Federal Reserve Bulletin, 1966-06

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

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 in a form collectible at par in U.S. currency. (Stamps and coupons not accepted) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONTENTS VOLUME 52 ■ NUMBER 6 ■ JUNE 1966 Developments in Consumer Credit 769 Staff Economic Studies: sSummaries 781 Member Bank Income, 11965 785 Statements to Congress 790 Law Department 807 Announcements 826 National Summary of Business Conditions 827 Guide to Tabular Presentation 830 Financial and Business Statistics, U.S. (Contents on p. 831) 832 International Financial Statistics (Contents ontl p. 907) 908 Board of Governors and Staff 928 Open Market Committee and Staff; FederalAdvisory/ Council1 929 Federal Reserve Banks aand IBranches 930 Federal Reserve Board Publications 931 Index to Statistical Tables 935 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 B ulletin is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

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

769 JLHEl expansion in consumer credit has slowed markedly in recent months. This has resulted to a large extent from a tapering off in demands for credit. But the supply of funds available to consumers has also become more limited as credit grantors have increasingly adopted more restrictive lending policies. The pace of the expansion was slow during much of the winter, particularly in February, when the rise in instalment credit on a seasonally adjusted basis was the smallest in more than a year. Despite some resurgence in borrowing in March, the rate of expansion for the first quarter was sharply less than for any quarter of 1965. April was a slack month, with extensions of credit generally following the pattern of retail sales. Sales of automobiles were off sharply from their March level and were below the April 1965 level as well. Sales of furniture, appliances, and most household durable goods also showed signs of softening after having risen to new highs in March. The increase in instalment debt in April amounted to $531 million, even a little less than the $538 million increase in February. A year ago in April the increase was $745 million, the record for a single month. At that time, however, demands for auto credit were exceptionally strong, and borrowing to pay taxes was much larger than usual. With EXTENSIONS leveling off and REPAYMENTS continuing to rise, Growth in OUTSTANDING DEBT has slowed Seasonally adjusted data. Latest figures shown, April. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

770 FEDERAL RESERVE BULLETIN • JUNE 1966 By the end of April 1966 instalment credit outstanding was nearing the $70 billion mark. This was an increase of $7.7 billion, or 12 per cent, from the same month last year. Meanwhile, non­ instalment credit has also continued to expand. At the end of April total consumer credit was at a new high of $88.2 billion. As of mid-June, data for May were fragmentary, but the tempo of credit expansion does not appear to have picked up. Newcar sales continued to decline in May as did sales of home goods. At the same time, the policy of many lenders continued to be re­ strictive as they themselves encountered increasing difficulty in obtaining funds in the credit markets. There have been scattered reports of lenders imposing more stringent contract terms—that is, larger downpayments and shorter maturities. But for most lenders, restrictiveness has simply meant increased selectivity in granting loans. Some commercial banks, for example, have adopted the practice of granting new loans to deposit customers only, or to customers within a specified trading area. Still other lenders report that they have been screening new applicants more carefully than they did earlier. THE YEAR IN REVIEW All types of consumer indebtedness have continued to rise this past year. By the end of the first quarter of 1966, home mortgage debt had reached $208 billion, and policy loans on life insurance, loans to purchase securities, and other miscellaneous borrowings amounted to $19 billion. Together the various forms of long- and short-term consumer debt totaled $313 billion, an increase of Consumer Debt more than $25 billion, or 9 per cent, from a year earlier. Policy loans showed the largest relative increase—13 per cent—followed Billions of dollars by instalment debt, which rose by 12 per cent. Type ----------------------- 3-31-66 3-31-65 Automobile credit. The slowdown in consumer borrowing to finance auto purchases became apparent early this year, even Instalment 1.............. 68.8 60.9 Noninstalment 1..... 18.2 16.9 before the turnaround in new-car sales. In the meantime, repay­ Home mortgage.. ... 207.5 192.1 Security loan.......... .. 9.4 8.3 ments on auto debt have continued their gradual rise, and as a Policy loan.............. . . 8.4 7.9 Other....................... .. 1.0 1.0 result the average monthly increase in outstanding auto debt has been much less so far in 1966 than during 1965. The rise last year TOTAL.............. 313.3 287.1 was unusually large and averaged more than $300 million per month; this year the average for the first 4 months was less than 1 From Board’s estimates of short- and intermediate-term consumer credit. Other sectors from flow of funds accounts. $215 million. Extensions, as usual, have been the volatile factor in the rate of expansion, and to a large extent their movement this past year has paralleled sales of new cars. Seasonally adjusted extensions edged Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

772 FEDERAL RESERVE BULLETIN • JUNE 1966 part to an increase in interest charges on auto loans. On the downside has been a reduction in excise taxes on sales of cars. The average loan for used cars rose by about $40 during the same period. Higher finance charges may be a factor in the increase, but most of it is probably due to a higher average sale price. With an accelerated scrappage rate for older used cars, the proportion of newer and more fully equipped used cars has increased. At the same time, the high rate of new-car sales during the past 4 years has contributed significantly to a lowering of the average age of used cars sold during the period. The terms on which auto credit is made available to individual consumers have changed little this past year. The standard new-car contract still has a maturity of 36 months and calls for a down­ payment of 20-25 per cent of list price. The proportion written for the 36-month term continued to increase until very recently when it flattened out at about 75 per cent. There continues to be little evidence that the 36-month maximum is being breached in any significant number of contracts; in April, less than 1 per cent of all contracts were written for longer periods. As for used-car contracts, average maturities have not been lengthened despite the rising proportion of sales of newer model used cars. Indeed, some lenders have reported a significant decline in the past few months in the proportion of long-term contracts, that is, those over 30 months. Other instalment credit. Instalment credit outstanding for the purchase of consumer goods other than autos rose by $2 billion, or about 13 per cent, during 1965. In early 1966 the rate of growth was slightly faster. This type of credit accounted for one­ fourth of the increase in total instalment credit during 1965, the same proportion as in the previous year, but it accounted for nearly one-third of the total rise in early 1966 as auto credit declined in relative importance. Credit for the purchase of major appliances and furniture continues to represent a large part of this type of credit, but in recent years an increasing proportion has resulted from the financing of mobile homes, boats, and other high priced goods on a comparatively long-term basis. Personal loans outstanding increased by a record $2 billion in 1965. Demand for these loans was especially strong in the second quarter of that year when people borrowed to pay income taxes not covered by withholding. The pace thus far in 1966 has been comparatively slow, with tax borrowing again increasing in April —but not nearly so much as in April 1965. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DEVELOPMENTS IN CONSUMER CREDIT 773 Home repair and modernization loans, which make up a rela­ tively small part of total instalment credit outstanding, increased by $140 million in 1965, about the same as the average for 1963­ 64. However, the rate of expansion was sharply less in the first 4 months of 1966. Well over half of the contracts insured by the Federal Housing Administration are being written for a full 5-year term, the maximum permissible under FHA regulation. Noninstalment credit. The rate of expansion in noninstalment credit slowed noticeably during the last half of 1965, and the increase for the year as a whole was $1.4 billion compared with $1.6 billion in 1964. The pace picked up in early 1966—particu­ larly in the single-payment and charge-account categories—but Credit-Card slackened again in April. At the end of April total noninstalment Accounts credit amounted to $18.6 billion, a rise of about 7 per cent from a (Amounts outstanding) year earlier. During the same period instalment credit had in­ April 30 Millions of dollars creased by more than 12 per cent. Such a differential in growth rates has persisted during most of the period since World War II. 1960.......................... 383 1961.......................... 426 Interruptions in the trend have occurred only during business 1962.......................... 450 1963.......................... 473 recessions, when instalment credit tends to decline rather than 1964......................... 556 1965.......................... 642 increase. 1966.......................... 765 Consumers have turned increasingly to credit cards to pay their Includes service station and miscellaneous gasoline, lodging, and other traveling expenses. The total amount credit-card accounts and home-heating­ oil accounts. owed on credit-card accounts at the end of April was estimated to be $765 million, one-fifth larger than a year earlier and twice the amount outstanding at the end of April 1960. This segment is still a comparatively small part of all charge-account credit, but it has been increasing faster than other types of charge-account credit. GROWTH FACTORS Demands for consumer credit are closely related to demands for specific consumer goods. Thus the growth of consumer credit has been a natural accompaniment of the increase in consumer owner­ ship of automobiles and other durable goods. The major durable goods have traditionally been bought on credit because unit prices are relatively high. But in addition, use of credit in these purchases has given consumers a greater flexibility in the timing of their expenditures, often permitting acquisition of the goods sooner than would have been possible had credit not been used. The spreading use of personal loans to finance travel, education, and similar service expenditures has also been an important factor in the growth of instalment credit. In the past 5 years alone, personal loans outstanding have nearly doubled, and their growth has exceeded that of any other type of consumer instalment credit. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

774 FEDERAL RESERVE BULLETIN • JUNE 1966 Consumer attitudes toward the use of debt have also changed over the years. Individuals stand much more ready these days to commit their future incomes to debt repayment than they were a generation or two ago. Moreover, rising incomes and employment and the increasing security of both jobs and incomes have encouraged borrowers to take on additional debt. The amount of instalment credit used in a given period is also a function of the availability of credit on acceptable terms. And there has clearly been tremendous growth in institutional facilities for lending to consumers. At the same time, the greater security of consumer incomes has encouraged lenders to extend credit to an ever-widening segment of the population. Both financial institutions and retailers have actively promoted consumer credit and have adopted new and more flexible credit plans in recent years to facilitate credit purchases. These include various types of revolving credit plans with lines of credit used in accordance with the borrower’s needs and repaid over a period of months. These new credit plans have had as an important out­ growth the extension of instalment credit to the financing of soft goods and services, and to some extent they have been substituted for conventional forms of both charge-account and instalment credit. Revolving credit plans have spread rapidly at department stores and mail-order houses since their introduction in the early 195O’s. As Chart 3 shows, there have been two periods of marked growth, in 1959 and again in 1963-64. At the end of 1965 such plans accounted for nearly $3 billion of the $5.3 billion of instalment REVOLVING CREDIT continues to grow in importance at department stores CHART 3 ■■■■■■■■■■■■■■■■■■■■■■■■■■■■■ INSTALMENT CREDIT OUTSTANDING REVOLVING CREDIT End-of-year data. Estimates include mail-order company operations, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DEVELOPMENTS IN CONSUMER CREDIT 775 credit outstanding at these outlets. This represented another sub­ stantial gain in the dollar amount of revolving credit outstanding during 1965, but the increase relative to total instalment credit at department stores was smaller than in most other years. Revolving credit has also been extended to personal loans through bank-check-credit plans that permit customers to draw checks up to a prearranged limit, with monthly payments based either on the total credit line or on the amount actually owed. Banks have also developed charge-account plans under which a customer obtains from his bank a credit card that he can use for credit purchases at any participating store. The bank is responsible for monthly billings, and participating stores usually pay a mem­ bership fee and take a small discount on all sales made under the plan. Both check-credit plans and charge-account banking plans spread rapidly during the late 1950’s, but a number of banks dis­ continued them soon thereafter. Recently, however, there has been a strong revival of interest in plans of this type. The net result of this interaction between consumer willingness to borrow and growing institutional facilities for lending has been a sharp rise in outstanding consumer debt. Compared with 5 years ago, instalment debt is up $28 billion; over the past 10 years it has risen more than $40 billion. This build-up in debt has added substantially to the buying power of consumers, and as such it has affected both the level and structure of consumer demand for goods and services. REPAYMENTS RATIO The build-up in instalment debt actually results from differing rates of growth in extensions of credit and in repayments on debt. Changes in repayments typically lag changes in new credit extensions. Moreover, extensions show considerable variability in movement from month to month, whereas repayments tend to rise gradually over time because they are governed largely by the amount of credit extended in earlier periods and by contract terms. This was the pattern in 1965. Repayments trended steadily upward and reached a total of $67.5 billion for the year, compared with $61.1 billion in 1964. They continued to rise in the first quarter of 1966 to a record annual rate of $71.7 billion. At the same time, they reached a new high—14.7 per cent—relative to disposable personal income. The ratio of repayments to disposable income stood at 14.4 per cent in the first quarter of 1965, but over the remainder of the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

776 FEDERAL RESERVE BULLETIN • JUNE 1966 year it edged up as repayments grew faster than disposable income. The differential in growth rates continued in the first quarter of 1966. Disposable income rose less than 2 per cent as increased social security taxes took a larger bite out of personal incomes while repayments on instalment debt increased by 2.5 per cent. With instalment debt REPAYMENTS rising faster than DISPOSABLE INCOME CHART 4 ■■■■*■■■■■■■■■■■■■■■■■■■■■■■■■ Seasonally adjusted data. Latest figures shown, first quarter. The repayments ratio continues to receive considerable attention as a measure of the ability and willingness of consumers to incur more debt. An increase in the ratio is customarily viewed as an indication of decreased ability to take on more debt. Moreover, some observers implicitly assume that there is a ceiling beyond which consumers may not be able or willing to add to their debt. The continued upward drift in the repayments ratio remains a matter of concern because much depends on whether the new debt is being taken on by consumers already heavily burdened or mainly by those with few or no previous commitments. There is little statistical evidence in this area, but analytical considerations do not suggest that a ceiling on instalment debt repayments has necessarily been reached. Much of the postwar rise in the ratio can be explained by the fact that more and more people are using instalment credit for more and more purposes. Of particular im­ portance has been the increase in consumer ownership of physical assets that provide transportation, household services, and recre­ ation. When these assets are purchased on the instalment plan, the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DEVELOPMENTS IN CONSUMER CREDIT 777 monthly payments represent for many consumers a substitution for expenditures they previously made for services. The changing composition of the population has also been a factor in the increased use of consumer credit. The number of households with heads under 25 years of age has been expanding rapidly and, moreover, it is likely to increase considerably further over the next few years. These young families are frequent users of instalment credit because their needs for household goods and automobiles generally exceed their ability to pay cash for such goods. Finally, as noted earlier, consumers have been making use of revolving credit and similar multipayment plans to finance many small purchases that previously would have been on a cash or charge basis. All these influences have contributed to the expan­ sion in instalment credit. The rising repayments ratio, therefore, is a reflection of shifts in spending patterns of the consumer sector of the economy as well as changing attitudes toward borrowing and toward consumer loans as an outlet for funds. MAJOR LENDERS Financial institutions—including commercial banks, sales and consumer finance companies, credit unions, and miscellaneous lenders—hold nearly 90 per cent of all consumer instalment paper. Retail establishments hold the rest. Retailers originate the bulk of all instalment contracts, but they sell many of them through prearrangement with commercial banks and sales finance com­ panies. In recent years, however, several large retail companies have organized their own financial subsidiaries to handle their instalment paper. Changes in ownership of instalment credit in 1965 and early 1966 for the most part followed trends over a longer period. For both commercial banks and credit unions the share increased; for sales finance companies it declined slightly; and for both consumer finance companies and retailers it changed little. Commercial banks. In recent years banks have promoted all major types of consumer credit. At the end of 1965 they held 12 per cent of their earning assets in the form of consumer loans. Almost all commercial banks hold some instalment credit paper, and their holdings are generally more diversified than those of other consumer lenders. Moreover, they are heavily involved in noninstalment lending as the principal grantor of single-payment loans. Besides lending directly to consumers and buying instalment Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

778 FEDERAL RESERVE BULLETIN • JUNE 1966 paper from retailers, banks make a substantial indirect contribu­ tion to consumer credit by making funds available to finance companies and retailers. In total, banks provide over half of all funds used in consumer credit. The proportion of automobile credit held by the banks has continued to rise this past year, and on April 30 it reached 56 per cent of the total. A year earlier it was 54 per cent; and 5 years earlier, 47 per cent. Paper acquired from dealers has accounted for the bulk of the expansion, although loans made directly to consumers have also risen. Small commercial banks have been expanding their operations in the automobile credit market more than medium-size and large banks have. Over the past year small banks reported the largest relative gains in purchased paper, and they also expanded their share of the direct auto-loan market. The banks presently account for about one-fourth of the credit used to buy furniture, appliances, and other nonauto goods. This proportion has been stable over the past couple of years, although earlier it had declined as some of this business shifted to the newly organized finance subsidiaries of the large retailers. Banks now hold about one-third of all personal loan credit, slightly more than a year earlier. They continue to be the major source of repair BANKS are prominent in AUTO CREDIT CHART 5 RETAILERS hold largest share of the NONAUTO PAPER but DISTRIBUTION is more even for PERSONAL LOANS Distributions based on amount of credit outstanding on Apr. 30, 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DEVELOPMENTS IN CONSUMER CREDIT 779 and modernization loans, as indicated by their 70 per cent share at the end of April. Finance companies. Sales finance companies, which supply credit through auto dealers, mail-order outlets, and other retailers, hold about one-fourth of all consumer instalment credit. Their share of the total has declined slightly this past year, as it has each year since 1960. Automobile credit has been—and still is—the dominant form of credit held by most sales finance companies. Nevertheless, severe rate competition for automobile paper in recent years has reduced the attractiveness of such paper, and many companies have been putting more of their funds in other types of paper. Diversification efforts have included increased emphasis on business loans and on the financing of consumer spending for boats, mobile homes, household durable goods, travel, and education. In the consumer sector, sales finance companies have had most suc­ cess in increasing personal loans. They now hold 13 per cent of all such credit compared with 10 per cent only 5 years ago. The proportion of instalment credit accounted for by consumer finance companies has ranged between 8 and 9 per cent for the past half dozen years. These companies have most of their assets in the form of personal loans, and they continue to rank second only to commercial banks in their share of this market. This past year, however, personal loans increased by a smaller percentage at consumer finance companies than at other major lenders. Credit unions and retailers. Credit unions have continued to increase their penetration of the consumer instalment lending business, and their one-tenth share of the total is about double thaTof a decade ago. Credit unions account for only a small share of nonautomotive goods credit, but they hold more than one-tenth of the automobile paper and about one-fifth of the personal loans outstanding. In repair and modernization loans they rank second, behind the commercial banks. Retailers hold 12 per cent of all instalment credit, and most of this is paper held by department stores, mail-order companies, and furniture and appliance stores. The share of the total held by auto dealers is less than 1 per cent. Sources of funds. Instalment credit lenders have been encounter­ ing strong competition in recent months in obtaining new funds. Aggregate demands have been pressing against limited supplies in the credit markets, and lenders who have obtained funds have generally paid higher rates of interest than a year earlier. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

780 FEDERAL RESERVE BULLETIN • JUNE 1966 Notwithstanding the growing pressures on their reserve posi­ tions, commercial banks have continued to extend substantial amounts of credit to consumers. Finance companies too have expanded their consumer financing activities, but they have gone increasingly to the commercial paper market to obtain their short­ term funds, rather than borrow from the banks. The rate for directly placed finance company paper with maturities of 3 to 6 months rose from 4.25 to 5.38 per cent between last September and June of this year. Rates on paper that the smaller finance companies place through dealers have also gone up, as have costs of bank loans and longer-term credit. Despite the higher interest rates in short-term credit markets, charges on consumer credit appear to have risen only slightly on the whole. The cost of credit to lenders is only a part of the cost of making consumer loans, and charges on such loans typically change only in response to broader cyclical movements in market rates of interest. Some financial institutions, including a scattering of commercial banks, have recently made moderate upward adjustments in finance charges to consumers. However, other lenders, some of which are already charging the legal maxima, and also most retailers have continued to operate with rates unchanged. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDIES The research staffs of the Board of Gover­ set forth are those of the authors and do not nors of the Federal Reserve System and of necessarily indicate concurrence by the the Federal Reserve Banks undertake studies Board of Governors, by the Federal Reserve that cover a wide range of economic and Banks, or by the members of their staffs. financial subjects, and other staff members Single copies of the full text of each of prepare papers related to such subjects. the studies or papers that are summarized From time to time the results of studies that below are available in mimeographed form. are of general interest to the economics pro­ The list of publications at the back of each fession and to others are summarized—or in Federal Reserve Bulletin includes a sepa­ some instances printed in full—in this sec­ rate section enumerating the studies for tion of the Bulletin. which copies are currently available in that In all cases the analyses and conclusions form. STUDY SUMMARIES CONSUMER CREDIT REGULATIONS: A REVIEW AND RESPONSE Jerome W. Shay—Staff, Board of Governors Paper presented at the annual meeting of the Atlantic States Section, Consumer Bankers Association, Hershey, Pennsylvania, on June 3, 1966 Federal selective control of consumer credit Regulation in that Act was repealed June 1952. ‘ was first imposed during World War II by Regulation W of the Board of Governors of The Regulation was limited to nonbusi­ the Federal Reserve System pursuant to a ness instalment credit for purchasing listed 1941 Executive Order of the President based consumer durable goods and to unclassified on war-emergency legislation. Terminated instalment loans, except for a period during by Congress in 1947, the Regulation was World War II when it was broadened to again in effect for 9 months in 1948-49 pur­ cover certain soft goods and, therefore, suant to temporary anti-inflationary legisla­ single-payment credits. The Board had tion. The last period of control was during broad flexible regulatory authority as to cov­ the Korean conflict when the Regulation was erage and the prescription of minimum down reinstituted pursuant to the Defense Produc­ payments (maximum loan values) and max­ tion Act of 1950 and suspended by the imum maturities for regulated credit, except Board May 7, 1952. The authority for the after June 1951 when Congress reversed a 781 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

782 FEDERAL RESERVE BULLETIN • JUNE 1966 substantial tightening of the Regulation in lems. Of basic importance are the differing October 1950 and limited the Board’s objectives of such an authority. Pressure authority. from many and often conflicting motivations Consumer credit outstanding declined in could be expected for invoking the authority 1941-47 and 1950-52, and its rate of growth and for deciding on the scope and terms of slowed in 1948-49. An important aspect of the Regulation and when to suspend it. the specialized circumstances during each It would be no easier today to answer period of control was the lack of flexibility in charges that the selective control of con­ applying the general instruments of mone­ sumer credit is discriminatory, for example, tary policy because of the Federal Reserve against low-income groups, young married “peg” on prices of U.S. Government securi­ people establishing homes, small retailers ties. The question arises, therefore, whether and manufacturers, and also against innova­ some of the results might not have occurred tions in marketing conducive to economic without resort to the Regulation, if more growth. The range of “hardship” cases can flexible use of general measures had been defy imagination. Increases since 1952 in possible. such things as revolving credit, check-credit Studies and reports by the Board of Gov­ plans, credit cards, elimination of down pay­ ernors, by the Joint Economic Committee ments, and sales at discount would raise and by the Committees on Banking and Cur­ serious administrative problems. And there rency of the Senate and the House, and by can be no assurance that enforcement today the Commission on Money and Credit over of the Regulation W approach to control at the period since 1952 have reached no uni­ the “retail” level would not produce greater form conclusions as to the need for standby difficulties and lead to the same unjust criti­ authority to regulate consumer credit. In cisms that occurred during the 1950-52 March 1966, however, the JEC renewed its period. 1960 recommendation, and the House Com­ These considerations were among those mittee on Banking and Currency in April that prompted study of a possible “whole­ 1966 favorably reported, as an addition to a sale” approach to consumer credit regulation routine bill, a standby authority in the Presi­ through, for example, the use of loan ceilings dent over consumer credit. or quotas for credit granters. Although the Enactment of authority to regulate con­ Board’s 1957 study was not optimistic as to sumer credit, as well as administrative imple­ this, others have urged further investigation mentation thereof, would yield many prob­ of the possibility. EMPIRICAL ASPECTS OF COST VS. DEMAND IN COMMODITY PRICING Addison T. Cutler—Staff, Federal Reserve Bank of Cleveland Study prepared for the Federal Reserve System Linkage Working Group on Price, Cost, and Capacity Relationships and submitted in March 1966 (revised June 1966) Discussion among economists of the rela­ late 1950’s. Interest tended to lapse in the tive roles of “demand-pull” and “cost-push” early 1960’s, in part because of the rela­ in commodity pricing was vigorous in the tive stabilization of commodity prices after Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDIES 783 1958. More recent developments, including also to the composition in terms of product the current signs of increasing price and lines) of the class of products exhibiting wage pressures, have tended to re-accent the rising price and falling output. In such cases, question. Also, governmental policies have it may be inferred that upward demand pres­ made considerable use of selective and sures were not likely to have been the voluntary types of control measures for con­ crucial element in the price rises (since out­ taining incipient price and wage increases; put was actually falling), even though out­ the use of such measures, even on a tem­ put changes do not directly measure demand porary basis, presupposes a considerable changes. degree of discretion on price matters in the Findings indicate, on balance, a relatively hands of business decision-makers, which, in stronger role of cost-push in the 1953-57 turn, is more consistent with some aspects period than in the 1957-63 period, although of the cost theory than with an unmodified even within the latter, the role of cost-push “demand-pull” approach. can be inferred to be far from negligible. Need for further empirical testing has al­ Also, the groupings of product lines which ways been recognized, although important exhibit combinations of falling output and contributions were made in the late 1950’s. rising price are shown to have higher con­ Materials analyzed in this study include data centration ratios (proportions of total out­ on price and output behavior for 188 prod­ put accounted for by largest firms) than uct lines, expressed in terms of average an­ the groups of product lines which show nual changes over the periods 1953-57 and falling price accompanying falling output. 1957-63. The products are classified ac­ The finding, which is particularly marked cording to combinations of rising output and for the 1953-57 period, tends to corroborate falling price, falling output and rising price, the administered-price aspect of the general declines in both output and price, and in­ argument. Measurements made in the study creases in both output and price. Frequency do not carry to the point of suggesting an distributions are analyzed, with special at­ over-all quantitative allocation of the re­ tention to the relatively large frequency (and spective roles of cost and demand. A MODEL OF FEDERAL RESERVE BEHAVIOR John H. Wood, formerly of the staff of the Board of Governors of the Federal Reserve System Paper presented at the Conference of University Professors sponsored by the American Bankers Associa­ tion at Purdue University, August 29-September 1, 1965 (revised April 1966) One of the most common features of macro­ eral Reserve System’s portfolio of securi­ economic models has been their treat­ ties are treated as free from the influence ment of government policy variables as of income, employment, and prices. But, exogenously determined. While variables if the causal relation is not in fact one way, such as income, employment, and prices are we must, if we are to explain the behavior considered to be influenced by actions of of nongovernment sectors of the economy, the fiscal and monetary authorities, policy treat the conduct of the government sector as instruments such as tax rates and the Fed­ jointly determined. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN - JUNE 1966 The objective of the study was to de­ The principal result is a demonstration velop and test a model describing quanti­ that a stable demand function for U.S. tatively the reaction of the monetary authori­ Government securities by the Federal Re­ ties to variations in their targets and in the serve—founded upon an hypothesis of con­ nonpolicy controlled forces influencing those strained utility maximization analogous to targets. It is hoped that the results will move that traditionally applied in economic theory us toward the position of being able to dis­ to the behavior of consumers and firms— card such terms as “easy,” “tight,” “less is consistent with the observed behavior of ease,” and “leaning against the wind,” often the Federal Reserve during the period 1952­ used in descriptions of monetary policy ac­ 63. It is shown that the Federal Reserve, tions, and permit us to replace them with in its conduct of open market operations, has parameters measuring the response of Fed­ responded in a systematic fashion to past eral Reserve instruments to movements in movements in such target variables as GNP, targets and exogenous forces. the balance of payments, unemployment, The approach followed was to assume that and prices, and to changes in GNP and the Federal Reserve possesses a utility func­ balance of payments targets. A demand tion relating its conception of the public’s relation for U.S. Government securities by welfare to such variables as income, em­ the monetary authority is obtained that can ployment, price levels, and the balance of be a useful component in a multiequation payments, and that it manages its portfolio of U.S. Government securities in such a way econometric model that seeks to avoid the as to maximize utility subject to the con­ oversimplifications and inconsistent param­ straints imposed by its view of the structure eter estimates involved in the treatment of of the economy, including its forecasts of the behavior of the Federal Reserve as exogenous variables. exogenous to the economic system. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MEMBER BANK INCOME, 1965 The main points reflected in member bank ■ Dividend payments increased in the statements of income and dividends for the same proportion as average capital accounts, year 1965 are: and the rate remained unchanged. ■ Net income for the year rose more than As a result of a decline in holdings of U.S. 9 per cent to a new high, but declined Government securities and increases in loans slightly in relation to total assets and total and holdings of other securities, the ratio of capital accounts. Lower taxes accounted for member bank capital to risk assets (total the major part of the increase in after-tax assets less holdings of Government securities net income. and cash) declined from the 1964 level. This ■ Revenue from current operations rose continued the general downward trend that a little more than current operating expenses. this ratio has followed in recent years. Ratios Thus, net current operating earnings in­ of capital to total deposits and to total assets creased moderately. also continued a slow downward trend. ■ Substantial increases in earnings from larger holdings of loans and from both FACTORS IN HIGHER NET INCOME larger holdings and higher rates of return on State and local government securities (IN MILLIONS OF DOLLARS) were primarily responsible for the increase in current operating revenue. Item Change from 1964 ■ All categories of current operating ex­ Increase in net income, total.............................................. 180 penses increased, but interest paid on time Factors increasing net income, total.................................... 1,712 and savings deposits continued to account Increase in operating revenue from earning assets.......... 1,511 for most of the rise in the total. The volume On loans................................................................ 1,184 On securities other than U.S. Government............. 168 of these deposits continued to rise, and so did On miscellaneous operating revenue.......................... 160 the average rate of interest paid on them. No D no ec p r e e r a a s t e in i g n tr n a e n t s l a o c ss ti e o s n o s. n .. . s .. e . c .. u .. r . i . t . i . e .. s .. . L .... . .. . .. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 33 3 Larger net decrease in valuation reserves on securities. 28 Interest payments on these deposits were Decrease in miscellaneous Josses................................ 13 Increase in profits on sales of securities..................... 9 again the largest single expense item of mem­ Decrease in provision for taxes on net income............ U8 ber banks. Factors decreasing net income, total................................... 1,532 ■ Smaller provisions for income taxes Decrease in operating revenue from earnings on U.S. more than offset the increase in losses on Government securities............................................. 55 Increase in operating expense......................................... 1,312 nonoperating transactions. This contributed Of interest on time deposits........................................ 831 Of miscellaneous expense............................................ 298 to the rise in net after-tax income. Of salaries and wages.................................................. 184 Nonoperating transactions...................................... 165 Larger net increase in valuation reserves on loans... 90 Increase in net losses on loans 1................................. 68 This article was prepared by Mary Louise Roberts Decrease in miscellaneous recoveries......................... 8 under the general direction of T. A. Veenstra, Jr., Chief of the Financial Statistics Section of the Board’s 1 Includes recoveries credited and losses charged to undivided Division of Data Processing. profits or to valuation reserves. 785 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

