 .5 .2 -.2 -1.4 1.0 2.2 -.7 -1.8 1.6 3.0 -9.0 3.6 1 2 U.S. Govt, securities...................... 1 .6 -1.1 .6 - .5 -3.5 1.3 2.0 .3 -1.3 .5 .6 -3.1 -.1 2 3 Other securities................................ —. 1 .5 - .2 1.3 .3 .1 — .4 1.0 2. 1 -5.3 1.3 3 4 Security credit............................ 1.1 -.2 1.5 — .5 .5 .8 -.7 -.7 -.6 1 .2 - .5 2.3 4 5 Net incr. in liab.—security credit.... .9 .9 .5 .1 -.2 -1.4 1.0 2.1 -.7 -1.8 1.5 3.0 -9.0 3.6 5 6 From banks...................................... .8 1.1 .2 .2 -.5 -. 1 1.7 1.1 -1.0 -.9 2.7 1.5 -10.3 3.9 6 7 From agencies of fgn. banks........ * -.2 .4 * -.3 .2 -.3 .2 -.5 .4 -.9 .2 -.4 7 8 Customer credit balances............... . 1 ♦ * * .6 -1.5 -.4 .9 .7 -1.4 -.3 1.3 1.2 * 8 (1,8) Open-end investment companies 1 Net financial investment...................... -.5 -.4 -.5 -.6 -.8 -.5 -.4 -.5 -.6 -.8 -.8 -.7 -.9 -.9 1 2 Net acquis, of financial assets.... 1.5 1.4 .8 1.1 2.0 1.1 . 1 1.2 1.3 1.7 1.5 1.7 2.7 2.3 2 3 Corporate stocks......................... 1.2 .7 .9 .7 1.2 .7 -.3 -1.1 2.5 1.5 -.2 1.7 1.2 1.9 3 4 Net stock issues 3.......................... 1.9 1.8 1.3 1.6 2.8 1.7 .4 1.7 1.9 2.5 2.3 2.4 3.5 3.2 4 (J) Rest of the world 1 Net purch. of goods and serv. (2-3).. 5.6 5.1 5.9 8.6 7.1 7.3 8.8 7.7 8.8 8.9 6.2 8.2 7.3 6.8 I 2 Purch. of goods and services 1 ... 28.6 30.3 32.4 37.0 39.1 34.4 36.3 36.0 37.3 38.4 34.8 40.6 40.2 40.7 2 3 Sales of goods and services *.,... 22.9 25.1 26.4 28.5 32.0 27.1 27.5 28.2 28.5 29.5 28.6 32.4 32.9 33.9 3 4 Net unilateral receipts from Govt. 1. 2.6 2.7 2.8 2.7 2.8 2.8 2.7 2.9 2.7 2.7 2.6 3. 1 2.8 2.7 4 5 Current surplus (4-1) 2.................... -3.1 -2.5 -3.2 -5.8 -4.3 -4.5 -6.1 -4.8 -6.1 -6.2 -3.6 -5. 1 -4.5 -4.0 5 6 Net financial investment (7-14)......... -2.0 -1.3 -2.8 -4.7 -3.6 -5.0 -4.9 -4.2 -5.1 -4.6 -3.5 -4.6 -3.4 -3.0 6 7 Net acquis, of finan. assets............. 3.1 3.2 3.4 3.5 1.9 .7 1.6 3.8 2.4 6.0 4.1 1.9 .7 .9 7 8 Gold............................................... .9 .9 .5 . 1 1.7 .2 .2 -.3 -.1 .7 3.3 2.4 .5 .5 8 9 U.S. dem. dep. and currency... .7 , 1 . 1 .5 1 -.1 1.4 -.2 1.0 -.3 1. 1 * 1.5 -2.8 9 10 Time deposits............................... .3 .6 1.0 1.4 .5 .8 1.5 1.5 1.0 1.6 .6 1.3 -. 1 .4 10 11 U.S. Govt, securities................... .4 1.2 .6 .4 -.1 .3 -1.8 1.0 -.2 2.7 -2.8 1 . 1 -1.8 3.1 11 12 Other credit market instr........... .3 . 1 .2 -.2 -.9 .5 1.3 -.8 -1.0 1.3 -.3 -.8 -1. 1 12 13 Mise, financial assets................. .5 .4 1.1 1.0 1.0 .5 -.1 .5 1.4 2.3 .6 -2.6 1.4 .8 13 14 Net increase in liabilities................. 6.1 4.5 6.1 8.1 5.5 5.8 6.5 8.0 7.5 10.6 7.6 6.6 4.0 4.0 14 15 Official U.S. foreign exchange 3 .3 -.6 .1 ♦ .4 .2 .4 -1.5 -.4 1.3 2.1 .3 -.6 15 16 Securities...................................... .8 1.0 1.0 .7 .9 -.2 .9 2.0 1.3 1.0 .7 .8 16 17 Loans *.......................................... 2.0 1.2 2.2 3.9 1.9 3.4 3.9 4.0 2.6 5.0 4.7 1.0 .2 1.8 17 18 Miscellaneous 5............................. 2.0 2.9 2.7 3.6 2.2 2.4 2.2 4.6 5.3 2.3 1.6 2.5 2.8 2.0 18 19 Discrepancy (5-6) 6.............................. -1.0 -1.2 -.4 -1.2 -.7 .5 -1.3 -.7 -1.0 -1.6 -. 1 -.4 -1.1 -1.0 19 U.S. gold and fgn. exchg. held by: 20 Monetary auth.................................... -.8 -.8 -.4 -1.3 -. 1 .5 -.8 .2 .2 -3.0 -2.2 1.3 -1.4 20 21 U.S. Treasury.................................... .2 -.7 * -.2 . 1 .1 -.3 -.4 -.5 .4 - .4 1.9 -1.5 .4 21 For numbered notes see p. 733. Note.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 FLOW OF FUNDS 733 Notes to Table 4 (A) Households 1 Includes nonprofit organizations serving individuals. 4 Line 9 plus capital consumption on owner-occupied houses 2 Imputed saving associated with growth of government life and nonprofit plant and equipment. insurance and retirement reserves. From Tables 4(E), line 13 0 Includes net free balances with security brokers not shown and 4(F), line 6. separately. 3 Capital-gains dividends from open-end investment cos. plus n Policy loans, hypothecated deposits, and U.S. Govt, loans life insurance reserve revaluations. to nonprofit organizations. (B, C, D) Business 1 Sum of Tables 4(C) and 4(D); for detail see below. 8 Loans from U.S. Govt, and commercial loans from finance 2 Profits and noncorporate income as defined in national cos. income. Excludes imputed rental income of owner-occupied 14 Includes earnings retained in business; see note 6 above. houses, included in Table 4(A). 10 Excludes corporations in Tables 4(C), (G), (H), and (I). :| Change in work in process. 4 After inventory valuation adjustment. 11 Includes branch profits paid to fgn, parents less branch profits received from abroad. a Includes corporate farms. 0 Noncorporate net income is treated as payment in full to 13 Includes State and local obligations not shown separately. proprietors in the household sector. Gross saving consists of 13 Direct investments abroad, fgn. currency holdings, and capital consumpiton allowances plus corporate farm retained unallocated current assets. profits. 11 Mainly commercial paper and commercial loans from 7 Excludes CCC-guaranteed loans, treated as Govt, borrow­ finance cos. ing; see Table 4(E), line 30. 15 Includes State and local profit taxes. (E, F) Govts. 1 Lines 1 through 12 are derived from national-income data, " Govt, life ins., employee retirement, and R.R. retirement while lines 15 through 31 are based on data behind Treasury programs. Excludes social security, which is treated as non­ cash budget. Line 21 is a link between the two accounting sys­ financial operation. tems on treatment of corporate taxes, and the discrepancy 11 Mainly nonconvertible fgn. currencies and official fgn. ex­ (line 32) represents differences on other matters. change position of Treasury. Net cash borrowing in Treasury cash budget corresponds closely to line 25 less accrual of interest on savings Bonds and 7 Public debt held by public and Federal Reserve, plus non- Treasury bills. Cash surplus is closely indicated by line 17 less guarantced issues of Govt, agencies. Includes interest accruals net cash borrowing. Lines 18, 22, 30, and 31 are in cash outgo on savings bonds and Treasury bills; excludes special notes to in cash budget except for small amounts in receipts. Lines 13 international organizations. and 24 are imputations reflected in neither national-income nor 8 E and I I bonds held by households. cash budget. ’ • Marketable issues due in less than 1 year plus part of those 2 OASI, disability insurance, and unemployment programs. due in less than 2 years. Line 5 includes U.S. Govt, employment taxes; line 6, U.S. Govt, benefit payments to households. 10 CCC-guaranteed loans and certificates of participation in 3 Veterans’ life insurance and Govt, employee and R.R. re­ Export-Import Bank loans. Net movements in inventory under tirement funds. Line 7 excludes Govt, contributions to these CCC-guarantee are included in line 11. funds. 11 Includes employee retirement funds. 4 Transfers other than lines 6 and 8, grants-in-aid to State 13 Net of current surplus of govt, enterprises. and local govts., subsidies less current surplus of Govt, enter­ prises. 13 Corporate bonds and mortgages. (G, H) Banking 1 Federal Reserve System plus those Treasury accounts in­ Reported bank data, as on p. 62, are frequently for last cluded in “Member Bank Reserves, Federal Reserve Bank Wednesday of month or other reporting date. Excludes banks Credit, and Related Items.” Excludes Exchange Stabilization in U.S. possessions. Fund, which is in U.S. Govt, accounts. 11 Deposits with F.R. Banks; vault cash in reserves is in line 4. 3 Includes F.R. holdings of fgn, currencies, which are net in 7 Net change in par value of holdings. “other F.R. accounts” in table mentioned in note 1. 8 Includes consumer loans secured by hypothecated deposits 3 Includes vault cash of nonmember banks. not shown separately. 4 Includes deposits of international organizations other than ” Includes deposits held outside Treasury. IMF; IMF deposits are net in line 3. 10 Bank and nonbank. '■’ Based on balance sheet estimates for last day of quarter. 11 Net of F.R. float, shown separately in line 30. (I) Nonbank Finance 1 In addition to types shown, includes credit unions, agencies 4 Includes cash and other assets, not shown separately. of foreign banks, and banks in possessions. *“ Excludes deposits at FHLB, which are included in Miscel­ 3 Lines 10, 11 of LI; lines 6, 7, and 8 of 1.6; and line 4 laneous, line 7. of 1.8. “ Includes consumer credit, not shown separately. 3 Includes retained capital-gains dividends. 7 Includes mortgages, not shown separately. (J) Rest of the World 1 Lines 2, 3, and 4 are exports, imports and transfers to 4 Bank loans, acceptances, loans from U.S. Govt., and secu­ foreigners income and product accounts. rity credit. 2 Net foreign investment in national income accounts with opposite sign. “ Direct investment abroad, foreign currencies held by other 3 Official foreign currency holdings and net IMF position of than in line 15, subscriptions to international organizations U.S. IMF position consists of U.S. capital subscription less except IMF, and unidentified liabilities. IMF holdings of special U.S. Govt, notes and deposits with ’’Errors and omissions in U.S. balance of payments state­ Federal Reserve. ment. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

5. FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1965 (Amounts outstanding in billions of dollars) (A) All sectors Private domestic nonfinancial sectors Financial sectors Sector H h o o u ld s s e­ B n u e s s i s ­ an g S d o t v a lo t ts e c . al Total G U o K vt . Total Mo au n t e h ta . ry C ba o n m k l s . N f o in n a b n a c n e k R w e t o h s r t e l d of sec A t l o l rs Discrepancy Transaction Category A L A L A L A L A L A L A L A L A L A L A L 1 Total financial assets.......................................... 1447.5 ......... 311.3 ......... 83.0......... 1841.8......... 90.3.......... 63.1......... 337.1 . . 82.2 2964 8 2 Total liabilities.................................................... . . . 342.2 ......... 461-9 ......... 142,2 ......... 946.3 ......... 309.3 .......... 874.9 . .. 63.1 .......... 313.5 498 3 93 6 2224 1 2 3 Gold stock....................................................... .1.......1..3.7......... 13.7......... 29 5 43 4 3 4 Official U.S. fgn. exch................................... 2 .6......... .6......... 8 g 5 IMF position............................................... 4.4 3.5 9 5 6 Treasury currency.......................................... .......... 3.1 5.4 5.4 . 5.4 3.1 -2.4......... 6 7 Demand dep. and currency......................... .......... 182.7 .......... 38.9 ......... 143 8 168.3 182.7 7 8 Pvt domestic............................................. 93 5 ......... 41.4......... 9.6.....1..4.4. 4 .. . 12.9 172.1 ........ 37.2 ......... 134 9 12 9 . 157.3 172.1 14.8.......... 8 9 U.S. Govt.................................................. 7.2.......... ......... 6.7 . 1.4 .......... 5 3 7.2 6.7 -.4......... 9 10 Foreign........................................................ .......... 3.8 .....................2......... 3.6 3 8 • 3 8 10 11 Time and savings accounts.......................... 277 7 ......... 310.8 ......... .8 319.1 .8.......... ......... 319 1 11 12 At coml banks.......................................... 106 3 20.3......... 12.8......... 139.4 ......... 3...........3 147.3 ......... 147 3 .3......... 7 2 147 3 12 13 At svgs. instit.............................................. 171.4 ... ■ 171.4 ......... .5 171.8 .5 171.8 •. . . 171 8 13 14 Life insur. reserves....................................... 105 2 ......... 105.2 ......... ......... 7.0 ......... 98.2 ......... 98.2 105 2 14 15 Pension fund reserves................................... 152.0 ... . ......... 34.8 152.0 34.8 ......... 19.7 ......... 97.5 ......... 97.5 .......... 152 0 15 16 Consol, bank items ^...................................... 25.6 25.6 2.3 23.3 23.3 2.3 25.6 25.6 16 17 Credit mkt. instr...........................-.............. 801.9 327.0 45.2 274.5 59.4 104.5 906.5 706.0 53.6 272.2 853.6 81.3 41.0.........298.8 1.5 513.8 79.8 28.8 39.21842 3 1098 8 17 18 U.S. Govt, securities^............................... 78 6 ... . 16 2......... 24.5......... 119 3......... ......... 271 0 138.7 ......... 40.8......... 32.5 ... 13 0 271 0 18 19 State and local oblig.................................. 40 5 ... 2 4 ....... 4.6 101.1 47.6 101.I 53.6......... 38.2......... 15.3.......... .. .. 101 1 19 70 Corp and fgn bonds............................... 3 1... ......... 97.8 27.1......... 30.2 97.8 93.8 17.7 .9 1.5 92.8 16.1 .8 9.3 ......... 124 8 ...................... 20 21 Corp, stocks4 .......................................... 668.7 ... . 668.7 n.a. 95.9 35.2 95.9 35.2 13.4 n.a. 778 0 35 2 21 72 1-4 family mortgages................................ io.9 203.3 ......... 7.5 3.2......... 14.1 210.8 6 4......... 192.5 2.2 29.7......... 162.7 2.2 .......... 213 0 22 73 Other mortgages........................................ 14 1 ......... 72.2 ......... 86.3 6 0......... 80.3......... 19.2......... 61 0 86 3 ...................... 23 7 25 4 C R o af n ik su l m oa e n r s c n r e e d c it. . . . . . .. . . . . . .. . . . . . . . .. . . . . . .. . . . . . . . .. . . . . . .. . . . . . . . .. . . . . . . . .. . . ........... - 8 13 6 0 5 .... 2 .. 0 . .. 0 . 7 .. 3 . . . 2 .... 2 .. 0 .. . . 0 8 8 6 6 . . 6 0 1 6 0 6 5 .9 0 .... 1 . 2 .. . . 1 . * 33.8 1 . 0 . 5 8 ......... 3 .... 2 .... . . i ... 12 1 ......... 7 2 .......... 10 8 5 6 0 9 . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 5 4 76 Other loans ................................... . 10 2 6.6 23.9 .......... 3.4 6.6 37.5 41.1 1.3 27.1 14.2 9 5.6......... 21.4 14.2 1.5 22.7 76.4 75.6 -.8......... 26 77 Open market paper ......................... 6.6 1.6 6.6 1.6 17.7 8.2 .2......... 3.3......... .8 8.2 1.5 2.6 .......... 12 4 ...................... 27 7R Federal loans . . ..................... - 8 ......... 10.1 ......... 3.4 ......... 14 4 40 5 .......... .......... 6.0 .......... 6.0 ......... 20 1 ■ 40 5 ...................... 28 79 Sernrjtycredit................ 1.7 9.6 1.7 9.6 15.5 7.7 8.6......... 6.9 7.7 .1 .1 ......... 17 3 ... 29 30 To brkrs. and dealers................................ 1.7......... 5.8 7.7 5.0......... .8 7.7 .1 7 7 30 31 To others ................................ .......... 9 6 ....... 9.6 9.7......... 3.6.. 6 1 9 7 31 32 Taxes payable .......................................... .......... 20.0 1.3......... 1.3 20.0 20.4......... ......... 1.7 ......... .8 .....................9 21.7 21.7 ...................... 32 33 Trade credit . . . . ........ 2 4 145.0 105.7 ......... 2.9 145.0 111.0 3.1 3.9 2.6......... 2.6.......... 150.7 114.8-35.9......... 33 34 Mise financial trans. .............................. 15.5 3.2 59.4 61.7 74.9 64.9 4.7 3.4 19.8 61.0 .....................9 6.5 17.7 13.3 42.3 12.7 52.7 112.1 182.1 70.0......... 34 For notes see following page. FLOW OF FUNDS MAY 1966 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

5. FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1965—Continued (Amounts outstanding in billions of dollars) (B) Nonbank financial sector Total M s b av a u n i t n u k g a s s l a S n a a d s v s i n l n o s g a . s n C un r i e o d n it s in a L n s i u f c e e r ­ N i a n o n s n u c li e r f ­ e p P f e r u n i n v s d i a o s t n e Fi c n o a s n . ce o A f b g f a e o n n re c k i i s g es n B p a s o n i s o k s n e s s s i ­ n In m c v o e e s n s . t t ­ an S b d e r c o d u k e r e a i r l t s e y r s A L A L A L A L A L A L A L A L A L A L A L A L 1 Total financial assets.................................................... 550.3 ......... 58.2......... 129.4 ......... 9.1......... 153-1 .....3..8...5 ... 70.0.......4..1.3.......... 4.3 . 1.5 . 35 2 9 7 1 2 Total liabilities. ..................... ....... 498.3 .......... 53.6 ......... 120.7 ......... 9.1 ......... 141.3 ____ 18.7 .......... 70.0 ......... 36.3 ......... 4.3 ......... 1.4 .......... 35.2 . 7.7 2 3 Demand dep. and cutrency................... ............... 3 4 Pvt. domestic . ..... .... 12.9......... .7......... 2.9......... .6......... 1 5......... 1.4 . .8........2..3......... 8 . 2 1.0......... .8......... 4 5 Time and savings accounts........................ .8 171.8 .3......... .5......... ................... 5 6 At coml. banks.......................................... .3......... .3......... 6 7 Al svgs. instil.............................................. .5 171.8 .......... 52.4 .......... 110.3 .5 9.1 7 8 Life insur. reserves........................................ ....... 98.2 ......... 98.2 ......... 8 9 Pension fund reserves.................-................ ....... 97.5 ......... 27.5 .......... 70.0 9 10 Credit mkt. instr................................... 513.8 79.8 56.4......... 119.7 8.6 8.1......... 146.0 ....3...4...4......... 69.2......3..9...0 36.0 2.6......... 1.3.......... 34.2 35.2 2.7.......... 10 11 U.S. Govt, securities.. ............................ 32.5......... 6 2......... 8.1......... 5.1 .. . - 5 9 3 5.......... 2.2......... 1 .8..... .6......... 11 12 State and local oblig..............................-. 15.3......... .3......... 3.5......... no ....... 1 .5.......... 12 13 Corp, and fgn. bonds................................ 92.8 16.1 3.1......... 61.0........2..6......... 22.8................... 16.1 2.6..........8.......... 13 14 Corp, stocks4.............................................. 95.9 35.2 1.4......... 8.5......... 14.9 .. 39 5 ......... 30.9 35.2 .8.......... 14 15 1-4 family mortgages................................ 162.7 2.2 30.2......... 93.6 2.2 .6......... 30.3......... 3 3......... 4 5......... 3 15 16 Other mortgages........................................ 61.0......... 14.6 ....... 16.6......... 29.6..........1......... .1.......... . . 16 17 Consumer credit......................................... 32. i......... .4......... 1.4......... 7.5......... 22.8.......... . . .17 18 Bank loans n.e.c.......................................... ....... 12.1 .....................5 ......... 11.6 . 18 19 Other loans................................................. 21.4 14.2 .4 ....... .......... 6.0 7.9......... .1......1..1..7 8.2 4 8 19 20 Open market paper............................... .8 8.2 .3......... .1................... 8.2 4......... . 20 21 Federal loans........................................ ....... 6.0 ......... 6.0 . 21 22 Security credit................................................. 6.9 7.7 .8.......... 6.1 7.7 22 23 To brkrs. and dealers............................. .8 7.7 .8.......... 7 7 23 24 To others..................................................... 6 1 .......... 6.1.......... 24 25 Taxes payable................................................. ...................9 .....................6 .....................4 ................... 25 26 Trade credit..................................................... 2.6 . ... 2.6......... .. 26 27 Mise, financial trans...................................... 13.3 42.3 .8 1-1 6.8 1.8 5.6 15.1 .......... 18.7 4 3 1 4 27 1 IMF position liabilities of the U.S. Govt. (IMF notes) and monetary authorities (deposits of IMF at investment companies. No specific liability is attributed to issuers of stocks other than open-end invest­ F.R. Bank of New York) are netted against assets in determining both the sector and transaction totals. ment companies for amounts outstanding. 2 Claims between commercial banks and monetary authorities: member bank reserves, vault cash, F.R. 5 Net of noncorporate trade credit assets. loans to banks, F.R. float, and stock at F.R. banks. Note.—For description of sectors and transaction categories, see Aug. 1959 Bull., pp. 846-57. 3 Includes savings bonds. Postal savings system deposits are included in line 12. Details may not add to totals because of rounding. " * Assets shown at market value; nonbank finance liability is redemption value of shares of open-end MAY 1966 FLOW OF FUNDS 735 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