786 FEDERAL RESERVE BULLETIN • JUNE 1966 EARNING ASSETS AND OPERATING loans to individuals (largely consumer REVENUES Ioans) and real estate loans, which rose by Average holdings of earning assets of mem­ about $4 billion each. ber banks during 1965 were $239 billion, Average total holdings of Treasury bills, $21.2 billion higher than during 1964; this notes, and certificates declined by $5.2 bil­ was the largest increase for any recent year. lion from the 1964 average, but holdings of Increases of $19.4 billion in loans and $3.9 Treasury bonds rose by $2.8 billion. The in­ billion in State and local government securi­ crease in other securities was almost entirely ties were partially offset by a reduction of in issues of State and local governments, $2.4 billion in average holdings of U.S. Gov­ which generally have a relatively high after­ ernment securities. tax yield. To offset increasing costs of interest on Total operating revenues of member time and savings deposits, member banks banks were $13,842 million. This was $1,­ continued to add to their holdings of those 456 million (12 per cent) more than in types of assets that had greater current 1964. Revenue on loans was $1,184 mil­ yields. Average holdings of all classifications lion (15 per cent) higher than in 1964, but of loans increased. The largest dollar in­ the average rate of return, 5.85 per cent, creases were in commercial and industrial was slightly below the 1964 level. Revenue loans—about $9 billion—followed by other on other securities, derived from larger aver- MEMBER BANK INCOME, 1954-65 (DOLLAR AMOUNTS IN MILLIONS) Item 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 Revenue...................................................... $4,826 $5,343 $6,078 $6,771 $7,127 $8,075 $8,928 $9,217 $10,154$11,169$12,386$13,842 On U.S. Government securities.......... 1 ,066 1,118 1 , 101 1,168 1,266 1,399 1,414 1,537 1,687 1,726 J ,742 1,686 On other securities............................... 273 296 308 339 411 445 467 513 629 773 911 1,079 On loans................................................ 2,711 3,083 3,725 4,208 4,326 5,021 5,730 5,870 6,435 7,200 8,111 9,295 Service charges on deposits accounts. . 252 274 310 354 389 422 464 495 532 568 607 653 Other revenue...................................... 523 572 634 702 734 788 853 802 870 903 1,015 1,128 Expenses 1................................................ 2,999 3,265 3,680 4,222 4,617 5,140 5,655 6,074 7,041 7,931 8,895 10,206 Salaries and wages............................... 1,463 1,571 1,735 1,877 1,981 2,118 2,289 2,363 2,501 2,661 2,840 3,024 Officer and employee benefits.............. 331 364 393 420 448 Interest on time deposits. .................... 494 543 650 927 1,123 1,280 1,434 1,720 2,358 2,858 3,384 4,214 Net occupancy expense....................... 424 459 501 550 598 Other expenses.................................... 1,042 1 ,151 1,295 1,418 1,512 1,742 1,932 1,236 1,360 1,519 1,701 1,922 Net current earnings before income taxes. 1,828 2,077 2,398 2,549 2,510 2,935 3,273 3,143 3,112 3,239 3,491 3,635 Net of profits and recoveries (+), losses and charge-offs, and changes in valuation reserves........................... +73 401 654 485 +« 904 344 181 308 329 570 653 Profits and recoveries (4-), losses and charge-offs: On securities 2................................... + 315 189 326 21! + 535 792 +72 + 351 + 152 +81 62 20 On loans 2......................................... 30 39 81 59 47 37 179 157 132 197 187 255 Other.................................................. 47 34 18 39 49 31 25 29 27 21 33 27 Net increase (or decrease, +) in val­ uation reserves: On securities...................................... 63 + 37 + 32 + 10 189 + 140 64 123 26 +9 +27 + 54 On loans............................................ 102 176 261 187 153 184 148 224 275 200 315 405 Net income before related taxes.............. 1,900 1,676 1,744 2,063 2,606 2,032 2,929 2,962 2,805 2,910 2,921 2,983 Taxes on net income................................. 804 691 718 895 1,148 775 1,241 1,250 1,110 1,079 998 880 Net income............................................... 1,096 985 1,027 1,169 1,457 1,257 1,689 1,712 1,695 1,831 1,923 2,103 Cash dividends declared 3..................... . 456 501 547 604 646 690 735 793 832 878 961 1,058 Ratio of net income to average total capital accounts (per cent)................... 9.4 7.9 7.8 8.4 9.7 7.9 10.1 9.6 8.9 9.0 8.8 8,7 Number of banks at end of year....... 6,660 6,543 6,462 6,393 6,312 6,233 6,174 6,113 6,047 6,108 6,225 6,221 1 Expenses were reclassified in 1961 as described on pages 526-27 divided profits or to valuation reserves and excludes transfers to and of the May 1962 Bulletin. from valuation reserves. 2 Includes recoveries credited and losses charged either to un­ 3 Includes interest on capital notes and debentures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MEMBER BANK INCOME, 1965 787 CHANGES IN MEMBER BANK AVERAGE per cent, and by 1962 it had more than LOANS AND INVESTMENTS, 1965 doubled to 3.23 per cent. In 1965 it was (DOLLAR AMOUNTS IN MILLIONS) 3.73 per cent. For 1965 the average in­ crease in volume of deposits was 16 per Change from Average 1964 average cent, about the same as for other recent Item amount, 1965 years. Such deposits represented nearly 43 Amount Percentage per cent of average total deposits in member Total loans and investments........ $239,134 $21,215 9.7 banks in 1965, as compared with the 26 Loans 1............................ 158,774 19,424 13.9 per cent level of 1956. Commercial and industrial. . . 58,779 8,666 17.3 Agricultural............................. 4,904 218 4.6 For purchasing and carrying Increases in salaries and wages of officers securities........................... 7,784 293 3.9 To financial institutions.......... 14,054 1,266 9.9 and employees, the second most important Real estate............................... 36,718 3,921 12.0 Other loans to individuals. . . . 34,341 4,273 14.2 expense item in terms of dollar volume, ac­ All other................................... 5,433 1,191 28. 1 counted for 14 per cent of the increase in U.S. Government securities......... 45,702 -2,396 -5.0 Treasury bills, notes, and certificates......................... 20,802 -5,156 -19.9 operating expenses during 1965. Total pay­ Bonds 2.................................... 24,899 2,759 12.S ments for fringe benefits—such as hospital­ Other securities........................... 34,658 4,188 13.7 State and local government. . . 30,666 3,945 14.8 ization and life insurance premiums, unem­ Other........................................ 3,992 243 6.5 ployment and social security taxes, and cur­ Note.—Averages are based on amounts reported at 3 call dates at rent contributions to retirement funds—were the beginning, middle, and end of each year. i Totals are net (after deduction of valuation reserves); individual $28 million, or 7 per cent, more than in 1964 loan items are gross and do not add to totals. 2 Includes small amount of guaranteed obligations. and were equal to 15 per cent of the total amount of direct compensation paid in the age holdings and a higher average rate of form of wages, salaries, and bonuses. At the return, rose $168 million. end of 1965 member banks employed ap­ Although the average rate of return on proximately 551,000 people in banking op­ U.S. Government securities increased from erations, and during the year they paid 3.63 to 3.69 per cent, average holdings $3,472 million in wages, salaries, and declined, and the revenue from this source benefits. was $55 million less than in 1964. Revenue Expenses relating to the occupancy of from other sources rose, but it did not change bank premises amounted to $598 million significantly as a proportion of the total. after a deduction for rents received. EXPENSES Total expenses of member banks were $10,­ PROFITS, RECOVERIES, LOSSES, AND 206 million. This was $1,312 million, or 15 TRANSFERS TO VALUATION RESERVES per cent, higher than in 1964. Two-thirds of Nonoperating transactions reduced net in­ the increase was in interest payments on come by $653 million in 1965; this com­ savings and other time deposits. This ex­ pared with a reduction of $570 million in pense item rose by $831 million and 1964. Member banks have shown a net gain absorbed $4,214 million, or 30 per cent, of from these transactions in only three postwar current operating revenues in 1965. years (1946, 1954, and 1958), when profits For a number of years the volume of in­ on the sale of securities more than offset the terest-bearing deposits held in member banks other transactions on loans and securities has continued to increase substantially, and that tend to reduce net income. the effective average rate paid on them has Nonoperating transactions in loans, in­ been rising sharply. In 1956 the average rate cluding the net result of transfers to and of interest paid on these deposits was 1.58 from valuation reserves, reduced reported Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

788 FEDERAL RESERVE BULLETIN • JUNE 1966 net income by $660 million. This repre­ serves have expanded each year since 1948, sented the largest “net loss” reported on when they were first reported. The increase these transactions in recent years, and it in 1965 was the largest since that time and compared with a reduction of $502 million resulted from larger transfers to such re­ in 1964. Net income was reduced further by serves. Valuation reserves on securities were $27 million as a result of losses and charge- decreased by $54 million. offs on all other bank assets. Security transactions have increased net INCOME TAXES income in each year since 1959 except in Although net income before taxes increased, 1964, when these transactions resulted in a provisions for income taxes were $ 118 mil­ decrease of $36 million. In 1965 there was a lion less in 1965 than in 1964. A larger $34 million increase as a result of these proportion of net income represented in­ transactions. come from tax-exempt investments, and pro­ Member banks increased their valuation visions for bad-debt losses were increased at reserves on loans by $405 million. These re­ some banks as permitted by revised tax rul- MEMBER BANK INCOME, BY CLASS OF BANK, 1965 AND 1964 (DOLLAR AMOUNTS IN MILLIONS) Reserve city banks Total Country banks Item New York City City of Chicago Other 1965 1964 1965 1964 1965 1964 1965 1964 1965 1964 Revenue................................................................ $13,842 $12,386 $2,296 $2,017 $576 $505 $5,240 $4,739 $5,730 $5,125 On U.S. Government securities.................... 1,686 1,742 180 214 60 64 549 580 897 883 On other securities......................................... 1,079 911 204 171 52 48 374 313 448 379 On loans.......................................................... 9,295 8,111 1,563 1,300 382 324 3,616 3,205 3,734 3,282 All other.......................................................... 1,781 1,622 349 332 82 69 700 640 651 581 Expenses.............................................................. 10,206 8,895 1,607 1,345 401 340 3,871 3,391 4,327 3,818 Salaries and wages......................................... 3,024 2,840 441 420 1OO 93 1,139 1 ,081 1,345 1,246 Officer and employee benefits....................... 448 420 92 85 20 21 163 155 173 160 Interest on time deposits............................... 4,214 3,384 713 515 192 156 1,632 1,319 1,677 1,394 Net occupancy expense................................. 598 550 107 102 17 15 219 201 255 232 All other.......................................................... 1,922 1,701 255 224 73 55 719 635 876 787 Net current earnings before income taxes......... 3,635 3,491 688 671 175 165 1,369 1,347 1,403 1,307 Net of profits and recoveries (+), losses and charge-offs, and changes in valuation reserves................................................ 653 570 183 91 10 47 224 210 235 222 Profits and recoveries (+), losses and charge-offs: On securities 1............................................ 20 62 +1 21 +3 +2 15 33 9 10 On loans 1................................................... 255 187 40 20 9 1 88 72 118 94 Other............................................................ 27 33 6 +2 +1 7 10 13 12 14 Net increase (or decrease, +) in valuation reserves: On securities............................................... +54 +27 + 17 + 1 + 5 + 6 + 19 + 14 + 14 +6 On loans...................................................... 405 315 154 51 10 47 130 107 111 109 Net income before related taxes........................ 2,983 2,921 506 581 165 118 1,144 1,137 1,168 1,085 Taxes on net income........................................... 880 998 131 199 51 37 358 413 340 349 Net income.......................................................... 2,103 1,923 375 382 114 81 787 724 828 736 Cash dividends declared 2................................. 1,058 961 240 213 45 41 426 394 347 313 Ratios (per cent): Net current earnings before income taxes to— Average total capital accounts.................. 15.1 15.9 14.1 15.7 16.0 16.2 15.6 16.7 15.1 15.2 Average total assets................................... 1.21 1.29 1.21 1.36 1.28 1.35 1.22 1.31 1.20 1.22 Net income to— Average total capital accounts.............. 8.7 8.8 7.7 8.9 10.4 8.0 9.0 9.0 8.9 8.6 Average total assets................................... .70 .71 .66 .78 .83 .66 .70 .70 .71 .69 1 Includes recoveries credited and losses charged either to un­ from valuation reserves, divided profits or to valuation reserves and excludes transfers to and 2 Includes interest on capital notes and debentures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MEMBER BANK INCOME, 1965 789 ings. The total provided for income taxes, average total capital accounts was 4.4 per $880 million, represented 30 per cent of net cent, about the same as in other recent years. income before taxes; it was 34 per cent in Retained income for the year totaled 1964. 1 $1,045 million and accounted for 51 per cent of the increase in total capital accounts NET INCOME AND CASH DIVIDENDS during the year. Net income after taxes amounted to $2,103 Revenues, expenses, and income by re­ million, 9 per cent more than in 1964. serve classifications of member banks for Cash dividends declared amounted to 1964 and 1965 are shown in an accompany­ $1,058 million, $97 million more than in ing table. Detailed figures for income, ex­ 1964. This represented 50 per cent of net income after taxes, the same as in the pre­ penses, and related items appear on pages vious year. The ratio of cash dividends to 892-900. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS Statements by members of the Board of mid-1930’s through the early years of the Governors of the Federal Reserve System postwar period, banks showed little interest before the Committee on Banking and Cur­ in competing for time and savings deposits. rency of the House of Representatives. As loan-to-deposit ratios advanced over the postwar years, banks came to be increasingly concerned about their ability to meet their Statement of J. L. Robertson, Vice Chair­ customers’ loan demands. This concern in­ man, on H.R. 14026, and H.R. 14422, May creased in late 1959, when soaring credit 24, 1966. ' demands and monetary restraint put many banks under pressure. Shortly thereafter, banks increased their It is my purpose to express the views of efforts to attract time and savings deposits, the Board of Governors on the two bills especially for corporate time deposits (H.R. 14026 and H.R. 14422) that are the through the issuance of negotiable certifi­ subject of these hearings. It might be helpful cates of deposit. The emergence of the nego­ to begin with a summary of recent develop­ tiable certificate as a money market instru­ ments in banking, attempting to place those ment began in early 1961 when a large New developments in historical perspective. York City bank announced that it would As this committee is well aware, the com­ issue certificates of this kind to both cor­ mercial banking system has become more porate and noncorporate customers and that active in recent years in seeking longer-term a large Government security dealer was savings funds. This has not been an isolated establishing a secondary market for those phenomenon, but rather an integral part of instruments. Since 1961, outstanding negoti­ a major change in the character of commer­ able certificates in denominations of $100,­ cial banking. Banks have become increas­ 000 or more—certificates large enough to ingly ready to challenge traditional or out­ be traded readily in the secondary market— moded practices. They have become more have increased to more than $17 billion. aggressive not only with respect to bidding Growth in outstandings has been relatively for deposits, but also in finding ways to put slow since the fall of 1965, however, and it funds to profitable uses, in opening new may be that the period of rapid growth of facilities, in providing new services for bank these deposits is largely behind us. customers, and in reducing costs by adopting more efficient techniques of production, Pressure on banks to find lendable funds especially through automation. has intensified since 1961, as loan demands In addition, the increased activity of of customers have continued to outstrip the banks in bidding for time deposits appears growth of deposits. Consequently, banks to reflect a response to the declining trend have become increasingly alert to the possi­ of bank liquidity over the postwar years. bilities of tapping new sources of funds, Under the conditions of high liquidity and especially through issuance of negotiable limited loan demand that prevailed from the and nonnegotiable certificates of deposit in 790 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 791 smaller denominations, often called “savings negotiable, even though little use is made certificates” or “savings bonds.” of the negotiability feature. Many of these The two bills before the committee would certificates are in small denominations and cut off commercial banks from important are issued by small banks, even though the sources of funds through which they have largest part of the dollar volume of negoti­ been able to meet the rising financing needs able certificates consists of certificates issued of businesses, consumers, home buyers, and by large banks with denominations in excess State and local governments. They would of $100,000. Thus, a recent Federal Reserve also prohibit banking practices of long survey indicated that three-fourths of the standing. The earliest data available showing number of member banks with negotiable a detailed classification of time and savings certificates of deposit outstanding to indi­ deposits by type indicate that, in 1928, time viduals and businesses on December 22, certificates and open account time deposits 1965, were banks with less than $50 million comprised about one-fourth of all member in total deposits. bank time and savings deposits held by busi­ The changed attitude of banks toward nesses and individuals. This is nearly as high bidding for time deposits, together with the as the current proportion. The issuance of increases in maximum rates payable on time certificates of deposit to small savers has and savings deposits under Regulation Q, been a common practice in some Mid­ has altered significantly the role of the com­ western and Southwestern States for many mercial banks as an intermediary channeling years. In 1928, country banks in the St. funds from savers to borrowers. The pro­ Louis and Kansas City Federal Reserve Dis­ portion of total credit flows financed by ex­ tricts held as large an amount of savings pansion of commercial bank deposits has under time certificates of deposit as in been considerably higher in recent years savings accounts, suggesting that in those than in most postwar years. This increase in districts, small-denomination time certifi­ the financing of economic expansion through cates were a leading channel for the place­ the banking system has been accompanied ment of individual savings. Our most recent by some decline in the relative position of survey confirms that certificates of deposit the banks’ major institutional competitors in small denominations are still an important in the savings field, although the absolute source of funds to small banks in the Mid­ size of these nonbank intermediaries has west and Southwest. continued to increase rapidly. Most recently, The negotiability feature of certificates of particularly in the period since year-end, the deposit also has substantial legal precedent. growth rate of all financial institutions has The language used by many banks in their slowed, as more savings have tended to flow certificates is patterned after wording used directly from savers to borrowers rather than in four examples published by the Board in through financial intermediaries, reversing 1933, to provide guidance to member banks the pattern of savings flows that had per­ in drawing up time certificate contracts that sisted over the expansion of the previous would be consistent with Federal Reserve 5 years. Regulation Q. The suggested language was With this background information in widely adopted, and many banks presently mind, let us turn now to more specific con­ issue certificates of deposit that are legally sideration of H.R. 14026 and H.R. 14422. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

792 FEDERAL RESERVE BULLETIN • JUNE 1966 There is every reason for Congress and the presence or absence of negotiability does not supervisory authorities to remain alert impair the ability of the monetary authori­ during periods of structural change in finan­ ties to implement whatever policy is called cial flows such as those now in process. for by the economic situation. There is always a possibility that changes in H.R. 14422 would prohibit insured banks the competitive position of financial institu­ from accepting time deposits in denomina­ tions may be accompanied by excessively tions of less than $15,000. It would deny to zealous efforts to gain a short-run advantage, banks the use of an instrument employed and to actions that might raise questions for many years in attracting savings of indi­ about the liquidity, solvency, and viability viduals. It would deny to the small saver of financial institutions. In contemplating a form of bank deposit to which he has been the need for supervisory or legislative action, accustomed, but it would not prohibit the issuance of certificates of deposit in large however, it must be borne in mind that the denominations to individuals of substantial forces of competition have great potential wealth or to businesses. Under the present for promoting the interests of the consumer structure of ceiling rates, small savers would and for serving the public interest. obtain at most the maximum rate payable The two bills at issue represent, in the on passbook savings—4 per cent. Those Board’s judgment, efforts to circumscribe fortunate enough to be large depositors competitive processes in ways that are harm­ could earn as much as 516 per cent. Such ful to the public interest. H.R. 14026 would differential treatment of large and small prohibit issuance of negotiable certificates savers on the basis of deposit size alone of deposit and other similar negotiable in­ would be discriminatory. struments purely on the grounds of their The Federal Reserve Act now specifies negotiability. We can see no justification for four criteria the Board may use in setting the a general prohibition of that kind. The legal maximum rates payable on time and savings status of the negotiability feature of time deposits: maturity of deposit, conditions re­ certificates has a long-standing historical specting withdrawal or repayment, bank precedent. On economic grounds, the attri­ location, and the discount rates in the several bute of negotiability does not, in and of Federal Reserve districts. It has been sug­ itself, impair the liquidity of the issuing bank gested by the Secretary of the Treasury that nor of the banking system as a whole. The the Act be amended to give the Board tem­ ability of the holder to sell these certificates porary authority to use an additional cri­ in secondary markets increases the attrac­ terion for differentiating maximum permis­ tiveness of the instrument. Because the sible rates, namely, the extent to which a certificates bear stated maturities, bank port­ time deposit is afforded protection through folio managers are in a position to adapt insurance by the Federal Deposit Insurance the maturity structure of their assets to the Corporation. The rationale underlying this scheduled maturities of their deposit liabili­ proposal is that returns on investment should ties. The emergence of new financial instru­ be scaled according to the risk assumed by ments, and the adjustments in financial the investor. Accordingly, because a de­ markets that take place because of them, positor’s risk on the insured portion of the have to be taken into consideration in the deposit is eliminated by the assumption of formation of monetary policy. But the mere a contingent liability by the Federal Govern- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 793 ment, the maximum rate payable on that of changes since early 1966 in the rates portion could be less than on the uninsured banks are paying on various classes of time portion. and savings deposits, and in the net flows of The Board welcomes consideration of these deposits during this period. If regu­ measures aimed at increased flexibility in latory actions seem to be needed, in the administering ceiling rates on time and light of unfolding developments, the Board savings deposits. But experience has taught will not hesitate to take whatever action is us that this is a complicated field in which called for. It also will not hesitate to request changes sometimes produce ramifications new legislative authority if this should seem that are not anticipated. For this reason, the necessary or desirable. implications of a new legislative proposal should be thoroughly explored by Congress, and new powers should be exercised by regu­ latory agencies only after careful exploration Statement of J. L. Robertson, Vice Chair­ of ultimate as well as immediate effects. man, on H.R. 15173, May 25, 1966. For example, in administering the pro­ posed amendment, it may well prove diffi­ At the committee hearing yesterday, Rep­ cult to achieve at one and the same time its resentative Rees asked the Board to com­ stated objectives and equitable treatment as ment on H.R. 15173 at this morning’s between small and large depositors. How­ session. From our very brief study, it ever, we wish to assure you that if the sug­ appears that the bill has three main pro­ gested amendment is enacted into law, the visions. It forbids insured banks (1) to Board will conscientiously assume the re­ issue interest-bearing negotiable certificates sponsibility for its use, in conjunction with of deposit or other negotiable instruments, its existing authority to regulate interest pay­ (2) to pay interest on time deposits held ments and its other policy instruments, as for less than 1 year, and (3) to pay higher the public interest requires. interest rates on time deposits than on The amendment also raises questions con­ savings accounts. cerning the principle of equity among com­ The Board views such blanket prohibi­ peting financial institutions. Consequently, tions on competition for savings as detri­ Congress might wish to consider whether mental to the public interest. They would parallel legislation is needed to authorize the application of a similar criterion with erect legislative barriers to a free movement respect to rates of interest on Federally- of funds that has great potential for increas­ insured deposits or shares at other savings ing efficiency in financial markets. In their institutions. efforts to compete for savings of individuals, Changes in the competitive situation banks would be effectively limited to the among financial intermediaries merit con­ acceptance of passbook savings, since few tinuing close surveillance. The Board is individuals would be willing to hold time watching developments closely for any indi­ deposits with a maturity of a year or more cations that these competitive developments at interest rates no higher than those on might be taking forms that are harmful to savings accounts. The result of such legis­ the public interest. The Board has ordered lation might be that the maximum rate on a new survey—which is now in the field— passbook savings would have to be raised to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

794 FEDERAL RESERVE BULLETIN • JUNE 1966 prevent banks from being barred from effec­ this bill are drastic. Such legislative action tive competition with nonbank intermedi­ hardly seems appropriate to a competitive aries. situation which, though it requires careful The bill’s prohibition of negotiable CD’s surveillance and possibly action to avoid ex­ is the same as that of H.R. 14026. Our cesses that might unduly harm particular objections to that bill thus apply to this bill sectors of the economy, at the same time also. offers promise of substantial gains in eco­ The other two provisions of H.R. 15173 nomic efficiency and in incentives for saving. seem unwarranted. As we noted yesterday, time certificates have been used in some sec­ tions of the country for many years as a Statement of George W. Mitchell on H.R. medium for the investment of savings by 14026, May 25, 1966. individuals and other small investors. These I would like to briefly state my basic rea­ certificates frequently have a maturity of sons for believing that the Board’s position less than 1 year. Maintenance of a solvent with respect to Regulation Q ceilings is and liquid banking system does not require appropriate at this time. In doing so I want that all such certificates should have a to make clear that I do not project this view maturity of 1 year or more. Time deposits into a future in which conditions may be of fixed maturity permit banks to tailor their changed or changing. asset structure to the maturities of their I start with the proposition that the broad liabilities. With time deposit maturities of subject with which this hearing is concerned appropriate length, there is justification for is a flesh-and-blood problem, and I would permitting rates on time deposits to exceed like to recall my diagnosis of its potential in those on savings accounts, which are in a speech I delivered several months ago, practice paid on demand. that has previously been referred to in testi­ In the past, Congress has taken the view mony by Mr. [Norman] Strunk. that considerable latitude should be pro­ At that time I considered in what respects vided to the regulatory authorities for contemporary credit developments might, adjusting ceiling rates on time and savings from either the over-all or the structural deposits in the light of unfolding economic view, become a cause for concern. My developments. As we noted yesterday, the choice of something to worry about, which Board welcomes consideration of measures may yet turn out to be a real menace to our directed at increased flexibility in adminis­ credit structure, was not that we had too tering interest rate ceilings. This bill, in our much debt in the aggregate or in broad eco­ judgment, moves in the wrong direction, by nomic sectors; nor was it the level of credit providing a statutory prohibition and a quality that could be safely serviced by an statutory freezing of certain interest rate re­ expanding economy. Rather, it was the lationships on banks’ time and savings growing business of borrowing short and deposits. lending long—the transformation of liquid The changes in financial flows and in claims into long-term credits by depositary competitive relationships among financial intermediaries. institutions that seem likely to result from Back on October 22, 1965,1 pointed out Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 795 that for the saver and investor these inter­ a challenge to monetary policy—lies in the mediaries were offering the best of all pos­ possibility of relatively sudden shifts of funds sible worlds. Thus the investor had a highly from ‘time’ deposits to direct investment in competitive return on his funds, and yet by equity or credit markets. In this respect, ne­ prevailing practice he was always instantly gotiable CD’s constitute the most vulnerable able to convert his deposit into direct ex­ segment of the total since they are directly penditure or direct investment if market competitive with the full range of money conditions opened up more exciting earning market instruments and are held by corpora­ opportunities. The channeling of these tions and other institutions likely to respond flows into long-term instruments has also quickly to relatively small shifts in yield provided more ample funds for use by cor­ differentials. Indeed, the most immediate porations, individuals, and the various units and direct constraint on monetary policy of government. And financial intermediaries posed by the new profile of bank liabilities themselves by lengthening their portfolios may lie in the need to weigh carefully the and broadening their range of assets have impact of specific actions on such differen­ been able to live well off an increasingly tials. slender interest rate differential. “More broadly, those charged with for­ “In surveying these uniformly pleasing mulating monetary policy must recognize results, however,” I noted, “that the ques­ that the process of transforming liquid tion naturally arises whether they have been savings into long-term instruments does lack obtained by risking serious destabilizing re­ some of the automatic checks and balances percussions in the future. Certainly while inherent in a single contract between the banks and other savings institutions have original saver and the ultimate borrower. been expanding the volume of liquid claims A widespread shift by depositors to other in the hands of the public, they have been forms of asset holdings—say a move by assembling in their own hands an entirely corporate holders of negotiable CD’s into different time profile of matching assets. Not market instruments or by individual savers only are their loans and investments far less into common stocks—might force readjust­ liquid than the claims against them as has ments in bank assets that would have serious always been true; they are far less liquid repercussions on those credit markets in than they were 5 or 10 years ago.” which banks are inactive and into which it I went on in that speech to point espe­ may be difficult to entice other investors cially to the liquidity risks attached to issu­ without significantly higher yield incentives. ance of certificates of deposit, but my re­ “This would be particularly likely in marks could equally well have been punctu­ markets such as those for municipal bonds ated by illustrative references to the risks and mortgages where bank participation has inherent in the passbook share accounts of increased sharply in recent years. It might savings and loan associations. well occur whether the readjustment under­ “In considering the vulnerability of de­ taken by banks losing time deposits was positary institutions to savings outflows,” I confined to reduced takings of new issues said, “the potentially disruptive contingency or extended to actual liquidation from exist­ —and the one that is most likely to create ing portfolios.” Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

796 FEDERAL RESERVE BULLETIN • JUNE 1966 These comments foretold a contingency feeling the tug of higher market rates of that began to come into being with the interest. Meanwhile the share of credit de­ December 1965 tightening in monetary mands met through direct flows of savings policy and the subsequent rise in market to the market has risen sharply as savers interest rates. A major asset adjustment that by-passed banks and other intermediaries would have been required of banks (and and put more of their funds directly into an unexpected impact on their customers) securities. Last year the banking system was was partially eased by a change in Regula­ able to accommodate two-fifths of the credit tion Q. This change permitted banks to used by individuals, businesses, and govern­ offer higher rates for what amounted to ments; in the first quarter of this year, the about 14 per cent of their total deposits. So banking system’s contribution fell to only far as the larger banks were concerned, it about one-quarter of the total. enabled them to be more competitive with What does this background of fact and the security markets. So far as the smaller principle signify for how we should banks were concerned, it enabled them to be approach today’s problem? more competitive for local pools of funds. I think it is clear that we all have a com­ But in both instances the banks were also mon goal of maintaining the stability of our competing with each other and, more fate­ financial institutions and of providing savers fully, with themselves. They had in pass­ with the best yields and the greatest liquidity book savings about $90 billion on which the consistent with that stability. I would add ceiling was not changed. To a considerable that near-instant liquidity of time deposits extent they found promoting CD and open at banks or savings and loan associations is book accounts at 41^, 5, or 5^2 per cent a privilege that must not be too widely attracted large transfers from their own shared. It can hardly be shared at all with lower-rate passbook savings accounts and any very large number of that kind of de­ thus only raised the price on funds they positors whose withdrawals are stimulated already had. This redundancy of cost had by rate incentives. A predictable, even a substantial moderating influence on their though large, turnover in savings accounts competitive drive. is one thing, and well within financial man­ Furthermore, even with these higher agements’ capabilities; a concentrated mass deposit rates banks have been able to withdrawal to take advantage of rising fully offset the lure of high-yield market in­ yields is an entirely different matter and struments for their customers; the most that much more difficult to deal with. This is one banks altogether have been able to do is to reason for the Federal Reserve rules that keep up a positive net inflow of time de­ today deny passbook accounts to business posits, but with a growth rate far below last corporations and to State and local govern­ year—a third less in January-April than in ments, two type of depositors who are ex­ the comparable period of a year ago. ceptionally sensitive to rate differentials. Savings and loan association and mutual Today many depositary institutions are savings bank net inflows have also been recognizing the destabilizing threat of rate dropping—to a rate only half that of 1965. changes, and they are trying to stratify their Thus, all financial intermediaries have been depositors, according to sensitivity to yield Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS __________________________________797 differentials on the one hand and to desire levels, and it became obvious that the aggre­ for liquidity on the other. Those that are gate of credit would not be large enough to sensitive to higher yields are being locked go around. The problem, in my view, is in with varying maturity arrangements; this linked directly to the way in which we are is a major virtue of the certificate of deposit. dealing with overheating, or the threat of Those that are more liquidity-conscious are overheating, in our economy. Were we being offered lower yields in passbook-type using fiscal policy to counter these pres­ accounts. sures, I doubt the issue we are considering The rates, terms, and conditions offered today would even have arisen; greater re­ vary widely from place to place in the liance upon fiscal restraint would probably nation, reflecting the great variety of eco­ not have produced the monetary stringency nomic and financial circumstances and the we now see around us or may be expecting. differing judgments of thousands of finan­ Our problem is clearly worse, however, cial managements. In the process several because financial intermediaries have im­ new mutations of deposit instruments have plicitly promised more liquidity, yield, and taken place. A few such mutations may be accommodation to their customers than bad, or at least nonprofitable in the longer they can readily deliver. run, but I regard as constructive those Admittedly, there is room for differences savings contracts that compel the holder to of view on what, if anything, should be done accept some meaningful restraints (maturity now. In seeking solutions, we must keep in or otherwise) on his ability to demand cash mind that there are both short- and longfrom his depositary institution and then pay run problems involved, cyclical as well as that holder well for his giving up of secular developments with which to cope. liquidity. And for this reason, denouncing In the short run, we have to quell the hys­ longer-maturity, higher-yielding CD’s just teria and break the paralysis that seems to because they are of small denomination be gripping some participants in and observ­ strikes me as antithetic, not only to equity ers of the financial scene. The financial but also financial stability. structure is essentially resilient and well In a problem as complicated as this one, managed, and there exist governmental it is possible to mistake surface symptoms mechanisms established for the very purpose for underlying causes of disequilibrium. The of easing adjustments that must come in result of an erroneous analysis may be to the wake of shifts in demands for goods and damage our financial intermediary system, for financial services. While not denying reduce the benefits of a competitive finan­ that a problem exists for all financial inter­ cial system, or to thwart the effectiveness of mediaries—as a result of the Government’s monetary action, the major instrument of reliance on monetary policy as the main tool public policy being used to counter emer­ of economic restraint—the situation hardly gent inflationary pressures at this juncture. warrants the crisis atmosphere that has de­ Bank and savings and loan competition veloped in some quarters, or the over-reac­ has been vigorous for several years now. tion by portfolio managers that threatens But it moved into the acute stage when to curtail housing activity unnecessarily monetary restraint reached its current sharply. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

798 FEDERAL RESERVE BULLETIN ■ JUNE 1966 What is important is to be sure that in (2) Banks with less than $3,250,­ dealing with the short-run problem, we do 000 in passbook savings had 13.0 per not adopt solutions that in the long run will cent of that market in 1961—-and hurt more than help. I believe the best and dropped to 10.9 per cent in 1965. most lasting solution lies in permitting inter­ (3) Banks with less than $1,310,­ mediaries, savers, borrowers, and the market 000 in CD and open book accounts to to work out their own salvation. Most of individuals, partnerships, and corpora­ them are doing well enough now and others tions had 7.1 per cent of that market are taking constructive corrective measures. in 1961 and gained to 11.9 per cent If governmental actions are needed, they of it by June 30, 1965. should be actions designed to remove re­ These data are now almost a year old and strictions and inhibitions, rather than those what the statistics for June 30, 1966, would which hamper adjustment to evolving eco­ show is partly a matter of conjecture—my nomic needs. conjecture would be the smallest 75 per cent I would like to add a postscript to my of the banks are still holding their own on statement, with respect to the impact of demand deposits, still losing on passbook monetary conditions of recent years on the savings, and more dependent than ever on smaller banks of the nation and, by infer­ the small CD and open book account to ence, on the effect of restricting their use hold their share of the time deposit market. of CD’s and open book accounts. Unfortu­ nately, our statistical knowledge of how small banks are faring depends upon Call Report data that are not very current. From Statement of Sherman J. Maisel on H.R. data for June 30, 1965, the latest informa­ 14026, May 25, 1966. tion we have, I think it clear that small banks were holding their share of the 1. This is a proper period for the use of market for demand deposits, losing out on monetary restraint. Failure to do so without passbook savings, gaining slightly on CD’s taking alternative actions might speed up and open book accounts held by State and inflation and aggravate a sticky balance of local governments, and gaining well on payments position. CD’s and open book accounts held by indi­ (a) The demand for goods in the econ­ viduals, partnerships, and corporations. omy at the moment is pressing too Using June 30, 1961, as a comparison hard upon our physical capacity to year, defining small banks by the total of produce and therefore is tending to their deposits in each of these categories, generate sizable price increases. and choosing deposit levels in each case to (1) Generally, I think we would be set off 75 per cent of the 13,543 banks in better off if the bulk of excess the nation, these are the results: demand is removed by fiscal (1) Banks with demand deposits rather than monetary policy, of less than $5,110,000 had 11.6 per since extremes in the applica­ cent of the demand deposit market in tion of monetary policy create 1961-—-11.5 per cent in 1965. large problems for the econ- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 799 omy. The timing of monetary of a selected group of citizens with­ (rather than tax) restraints is out considering carefully other al­ less certain. Monetary re­ ternatives would conflict with the straint’s differential impact on best traditions of the American way parts of the economy probably of life. is greater than that of fiscal (b) I think the previous use of interest policy, while its final incidence rate ceilings to halt normal compe­ on subgroups in the country is tition among savings institutions probably less certain. turned out to be unfortunate for the (2) On the other hand, given the country. The protected position of decision to rely upon monetary some institutions resulted in a good instead of greater fiscal re­ deal of waste and inefficiency. Un­ straint, I believe that monetary less there is a real danger from ex­ policy should be made as effec­ cessive competition, or unless the tive as possible. period is one in which the market is (b) In the current situation, higher in­ acting in a destabilizing manner, one terest rates and tighter credit availa­ should hesitate to impose ceilings on bility in the United States will aid wages, prices, interest rates, or any other good without a clear theory as the balance of payments. Again, I to what the ceiling is to accomplish, feel other steps to correct the bal­ who is to gain by it, who is to pay ance of payments situation are pref­ for it, and whether the ceiling is the erable, such as the use of taxes, most efficient form of transferring tariffs, and other governmental poli­ money from one group to another. cies. Since such steps have not been While we have no exact figures taken, monetary restraint and higher yet, there are indications that some interest rates are necessary to aid in small savers are responding to the the adjustment process of bringing appeal of higher rates by increasing about an equilibrium balance of their savings. This is exactly one of payments. the developments that is desired as 2. Given a decision to adopt a policy of a result of monetary restraint. It is a monetary restraint, raising the ceiling of major reason why the savings insti­ Regulation Q and not adopting a split rate tutions now should have some free­ was a proper corollary to the rise in the dis­ dom to increase rates—to stimulate, count rate last December. and to share in, a larger financial (a) I do not believe that small savers savings flow. should be discriminated against in (c) I doubt that a ceiling on either nego­ favor of large savers, corporations, tiable CD’s or on small ones would or financial institutions. If Congress give the results some hope for. Thus decides to penalize small savers, I far it certainly appears as if compe­ would help to enforce such a deci­ tition among institutions has aided sion, but it seems to me enforcing a savers. At the same time, we have lower rate of return for the savings no proof that it is the major cause of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