736 CONSUMER CREDIT MAY 1966 REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT, 1963-641 (Amounts outstanding at end of month for selected components; in millions of dollars) Component Jan. Feb. Mar. Apr. May June July Aug. Sept, Oct. Nov. Dec. 1963 Consumer credit, by major parts: Total...................................................................... 62,462 61,989 62,149 63,167 64,135 64,987 65,586 66,484 66,817 67,420 68,172 70,461 Instalment credit, total...................................... 47,920 47,852 48,075 48,806 49,484 50,307 50,968 51,670 51,938 52,511 53,016 54,158 Automobile paper.......................................... 19,582 19,678 19,930 20,376 20,794 21,236 21,631 21,896 21,849 22,125 22,299 22,433 Other consumer goods paper....................... 12,453 12,250 12,149 12,197 12,272 12,422 12,481 12,651 12,764 12,901 13,121 13,856 Repair and modernization loans................. 3,211 3,185 3,177 3,200 3,245 3,281 3,319 3,364 3,387 3,412 3,421 3,405 Personal loans.......................................... 12,674 12,739 12,819 13,033 13,173 13,368 13,537 13,759 13,938 14,073 14,175 14,464 Noninstalment credit, total.............................. 14,542 14,137 14,074 14,361 14,651 14,680 14,618 14,814 14,879 14,909 15,156 16,303 Single-payment loans..................................... 5,430 5,479 5,539 5,562 5,674 5,709 5,704 5,821 5,903 5,908 5,999 6,117 Instalment credit, by holder: Total...................................................................... 47,920 47,852 48,075 48,806 49,484 50,307 50,968 51,670 51,938 52,511 53,016 54,158 Financial institutions, total.............................. 42,335 42,371 42,531 43,149 43,723 44,373 44,952 45,519 45,907 46,415 46,783 47,405 Commercial banks.......................................... 19,129 19,256 19,450 19,882 20,229 20,602 20,948 21,245 21,365 21,645 21,807 22,023 Noninstalment credit: Total...................................................................... 14,542 14,137 14,074 14,361 14,651 14,680 14,618 14,814 14,879 14,909 15,156 16,303 Single-payment loans: Commercial banks..................................... 4,685 4,713 4,727 4,793 4,836 4,893 4,895 4,911 4,986 5,030 5,092 5,205 Instalment credit held by commercial banks, by type of credit: Total...................................................................... 19,129 19,256 19,450 19,882 20,229 20,602 20,948 21,245 21,365 21,645 21,807 22,023 Automobile paper: Purchased..................................................... 6,216 6,281 6,386 6,549 6,695 6,849 6,998 7,117 7,137 7,266 7,329 7,381 Direct................................................................. 3,492 3,530 3,592 3,699 3,794 3,869 3,938 3,969 3,962 4,016 4,065 4,102 Other consumer goods paper........................... 2,861 2,865 2,866 2,895 2,930 2,973 3,008 3,056 3,095 3,129 3,159 3,213 Repair and modernization loans..................... 2,239 2,220 2,209 2,229 2,258 2,286 2,315 2,343 2,362 2,382 2,387 2,377 Personal loans...................................................... 4,321 4,360 4,397 4,510 4,552 4,625 4,689 4,760 4,809 4,852 4,867 4,950 1964 Consumer credit, by major parts: Total...................................................................... 69,850 69,478 69,732 70,754 71,998 73,083 73,716 74,426 74,933 75,435 75,952 78,442 Instalment credit, total...................................... 54,073 54,056 54,383 55,052 55,877 56,777 57,432 58,057 58,505 58,943 59,242 60,548 Automobile paper.......................................... 22,462 22,584 22,828 23,233 23,707 24,204 24,558 24,814 24,884 25,041 25,009 25,195 Other consumer goods paper....................... 13,743 13,550 13,562 13,616 13,767 13,940 14,055 14,185 14,334 14,531 14,755 15,593 Repair and modernization loans................. 3,373 3,354 3,341 3,349 3,388 3,419 3,450 3,492 3,520 3,538 3,545 3,532 Personal Ioans................................................. 14,495 14,568 14,652 14,854 15,015 15,214 15,369 15,566 15,767 15,833 15,933 16,228 Noninstalment credit, total.............................. 15,777 15,422 15,349 15,702 16,121 16,306 16,284 16,369 16,428 16,492 16,710 17,894 Single-payment loans..................................... 6,071 6,146 6,233 6,316 6,502 6,546 6,542 6,654 6,733 6,723 6,836 6,954 Instalment credit, by holder: Total...................................................................... 54,073 54,056 54,383 55,052 55,877 56,777 57,432 58,057 58,505 58,943 59,242 60,548 Financial institutions, total.............................. 47,776 47,958 48,241 48,861 49,581 50,406 51,018 51,585 51,996 52,337 52,498 53,141 Commercial banks.......................................... 22,106 22,303 22,507 22,894 23,316 23,770 24,112 24,391 24,586 24,780 24,837 25,094 Noninstalment credit: Total...................................................................... 15,777 15,422 15,349 15,702 16,121 16,306 16,284 16,369 16,428 16,492 16,710 17,894 Single-payment loans: Commercial banks..................................... 5,162 5.224 5,307 5,420 5,526 5,626 5,653 5,690 5,740 5,751 5,801 5,950 Instalment credit held by commercial banks, by type of credit: Total....................................................................... 22,106 22,303 22,507 22,894 23,316 23,770 24,112 24,391 24,586 24,780 24,837 25,094 Automobile paper: Purchased..................................................... 7,403 7,455 7,570 7,735 7,935 8, 147 8,290 8,418 8,486 8,593 8,615 8,691 Direct................................................................. 4,132 4,185 4,253 4,341 4,445 4,532 4,594 4,624 4,636 4,654 4,662 4,734 Other consumer goods paper........................... 3,239 3,309 3,306 3,325 3,360 3,415 3,476 3,506 3,543 3,582 3,605 3,670 Repair and modernization loans..................... 2,352 2,335 2,323 2,329 2,355 2,379 2,404 2,431 2,449 2,466 2,467 2,457 Personal loans............................................. 4,980 5,019 5,055 5,164 5,221 5,297 5,348 5,412 5,472 5,485 5,488 5,542 For notes see second page following. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 CONSUMER CREDIT 737 REVfSED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT, 1963-64' (Instalment credit extended and repaid, by type of credit; in millions of dollars) Type of credit or holder Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1963 SEASONALLY ADJUSTED 2 Extensions: Total...................................................................... 4,899 4,957 4,973 5,008 4,985 5,054 5, 164 5,172 5,181 5,356 5,074 5,389 Automobile paper............................................. 1,807 1,809 1,811 1,870 1,847 1,820 1,887 1,845 1,791 1,948 1,846 1,975 Other consumer goods paper....................... . 1,360 1,395 I ,406 1,359 1,357 1,408 1,426 1,462 1,442 1,450 1,459 1,541 Repair and modernization loans..................... 172 169 180 187 188 186 194 189 185 191 171 174 Personal loans..................................................... 1,560 1,584 1 ,576 1,592 1,593 1 ,640 1,657 1,676 1,763 1,767 1,598 1,699 Repayments: Total.................................................................... 4,414 4,462 4,496 4,487 4,544 4,568 4,588 4,620 4,757 4,793 4,620 4,835 Automobile paper............................................. 1,564 1 ,566 1 ,546 1 ,585 1,611 1,588 1,603 1,610 1,665 1,686 1,652 1,721 Other consumer goods paper........................... 1,277 1 ,289 1 ,324 1,276 1,294 1,317 1,326 1,325 1,346 1,361 1,331 1,389 Repair and modernization loans..................... 167 165 170 170 170 167 172 170 175 171 167 177 Personal loans.............................................. 1,406 1,442 1 ,456 1,456 1,469 1,496 1,487 1,515 1,571 1,575 1,470 1,548 Change in outstanding credit:3 Total..................................................................... 485 495 477 521 441 486 576 552 424 563 454 554 Automobile paper.............................................. 243 243 265 285 236 232 284 235 126 262 194 254 Other consumer goods paper........................... 83 106 82 83 63 91 100 137 96 89 128 152 Repair and modernization loans..................... 5 4 10 17 18 19 22 19 10 20 4 -3 Personal loans..................................................... 154 142 120 136 124 144 170 161 192 192 128 151 WITHOUT SEASONAL ADJUSTMENT Extensions: Total...................................................................... 4.385 4,083 4,702 5,332 5,294 5,222 5,437 5,313 4,837 5,533 5,070 6,087 Automobile paper............................................. 1,624 1,537 1 ,787 2,072 2,067 1,967 2,093 1,881 1,577 2,080 1,785 1,822 Other consumer goods paper........................... 1,188 1,039 1,238 1,355 1,386 1,410 1 ,412 1,477 1,402 1,539 1,542 2,H4 Repair and modernization loans..................... 132 126 160 195 218 199 218 217 197 208 172 156 Personal loans..................................................... 1,441 1 ,381 1,517 1,710 1,623 1,646 1 ,714 1,738 1,661 1,706 1,571 1,995 Repayments: Total................................................................... • 4,499 4,151 4,479 4,601 4,616 4,399 4,775 4,611 4,568 4,961 4,564 4,947 Automobile paper............................................. 1,582 1,441 1,535 1,626 1,649 1,525 1,698 1,616 1,624 1,804 1,611 1,689 Other consumer goods paper........................... 1,340 1,242 1,339 1,307 1,311 1,260 1,352 1,307 1,288 1,403 1,322 1,379 Repair and modernization loans............ 167 152 168 172 173 163 180 172 174 183 162 172 Personal loans..................................................... 1,410 1,316 1,437 1,496 1,483 1,451 1,545 1,516 1,482 1,571 1,469 1,707 Change in outstanding credit:3 Total...................................................................... -114 -68 223 731 678 823 662 702 269 572 506 1,140 Automobile paper.............................................. 42 96 252 446 418 442 395 265 -47 276 174 133 Other consumer goods paper.......................... - 152 -203 -101 48 75 150 60 170 114 136 220 735 Repair and modernization Ioans..................... -35 -26 -8 23 45 36 38 45 23 25 10 -16 Personal loans..................................................... 31 65 80 214 140 195 169 222 179 135 102 288 1964 SEASONALLY ADJUSTED2 Extensions: Total........................................................... 5,366 5,459 5,567 5,477 5,676 5,520 5,670 5,653 5,792 5,669 5,623 5,920 Automobile paper.............................................. 1,954 1 ,996 1,997 2,014 2,091 2,019 2,060 2.074 2,134 2,014 1,938 2,160 Other consumer goods paper........................... 1,498 1 ,558 1,676 1,572 1,627 1,574 1,592 1 ,612 1,639 1 ,630 1,678 1,697 Repair and modernization loans..................... 188 186 178 179 187 183 188 187 190 185 180 181 Personal Ioans.................................................... 1,726 1 ,719 1 ,716 1,712 1,771 1,744 1 ,830 1,780 1,829 1,840 1,827 1,882 Repayments: Total...................................................................... 4,879 4,889 4,961 5,009 5,102 5,052 5,134 5,154 5,198 5,198 5,262 5,302 Automobile paper.............................................. 1 ,710 1 ,736 1,752 1,786 1 ,801 1,783 1,826 1,830 1,857 1,840 1,876 1,898 Other consumer goods paper........................... 1,430 1,417 1,451 1,456 1,490 1,482 1,463 1,514 1,511 1,486 1,531 1 ,513 Repair and modernization loans..................... 175 171 175 172 176 171 175 172 173 171 175 173 Personal loans..................................................... 1 ,564 1,565 1,583 1,595 1,635 1,616 1,670 1,638 1,657 1,701 1,680 1,718 Change in outstanding credit: 3 Total...................................................................... 487 570 606 468 574 468 536 499 594 471 361 618 Automobile paper............................................... 244 260 245 228 290 236 234 244 277 174 62 262 Other consumer goods paper........................... 68 141 225 116 137 92 129 98 128 144 147 184 Repair and modernization loans..................... 13 15 3 7 11 12 13 15 17 14 5 8 Personal loans..................................................... 162 154 133 117 136 128 160 142 172 139 147 164 WITHOUT SEASONAL ADJUSTMENT Extensions: Total.................................................................... 4,860 4,620 5,425 5,707 5,728 6,099 5,894 5,651 5,530 5,699 5,453 6,839 Automobile paper.............................................. 1,747 1,748 2,051 2,203 2,217 2,332 2,238 2,053 1,899 2,075 1,798 2,074 Other consumer goods paper........................... 1,382 1,201 1,503 1,527 1,587 1,670 1,592 1,577 1,638 1,702 1,712 2,382 Repair and modernization loans..................... 144 142 164 180 208 209 210 213 203 195 176 160 Personal loans..................................................... 1,587 1,529 1,707 1 ,797 1,716 1,888 1,854 1,808 1,790 1,727 1,767 2,223 Repayments: Total.................................................................... 4,945 4,637 5,100 5,037 4,905 5,197 5,238 5,028 5,081 5,262 5,156 5,535 Automobile paper............................................. 1,718 1,626 1,808 1,798 1,744 1 ,834 1 ,883 1,798 1,828 1,919 1,831 1,889 Other consumer goods paper........................... 1,495 1,394 1,491 1,473 1,436 1,497 1,477 1,447 1,489 1,505 1,488 1,545 Repair and modernization loans............. 176 161 178 171 170 177 179 172 175 177 169 173 Personal loans.................................................. 1,556 1,456 I ,623 1,595 1,555 1,689 1,699 1,611 1 ,589 1,661 1,668 1,928 Change in outstanding credit: 3 Total...................................................................... -85 -17 325 670 823 902 656 623 449 437 297 1,304 Automobile paper.............................................. 29 122 243 405 473 498 355 255 71 156 -33 185 Other consumer goods paper.......................... -113 -193 12 54 151 173 115 130 149 197 224 837 Repair and modernization loans..................... -32 -19 - 14 9 38 32 31 41 28 18 7 - 13 Personal loans..................................................... 31 73 84 202 161 199 155 197 201 66 99 295 For notes see following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

738 CONSUMER CREDIT MAY 1966 REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT, 1963-641 (Instalment credit extended and repaid, by holder; in millions of dollars) Type of credit or holder Jan. Feb. Mar. Apr. May June July Aug. Sept, Oct. Nov. Dec. 1963 SEASONALLY ADJUSTED2 Extensions: Total....................................................................... 4,899 4,957 4,973 5,008 4,985 5,054 5,164 5,172 5,181 5,356 5,074 5,389 Commercial banks.............................................. 1,843 1 ,879 1,902 1 ',916 1,887 1,919 1 ,962 1 350 I ,966 2,045 1 '972 2,080 Repayments: Total.............................................................. 4,414 4,462 4,496 4,487 4,544 4,568 4,588 4,620 4,757 4,793 4,620 4,835 Commercial banks.............................................. 1,592 1 ,594 1,664 1 346 1 381 1 399 1,687 1 393 1342 I ,'750 1 '758 1325 Change in outstanding credit:3 Total..................................................................... 485 495 477 521 441 486 576 552 424 563 454 554 Commercial banks.............................................. 251 285 238 270 206 220 275 257 224 295 214 255 WITHOUT SEASONAL ADJUSTMENT Extensions: Total..................................................................... 4,385 4,083 4,702 5,332 5,294 5,222 5,437 5,313 4,837 5,533 5,070 6,087 Commercial banks............................................. 1 ,754 1,614 1 ,840 2J33 2374 2,010 2,’138 1 391 1 ,826 2,107 1 ,855 2,002 Repayments: Total...................................................................... 4,499 4,151 4,479 4,601 4,616 4,399 4,775 4,611 4,568 4,961 4,564 4,947 Commercial banks.............................................. 1,630 1 ,487 1 ,646 1 ,701 1 327 1 337 1 391 1 394 1 ,705 1 ,828 1 '692 1 ,'788 Change in outstanding credit:3 Total..................................................................... -114 -68 223 731 678 823 662 702 269 572 506 1,140 Commercial banks.............................................. 124 127 194 432 347 373 347 297 12! 279 163 214 1964 SEASONALLY ADJUSTED2 Extensions: Total.............................................................. 5,366 5,459 5,567 5,477 5,676 5,520 5,670 5,653 5,792 5,669 5,623 5,920 Commercial banks.............................................. 2,018 2^081 2,093 2,087 2,199 2J25 2,194 2,208 2,279 2,192 2,203 2,290 Repayments: Total...................................................................... 4,879 4,889 4,961 5,009 5,102 5,052 5,134 5,154 5,198 5,198 5,262 5,302 Commercial banks.............................................. 1,799 ! '840 1 ,848 1 383 1319 I ,868 1333 1 349 1,954 1 ,969 2323 1,990 Change in outstanding credit:3 Total...................................................................... 487 570 606 468 574 468 536 499 594 471 361 618 Commercial banks............................................ 219 4 327 245 204 280 257 261 259 325 223 180 300 WITHOUT SEASONAL ADJUSTMENT Extensions: Total. ............................................................... 4,860 4,620 5,425 5,707 5,728 6,099 5,894 5,651 5,530 5,699 5,453 6,839 Commercial banks.............................................. 1,901 1,854 2,114 2,287 2,288 2,397 2'346 2,195 2,’126 2,191 2'003 2,248 Repayments: Total................................................................... 4,945 4,637 5,100 5,037 4,905 5,197 5,238 5,028 5,081 5,262 5,156 5,535 Commercial banks.............................................. 1 ,818 1 ,743 I ,912 I ,899 1,868 1 341 2,003 1,918 1,930 1 ,998 1,948 1 ,993 Change in outstanding credit:3 Total...................................................................... -85 -17 325 670 823 902 656 623 449 437 297 1,304 Commercial banks............................................ 83 4 197 202 388 420 456 343 277 196 193 55 ‘255 1 Figures for the period beginning July 1963 have been revised; see sumer goods paper to retail outlets. As a result, the differences between announcement on p. 660. extensions and repayments for these institutions do not equal the changes 2 Includes adjustment for differences in trading days. in outstanding credit. 3 Obtained, by subtracting instalment credit repaid from instalment credit extended, except as indicated in note 4. Note.—Revisions for the period July 1963 to date incorporate more 4 Data on extensions and repayments for commercial banks have been comprehensive information available from the commercial bank reports adjusted to avoid duplication resulting from large transfers of other con­ of condition for June 1964, December 1964, and June 1965. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL STATISTICS * INTERNATIONAL ★ Reported gold reserves of central banks and governments ............................................... 740 Gold production ................................................................................................................... 741 Net gold transactions and gold stock of the United States............................................... 742 Foreign gold reserves and dollar holdings ........................................................................ 743 International capital transactions of the United States ................................................... 744 U.S. balance of payments ...................................................................................................... 754 Foreign trade ......................................................................................................................... 755 Money rates in foreign countries ......................................................................................... 756 Arbitrage on Treasury bills .................................................................................................. 757 Foreign exchange rates ........................................................................................................ 758 Guide to tabular presentation .............................................................................................. 664 Index to statistical tables ...................................................................................................... 767 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 739 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

740 GOLD RESERVES MAY 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 St n a i t t e e s d r m es a t t e o d f A i f s g t h an an­ 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 56 154 292 1,134 327 960 43 I960............................ 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—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 68 230 661 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................ J 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 43,305 1,869 13,806 *27,360 35 66 223 700 1,558 63 84 1,151 44 1966—Jan.................. 1,871 13,811 35 66 223 700 1,558 63 84 1,113 44 Feb.................. 2,116 13'811 35 66 223 700 1,558 84 1,076 43 Mar......... 2,358 13,738 35 223 700 1,556 84 1,086 43 Ger­ E pe n r d io o d f lo C m o b ­ ia D m e a n rk ­ l F a i n n d ­ France m F a e n d y . , Greece India I n n e d s o ia ­ Iran Iraq Israel Italy Japan Rep. of 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--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 78 281 146 122 56 2,404 328 1966--Jan................. 36 97 84 4,740 4,410 78 281 146 122 56 2,404 Feb................. 29 97 84 4,774 4,406 108 243 146 122 56 2,404 Mar......... ................... 102 58 4,806 4,402 108 ...........1..4..4 122 46 2,369 ............... E pe n r d io o d f Kuwait a L n e o b n - M IC e O x- Mo c r o oc- N l e a t n h d e s r- Nigeria N w o a r y - P s a ta k n i- Peru P p h in il e i s p- Po g r a t l u- A S r a a u b d i i a A So fr u i t c h a 1959. n.a. 102 142 23 1,132 30 50 28 9 548 18 238 1960. n.a. 119 137 29 1,451 30 52 42 15 552 18 178 1961 . 43 140 112 29 1,581 20 30 53 47 27 443 65 298 1962. 49 172 95 29 1,581 20 30 53 47 41 471 78 499 1963. 48 172 139 29 1,601 20 31 53 57 28 497 78 630 1964.............. 48 183 169 34 1,688 20 31 53 67 23 523 78 574 1965--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 I ,756 20 31 53 67 36 563 73 371 Nov.......... 49 182 159 31 1 ,756 20 31 53 67 37 572 73 382 Dec................. 52 182 158 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 41 592 73 499 Mar................ 58 193 21 1,756 20 31 53 67 42 .............7..3 520 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 GOLD RESERVES AND PRODUCTION 741 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 n in it g e ­ d U gu r a u y ­ V zu e e n l e a ­ Y sla u v g i o a ­ B I f n a o t n r i k . E F p u u ea r n o n d ­ dom Settle­ 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--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 r55 96 1 16 139 155 401 19 -120 59 Mar..................... 785 202 2,652 ............... 96 116 139 ............... 401 ..........-..3..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 3 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 -J-S259; 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 i t c h 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 in il 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 11.0 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 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 .4 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 .5 1.3 2.6 Apr.. 88.0 11.3 .7 .8 .4 1.2 2.5 May. 89,2 1.6 10.4 .5 1.0 .3 1.3 2.4 June. 90.1 1.5 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 .9 1.0 .3 2.6 Sept. 89.7 1.6 26.3 10.2 .4 L.O .4 23.9 2.3 Oct., 90.4 10.5 1.0 2.6 Nov. 10.4 .8 2.3 Dec.. 3 181.1 10.2 24.0 1966—Jan. 9.8 1 Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly data. countries and Bureau of Mines. Data for the United States are from 2 Data for Nov. and Dec. the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

742 U.S. GOLD MAY 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 I II III IV Western Europe: Austria.............................. — 84 — 83 — I — 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 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 Tnll Settlements -178 — 32 -36 —23 Other...................................... 18 8 r-41 r-48 -96 -53 -12 1 -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..................................... — 1 -ii -2 -2 57 72 54 25 -i 28 -i -I Colombia............................ 28 -6 38 10 29 30 -1 Venezuela.............................. — 200 65 -25 -25 Other,.................................... 29 6 2 '-35 '-42 -17 -5 ’-—11 -9 -13 -7 * -3 -3 Total............................ -28 81 69 19 -100 -109 175 32 56 17 -8 58 -4 -29 Asia: Ta pA n................................. — 30 -157 — IS 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 -I -36 —7 -16 -1 -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 s —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 1 Includes sales of $21 million to Lebanon and $48 million to Saudi amount of gold from the United States. Arabia. 5 Payment to the IMF of $344 million increase in U.S. gold sub­ 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and scription less sale by the IMF of $300 million (see also note 4). $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. « 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. 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 stock*,2 Foreign Month Gold stock1,2 Foreign Total c h u o r l r d e i n n c g y s Total T g o o t l a d l Total h c o u l r d re in n g c s y 4 Total T g o o t l a d l Total 3 Treasury TotaU Treasury 1953 ......... 22,091 22,091 22,030 -1,161 -1,161 1965—Apr.. .. 14,884 14,480 14,410 404 -245 -159 1954..... 21,793 21,793 21,713 -298 -298 May... 14,511 14,362 14,290 149 -373 -118 1955 ......... 21,753 21,753 21,690 -40 -40 June... 14,595 14,049 13,934 546 84 6 -313 1956......... 22,058 22,058 21,949 305 305 July.... 14,697 13,969 13.857 728 102 -80 1957......... 22,857 22,857 22,781 ................. 799 799 Aug.... 14,953 13,916 13,857 1,037 256 -53 Sept.... 14.884 13,925 13,858 959 -69 9 1958 ......... 20,582 20,582 20,534 -2,275 -2,275 Oct.. . . 14,795 13,937 13,857 858 -89 12 1959 ......... 19,507 19,507 19,456 -1,075 5 -1.075 Nov.... 14,686 13,879 13,805 807 -109 -58 1960......... 17,804 17,804 17,767 -1,703 -1,703 Dec.. .. 14,587 13,806 13,733 781 -99 -73 1961......... 17,063 16,947 16,889 116 -741 -857 1962......... 16,156 16,057 15,978 99 -907 -890 1966—Jan.....1..4,450 13,811 13,732 639 -137 5 1963 ......... 15,808 15,596 15,513 212 -348 -461 Feb.. . . 14,188 13,811 13,730 377 -262 1964......... 15,903 15,471 15,388 432 95 -125 Mar.... 14,297 13,738 13,634 559 109 -73 1965.. ... 14,587 13,806 13,733 781 -1,316 6 -1,665 Apr.. . . 14,190 13,668 13,632 522 -107 -70 1 Includes gold sold to the United States by the International Mone­ 4 For holdings of F.R. Banks only, see pp. 674 and 676. 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 Apr. 30, 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 6 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. Amount outstanding was Note.—See Table 11 on p. 751 for gold held under earmark at F.R, $181 million on Apr. 30, 1966. The United States has a corresponding Banks for foreign and international accounts. Gold under earmark is gold liability to the IMF. not included in the gold stock of the United States. 3 Includes gold in Exchange Stabilization Fund. See also Note to table on gold reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 GOLD RESERVES AND DOLLAR HOLDINGS 743 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1963 Dec. 31, 1964 Mar. 31, 1965 June 30, 1965 Sept. 30, 1965 Dec. 31, 1965” Area and country Gold& U.S. Gold& U.S. Gold & U.S. Gold & U.S. Gold & U.S. Gold & US. 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 I 189 1 179 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 I 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 Other 1.................................................................... 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 '3,928 718 3,725 676 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 I 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 * 861 Panama, Republic of......................................... 129 10 99 1 111 I 124 1 113 1 120 I Peru....................................................................... 215 273 I 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 4,786 5 Asia: India...................................................................... 298 306 342 353 * 357 ♦ 365 * Indonesia........................................................... 83 1 73 1 62 1 58 1 58 1 66 1 Japan.................................................................... 2,773 5 3,071 5 3,167 9 3,170 9 3,274 9 3,336 9 Philippines.......................................................... 237 256 ♦ 279 * 281 312 * 342 * Thailand............................................................... 486 * 562 592 592 ♦ 598 638 Other................................................................... 1,687 41 2,059 43 2,223 43 2,234 43 2,223 41 2,249 41 Total.............................................................. 5,564 47 6,327 49 6,665 53 6,688 53 6,822 51 6,996 SI Africa: South Africa........................................................ 671 ♦ 621 * 547 ♦ 424 ♦ 400 * 476 * 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 4lt 433 421 477 All other........................................................... 313 26 382 26 428 3( 425 28 386 28 379 29 Total............................................................. 701 26 784 26 839 31 858 28 80? 28 856 29 Total foreign countries2............................... 45,721 1,524 49,302 1,501 49,214 1,516 49,810 1,594 '50,722 1,632 SI ,419 1,577 International and regional3................. 6,958 1,218 7,161 904 7,280 798 “6,689 799 “6,999 795 “6,901 752 Grand total2............................................... 52,679 2,742 56,463 2,405 56,494 2,314 56,499 2,393 r57,72t 2,427 58,320 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 non marketable 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. 750. 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

744 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 1966 I. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS (Amounts outstanding; in millions of dollars) Inti. Latin End of period G to ra ta n l d reg a io n n d al 1 c F ou or n e t i r g ie n s E W u e ro st p e e rn 2 Canada A re m pu e b ri l c ic a s n Asia Africa co O un th tr e i r e s 1963................................................ 19.505 5,855 13,650 7,867 1,664 1,058 2,731 154 176 1964................................................ 20,221 5,876 14,345 8,266 1 ,483 1,238 3,020 160 178 1965-—Mar.................................... 19,313 5,879 13,434 7.251 1 ,316 I .296 3,213 178 180 Apr.................................... 18,990 5.883 13'107 6.951 1 ,308 1 ,305 3,175 180 188 May............................... ■ 18,741 5.660 13,081 6.818 1.304 I .389 3.178 191 201 June 18,973 5,646 13,327 7.196 1,275 1 .295 3,173 193 195 July.................................... 18,818 5,944 (2,874 6.722 1 .281 1,296 3.198 181 196 Aug.................................... 19^36 5,853 13,183 6,888 1 ,378 1.356 3,176 194 191 Sept.................................... 19,370 5.920 13,450 7.136 1 ,385 1 .385 3.162 184 198 Oct.......................... 19,407 5,891 13,516 7.173 1 .410 ! . 347 3.188 187 211 Nov................................... 19,520 5'836 13,684 7,192 1 ,440 1 ,343 3.297 187 225 Dec.................. 19,945 5,774 14.171 7,532 1 ,403 1 ,497 3.300 194 245 1966—Jan.................................... {9,814 5.870 13,944 7.264 1 ,339 1 .480 3,421 209 231 Feb ".......................... 19,425 5,848 13,577 6,912 1 .364 1 .428 3.439 210 224 Mar."................................ 19,458 5.886 13^572 7.037 1.308 1.356 3.410 218 243 i Includes international organizations, and Latin American and Euro­ as reported by banks in the United States, and estimated foreign official pean regional organizations, except the Bank for International Settlements holdings of marketable U.S. Govt, securities with an original maturity and the European Fund which are included in. Western Europe. of more than 1 year. Data exclude nonnegotiable, non-interest-bearing 2 Includes Bank for International Settlements and European Fund. special notes held by the In ter-American Development Bank and the International Development Association, and also non market able U.S. Note.—Data represent short-term liabilities to the official institutions Treasury notes and bonds, payable in dollars and in foreign currencies. of foreign countries and to official international and regional organizations, 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional 1 Foreign Other E p n er d i o o d f G to ra ta n l d Total Inti, E p u r e e r a ­ o n ­ L r . e A ­ . Total c O ia ff l i­ 3 Other Europe Canada A L m a e t r i i n c a Asia Africa c t o r u ie n s ­ gional gional 2 1961................... 4 22,533 3,752 3,695 57 4 18,781 10,940 47,841 10,322 2,758 2,340 42,974 283 104 1962................... 25'019 5,145 4'938 34 173 19,874 ! 1,963 7,911 10,162 3'349 2'448 3’444 319 152 1963................... 25,967 4,637 4 ,’50! 18 118 21'330 12,467 8'863 10,770 2*988 3,137 4,001 241 194 1964 s............... 28.873 4! 974 4.802 150 23,899 13.220 10'679 12.236 2.984 3*563 4.687 238 192 1965—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 II .OH) 2,549 3.777 4.978 268 210 May.... 27,459 4.862 4.696 13 153 22.597 ll.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.... '27,862 5 .145 4.994 12 140 '22.717 11.748 '10.969 10.766 '2.615 3.762 5,094 262 2(9 Aug....... '’28,540 5.058 4.919 9 130 '23.482 12.059 '11.423 11 .310 '2.783 3.793 5,095 283 218 Sept. . . . '28,9)2 5.125 4.988 14 122 '23.787 12.326 •’11,461 11.554 '2.816 3.804 5.119 271 223 Oct... . . ’29,234 5.097 4.964 12 120 '24,1 37 12.403 rl1.734 11.576 '3.042 3.827 5.176 272 244 Nov '29.171 5.085 4.948 12 125 *24.086 12,579 '11.507 11.461 '2.970 3.836 5 .288 274 257 Dec........ '29.089 5,023 4.901 10 111 '24.066 13,066 ni.ooo 11.627 ’•2.574 4.027 5,280 280 278 1966—Jan......... 29.304 5.126 4.987 9 130 24,178 12.844 11.334 11.672 2.557 4,043 5.326 312 268 Feb.".., 29. 157 5.242 5 . 104 10 128 23.915 12.477 11.438 1 1.336 2,581 4.055 5.355 335 253 Mar.".. . 29.295 5.330 5.200 12 118 23.965 12.472 11.493 11,683 2.294 4.026 5.361 328 273 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 la e n th d e s r­ Norway Po g r a t l u­ Spain Sweden Rep. of 1961.................. 10,322 255 326 52 91 989 2,842 67 1,234 216 105 99 (53 406 1962.....1..0...'.1..6..2.... 329 177 67 73 1,157 2*730 H9 I384 248 125 161 177 490 (963................... 10'770 365 420 161 99 1,478 3,041 188 803 360 133 191 205 409 1964................... 12,236 323 436 336 12.7 1 '663 2,0(0 171 1 ,622 367 184 257 394 644 1965—Mar.. . . 11.523 247 413 338 116 1 ,333 1,894 146 1 .446 313 203 264 278 739 A pr... . . 11,0(0 215 460 318 122 1 .273 1.879 144 1,345 328 197 264 244 724 May.. . . 10,747 206 463 255 1 13 1,174 1 .71 1 144 1 .357 285 205 246 197 748 June.. .. 11,305 222 420 271 104 I .2(3 1.540 147 1 .440 278 232 248 231 719 Julv. ... 10.766 248 425 269 104 1 .089 I .363 144 1 ,314 308 214 241 234 724 Aug..... 11.310 263 444 242 100 1 ,181 i .233 148 I .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 41 I 260 113 I .036 1,385 143 I . 328 356 240 280 229 699 Nov... , 11,461 263 404 275 105 1 .045 1 .424 133 1 .328 373 239 303 210 667 Dec........ 11.627 250 398 305 108 997 1 .429 151 I .620 339 323 322 183 647 1966—Jan......1..1.672 232 392 323 102 985 1 .449 148 I .483 255 231 299 152 644 Feb.". .. 11.336 202 366 331 103 997 1 .438 157 1 .325 257 240 291 115 658 Mar.".., 11.683 21 1 370 341 95 1.071 1 .420 144 I . 326 271 254 294 118 651 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 1NTL. CAPITAL TRANSACTIONS OF THE U.S. 745 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2a. Europe—Continued 2b. Latin America End of period Sw la i n tz d er­ Turkey U K d n o i i n m t g ed ­ Y sla u v g i o a ­ W E O u e t r s h o t e e p r r e n 6 U.S.S.R. E E O a u s t r h t o e e p r r n e Total A t r i g n e a n­ Brazil Chile Co b l i o a m­ Cuba Mexico 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 L483 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--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 11 726 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 I 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........ 1,331 34 3,212 14 353 4 30 4,043 424 364 210 189 9 728 Feb J’... 1 ,353 35 3,073 20 345 4 27 4.055 461 367 186 174 II 742 Mar.'*... 1 .456 39 3,224 14 358 3 27 4.026 487 281 202 177 10 740 2b. Latin America—Continued 2c. Asia E pe n r d i o o d f Panama Peru g U u 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 1 13 591 355 136 93 15 4,001 35 66 5 1 48 112 1964................... 99 206 1 11 734 416 189 114 14 4,687 35 95 59 38 133 1965—Mar. . . . 111 267 123 702 474 221 114 19 4,984 35 95 61 27 128 Apr....... 105 248 128 800 482 232 110 21 4,978 35 97 65 28 116 May.. .. 113 262 1 18 761 463 222 112 23 4,978 35 100 67 29 107 June.. . . 124 263 124 696 472 216 1 15 18 4,986 35 94 72 23 lit 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....... 113 256 128 690 494 170 U4 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........ 126 248 144 788 511 164 119 18 5,326 34 112 86 34 123 Feb.”. . . 135 235 164 721 541 182 118 18 5,355 34 1 19 94 28 120 Mar J*... 135 252 157 701 544 186 127 26 5.361 38 1 12 79 37 125 2c. Asia—Continued 2d. Africa 2e. Other countries E pe n r d i o o d f Japan Korea P p h i i n l e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total (L C e v o o il n p le g o ) o ld ­ ro M cc o o ­ 8 A So fr u ic th a ( U E . g A y . p R t) . A O f t r h i e c r a Total t A ra u l s ia ­ oth A e il r 8 1961..................... 4 1,672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962...................... 2'195 136 174 75 333 280 319 35 68 41 14 161 152 147 5 1963...................... 2'484 113 209 149 382 353 241 26 49 41 14 112 194 1 80 13 1964..................... 2,767 104 233 221 458 543 238 26 7 47 24 135 192 176 15 1965—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 1 70 27R 254 24 1966—Jan............ 2,965 1 18 295 215 577 768 312 11 19 72 18 191 268 244 24 Feb J'. . . . 2^64 117 302 213 604 760 335 12 19 95 18 192 253 226 27 Mar J'.. . . 2.966 1 16 310 211 627 738 328 14 19 89 16 191 273 233 40 i International Bank for Reconstruction and Development, Inter­ 5 Includes revisions arising from changes in reporting coverage as national Monetary Fund, International Finance Corp., International follows (in millions of dollars): Total +50; Foreign other +50; Europe Development Assn,, :tnd other international organizations; Inter-Amer­ — 17; Canada +1; Latin America +26; Asia +49; Africa —9. ican Development Bank, European Coal and Steel Community, European 6 Includes Bank for International Settlements and European Fund. Investment Bank and other Latin American and European regional 7 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. a 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