800 FEDERAL RESERVE BULLETIN • JUNE 1966 the April losses in some institutions. I am concerned with the potentially From all appearances the main com­ greater instability of larger CD’s. I do not, petition thus far has been between however, feel that their existence can force the money market and all financial the Board to raise the Q ceiling, any more institutions for sophisticated money. than their existence last December seemed Imposing a ceiling of 5 per cent on to me then to lend weight to the argument $10,000 CD’s might simply force for raising the discount rate. I believe that money into U.S. Government agency at the present, within rather broad limits, the issues at 5.5 per cent or into other discount rate is a price fixed by the Board market instruments. and not the market. The existence of mar­ Many of the major losses of funds seem ket rates against the ceiling may lead to a to have centered in savings institutions that particular distribution of credit that differs knowingly risked this situation by departing from that which would exist without the from their normal scope of operations. It ceiling. The question that must be answered was a risk that I and most regulatory au­ is whether such a distribution is desirable thorities deplored and called specifically to and for how long the pressure can be main­ their attention in public statements. Some tained given the fact that money is fungible. simply tried to expand by attracting larger 4. These hearings have properly called deposits. Others went farther. To strive for attention to the fact that even though mone­ increased profits, they sought money market tary policy is applied generally, its major money rather than real savings and used impacts center in certain selective markets. that money for lending on more speculative These costs that result from restraints must properties at higher rates. The average sta­ be measured each time monetary policy is bility in a given institution of small savings used. When, as in the current period, a de­ still seems to be much greater than for cision has been made to use monetary re­ larger blocks of funds. Such stability should straint in place of more pointed and vigor­ not have been expected for larger savers. ous fiscal and balance of payments proce­ Should the small thrifty family that is not dures, then these particular costs will be at fault be penalized before we have better experienced. proof that such action would stabilize suffi­ If in the circumstances, Congress believes cient funds to make the inequity worthwhile? that selective cushioning is needed for the 3. I should make it clear that if our sur­ areas hit hardest, clearly they should con­ vey shows that unstable conditions exist, or sider taking special action. I have gone on that a further ratcheting of interest rates record on numerous occasions over the past without productive results appears immi­ 10 years to the effect that Congress has nent, I would vote to impose some stabiliz­ properly established the special assistance ing regulations even at some sacrifice of program of FNMA and the advances of the both fairness for the small saver and the FHLBB to deal with such a problem. They efficiency expected from the market. But I represent ways of putting money directly would do so with a great deal of unwilling­ into the housebuilding market when a deter­ ness, and such a decision would require a mination has been made that such areas are particularly careful measuring of alterna­ suffering too much as a result of the appli­ tives. cation of general monetary policy. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 801 If it appears that the pinch of monetary back in residential construction. We under­ restraint is too great in particular spheres, stand that your Subcommittee on Housing action should be taken either to substitute is now considering increasing the Federal other types of policy for monetary ones or National Mortgage Association’s purchase aid should be given directly to the sectors authority. Direct injection of funds into the where the cutbacks appear to be antiproduc- mortgage market through such traditional tive from the point of view of the economy programs should prove much more effective as a whole. Until evidence is available to in softening the impact on residential con­ the contrary, however, I believe the most struction than any of the proposals for addi­ reasonable presumption is that special ceil­ tional restrictions on time deposits. ings on all, negotiable or small, CD’s would It should be stressed that the difficulties not offer sufficient aid to the mortgage mar­ currently faced by both financial institutions ket to make worthwhile the sacrifices they and the housing industry reflect, to an im­ would entail for savers, other institutions, portant extent, the result of principal re­ and many borrowers. A Pandora’s box might liance on general monetary policies rather be opened in which decisions now made by than on fiscal actions to restrain the infla­ the market as to how to distribute savings tionary pressures of a booming economy. In among institutions and borrowers would the context of rapidly growing demands for have to be made by law or governmental credit, limitation of available credit supplies fiat. This I am certain we would all much has been accompanied by higher interest prefer to avoid. rates on market securities, which has di­ verted flows of savings away from all inter­ mediaries and directly into market instru­ ments. Banks, as well as nonbank inter­ Statement of William McChesney Martin, mediaries, have felt the pressure of the rise Jr., Chairman, on H.R. 14026, June 8, 1966. in market rates. As noted in Governor Robertson’s testimony of May 24, the On behalf of all members of the Board, growth rate of all financial institutions has I am making this statement relating prin­ slowed since the first of this year. cipally to the issues raised in your letter of As a result of this diminution in the flow May 31. Let me first assure you that the of savings to financial institutions at a time Board shares the concern of the committee of rising credit demands, competition among over the potential problem in the market intermediaries has increased. Savers are be­ for mortgages, with attendant effects on ing offered higher returns for their funds, home construction. and new financial instruments have been There are mounting signs of unusual devised to accommodate their requirements tightness in the mortgage market, although as to size and maturity of financial asset the available statistics do not permit precise holdings. The small saver, in particular, measurement of the difficulty of obtaining has been courted by commercial banks and new home loans or of its effect on residential competing institutions and has had the op­ construction. We believe the Congress portunity of sharing in the larger rewards would be fully justified in taking action to for thrift. provide a cushion against too sharp a cut­ The Board regards increased competition Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

802 FEDERAL RESERVE BULLETIN • JUNE 1966 among financial institutions as a develop­ tive environment by increasing the scope ment that has important economic benefits. of the Board’s authority to specify the ceil­ Over the long run, increased competition ing rates on, and reserves held against, com­ contributes to a more efficient functioning mercial bank time deposits. For example, of our financial markets and to an improved the Board would welcome greater flexibility allocation of real resources, while fostering in the extent to which reserve requirements innovations in financial technology. The de­ could be used as an effective tool of mone­ velopment of the negotiable certificate of tary policy. A change in the statutory range deposit into an important financial instru­ of required reserves for time deposits (other ment meeting investors’ needs, and at the than passbook savings) might be useful; same time channeling funds to productive a range of 3 to 10 per cent would give con­ uses, is a case in point. siderably greater flexibility than now exists. In the short run, however, structural Increased flexibility of this kind could shifts in financial flows may take place so be utilized more effectively if the proposed rapidly as to generate adjustment problems amendment permitted graduation of re­ for individual financial institutions and for serve requirements by size of bank. Grad­ the borrowers they finance. This year, in uated reserve requirements, as the Board the context of general restraint on credit has indicated in its past annual reports, expansion, the more active competition of would greatly improve the competitive posi­ banks for savings funds has impinged di­ tion of small banks. Equivalent require­ rectly on the flow of savings to some non­ ments also should be extended to all in­ bank intermediaries. These institutions, in sured commercial banks so that the reserve turn, have curtailed their new commitments burden would be shared by all banks en­ of funds to the mortgage market. joying the benefits of deposit insurance. Short-run problems that emerge from the It would be a serious mistake, however, heightened competition are most appro­ at this time of great economic uncertainty priately handled, the Board believes, by —when financial markets are in a taut and temporary solutions designed to facilitate nervous state and the course of future events adjustments of the nonbank financial institu­ is so largely dependent on Vietnam develop­ tions and the mortgage market, rather than ments—to require by law a doubling of re­ by permanent restrictions that tend to freeze serve requirements against time deposits be­ existing relationships and to limit competi­ fore the end of 1966. Such a provision tive freedom. In this respect, the Board wel­ would reduce, rather than enhance, the comed administrative rulings made earlier Board’s flexibility in meeting changing eco­ this year by the Federal Home Loan Bank nomic developments and would run the risk Board relaxing liquidity requirements for of generating much harsher restraint on eco­ savings and loan associations and increasing nomic activity than the prevailing situation the freedom of these institutions to compete called for. with commercial banks for savings. It also Moreover, the Board feels it would be welcomes the legislative proposal to increase unwise to set the minimum of the require­ the funds available to the Federal National ment range as high as 8 per cent on deposit Mortgage Association. liabilities of fixed maturity. It might also be desirable to facilitate On the question of prohibiting shorter gradual adjustments to a changed competi­ maturities for time deposits, the Board sees Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 803 no merit in setting a minimum as long as It is clear, therefore, that any proposals a year or even 6 months. It would unfairly intended to limit the range of competition penalize many small banks, especially in among intermediaries for small savings must some Midwestern States where time deposits be carefully drawn to avoid serious disrup­ are customarily used in place of passbook tion of flows of funds in the well developed savings accounts. It would also penalize money and capital markets. In this respect, many investors by depriving them of the the proposal to distinguish between time de­ choice of a financial asset of proven accept­ posits according to their size, for purposes of ance. A minimum maturity as long as 6 establishing rate ceilings, may be worth con­ months is not needed to effectuate the pro­ sidering. Today, large-denomination negoti­ hibition of payment of interest on demand able CD’s and time deposits of smaller de­ deposits. nomination sell in relatively distinct mar­ Prohibiting all shorter-term time deposits kets. Most buyers of large-denomination would force sharp adjustments in money CD’s are very large investors, including non­ markets. Banks are already paying close financial corporations, foreign depositors, to the present 5*/2 per cent ceiling on 3- State and local governments, and pension to 4-month money in the market for large- funds. Small-denomination time deposits, on denomination CD’s. According to our latest the other hand, serve as a savings medium CD maturity survey, over 80 per cent of for individuals and as an investment medium the outstanding large negotiable CD’s will for small businesses and municipalities. mature in the next 6 months. Thus, with the Legislative authority for the Board to dis­ present ceiling rate of 5*/2 per cent, a pro­ tinguish temporarily between these two hibition against issuing CD’s of less than 6 markets in setting ceiling rates might in months maturity might cause banks to lose some situations facilitate actions to smooth a large portion of these deposits over the the transitory adjustment problems of com­ next 6 months. Even with a higher ceiling petition for savings funds in smaller amounts on longer-term CD’s, banks might still lose without disrupting flows of funds in the a substantial part of these deposits, because money and capital markets. The size of the investors may be unwilling to commit funds deposit that divides these two markets can­ for as long as 6 months. not be stated precisely, however, and it A sudden withdrawal of funds from the might be possible to distinguish effectively CD market would force many banks into between them for purposes of establishing sweeping portfolio adjustments, and under rate ceilings, drawing the line at a deposit present circumstances might create chaotic size either smaller or larger than $100,000. conditions in the money and capital mar­ The Board believes that the determination kets. Assets liquidated by banks would not of ceiling rates, and differentials in rates, necessarily be those sought by corporate should be left to administrative discretion, funds seeking alternatives to CD’s. The re­ thereby permitting adaptation of the ceilings sult might be sharp discontinuities in the to changing circumstances. Financial mar­ supply of funds available to some sectors ket pressures can and do change rapidly; a of the economy. State and local govern­ ceiling rate fixed by law would be much ments, small business borrowers, and home more difficult to adapt to the changing credit builders and buyers might well be the prin­ needs of the economy. For example, the cipal sufferers. ceiling rate of 41^ per cent on time deposits Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

804 FEDERAL RESERVE BULLETIN • JUNE 1966 under $100,000 suggested in the letter of Statement of Wm. McChesney Martin, May 31 from Chairman Patman is far below Jr., Chairman, on proposed substitute for rates currently available in the money H.R. 14026, June 16, 1966. market for such risk-free instruments as U.S. Government and U.S. agency obligations. You have asked me to comment on the It is also below the rates available from com­ draft bill prepared as a result of your com­ peting deposit institutions. Such a ceiling mittee’s meeting of June 13. If the problem you are most concerned would threaten the present and future avail­ with is to insure against too sharp a cutback ability of funds to borrowers heavily de­ in residential construction, we think the best pendent on the banking system. course is to inject funds directly into the Preliminary indications from a recent sur­ mortgage market by increasing Federal vey conducted by the Board indicate that National Mortgage Association’s purchase such a ceiling would be injurious to many authority. I am pleased to note that the draft small banks. By raising their rates to over bill includes, in section 5, provisions to 414 per cent, smaller banks have been able authorize such an increase. to compete with the money market and other The bill would also broaden the permis­ savings institutions. The largest percentage sible range of reserve requirements on time of banks that would suffer serious losses of and savings deposits to a range of 3 to 10 funds would be those in growing areas of the per cent, and this is agreeable to the Board. country—in States such as Texas, Cali­ The bill also includes authority to differ­ fornia, Arizona, and others, which for many entiate on any reasonable economic basis years have had to pay higher rates on de­ among deposits for purposes of reserve re­ posits in order to attract savings to capital­ quirements and interest ceilings. This would short areas. increase flexibility to deal with unforeseen Our survey also shows that banks paying situations as they develop. over 414 per cent on time deposits other The draft bill would also rewrite section than large negotiable CD’s report more than 14(b) of the Federal Reserve Act, relating $6.5 billion in deposits of the type that to purchase of Government obligations. The would be restricted by the proposed ceiling. principal purpose is apparently to make obli­ Forcing them to roll back rates offered to the gations of the Federal home loan banks and 414 per cent level would almost certainly those issued by FNMA in its secondary cause them to lose a significant portion of market operations eligible for purchase. The these funds. It would also make it impos­ impact of such purchases on bank reserves sible for them to compete effectively in the could be neutralized by offsetting sales of future. Such a ceiling probably would have direct Treasury obligations, but this would the effect of penalizing most the growing increase the cost of Treasury borrowing. The and capital-short parts of the country, and potential effect of open market purchase of the attendant loss of access to credit facili­ Government agency obligations of all kinds ties by small businesses and other borrowers —not just these two—needs extensive study heavily dependent upon these banks might at an analytical and technical level. Such a be more serious than the problems the com­ study is now under way. mittee is now seeking to resolve. The revision relating to purchase of these Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 805 instruments, however, includes changes during a quarter, banks that compute interest which raise basic questions relating to the on a daily basis could face serious operating conduct of monetary policy. Thus, the draft difficulties in complying with the require­ bill apparently would make purchases under ment where a depositor makes frequent section 14(b) subject to regulations by the deposits and withdrawals. Board, although it would also continue the The draft expresses the sense of Congress present provisions making such purchases that reserve requirements should be raised subject to direction and regulations of the on “large” negotiable CD’s and all CD’s with Federal Open Market Committee. It also “near-term” maturities. Small changes in provides for a mechanism under which the reserve requirements would have relatively Secretary of the Treasury, after consultation little effect, either in increasing liquidity or with the Secretary of Housing and Urban in reducing the profit to the bank from sell­ Development and the Chairman of the ing CD’s and investing the proceeds (the Federal Home Loan Bank Board, would reduction would be about 14 o of a percent­ advise the Federal Open Market Committee age point for each 1 per cent increase in as to “open market policy with respect to” reserve requirements). Large changes under FHLB and FNMA obligations. The result, present circumstances could have serious I believe, would be to increase pressures to and unpredictable effects on credit avail­ divert open market operations from general ability to particular sectors and regions of economic objectives to the support of spe­ the economy. In addition, differentiation in cific markets for credit. As a consequence, reserve requirements between large and the effectiveness of monetary policy as a small CD’s could pose administrative diffi­ general instrument for economic stabiliza­ culties. For example, higher requirements tion would be threatened. on large CD’s could be evaded by issuing In addition to these substantive provi­ smaller denominations in multiple units. sions, the draft bill contains a number of The increased flexibility proposed by this expressions of the “sense of Congress.” One bill could be utilized more effectively if the such expression urges the Board to prohibit bill permitted graduation of reserve require­ interest on time deposits held less than 91 ments by size of bank. This would greatly days. Since roughly half of the outstanding improve the competitive position of small negotiable CD’s of $100,000 or over mature banks. Equivalent requirements also should in 3 months or less, and new instruments be extended to all insured commercial banks with maturities as short as 3 to 4 months are so that the reserve burden would be shared selling at yields of 5*/2 per cent, such an by all banks enjoying the benefits of deposit action could result in a sharp contraction of insurance. outstanding CD’s. This would force many Finally, the bill would urge the Board to banks to sell assets, and might have serious limit the rate of interest paid on time deposits adverse effects on the mortgage market as held by depositors eligible to hold savings well as the market for municipal obligations. deposits to levels “appropriate in the light of Another sense of Congress expression rates which may soundly be paid by thrift favors a prohibition of interest on savings institutions generally.” The difficulty I see deposits held less than 30 days. While this with this kind of expression of the sense of would pose no problem for banks that com­ Congress is that it seems to indicate a belief pute interest on the minimum balance held that present levels are not appropriate, with- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

806 FEDERAL RESERVE BULLETIN • JUNE 1966 out saying what those levels should be. I time deposits. The amount of deposits of the want to make my own position on this as types on which rates in excess of 5 per cent clear as possible. I cannot tell you today were offered was $3.5 billion. A 5 per cent what I would do next month with broadened ceiling might well put some individual banks authority to change Regulation Q ceilings, in a difficult position with respect to holding and, of course, I cannot tell you what other their existing deposits, however, and this Board members would do. As you have number would grow if market rates con­ observed during these hearings, there are tinued to rise. Whether such a ceiling would differences of view among the Board mem­ step up new mortgage commitments by bers. We are, however, fully agreed that it is savings and loan associations depends on the better to leave a decision of this kind to an extent to which they may be holding back administrative agency with discretion to take out of fear that their commercial bank com­ whatever action seems appropriate in the petitors may go above 5 per cent in bidding light of changing circumstances. I can under­ for funds. stand your position: you are not sure that If, on the other hand, you fix a 4!6 per the Board will use whatever authority you cent ceiling, you run the risk—as I have wish to give us to differentiate between the previously testified—of preventing a large money-market CD’s and other time deposits, number of banks from meeting competition and you would like some guarantee. But I for savings funds. More than 900 banks in cannot give you that guarantee. I think it May were offering rates exceeding 416 per would be a mistake for any administrative cent on consumer-type time deposits. The agency to make such a commitment. I also amount of deposits of the type on which think it would be a mistake for you to compel rates of more than 416 per cent were being action. But if you wish to do so, I think it is offered was $8.5 billion, of which over $3 only fair that you also take the responsibility billion was in member banks in the San for the action. Therefore, I believe if you are Francisco district. Forcing them to roll back not willing to leave this to Board discretion rates offered to the 4.5 per cent level would you should specify in the bill the rate you almost certainly cause them to lose a signifi­ think should be put in effect, as the Weltner cant portion of these funds. It would also and Hanna bills would do. make it impossible for them to compete If you fix a rate, rather than leaving it to effectively in the future. Such a ceiling prob­ our discretion, you face a difficult choice, it ably would have the effect of penalizing most seems to me. The 5 per cent ceiling, as of last the growing and capital-short parts of the month, would have had only a moderate country, and the attendant loss of access to over-all effect in curbing banks’ ability to credit facilities by small businesses and other compete for savings in small denominations. borrowers heavily dependent upon these Only about 190 banks were offering rates in banks might be more serious than the prob­ May exceeding 5 per cent on consumer-type lems the committee is now seeking to resolve. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations, new regulations, and similar material Destruction of Unfit Federal Reserve Notes destruction, of any currency of the United States un­ fit for circulation, regardless of who is responsible for, The Act of Congress approved May 20, 1966 and regardless of who performs, such cancellation, (Public Law 89-427) amended certain provisions destruction, or accounting. The Comptroller General shall have access to any books, documents, papers, of law so as to authorize revised procedures for and records which he deems necessary to facilitate an the destruction of Federal Reserve notes that are effective audit pursuant to this section. unfit for further circulation. The act reads as follows: Applicability of Margin Requirements to Joint AN ACT Account Between Two Creditors To authorize revised procedures for the destruction of unfit Federal Reserve notes, and for other pur­ The Board has recently been asked whether poses. extensions of credit in a joint account between Be it enacted by the Senate and House of Repre­ two brokerage firms, a member of a national se­ sentatives of the United States of America in Con­ curities exchange (“Firm X”) and a member of gress assembled, Section 1. The first sentence of section 324 of the the National Association of Securities Dealers Revised Statutes (12 U.S.C. 1) is amended by insert­ (“Firm Y”), are subject to the margin require­ ing “except for the cancellation and destruction, and ments of the Board’s Regulation T, “Credit by accounting with respect to such cancellation and de­ struction, of Federal Reserve notes unfit for circula­ Brokers, Dealers, and Members of National Se­ tion,” immediately after “of all Federal Reserve curities Exchanges”. It is understood that similar notes,”. Sec. 2. Paragraph (d) of section 11 of the Federal joint accounts are not uncommon, and it appears Reserve Act (12 U.S.C. 248(d)) is amended by in­ that the margin requirements of the regulation are serting “except for the cancellation and destruction, not consistently applied to extensions of credit in and accounting with respect to such cancellation and destruction, of notes unfit for circulation,” immediately the accounts. after “To supervise and regulate through the Bureau When the account in question was opened, under the charge of the Comptroller of the Currency the issue and retirement of Federal Reserve notes,”. Firm Y deposited $5,000 with Firm X and has Sec. 3. The third paragraph of section 16 of the made no further deposit in the account, except Federal Reserve Act (12 U.S.C. 413) is amended by for the monthly settlement described below. Both striking the last sentence and inserting: “Federal Re­ serve notes unfit for circulation shall be canceled, de­ firms have the privilege of buying and selling stroyed, and accounted for under procedures pre­ specified securities in the account, but it appears scribed and at locations designated by the Secretary of the Treasury. Upon destruction of such notes, credit that Firm X initiates most of the transactions with respect thereto shall be apportioned among the therein. Trading volume may run from half a twelve Federal Reserve banks as determined by the million to a million dollars a month. Firm X Board of Governors of the Federal Reserve System.” Sec. 4. (a) The first section of the Act of June 13, carries the “official” ledger of the account and 1933 (48 Stat. 127, 12 U.S.C. 121a), is amended by sends Firm Y a monthly statement with a com­ inserting “, other than Federal Reserve notes,” imme­ diately before “so redeemed shall be forwarded to the plete record of all transactions effected during the Comptroller of the Currency for cancellation and de­ month. Settlement is then made in accordance struction.” with the agreement between the two firms, which (b) Section 2 of such Act (12 U.S.C. 122a) is amended by changing “in proportion to the amount of provides that profits and losses shall be shared Federal Reserve notes of each Federal Reserve bank equally on a fifty-fifty basis. However, all trans­ in circulation on the 31st day of December of the year preceding the date of redemption, and the amount so actions are confirmed and reconfirmed between apportioned to each bank shall be charged by the the two on a daily basis. Treasurer of the United States against deposit in the gold-redemption fund made by such bank or its Fed­ eral Reserve agent” to read “as determined by the Section 220.3(a) of Regulation T provides that Board of Governors of the Federal Reserve System”. Sec. 5. The Comptroller General of the United “All financial relations between a creditor and a States shall audit the cancellation and destruction, and customer, whether recorded in one record or in more the accounting with respect to such cancellation and than one record, shall be included in and be deemed 807 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

808 FEDERAL RESERVE BULLETIN • JUNE 1966 to be part of the customer’s general account with the It appears that in some States the books of creditor, . . .” commercial banks show as “deposits” the funds and section 220.2(c) defines the term “customer” that are paid by a borrower on an instalment loan, to include until the loan is paid in full. The amounts received “. . . any person, or any group of persons acting are not immediately used to reduce the unpaid jointly, ... to or for whom a creditor is extending or maintaining any credit. . . .” balance due on the note, but are held by the bank In the course of a normal month’s operations, both until the sum of the payments equals the entire Firm X and Firm Y are at one time or another amount of principal and interest. It is understood extending credit to the joint account, since both that under the terms of the agreement between make purchases for the account that are not the banks and their customers the funds so re­ “settled” until the month’s end. Consequently, the ceived are assigned to the bank and cannot be account would be a “customer” within the above reached by the borrower or his creditors. definition. In 1928, the Board first ruled that member Section 220.6(b) provides, with respect to the banks must maintain reserves against such hy­ account of a joint adventure in which a creditor pothecated deposits. An interpretation to that participates, that effect was published in 1931 (1931 Fed. Res. “. . . the adjusted debit balance of the account shall Bulletin 538), and the Board has continued to include, in addition to the items specified in section adhere to that position. 220.3(d), any amount by which the creditor’s con­ tribution to the joint adventure exceeds the contribu­ The Board has reconsidered its earlier rulings tion which he would have made if he had contributed and has decided that where the agreement be­ merely in proportion to his right to share in the profits tween the bank and borrower is such that instal­ of the joint adventure.” ment payments on loans are irrevocably assigned In addition, the final paragraph of section 220.2(c) states that the definition of “customer” to the bank and cannot be reached by the bor­ “. . . includes any joint adventure in which a credi­ rower or his creditors, such payments are not “de­ tor participates and which would be considered a cus­ posits” regardless of the terms used in relevant tomer of the creditor if the creditor were not a par­ State statutes or in the bank’s books and records ticipant.” and, therefore, are not subject to the reserve re­ The above provisions clearly evince the Board’s quirements of Regulation D. intent that the regulation shall cover trading ac­ The Board’s earlier rulings on this subject are counts in which a creditor participates. If addi­ superseded to the extent that they conflict with tional confirmation were needed, it is supplied by the conclusion expressed herein. the fact that the Board found it needful specifi­ cally to exempt from ordinary margin require­ Orders Under Bank Merger Act ments credit extended to certain joint accounts in The following Orders and Statements were is­ which a creditor participates. These include the account in which transactions of odd-lot dealers sued in connection with actions by the Board of may be financed under section 220.4(f)(4), and Governors with respect to applications for ap­ the specialist’s account under section 220.4(g). proval of the consolidation or merger of banks: Accordingly, the Board concluded that the joint CITIZENS BANK AND TRUST COMPANY, account between Firm X and Firm Y is a “cus­ CLARE, MICHIGAN tomer” within the meaning of the regulation, and that extensions of credit in the account are sub­ In the matter of the application of Citizens ject to margin requirements. Bank and Trust Company for approval of con­ solidation with The State Bank of Coleman. Reserves Against Funds Received by Member Banks in Connection with Instalment Loans Order Approving Consolidation of Banks The Board of Governors has been asked to re­ There has come before the Board of Governors, examine its 1928 ruling that member banks must pursuant to the Bank Merger Act, as amended (12 maintain reserves, in accordance with Federal Re­ U.S.C. 1828(c), Public Law 89-356), an applica­ serve Regulation D (12 CFR 204), against hy­ tion by Citizens Bank and Trust Company, Clare, pothecated “deposits” created by payments on in­ Michigan, a State member bank of the Federal stalment loans. Reserve System, for the Board’s prior approval of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 809 the consolidation of that bank with The State Competition. The head office of Citizens Bank Bank of Coleman, Coleman, Michigan, under the is in Clare, a town with an estimated population charter and title of Citizens Bank and Trust Com­ of 2,500, which is located in Clare County about pany. As an incident to the consolidation, the sole 80 miles north of Lansing. The bank operates a office of The State Bank of Coleman would be­ branch at Rosebush, a community of approxi­ come a branch of the resulting bank. Notice of mately 300 persons, which is located about eight the proposed consolidation, in form approved by miles south of Clare. Several industrial plants in the Board, has been published pursuant to said Clare provide employment for a total of about Act. 900 persons, and a number of local residents com­ Upon consideration of all relevant material in mute to work in Midland or Mount Pleasant, the light of the factors set forth in said Act, in­ which are located, respectively, about 30 miles cluding reports furnished by the Comptroller of southeast and 20 miles south of Clare. The area the Currency, the Federal Deposit Insurance Cor­ surrounding Clare is primarily agricultural. poration, and the Attorney General on the com­ The sole office of Coleman Bank is in Coleman, petitive factors involved in the proposed consoli­ a town with an estimated population of 1,300, dation, which is located in Midland County about 10 It is hereby ordered, for the reasons set forth miles southeast of Clare on the interstate highway in the Board’s Statement of this date, that said that connects Clare and Midland. Some industrial application be and hereby is approved, provided employment is provided by a plastics firm in Cole­ that said consolidation shall not be consummated man, but many residents commute to work in (a) before the thirtieth calendar day following Midland, and some to Clare. The area surrounding the date of this Order or (b) later than three Coleman is primarily agricultural. months after said date. The relevant area for the purpose of consider­ ing the effect of the proposed consolidation on Dated at Washington, D. C., this 17th day of competition consists of the major portions of May, 1966. Clare, Isabella, Midland and Gladwin Counties. By order of the Board of Governors. Within this area there are 17 offices of 10 banks Voting for this action: Chairman Martin, and Gov­ which compete with Citizens Bank or Coleman ernors Robertson, Shepardson, Mitchell, Daane, Bank, or both of them. There is no evidence that Maisel, and Brimmer. any of these offices would be adversely affected by (Signed) Merritt Sherman, the consolidation. Secretary. There are no banking offices in the area that [seal] separates Citizens Bank and Coleman Bank. Citi­ Statement zens Bank derives approximately two per cent of Citizens Bank and Trust Company, Clare, its deposits and four per cent of its loans from Michigan (“Citizens Bank”), with total deposits the service area '-’ of Coleman Bank, and the latter of about $13 million, has applied, pursuant to obtains about six per cent of its deposits and 10 the Bank Merger Act, as amended (12 U.S.C. per cent of its loans from the service area of 1828(c), Public Law 89-356), for the Board’s Citizens Bank. It appears that competition be­ prior approval of the consolidation of that bank tween the two banks would be somewhat greater with The State Bank of Coleman, Coleman, Michi­ except for the nonaggressiveness of Coleman gan (“Coleman Bank”), which has total deposits Bank. The proposed transaction would eliminate of about $3 million.1 The banks would consolidate existing and potential competition between the under the charter and name of Citizens Bank, participating banks. which is a member of the Federal Reserve System. In terms of total deposits, Citizens Bank ranks As an incident to the transaction, the sole office fourth among the 12 banks that operate offices in of Coleman Bank would become a branch of Citi­ the relevant area, and the proposed consolidation zens Bank, increasing the number of its offices to three. 2 The area from which a bank derives 75 per cent or more of its deposits of individuals, partnerships and ’ Figures are as of December 31, 1965. corporations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