746 INTL. CAPITAL TRANSACTIONS OF THE U.S MAY 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 Iran .................................................. 22.9 21.6 65.4 n.a. T iixemhourg ............................................ 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 n.a. Ecuador............................................. 62.1 67.1 65.2 69.6 Saudi Arabia, ................................. 151.0 197.2 288.0 283.6 El Salvador....................................... 57.8 56.0 71.7 67.0 Syria................................. 5.7 7.6 3.2 4.0 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, (incl. Eritrea)................. 32.1 33.7 45.2 44.1 Paraguay........................................... 8.4 11.4 12.1 13.8 Ghana.............................................. 6.3 5.6 5.1 2.6 Trinidad & Tobago........................ 5.5 7.4 8.6 3.6 Liberia................................... 17.8 20.0 17.6 17.9 Libya................................................ 14.9 28.9 26.8 34.8 Other Latin America: Mozambique.................................. 1.4 2.5 1.6 1.6 British West Indies.................... 6. 3 8.0 16.0 11,5 Nigeria............................................. 17.3 15.7 20.3 n.a. French West Indies & French Somali Republic............................. .8 .5 .8 .8 Guiana.......................................... .6 1.1 1.4 2.2 Southern Rhodesia10..............., . 4.5 3.4 3.7 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 n.a. All other: Cambodia...................................... 2. 1 1.5 1.7 2.7 New Zealand.............................. 18.8 12.0 19.7 18.7 Ceylon................................................ 3.7 2.4 2.7 2.4 9 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 1 ° 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 in End of period Total 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 n p o U e t . 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 e b r r i t l U e i l f a s . i s S c u a . a n r t y e d s Other 3 currencies 1961........................ 22,450 19.944 8,544 7363 2388 1 349 2,356 1 ‘)76 149 231 150 1961 4..................... 22'533 20,025 8,707 7'363 2388 1,567 2’358 1,977 149 232 150 1962........................ 25'019 22311 8,528 9'214 3,012 1,557 2365 2.096 116 352 143 1963........................ 25'967 22’787 5,629 3,673 8'571 3336 1,878 3,047 1,493 966 119 469 134 1964 5..................... 28'873 25,406 6331 3 390 8'727 3,308 2,650 3377 1,531 1,271 72 503 90 1965—Mar............ 28,323 24,777 6,647 3,966 7,978 3,373 2,813 3,482 1,541 1,362 79 501 64 Apr............. 27'878 24317 6'247 3,978 7'767 3367 2358 3'478 1 346 1 393 77 461 84 May........... 27’459 23,929 6JO5 3,929 7'690 3’167 3338 3'440 1'516 1 ,400 79 445 90 June........... 27,781 24,208 6,486 3‘907 7'640 3,167 3,008 3,473 1'522 1 ,418 86 446 101 July............. *•27; 862 '24’282 6356 3,958 '7305 3,462 3,101 3,484 1,536 1 ,423 87 438 97 Aug............. '28’540 r24,’942 7,080 4'003 '7,319 3,434 3,106 3,485 1,480 1 ,471 88 447 113 Sept............ '28’912 r25’291 6'977 3'926 '7,709 3,494 3,185 3303 1 '504 1 ,492 81 426 118 Oct.............. r29^ 234 '25,587 7348 4'073 '7,819 3389 3,158 3,546 1315 1 ,529 91 410 101 Nov............ '29J71 '25 381 6,810 4'005 '8378 3,470 3,118 3,591 1,551 1,562 91 387 98 Dec............. '29,089 '25’443 6,569 3'963 '8369 3,470 3,172 3,587 1,574 1,594 87 332 59 1966—Jan.............. 29,304 25351 6,871 4,044 7,848 3,558 3,030 3,592 1363 1,627 94 308 362 Feb.*......... 29,157 25,143 6,795 3,996 7,822 3,548 2,982 3,633 1,586 1,633 95 319 381 Mar+......... 29,295 25,248 7,121 3,831 7,643 3,592 3,060 3,666 1,530 1,706 89 341 381 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 s Includes revisions arising from changes in reporting coverage as national Development Assn, and the Inter-American Development follows (in millions of dollars): Total +50; foreign banks, etc. +55; Bank, which amounted to $207 million on Mar. 31, 1966. other foreigners +23; payable in foreign currencies —28. 3 Principally bankers’ acceptances, commercial paper, and negotiable Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 747 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period Grand Inti, and Europe Canada Latin Asia Africa 1 Other total regional America countries 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 19644...................................................................................... 7,957 * 1'230 1,004 2'235 3,294 131 64 1965—Mar............................................................................. 7,934 * 1,185 981 2,195 3,390 130 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 2 172 3,409 146 61 July............................................................................. 7,570 I 1'126 786 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......................................................................... r7’,726 * 1,204 669 2,293 r3'354 139 67 1966—Jan.............................................................................. 7,558 1,209 625 2,212 3,295 142 76 Feb. p.......................................................................... 7'471 1 1 '145 631 2'190 3'297 132 76 Mar.P.......................................................................... 7^89 1 i;i79 647 2,201 3,360 135 66 4a. Europe End of period Total A tr u ia s­ g B iu e m l­ m D a e r n k ­ l F a i n n d ­ France G Fe e d rm . o R a f n ep y . , Greece Italy N la e e n r t d ­ h s ­ N w o ay r­ t P u o g r a ­ l Spain S d w en e­ 1961.................................... 767 5 20 11 23 42 165 6 35 54 27 5 11 35 1962................................... 877 7 32 14 30 68 186 6 54 27 35 9 19 18 1963.................................... 939 8 26 13 52 70 121 9 97 33 40 14 26 30 1964.................................... 1,217 10 42 28 85 79 159 9 109 39 43 19 40 47 19644.................................. 1,230 It 48 26 84 81 152 10 114 36 43 23 40 49 1965—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 13 110 38 51 26 50 52 Dec. 5..................... 1,204 8 52 37 87 72 190 13 110 38 51 26 50 52 1966—Jan......................... 1,209 9 57 33 86 74 177 13 121 39 55 26 59 53 Feb.*1..................... 1,145 8 54 36 89 67 184 14 109 40 49 29 55 54 Mar.p.................... 1,179 11 47 38 91 84 185 13 102 44 50 31 48 51 4a. Europe—Continued 4b. Latin America End of period S l w e a r n 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 a u s 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 1,606 181 171 186 131 17 408 1963.................................... 70 48 237 7 23 ♦ 16 1,742 188 163 187 208 18 465 1964.................................... 97 36 319 15 20 20 2,212 210 145 188 319 17 630 19644.................................. 111 37 310 16 20 * 20 2,235 203 126 176 338 17 644 1965—Mar........................ 116 30 199 20 23 * 24 2,195 201 119 141 292 16 685 Apr........................ 98 7 213 24 24 1 28 2,178 204 108 140 295 17 684 May...................... 95 17 216 28 25 30 2,191 208 112 135 294 16 691 June....................... 99 31 223 29 26 1 28 2,172 204 112 144 285 16 693 July........................ 87 42 195 32 26 2 27 2,116 208 113 139 276 16 671 Aug.................... 82 42 201 39 28 3 29 2,124 219 111 135 265 16 672 Sept........................ 89 36 282 36 25 3 31 2,136 220 104 143 248 16 677 Oct......................... 85 40 218 32 27 3 27 2,156 220 91 152 266 16 655 Nov,. .................... 81 26 240 28 28 5 26 2,175 234 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 2,293 232 94 174 270 16 674 1966—Jan......................... 88 36 200 26 27 5 25 2,212 231 96 176 243 16 662 Feb.P..................... 85 6 177 27 30 5 28 2,190 224 94 175 236 16 686 Mar.P.................... 78 21 199 25 27 4 31 2,201 221 97 173 225 16 718 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

748 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 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 Baha­ Neth. E pe n r d i o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ r O e l L i p c t . h s u A e b . 8 r ­ m B m u & d e a r a s ­ 1 A S n n u t a & i r m l i le ­ s A O L ic m a t a h t i e e n 9 r r ­ Total C M la h a n i i n d n a ­ K H o o n n g g India I n n e d si o a ­ Israel 1961................... 32 74 55 144 56 13 74 3 1,891 2 9 8 * 36 (962................... 30 85 122 102 66 9 98 2',017 2 13 20 37 1963................... 35 99 65 114 135 42 9 16 2,493 2 11 17 22 1964.................. 41 102 76 165 222 58 18 20 3; 137 2 26 22 7 44 19644................. 49 108 78 168 224 65 18 21 3,294 2 28 21 7 47 1965—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 I 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 I 28 18 2 54 Oct........ 53 138 67 184 222 55 14 22 3,189 I 27 19 0 7 67 Nov....... 55 147 50 181 234 52 14 22 3,253 I 28 16 76 Dec....... 59 170 45 220 250 53 14 23 3,343 I 29 17 2 86 Dec. 5... 59 170 45 220 250 53 14 23 "3.354 1 29 17 2 86 1966—-Jan..,. > 59 172 49 185 237 51 13 23 3,295 ! 24 22 86 Feb.".., 63 162 56 174 224 41 13 24 3.297 1 26 26 2 82 Mar J',.. 63 168 44 171 217 45 13 27 3.360 1 29 28 2 91 4c. Asia—Continued 4e. Other countries 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 C ( p L o o n e ld o g ­ ­ o M c o o r o 1 c­ A So fr u i t c h a ( U E . g A y . p R t . ) A O f t r h i e c r a 1 Total 2 A t l r u i a a s ­ ­ oth A e ll r >0 ville) 1961...................... 3 1,528 4 114 10 34 145 6 10 13 85 29 27 1962............................ 1, 740 3 70 9 41 80 2 10 26 137 41 57 1963............................ 2'171 25 113 8 52 71 104 1 I 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—Mar................. 2,861 20 212 12 71 97 130 I 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 I 2 20 38 75 57 45 13 June............... 2'880 20 200 12 77 106 146 3 22 43 77 61 48 13 July................ 2,831 20 191 11 74 94 151 2 31 40 78 62 48 14 2,830 21 196 10 74 101 142 I 2 31 36 72 59 46 14 Sept................ 2^755 20 212 9 72 93 146 I 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 I 2 33 32 67 69 55 14 Dec................. 2.751 22 231 15 82 108 139 I 2 34 43 60 67 52 15 Dec.5............. "2,761 22 232 15 82 108 139 1 2 34 43 60 67 52 15 1966—-Jan.,.............. 2,692 24 232 16 83 113 142 1 38 38 63 76 62 14 Feb."............. 2,694 24 229 15 8! 118 132 2 37 34 58 76 62 14 Mar."............. 2^777 24 206 15 72 1 15 135 I J 35 42 55 66 59 7 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, 4 Includes $58 million reported by banks initially included as of Dec. and Trinidad and Tobago. 1961, of which $52 million reported for Japan. io 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 6 Until 1963 includes Eastern European countries other than U.S.S.R., their customers in the United States. Excludes foreign currencies held Czechoslovakia, Poland, a,nd 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