810 FEDERAL RESERVE BULLETIN • JUNE 1966 would not alter its rank in this respect. After con­ banking convenience of the Coleman community. summation of the proposal, Citizens Bank would The banking convenience and needs of the hold 12.5 per cent of the deposits and 13 per cent Clare community would not be appreciably of the loans held by all banking offices in the affected by the consolidation. relevant area. Gladwin County Bank, located at Summary and conclusion. In the judgment of Beaverton, competes with Coleman Bank and is the Board, the proposed consolidation would bene­ closely associated with Citizens Bank through fit the convenience of the residents of the Cole­ common management. If the deposits of Gladwin man area by affording them easy access to a more County Bank are included, then, following the con­ progressively operated banking office; at the same solidation, Citizens Bank would account for 15.7 time, there would be no significantly adverse con­ per cent of the area’s total bank deposits. The first sequences for banking competition. and second largest banks in the area presently Accordingly, the application is approved. hold, respectively, about 34 per cent and 15 per THE STATE BANK AND TRUST COMPANY, cent of such deposits. DEFIANCE, OHIO The consolidation would foreclose competition In the matter of the application of The State between the participating banks and result in the Bank and Trust Company for approval of merger elimination of a unit bank from the relevant mar­ with The Ney State Bank. ket area. However, in view of the small size of Coleman Bank and the fact that Citizens Bank Order Approving Merger of Banks would not gain a dominant position in the rele­ There has come before the Board of Governors, vant market, but would continue to be subject to pursuant to the Bank Merger Act, as amended effective competition from a number of other (12 U.S.C. 1828(c), Public Law 89-356), an banks, it is concluded that the effect of the con­ application by The State Bank and Trust Com­ solidation for banking competition would not be pany, Defiance, Ohio, a State member bank of the significantly adverse. Federal Reserve System, for the Board’s prior Financial and managerial resources and future approval of the merger of that bank and The Ney prospects. The banking factors, as they relate to State Bank, Ney, Ohio, under the charter and title Citizens Bank, are satisfactory and would not be of The State Bank and Trust Company. As an in­ adversely affected by the proposed consolidation. cident to the merger, the sole office of The Ney Coleman Bank has satisfactory financial resources; State Bank would become a branch of the result­ its prospects are reasonably satisfactory, but could ing bank. Notice of the proposed merger, in form be improved substantially through the adoption approved by the Board, has been published pur­ of more progressive operating policies. The bank’s suant to said Act. stock is closely held, and its chief operating officer Upon consideration of all relevant material in plans to retire. Although feasible alternatives may the light of the factors set forth in said Act, in­ exist through which the same end could be cluding reports furnished by the Comptroller of achieved, the proposed consolidation would assure the Currency, the Federal Deposit Insurance Cor­ the provision of capable and progressive manage­ poration, and the Attorney General on the com­ ment for the office presently operated by Coleman petitive factors involved in the proposed merger, Bank. It is hereby ordered, for the reasons set forth Convenience and needs of the communities. in the Board’s Statement of this date, that said Compared to banks with which it competes, Cole­ application be and hereby is approved, provided man Bank has a low ratio of loans to deposits. that said merger shall not be consummated (a) There is evidence that, due to the restrictive lend­ before the thirtieth calendar day following the ing policies of Coleman Bank, many residents of date of this Order or (b) later than three months the area it serves have had to secure loans else­ after said date. where. Coleman Bank does not offer trust serv­ Dated at Washington, D. C., this 1st day of ices. While a variety of banking services are avail­ June, 1966. able from competing banks in the relevant area, By order of the Board of Governors. a wider range of banking services such as would Voting for this action: Vice Chairman Robertson, and be provided by Citizens Bank would enhance the Governors Shepardson, Maisel, and Brimmer. Absent Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 811 and not voting: Chairman Martin, and Governors In addition to State Bank and Ney Bank, six Mitchell and Daane. banks operate offices within the relevant area. (Signed) Merritt Sherman, State Bank is the largest of the area banks, and Secretary. Ney Bank ranks seventh in terms of deposit size. Consummation of the proposal would increase the [seal] percentage of total area deposits held by State Statement Bank from 30 per cent to 33 per cent. However, The State Bank and Trust Company, Defiance, the substitution of an office of State Bank for that Ohio (“State Bank”), with total deposits of ap­ of Ney Bank would be expected to have a bene­ proximately $18 million, has applied, pursuant to ficial competitive effect by stimulating competition the Bank Merger Act, as amended (12 U.S.C. with other banks in the northern part of the rele­ 1828(c), Public Law 89-356), for the Board’s vant area while not increasing importantly the prior approval of the merger of that bank with market power of State Bank. The Ney State Bank, Ney, Ohio (“Ney Bank”), The Board concludes that consummation of the with total deposits of about $2 million.1 The banks proposal would not have any adverse competitive would merge under the charter and title of State effects. Bank, which is a member of the Federal Reserve Financial and managerial resources and future System. As an incident to the merger, the sole prospects. Ney Bank has satisfactory financial re­ office of Ney Bank would become an office of sources and its earnings have been adequate. The State Bank, increasing the number of its offices bank’s president and only active executive officer, to three. however, is well past normal retirement age and Competition. Defiance, the location of the two any prospects for recruiting or training a successor offices of State Bank, is a growing city of about management are not favorable. The financial and 17,000 persons in northwestern Ohio. Defiance managerial resources and future prospects of County, in which both banks are located, is pri­ State Bank are satisfactory and would not be ad­ marily rural, but the city of Defiance and its en­ versely affected by effectuation of the proposal. virons are becoming increasingly developed and Convenience and needs of the communities. industrialized. Ney is a small village (population The resulting benefits to the village of Ney and approximately 350) in a rural area about 12 miles the surrounding agricultural area would be the northwest of Defiance. principal consequences that would flow from con­ While the service areas 2 of the two banks over­ summation of the merger. Several housing devel­ lap, the number of accounts and dollar volume of opments have been constructed near Ney in re­ business held by each of the banks that originate cent years, and the growth of Defiance and the in the area served by the other are relatively small. nearby town of Bryan in Williams County may Ney Bank is not an aggressive competitor. Ney lead to more residential construction. As indicated Bank does not actively seek new business, offers previously, Ney Bank is not an aggressive institu­ only a limited range of services, has only a small tion. The bank makes no instalment loans, its lend­ percentage of its deposits loaned, and, though its ing limit of $13,500 has been inadequate to satisfy lending limit is comparatively low, does not par­ many credit needs, and its loan-to-deposit ratio is ticipate loans with other banks. There does not substantially lower than that of other banks in the appear to be any significant competition that area. would be eliminated by consummation of the pro­ Effectuation of the proposal would provide the posal. village of Ney and the surrounding area with a The relevant area for considering the remaining banking office that would be expected to offer a competitive effects of the proposal is Defiance range of services commensurate with the commu­ County and the southern part of Williams County, nity’s needs. Residents of Defiance would be which lies immediately north of Defiance County. served by increasing the lending limit of State Bank from $150,000 to $185,000. 1 Deposit figures are as of December 31, 1965. Summary and conclusion. Consummation of the 2 The area from which a bank derives 75 per cent or more of its deposits of individuals, partnerships, proposal would not have adverse competitive and corporations. effects; it would assure to the Ney area successor Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

812 FEDERAL RESERVE BULLETIN • JUNE 1966 management for its only banking office, and it (3) The applicable statute does not require would provide a true alternative source of banking the Board to grant a hearing on petitioner’s ap­ services to residents of the Ney area who must plication as a matter of right. Further, such a now seek a number of these services elsewhere. hearing is not considered by the Board to be re­ Accordingly, the Board concludes that the pro­ quired in the public interest or otherwise war­ posed merger should be approved. ranted by the circumstances herein, Applicant having had ample opportunity to present all rel­ Order Denying Petition for Reconsideration evant facts and arguments. Accordingly, of Action Under Bank Holding Company Act It is ordered that the petition for reconsidera­ The Board of Governors has issued the follow­ tion and for a hearing on the application be and ing Order denying a petition for reconsidera­ hereby is denied. tion of earlier Board action on an application by Dated at Washington, D.C., this 6th day of a bank holding company for approval of the June, 1966. acquisition of voting shares of a bank, and deny­ By order of the Board of Governors. ing the request for a hearing oh such application: (Signed) Merritt Sherman CENTRAL WISCONSIN BANKSHARES, INC., Secretary. WAUSAU, WISCONSIN [seal] In the matter of the application of Central Wis­ Orders Under Section 3 of Bank Holding consin Bankshares, Inc., Wausau, Wisconsin, for Company Act prior approval of acquisition of voting shares of The Board of Governors issued the following Central National Bank of Stettin, Stettin, Wis­ Orders and Statements in connection with actions consin, a proposed new bank. approving applications by bank holding companies Order Denying Petition for Reconsideration for the acquisition of voting shares of banks and and for Hearing an application for permission to become a bank This matter has come before the Board of holding company: Governors upon petition of Central Wisconsin DENVER U. S. BANCORPORATION, INC., Bankshares, Inc., Wausau, Wisconsin, filed on DENVER, COLORADO March 31, 1966, for (1) reconsideration by the Board of its Order of January 4, 1966, denying In the matter of the application of Denver U. S. petitioner’s application, pursuant to section Bancorporation, Inc., Denver, Colorado, for ap­ 3(a)(2) of the Bank Holding Company Act of proval of the acquisition of voting shares of The 1956, for prior approval of acquisition of the Mercantile Bank and Trust Company, Boulder, voting shares of Central National Bank of Stettin, Colorado. Stettin, Wisconsin, a proposed new bank, and Order Approving Application Under (2) for a hearing on said application. In con­ Bank Holding Company Act nection with said petition, the Board has made the following findings: There has come before the Board of Governors, (1) The Board’s Rules of Procedure (12 CFR pursuant to section 3(a)(2) of the Bank Holding 262.2(f)(6)) provide with respect to bank hold­ Company Act of 1956 (12 U.S.C. 1842(a)(2)) ing company applications: and section 222.4(a)(2) of Federal Reserve Reg­ ulation Y (12 CFR 222.4(a)(2)), an application “(6) After action by the Board on an application, the Board will not grant any request for reconsidera­ by Denver U. S. Bancorporation, Inc., Denver, tion of its action, unless the request presents rele­ Colorado, a registered bank holding company, for vant facts that, for good cause shown, were not the Board’s prior approval of the acquisition of 50 previously presented to the Board, or unless it otherwise appears to the Board that reconsideration per cent or more of the outstanding voting shares would be appropriate.” of The Mercantile Bank and Trust Company, (2) Applicant’s petition for reconsideration Boulder, Colorado. does not present relevant facts or arguments In accordance with section 3(b) of the Act, the that, for good cause shown, were not previously Board gave written notice to the State Bank Com­ presented to or considered by the Board. missioner of Colorado of receipt of the applica- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 813 tion and requested his views and recommendation construed, not as agreement with the Hearing thereon. The Comptroller of the Currency and the Examiner’s conclusions, but rather as a reliance Antitrust Division of the Department of Justice upon the record itself. All of the aforementioned were notified of receipt of the application. None documents were received as part of the record and of the aforementioned governmental authorities have been considered by the Board. disapproved the application in writing within 30 It is hereby ordered, for the reasons set forth days of notice of the application. At a later date, in the Board’s Statement of this date, that the re­ however, the State Bank Commissioner, on behalf quest for oral argument be and hereby is denied; of himself and the Colorado State Banking Board, and that said application for acquisition be and opposed the application. The notice of the filing hereby is approved, provided that the acquisition of the application, published in the Federal Regis­ so approved shall not be consummated (a) within ter of July 22, 1965 (30 Federal Register 9189), seven calendar days after the date of this Order or included a statement that comments and views (b) later than three months after said date. regarding the proposed acquisition could be filed Dated at Washington, D. C., this 16th day of with the Board within 30 days thereafter. By May, 1966. letter dated August 17, 1965, the president of The First National Bank of Denver commented ad­ By order of the Board of Governors. versely on the proposal. By letter dated August Voting for this action: Governors Shepardson, 18, 1965, The Central Bank and Trust Company, Mitchell, Daane, and Maisel. Voting against this action: Governor Robertson. Absent and not voting: Denver, Colorado, submitted to the Board an op­ Chairman Martin and Governor Brimmer. position to the proposal and requested an oppor­ (Signed) Merritt Sherman, tunity to participate in a hearing on the matter. Secretary. On September 9, 1965, at the discretion of the [seal] Board and in accordance with the provisions of Statement section 222.7(a) of the Board’s Regulation Y (12 CFR 222.7(a)), the Board ordered a public hear­ Denver U. S. Bancorporation, Inc., Denver, ing in connection with the application. Said Order Colorado (“Applicant”), a registered bank hold­ was published in the Federal Register on Septem­ ing company, has filed with the Board, pursuant ber 16, 1965 (30 Federal Register 11887). A to section 3(a)(2) of the Bank Holding Company public hearing was held in Denver, Colorado, on Act of 1956 (“the Act”), an application for ap­ October 19-22, 1965, before a duly selected Hear­ proval of the acquisition of 50 per cent or more ing Examiner. Appearances at the hearing were of the outstanding voting shares of The Mercan­ made on behalf of Applicant as proponent; The tile Bank and Trust Company, Boulder, Colorado Central Bank and Trust Company and the Colo­ (“Mercantile”). rado State Banking Board and Bank Commis­ Views and recommendation of supervisory sioner as opponents; and counsel for the Board authority. As required by section 3(b) of the Act, of Governors in a nonadversary capacity. After notice of receipt of the application was given to, the hearing, proposed findings of fact, conclu­ and views and recommendation requested of, the sions of law, and briefs were submitted by the Colorado State Bank Commissioner. Notice of re­ aforesaid adversary parties. On March 4, 1966, ceipt of the application was transmitted in writing the Hearing Examiner filed with the Board a to the Comptroller of the Currency and to the Report and Recommended Decision, recommend­ United States Department of Justice, and was ing approval of the application. The opposing published in the Federal Register on July 22, 1965 bank filed exceptions to the Hearing Examiner’s (30 Federal Register 9189). None of the afore­ Report and Recommended Decision, together with mentioned governmental authorities disapproved a supporting brief and a request for oral argument the application in writing within 30 days of notice before the Board. Applicant responded with a of the application. Subsequently, however, the brief in opposition to the opposing bank’s excep­ State Bank Commissioner, on behalf of himself tions and request for oral argument. The Colorado and the State Banking Board, opposed the applica­ State Banking Board and Commissioner filed no tion on the grounds that the formation and exten­ exceptions but requested that their abstention be sion of bank holding company systems are devices Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

814 FEDERAL RESERVE BULLETIN • JUNE 1966 aimed at circumvention of the State’s anti-branch ment before the Board, were filed by Central. banking policy. Applicant filed a responding brief and an opposi­ As observed by the Hearing Examiner, the ar­ tion to oral argument. gument presented by the State banking authori­ Request for oral argument. As evidenced by the ties in opposition to the proposal is substantially foregoing chronology of occurrences with respect the same argument that was made to, and rejected to this application, ample opportunity for com­ by, the Board in the proceedings that resulted in ments was afforded to all interested persons, an the formation of Applicant (49 Federal Reserve extensive public hearing was held at which a num­ Bulletin 1518) and those involving th^applica- ber of witnesses testified and were cross-examined tion of First Colorado Bankshares, Inc., to acquire over a period of several days, a transcript of Security National Bank, Denver (49 Federal Re­ nearly seven hundred pages provides a record of serve Bulletin 1646, 1651). The Board is of the the hearing, and counsel for the adversary parties view that, for the reasons stated in its earlier state­ have submitted full briefs and written arguments. ments relative to this argument, proposed holding In the light of these facts and upon review of the company formations, operations, and acquisitions entire record, it is concluded that the request by are not to be subjected to statutory limitations Central for oral argument before the Board should that may be imposed on branch banking. For the be denied on the grounds that (a) the parties have same reasons, the Board is unable to accept the had ample opportunity to present their views, (b) rationale urged by the Colorado State banking there has been no showing that the Board would authorities in this case. be better informed as a result of oral argument, Public hearing. Following expiration of the pe­ and (c) such argument would further delay de­ riod allowed in the published notice for receipt cision on the application herein. Accordingly, the of comments on Applicant’s proposal, the Board Board deems it appropriate that the matter be de­ ordered a public hearing to be conducted in Den­ cided at this time on the basis of the record now ver before a Hearing Examiner selected for the before it. purpose by the United States Civil Service Com­ Statutory factors. Section 3(c) of the Act re­ mission. This hearing was not required by law, but quires the Board to take into consideration the was ordered by the Board pursuant to the provi­ following five factors in acting on this applica­ sions of section 222.7(a) of the Board’s Regula­ tion: (1) the financial history and condition of tion Y (12 CFR 222.7(a)), upon the Board’s the holding company and the banks concerned: finding that such hearing would be in the public (2) their prospects; (3) the character of their interest. management; (4) the convenience, needs, and Participants in the hearing were the Applicant welfare of the communities and the area con­ as proponent; The Central Bank and Trust Com­ cerned; and (5) whether or not the effect of the pany, Denver, Colorado (“Central”), and the proposed acquisition would be to expand the size State Bank Commissioner on behalf of himself or extent of the bank holding company system in­ and the State Banking Board as opponents; and volved beyond limits consistent with adequate and counsel for the Board of Governors in a non­ sound banking, the public interest, and the pres­ adversary capacity. The adversary parties present­ ervation of competition in the field of banking. ed evidence, and all parties were afforded full op­ Financial history and condition, and prospects portunity for cross-examination of persons appear­ of Applicant and banks concerned. Applicant be­ ing as witnesses. Subsequent to the hearing, the came a bank holding company on February 5, parties were afforded the opportunity to file, and 1964. Its holding company system is composed of the adversary parties did file, proposed findings of four banks with approximately $380 million in fact, conclusions of law, and supporting briefs. total deposits at December 31, 1964.1 Denver On March 4, 1966, the Report and Recom­ United States National Bank (“Denver U. S. Na­ mended Decision of the Hearing Examiner was tional”), with deposits of approximately $349 milfiled with the Board wherein he recommended that the application be approved. Exceptions to the 1 Unless otherwise indicated, all banking data are Hearing Examiner’s Report and Recommended as of this date. At June 30, 1965, total deposits of the Decision, with brief and a request for oral argu­ system were $394 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 815 lion,2 is located in Denver; two of the banks in provided satisfactory management for the holding the system, Arapahoe Bank, Littleton (formerly company and its leading subsidiary. Applicant’s Arapahoe County Bank), and First Bank of Au­ other three subsidiary banks are also considered rora, with deposits of approximately $6 million to be capably managed. and $9 million, respectively, are located in sub­ Mercantile’s directors are regarded as experi­ urban communities near Denver. Weld County enced and capable. Its president and executive Bank, located in Greeley, Colorado, about 60 miles vice-president have provided the bank with suc­ north of Denver, was acquired by Applicant in cessful management. The record shows, however, July 1965. It has deposits of approximately $16 that the president, who is in his 70’s, has entered million. into an agreement with the bank providing for The Hearing Examiner found “that the finan­ his retirement as president and for succession of cial history and condition and prospects of Appli­ the executive vice-president to the position of cant and all of its presently controlled subsidiary president.1 While this succession would provide banks are satisfactory.” The record supports and Mercantile with a capable and competent chief the Board concurs in these findings. executive, Applicant states that the remainder of Mercantile, with approximately $15 million of the staff is relatively young and inexperienced in deposits,3 is located in Boulder, Colorado, approxi­ the banking business, and there is no employee on mately 30 miles northwest of Denver, and was Mercantile’s staff considered experienced or ca­ organized over 60 years ago. The evidence pre­ pable enough to assume the duties of executive sented shows that Mercantile has experienced a vice-president. It appears that, during the seven substantial growth in deposits and income, par­ or eight years prior to the application herein, three ticularly during the period from 1955-1964. Be­ vice-presidents resigned for the purpose of assum­ tween year-end 1955 and 1964, its deposits in­ ing the presidencies of three other Colorado finan­ creased from about $5 million to almost $15 mil­ cial institutions and another vice-president chose lion; and between 1960 and 1964, the increase early retirement. Applicant claims that the pro­ was from almost $9 million to nearly $15 million, posed affiliation would make available to Mercan­ or 67 per cent. The Board concurs in the Hearing tile, through the holding company system, a pro­ Examiner’s finding that Mercantile’s financial his­ gram for recruitment and training, for promotion tory and current condition are satisfactory. throughout the system’s banks, and for pension The data of record show that the area served by plan coverage and other fringe benefits, a program Mercantile has experienced a steady economic de­ which could facilitate for Mercantile the acquisi­ velopment, and its prospects for continued and tion, training, and retention of capable manage­ substantial economic growth appear favorable. It ment as needed. However, in the light of the is reasonable to expect additional growth in Mer­ favorable prospects for the City of Boulder, its cantile’s deposits and, with such growth, a need closeness to the City of Denver, and the past ex­ for additional capital. While the record reflects perience of Mercantile in attracting capable execu­ previous successful endeavors by Mercantile in tive management, the Board is of the opinion that marketing its shares, the conclusion appears rea­ Applicant’s proposal is not the only solution to sonable that affiliation with Applicant would afford Mercantile’s management succession problem. an easier, more assured method for meeting Mer­ Thus, the assurance offered by Applicant’s pro­ cantile’s future capital requirements, a fact that, posal for an immediate and apparently certain in the Board’s judgment, enhances Mercantile’s solution to Mercantile’s management succession prospects and offers some slight weight in favor problem affords but little weight toward approval of approval of the application. of the application. Management. Applicant’s directors are consid­ Convenience, needs, and welfare of the com­ ered persons of leadership in the regional econ­ munities and the area concerned. The proposed omy. Its executive officers, drawn from among affiliation may be expected to have little, if any, the executives of Denver U. S. National, have effect on the convenience, needs, and welfare of 2 At June 30, 1965, its deposits were $364 million. 3 As of year-end 1965, its deposits exceeded $17 4 The former executive vice-president is now presi­ million. dent of Mercantile. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

816 FEDERAL RESERVE BULLETIN • JUNE 1966 the communities and the area served by Appli­ its correspondent banks. Accordingly, with respect cant’s present subsidiaries. Rather, the principal to the convenience, needs, and welfare of the com­ effect would be in the area served by Mercantile, munities and area concerned, it is the probability of which the City of Boulder is considered to be of greater speed and certainty with which assist­ the primary service area.5 ance would be provided Mercantile through the Between 1950 and 1965, the City of Boulder proposed affiliation that offers some weight toward experienced a substantial population growth— approval of the application. 20,000 to an estimated 48,000—as well as a sig­ Effect of proposed acquisition on adequate and nificant economic expansion. The University of sound banking, the public interest, and banking Colorado, located in Boulder, apparently has competition. The Hearing Examiner found, and grown rapidly in recent years and is changing the record supports his finding, that the aggregate from a predominantly undergraduate institution deposits of $380 million held by Applicant’s four to one oriented toward graduate studies, particu­ banks would, by the addition of Mercantile to larly in the areas of physical science and engineer­ Applicant’s system, be increased to $395 million, ing. The record reflects that the City and County an increase from 14.1 to 14.7 per cent in Appli­ of Boulder have acquired, in recent years, nu­ cant’s control of the deposits of all insured banks merous industrial plants employing several thou­ in Colorado. Applicant and the other two regis­ sand people, specializing mainly in research and tered bank holding companies with subsidiary development in the fields of atomic energy, aero­ banks in Colorado currently control 21.6 per cent space, electronics, and, to a lesser degree, manu­ of the deposits of all insured banks in the State. facturing. It is reasonable to expect continued Applicant’s acquisition of Mercantile would in­ growth in this area. At the end of 1959, there crease this concentration to 22.2 per cent. In the were three commercial banks in Boulder, and in Denver Standard Metropolitan Statistical Area," 1965 there were six, among which Mercantile Applicant’s control would be increased from 20 ranks third in deposits. The banking needs of the per cent to 21 per cent. In Boulder County, the communities and the area concerned appear to be affiliation would give Applicant control of approxi­ served adequately. mately 9 per cent of the offices of the 11 insured Applicant urges, in favor of approval, that it banks and 14 per cent of the deposits of those can and is ready to assist Mercantile with respect banks. In the City of Boulder, Applicant would to audit and accounting procedures, future build­ acquire 16.7 per cent of the offices of insured ing programs, bond portfolio management, trust banks and 20 per cent of the deposits of those services, marketing operations, and real estate banks. Mercantile would be the only bank holding loan activity. The Board is satisfied that Appli­ company subsidiary in Boulder. cant’s rendition of assistance with respect to the At the time of the Board’s approval in Novem­ said services would prove beneficial, not only to ber 1963 of Applicant’s formation, the Board con­ Mercantile but also, in certain respects, to the cluded that, while a sizable portion of the total residents and businesses in its primary service deposits and loans of all banks in the State of area, by virtue of an improvement in the scope and Colorado was concentrated in a relatively few nature of banking services available to them. banks, the largest five of which were in Denver While the prospects of Applicant’s assistance in and included Applicant’s largest subsidiary (Den­ these respects are consistent with and weigh to­ ver U. S. National), it did not appear to the Board ward approval, the affirmative weight to be ac­ that any single banking institution was dominant corded them is somewhat lessened by the absence in the Denver area or in the State as a whole. in the record of evidence indicating that any of At that time, as now, Denver U. S. National was the area’s major banking needs are presently un­ the second largest bank in Denver and in the served, or if such unserved need should arise, that State. Applicant’s rank as second in control of it could not be met adequately either through bank deposits in both areas would continue after Mercantile’s own efforts or with the assistance of “ This includes the Counties of Adams, Arapahoe, " The area from which it is estimated that Mer­ Boulder, Denver, and Jefferson. Applicant presently cantile received 76 per cent of its total individual, has no subsidiary in Adams, Boulder, or Jefferson partnership, and corporation (IPC) deposits. Counties. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 817 the proposed acquisition. The Board concurs in five per cent are controlled by the two smallest the Hearing Examiner’s conclusion that the in­ banks in Boulder (deposits of approximately $1.5 crease in the concentration of banking resources million and $2 million, respectively). The acquisi­ that would result from consummation of the pro­ tion herein proposed would not diminish the num­ posal herein does not represent a consideration ber of offices servicing Boulder. In addition, the adverse to approval of the application. evidence shows that there are offices of four sav­ Considering next the extent to which Appli­ ings and loan institutions in Boulder, three of cant’s ownership of stock of Mercantile would which each have total savings in excess of the eliminate existing competition or foreclose future total deposits of any of the banks there. One of competition between Mercantile and Applicant’s these institutions, with its head office in Denver, subsidiaries, the Board agrees with the Hearing has savings funds exceeding $114 million. In Examiner that these considerations present no bar Boulder County, there are five additional banks, to approval of the application. The record shows three of which have deposits of $2.5 million or that Mercantile, located 30 miles from Denver less. None of the five banks derives more than a U.S. National, is not in competition with it, and minimal amount of business from Boulder, Mer­ that Denver U.S. National does not solicit deposits cantile’s primary service area. It is reasonable to or loans in Boulder. All the bankers who testified conclude from the record, as has the Hearing Ex­ agreed that no Denver bank solicits business in aminer, that the proposed acquisition would not Boulder. About $2.5 million of Denver U.S. Na­ significantly diminish existing competition in tional’s deposits, amounting to less than one per Boulder or any of the areas involved, nor preclude cent of all its deposits, appear to have originated potential competition there. Rather, it appears that in Boulder. They represented almost entirely cor­ the businesses and residents in Boulder will be the respondent bank deposits from two Boulder corre­ beneficiaries of more vigorous competition to be spondents. About $478,000 of Denver U.S. Na­ offered to the two larger banks in the area. tional’s loans, or .3 per cent of its total loans, were In opposition to the proposal herein, Central shown as originating in Boulder. Virtually all further argues that the subject acquisition, coupled arose through participation with Boulder banks. with other acquisitions to date by Applicant, will Mercantile is located approximately 38, 40, and restrict competition in correspondent banking. 56 miles from Applicant’s three subsidiaries other While the proposal herein may result, as Central than Denver U.S. National. These three relatively argues, in its loss of Mercantile as a correspondent small institutions serve primarily their immediate bank (with a $1 million account) to the gain of vicinities. The Hearing Examiner’s finding that Denver U.S. National, Applicant points out that none of Applicant’s subsidiary banks competes in the affiliation may result, on the other hand, in Mercantile’s primary service area is supported in Denver U.S. National losing as much or more of the record and is adopted by the Board. The rec­ its correspondent bank business to the gain of ord shows also that Mercantile does not compete, Central or other Denver correspondents. to any significant degree, in the primary service It appears that the correspondent banking busi­ areas of any of Applicant’s subsidiaries. ness of Colorado is concentrated in Denver. The Applicant asserts and the evidence shows that five largest banks in the State, all located in the six Boulder banks compete vigorously with Denver, account for 88 per cent of the deposits each other. Mercantile (with nearly $15 million of made by banks. First National Bank of Denver deposits) ranks third in size of the Boulder banks. ranks first with approximately 31 per cent of the First National Bank in Boulder, the largest bank total of correspondent bank deposits, amounting in the city (with over $30 million of deposits), to about 11 per cent of its total deposits. Central together with its affiliate, the Arapahoe National ranks second with about 22 per cent of the total Bank of Boulder (deposits of approximately $3 of such correspondent bank deposits, amounting million), controls over 45 per cent of all com­ to 20 per cent of its total deposits; and Denver mercial bank deposits in Boulder. National State U.S. National ranks third with about 17 per cent Bank of Boulder (deposits of nearly $22 million) of such deposits, amounting to 7 per cent of its controls about 30 per cent, and Mercantile about total deposits. It is evident that the shifting of 20 per cent of the total deposits. The remaining Mercantile’s relatively small account would not Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

818 FEDERAL RESERVE BULLETIN • JUNE 1966 have a significant effect on the correspondent bank for the reasons set forth in my statement of dissent business in the relevant markets, nor cause the from the Board’s action approving Applicant’s position of Applicant’s subsidiaries with respect to formation in November 1963. At that time I competition for correspondent accounts to be en­ expressed the opinion that the Congress, in en­ hanced in any significant measure at the expense acting the Bank Holding Company Act, never of their competitors. Nor, in view of the relative intended that the statute be used as a vehicle for ease of access to a number of alternative Denver altering the banking structure of a State over the bank correspondents that will continue to be avail­ expressed objection of that State, particularly able to the businesses and residents of Boulder, where there was no satisfactory showing that any would Mercantile’s affiliation with Denver U.S. benefit would likely inure to the public from a National represent an undue deprivation of access proposed holding company formation. to correspondent bank services. Similarly, in the present case, the evidence of In the light of the foregoing considerations and record clearly establishes that the major banking all the facts in the record, the Board concludes needs of the Boulder area are now being served that consummation of the subject proposal would and that no cognizable public benefit will result not increase Applicant’s size or extent beyond from consummation of this proposal. On the limits consistent with adequate and sound bank­ contrary, it seems clear to me that the further ing, the public interest, and the preservation of concentration of the banking resources in the State competition in the field of banking. under Applicant’s control that will follow upon its The possibility that Applicant, in the future, acquisition of The Mercantile Bank and Trust may seek approval of additional acquisitions as Company represents a circumstance inimical to part of a plan for “continuing expansion through the public and directly contrary to the expressed the holding company device”—as suggested by the policy of the State of Colorado favoring in­ opposing bank in its exceptions to the Hearing dependent unit banks. Examiner’s Report and Recommended Decision— The record in this case reflects the pride that is not considered to be a significant factor ad­ the community of Boulder has in its status as verse to the proposal herein. The Board con­ an independent, growing community. In my sistently has taken the position that each applica­ opinion, the continued economic independence tion must be considered on the pertinent facts of Boulder becomes less certain by the very real presented, and a decision by the Board in a given possibility that Applicant’s ownership of the Mer­ matter does not constitute any commitment on cantile Bank will result in a draining off of that future applications. bank’s deposits, now presumably remaining in To the extent that the findings and conclusions and primarily serving the Boulder area, to serve of the Hearing Examiner are consistent with those the regional requirements of Denver U.S. Na­ contained herein, they are adopted. Opposing tional Bank. While access to these Boulder funds bank’s exceptions to the Hearing Examiner’s Re­ will afford little competitive advantage to Denver port and Recommended Decision have been fully U.S. National, removal of such funds from considered, and the Board’s findings and con­ Boulder could have a significantly adverse effect clusions reflect the Board’s judgment of the on the medium and small size business credit merits of those exceptions. needs that Applicant asserts would be served by On the basis of all the relevant facts contained this proposal. in the record before the Board, and in the light Finally, Applicant’s acquisition of Mercantile of the factors set forth in section 3(c) of the will further the existing concentration of banking Act, it is the Board’s judgment that the proposed resources in a few large Denver banks and will acquisition would be consistent with the public constitute, as at the time of Applicant’s forma­ interest and that the application should therefore tion, an open invitation to increase that concentra­ be approved. tion. The State’s expressed opposition to such a re­ sulting banking structure, when combined with Dissenting Statement the other adverse features of this proposal, leaves, of Governor Robertson in my judgment, no alternative to denial of the I have voted to deny this application essentially application. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 819 BAYSTATE CORPORATION, By order of the Board of Governors. BOSTON, MASSACHUSETTS Voting for this action: Chairman Martin, and Gov­ ernors Shepardson, Mitchell, Daane, Maisel, and In the matter of the application of Baystate Brimmer. Absent and not voting: Governor Robertson. Corporation, Boston, Massachusetts, for approval (Signed) Merritt Sherman, of the acquisition of voting shares of Lynn Safe Secretary. Deposit and Trust Company, Lynn, Massachu­ [SEAL] setts. Statement Order Approving Application Under Bank Holding Company Act Baystate Corporation, Boston, Massachusetts (“Applicant”), a registered bank holding com­ There has come before the Board of Governors, pany, has applied to the Board of Governors un­ pursuant to section 3(a) (2) of the Bank Holding der the Bank Holding Company Act of 1956 Company Act of 1956 (12 U.S.C. 1842 (a)(2)) (“the Act”), for permission to acquire up to 100 and section 222.4(a)(2) of Federal Reserve Reg­ per cent of the outstanding voting shares of Lynn ulation Y (12 CFR 222.4(a)(2)), an application Safe Deposit and Trust Company, Lynn, Mas­ by Baystate Corporation, Boston, Massachusetts, sachusetts (“Bank”). Applicant’s bank holding a registered bank holding company, for the company system is comprised of ten subsidiary Board’s prior approval of the acquisition of up banks which, at June 30, 1965,1 operated 130 to 100 per cent of the outstanding voting shares banking offices and held deposits of about $650 of Lynn Safe Deposit and Trust Company, Lynn, million. Acquisition of Bank would add one bank­ Massachusetts. ing office to Applicant’s system and about $6 As required by section 3(b) of the Act, notice million in deposits. of receipt of the application was given to, and Views and recommendation of supervisory au­ views and recommendation requested of, the thority. As required by section 3(b) of the Act, Commisioner of Banks for the State of Massachu­ the Board notified the Commissioner of Banks setts. The Commissioner advised the Board that, for the State of Massachusetts of receipt of the pursuant to State law, a petition had been filed application and requested his views and recom­ by Applicant with the Massachusetts Board of mendation thereon. The Commissioner replied Bank Incorporation for prior approval of the pro­ that, pursuant to State law, a petition had also posed acquisition, and a hearing would be held been filed by Applicant for a hearing before the thereon. The Massachusetts Board subsequently Massachusetts Board of Bank Incorporation with approved the acquisition, and the Board of Gov­ respect to the same matter. The Massachusetts ernors was so notified. Board subsequently approved the acquisition, and Notice of receipt of the application was pub­ the Board of Governors was so notified. lished in the Federal Register on January 28, Statutory factors. Section 3(c) of the Act re­ 1966 (31 Federal Register 1167), providing an quires the Board to take into consideration the opportunity for interested persons to submit com­ following five factors: (1) the financial history ments and views with respect to the proposed and condition of the holding company and the acquisition. The time for filing such comments banks concerned; (2) their prospects; (3) the and views has expired, and all those received character of their management; (4) the conveni­ have been considered by the Board. ence, needs, and welfare of the communities It is hereby ordered, for the reasons set forth and the area concerned; and (5) whether or not in the Board’s Statement of this date, that said the effect of the proposed acquisition would be to application be and hereby is approved, provided expand the size or extent of the bank holding that the acquisition so approved shall not be company system involved beyond limits con­ consummated (a) within seven calendar days sistent with adequate and sound banking, the after the date of this Order or (b) lat^r than three public interest, and the preservation of competi­ months after said date. tion in the field of banking. Dated at Washington, D.C., this 19th day of 1 Unless otherwise indicated, all banking data noted May, 1966. are as of this date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

820 FEDERAL RESERVE BULLETIN • JUNE 1966 Financial history and condition, prospects, and munity with a large number of relatively high management of Applicant and Bank. The finan­ income families. cial history and condition of Applicant are sat­ The record in this matter fails to establish isfactory, its prospects appear favorable, and its that there are presently any unserved major bank­ management is regarded as capable and experi­ ing needs in Bank’s service area, nor is it con­ enced. These conclusions are based in part on the tended that Bank, operating as a subsidiary of sound financial history and condition and the Applicant, will provide services that are not satisfactory deposit and earnings growth evi­ presently available through it and the other denced with respect to Applicant’s subsidiary banks serving the area. Rather, the thrust of Ap­ banks. plicant’s proposal is to furnish for or make availa­ Bank, chartered in 1887, also has a history of ble to Bank, as Applicant states it has done for sound operations and good earnings, and its its present subsidiary banks, a number of operat­ present condition and prospects are regarded as ing and managemnt services, chief among which satisfactory. Bank’s management is competent are data processing, investment analysis, and ad­ and experienced, although somewhat conservative ministration of group life insurance, pension, and as evidenced by Bank’s relatively slow deposit profit-sharing plans. Applicant asserts that the growth in recent years. Applicant asserts that Bank proposed services will result in more aggressive is faced with a management succession problem operational policies within Bank with the expecta­ in that none of Bank’s present staff is qualified tion that Bank will become a stronger competi­ to replace the president and another senior of­ tor within its trade area, and thus help improve ficer, who are, respectively, 60 and 59 years of generally the quantity and quality of banking age. Any problem with respect to management services therein. It is reasonably concluded that succession is made less immediate by the fact that Applicant’s proposed assistance will aid Bank the two officers mentioned have agreed to remain in making more efficient it own operations, thus with the bank for at least another 18 months, as­ ultimately affording improved services to its cus­ suming approval of Applicant’s proposal. Thus tomers. Applicant’s proposed assistance with respect to As to Applicant’s proposal to make available providing qualified first and second line manage­ through Bank certain direct customer services, ment, while consistent with approval of the ap­ the principal such service would be the referral plication, offers little affirmative basis therefor. by Bank of certain credit demands, asserted by Convenience, needs, and welfare of the com­ Applicant not usually met by commercial banks, munities and area concerned. Bank’s primary serv­ to a small business investment corporation which ice area, from which it derives about 84 per cent is wholly owned by nine of Applicant’s ten sub­ of its deposits of individuals, partnerships, and sidiary banks. While the prospect of this credit corporations (“IPC deposits”), consists of the rendition is a consideration weighing somewhat City of Lynn and the adjoining town of Swamp­ toward approval of the application, the fact is scott. The 1965 population of this area was nearly that the volume of loan business presently being 107,000. Lynn, which is about 11 miles north­ handled by this small business investment sub­ east of Boston, is highly industrialized. Nearly sidiary is so relatively small as compared with 23,000 persons are employed by some 200 manu­ the loan business done by Applicant’s banks that facturing firms in Lynn, the largest of which is its contribution to Bank’s lending ability appears General Electric Company. In addition, nearly minimal. 800 wholesale and retail trade outlets in the city On the basis of the evidence presented bearing employ more than 7,000 persons. Swampscott, on the convenience, needs, and welfare of the about two miles east-northeast of Lynn, is pri­ communities and area involved, the Board con­ marily a residential suburb and summer resort cludes that such evidence is consistent with ap­ with limited commercial and industrial develop­ proval of the application. ment. A large number of Swampscott residents Effect of proposed acquisition on adequate and work in Boston and daily travel some thirteen sound banking, the public interest, and banking miles between the two locations. Swampscott is competition. Applicant’s ten subsidiary banks characterized by Applicant as a rather stable com­ operate 18 per cent of the State’s commercial Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 821 banking offices and hold about 10 per cent of nine miles and five miles from Bank. There are the deposits of such commercial banks; com­ a number of offices of other banks located in the parable percentages with respect to commercial areas separating Bank from these two offices, and and mutual savings banks in the State are 13 and the intervening areas appear to be heavily pop­ 4, respectively. The two bank holding companies ulated. These two offices of Beverly Trust Com­ operating in Massachusetts control about 21 per pany combined derive only about $60,000 of IPC cent of the commercial bank deposits and nine deposits, or about one per cent of their total per cent of all bank deposits in the State. IPC deposits, from Bank’s primary service area. Bank is located in Essex County and under As before noted, Bank derives only about 16 per State law is not permitted to establish branches cent of its IPC deposits from all areas outside its outside that county. Its deposits ($5 million of primary service area. Thus, in view of the gen­ IPC deposits and $6 million of total deposits) erally local nature of Bank’s business, the small account for less than two per cent of the IPC amount of deposits which Applicant’s banks pres­ and total deposits held by the 24 commercial ently derive from Bank’s primary service area, banks in the county, and only about one-half of and the large number of alternative outlets availa­ one per cent of such deposits held by the 47 com­ ble in the area concerned, the Board concludes mercial and mutual savings banks located there. that there would be no significant competition Applicant presently has two subsidiary banks in eliminated or foreclosed as a result of consumma­ Essex County, operating 21 per cent of the tion of this proposal. county’s commercial banking offices and 14 per As to the probable effect of Applicant’s pro­ cent of the offices of all banks. The two subsidiary posal on the competitive position of other banks banks hold about 11 per cent of the IPC and serving the area, within Bank’s service area it is total deposits of commercial banks, and three in direct competition with the following banking per cent of such deposits of all banks, located offices: six offices of Essex County Bank and in the county. Approximately seven per cent of Trust Company, with $48 million of deposits; the IPC and total deposits of commercial banks, three offices of Security-Danvers National Bank, and two per cent of such deposits of all banks, with $38 million of deposits; one office of North located in the county are held by a subsidiary Shore Bank and Banking Company, a $3 million of Shawmut Association, Inc., the State’s other institution which was formerly a Morris Plan registered bank holding company. Because of the Bank;2 and a total of five offices of two mutual relatively small size of Bank, and in view of the savings banks each of which bank has deposits in large number of alternative banking sources avail­ excess of $90 million. Thus, within its primary able, including the 23 savings banks located in service area, bank competes with four substan­ the county that hold in the aggregate over twice tially larger banks, and one smaller bank with the total deposits held by all commercial banks, limited lending activities. Applicant’s subsidiary the acquisition of Bank by Applicant would not, banks located in Essex County, with deposits of in the Board’s judgment, result in an undue con­ $30 million and $12 million, respectively, are centration of banking resources under the control each smaller in terms of total deposits than four of Applicant’s holding company system in either of the five competing banks located in Bank’s Essex County or the State of Massachusetts. A primary service area; and the only banking in­ similar conclusion applies with respect to Bank’s stitution situated in that service area which is primary service area (wherein there are pres­ smaller than Bank and also smaller than each of ently no subsidiaries of bank holding companies) Applicant’s Essex County subsidiaries is not com­ inasmuch as Bank’s IPC and total deposits con­ peting generally for all types of business as are stitute only about seven per cent of such deposits the other banking institutions. of commercial banks and only about two per On the basis of the foregoing, it is the Board’s cent of such deposits of all banks headquartered opinion that Applicant’s acquisition of Bank in that area. The offices of Applicant’s subsidiaries which are “ This bank’s operations are limited in that, although nearest to Bank are the main office and a branch it holds both demand and time deposits, it engages of Beverly Trust Company situated, respectively, only in instalment lending. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

822 FEDERAL RESERVE BULLETIN • JUNE 1966 will not adversely affect the position of any of pursuant to section 3(a)(1) of the Bank Holding the other banks located and competing in the Company Act of 1956 (12 U.S.C. 1842(a)(1)) Lynn-Swampscott area. Rather, in view of the and section 222.4(a)(1) of Federal Reserve apparent lack of aggressiveness evidenced by Regulation Y (12 CFR 222.4(a)(1)), an applica­ Bank’s failure to increase significantly its deposit tion on behalf of United Bancshares of Florida, size in recent years, it is reasonably concluded Inc., Miami Beach, Florida, for the Board’s ap­ that Bank’s operation under Applicant control proval of action whereby Applicant would become may provide an element of increased competition a bank holding company through the acquisition that will benefit Bank and its present and pros­ of 80 per cent or more of the voting shares of pective customers. The Miami Beach First National Bank, Miami Consideration has also been given to the prob­ Beach, and United National Bank, Miami, both in able effect of Applicant’s acquisition of Bank on Florida. correspondent bank relationships that potentially As required by section 3(b) of the Act, the could be affected by the acquisition. Applicant Board notified the Comptroller of the Currency has no subsidiary bank situated in Boston to of receipt of the application and requested his which business from its subsidiaries, principally views and recommendation thereon. The Comp­ credit overlines, might be directed. Consequently, troller recommended approval. the institutions competing with Bank in its pri­ Notice of receipt of the application was pub­ mary service area would have no reason to shift lished in the Federal Register on March 15, 1966 correspondent accounts in Boston to avoid giving (31 Federal Register 4425), which provided an business to an affiliate of a local competitor, nor opportunity for submission of comments and would Bank's customers be relegated to but a views regarding the proposed transaction. Time single source of correspondent bank service. It for filing such views and comments has expired appears to the Board that consummation of Ap­ and all those filed with the Board have been con­ plicant’s proposal will have no measurable impact sidered by it. on existing correspondent bank relationships. It is ordered, for the reasons set forth in the In the light of the foregoing considerations and Board’s Statement of this date, that said applica­ all the facts in the record, the Board concludes tion be and hereby is approved, provided that the that consummation of the subject proposal would acquisition so approved shall not be consummated not increase Applicant’s size or extent beyond (a) within seven calendar days after the date of limits consistent with adequate and sound bank­ this Order or (b) later than three months after ing, the public interest, and the preservation of said date. competition in the field of banking. Dated at Washington, D. C., this 26th Day of On the basis of the entire record before the May, 1966. Board, and in the light of the factors set forth By order of the Board of Governors. in section 3(c) of the Act, it is the Board’s Voting for this action: Vice Chairman Robertson, and judgment that the proposed acquisition would be Governors Shepardson, Mitchell, Daane, and Maisel. consistent with the public interest and that the Absent and not voting: Chairman Martin and Gov­ application should therefore be approved. ernor Brimmer. (Signed) Merritt Sherman, UNITED BANCSHARES OF FLORIDA, INC., Secretary. MIAMI BEACH, FLORIDA [seal] In the matter of the application of United Banc­ Statement shares of Florida, Inc., Miami Beach, Florida, for United Bancshares of Florida, Inc., Miami permission to become a bank holding company Beach Florida (“Applicant”), has filed with the through acquisition of stock of two banks in Board, pursuant to section 3(a)(1) of the Bank Florida. Holding Company Act of 1956 (“the Act”), an application for approval of action to become a Order Approving Application Under Bank bank holding company through the acquisition of Holding Company Act 80 per cent or more of the outstanding voting There has come before the Board of Governors, shares of The Miami Beach First National Bank, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 823 Miami Beach, Florida (“Miami Beach Bank”), prospects, dependent in major respects upon the and United National Bank, Miami, Florida prospects of Coral Gables Bank and the two pro­ (“United National”). posed subsidiary banks, are similarly satisfactory. Applicant presently owns about 95 per cent of Coral Gables Bank commenced operations in the outstanding voting shares of Coral Gables 1926. Its financial history and condition are satis­ First National Bank, Coral Gables, Florida factory even though it has experienced a slight (“Coral Gables Bank”), which at December 31, decrease in total deposits in recent years—from 1965, had deposits of about $37 million. At that $37.4 million at the end of 1960 to $36.6 million date, Miami Beach Bank and United National, at the end of 1965. In substantial measure, this respectively, had deposits of $103 million and deposit decrease is attributable to the fact that the $14 million. bank’s controlling ownership has changed hands Views and recommendation of supervisory five times in the last 15 years. The bank has paid authority. As required by section 3(b) of the Act, no cash dividends in the last five calendar years since the proposed subsidiary banks are national and, in that period, total capital accounts have banks, notice of receipt of the application was increased nearly one million dollars through re­ given to the Comptroller of the Currency request­ tention of earnings. Considering the good earnings ing his views and recommendation thereon. The record of the Coral Gables Bank and its location Comptroller recommended approval of the appli­ in one of the largest suburbs in Dade County, in cation. which substantial population growth is occurring, Statutory factors. Section 3(c) of the Act re­ bank’s prospects appear satisfactory. In the quires that the Board take into consideration the Board’s judgment, however, its prospects will be following five factors: (1) the financial history enhanced under the more stable ownership and and condition of the holding company and the control which Applicant’s holding company sys­ banks concerned; (2) their prospects; (3) the tem will provide. This consideration is favorable character of their management; (4) the conven­ to approval of Applicant’s proposal. ience, needs, and welfare of the communities and Miami Beach Bank, the second largest of 16 the area concerned; and (5) whether or not the banks located in its primary service area,1 has effect of the proposal would be to expand the size been in operation since 1921. Despite the fact, or extent of the bank holding company system later discussed, that its service area is composed involved beyond limits consistent with adequate to a large extent of low income retirees from and sound banking, the public interest, and the whom no source of substantial deposit growth preservation of competition in the field of might reasonably be expected, bank’s total de­ banking. posits have increased $34 million in the most Financial history and condition, prospects, and recent five calendar years. Of this increase, $13 management of Applicant and the banks con­ million represented deposits of States and politi­ cerned. As earlier noted, Applicant, chartered in cal subdivisions made between June 30, 1965, and November 1965, has recently acquired ownership December 31, 1965. Apart from the volatile of 95 per cent of the stock of Coral Gables Bank. nature of these deposits, bank’s total deposit struc­ That acquisition was accomplished by cash pur­ ture appears sound, its capital position good, and chase, with Applicant borrowing some $5 million its earnings record quite satisfactory. Accordingly, on a short-term basis. Applicant proposes to re­ Miami Beach Bank’s financial history and con­ finance the debt on a long-term basis through the dition are found to be satisfactory and its pros­ sale of capital notes or debentures. It is proposed pects favorable. that Miami Beach Bank and United National will United National’s financial history and condi­ be acquired through stock exchange and, assuming tion and prospects are considered satisfactory. This bank commenced operations in October acquisition by Applicant of all the outstanding 1964, and by the end of that year had total de­ voting shares of each of the three banks, Appli­ posits of $4.6 million. Deposits had increased to cant would have, on a pro forma basis, total assets of about $16 million and a net worth of ‘The area from which about 75 per cent of the about $11 million. Applicant’s pro forma financial bank’s deposits of individuals, partnerships, and cor­ structure is reasonably satisfactory. Its financial porations originate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

824 FEDERAL RESERVE BULLETIN • JUNE 1966 more than $14 million by year-encl 1965, and in the area (36 per cent of all Miami Beach fami­ the bank showed a profit in its first full calendar lies earn less than $3,000 a year). While the popu­ year in operation. lation of Miami Beach will probably continue to Regarding the management of Applicant and increase as more retired persons move into the the banks, Mr. Frank Smathers, Jr., who was in­ area, it does not appear that there will be a sig­ strumental in organizing Applicant, is chairman nificant increase in the demand for banking serv­ and president of each of the three banks con­ ices, or that existing institutions will be unable to cerned and, together with Applicant’s directors, serve adequately the needs of the area. owns or controls approximately 70 and 60 per United National is located in the heart of down­ cent, respectively, of the Miami Beach Bank and town Miami. Due to United National’s brief op­ United National. Following consummation of erating history, and the resulting inability to ascer­ Applicant’s proposal, the same group would own tain any distinct deposit concentration pattern, or control 68 per cent of Applicant’s voting stock. Applicant designated as the bank’s primary service Thus, control of each of the three banks involved area all of Dade County. Dade County, which in this proposal is generally in the hands of the comprises the Miami Standard Statistical Metro­ same group of individuals. politan Area, is the largest and most heavily pop­ Applicant’s management will be drawn largely ulated county in the State. It has a population of from its subsidiary banks. Of Applicant’s 11 direc­ nearly 1.1 million persons, and a projected popu­ tors, four serve on the boards of both United Na­ lation figure by 1970 of nearly 1.5 million. Tour­ tional and Miami Beach Bank; two are directors ism constitutes the most important factor in the of Miami Beach Bank, only; and five others are economy of Dade County, and nearly one-third of directors of United National. Six of Applicant’s its labor force is engaged in retail and wholesale directors also serve on the Board of Coral Gables trade. Manufacturing is second to tourism in im­ Bank. The directorate and management of Appli­ portance in the local economy and is expanding cant and of each of the banks involved are com­ at a rather significant rate. Another recent devel­ petent and experienced. In the Board’s judgment, opment of economic importance to Miami and considerations relating to management are con­ all of Dade County is the new $20 million Dodge sistent with approval of the application. Island Seaport, now reported to be two-thirds com­ Convenience, needs, and welfare of the com­ pleted. The sea terminal will accommodate both munities and area concerned. Miami Beach Bank passenger and cargo vessels and is expected to is located in the center of the City of Miami boost the economy of Dade County by some $5 Beach. Its primary service area lies within Dade million annually. In general, the prospects appear County, and extends along the Atlantic coastline favorable for continued population and economic for approximately 10 miles from north to south expansion within United National’s service area. and four to five miles from east to west. It en­ Coral Gables Bank is located in the central busi­ compasses the Atlantic beach communities of Bal ness district of Coral Gables. Its primary service Harbour, Surfside, and Miami Beach and extends area extends approximately 15 miles from east to west across Biscayne Bay to include a portion of west and 5 Ui miles from north to south, and en­ Miami Shores and the eastern fringe of the City compasses the communities of Coral Gables, West of Miami. The area, with an estimated population Miami, South Miami, and the southwestern sec­ of 138,400 persons, is experiencing continued tion of the City of Miami. Population estimates population growth. Miami Beach has an annual for the primary service area are 207,000, and for population growth rate of nearly five per cent. A Coral Gables, 42,500. Coral Gables is primarily large portion of the population growth is appar­ a residential area. Its inhabitants include many ently the result of an influx into the area of business executives and professionals. More than elderly, retired persons. The population make-up 38 per cent of the families in Coral Gables have has produced a median family income in the area incomes in excess of $10,000. While business ex­ below that of Dade County or the State as a pansion within the City of Coral Gables has been whole. Business in Miami Beach is reported to moderate, a number of new homes and apartment have declined in recent years, apparently due in buildings are under construction in the western part to the large number of low income retirees sector of the bank’s service area. A shopping Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 825 center, reportedly the second largest in Dade system better opportunities would be available to County, is located in the southwest sector of the attract and hold personnel. These considerations service area. as applied to Miami Beach Bank and United Na­ The primary service areas of Miami Beach tional are accorded minimal weight inasmuch as Bank and Coral Gables Bank are both within the record before the Board contains no assertion Dade County and, thus, wholly within United by Applicant of capital needs or personnel place­ National’s designated primary service area. All ment problems in these banks at the present time. three banks, and their respective service areas, are As earlier noted, however, ownership and control within the Miami Standard Metropolitan Statisti­ of Coral Gables Bank has changed hands five cal Area. In the Board’s judgment, this constitutes times within 15 years, occurrences not conducive the area most relevant for consideration with re­ to attracting or retaining quality management per­ spect to the fourth and fifth statutory factors. sonnel. The assurance of continuing control and Applicant’s organizers assert that the holding direction afforded Coral Gables Bank constitutes company was conceived to meet a growing need for a consideration favoring approval of the applica­ banking services in South Florida. It is contended tion. The resulting likelihood of improved banking that, through Applicant’s reserves or through sales service by Coral Gables Bank bears also upon the of securities by Applicant, additional capital funds weight to be accorded this consideration. On the will be available to the three banks to assist them basis of the record, the Board finds that considera­ in keeping pace with the population and commer­ tions relating to the convenience, needs, and wel­ cial growth in their respective areas. It is also as­ fare of the communities and area involved offer serted that loan participations among the banks some weight toward approval of the application. will be facilitated by Applicant’s proposal; that Effect of proposed holding company formation this will strengthen the lending power of the on adequate and sound banking, the public inter­ banks; and that the aggregate funds available in est, and banking competition. If Applicant’s pro­ the three banks for lending will be more effec­ posal is consummated, Applicant will become the tively utilized. In addition, Applicant anticipates second registered bank holding company head­ that operating costs within the banks will be re­ quartered and operating in the Miami Standard duced rather significantly through the centraliza­ Metropolitan Statistical Area. Applicant’s pro­ tion of investment research and management, sup­ posed holding company system will be comprised ply and equipment purchasing, personnel recruit­ of three banks with deposits at June 30, 1965,2 ment and training, and advertising. Finally, it is of $131 million, or about nine per cent of the Applicant’s belief that the problem of attracting deposits of commercial banks in Dade County. and holding competent officers and employees will The other registered bank holding company now be more easily met by the banks as members of operating there is Commercial Bancorp, Inc., Applicant’s system for the reason that advance­ which has three subsidiary banks with total de­ ment opportunities will be greater within the sys­ posits of $41 million, or about three per cent of tem than within each individual bank. the commercial bank deposits in the county. As previously noted, the three banks are pres­ There are 61 commercial banks operating in ently under common ownership and management, Dade County, but a number of these banks are and the principal organizer of Applicant presently constitutents of group banking systems. In addi­ serves as board chairman and president of each of tion to the registered bank holding company, the the three banks. In the Board’s judgment, numer­ following “banking groups” also operate in Dade ous of the services to be offered by Applicant, in­ County: The Florida National Group, with three banks in the county holding deposits of $117 mil­ cluding those related to certain operating effi­ lion, or about eight per cent of the commercial ciencies and facilitation of loan participations, bank deposits; The City National Bank Group, can be effected under the present close working comprised of three banks with deposits aggregat­ relationship resulting from common management ing $120 million, or eight per cent of the commer­ and control. It may be that Applicant could more cial bank deposits; the Peoples Group of Na­ easily market additional securities, if necessary, to implement the capital structures of one or more - Unless otherwise indicated, all banking data noted of the banks, and that under its holding company hereafter are as of this date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

826 FEDERAL RESERVE BULLETIN • JUNE 1966 tional Banks, with six banks having combined de­ relatively large number of alternative banking posits of $57 million, or four per cent of the above sources, both within and independent of the afore­ total; and the “Little River Bank and Trust Com­ mentioned groups. pany Group”, operating three banks in the county Inasmuch as the three banks involved in Appli­ with aggregate deposits of $109 million, or seven cant’s proposal are affiliated under generally com­ per cent of the above total. Thus, Applicant’s pro­ mon ownership and management, and since that posed system, together with the registered bank affiliation is likely to continue despite approval holding company and the four banking groups, or denial of Applicant’s holding company pro­ operates 21 of Dade County’s 61 commercial posal, the Board concludes that no appreciable banks, and controls 39 per cent of the deposits present or potential competition will be eliminated of those banks. In addition to the portion of Dade or foreclosed between or among Applicant’s County’s banking resources under control of the present and proposed subsidiary banks by con­ six aforementioned groups of banks, the area’s summation of this plan. largest bank, First National Bank of Miami, has Banks competing in the Miami Standard Metro­ deposits of $422 million, representing 28 per cent politan Statistical Area are presently faced with of the total deposits of the county’s commercial the competitive force offered by the three affiliated banks. In the Board’s opinion, formation of the banks. holding company system proposed will not change A significant proportion of the banking re­ this competitive impact to any marked degree sources in the Miami Standard Metropolitan within the immediate future. It may be that under Statistical Area is now controlled by the seven holding company control the three banks will, in banking units above mentioned. However, the time, through coordinated direction and stable Board does not find this concentration, viewed in management, improve the nature and scope of relation to the circumstances attending the present their service rendition and thereby stimulate bank­ application, to be a consideration adverse to ap­ ing competition in the Metropolitan Area. The proving that application. The effect of Applicant’s possibility of this occurrence, particularly in rela­ proposal will be, in reality, to convert an existing tion to the potential ability of Applicant’s Miami banking chain into a registered bank holding subsidiary to compete more effectively with the company. Although bank holding companies will, area’s major bank, First National Bank of Miami, upon consummation of Applicant’s proposal, con­ is sufficiently consistent with the preservation of trol about 12 per cent, rather than the present banking competition and the public interest as to three per cent, of the deposits of Dade County support approval of the application. commercial banks, in reality, there will be no ex­ On the basis of all the relevant facts as con­ pansion of any existing banking system. Nor will tained in the record before the Board, and in light the portions of the area’s banking resources that of the factors set forth in section 3(c) of the Act, will be under Applicant’s control or under the it is the Board’s judgment that the proposed acqui­ control of all bank holding companies be of un­ sition would be consistent with the public interest due size. Further, there will remain in the area a and that the application should be approved. ANNOUNCEMENTS AUTOMOBILE CREDIT AT SALES FINANCE planned to include in a forthcoming issue of the COMPANIES Bulletin a technical note describing the sources The Board of Governors of the Federal Reserve of the data shown. System has introduced a monthly press release To obtain copies of this release regularly, please (G.25) that shows some of the characteristics of send your request to Publications Services, Divi­ automobile credit supplied by major sales finance sion of Administrative Services, Board of Gover­ companies. The first release, which appeared in nors of the Federal Reserve System, Washington, mid-June, contained figures for April 1966. It is D.C., 20551. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Released for publication June 16 Industrial production and prices continued to the strike and with gains in output of most other rise in May. Nonfarm employment increased, but nondurable materials. unemployment also rose. Retail sales declined Construction further. Growth in bank credit moderated and the money supply decreased. Yields on corporate New construction outlays changed little in and municipal bonds advanced further, and com­ May from the April figure which was revised mon stock prices changed little. downward and, at an annual rate of $76 billion, outlays were 2 per cent below the record reached Industrial Production in March and 6 per cent above a year earlier. Industrial production increased in May to 154.8 Residential construction edged higher in May per cent of the 1957-59 average, nearly 1 per cent to about the March 1964 peak, while private nonabove the revised April figure of 153.6 per cent residential activity held at its moderately reduced and 9 per cent above a year earlier. Production April rate. Public construction expenditures, of autos and parts declined, but output of most which also were revised downward for April, other final products and materials advanced. changed little in May. Auto assemblies were reduced 7 per cent in Employment May to an annual rate of 8.6 million units. Output Nonfarm payroll employment increased again of furniture, television sets, and other home goods increased, and production of consumer nondura­ in May following the pause in April which was due mainly to strikes. Gains continued in manu­ ble goods rose somewhat further. Output of busi­ facturing and in Federal, State and local govern­ ness equipment continued its rapid advance and ments. In trade, employment regained most of was 17 per cent above a year earlier. Production of durable goods materials changed its April loss, but in construction, employment little as output of iron and steel increased further declined again reflecting further strike activity. but output of construction materials and parts The average workweek in manufacturing indus­ for new cars declined. Production of nondurable tries edged down to 41.4 hours from the 41.5 hour level of most earlier months this year. Unemploy­ materials, which was reduced in April by a coal strike, rose sharply in May with settlement of ment increased among younger workers and adult women, and the unemployment rate rose to 4.0 per cent from 3.7 per cent in April. INDUSTRIAL PRODUCTION Distribution The dollar volume of retail sales declined an­ other 2 per cent in May, according to advance figures, and was only 5 per cent above a year earlier as compared with year-over-year gains of 10 per cent in April and 12 per cent in March. In May, as in April, the decline reflected mainly a sharp drop in auto sales. Deliveries of new domestic autos were at an annual rate of 7.3 million in May as compared with 7.9 million in April and 9.2 million in March. At nondurable goods stores, May sales were little changed from April and were up slightly from March. Commodity Prices F.R. indexes, seasonally adjusted. Latest figures shown are for May. Average industrial prices continued to rise from 827 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

828 FEDERAL RESERVE BULLETIN • JUNE 1966 mid-May to mid-June. Prices of machinery and Total and required reserves declined in May fabricated metal products rose further, and those following a large expansion in April. Net bor­ of air conditioners and laundry equipment were rowed reserves rose to about $340 million over increased. Tin and lumber declined and list prices the four statement weeks ending May 25, reflect­ were reduced for some television and radio re­ ing a substantial drop in excess reserves and a ceivers. Average wholesale prices of foodstuffs slight further rise in member bank borrowings. changed little; wheat prices advanced, and cattle Reserves were supplied principally through Sys­ continued to decline while hog prices rose further tem purchases of U.S. Government securities and until early June when they turned down. absorbed chiefly through currency outflows. Bank Credit, Money Supply, and Reserves Security Markets Commercial bank credit increased $1.3 billion Yields on U.S. Government notes and bonds in May, compared with increases of $2.8 billion rose between mid-May and mid-June when the in March and April. A considerable increase in average on intermediate-term issues was around bank holdings of Federal agency issues and munic­ 5 per cent and on long-term bonds around 4% ipals was more than offset by a reduction in bank per cent. Treasury bill rates declined on balance portfolios of U.S. Government securities. Busi­ through mid-June. On June 15, the 3-month bill ness loan expansion was substantially larger than was quoted at 4.54 per cent bid, compared with in April, but declines in security loans and loans 4.60 per cent a month earlier. The 6-month bill to finance companies resulted in an increase in rate showed a somewhat larger decline on balance. total loans somewhat below that of the preceding Corporate and municipal bond yields rose fur­ month. ther, with both new and seasoned corporate bond The money supply declined sharply in May. yields reaching the highest level in over 30 years. Time and savings deposits increased less than in Common stock prices changed little on balance in April, but continued to rise faster than in the relatively light trading. first quarter. INTEREST RATES PRICES Bureau of Labor Statistics indexes. Latest figures shown for years or more and for 90-day Treasury bills. Latest figures consumer prices, April; for wholesale prices, May. shown, week ending June 10. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

GUIDE TO TABULAR PRESENTATION SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not c Corrected adjusted for seasonal variation IPC Individuals, partnerships, and corpora­ p Preliminary tions r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets i, 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 June 1966 901-04 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, Feddrhl Reserve Par List number of.................. Feb. 1966 273 Income and expenses: Federal Reserve Banks.............................. Feb. 1966 270-71 Member banks: Annually Calendar year........................................... June 1966 892-900 Operating ratios............................ Apr. 1966 602-04 Bank holding companies: Insured commercial banks............................. May 1965 759 List of, Dec. 31, 1965................................... June 1966 905 Banking offices and deposits of group banks, Stock exchange firms, detailed debit and credit Dec. 31,1964............................................ July 1965 1026 balances........................................................ Sept. 1965 1340 830 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.......... 832 Reserve Bank discount rates; margin requirements; reserve requirements ................... 837 Open market transactions; Federal Reserve Banks........................................................... 839 Bank debits; currency in circulation .......................................................... 842 Money supply; banks and the monetary system ....................................... 844 Commercial and mutual savings banks, by classes ........................................................... 846 Commercial banks, by classes ............................................................................................. 850 Weekly reporting member banks ..................................................................................... 852 Business loans ...................................................................................................................... 855 Interest rates .......................................................................................................................... 856 Security prices; stock market credit.................................................................................... 857 Open market paper; savings institutions .......................................................................... 858 Federal finance .................................................................................................................... 860 Federally sponsored agencies ............................................................................................. 865 Credit agencies; security issues .......................................................................................... 866 Business finance .................................................................................................................. 869 Real estate credit .................................................................................................................. 871 Consumer credit .................................................................................................................... 874 Industrial production .......................................................................................................... 878 Business activity; construction ......................................................................................... 882 Employment and earnings ................................................................................................. 884 Wholesale and consumer prices ......................................................................................... 886 National product and income series ................................................................................... 888 Flow of funds ......................................................................................................................... 890 Member bank income, 1965 .............................................................................................. 892 Banking and monetary statistics ........................................................................................ 901 Bank holding companies, December 31, 1965 ................................................................ 905 Guide to tabular presentation............................................................................................... 830 Index to statistical tables ...................................................................................................... 935 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). 831 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