MAY 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 749 5. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies Loans to— Accept­ Foreign End of period Total Total Total O in f s f t i i c t i u al ­ Banks Others C s t o t o i a o u l n l n t e d ­ s c ­ ­ f o o m a r f n a a f c d o c e e c r s ­ t, Other-1 Total D w ei e i g t p h n o e f s r o i s t r s ­ g c c a o u o n v r m d i t t , i m f e s i s ­ e i. , ­ Other4 tions 1 ing eigners2 nance 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 J 35 2^621 803 624 336 187 102 1965—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 I ,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 7'758 7,191 2,854 231 l”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 J36 2'531 566 533 308 141 84 Aug.................... 7^541 7’032 2^821 233 1,458 1 J29 1'158 2^509 544 509 298 125 87 Sept..................... 7,498 6,965 2,813 239 1,468 1,106 1 J 89 2,454 510 533 364 78 90 Oct...................... 7', 392 6^895 2,806 265 1 ,440 1,101 1 J9I 2,422 476 496 321 82 93 Nov..................... 7,486 6,983 2,887 251 1,535 1 JOI 1,207 2311 477 503 325 75 103 Dec..................... 7'632 7 J58 2^967 271 1 '566 1,130 I ^214 2^554 422 474 325 54 95 Dec.7................. '7,726 '7'235 '2.970 271 '1 ,569 1 J 30 '1.272 '2.501 491 '492 '329 68 96 1966—Jan....................... 7,557 7,082 2,867 259 1,500 1 J08 I .252 2.484 479 475 292 65 1 18 Feb,".................. 7,471 7,036 2,818 225 1 ,503 1 .090 1 ,264 2,478 475 436 260 61 1 1 5 Mar.".........’.... 7'589 7.145 2.871 235 L5I0 1 J 26 1 .287 2.539 448 444 286 53 106 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 Loans 1 oth A e H r 1 re fo n c r c i u e n i i r e g ­ s n 1 U K d n o in i m t g ed ­ E O u t r h o e p r e Canada A L m a e ti r n ica Japan O A t s h i e a r Africa1 ot A he ll r 2 1961 ........................I ■ ’ • 2 2,03V 11 482 274 931 24 146 166 1962. 7 MS 25 552 304 886 74 148 171 1963. 69 3 3,030 2,811 217 2 38 11,063 290 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 1964 4.............................. 310 4,285 3,995 288 1 87 1,632 327 1,275 430 255 156 122 1965--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 1,614 357 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..................... 49! 4,513 4,208 296 9 86 1,517 346 1,296 445 388 208 228 1966--Jan...................... 479 4,438 4,146 286 6 85 1,488 336 1 ,255 438 390 201 246 Feb.".................. 479 4,415 4,121 287 6 86 1 .447 335 1,245 441 400 211 249 Mar."................. 527 4,388 4,093 289 6 86 1 ,418 330 1,263 434 409 193 255 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 * 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

750 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 1966 7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE ([n millions of dollars) U.S. Govt, bonds and notes > U. s S e . c u c r o i r ti p e o s ra 2 te Foreign bonds Foreign stocks Net purchases or sales Period Inti. Foreign ch P a 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 ­ ch P a 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 h s a e a s t l e e p s s u o r r ­ Total and regional Total Official Other 1962............................... -728 -521 -207 2,568 2,508 60 1,093 2,037 -944 702 806 -104 1963................................ 67! 302 369 2,980 2,773 207 991 2,086 -1,095 696 644 51 1964............................... -338 -315 -23 -59 36 3,537 3,710 -173 915 1,843 -928 748 548 200 1965............................... -76 -151 75 -20 95 4,307 4,768 -461 1,198 2,434 -1 ,236 906 617 290 1965—Mar........-..1..7........ -17 427 395 32 48 182 -134 78 55 23 Apr...........6..5....... 65 65 338 342 -4 89 207 -118 93 69 23 May................... -I -1 -15 14 346 343 3 129 175 -46 70 52 18 June............ 14 14 14 326 563 -236 99 258 -159 71 36 35 July.................... 20 20 20 244 355 -112 72 145 -73 64 40 24 Aug.................... 8 -4 12 -2 14 234 335 -100 48 97 -49 70 44 26 Sept................... 6 6 6 365 393 -28 289 419 -130 75 54 21 Oct..................... -44 -44 -33 434 44! -6 101 217 -116 67 52 15 Nov................... -56 -43 -13 -8 -5 426 453 -27 125 207 -82 69 51 18 Dec.................... 2 644 607 37 94 134 -41 83 71 13 1966—Jan.'..........-..9........ -10 -5 6 471 436 35 71 308 73 65 7 Feb.*................. -118 -136 19 19 489 487 2 83 186 71 75 -5 Mar.?J................ -54 -50 -4 -4 578 544 35 243 352 100 101 -1 1 Excludes nonmarketable U.S. Treasury bonds and notes held by Note.—Statistics include transactions of international and regional official institutions of foreign countries; see Table 8. organizations. 2 Includes State and local govt, securities, and securities of U.S. Govt, See also Note to Table 2. agencies and corporations which are not guaranteed by the United States. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable in dollars End of period Total Austria Belgium Germany Italy Switzerland i Total Canada 2 Italy Sweden 1962 Dec............................ 251 200 51 1963—Dec............................. 730 50 30 275 200 175 163 125 13 25 J Q64 Dec ............. 1,086 50 30 679 327 354 329 25 1965 Apr............................. 1,137 101 30 679 327 354 329 25 May........................... 1 j 137 101 30 679 327 354 329 25 June.......................... 1'137 101 30 679 327 354 329 25 Ju1v............................. 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.. .......................... I '208 tot 30 603 (25 350 354 329 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 tot 30 351 125 182 524 299 200 25 Apr............................. 713 75 30 301 125 182 524 299 200 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-Apr. 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

MAY 1966 INTUCAPITAL TRANSACTIONS OF THE U.S. 751 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 Slocks Bonds France S l z a w e n r i d ­ t­ U K d n i o n i m t g ed ­ E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r­ Asia Africa1 O c t o r t i u h e n e s2 r ­ reg I a n i n o t d i n , al 1962............... 60 111 -51 4 129 -33 24 124 -43 -20 -18 1 17 1963.............. 207 198 9 -8 -14 206 16 199 -47 14 17 22 1964.............. -173 -349 176 -37 -200 -4 14 -228 3 25 10 * -1 18 1965.............. -461 -499 38 14 -63 -522 47 -523 37 -15 24 -4 -1 21 1965—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 -I -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 I 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 -I * 5 1966—Jan.. . 35 13 22 5 3 2 18 27 -3 3 6 1 Feb.?’. 2 -20 22 2 -28 3 -23 11 5 8 I 2 Mar.?1, 35 -41 76 9 7 -35 24 5 23 5 1 * ♦ ♦ 1 Not reported separately until May 1963. Note.—Statistics include State and local govt, securities, and securities 2 Yearly figures through 1963 include Africa. of U.S. Govt, agencies and corporations which are not guaranteed by the United States. 10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM IL DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Period Total g I a i r n o n e t n d ­ i, a l c T e f o o o i u g t r a n n ­ l ­ r E o u p ­ e C a a d n a ­ A L i a m c t a i e n r ­ Asia r A ic f a ­ 1 O c tr o i t 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 us a t r o m d a y rked tries securities1 gold 1962..................... -1,048 -235 -813 -188 -360 -41 -175 -50 1962............... 247 6 990 12 700 1963..................... -1,044 -96 -949 -49 -614 -26 -252 -8 1963............... 171 8 675 12 954 1964..................... -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—Apr.. . 146 7,626 13,174 1965—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 -61 -6 -23 I 3 Aug... 356 7,264 13,065 July......... -49 -13 -36 33 -48 -4 -2 I -15 Sept... 2(3 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 8,17! 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...... -230 7 -236 6 -231 -9 -8 I 4 Apr,.. 192 7,455 13.001 Feb.i’.. . . -108 7 -115 -8 -102 -3 -3 I Mar?’... -110 -94 -16 77 -138 21 29 5 -10 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

752 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 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 Dec. Dec.1 Mar. June Sept. Dec.” Dec. Dec.1 Mar. June Sept. Dec.’1 Europe: Austria.............2..................2...... 2 2 2 2 7 7 7 5 6 6 Belgium........................................ 20 20 25 21 23 24 19 19 16 16 20 39 Denmark...................................... 2 2 2 1 1 6 6 9 11 11 9 Finland........................................ 1 I 1 1 1 I 7 7 6 6 6 6 France.......................................... 31 31 35 47 51 51 61 61 69 71 81 78 Germany, Fed. Rep. of........... 63 63 '69 73 59 71 140 140 114 118 105 112 Greece.......................................... 4 4 5 6 7 3 10 10 7 8 10 13 Italy............................................... 26 26 16 16 18 18 95 95 84 81 76 77 Netherlands................................ 33 33 40 50 45 55 31 31 29 31 30 41 Norway........................................ 1 1 2 5 2 2 8 8 6 7 7 8 Portugal........................................ 2 2 2 2 6 3 4 4 8 10 7 5 Spain............................................ 10 10 5 5 13 21 42 42 39 33 48 50 Sweden......................................... 8 8 6 9 11 10 19 19 21 23 20 20 Switzerland.................................. 33 33 34 35 49 38 22 22 29 41 40 27 Turkey.......................................... 6 6 7 7 4 4 9 9 12 8 8 8 United Kingdom....................... 102 104 102 100 132 134 329 330 365 294 310 312 Yugoslavia................................ ■ 1 1 1 1 I I 3 3 6 5 5 2 Other Western Europe............. 5 5 6 5 6 4 9 9 7 8 8 8 Eastern Europe........................... 1 1 1 * * 2 2 2 '4 2 3 3 Total................................... 350 353 '360 386 431 446 822 824 838 778 797 825 Canada....................................... 77 79 77 82 84 94 1,057 '1,126 '904 '774 753 682 Latin America: Argentina................................ 3 3 3 2 3 4 30 30 33 29 37 32 Brazil............................................ 11 1 1 11 11 14 13 145 145 113 93 91 94 Chile............................................. 5 5 4 4 4 4 25 25 25 27 30 32 Colombia..................................... 10 10 12 13 13 9 25 25 26 22 21 21 Cuba............................................. 4 4 4 4 4 3 Mexico......................................... 6 7 6 6 4 5 69 76 75 76 71 78 Panama........................................ 28 28 25 21 12 11 12 12 11 9 12 13 Peru.............................................. 7 7 7 5 6 6 26 26 21 27 26 29 Uruguay....................................... I 1 1 2 1 1 10 10 9 11 11 10 Venezuela.................................... 16 16 19 19 20 22 46 46 40 43 47 50 Other L.A. republics................ 15 15 13 15 15 16 51 51 49 53 53 59 Bahamas and Bermuda............ 2 1 2 2 2 2 11 11 8 9 5 8 Neth. Antilles & Surinam........ 6 6 5 6 8 7 4 4 3 3 5 4 Other Latin America................ 6 6 1 1 2 2 10 10 9 9 10 10 Total.................................. • 115 115 107 108 105 102 468 475 426 416 422 442 Asia: Hong Kong............................. 2 2 2 2 2 2 9 9 9 8 8 7 India............................................ 21 21 22 24 26 25 41 41 45 41 36 37 Indonesia...................................... 4 4 6 7 9 9 4 4 5 6 4 3 Israel................................ 1 1 2 2 3 3 7 7 6 7 5 6 Japan............................................. 28 28 22 30 28 32 180 180 181 172 168 167 Korea............................................ 1 1 1 4 4 5 6 14 13 Philippines................................... 5 5 6 6 6 6 11 11 15 14 14 17 Taiwan.......................................... 3 3 2 1 1 1 5 5 5 7 5 6 Thailand.............................. 1 1 1 1 1 2 5 5 7 7 7 6 Other Asia................................... ’’22 '22 '25 '24 32 32 60 60 62 66 68 68 Total. ................................... 88 88 87 98 109 113 327 327 339 332 328 329 Africa: Congo (Leopoldville)............ 4 4 1 6 6 2 3 1 2 South Africa................................ 14 14 22 22 16 11 11 II 19 24 23 20 U.A.R. (Egypt).......................... 3 3 1 2 1 1 13 13 17 12 14 10 Other Africa................................ 10 10 10 7 6 7 '27 '27 '24 "29 28 30 Total.................................... 31 31 34 32 23 20 57 57 63 68 66 61 Other countries: Australia................................. 25 25 23 25 21 23 38 38 33 36 33 40 All other...................................... 9 9 8 9 6 7 7 7 8 7 7 8 Total..................................... 34 34 32 34 27 29 45 45 41 43 40 49 International and regional.......... * * * * * * ♦ * ♦ ♦ ♦ ♦ Grand total......................... 695 700 '695 740 779 804 2,776 '2,853 '2,612 "2,411 2,406 22,389 i Includes data from firms reporting for the first time. Note.—Reported by exporters, importers, and industrial and com­ 2 Includes $94 million of short-term claims held in custody for the mercial concerns and other nonbanking institutions in the United States. reporting firms by banks in the U.S. These custody items have been re­ Data exclude claims held through U.S. banks, and intercompany accounts ported by nonbanking concerns but will henceforth be reported by banks. between U.S. companies and their foreign affiliates. See also Note to Table 2. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MAY 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 753 13. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In miHions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y l i l n a a b rs le cu P f r o 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 in l a a b r l s e b D a e n p k o s s i a t b s r w o i a t d h Other in reporter’s name 1961—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 I 449 178 149 June 1..................................................................................... 665 551 114 I ’974 I 598 208 168 Sept........................................................................................... 678 554 123 2,136 1 685 197 254 Dec 637 508 129 2,051 1 ’625 214 212 Dec.1....................................................................................... 513 130 2,098 1 *668 217 212 [963—Mar.......................................................................................... 614 470 144 2,113 1 712 201 200 Mar.1..................................................................................... 616 472 144 2’162 I 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 1'719 201 191 Dec.2...................................................................................... 626 479 148 2,188 1 ’778 199 211 1964—Mar.................................................................................... 631 475 156 2,407 I 887 239 282 June.......................................................................................... 622 471 151 2,482 2 000 220 262 June3...................................................................................... 585 441 144 2’430 1’952 219 260 Sept.. ...................................................................................... 650 498 152 2'719 2,168 249 302 Dec........................................................................................... 695 553 141 2’776 2,306 189 281 Dec.1........................................................................................ 700 556 144 r2'853 r2 338 205 310 1965—'Mar......................................................................................... r695 531 U65 r2,612 r2 147 189 r277 June.......................................................................................... 740 568 172 r2'411 r1,966 198 r248 Sept........................................................................................... 779 585 195 2,'406 1 949 190 267 Dec.3*........................................................................................ 804 597 207 4 2,389 1 ,’993 170 225 1 Includes data from firms reporting for the first time. of claims; for previous series the exemption level was $100,000. 2 Includes data from firms reporting for the first time and claims pre­ 4 Includes $94 million of short-term claims held in custody for the viously held but not reported. reporting firms by banks in the U.S. These custody items have been re­ 3 Includes reports from firms having $500,000 or more of liabilities or ported by nonbanking concerns but will henceforth be reported by banks. 14. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Country or area End of period . Total 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 n i r c a Japan O A t s h i e a r Africa1 ot A he ll r 1 1963—Mar.......................... 155 816 9 64 33 143 123 193 142 90 20 June.......................... 159 766 12 69 28 145 101 190 112 84 16 10 June2....................... 159 882 12 88 28 145 101 192 115 85 99 18 Sept.......................... 153 881 14 85 42 127 102 188 123 87 98 16 Dec.3....................... 148 734 16 83 56 61 69 154 90 93 96 16 1964—Mar............. 143 761 30 85 58 64 74 158 89 94 96 13 June4....................... 140 815 68 92 64 67 78 145 94 99 94 14 Sept.......................... 112 832 64 102 90 68 74 142 90 96 93 13 Dec........................... 107 962 51 109 95 215 72 135 89 95 88 14 Dec. 5,..................... 107 rl ,081 56 U 16 r190 215 r73 137 89 98 91 15 1965—Mar.......................... 115 rl ,075 35 U21 r203 220 r74 1 37 81 96 91 18 June................... (10 H ,081 31 rll8 r208 221 r70 144 85 96 91 17 Sept.......................... 120 1,101 31 116 230 217 74 138 89 96 91 18 Dec.3*........................ 126 61,172 31 116 233 209 69 196 98 114 89 17 I Until June 1963 Africa included in “All other”. held by firms previously reporting but now exempt. 2 Data include claims previously held but reported for the first time. 5 Includes data from firms reporting for the first time. 3 Data include $12 million of claims reported by firms reporting for 6 Includes $31 million of long-term claims held in custody for the re­ the first time and claims previously held but not reported. porting firms by banks in the U.S. These custody items have been re­ 4 As a result of an increase in the exemption level from $100,000 to ported by nonbanking concerns but will henceforth be reported by banks. $500,000, data exclude $3 million of liabilities and $3 million of claims Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