832 BANK RESERVES AND RELATED ITEMS JUNE 1966 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F. R. Bank credit outstanding Deposits, other P d e o a ri r t o e d T U o . t S a . l G B o r v o o ig t u u , h g t ­ s t h e t c u R m c r a i e h g e t p a i r n e s e 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 1 t T al o ­ 2 s G to o c ld k T s r o c r e t u i e a n u n u r a n g c r y t s ­ ­ y d ­ ­ r c C t e c u i i n o i u n l r c a n r ­ y ­ ­ T h c i r u n o e a r g l s a y d h s s ­ ­ Tr t u h e w r a a y s i n t ­ h m r e F e s F e . e m R i o g rv . r b n ­ e e B s r , a O b n a t k h n s e k r i c O F o a t . u c h R n ­ e . t r s B W F a . n R it k h M . s e r m c e r C s o a e b e n n i u e r n c d r r v y ­ e 3 b s an T k o tal Averages of daily figures 1929—June........ 179 179 .......... 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 .......... 2,314 1933—June........ 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 64 350 2,211 2,211 1939—Dec......... 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec......... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec......... 23,708 23,708 381 65224,744 20,047 4.322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec......... 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1955—Dec......... 24,602 24,318 284 840 1,389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec......... 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec......... 23,982 23,615 367 716 1,443 26,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec......... 26,312 26,216 96 564 1,496 28,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec......... 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec......... 27,248 27,170 78 94 1,665 29,060 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 2,423 39,873 15,388 5,401 39,698 595 944 181 186 1,093 17,964 3,645 21,609 1965—May........ 38,111 37,749 362 520 1,633 40,340 14,358 5,402 39,052 755 908 142 187 985 18,070 3,402 21,472 June...3..8..,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...3..9..,.3.18 39,074 244 566 1,581 41,504 13,858 5,433 40,104 810 924 215 185 480 18,076 3,541 21,617 Sept...3..9..,.1.08 39,055 53 533 1,92241,610 13,858 5,469 40,347 809 978 210 195 287 18,111 3,629 21,740 Oct.......... 39,601 39,580 21 515 1,86942,048 13,857 5,496 40,734 800 1,024 169 209 142 18,323 3,635 21,958 Nov......... 40,128 40,127 1 485 1,965 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 22,719 1966—Jan.......... 40,626 40,451 175 427 2,253 43,449 13,733 5,608 41,588 819 700 160 245 465 18,812 3,938 22,750 Feb......... 40,635 40,437 198 498 1,87043,116 13,734 5,653 41,224 834 798 140 234 789 18,482 3.751 22,233 Mar......... 40,398 40,387 11 571 1,82442,943 13,700 5,700 41,394 861 479 158 291 746 18,414 3,746 22,160 lAy........ 4 4 0 1 , , 6 1 2 2 9 9 4 40 1 , , 5 0 8 1 7 2 1 4 1 2 7 6 74 4 3 7 1 1 , , 8 9 7 3 7 44 43 3 , , 8 3 9 3 1 9 1 13 3 , , 5 6 6 3 5 2 '5 5 , , 7 8 6 3 8 8 '4 4 1 1 , , 6 8 7 5 1 7 '9 9 4 6 1 8 6 31 7 1 0 1 1 4 3 8 8 3 39 8 8 6 5 5 0 1 5 2 1 1 8 8 , , 7 7 6 6 6 2P 3 3 , , 7 71 6 9 2 P 2 2 2 2 , , 5 48 2 1 8 Week ending— 1965 May 5.............. 37,894 37,501 393 494 1,641 40,137 14,411 5,409 38,825 747 837 164 205 827 18,353 3,392 21,745 12.............. 38,190 37,565 625 514 1,557 40,332 14,395 5,399 39,071 744 1,010 134 191 821 18,154 3,311 21,465 19.............. 37,843 37,546 297 515 1,915 40,333 14,353 5,407 39,095 762 1,060 138 186 885 17,966 3,479 21,445 26.............. 37,980 37,788 192 497 1,59840,146 14,335 5,397 39,047 762 791 142 172 1,142 17,821 3,547 21,368 June 2............ 38,717 38,462 255 532 1,44640,772 14,291 5,399 39,239 759 856 142 190 1,285 17,992 3,425 21,417 9...3..8..,.8..8..9.. 38,515 374 494 1,55641,006 14,293 '5,394 39,472 765 840 127 178 1,293 18,017 3,350 21,367 16............. 38,817 38,527 290 626 1,63241,131 14,292 5,394 39,555 771 816 151 177 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 1,718 41,955 13,934 5,418 39,895 775 569 162 208 781 18,917 3,251 22,168 14............. 39,570 38,987 583 623 1 ,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 18,230 3,370 21,600 18............. 39,136 39,037 99 493 1,77041,434 13,858 5,426 40,202 812 848 235 190 466 17,965 3,549 21,514 25.............. 39,134 38,971 163 547 1 ,69241,409 13,858 5,441 40,118 824 908 218 178 578 17,885 3,636 21,521 Sept. 1........... 39,152 39,074 78 537 1,42741,170 13,858 5,453 40,058 810 951 240 177 398 17,846 3,728 21,574 8...3..9..,.4..8..0. 39,339 141 483 1,552 41,586 13,858 5,462 40,307 807 898 243 179 389 18,082 3,329 21,411 15............. 39,088 39,088 564 1,821 41,508 13,857 5,470 40,488 809 987 212 191 312 17,836 3,749 21,585 22.............. 38,708 38,621 87 635 2,53941,918 13,858 5,470 40,319 812 1,023 187 207 220 18,478 3,636 22 J14 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 39,850 39,850 547 1,721 42,196 13,857 5,478 40,492 794 1,048 187 221 233 18,557 3,495 22,052 13.............. 39;779 39,749 30 507 1,71742,061 13*857 5,493 40,814 802 1,021 178 218 203 18,175 3^530 21,705 20.............. 39,486 39,424 62 611 2,21042,347 13,858 5,501 40,848 810 1,053 170 204 78 18,544 3,730 22,274 27.............. 39,292 39,292 372 1,91641,642 13,857 5,504 40,729 803 975 161 196 81 18,058 3,782 21,840 Nov. 3.............. 39,829 39,829 533 1,63542,082 13,858 5,512 40,817 786 927 154 214 176 18,377 3,734 22,111 10.............. 40,253 40,249 4 369 1192542^616 13*858 5 ;532 41,112 792 1,063 179 215 261 18,386 3,518 211904 17.............. 40,048 40,048 522 1,988 42,605 13,859 5,540 41,389 791 1,045 180 231 234 18,134 3,743 21,877 24.............. 39,788 39,788 .......... 394 2,26442,501 13,843 5,542 41,520 806 884 180 217 319 17,959 3,791 21,750 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 BANK RESERVES AND RELATED ITEMS 833 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other P d e o a ri r t o e d T U o . t S a . l Go B r v o o ig t u u , h t g s ­ t h e t c u R c r a i e h g t p i a r e e s u s e e r ­ c v D o a a a u n n i d s c n d ­ - e t s s Float1 t T al o ­ 2 s G to o c ld k T r s c o r e u t i e a u n n u r a n g y r c t s ­ ­ d y ­ ­ r c C t e c u i i n i o u n l r c a n r ­ y ­ ­ T h c i r u n o a e r g s l a y d h s s ­ ­ T t r u h w e r a a y i s n th ­ m r F e e . F s e R m e i o g r . r v b n ­ B e e s r a , O n b k a t s h n e k r i c O F o a t u . c h R n ­ e . t r s B W F a . n R it k h M s e r m e r C s e a b e n n u e r c d r v r y ­ e b s an T k otal ments coin 3 Averages of daily figures Week ending— 1965 Dec. 1............. 40,535 40,535 567 1,80243,018 13,808 5,544 41,734 818 761 159 235 412 18,253 3,939 22,192 8............. 41,014 40,911 103 514 1,86043,519 13,809 5,548 41,929 816 670 155 225 460 18,622 3,712 22,334 15............. 40,879 40,824 55 518 2,05343,571 13,808 5,556 42,260 803 637 158 225 410 18,442 4,021 22,463 22.............. 40,824 40,802 22 247 2,87644,066 13,809 5,572 42,367 802 720 146 230 359 18,822 3,982 22,804 29............. 40,852 40,631 221 592 2,71344,289 13,786 5,585 42,348 817 687 159 226 349 19,074 4,006 23,080 1966 Jan. 5............. 41,030 40,607 423 600 2,36644,181 13,733 5,583 42,053 788 612 166 295 346 19,237 4,033 23,270 12.............. 41,145 40,823 322 613 2,39044,309 13,734 5,597 41,963 804 681 178 232 490 19,291 3,941 23,232 19............. 40,333 40,333 242 2,441 43,128 13,733 5,609 41,618 827 708 136 242 479 18,459 4,008 22,467 26............. 40,210 40,210 374 2,08542,816 13,733 5,615 41,237 839 746 144 231 481 18,485 3,966 22,451 Feb. 2............ 40,548 40,299 249 439 1 ,90743,005 13,732 5,635 41,085 830 834 178 235 540 18,669 3,869 22,538 9............. 41,117 40,708 409 523 1,671 43,425 13,734 5,646 41,196 833 879 152 235 713 18,796 3,527 22,323 16............. 40,809 40,542 267 473 1,73943,130 13,733 5,647 41,283 833 910 135 236 745 18,368 3,785 22,153 23............. 40,224 40,224.......... 540 2,041 42,912 13,733 5,660 41,219 840 681 129 232 876 18,329 3,777 22,106 Mar. 2.............. 40,152 40,152 484 1,97442,731 13,733 5,671 41,235 829 645 135 236 871 18,185 3,931 22,116 9............. 40,425 40,425 634 1,77942,987 13,733 5,677 41,319 829 429 157 241 868 18,553 3,492 22,045 16............. 40,399 40,352 47 556 1 ,741 42,848 13,733 5,685 41,480 822 346 180 247 813 18,378 3,743 22,121 23 40,311 40,311 623 2,087 43,193 13,704 5,709 41,459 863 506 140 303 679 18,656 3,740 22,396 30............ 40,505 40,505 .......... 528 1,741 42,916 13,632 5,734 41,348 936 560 135 376 610 18,316 3,860 22,176 Apr. 6.............. 40,924 40,779 145 643 1,63743,325 13,633 5,739 41,510 930 309 173 387 607 18,782 3,576 22,358 13............. 40,821 40,787 34 623 1,86943,431 13,633 5,760 41,864 933 138 158 395 558 18,778 3,624 22,402 20............. 40,301 40,301 706 2,17643,293 13,632 5,776 41,768 951 268 146 406 448 18,713 3,914 22,627 27............. 40,446 40,446 ...... 666 1,98843,254 13,632 5,781 41,563 949 466 133 404 454 18,699 3,916 22,615 May 4............. 40,837 40,755 82 637 1,92843,560 13,633 5,797 41,605 935 510 157 400 417 18,966 3,769 22,735 11............. 41,239 40,940 299 702 1,77743,831 13,618 5,819 41,834 941 517 131 391 411 19,044 3,549 22,593 18............. 40,947 40,812 135 685 2,02543,771 13,532 5,833 41,924 966 591 137 384 436 18,700”3,763*22,463 25............. 41,015 41,015 .......... 674 1,983 43,827 13,532 5,860 41,859 988 855 130 375 640 18,372*3,866’22,238 End of month 1966 Mar. 40,734 40,734 327 1 ,65342,840 13,634 5,739 41,469 898 521 329 383 613 18,000 4,268 22,268 Apr. 40,713 40,713 452 1 ,961 43,285 13,632 5,792 41,538 922 512 192 401 408 18,736 3,437 22,173 May................... 41,480 41,480 .......... 441 1 ,83943,940»I3,532”5,876*42,095 1’977 902 263 389 603 18,119*3,653*21,772 Wednesday 1966 Apr. 6............ 41,151 40,787 364 810 1,54843,623 13,634 5,759 41,783 932 108 154 353 598 19,088 3,750 22,838 13............. 41,027 40,787 240 317 1,54043,029 13,634 5,760 41,904 950 210 153 400 454 18,352 4,305 22,657 20............. 39,943 39,943 1,607 1,59043,249 13,634 5,780 41,706 961 538 129 400 440 18,488 4,279 22,767 27............. 40,713 40,713 .......... 242 1,66842,811 13,634 5,793 41,601 947 297 135 400 452 18,406 4,353 22,759 May 4............. 41,272 41,009 263 909 1,69944,031 13,634 5,804 41,748 947 504 137 400 411 19,322 3,913 23,235 11............. 41,002 40,766 236 214 1,53842,865 13,534 5,826 41,969 952 496 124 381 401 17,902 4,038 21,940 18............. 40,801 40,801 921 1,81843,653 13,534 5,832 41,941 983 605 139 373 635 18,343 *4,106*22,449 25............. 41,051 41,051 .......... 398 1,50543,106 13,534 5,871 41,925 998 742 138 393 632 17,683 *4,303 *21,986 i Beginning with 1960 reflects a minor change in concept, see Feb. 3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 1961 Bulletin, p. 164. thereafter. Beginning with Jan. 1963 figures are estimated except for 2 Includes industrial loans and acceptances, when held. (Industrial weekly averages. loan program discontinued Aug. 21, 1959.) For holdings of acceptances on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See also note 1. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

834 BANK RESERVES AND RELATED ITEMS JUNE 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 ld al qu R ir e e ­ d Excess B F r i a o n . a n R g w t k s . ­ s s F e r r r e v e ­ e e s T h o e t ld al qu R ir e e ­ d Excess B F r i a o n . a n R w g t k s . ­ s s F e r r r e v e ­ e e s T h o e t l a d l qu R ir e e ­ d Excess B r F i o a n a . n w R g t k s . ­ s s F e r r r e v e ­ e e s 1929—June............ 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June............ 12,160 1 ,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec............. 11'473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec.............. 16'027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 '939 924 14 14 1947—Dec............. 17,261 16,275 '986 224 762 4,404 4,299 105 38 67 1,024 1 ,011 13 6 7 1950—Dec............ 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1955—Dec............. 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 1,164 2 85 -83 1956—Dec.............. 19',535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957 Dec............. 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958—Dec............. 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1 ,077 1 ,070 7 39 -31 1959—Dec............. 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1 ,038 1,038 104 -104 I960—Dec............. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961 Dec............ 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962—Dec.............. 20,'040 19 >68 572 304 268 3 >63 3,817 46 108 -62 1 ,042 1,035 7 18 - 11 1963—Dec.............. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 26 -21 1964—Dec............. 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1 ,083 1,086 -3 28 -31 1965 May............ 21,472 21,147 325 505 -180 4,135 4,127 8 21 -13 I >16 l>10 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 >63 21,513 350 524 -174 4, 155 4,163 -8 126 -134 1 >02 1,100 2 27 -25 21,617 21 >87 430 564 -134 4,097 4,026 71 103 -32 I '077 1 ,075 2 38 -36 21 ',740 21,356 384 528 -144 4,095 4,079 16 62 -46 1,091 1,088 3 46 -43 21'958 21,614 344 490 -146 4,112 4,104 8 36 -28 1 >90 1,085 5 85 -80 21,958 21,589 369 452 -83 4,002 3,992 10 87 -77 1,086 1 ,084 2 32 -30 22'719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 — 8 1966—Jan.............. 22,750 22,392 358 402 -44 4,313 4,278 35 109 -74 1,112 1>16 -4 45 -49 22,233 21,862 371 478 -107 4,168 4,150 18 93 -75 1,092 1 ,088 4 30 -26 22,160 21 >55 305 551 -246 4,194 4,188 6 43 -37 1 ,102 1,099 3 65 -62 Apr.............. 22>28 22>70 358 626 -268 4,326 4,270 56 85 -29 1,128 1,123 5 38 -33 *22,481 *22,113 *368 722 *-354 *4,277 *4,230 *46 86 *-40 *1,149 *1,144 *5 8 * —3 Week ending— 1965—May 5.... 21,745 21,411 334 478 -144 4,296 4,291 5 7 -2 1,163 1,151 12 5 7 12.... 21,465 21,116 349 498 -149 4,108 4,079 29 30 -1 1,116 1,112 4 8 -4 19.... 21,445 21,102 343 500 -157 4,109 4,110 -1 48 -49 1,094 1,097 -3 17 -20 26.... 21,368 21,058 310 483 -173 4,102 4,077 25 8 17 1,103 1,093 10 3 7 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 >44 1,125 19 19 15. 22 >63 21 ,898 565 486 79 4>83 4,135 48 124 -76 1 ,089 1,080 9 37 -28 22.... 22,804 22,570 234 218 16 4,402 4,374 28 83 -55 1,147 1,150 -3 1 -4 29.... 23,080 22,617 463 546 -83 4,399 4,383 16 138 -122 1,159 1,146 13 44 -31 1966—Jan. 5.... 23,270 22,951 319 562 -243 4,553 4,548 5 176 -171 1,185 1,182 3 37 -34 12.... 23,232 22,544 688 590 98 4,307 4,282 25 289 -264 1,116 1,113 3 45 -42 19. . . . 22,467 22,259 208 218 -10 4,229 4,182 47 66 -19 1,105 1 ,099 6 27 -21 26. ... 22,451 22,146 305 352 -47 4,208 4,211 — 3 61 -64 1,091 1 ,089 2 74 -71 Feb. 2. .. . 22,538 22,190 348 418 -70 4,271 4,257 14 13 1 1,114 1,109 5 49 -44 9. . . . 22,323 21,979 344 503 -159 4,197 4,176 20 142 -121 1,085 1 ,087 -1 18 -19 16.... 22,153 21,816 337 453 -116 4,132 4,123 9 116 -108 1 ,080 1 ,074 6 29 -24 23.... 22,106 21,708 398 520 -122 4,126 4,097 29 103 -74 1,093 1,087 6 40 — 34 22,116 21,823 293 464 -171 4,199 4,177 22 22 1,108 1,107 I 38 -38 9. ... 22,045 21',685 360 614 -254 4,128 4>17 11 21 -11 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 10 118 -109 1,118 1,115 3 120 -117 30.... 22,176 21,888 288 508 -220 4,227 4,218 10 21 -11 1,101 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 1 1 1 ,099 1 ,090 9 76 -67 20.... 22,627 22,254 373 685 -312 4,246 4,235 11 160 -149 1,129 1 ,128 41 -40 27.... 22,615 22,235 380 642 -262 4,385 4,307 78 117 -39 1,164 1,148 16 10 6 May 4.. .. 22,735 22,449 286 617 -331 4,456 4,441 15 115 -100 1,194 1,189 5 3 2 11.... 22,593 22,253 340 680 -340 4,282 4,253 29 82 -53 1,154 1,148 6 7 -2 18.. *22,463 *22,154 *309 663 *-354 *4,225 *4,218 *7 73 *-66 *1,150 *1,151 *-l 13 *-I4 25.... *22,238*21,929 *309 653 *-344 *4,167 *4,162 *5 21 *-16 *1,128 *1,124 *5 7 *-2 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 BANK RESERVES AND RELATED ITEMS 835 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 1939—Dec.............................. 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941—Dec.............................. 4'317 3,014 1'303 1 1^02 2,210 1,406 804 4 800 6'394 5,976 '418 96 322 4,576 3,566 1 ,011 46 965 1947—Dec.............................. 6'861 6^589 271 123 148 4,972 4^375 '597 57 540 1950—Dec.............................. 6'689 6,458 232 50 182 4,761 4,099 663 29 634 1955—Dec.............................. 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec.............................. 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957—Dec.............................. 8; 042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec.............................. 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec.............................. 7^954 7^912 41 490 -449 6; 020 5,569 450 213 237 1960—Dec.............................. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec.............................. 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Dec.............................. 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963—Dec.............................. 8^393 8,325 68 190 -122 7,347 6,939 408 74 334 1964—Dec.............................. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 8,682 8,648 34 271 -237 7,633 7,326 307 86 221 8,602 8,553 49 383 -334 7,619 7,358 261 91 170 8'653 8,635 18 287 -269 7,750 7,448 302 87 215 July.............................. 8’774 8'724 50 264 -214 7^831 7; 527 304 107 197 8'659 8,626 33 263 -230 7,784 7,461 323 160 163 8^683 8,640 43 286 -243 7,873 7,549 324 134 190 8'814 8,776 38 245 -207 7,941 7,650 291 124 167 8,800 8,757 43 22! -178 8,069 7,755 314 112 202 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 9,033 9,010 23 164 -141 8,291 7,988 303 84 219 Feb.............................. 8,827 8,771 56 204 -148 8,146 7,852 294 151 143 8,768 8,743 25 243 -218 8',096 7^825 271 200 71 8,905 8,882 23 261 -238 8,169 7,895 274 242 32 ?8,934 ”8,849 ”85 309 ”-224 ”8,121 ”7i889 ”232 319 ”-87 Week ending—• 1965—May 5....................... 8,696 8,662 34 397 -363 7,588 7,307 281 • 69 212 ' 12....................... 8^11 8; 562 49 375 -326 7,630 7,363 267 85 182 19....................... 8'516 8,510 6 351 -345 7'724 7^385 339 84 255 26....................... 8^558 8^521 37 366 -329 7; 603 7^367 236 106 130 8,871 8,825 46 313 -267 8,092 7,775 317 111 206 8....................... 8^949 8,845 104 309 -205 8,054 7'797 257 130 127 15....................... 8,907 8^842 65 267 -202 8,284 7^840 444 58 386 22....................... 9,146 9,102 44 72 -28 8,111 7'944 167 62 105 29........................ 9,160 9,125 35 252 -217 8,361 7^963 398 112 286 [966—Jan. 5....................... 9,247 9,218 29 233 -205 8,284 8,002 282 116 166 12........................ 9,132 9^088 43 206 -163 8,678 8^061 617 50 567 19........................ 9'024 8,971 53 83 -30 8,109 8,006 102 42 60 26........................ 8'939 8,906 32 145 -113 8,214 7,940 274 72 202 Feb. 2....................... 8,928 8,913 15 194 -179 8,224 7,910 314 162 152 9....................... 8'868 8^20 48 232 -184 8; 174 7; 896 278 til 166 16........................ 8,793 8,757 36 160 -125 8,149 7,861 288 148 140 23....................... 8,754 8,717 38 229 -191 8,133 7'807 326 148 177 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 7'819 205 233 -28 23........................ 8^862 8,821 42 228 -186 8,190 7,873 317 136 181 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.................. 8'921 8; 862 59 212 -153 8,151 7^897 254 : 287 -33 20....................... 8^955 8,932 22 292 -269 8'297 7,959 338 192 145 27....................... 8,936 8,882 54 252 -198 8,130 7,898 231 263 -31 8,982 8,938 45 263 -219 8,102 7,881 222 236 -14 ' 11....................... 8^50 8; 908 42 293 -251 8,207 7,944 263 298 -35 18....................... *8,900 ”8,864 ”37 323 ”-286 ”8,187 ”7,921 ”267 254 ”13 25....................... ”8,826 ”8,776 ”50 231 p-181 ”8,116 ”7,866 ”250 394 »-144 1 This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. AU 1965 figures final; they 1959; thereafter on closing figures for balances with F.R. Banks and Open­ may not agree with those previously published in the Bulletin. ing figures for allowable cash; see also note 3 to preceding table. Required reserves: Based on deposits as of opening of business each day. Note.—Averages of daily figures. Monthly data are averages of daily Borrowings at F.R. Banks; Based on closing figures. figures within the calendar month; they are not averages of the 4 or 5 weeks ending on Wed. that fall within the month. Beginning with Jan. 1964 reserves are estimated except for weekly averages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

836 MAJOR RESERVE CITY BANKS JUNE 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 t B w F o in . r R ­ g . s F i b e n N d a t n e e e r k t r a ­ l S d u e r o f p i r c l u it s P re e a q r v o u c g f i e r . e n d t c P ha u s r e ­ s Sales a 2 c tr - t a i w o n a n s y ­ s 2 b c o P h u f a y u n s i r n e e ­ s t g s o S e f l a l n l i e n e s g t d L e o a a t l o n e s r s3 de f r i a r n o o l g w e m s r ­ s 4 lo N a e n t s Banks funds reserves banks banks trans. Total—46 banks 1966—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 May 4............ 44 182 352 -490 4.8 2,215 1,863 1 ,202 1,013 661 1,583 125 1,458 11............ 51 208 855 -1,011 10. 1 2,160 1,305 1,014 1,146 291 1,196 109 1,086 18 25 204 705 -884 8.9 2,087 1,382 1,080 1,007 302 1 ,058 104 954 25............ 44 30 262 -248 2.5 2,029 1,767 1,162 c866 604 900 104 796 8 in New York City 1966—Apr. 6............ 15 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 1,002 27............ 70 113 334 -377 9.3 981 647 539 441 108 923 83 839 May 4............ 7 115 179 -287 6.9 985 806 535 450 271 1,106 125 980 11............ 29 82 565 -619 15.6 1,029 463 427 601 36 806 107 699 18............ 7 69 348 -410 10.4 927 578 497 430 81 725 96 629 25............ 7 13 -19 13 3 834 853 496 338 357 600 81 520 38 outside New York City 1966—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 May 4............ 38 67 174 -203 3.3 1,231 1,057 667 563 390 478 478 11............ 23 126 290 -393 6.5 1,131 842 587 544 254 389 2 387 18............ 19 135 357 -473 7.9 1,160 803 583 578 221 333 9 324 25............ 37 18 280 -261 4.4 1,194 914 666 528 247 300 24 276 5 in City of Chicago 1966—-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 May 4............ 5 -112 117 10.9 254 367 189 66 178 5 5 11............ 4 27 -23 2.2 293 266 209 84 57 23 23 18............ -1 4 —6 .5 260 256 210 50 46 17 17 25....... 3 32 -29 2.9 276 244 222 55 22 8 8 33 others 1966—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 May 4............ 33 67 286 -320 6.4 976 690 478 498 212 473 473 11............ 18 126 262 -370 7.4 838 575 378 460 198 366 2 364 18............ 20 135 353 -468 9.5 900 548 373 528 175 315 9 307 25............ 34 18 248 -231 4.7 918 670 445 473 225 292 24 268 1 Based upon reserve balances including all adjustments applicable to * Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve deficiences, if any, are de­ clearing banks, reverse repurchase agreements (sales of securities to ducted. dealers subject to repurchase), resale agreements, and borrowings secured, 2 Derived from averages for individual banks for entire week. Figure by Govt, or other issues. for each bank indicates extent to which its weekly average purchases and sales are offsetting. Note.—Weekly averages of daily figures. For description of series 3 Federal funds loaned, net funds supplied to each dealer by clearing and back data, see Aug. 1964 Bulletin, pp. 944-74, banks, repurchase agreements (purchases of securities from dealers subject to resale), or other lending arrangements. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 DISCOUNT RATES 837 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. 13 3 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous May 31 date rate May 31 date rate May 31 date rate Boston........................................... 4*/i Dec. 8, 1965 4 5 Dec. 8, 1965 4*4 5*4 Nov. 24 1964 4*4 New York........................... 4/2 Dec. 6^ 1965 4 5 Dec. 6' 1965 4*4 5*4 Dec 6’ 1965 5 Philadelphia................................... 4V4 Dec. 10, 1965 4 5 Dec. 10’ 1965 5*4 Dec id' 1965 5 Cleveland........................................ 4^ Dec. 10, 1965 4 5 Dec. 10’ 1965 6 Dec. 10 1965 5*4 Richmond..................................... 414 Dec. 10; 1965 4 5 Dec. 10, 1965 5*4 Dec. id; 1965 5 Atlanta............................................ 414 Dec. 8^ 1965 4 5 Dec. 8^ 1965 414 6*4 6 Chicago.......................................... 414 Dec. 6' 1965 4 5 Dec. 6, 1965 414 5*4 5 St. Louis,........................................ 4^ Dec. 10’ 1965 4 5 Dec. 10, 1965 5>4 Dec. 10; 1965 5 Minneapolis.................................. 414 Dec. 10' 1965 4 5 Dec. 10, 1965 414 5*4 Dec. 10, 1965 5 Kansas Citv.................................... 4 *,4 Dec. 13, 1965 4 5 Dec. 13, 1965 4*4 Dec. 13 1965 5 Dallas...................................... 4*4 Dec. 10’ 1965 4 5 Dec. 10, 1965 414 5*4 Dec. id; 1965 5 San Francisco................................. 4'4 Dec. 10, 1965 4 5 Dec. 10, 1965 4'4 5'4 Dec. 10, 1965 5 1 Advances secured by U.S. Govt, obligations 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 obligations. 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 aU F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec 1 . 9 3 4 1 2 , 1941........ 1 1 -114 1 1 A M u ‘ a g y . 1 2 4 5. . . A . . . . . . . . . p 1 . . . . . . 9 r . . . . . . . 5 . . . . . 5 . . . . 1 . . . . . . 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........ 1 1 i . % . 1 1.. 4 4. - . - - 4 . 1 1 % % % ^ 1 1 1 % % % 16.... 1 .. 9 .. 5 . 9 .................... 2 3 14 3 - - 3 3 1 4 3 3 ^ Oct 3 1 0 5 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . t t 1 % 4-1 t 1 *4 Sep “ t . [ 9 2 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 \ ^ -2% 2 2 % Sept. 1 1 1 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 4 3 4 1 -4 4 4 4 ‘ 13............................. 2% 2% 1946 Nov. 18............................. 21/4-214 24 1960 t 14-1 1 23............................. 214 254 1 31/4-4 4 1956 10............................. 354^5 ^ 214-3 2% 14............................. 314 1948 20............................. 2%-3 2% 3 -3% 3 Jan 12 .....................1. ....-..1..'.4 1*4 2%-3 3 3 3 19................................ 1% 1*4 “ 31............................. 3 3 11/4-114 “ 23................................ m 1957 1963 1950 No “ v . 2 15. 3 A ... u .. . g .. . . . . . . . . . . . 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... 3 3.. .. 3 ..- - % .3 3 .1 5 4 4 3 3 3 14 July 2 17 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 - 5 3 4 14 154-1% ^ 3 3 “ 25................................ 1% 1964 1958 Jan, 22.....................2..%....-.3. 3 31/4-4 4 1953 24............................. 2%-3 30............................. 4 4 l%-2 2 Mar 7.......................... 2%-3 23............................... 2 2 13............................. 2%-24 21............................. 2% 1965 Apr. 18............................. l%-2% i^ 4 -414 44 1954 1% 13............................. 4'4 4'4 Feb. 5......................i.%....-..2. 5% Aug. 15............................. l%-2 15.............................. S 1% l%-2 * 16............................... i k 1 11 ’4 4 Oc * t 2 2 4 3 ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 -2?4 2 2 1966 May 21............................... 154 U4 Nov 7........................ 254 2*4 In effect May 31................ 44 4% t Preferential rate of >4 of 1 per cent for advances secured by U.S. against U.S. Govt, obligations was the same as its discount rate except Govt, obligations 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; I960—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

838 RESERVE REQUIREMENTS JUNE 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 . 1 J 9 a 1 5 n , 7 . 1 Ja 9 1 6 n , 2 . 1 J 1 u 9 7 6 l . y 3 N 1 2 9 o 4 6 v , 4 . D 19 6 e 6 , c 5 . Effective date 1 C r b e e a c s n n i e t t r k y r v a s e l 3 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 r y d v v e e C ba o tr n u y k n s ­ banks3 Savings deposits: 1 year or more................. 2'4 3 4 4 4 4 Less than 1 year........ 2'A 3 3W 3'4 4 4 In effect Dec. 31, 1948.. 26 22 16 7'4 7!4 Other time deposits: 1 1 year or more........... 2'A 3 4 4 4% 5'.4 1949—May 1,5.......... 24 21 15 7 7 6 months-1 year............... 2'A 3 314 4 4'4 514 June 30, July 1.. 20 14 6 6 90 days-6 months............ 2 2<A 214 4 4'4 514 Aug. 1, 11........ 23% 19% 13 5 Less than 90 days Aug, 16, 18..... 23 19“ 12 5 (30-89 days)..... 1 1 1 1 4 514 Aug. 25............. 22% 18% Sept. 1.............. 22“ 18“ 1951—Jan. 11, 16........ 23 19 13 6 6 1 For exceptions with respect to foreign time deposits, see Oct. 1962 Jan. 25, Feb. 1.. 24 20 14 Bulletin, p. 1279, and Aug. 1965 Bulletin, p. 1084. 1953—July 1'9.......... 22 19 13 1954—jUne 16'24........ 21 5 5 Note.—Maximum rates that may be paid by member banks as estab­ July 29, Aug. 1. 20 18 12 lished by the Board of Governors under provisions of Regulation Q. 1958—Feb. 27' Mar. 1. 19% 17% 11% 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'...*........ 18% on like deposits under the laws of the State in which the member bank Apr. 24 . ............ 18' 1644 is located. Effective Feb. I, 1936, maximum rates that may be paid I960—Sept. I............. 17% 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.............. 161/4 For rates for postal savings deposits, see Board’s Annual Reports. Maximum rate payable (per cent) on all types of time and savings 1962—Oct. 25, Nov. 1. 4 4 deposits: Nov. 1 , 1933-Jan. 31, 1935, 3; Feb. 1, 1935-Dec. 31, 1935, 21/4, In effect June I, 1966... .......1.6..'./.4.. 12 4 4 MARGIN REQUIREMENTS Present legal requirement: (Per cent of market value) 10 7 3 3 Maximum................................. 22 14 6 6 Effective date i When two dates are shown, a first-of-month or midmonth date Regulation records changes at country banks, and any other date (usually a Thurs.) July 28, July 10, Nov. 6, records changes at central reserve and reserve city banks. 1960 1962 1963 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances due from domestic banks. Regulation T: 3 Authority of the Board of Governors to classify or reclassify cities as For extensions of credit by brokers and central reserve cities was terminated effective July 28, 1962. dealers on listed securities................. 70 50 70 For short sales........................................... 70 50 70 Note.—All required reserves were held on deposit with F.R. Banks, Regulation U: June 21, 1917, until late 1959. Since then, member banks have been For loans by banks on stocks................. 70 50 70 allowed to count vault cash also as reserves, as follows: country banks— in excess of 4 and 2% per cent of net demand deposits effective Dec. 1, 1959, and Aug. 25, 1960, respectively; central reserve city and reserve city Note.—Regulations T and U, prescribed in accordance with Securities banks—-in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1, Exchange Act of 1934, limit the amount of credit that may be extended on 1960, respectively; all member banks were allowed to count all vault cash a security by prescribing a maximum loan value, which is a specified as reserves effective Nov. 24, 1960. percentage of its market value at the time of extension; margin require­ ments are the difference between the market value (100 per cent) and the maximum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All Country All Country Item member New City banks Item member New City banks banks York of Other banks York of Other City Chicago City Chicago Four weeks ending Mar. 30, 1966 Four weeks ending Apr. 27, 1966 Gross demand—Total. . . 142,005 27,592 6,544 52,338 55,531 Gross demand—Total. . . 144,708 27,892 6,705 53,715 56,397 Interbank..................... 15,217 4,782 1,226 7,261 1,948 Interbank..................... 15,660 4,871 1,364 7,427 1,998 U.S. Govt..................... 3,904 796 198 1,441 1,470 U.S. Govt..................... 2,487 543 135 893 917 Other....................i .. .. 122,885 22,014 5,121 43,636 52’115 Other............................. 126,561 22,478 5,206 45,396 53,482 Net demand 1.................. 115,316 20,790 5,402 41,673 47 ,’452 Net demand 1.................. 116,865 21,111 5,507 42,348 47,900 Time;................................. 123,673 18,693 5,158 46,551 53,272 Time................................. 125,298 19,280 5,164 47,199 53,656 Demand balances due Demand balances due from dom, banks........ 7,463 156 97 1 ,968 5,243 from dom. banks........ 7,795 257 94 2,013 5,432 Currency and coin,........ 3; 709 299 75 1,123 2,212 Currency and coin.......... 3^58 301 81 1,142 2,235 Balances with F.R. Balances with F.R. Banks........................... 18,476 3,908 1,025 7,664 5,880 Banks............................ 18,743 3,990 1,041 7,776 5,936 Total reserves held.......... 22,185 4,207 1,100 8,787 8,092 Total reserves held.......... 22,501 4,291 1,122 8,918 8,171 Required,...................... 21,839 4,178 l',098 8,738 7,825 Required................. 22,140 4,255 1,116 8,875 7,895 Excess............... 346 29 2 49 267 Excess........................... 361 36 6 43 276 1 Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 OPEN MARKET ACCOUNT 839 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury bills Others within 1 year Month Exch., maturity Gross Gross Redemp­ Gross Gross Redemp­ Gross Gross shifts, purchases sales tions purchases sales tions purchases sales or redemp­ tions 1965 Apr................................................... 466 290 126 466 290 111 -15 May.................................................. 984 26 876 26 2,521 June................................................. 755 115 224 361 115 224 July.................................................. 206 284 206 284 Aug.................................................. 758 398 114 652 398 114 1,937 Sept.................................................. 1,692 770 198 1,541 770 198 Oct................................................. 652 671 98 652 671 98 Nov....................................... 1,666 598 150 1,666 598 150 -5,582 Dec................................................... 816 615 297 816 615 297 1966_ Jan.................................................... 894 919 228 894 919 228 Feb................................................... 1,114 979 171 1 ,070 979 171 33 957 Mar................................................. 960 314 101 873 314 101 78 Apr................................................... 929 748 201 887 748 201 18 Outright transactions in U.S. Govt, securities by maturity—Continued 1-5 years 5-10 years Over 10 years Month Exch. Exch. Exch. Gross Gross or Gross Gross or Gross Gross or purchases sales maturity purchases sales maturity purchases sales maturity shifts shifts shifts 1965—Apr................................................... May................................................. 65 -2,521 32 12 June.......................................... 185 166 43 July.................................................. Aug.................................................. 61 -1,821 35 -116 io Sept.................................................. 107 40 4 Oct.................................................. Nov.................................................. 5,582 Dec................................................... 1966-Jan.................................................... Feb................................................... ii -957 Mar.................................................. 9 144 -144 Apr................................................... 25 Repurchase agreements Bankers’ acceptances (U.S. Govt, securities) Net change Net change in U.S. in U.S. Govt, Month Govt, Under securities and Gross Gross securities Outright, repurchase acceotances purchases sales net agreements, net 1965—Apr.................................................. 1,831 1,717 163 -1 -38 124 May............................................... 1,207 1,233 932 -3 -20 909 June................................................ 1,894 1 *895 415 -10 -19 386 July.................................................. 2,734 2,549 106 -6 -12 88 Aug................................................ 1,552 1,955 -157 1 19 — 137 Sept................................................. ’450 450 725 3 4 732 Oct................................................... 352 352 -117 2 21 -94 Nov........................................ 24 24 918 8 16 941 Dec,................................ 1,661 1,372 193 25 52 270 1966—Jan................................................... 1,595 1,545 -203 -2 -75 -280 Feb.................................................. 272 611 -376 12 -365 Mar................................................. 222 222 545 3 1 549 Apr.................................................. 682 682 -20 4 30 14 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