754 U.S. BALANCE OF PAYMENTS MAY 1966 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1964 1965 Item 1964 1965 11 Iff IV I H HI 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 I ,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 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 -55! -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.......................................... 1 10 - 169 94 -72 82 281 -306 -232 88 Short-term claims................................................... 115 118 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 -I 204 * 6 -5 -27 Other nonconvertible, nonmarketable, me­ dium-term U.S. Govt, securities^............... -23 — 8 — 9 * 29 -2 * -6 5. Errors and unrecorded transactions.......................... -1,161 -659 -152 -291 -430 -10 -81 -316 -252 Balances A. Balance on liquidity basis Seasonally adjusted (— 1 + 2 -F 3 + 4 ~F 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

MAY 1966 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 755 U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1964 1965 Item 1964 1965 II in IV I II in 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. securities s............... 375 123 122 203 50 51 122 -50 Marketable U.S. Govt, bonds and notes5, -59 -20 5 -63 -54 16 -15 -2 -19 Deposits, short-term U.S. Govt, securi­ ties, etc., reported by banks in U.S.... 757 -187 88 249 873 -927 -92 125 707 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 1,299 541 477 809 -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 nonitquid 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 1 Excludes military transfers under grants. 5 With original maturities over I year. 2 Excludes military grants. 3 Includes certificates sold abroad by Export-Import Bank. Note.—Dept, of Commerce data. Minus sign indicates net payments •* Reflects S259 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 millions of dollars, seasonally adjusted) Exports1 Imports2 Export surplus Period 1963 1964 1965 1966 1963 1964 1965 1966 1963 1964 1965 1966 Month: Jan................... 1986 2,040 31,215 2,249 3 I , 100 1,418 3 1,193 1,936 3 -114 622 322 313 Feb....................... 3 2,124 2,058 31,599 2,335 3 1,510 1,459 31,600 1,993 3614 599 3 -1 342 Mar...................... 3 1,958 2.075 3 2,755 2,594 3 1,485 1,518 31,861 2,073 3 473 557 3 894 521 Apr....................... M,914 2,061 3 2,380 3 1,415 1,537 31,833 3 499 524 3 547 May..................... 1,895 2,047 3 2,260 1,416 1,530 3 1,789 479 517 3 471 lune..................... 1,803 2,077 32,230 I ,431 1,514 3 1,830 372 563 ’400 July...................... 1,841 2,119 2,256 1,450 1,573 4 1,663 391 546 4 593 Aug...................... 1,922 2,100 2,333 1,497 1,608 31,764 425 492 3 569 Sept...................... 1,958 2,261 2,324 1,443 1,563 3 1,807 515 698 3517 Oct....................... 1,967 2,156 2,342 1,455 1,551 32,006 512 605 ’ 336 Nov...................... 1,966 2,206 2,408 1,466 1,698 31,903 500 3 508 3 505 Dec...................... 2,091 2,426 2,356 ................. 1,480 1,642 2,035 611 3 784 321 Quarter: I............................ 3 5,068 6,173 35,569 7,178 3 4,095 4,395 3 4,654 6,002 3973 1,778 3915 1,176 II.......................... 35,612 6,185 36,870 3 4,262 4,581 3 5,452 31,350 1,604 31,418 ni......................... 5,721 6,480 6,913 4,390 4,744 45,234 ................1..,331 1,736 4 1,679 IV......................... 6,024 36,788 7,106 4,401 34,891 3 5,944 1 ,623 31,897 31,162 Years.................. 22,424 25,671 26,567 ................. 17,142 18,684 21,366 ................5.,282 6,987 5,201 ................. 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under •♦ 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

756 iMunni Kains W inn * JLJ> CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Apr. 30, 1965 Rate Country 1965 1966 A a p s r . o 3 f 0 , Per Month 1966 cent effective May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. 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 Den mark................................. 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..................................... 3.5 Apr. 1965 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 J............................. 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...................................... 6.69 Apr. 1965 6.50 5.92 6.00 5.81 5.84 5,08 5.88 5,75 5.91 5.91 Israel ............... . 6.0 Feb. 1955 6.0 Italy........................................... 3 5 3.5 Jamaica.................................... 5.0 Nov. 1964 5.0 Japan .................................. 5.84 Apr, 1965 5.48 5.48 Korea........................................ 10 5 Mar. 1964 21.0 28.0 28.0 Mexico................... 4.5 June 1942 4.5 Netherlands............................. 4.5 June 1964 4.5 New Zealand......................... 7.0 Mar. 1961 7.0 Nicaragua................................ 6.0 Apr. 1954 6.0 Norway.................................... 3.5 Feb. 1955 3.5 Pakistan.................................... 4.0 Jan. 1959 5.0 5.0 Peru.......................................... 9.5 Nov. 1959 9.5 Philippine Republic 4........... 6.0 Jan. 1962 4.75 4,75 Portugal................................... 2.0 Jan. 1944 2.5 2.5 South Africa........................... 5.0 Mar. 1965 5.0 Spain . .. ......................... 4 0 4.0 Sweden .. . .................... . 5 5 Apr. 1965 5.5 Switzerland ............................ 2.5 July 1964 2.5 Taiwan $.................................. 14.04 July 1963 14.04 Thailand........................ . 5 0 Oct. 1959 5.0 Tunisia...................................... 4.0 Oct. 1962 4.0 Turkey................................ 7.5 May 1961 7.5 United Arab Rep. (Egypt).. 5 0 May 1962 5.0 United Kingdom................... 7.0 Nov. 1964 6.0 6.0 Venezuela............................... 4.5 Dec. 1960 4,5 i 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; ■' Rate shown is for advances only. Costa Rica—5 per cent for paper related to commercial transactions 4 Beginning with June I, 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; PeruS 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

MAY 1966 MONEY RATES; ARBITRAGE 757 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 Tr b e i a l s ls u . ry Da d y a - y t o­ B a a a c n n c c e k e p e s t r , ­ s’ Tr b e i a l s ls u , ry Da d y a - y t o­ a B llo a w n o k n a e n r c s e ’ Da d y a - y t o­ Tr 6 b e 0 i a - l s l 9 s u 0 , r y Da d y a - y t o­ Tr b e i a ll s s u , ry Da d y a - y t o­ d P is r c iv o a u t n e t 3 months t money2 3 months 3 months money deposits money J days4 moneys 3 months money rate 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—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 Mar.............. 4.87 4.33 5.97 5,61 4.76 4.00 4.00 5.19 4.48 4.05 3.50 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. Note—For description 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 Premium Date q K u ( U i a b o n U d a n t g j s . a i . S d i t t s e i . o t ) d o o m n U St n a i t t e e s d L S ( o f p n a o r d v e f o o a n d r ) d f ( ( p o i - s + o r c ) w u ) o n a u o o r d n n d r t ( i L n ( o c f N n a e o n v d e f t o o t iv r n e ) qu A o in t s e d C ana q d u A a o U d t j . a . S t . i 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 d o a a d r ) C d f ( d ( a o i - + o s n r c w l ) a ) l o d a a o u o r i r n s n a r d n t i C n ( a c f N n e a o n v a e f t d o t i r a v ) e Canada basis 1965 Dec. 3.............. 5.24 4.10 1.14 -1.07 + .07 4.18 4.08 4.10 -.02 - .81 -.83 10................ 5.33 4,31 1.02 -.97 + .05 4.49 4.38 4.31 + .07 -.61 -.54 17................ 5.36 4.40 .96 -1.02 -.06 4.55 4.44 4.40 + .04 -.67 -.63 23................ 5.36 4.44 .92 -.88 + .04 4.53 4.42 4.44 -.02 -.74 -.76 30................ 5.36 4.45 .91 -1.03 -.12 4.52 4.41 4.45 -.04 -.67 -.71 1966 Jan. 7................ 5.36 4.52 .84 -1.03 -.19 4.58 4.47 4,52 -.05 -.81 -.86 14................ 5.36 4.58 .78 -1.03 -.25 4,59 4.48 4.58 -.10 -.67 -.77 21............... 5.36 4.56 .80 - .95 -.15 4.66 4.54 4.56 -.02 -.74 -.76 28................ 5.36 4.53 .83 -.87 -.04 4.63 4.51 4.53 -.02 -.54 -.56 Feb. 4................ 5.39 4.61 .78 -.86 -.08 4.65 4.53 4.61 -.08 -.49 -.57 11................ 5.42 4.63 .79 -.87 -.08 4.66 4,54 4,63 -.09 -.45 -.54 18................ 5.54 4.63 ,91 - .92 - .01 4.65 4.53 4.63 -.10 -.37 -.47 25................ 5.45 4.64 .81 -.97 -.16 4.66 4.54 4,64 -.10 -.50 -.60 Mar. 4........... 5.45 4.57 .88 — L. 11 -.23 4.67 4.55 4,57 - .02 -.40 -.42 Il................ 5.45 4.64 .81 -1.03 -.22 4.69 4.57 4,64 -.07 -.15 -.22 2 1 5 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 5 5 . . 4 4 5 5 4 4. . 6 4 1 6 . . 9 8 9 4 - - I . 9 .0 2 0 + -. 1 .0 6 7 4 5 . . 9 0 5 2 4 4. , 8 8 9 2 4 4, . 6 4 1 6 -3- - . . 4 21 3 - - . . 1 0 5 4 H -+ 3. 3 0 9 6 Apr. 1................ 5.45 4.49 .96 -.96 .00 5.03 4.90 4.49 3-.41 .00 H3.41 7.............. 5.45 4,53 .92 -.87 + .05 5.06 4.93 4.53 -r.40 .00 --.40 2 1 2 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 . . 4 4 5 9 4 4 . , 6 6 4 2 . . 8 8 1 7 - - . . 8 8 9 0 + -. 0 .0 8 7 5 5 , . 1 0 0 9 4 4 . . 9 9 7 6 4 4. . 6 6 2 4 -1 - -. . 3 3 5 2 - -. . 1 0 5 6 - -. . 2 2 0 6 29................ 5.49 4.61 .88 -.83 + .05 5.07 4,94 4.61 3.33 -.15 3.18 May 6................ 5.49 4.65 .84 -.75 + .09 5.11 4.98 4.65 + .33 -.17 + .16 Note.—Treasury bills: All rates are on the latest issue of 91-day bills. AH series: Based on quotations reported to Federal Reserve Bank of U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. New York by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures see Oct. 1964 Bulletin, Premium or discount on forward pound andon 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