840 FEDERAL RESERVE BANKS JUNE 1966 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1966 1966 1965 May 25 May 18 May 11 May 4 Apr. 27 May Apr. May Assets 11,347 11 ,350 11,359 11,459 11,459 11,362 11,459 12,476 Redemption fund for F.R. notes.................................. 1,727 1>28 1,726 1'726 1,731 1,730 1 >31 1,547 Total gold certificate reserves........................................ 13,074 13,078 13,085 13,185 13,190 13,092 13,190 14,023 Clash. t............................................................................. 234 237 233 229 222 234 238 124 Discounts and advances: Member bank borrowings...................................... 378 901 194 889 222 421 432 531 Other........................................................................... 20 20 20 20 20 20 20 14 Acceptances: Bought outright.......................................................... 80 80 80 80 80 80 80 51 HelcT under repurchase agreements........................... 72 33 31 71 108 100 79 31 U.S. Govt, securities: Bought outright: * Bills................................................................................. 9,500 9,250 9,215 9,458 9,162 9,895 9,162 7,739 Certificates—Special.............................................. Other................................................ 12 12 12 12 12 12 12 Notes....................................................................... 25,220 25,220 24,965 24,965 24,965 25,220 24,965 25,711 Bonds...................................................................... 6^319 6>19 6,574 6^574 6 >74 6,353 6,574 5^016 41,051 40,801 40,766 41,009 40,713 41,480 40,713 38,466 Held under repurchase agreements...................... .. 236 '263 '220 Total U.S. Govt, securities............................................ 41,051 40,801 41,002 41,272 40,713 41,480 40,713 38,686 Total loans and securities........................................ 41,601 41,835 41,327 42,332 41,143 42,101 41,324 39,313 6'361 7,467 6,813 7; 113 7'391 5*857 6’803 5 >70 Bank premises................................................................ ' 103 103 ' 102 102 '102 ’103 ’102 102 Other‘assets: 309 302 317 306 245 364 299 80 IMF gold deposited1................................................ 181 181 181 181 181 183 181 All other..................................................................... 207 178 484 458 435 224 442 221 Total assets..................................................................... 62,070 63,381 62,542 63,906 62,909 62,158 62,579 59,133 Liabilities F.R. notes ..................................................................... 36,826 36,873 36,879 36,671 36,533 36,990 36,464 34,410 Deposits: Member bank reserves............................................... 17,683 18,343 17,902 19,322 18,406 18,119 18,736 18,006 U.S. Treasurer—General account............................. 742 '605 '496 504 '297 '902 512 '745 Foreign........................................................ 138 139 124 137 135 263 192 142 Other; IMF gold deposit1................................................ 181 181 181 181 181 183 181 All other.................................................................. 212 192 200 219 219 206 220 316 Total deposits................................................................. 18,956 19,460 18,903 20,363 19,238 19,673 19,841 19,209 Deferred availability cash items.................................... 4,856 5,649 5,275 5,414 5,723 4,018 4,842 3,830 Other liabilities and accrued dividends........................ 204 '203 195 '199 182 221 '188 '497 Total liabilities............................................................... 60,842 62,185 61,252 62,647 61,676 60,902 61,335 57,946 Capital Accounts Capital paid in............................................................. 561 560 560 560 560 561 560 540 Surplus. ........................................................................... 551 551 551 551 551 551 551 524 Other capital accounts................................................... 116 85 179 148 122 144 133 123 Total liabilities and capital accounts............................ 62,070 63,381 62,542 63,906 62,909 62,158 62,579 59,133 Contingent liability on acceptances purchased for foreign correspondents............................................... 160 151 146 140 137 159 137 160 U.S. Govt, securities held in custody for foreign account....................................................................... 7,637 7,674 7,549 7,535 7,489 7,631 7,455 7,713 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)..................... 40,167 40,173 40,101 39,997 40,009 40,165 39,989 36,851 Collateral held against notes outstanding: Gold certificate account......................................... 6,613 6,613 6,613 6,553 6,488 6,613 6,553 6,940 Eligible paper.......................................................... 14 78 11 50 22 23 38 43 U.S. Govt, securities............................................. 34,848 34,838 34,678 34,678 34,673 34,809 34,678 31,290 Total collateral...................................................... 41,475 41,529 41,302 41,281 41,183 41,445 41,269 38,273 i Sec note 2 to table at bottom of page 910. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 FEDERAL RESERVE BANKS 841 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1966 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i l 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 s a a it s n y ­ Dallas F c S i r s a a c n n o ­ Assets Gold certificate account...................... 11,362 1,038 2,611 680 1,014 1,067 733 1 ,957 424 224 384 252 978 Redemption fund for F.R. notes........ 1,730 102 410 93 147 140 99 314 63 32 69 58 203 Total gold certificate reserves............. 13,092 1,140 3,021 773 1,161 1,207 832 2,271 487 256 453 310 1,181 F.R. notes of other Banks.................. 890 60 210 53 81 87 103 76 40 22 42 53 63 Other cash........................................... 234 13 28 12 34 14 18 40 15 7 11 14 28 Discounts and advances: Secured by U.S. Govt, obligations. 402 53 74 12 19 33 41 86 10 13 37 16 8 Other................................................ 39 1 5 1 2 1 1 3 2 10 5 5 3 Acceptances: Bought outright........................... 80 80 Held under repurchase agreements. 100 100 U.S. Govt, securities: Bought outright............................ 41,480 1 ,958 10,293 2,176 3,378 2,859 2,236 7,022 1,498 875 1,582 1,688 5,915 Held under repurchase agreements. Total loans and securities................... 42,101 2,012 10,552 2,189 3,399 2,893 2,278 7,111 1,510 898 1,624 1,709 5,926 Cash items in process of collection... 7,606 523 1,474 468 552 600 568 1,322 322 211 480 343 743 Bank premises..................................... 103 3 9 3 5 5 20 20 8 3 7 10 10 Other assets: Denominated in foreign currencies . 364 17 i 96 20 33 18 22 52 13 9 16 21 47 IMF gold deposited2....................... 183 183 All other........................................... 224 11 55 11 18 16 12 36 7 5 11 9 33 Total assets........................................ 64,797 3,779 15,628 3,529 5,283 4,840 3,853 10,928 2,402 1,411 2,644 2,469 8,031 Liabilities F.R. notes............................................ 37,880 2,278 8,612 2,220 3,179 3,396 2,176 6,870 1,424 714 1,444 1,203 4,364 Deposits: Member bank reserves.................... 18,119 845 4.954 747 1,331 794 1,134 2,846 651 424 822 884 2,687 U.S. Treasurer—General account.. 902 50 71 42 84 143 83 137 54 23 38 84 93 Foreign............................................. 263 6 3 171 7 II 6 8 18 4 3 6 7 16 Other: IMF gold deposit 2............. 183 183 All other....................................... 206 * 136 1 1 4 1 I 2 2 3 54 Total deposits...................................... 19,673 901 5,515 797 1,427 947 1,226 3,002 710 452 868 978 2,850 Deferred availability cash items......... 5,767 528 1,119 433 548 415 364 835 217 211 268 208 621 Other liabilities and accrued dividends 221 11 55 12 17 15 12 37 8 5 9 9 31 Total liabilities..................................... 63,541 3,718 15,301 3,462 5,171 4,773 3,778 10,744 2,359 1,382 2,589 2,398 7,866 Capital Accounts Capital paid in................................... 561 27 146 30 50 29 34 81 19 14 25 33 73 Surplus.................................................. 551 27 144 30 50 28 33 79 19 13 24 32 72 Other capital accounts......................... 144 7 37 7 12 10 8 24 5 2 6 6 20 Total liabilities and capital accounts.. 64,797 3,779 15,628 3,529 5,283 4,840 3,853 10,928 2,402 1,411 2,644 2,469 8,031 Ratio of gold certificate reserves to F.R. note liability (per cent): May 31, 1966............................... 34.6 50.0 35;! 34.8 36.5 35.5 38,2 33.1 34.2 35.9 31.4 25,8 27.1 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 May 31, 1965 ............................... 40.1 40.0 37.9 38,8 37.1 40.9 48.0 38.3 43.3 43.5 43.2 49.2 40.6 Contingent liability on acceptances purchased for foreign correspond­ ents.............................................. 159 8 441 9 14 8 9 23 6 4 7 9 21 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank)............................................ 40,165 2,398 9,146 2,304 3,437 3,568 2,363 7,212 1,512 752 1,517 1,303 4,653 Collateral held against notes out­ standing: Gold certificate account 6,613 500 1,000 500 600 906 425 1,100 315 127 225 180 735 Elisible paper................................... 23 12 11 U.S. Govt, securities................... 34,809 1,906 8,300 1,900 2,950 2,693 1,975 6,300 1,310 645 1,350 1,180 4,300 Total collateral............................ 41,445 2,406 9,300 2,412 3,550 3,599 2,400 7,400 1,636 772 1,575 1,360 5,035 1 After deducting $268 million participations of other F.R. Banks. 3 After deducting $92 million participations of other F.R. Banks. 2 See note 2 to table at bottom of page 910. 4 After deducting $118 million participations of other F.R, Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

842 FEDERAL RESERVE BANKS; BANK DEBITS JUNE 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 May 25 May 18 May 11 May 4 Apr. 27 May Apr. May Discounts and advances—Total.................................... 398 921 214 909 242 441 452 545 Within 15 days............................................................ 368 894 187 881 215 409 422 525 16 days to 90 days...................................................... 30 27 27 28 27 32 30 20 91 days to 1 year........................................................ * • * * • * ♦ Acceptances—Total.............................. 152 113 111 151 188 180 159 82 Within 15 days........................................................... 89 50 46 84 123 119 91 48 16 days to 90 days.................................................... 63 63 65 67 65 61 68 34 U.S. Government securities—Total............................. 41,051 40,801 41,002 41,272 40.713 41,480 40,713 38,686 Within 15 days 1............................................... 1 >10 1 >41 7'984 7,938 1,195 ’771 7 >26 816 16 days to 90 days...................................................... 9,816 9,681 4.184 4.371 IO>24 10,488 4>74 7,898 91 days to 1 year........................................................ 14'556 14,410 13.847 13,976 13'907 14'919 14,026 18 >68 Over 1 year to 5 years................................. 13,579 13,579 13,297 13,297 13'297 13,612 13,297 9,952 Over 5 years to 10 years............................................ 1 >05 1 >05 1 >05 1,305 1 >05 1 >05 1 >05 1 >24 Over 1 O’ years....................................................... '385 385 >85 >85 385 >85 >85 >28 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) Nether­ End of period Tolal P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar i s an F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese gu la i n ld d e s r s f S r w an is c s s 1965—June............................. 457 390 42 2 1 17 1 1 3 July.............................. 620 549 52 2 1 12 2 1 3 Aug.............................. 884 819 47 2 1 11 2 1 3 Sept.............................. 867 802 47 2 1 11 2 1 3 Oct............................... 820 750 52 2 1 10 2 1 3 Nov.............................. 671 600 52 2 I 11 2 1 3 ♦ Dec.............................. 629 534 53 2 1 34 1 I 3 • 1966—Jan............................... 398 303 53 2 1 34 1 1 3 Feb............................... 166 51 53 2 1 44 1 1 3 10 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts 1 Turnover of demand deposits (In billions of dollars) Period T 2 o 2 t 5 a l Leading SMSA’s T c o e t n al t e 2 rs 2 4 o 2 th 18 e r T 2 o 2 t 5 a l Leading SMSA’s T S o M ta S l A 22 ’s 4 o 2 th 18 e r SMSA’s N.Y. 6 others2 N (e . x Y cl .) . SMSA’s SMSA’s N.Y. 6 others2 N (e . x Y cl . . ) SMSA’s 1965—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 June............................. 5,327.8 2,308.4 1,146.8 3,019.4 1,872.6 50.9 107.0 45.5 36.3 32.2 July....................... 5,302.6 2,281.6 1,149.5 3,021.0 1,871.5 49.3 104.9 44.4 35.1 31. 1 Aug............................ 5,146.8 2,128.0 1'141.0 3'018.8 1 >77.8 48.4 99.4 44,9 35.5 31.7 Sept....................... 5 >26.9 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 >08.3 2>29.4 L215.0 3J78.9 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 2,31 1 .5 1,218.4 3,198.1 1,979.7 50.7 104.5 47.3 37.0 32.7 Feb............................... 5,605.6 2,341.7 1,251.2 3,263.9 2,012.7 50.9 105.6 47.6 37.0 32.5 Mar.............................. 5,811.7 2,414.6 1 >36.6 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 May............................. 5 >97.5 2 >49.4 I>I1.3 3,348.1 2,036.8 52.4 109.3 49.8 37.8 32.8 t 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

JUNE 1966 U.S. CURRENCY 843 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir­ End of period cula­ tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939..................... 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 ................... 11,160 8,120 751 695 44 1,355 2,731 2,545 31044 724 1,433 261 556 24 46 1945..................... 28,515 20,683 1,274 1,039 73 2,313 6,782 91201 7,834 2,327 4,220 454 801 7 24 1947..................... 28,868 20,020 1,404 11048 65 2,110 6,275 91119 81850 2',548 51070 428 782 5 17 1950..................... 27,741 191305 11554 1,113 64 2,049 5'998 8,529 8,438 21422 51043 368 588 4 12 1955 ..................... 311158 22,'02l 11927 11312 75 2J51 6^617 91940 9,136 21736 5,641 307 438 3 12 1958..................... 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959..................... 321591 231264 2,304 11511 85 2,216 6,672 101476 91326 21803 5,913 261 341 3 5 I960..................... 321869 23,521 2,427 11533 88 2^246 6,691 101536 91348 21815 5,954 249 316 3 10 1961..................... 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 91531 2,869 6,106 242 300 3 10 1962...................... 35,338 25,356 2,782 1,636 97 2,375 7,'071 11,395 9,983 2,990 6,448 240 293 3 10 1963 ..................... 371692 26,807 3,030 11722 103 2'469 71373 12,109 10,885 31221 7,110 249 298 3 4 1964..................... 39^619 281100 3,405 11806 111 2,517 71543 121717 11,519 31381 7,590 248 293 2 4 1965 Apr........... 38,760 27,365 3,566 1,714 112 2,381 7,275 12,317 11,394 3,313 7,544 244 288 2 4 May.......... 39,207 27^58 3^08 11740 114 2^427 71375 12^49411,449 3,332 7,579 244 289 2 4 J une.......... 39,720 28,188 3,662 1,752 116 2,447 7,489 12,723 11,532 3,361 7,635 243 287 3 4 July........... 391897 28,311 3,689 11748 116 2^431 71493 121833 111586 31376 7,674 243 287 3 4 Aug........... 40J65 281506 3,751 1,761 118 2,442 71513 121921 111659 31389 71735 243 286 3 4 Sept........... 401443 281724 31808 1,783 120 2,474 71599 121941 111719 31392 7,792 243 286 3 4 Oct........... 40'754 281926 3,856 1,807 121 2'489 71624 131029 111828 31411 71883 243 285 3 4 Nov........... 411824 291829 3,956 1,858 124 2.571 71882 13,439 11,994 31469 71990 243 286 3 4 Dec........... 421056 29,842 4,027 1,908 127 2,618 71794 131369 121214 31540 8,135 245 288 3 4 1966—Jan............. 41,092 28,982 4,060 1,818 127 2,489 7,514 12,974 12,110 3,482 8,092 243 286 3 4 Feb............ 41,252 29,149 41096 1,818 128 2^495 7', 586 13',027 12J03 3',470 8,098 243 286 3 4 Mar........... 4L469 29,323 4,152 1,824 129 21496 7,607 13J16 12J47 31478 8,136 242 285 3 4 Apr........... 41,538 29,373 4,192 1,838 130 2,502 7,585 13,125 12,166 3,485 8,148 242 285 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin, overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Held by Kind of currency T s A o ta p t 1 n a r 9 l d . 6 i o 6 3 n 0 u g , t , ­ c A g e a s r o s g t l s i i d a f l e v i i c c n e a u a r s n r t t d e i t s y Tr c e a a s s h ury A B F F a g a . n e n o R d n k r . t s s A B F a g a . n e n R d n k . t s s Apr. 30 1966 Mar. 31 A 1 p 9 r 6 . 5 30 Gold................................................................................ 13,632 (13,190) 2 442 Gold certificates............................................................. (13,190) 3 13,189 1 F.R. notes....................................................................... 39,990 117 3,525 36,348 36,308 33,864 Treasury currency—Total............................................. 5,792 (624) 363 238 5,191 5,161 4,895 Standard silver dollars............................................... 485 3 * 482 482 482 Silver bullion................................................ 931 621 310 Silver certificates........................................................ (624) 2 ..............2..6.. 596 609 922 Fractional coin *..................................................... 3,949 50 188 3,711 3,670 3,084 United States notes.................................................... 323 1 24 298 296 299 In process of retirement 5......................................... 105 ♦ * 104 104 109 Total—Apr. 30, 1966.................................................... 6 59,414 (13,814) 922 13,189 3,765 41,538 Mar. 31, 1966.................................................... 6 59,098 (13,842) 898 13,203 3,528 41,469 Apr. 30, 1965.................................................... 656,441 (15,149) 736 11,328 5,617 38,760 1 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Redeemable from the general fund of the Treasury. outside the United States and currency and coin held by banks. Esti­ « Does not include all items shown, as some items represent the security mated totals for Wed. dates shown in table on p. 833. for other items; gold certificates are secured by gold, and silver certificates 2 Includes $156 million reserve against United States notes and $181 by standard silver dollars and monetized silver bullion. Duplications, million gold deposited by and held for the International Monetary Fund. are shown in parentheses. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R. Note.—Prepared from Statement of United States Currency and Coin notes. and other data furnished by the Treasury. For explanation of currency 4 Through Dec. 31, 1965, shown separately as Subsidiary silver coin reserves and security features, see the Circulation Statement or the Aug. and Minor coin. For this breakdown see earlier Bulletins. 1961 Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

844 MONEY SUPPLY JUNE 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, Demand ad­ Demand ad­ demand Total c C om ur p re o n n c e y n t co d m ep p o o s n i e t nt justed 1 Total c C om ur p re o n n c e y n t co d m ep p o o s n i e t nt justed 1 deposits 1 1957—Dec................................................... 135.9 28.3 107.6 57.4 139,3 28.9 110,4 56,7 3.5 1958—Dec................................................... 141.1 28.6 112.6 65.4 144.7 29.2 115.5 64,6 3.9 1959—Dec................................................... 141.9 28.9 113.1 67.4 145.6 29.5 116.1 66,6 4.9 I960—Dec................................................... 141.1 28.9 112.1 72.9 144.7 29.6 115.2 72.1 4.7 1961—Dec................................................... 145.5 29.6 116.0 82.7 149,4 30.2 119.2 81,8 4.9 1962—Dec................................................... 147.5 30.6 116.9 97.8 151,6 31.2 120,3 96.7 5.6 1963—Dec................................................... 153.1 32.5 120.6 112.2 157.3 33.1 124.1 111.0 5.1 1964—Dec................................................... 159.7 34.2 125,4 126,6 164.0 35.0 129.1 125.2 5.5 1965—May.................................................. 160.0 34.9 125,1 134,6 157.6 34.6 123.0 135,4 9.7 161.8 35.0 126.8 135,9 159.6 34.9 124.6 136,6 9.3 July................................................... 162.5 35.2 127.3 137.6 160,9 35.4 125.6 138.3 9.1 Aug.................................................. 162.7 35.4 127.3 140,1 160.5 35.5 125.0 140,2 7.4 164.3 35.6 128.7 141.6 163,2 35.6 127.5 141,4 5.6 165.6 35.9 129.7 143.6 165,8 36.0 129.8 143,5 5.0 165.7 36.1 129.6 145,5 167,4 36.5 130,9 144,4 4.0 167.4 36.3 131.2 147,0 172,0 37.0 135,0 145.3 4.5 168.4 36.7 131.8 148.0 173,0 36.5 136.5 147.4 3.7 168.0 36.8 131.2 148,8 167,8 36.3 131.5 148,7 5.1 169.2 36:9 132.3 149.6 167.8 36.5 131 .3 150,2 4.5 171 .1 37.1 134.0 151,5 171.6 36.8 134.8 152.2 3.0 169.5 37.3 132.2 152,9 166,9 37.0 129.9 153.9 7.1 Week ending— 1965—Dec. 1............................................ 165.7 36.2 129.6 146.4 167,4 36.6 130.8 144,7 5.7 8............................................ 166.6 36.3 130.3 146.5 169,5 37.1 132.4 145,0 4.8 15.......................................... 166.5 36.3 130.2 146.8 171.9 37.0 134,9 145.3 2.6 22............................................ 167.8 36.4 131,5 146.9 173.7 37.2 136.5 145.1 4.4 29............................................ 168.6 36.3 132.3 147.4 172,7 37.2 135,5 145.6 5.9 1966—Jan. 5............................................ 169.6 36.4 133.1 147.7 175.6 36.9 138.7 146.6 5.2 12............................................ 169.1 36.6 132.5 147.7 174.3 36.9 137,5 146.8 3.8 19............................................ 168.1 36.7 131 .5 148.0 173.4 36,5 136,9 147,4 2.5 26............................................ 167.4 36.6 130.8 148.2 170,9 36.1 134.8 147.9 3.8 Feb. 2............................................ 167.9 36.7 131.2 148,4 171,0 36.1 134.9 148,1 4.2 9............................................ 168.1 36.9 131.3 148.4 170.1 36.6 133,5 148,3 4.3 16............................................ 168.3 36.8 131.5 148,8 168,5 36.4 132.1 148.7 4.5 23............................................ 167.5 36.9 130.6 149,0 164.9 36.3 128.6 148.9 6.2 168.5 36.9 131.6 149.2 166.4 36.1 130.3 149.2 5.6 9............................................ 168.7 36.9 131.8 149,2 167.4 36.8 130.6 149.8 4.1 16............................................ 169.2 36.9 132.3 149.5 169,4 36.6 132,8 150,1 2.6 23............................................ 169.8 36.9 132,9 149,8 167.9 36.6 131.3 150,3 5.5 30............................................ 169.1 36.9 132.2 150.2 166.6 36.3 130.2 151.0 5.7 170.1 36.9 133.2 150.7 169.0 36.8 132.2 151.5 4.8 ' 13............................................ 171.2 37.2 134.0 151,2 171.9 37.1 1 34.8 152.0 2.4 20........................................... 171.3 37.0 134.3 151,7 173.9 36.7 137.2 152.1 1.4 27............................................ 170.8 37.1 133.7 152.1 171.7 36.5 135.2 152.7 2.9 170.4 37.2 133.2 152.3 170.2 36.7 133.5 153.1 5.9 ' 11............................................ 170.0 37.2 132,8 152.5 168,8 37.2 131.6 153.5 6.4 18............................................ 169.7 37.3 132.3 152.9 166,8 37.0 129.8 153.8 7.7 25........................................... 169.0 37.3 131.7 153.4 164.6 36.8 127,8 154.2 7.7 1 At all commercial banks. mercial banks and the U.S. Govt., less cash items in process of collection and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) cur­ Note.—Revised data. For description of revision of series and back rency outside the Treasury, F.R. Banks, and vaults of all commercial data beginning Jan. 1959, see July 1965 Bulletin, pp. 933-43; for monthly 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 (I) 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

BANKS AND THE MONETARY SYSTEM 845 consolidated condition statement (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net- Treas­ Total Date c u u r r y ­ U.S. Government securities li i a ti b e i s l ­ Total Ca a p n i d ta ! Gold s r t o e a in n u n g c t d ­ y ­ Total Lo n a e n t s, Total C a o n m d l. R Fe e d se e r r v a e l Other O s r e i 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 s n i c ts y c m o n a u i c e s n ­ t c t . s , savings Banks banks 1929—June 29........... 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—jUne 30................... 4,031 2’286 42^148 21,957 10'328 8'199 1,998 131 9,863 48,465 42;029 6'436 1939—Dec. 30................... 17’644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75’171 68,359 6,812 1941—Dec. 31................... 22,737 3; 247 64,653 26,605 29'049 25 JI 1 2’254 1’284 8,999 90,637 82'811 7'826 1945—Dec. 31................... 20 J65 4,339 167'381 30,387 128'417 101,288 24'262 2,867 8,577 191,785 180 J06 10,979 1947—Dec. 31................... 22,754 4,’562 16OJ32 43,023 107’086 81,' 199 22 J 59 3'328 10,723 188,148 175'348 12 J00 1950—Dec. 30................... 22,706 4,636 171'667 60 ’366 96,560 72,894 20,778 2’888 14'741 199,008 184,384 14,624 1963—Dec. 20................... 15*582 5,586 333'203 189’433 103'273 69*068 33'552 '653 40’497 354,371 323'251 31 J18 1964—June 30................... 15’461 5 J78 343,988 201,161 100'879 65'337 34,794 748 41;948 365,027 333 J14 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 14,300 5,400 371,200 222,100 102,400 63,O00 38,300 1,100 46,700 390,900 354,600 36,400 June 30................... 13,934 5’413 378’834 228’721 102'318 62,606 39'100 '612 47,795 398,181 362,370 35,814 July 28................... 13’900 5,400 376 J00 226'400 102,000 62'200 39,200 600 48,100 395,800 360 J00 35,800 Aug. 25................. . 13,900 5,500 378 J00 228,100 101'500 61'300 39,200 1,000 49,100 398^000 361 J00 37'000 13,900 5 J00 383 J00 231,600 102,300 61 '700 39’600 1 '000 49,500 402*800 365 J00 36,900 Oct. 27................... 13,900 5,500 385'900 231'900 104,300 64,000 39'200 1 '000 49’700 405'200 368 J00 36'900 Nov. 24 r................. 13,800 5'500 389,100 234,300 105'500 64'400 40,100 1'100 49,300 408,500 370 J00 38,000 Dec. 31................... 13',733 5,575 399’779 242,706 106,716 65,016 40,768 932 50’357 419,087 383,727 35 J59 13,700 5,600 394,800 238,600 106,100 65,200 40,000 900 50,000 414,100 377,600 36,500 Feb. 23r................. 13’700 5,700 393’900 239,500 103,800 62,900 40 J00 900 50,700 413,300 374,900 38'400 Mar. 30r................. 13’600 5,700 397*700 244,100 102,500 61'OOO 40 J00 1 ,000 51’100 417,’ 100 379,400 37 J00 Apr. 27 rp............... 13,600 5 J0d 401'200 246,800 102,300 60’700 40 ,’700 '900 52^100 420 J00 383 J00 37,300 May 25 p................. 13,500 5,900 402,100 248'500 101',000 5 8',800 41,100 1,100 52,600 421’,500 382 J00 39 J00 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 1 Not seasonally adjusted Time U.S. Government Date Total o b r u C e a t n 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 s d ­ ­ 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 s d ­ ­ d i t s 2 Total m b C e a o r n c m k ia s ­ l b s M a a v n u i k t n u s g a s l 3 S P a S t o e v y s m i s t n a ­ g l s n e F e i o g t r n ­ 4 , T h c i r u o n a e r s l g a y d h s s ­ ­ s b a c a v a o A n n i m n d t k g l s . 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 [933—June 30.... 19 J72 4J61 14'411 21,656 10,849 9,621 1,186 50 264 852 35 [939—Dec. 30.... 36'194 6,401 29',793 27',059 15'258 10,523 1,278 1,217 2,409 846 634 1941—Dec. 31... . 48 J07 9,615 38,992 27,729 15J84 10,532 1 J13 1 '498 2,215 1,895 867 1945—Dec. 31... . 102J41 26,490 75J51 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 J97 26,476 87;121 56,411 35;249 17,746 3,416 1 J82 1 J36 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1963—Dec. 20... . 153,100 31,700 (21,400 158 J04 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 1964—June 30.... 153,500 32,700 (20,800 153,331 33,020 120,311 166,627 119,330 46,882 415 IJ24 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—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 JOO 700 June 30.... 161,000 34,100 126,900 158,878 34,524 124,354 188,348 137,088 50,918 342 1,631 779 12,062 672 July 28.... 159,800 34,400 125,400 159,600 34,500 125,100 190 JOO 138,700 51,000 300 1,600 800 7,100 800 Aug. 25... . 159,700 34,500 (25,200 (58,300 34,900 123,600 191,900 140,400 51,300 300 1,600 800 7,500 800 Sept. 29... . 162,200 34,800 127,400 161,200 34,900 126,300 193,700 141,800 51,600 300 1,700 800 7,600 900 Oct. 27.... 163,900 35,200 128,700 164,600 35,100 129,500 195,900 143,800 51,900 300 1,600 800 4,300 1,100 Nov. 24r... 162,600 35,300 127,300 165,100 36,300 128 JOO 196,500 144,200 52,000 300 1,500 800 5,700 900 Dec. 31.... 167,100 35,400 131,700 175,314 36,999 138,315 199,427 146,433 52,686 309 1,780 760 5,778 668 1966—Jan. 26r... 167,200 36,000 131,200 169,500 35,500 134,000 200,700 147,600 52,800 300 1,600 800 4,200 700 Feb. 23 L.. 165,000 36,100 128,900 164,200 35,700 128,500 201,700 148,400 53,000 300 1,600 800 5,700 900 Mar. 30 L.. 169,300 36,200 133,100 166,100 35,800 130,300 204,700 isf;ooo 53,400 300 1,700 900 5,400 500 Apr. 27rp.. 169,200 36,200 133,000 169,300 35,900 133,400 205,800 152,400 53,100 300 1,700 900 5,300 300 May 25p... 165,800 36,300 129,500 163,900 36,200 127,600 207,300 153 JOO 53,200 300 1 ,500 1,000 8,000 700 1 Series begin in 1946; data are available only for last Wed; of month. central banks in May 1961 reduced this item by $1,900 million ($1,500 2 Other than interbank and U.S. Govt., less cash items in process of million to' time deposits and $400 million to demand deposits). collection. 3 Includes relatively small amounts of demand deposits. Note.—Except on call dates, figures are partly estimated and are Beginning with June 1961, also includes certain accounts previously rounded to the nearest $100 million. classified as other liabilities. 4 Reclassification of deposits of foreign Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

846 COMMERCIAL AND MUTUAL SAVINGS BANKS JUNE 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans Securities a C ss a e s t h s 1 b T i a l l o i n i a t t d i - a e l s Total1 Interbank1 Dema O nd ther r B i o n o w g r s - ­ c c T a o a p o u c i t n ­ t a a t l s l b N a b o u n e f m k r s ­ G U o .S vt . . Other c c o a a u p c i n ­ ta ts l 2 m D a e n ­ d Time U.S. Other Time3 Govt. AU banks 1941—Dec. 31....... 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10 982 44 355 26,479 23 8,414 14,826 1945 Dec. 31............... 140,227 30,361 101,288 8,57735,415 177,332 165,612 14 065 105 935 45,613 227 10,542 14,553 1947—Dec. 314............. 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53,105 66 11,948 14,714 1964 Dec. 31............... 329,739216,674 68;77944,28761,493401,161 356,308 17,938 821 6^17 155,248 175,785 2,70032,196 14,266 1965—May 26............. 336,360 226,660 63,030 46,670 52,150 398,710 349,550 14,240 970 9,890 138,490 185,960 4,970 33,000 14,300 June 30.............. 342,138 231,737 62,606 47,795 58,083 410,935 362,611 16,172 1,034 11,802 145.319 188,284 3,726 34,015 14,295 July 28.............. 340,780 230,510 62,150 48,120 52,070 403,210 353,730 14,460 980 6,890 141,410 189,990 4,730 33,820 14,291 Aug. 25......... 343,120 232,710 61,320 49,090 51,460404,900 354,340 14,900 1,010 7,230 139,340 191,860 5,060 34,020 14,293 Sept. 29.............. 347,070 235,830 61,720 49,520 53,780 411,570 361,320 15,850 1,040 7,370 143,440 193;620 4,400 34,280 14,297 Oct. 27.............. 351,010 237.290 64,040 49,680 53,870415,530 363,760 15.710 1,030 4,120 147,050 195,850 5,78034,510 14,303 Nov, 24 r... .... 353,070 239,370 64,370 49,330 55,940 419,650 366,700 15,770 1,030 5,440 148,020 196,440 5,970 34,720 14,309 Dec. 31.............. 362,320246,946 65,01650,35761,916435,483 385,196 18,426 1,009 5,532 160,847 199,381 4,56434,935 14,309 1966—Jan 26 r........... 358,890 243,740 65,180 49,970 55,420 425,520 372,850 15,410 1,050 3,930 151,780200,680 6,170 34,910 14,299 Feb. 23 r............ 358,990 245,440 62,900 50,65056,560 426,640 372,700 15,830 1 ,060 5,440 148,730201,640 6,750 35,020 14,299 Mar. 30r............ 361,710 249,580 61,030 51,100 55,030428,100 374,580 15;240 1 ;070 5,120 148,470204,680 6,160 35,180 14,306 Apr. 27rp.......... 364,070 251,280 60,740 52,05057,490 432,790 380,280 15,560 1 ; 090 5,030 152,890205,710 4,940 35,380 14,307 365,000253,590 58,79052,62055,580431,960377,630 14,920 1,080 7,780 146,560207,290 5,61035,550 Commercial banks: 1941_Dec. 31.....5.0,746 21,714 21,808 7,225 26,551 79,104 71 ,283 10 982 44 349 15,952 23 7,173 14,278 1945—Dec. 31.............. 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14 065 105 921 30,241 219 8,950 14,011 1947 Dec 314............ 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1964—Dec. 31.............. 277,376 175,589 62,991 38,79660,489 346,921 307,170 17,938 819 6,510 155,184 126,720 2,67927;795 13,761 1965 May 26.............. 282,230 183,930 57,190 41,110 51,180 342,700 299,180 14,240 970 9,890 138,430 135,650 4,970 28,490 13,796 June 30.............. 287,723 188,641 56,853 42,229 57,063 354,553 311,632 16,171 1,032 11,796 145,266 137,366 3,682 29;479 13,791 July 28.............. 285,940 187 060 56,32042,560 51,090 346,440 302,650 14,460 980 6,890 141,350 138,970 4,730 29,280 13,787 Aug. 25. ............ 287,840 188,900 55,510 43,43050,510347,720303,030 14,900 1,010 7^30 139,280 140,610 5,060 29,410 13,789 Sept. 29.............. 291,470 191,690 55,930 43,850 52,830 354;060309,640 15,850 1,040 7,370 143,380 142,000 4,400 29,630 13,793 Oct. 27.............. 295,330 192,800 58,450 44,080 52,890 357,920 311,860 15,710 1,030 4,120 147,000 144,000 5,780 29 ,'890 13,799 Nov. 24r............ 297,140 194,560 58,820 43,760 55,040 361,840 314,690 15,770 1,030 5,440 147,970 144,480 5,970 30,060 13,805 Dec. 31.............. 306,060201,658 59,54744,855 60,899 377,264332,436 18,426 1 ,008 5,525 160,780 146,697 4,47230,272 13,804 1966—Jan. 26r............ 302,190 198,130 59,630 44,43054,500 366,930 319,970 15,410 1,050 3,930 151,730 147,850 6,170 30,240 13,794 Feb. 23 r............ 302,030 199,610 57,310 45,110 55,640 367,790 319,670 15,830 1 ,060 5,440 148,680 148,660 6,750 30,310 13,794 Mar. 30r............ 304,350203,490 55,430 45,430 54,130 368,840 321,090 15,240 1,070 5,120 148,420 151,240 6,160 30,440 13,801 Apr. 27 rp........ 306,900205,080 55,400 46,420 56,640 373,780 327,120 15,560 1,090 5,030 152,840 152,600 4,940 30,670 13,802 May 25 p............ 307,570207,130 53,45046,99054,730372,710324,360 14,920 1,080 7,780 146,510 154,070 5,61030,790 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—bee. 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 6^84 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 48,71732,089 52,737289,142255,724 17,007 664 5,838 128,539 103,676 2,481 22,901 6,225 1965—May 26.............. 232,373 154,705 43,615 34,053 44,804 285,331 248,494 13,525 817 8,881 114,025 111,246 4,701 23,406 6,239 June 30.............. 237,328 158,832 43,396 35,100 50,198 296,049259,743 15,355 851 10,806 120,077 112,654 3,455 24,323 6,235 J uly 28............ 235,644 157,345 42,863 35,436 44,703 288,568251,216 13,671 803 6,296 116,404 114,042 4,598 24,193 6,230 Aug. 25.............. 237,093 158,885 42,064 36,144 43,951 289,232 251 ,232 14,073 825 6; 565 114,426 115,343 4,732 24,279 6,227 Sept. 29.............. 240,078 161,336 42,294 36,448 46,087 294,704256,981 14,991 861 6,805 117,924 116,400 4,148 24,432 6,223 Oct. 27.............. 243,144 162 156 44,438 36,550 46,119297,674 258,443 14,815 848 3,760 120,904 118,116 5,462 24,654 6,223 Nov. 24............. 244,260 163,597 44,552 36,111 48,110 300,784 260,630 14,875 850 4,927 121,503 118,475 5,691 24,768 6,225 Dec. 31.............. 251,577 169,800 44,992 36,785 52,814313,384275,517 17,454 840 4,890 132,131 120,202 4,23424,926 6,221 1966—Jan. 26.............. 247,921 166,717 44,809 36,395 47,366 304,163 264,155 14,606 879 3,387 124,179 121,104 5,873 24,896 6,212 Feb. 23.............. 247,810 168,112 42,732 36,96648,453 305,117 264,032 15,054 895 4,691 121,740 121,652 6,361 24,955 6,208 Mar. 30.............. 249,847 171,495 41,230 37,122 46,883 305,819 265,256 14,477 897 4,431 121,558 123,893 5,75725,050 6,203 Apr. 27.............. 252,103 172,702 41,37038,031 49,323 310,342 270,866 14,795 918 4,617 125,479 125,057 4,554 25,239 6,199 May 25 p............ 252^528 174,354 39;68638,48847,548 309,186268,286 14,198 916 6,858 120,016 126,298 5,11425,345 Mutual savings banks: 1941—Dec. 31...... 10,379 4,901 3,704 1,774 793 11,804 10,533 5 10,527 1,241 548 1945—Dec. 31.............. 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 7 1,592 542 1947—Dec. 31 4............ 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 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—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 I 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. 31.............. 56,260 45,288 5,470 5,501 1,017 58,219 52,760 8 67 52,686 92 4,663 505 1966—Jan. 26.............. 56,700 45,610 5,550 5,540 920 58,590 52,880 50 52,830 4,670 505 Feb. 23.............. 56,960 45,830 5,590 5,540 920 58,850 53,030 50 52,980 4,710 505 Mar. 30.............. 57,360 46,090 5,600 5,670 900 59,260 53,490 50 53,440 4,740 505 Apr. 27 r............ 57,170 46,200 5^40 5,630 850 59,010 53,160 50 53,110 4,710 505 May 25 p............ 57,430 46,460 5,340 5,630 850 59,250 53,270 50 53,220 4,760 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 847 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 lia­ Bor­ Total Num­ Cla a s n s d o d f a b te ank Total Loans U.S. Other a C ss a e s t h s 1 c b a i a a l p i n c t i d i ­ t e a s l Total 1 De­ Time Demand Time r i o ng w s ­ c c a o a p u c i n ­ ta ts l ba b o n e f k r s Govt. mand counts2 U.S. Other Govt. Reserve city member banks New York City: 3> 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—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. 31................. 44,763 33.125 5.203 6,435 1 1.876 59.517 49.270 5.225 522 1 .271 24.265 17,988 1 .987 5.114 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 May 25/’................ 44,233 34.316 3,942 5.975 10.733 57.972 47.202 4.564 626 1.400 21,613 18.999 1 .708 5.148 12 City of Chicago: 5 1941—Dec. 31................. 2,760 954 1 ,430 376 1,566 4.363 4,057 1 ,035 .........1.27 2,419 476 ........2..88 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—May 26.................. 10,363 7,108 1 ,643 1,612 2,232 12,961 1 1,282 1,169 T] 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 I ,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 1 1 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. 31.................. 11,455 8,219 1.700 1.536 2.426 14.290 12.475 1 .437 39 345 5,656 4.999 355 1.132 II 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 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 1 1 Mar. 30.................. 11,202 8,100 1,532 1.570 2,172 13.900 11.570 1,182 35 203 5,035 5,115 619 1,123 11 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 1 1 May 25''................ 11.148 8.064 1 ,461 1.623 2.349 13.989 11.922 1.169 26 457 5.087 5,183 428 1 .143 I 1 Other reserve city;5- 6 1941—Dec. 31................. 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31.................. 40,108 8,514 29,552 2,042 11,286 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 10,789 21,607 109,053 97,145 8,289 134 2,195 46,883 39,645 841 8,488 182 1965—May 26.................. 86,034 60,015 14,123 11,896 17,984 106,851 93,130 6,366 174 3,548 40,96942,073 2,329 8,676 178 June 30.................. 87,225 61,079 14,030 12,116 19,864 110,063 97,418 7,168 173 4,325 42,971 42,781 1,271 8,774 179 July 28.................. 87,272 61,417 13,640 12,215 18,133 108,359 94,621 6,473 188 2.566 42,141 43,253 2,257 8,756 179 Aug. 25.................. 87,832 61,993 13,377 12,462 17,613 108,284 94,656 6,882 201 2,724 41,12443,725 2,049 8,762 177 Sept. 29.................. 88,719 62,804 13,469 12,446 18,666 110,410 96,468 7,159 208 2,462 42,37444,265 2,081 8,798 177 Oct. 27.................. 89,706 63,161 14,037 12,508 18,790 111,469 97,290 7,299 205 1 ,472 43,62044,694 2,388 8,892 176 Nov. 24................. 90,081 63,471 14.198 12,412 19,810 112,849 98,151 7,274 208 2,077 43,74944,843 2,562 8,928 172 Dec. 31.................. 91,997 65,117 14.354 12.52621.147 116.350 103.034 8,422 206 1.773 47,09245.541 1,548 9,007 171 1966—Jan. 26.................. 90,687 64,146 14,029 12,512 19,313 113,025 98,559 6,992 210 1,368 «r2Sl 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 43,095 46,016 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.................. 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 May 25*................ 92,355 66,817 11,832 13,706 19,064 114.547 100.037 6.702 193 2,824 42.36547,953 1,990 9,200 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—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 A ,222 49,80048,386 323 9,359 6,032 July 28.................. 97,012 59,307 22,730 14,975 14,725 114,058 102,020 1 ,765 71 1,926 49,39348,865 500 9,250 6,027 Aug. 25.................. 97,462 59,680 22,600 15,182 14,995 114,744 102,475 1,847 71 2,174 49,02549,358 650 9,301 6,027 Sept. 29 98,669 60,344 22,915 15,410 15,369 116,399 104,123 1,918 71 1,840 50,311 49,983 508 9,421 6,023 Oct. 27.................. 100,156 60,922 23,543 15,691 15,478 118,109 105,572 1,994 71 1,184 51,707 50,616 643 9,511 6,024 Nov. 24 101,199 61,562 23,806 15,831 15,829 119,433 106,688 1,991 71 1,509 52,34250,775 597 9,581 6,030 Dec. 31.................. 103,362 63,338 23.735 16,288 17.366 123.227 110.738 2.371 74 1,501 55.11851.675 343 9,673 6.027 1966—Jan. 26................. 102,848 62,445 24,175 16,228 15,638 121,086 108,484 1,971 71 1,280 52,96452,198 594 9,655 6,018 Feb. 23.................. 102,846 62,621 23,780 16,445 15,733 120,993 108,224 1,889 71 1,771 51,800 52,693 768 9,686 6,014 Mar. 30.................. 103,571 63,617 23,168 16,786 15,666 121,660108,599 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 May 25*................ 104,792 65.157 22,451 17,184 15.402 122.678 109,125 1 .763 71 2.177 50.951 54,163 988 9,854 .......... For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

848 COMMERCIAL AND MUTUAL SAVINGS BANKS JUNE 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— b c C a a l n l a l k s d s a a o n te f d Total Loans Securities as C se a t s s h 1 c b T a i a l l o p i i n a t t i d i a t ­ e a l s l Total 1 Interbank 1 Dema O n t d her B r i o n o w g r s - ­ , c c T a o a o p u c t i n ­ t a a t l s l N ba b o u n e f m k r s ­ U.S. Other ac­ De­ Time Time 3 Govt. counts 2 mand U.S. Other Govt. Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,97534,882 61 9,73413,398 1963—Dec. 20.. 252,579 155,261 62,723 34,594 50,337 310,730 273,657 15,077 443 6,712 140,702 110,723 3,57125,27713,284 1964—Dec. 31.. 275,053 174,234 62,49938,320 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 3,56229,05113,528 Dec. 31.. 303,593200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,32529,82713,540 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 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,83661,288 1,70413,548 4,615 1964—Dec. 31.. 151,406 96,688 33,40521,312 34,064 190,289 169,615 10,521 211 3,604 84,53470,746 1,10915,048 4,773 1965—June 30.. 156,989 103,377 30,23023,382 31,595 193,748 171,528 9,096 313 6,721 79,00976,389 1,68515,853 4,803 Dec. 31.. 176,605 118,537 32,34725,720 36,880 219,744 193,860 12,064 458 3,284 92,53385,522 2,62717,434 4,815 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 3,0^5 1,918 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 15,31210,777 18,673 98,852 86,108 6,486 453 2,234 44,00532,931 1,372 7,853 1,452 1965—June 30.. 80,339 55,455 13,16611,718 18,603 102,301 88,215 6,259 538 4,085 41,06836,265 1,769 8,470 1,432 Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,59834,680 1,607 7,492 1,406 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 1963—Dec, 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,14019,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,50422,509 99 4,488 7,262 1965—June 30.. 48,058 28,375 13,039 6,644 6,357 55,507 49,869 565 78 955 24,12824,144 108 4,739 7,294 Dec. 3!.. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,52825,882 91 4,912 7,320 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 31 4 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 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 Dec. 31.. 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 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 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 26,64523,043 198 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 Dec. 3!.. 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,64926,495 238 5,345 7,583 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 12 10,351 1 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 .......... 1 2 1212,192 1,252 194 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 Dec. 31.. 48,735 39,964 3,760 5,010 904 50,500 45,887 1 7 35945,520 91 3,957 329 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 849 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— C an la d s s c o al f l b d a a n te k Total Loans U S .S ec . urit O ie t s her a C ss a e s t h s 1 b c T a i a l l a o p i n a c t i t i d ­ t a ­ e a l s l Total 1 D In e t ­ erba T n im k1 e Dema O n t d her Time J r B i o n o w g r s ­ ­ c c T a o a o p u c t i n ­ a ta t l s l N b b a o u n e m f k r s ­ Govt. counts2 mand U.S. Other Govt. Noninsured mutual savings banks: 1941—Dec. 31.................. 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31.................. 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec. 31 4............... 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1963—Dec. 20.................. 6,425 4,380 1,548 498 104 6,602 5,859 1 8 5,851 633 179 1964—Dec. 31.................. 7,005 4,852 1,678 475 111 7,195 6,387 6 6,381 670 178 1965—June 30.................. 7,385 5,126 1,778 481 110 7,576 6,686 1 20 6,666 1 688 177 Dec. 31.................. 7,526 5,325 1,710 491 113 7,720 6,874 1 8 6,865 I 706 177 1 Reciprocal balances excluded beginning with 1942. Note.—Data are for all commercial and mutual savings banks in the 2 Includes other assets and liabilities not shown separately. United States (including Alaska and Hawaii, beginning with 1959). For 3 Figures for mutual savings banks include relatively small amounts definition of “commercial banks” as used in this table, and for other of demand deposits. Beginning with June 1961, also includes certain banks that are included under member banks, see Note p. 643, May 1964 accounts previously classified as other liabilities. Bulletin. 4 Beginning with Dec. 31, 1947, the series was revised; for description, Comparability of figures for classes of banks is affected somewhat by see note 4, p. 587 May 1964 Bulletin. changes in F.R. membership, deposit insurance status, and the reserve 5 Regarding reclassification of New York City and Chicago as reserve classifications of cities and individual banks, and by mergers, etc. cities, see Aug. 1962 Bulletin, p. 993. For various changes between Data for Dec. 31, 1964 and June 30, 1965 for national banks have been reserve city and country status jn 1960-63, see note 6, p. 587, May 1964 adjusted to make them comparable with State bank data. (Dec. 20, 1963, Bulletin. • " data also adjusted to lesser extent.) 6 Beginning with May 18, 1964, one New York City country bank with Figures are partly estimated except on call dates. loans and investments of $1,034 million and total deposits of $982 million For revisions in series before June 30, 1947, see July 1947 Bulletin, was reclassified as a reserve city bank. Beginning with May 13, 1965 pp. 870-71. (Toledo, Ohio), reserve city banks with total loans and investments of $530 million and total deposits of $576 million were reclassified as country banks. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Securities Securities Period Total i Loans1 Total i 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 Nfay 26................................................................ 279.4 179.5 58.6 41.3 277.1 178.8 57.2 41.1 June 30............................................................... 282.8 183.0 57.7 42.1 283.9 184.9 56.9 42.2 July 28............................................................... 281.5 182.7 56.4 42.4 281.2 182.4 56.3 42.6 Aug. 25................................................................ 286.1 185.8 57.0 43.3 283.2 184.3 55.5 43.4 Sept. 29............................................................... 286.2 186.2 56.5 43.5 286.8 187.0 55.9 43.9 Oct. 27r.......................................................... 288.8 187.9 57.0 43.9 290.2 187.7 58.5 44.1 Nov. 24 r............................................................. 291.5 189.6 57,7 44.2 292.3 189.8 58.8 43,8 Dec. 31 r.............................................................. 294.4 191 .6 58.0 44.8 301.8 197.4 59.5 44.9 1966—Jan. 26r.............................................................. 297.4 194.7 57.8 44.9 296.8 192.7 59.6 44.4 Feb. 23 r.............................................................. 297.5 195.2 56,8 45.5 296.0 193.6 57.3 45.1 Mar 30r............................................................ 300.3 199.0 56.1 45.2 298.5 197.6 55.4 45.4 Apr, 27 rp............................................................ 303,0 200.7 56.2 46.1 301.5 199.7 55.4 46.4 May 25 r....................................................... 304.3 202,2 54.9 47.2 301 .9 201.4 53.5 47.0 i 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

850 COMMERCIAL BANKS JUNE 1966 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For To Class of lo T a o n t s a l 1 Fed­ Com­ o p s r u e r c c c u a h r r a i r t y s i i e i n n s g g in f s in ti a tu n t c i i o a n l s Other U.S s . e G cu o r v it e ie rn s m 3 ent State bank and and eral mer­ Agri- Real .to and Other call date invest­ funds Total 2 cial cul­ es­ in- Other local secu­ ments and t ur­ To tate di­ govt, rities in­ al bro­ vid - Bills secu­ d tr u ia s l ­ k a e n r d s oth T e o r s Banks Others uals Total ce a r n t d if i­ Notes Bonds rities deal­ cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1 ,660 8301 .220 115 9,393 5.723 94769,221 9,982 6,03453 205 5,2763.729 1963—Dec. 20.. 254,162 156,00652,9477,4705,3532,509 3.605 9.47939,05634.5504.03463'196 12,71722,41528,065 29'7865,173 1964—Dec. 31.. 277.376 175,589 60,2177,505 5,5422,843 3,491 10.91343.67539.809 5,15262,991 13,37719.03930.57433,533 5,263 1965—June 30.. 287,723 188,641 65,5468,068 6,0662,912 3,788 11,46346,22343.0565.148 56.853 8,92014.67833,255 36,541 5,688 Dec. 31.. 306,060 2,103 199,55571,4378,212 5,2583,231 2,158 13,29149,30045,468 5.215 59.547 n.a. n.a. n.a. 38.655 6,201 All insured 1941—Dec. 31.. 49,290 21 ,259 9,2141 ,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 1.13288.91221.52616,04551 342 3,873 3.258 1947—Dec. 3!.. 114,274 .....3..7..,.583 18,012 1 ,610 8231,190 1 14 9,266 5,654 91467,941 9,676 5,91852,347 5,129 3,621 1963—Dec. 20.. 252.579 155,261 52,7437,444 5.3212,476 3,594 9.41538.861 34.3834.015 62,723 12,60122,31627.80629,5595,035 1964—Dec. 31.. 275.053 174,23459.7467,4825,3552,794 3,419 10.81243,43639,6275.11262,499 13.27518,93930.285 33.2945.026 1965—June 30., 285,375 187.20765,0538,047 5.9252,860 3.680 11.34245,95142,8795,09256.426 8.84914,603 32.974 36.295 5,447 Dec. 31., 303,593 2,064 198,045 70,8878,191 5,0883,172 2,093 13.14849,02645,2905,15559,120 13,13413.233 33.858 38.419 5,945 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 19.26014,271 44,807 3.2542,815 1947—Dec. 31.. 97,846 .....3..2..,.628 16,962 I ,046 81 1 1 ,065 1 13 7,130 4,662 83957,914 7,803 4,815 45’295 4,1993^ 105 1963—Dec. 20.. 210,127 131,71247,4034,659 5.1242.136 3,439 8,87531.00927,908 3,76549.342 9,33918,07221,93225,2103,864 1964—Dec. 31.. 228,497 147,69053,7174,643 5.1422.41 1 3.250 10,17934.58732,0244.82448.717 9,93215,238 23,548 28,3743,715 1965—June 30.. 237,328 158,83258.6404,969 5.7292,442 3,516 10,73536,57734,5824.78343,396 6.26011.43025,70631,0364,064 Dec. 31.. 251.577 1 .861 167,93963,9795,0994,9152,714 2,008 12,47538,98836,418 4,83244,992 9,441 10.10626.36932.588 4.198 New York Citv: 1941 —Dec.’ 31.. 12,896 4,072 2,807 8 412 169 32 123 522 7,265 311 1 ,623 5,331 729 830 1945—Dec. 31.. 26.143 .......7..,.334 3,044 2,4531 . 172 26 80 287 272 17,574 3,910 3’325 10’339 606 629 1947—Dec. 31,. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1 ’642 558 9,772 638 604 1963—Dec. 20.. 34,827 23,577 12,332 262,677 569 1,007 2,247 1.968 2,257 1 .068 6.154 I ,858 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 Dec. 31.. 44,763 412 32,713 18,075 202,866 665 1 ,010 3,471 3,139 2,928 I ,340 5,203 1,538 987 2,876 5.879 556 City of Chicago: 1941—Dec. 31.. 2,760 954 732 6 48 52 1 22 55 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5.931 1,333 760 2 211 233 36 51 40 4,213 1.600 749 1,864 181 204 1947—Dec. 31.. 5,088 .......1. .,.801 1 ,418 3 73 87 46 149 26 2,890 367 248 2,274 213 185 1963—Dec. 20.. 9,615 6,220 3,378 40 497 181 242 751 401 594 318 1,705 389 599 717 1,361 329 1964—Dec. 31.. 10,562 7,102 3,870 24 510 203 227 948 465 669 430 1.873 564 397 91 1 1,392 195 1965—June 30.. 10,835 7,367 4,099 26 465 232 266 1 ,007 514 702 308 1,761 473 299 989 1 .493 214 Dec. 31.. 11,455 72 8,147 4,642 32 444 244 188 1 ,201 577 762 316 1,700 542 273 961 1,400 137 Other reserve city: 1941—Dec. 31.. 15.347 7, 105 3,456 300 114 194 4 1.527 1 ,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40.108 8,514 3,661 205 4271,503 17 1,459 855 38729,552 8,016 5.653 15,883 1,126 916 1947—Dec. 31.. 36,040 .....1..3..,.449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 I ,053 1963—Dec. 20.. 78,370 51,891 18,862 1.219 1 ,243 891 1 .224 4,28612,52511,106 1,462 16.686 2,697 6,600 7,390 8,810 981 1964—Dec. 31.. 84,670 57,55521,102 1 .095 1 .060 986 1.134 4,887 13,611 12,802 1 ,977 16,326 3,200 5.662 7,463 9,871 918 1965—June 30.. 87.225 61.07922,817 1,214 9781 ,034 1 ,241 5,07614.213 13,636 1.981 14,030 1.819 4,161 8,050 11,108 1 ,008 Dec. 31.. 91,997 471 64,64624,7841 ,206 9541,108 635 5,82015,05614,305 1 .999 14,354 2.972 3.28! 8,43211.504 1 .022 Country: 1941—Dec. 31.. 12,518 5,890 1 ,676 659 20 183 2 1 .823 1.528 4,377 110 481 3.787 1.222 I .028 1945—Dec. 31.. 35,002 5,596 1 ,484 648 42 471 4 1,881 707 35926.999 5.732 4,544 16.722 1,342 1 .067 1947—Dec. 31.. 36,324 .....1..0..,.199 3,096 818 23 227 5 3,827 1,979 22422,857 3.063 2,108 17,687 2,006 1.262 1963—Dec. 20.. 87,316 50,023 12,831 3,374 708 496 966 1,591 16.11413,951 91724.797 4,395 8.531 11,871 10,385 2.Ill 1964—Dec. 31.. 93.759 55,733 14,5563,493 830 599 710 1,73017,96415.899 1 ,04724.341 4,209 7,206 12.925 11,531 2,154 1965—June 30.. 97,043 59.411 15,641 3,713 629 616 796 1,67518.98417.413 1 .07422.697 2,932 5,849 13,915 12,6372,299 Dec. 31.. 103,362 905 62,433 16,478 3,840 650 698 174 1,98320,21718,423 1.177 23,735 4,389 5,565 14.098 13,805 2,483 Nonmember 1947—Dec. 31.. 18,454 5.432 1.205 614 20 156 2 2.266 1.061 109 11 ,318 2.179 1,219 7,920 1.078 625 1963—Dec. 20.. 44.035 24.295 5.5442,811 229 373 166 604 8.047 6,643 269 13,854 3.378 4J43 6,133 4.576 1,309 1964—Dec. 31.. 48.879 27.899 6,5002.862 400 432 241 733 9.088 7.786 328 14,273 3,445 3.801 7,026 5,159 1,548 1965—June 30.. 50.394 29,809 6.9063.099 336 470 272 729 9.646 8,474 366 13,457 2,660 3.248 7.549 5.504 1,624 Dec. 31.. 54,483 242 31.616 7,458 3,113 343 516 151 81710,312 9,050 383 14,555 n.a. n.a. n.a. 6.0672,003 1 Beginning with June 30, 1948, figures for various loan items are 3 Beginning with Dec. 31, 1965, components shown at par rather than shown gross (Le., before deduction of valuation reserves); they do not at book value; they do not add to the total (shown at book value) and are add to the total and are not entirely comparable with prior figures. Total not entirely comparable with prior figures. loans continue to be shown net. For other notes see opposite page. 2 Breakdowns of loan, investment, and deposit classifications are not available before 1947; summary figures for earlier dates appear in the preceding table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 COMMERCIAL BANKS 851 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b 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 R a r . i n v R e th k e ­ . s s r C c e a o n n u i c d n r y ­ b m a w a B d n e n a i c o s t k l e t h ­ - i s s c 2 ju p m D s o a d a t d s e e e n i - ­ - d t d s 4 m D e I s n o t t i ­ e c r 3 ba e n F i k g o n r­ 3 G U o .S vt . . S g l a o o t n c a v d a t t e l . c C c h o a f e e i e f n e r f r c d d i s t k ­ i ’ ­ s, IPC I b n a t n e k r­ G P S U i a n o o a n . g s v v S d t s ­ t a . . l S g l a o o t n c a v d a t t e l . IPC B in o g r s - c C o a t a u a c p n l ­ i t ­ s etc. 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 1963—Dec. 20. ... 17,150 4,048 12,312126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908102,8863,66425,677 1964—Dec. 31 ... . 17,581 4,532 15,111 134,671 16,369 1,569 6,510 13,519 5,970 135.694 819 272 9,812116,6352,67927,795 1965—June 30.. .. 17,842 4,978 13,023 126,714 14,696 1,476 11,796 13,291 6,001 125,974 1,032 278 10,573126,5163,68229,479 Dec. 31.... 17,992 4,851 15,300140,936 16,794 1,632 5,525 14,244 5,978 140,558 1,008 263 12,186134,2474,47230,272 All insured: 1941—Dec. 31 ... . 12,396 1 ,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31 .... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31 ... . 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1963—Dec. 20.... 17,150 4,033 11,984125,615 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 12,599125,471 14,532 1,387 11,761 13,199 5,906 125,100 928 27810,522125,9983,56229,051 Dec. 31 . . .. 17,992 4,833 14,801 139,601 16,620 1,529 5,508 14,152 5,913 139,594 923 263 12,135133,6864,32529,827 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 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 3,49921,054 1964—Dec. 31 .... 17,581 3,490 9,057 108,324 15,604 1,403 5,838 10,293 5,368 112,878 664 239 8,012 95,425 2,481 22,901 1965—June 30... . 17,842 3,853 7,831 101,733 14,009 1,346 10,806 10,127 5,449 104,502 851 247 8,592103,814 3,455 24,323 Dec. 31 .... 17,992 3,757 8,957 112,569 15,977 1,477 4,890 10,840 5,386 115,905 840 236 10,041109,925 4,23424,926 New York City: 1941—Dec. 31 .... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31 . ... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 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 Dec. 31 . . .. 3,788 310 122 18,190 4,191 1,034 1,271 620 2,937 20,708 522 84 807 17,097 1,987 5,114 City of Chicago: 1941—Dec. 31 ... . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 .... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31. ... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 ..... 426 1963—Dec. 20. ... 1,019 49 98 4,144 1,169 43 395 275 112 4,500 17 6 185 3,595 255 996 1964—Dec. 31 . . .. 1,006 55 150 4,294 1,389 59 396 312 122 4,929 22 5 213 4,361 204 1,056 1965—June 30. . . . 1,028 64 97 3,881 1,237 60 699 276 109 4,542 27 5 181 4,563 438 1,096 Dec. 31 . . .. 1,042 73 151 4,571 1,377 59 345 328 126 5,202 39 4 210 4,785 355 1,132 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 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 Dec. 31 ... . 7,700 1,139 2,341 37,703 8,091 330 1,773 3,532 1,180 42,380 206 71 4,960 40,510 1,548 9,007 Country; 1941—Dec, 31 .... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31 . . .. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 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 Dec. 31 . ... 5,463 2,235 6,344 52,104 2,317 54 1,501 6,360 1,143 47,615 74 77 4,064 47,534 343 9,673 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 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 Dec. 31 . . .. ............ 1,093 6,343 28,367 817 155 635 3,404 592 24,653 168 27 2,145 24,322 238 5,345 3 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 < Through 1960, demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt, less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and 5 For reclassification of certain deposits in 1961, see note 6, p. 589, by mergers, etc. May 1964 Bulletin. Data for Dec. 31.1964, and June 30,1965, for national banks have been adjusted to make them comparable with State bank data. (Data for Note.—Data are for all commercial banks in the United States. (For Dec. 20, 1963, also adjusted to lesser extent.) definition of “commercial banks” as used in this table and for other banks For other notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

852 WEEKLY REPORTING MEMBER BANKS JUNE 1966 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Loans Total _ and Wednesday i l n o a v a n e n d s s t ­ i m n a v e d e n ­ s t t s ­ L a o d a ­ ns C m c o i e a m r l ­ ­ A cu g l r ­ i­ T an o d b d r e o a k l e e r r s s To others Bank Nonbank Real All V at a io lu n ­ ments 1 justed 2 justed2 and tural estate other re­ in tr d i u al s­ G U c t s u o i . e e r v S s ­ i t ­ . , O c t s u t i h e e r ­ s e i­ r G U c t s u o i . e e r v ­ S s i t ­ . , O c t s u t i h e e r ­ s e i­ r F ei o g r n ­ c m m D c o t i i e e m o