758 FOREIGN EXchanue kATES MAY 1966 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period Ar ( g p e e n so ti ) na (pound A ) ustral ( i d a ollar) (s A ch u i s l t li r n ia g ) B (f e r l a g n iu c m ) C (d a o n ll a a d r a ) ( C ru ey p l e o e n ) D (k en ro m n a e r ) k ( F m i a n r l k an k d a) F (f r r a a n n c c e ) 1960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223.28 3,8481 2.0052 98.760 21.023 14,481 .3110 20.384 1962 .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963 .7245 223.10 3.8690 2.0052 92.699 21.015 14,484 5 31.057 620.404 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- Apr. i .6627 222.80 3.8700 2.0147 92.654 20.948 14.462 31.081 20.401 May 2 .5814 222.87 3.8701 2.0147 92.627 20.951 14.456 31.098 20.397 June .5805 222.49 3.8713 2.0147 92.381 20.939 14.429 31.062 20.405 July. .5802 222.39 3.8726 2.0145 92.280 20.935 14.418 31.061 20.405 Aug. .5806 222.37 3.8724 2.0146 92.714 20.934 14.405 31.061 20.403 Sept. .5632 222.84 3.8721 2.0140 92.888 20.952 14,457 31.060 20.400 Oct. .5542 223.35 3.8707 2.0130 92.999 20.989 14.502 31,059 20.393 Nov. .5546 223.40 3.8700 2.0145 93.009 21.008 14.506 31.061 20.403 Dec .5322 223.27 3,8680 2.0141 92 939 21.003 14,520 31.061 20.402 1966- Jan.. .5291 223.42 3.8673 2.0115 93.035 21.012 14.518 31.060 20.399 Feb. .5284 3 223.38 4 111.62 3.8669 2.0107 92.895 21.005 14,496 31,059 20.401 Mar. .5290 111.36 3.8676 2.0087 92.901 20,959 14.491 31.059 20.402 Apr .5292 111.29 3.8677 2.0054 92.836 20.945 14.485 31.064 20,403 Period G (d e e r u m ts a c n h y e India Ireland Italy Japan M s a i l a a y­ Mexico e N rla e n th d ­ s Ze N a e la w n d mark) (rupee) (pound) (lira) (yen) (dollar) (peso) (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-—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 Apr,. 24,902 20.936 279.34 .16011 .27591 32.588 8.0056 27,538 276.58 Period Norway P p h i i n li e p­ Po g r a t l u ­ South Africa Spain Sweden ze S r w la i n t­ d U K n in it g e - d (krone) R ( e p p e u s b o l ) ic (escudo) (pound) (rand) (peseta) (krona) (franc) (p d o o u m nd ) I960.................................................................... 14.018 49.770 3.4937 279.71 1,6635 19.349 23.152 280.76 1961................................................................... 14.000 3.4909 279.48 139,57 1.6643 19.353 23.151 280.22 1962................................................................... 14.010 3.4986 139,87 1.6654 19.397 23.124 280.78 1963................................................................... 13.987 3.4891 139,48 1.6664 19.272 23.139 280.00 1964................................................................... 13.972 3.4800 139.09 1.6663 19.414 23.152 279.21 1965.................................................................. 13.985 3.4829 139.27 1.6662 19.386 23.106 279.59 1965--Apr.. 13.983 3.4822 139.29 1.6663 19.434 23.019 279.62 May. 13.982 3.4819 139.33 1.6662 19.411 23.004 279.71 June. 13.976 3.4804 139,09 I.6662 19.369 23.075 279.23 July. 13.975 3.4798 139,03 1.6662 19,355 23.128 279,10 Aug. 13.978 3,4775 139.02 1.6658 19.332 23.161 279.08 Sept. 13.990 3.4786 139.31 1.6662 19,352 23.162 279.67 Oct.. 13.998 3.4871 139,63 1,6658 19,329 23.150 280.31 Nov. 14.001 3.4928 139,66 1.6657 19,329 23.150 280.37 Dec.. 13.999 3.4922 139.58 1,6663 19,327 23.162 280.21 1966--Jan.. 13.998 3.4932 139,67 1.6661 19.339 23.102 280.39 Feb.. 13.992 3.4921 139.60 1.6660 19.346 23.077 280.25 Mar. 13.981 3,4867 139.24 1.6659 19.384 23.040 279.52 Apr.. 13.976 3,4834 139.15 1.6659 19.385 23.102 279.34 1 Based on quotations through Apr. 16, 1965. 6 Effective Jan. 1, 1963, the franc again became the French monetary 2 Based on quotations beginning May 5, 1965. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, I960. 3 Based on quotations through Feb. 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 760 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 761 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 Econontist David B. Hexter, Assistant General Counsel Robert Solomon, Associate Economist Daniel H. Brill, Economist Clarence W. Tow, Associate Economist David P. Easthurn, 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

762 FEDERAL RESERVE BULLETIN • MAY 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 Frederic M. Peirce 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. Sec. 15. International Finance. 1962. 92 pp. Federal Reserve Chart Book on Financial and 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. I960. 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. 763 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

764 FEDERAL RESERVE BULLETIN • MAY 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. 11 PP- 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 flation—Monetary and Liquidity Aspects, Revision of Consumer Credit Statistics. Oct. 1956. 24 pp. (Also, similar reprint from Apr. by Guy E. Noyes. Oct. 1965. 1953 Bulletin.) The Demand for Money—Speed of Adjust­ ment, Interest Rates, and Wealth, by Seasonal Factors Affecting Bank Reserves. Frank de Leeuw. Oct. 1965. Feb. 1958. 12 pp. Price Analysis and Economic Developments, Open Market Operations in Long-Term Secu­ by Murray Altmann. Oct. 1965. rities. Nov. 1958. 15 pp. A Study of Factors Affecting the Money Stock—Phase One, by Leonall C. Andersen. *Part I, All-Bank Statistics, 1896-1955. Re­ Oct. 1965. * print of the U.S. Summary containing a descrip­ tion of revised statistics for all banks in the The Postwar Boom in Hotels and Motels, by United States, by class of bank, together with Royal Shipp and Robert Moore Fisher. Dec. revised statistics. Apr. 1959. 94 pp. 1965. Manufacturers’ Inventory Investment and Statistics on the Government Securities Monetary Policy, by Jimmie F. Monhoilon. Market. Apr. 1961. 8 pp. Jan. 1966. Survey of Finance Companies, Mid-1960. Oct. Some Fiscal Implications of Expansion of the 1961. 21 pp. Social Security System, by Nancy H. Teeters. Jan. 1966. Liquidity and Public Policy, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. The Demand for Currency, by George G. Kaufman. Feb. 1966. Revised Indexes of Freight Carloadings. Dec. The Demand for Money: A Review of the 1961. 3 pp. Empirical Literature by David M. Jones. Seasonally Adjusted Series for Bank Credit. Feb. 1966. July 1962. 6 pp. The Demand for Money: Speed of Adjust­ Interest Rates and Monetary Policy, Staff ment, Interest Rates, and Wealth—A Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. Sequel, by Patric H. Hendershott. Mar. 1966. The Process of Inflation: A Review of the Industrial Production—1957-59 Base. Oct. 1962. 10 pp. Literature and Some Comparisons of Cy­ clical Performance, 1953-65 by Glenn H. Flow of Funds Seasonally Adjusted. Nov. Miller, Jr., Apr. 1966. 1962. 15 pp. The Federal Reserve System and World A Sectoral Analysis of Velocity, Staff Paper Monetary Problems, by Robert Solomon. by Paul F. McGouldrick. Dec. 1962. 14 pp. May 1966. The Spanish “Miracle”: Growth and Change A New Look at the Farm Debt Picture. Dec. in the Spanish Economy, 1959 to Mid-1965, 1962. 18 pp. by Rodney H. Mills, Jr., May 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 765 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. 11 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 7pp- ‘ ing World, Staff Paper by Frank R. Garfield. 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. 664.) Acceptances, bankers’, 673, 690, 692 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 684, 686 Adjusted, and currency, 679 Arbitrage, 757 Banks, by classes, 672, 680, 685, 688, 692 Assets and liabilities (See also Foreign liabilities and Federal Reserve Banks, 674, 751 claims): Postal savings 672, 679 Banks and the monetary system, consolidated Discount rates, 671, 756 statement, 679 Discounts and advances by Federal Reserve Corporate, current, 704 Banks, 666, 674, 676 Domestic banks, by classes, 680, 684, 686, 692 Dividends, corporate, 703, 704 Federal Reserve Banks, 674 Dollar assets, foreign, 743, 751 Automobiles'. Earnings and hours, manufacturing industries, 719 Consumer instalment credit, 708, 709, 710 Employment, 716, 718, 719 Production index, 712, 713 Farm mortgage loans, 705, 706, 707 Balance of payments (See U.S. balance of payments) Federal finance: Bankers’ balances, 685, 687 Cash transactions, 694 (See also Foreign liabilities and claims) Receipts and expenditures, 695 Banks and the monetary system, consolidated state­ Treasurer’s balance, 694 ment, 679 Federal funds, 670 Banks for cooperatives, 669, 700 Federal home loan banks, 699, 700, 706 Bonds (See also U.S. Govt, securities): Federal Housing Administration, 691, 705, 706, 707 New issues, 700, 701, 702 Federal intermediate credit banks, 699, 700 Prices and yields, 690, 691 Federal land banks, 699, 700 Brokers and dealers in securities, Federal National Mortgage Assn., 699, 700, 707 bank loans to, 684, 686 Federal Reserve Banks: Business expenditures on new plant and equip­ Condition statement, 674 ment, 704 U.S. Govt, securities held by, 666, 674, 676, Business indexes, 716 696, 697 Business loans (See Commercial and industrial Ioans) Federal Reserve credit, 666, 674, 676 Federal Reserve notes, 674, 677 Federally sponsored credit agencies, 699, 700 Capital accounts: Finance company paper, 690, 692 Banks, by classes, 680, 685, 688 Financial institutions, loans to, 684, 686 Federal Reserve Banks, 674 Float, 666 Carloadings, 716 Flow of funds: Central banks, foreign, 740, 756 Financial assets and liabilities, 734 Certificates of deposit, 688 Saving and financial flows, 724 Coins, circulation of, 677 Foreign central banks, 740, 756 Commercial and industrial loans: Foreign currency operations, 674, 676, 742, 750 Commercial banks, 684 Foreign deposits in U.S. banks, 666, 674, 679, 685, Weekly reporting member banks, 686, 689 688, 751 Commercial banks: Foreign exchange rates, 758 Assets and liabilities, 680, 683, 684 Foreign liabilities and claims: Consumer loans held, by type, 709 Banks, 744, 746, 747, 749, 751 Number, by classes, 680 Nonfinancial concerns, 752 Real estate mortgages held, by type, 705 Foreign trade, 755 Commercial paper, 690, 692 Condiiton statements (See Assets and liabilities) Gold: Construction, 716, 717 Certificates, 674, 677 Consumer credit: Earmarked, 751 Instalment credit, 708, 709, 710, 711 Net purchases by U.S., 742 Noninstalment credit, by holder, 709 Production, 741 Revised estimates, 1963-64, 736, 737, 738 Reserves of central banks and govts., 740 Consumer price indexes, 716, 720 Reserves of foreign countries and international Consumption expenditures, 722, 723 organizations, 743 Corporations: Stock, 666, 679, 742 Sales, profits, taxes, and dividends, 703, 704 Gross national product, 722, 723 Security issues, 701, 702 Security prices and yields, 690, 691 Hours and earnings, manufacturing industries, 719 Housing starts, 717 Cost of living (See Consumer price indexes) Currency in circulation, 666, 677, 678 Income, national and personal, 722 Customer credit, stock market, 691 Industrial production index, 712, 716 Instalment loans, 708, 709, 710, 711 Debits to deposit accounts, 676 Insurance companies, 693, 696, 697, 706 Debt (See specific types of debt or securities) Insured commercial banks, 682, 684 Demand deposits: Interbank deposits, 672, 680, 685 Adjusted, banks and the monetary system, 679 Interest rates: Adjusted, commercial banks, 676, 678, 685 Bond yields, 690 Banks, by classes, 672, 680, 688 Business loans by banks, 689 Turnover of 676 Federal Reserve Bank discount rates, 671 Type of holder, at commercial banks, 685 Foreign countries, 756, 757 767 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

768 FEDERAL RESERVE BULLETIN • MAY 1966 Interest rates—-Continued Reserves—Continued Money market rates, 690, 757 Federal Reserve Banks, 674 Mortgage yields, 691 Foreign countries and international Stock yields, 690 organizations, 743 Time deposits, maximum rates, 672 Member banks, 666, 668, 672, 685, 687 International capital transactions of the U.S., 744 Residential mortgage loans. 705, 706, 707 International institutions, 740, 742, 743 Retail credit 708 Inventories, 722 Retail sales 716 Investment companies, new issues, 702 Investments (See also specific types of investments): Sales finance companies, consumer loans of, 708, Banks, by classes, 680, 684, 687, 692 709, 711 Commercial banks, 683 Saving: Federal Reserve Banks, 674, 676 Flow of funds series, 724 Life insurance companies, 693 National income series, 723 Savings and loan assns., 693 Savings and loan assns., 693, 697, 706 Savings deposits (See Time deposits) Labor force, 718 Savings institutions, principal assets, 692, 693 Loans (See also specific types of loans): Securities (See also U.S. Govt, securities): Banks, by classes, 680, 684, 686, 692 Federally sponsored agencies, 699 Commercial banks, 683 International transactions, 750, 751 Federal Reserve Banks, 666, 674, 676 New issues, 700, 701, 702 Insurance companies, 693, 706 Silver coin and silver certificates, 677 Insured or guaranteed by U.S., 705, 706, 707 State and local govts.: Savings and loan assns., 693, 706 Deposits of, 685, 688 Holdings of U.S. Govt, securities, 696, 697 Manufactures, production index, 713, 716 New security issues, 700, 701 Margin requirements, 672 Ownership of obligations of, 684, 692, 693 Member banks: Prices and yields of securities, 690, 691 Assets and liabilities, by classes, 680, 684 State member banks, 682 Borrowings at Federal Reserve Banks, 668, Stock market credit, 691 674, 688 Stocks: Deposits, by classes, 672 New issues, 701, 702 Number, by classes, 681 Prices and yields, 690, 691 Reserve position, basic, 670 Reserve requirements, 672 Reserves and related items, 666 Tax receipts, Federal, 695 Time deposits, 672, 678, 679, 680, 685, 688 Weekly reporting series, 686 Treasurer’s account balance, 694 Mining, production index, 713, 716 Treasury cash, 666, 677, 679 Money rates (See Interest rates) Treasury currency, 666, 677, 679 Money supply and related data, 678 Treasury deposits, 666, 674, 694 Mortgages (See Real estate Ioans) Turnover, deposit, 676 Mutual funds (See Investment companies) Mutual savings banks, 679, 680, 682, 692, 696, Unemployment, 718 697, 705 U.S. balance of payments, 754 National banks, 682 U.S. Govt, balances: Commercial bank holdings, by classes, 685, 688 National income, 722, 723 Consolidated monetary statement, 679 National security expenditures, 695, 722 Treasury deposits at Federal Reserve Banks, 666, Nonmember banks, 682, 684, 685 674, 694 Open market transactions, 673 U.S. Govt, securities: Bank holdings, 679, 680, 684, 687, 692, 696, 697 Payrolls, manufacturing, index, 716 Dealer transactions, positions and financing, 698 Personal income, 723 Federal Reserve Bank holdings. 666, 674, 676, Postal Savings System, 672, 679 696, 697 Prices: Foreign and international holdings, 674, 743, 751 Consumer, 716, 720 International transactions, 750 Security, 691 New issues, gross proceeds, 701 Wholesale commodity, 716, 720 Open market transactions, 673 Production, 712, 716 Outstanding, by type of security, 696, 697, 699 Profits, corporate, 703, 704 Ownership of, 696, 697 Prices and yields, 690, 691, 757 Real estate loans: United States notes, outstanding and in Banks, by classes, 684, 686, 692, 705 circulation, 677 Mortgage yields, 691 Utilities, production index, 713, 716 Type of holder, 705, 706, 707 Type of property mortgaged, 705, 706, 707 Vault cash, 666, 672, 685 Reserve position, basic, member banks, 670 Veterans Administration, 705, 706, 707 Reserve requirements, member banks, 672 Reserves: Weekly reporting member banks, 686 Central banks and govts., 740 Commercial banks, 685 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 A (O THE FEDERAL RESERVE SYSTEM o) * Legend Boundaries of Federal Reserve Districts -----Boundaries of Federal Reserve Branch Territories O Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis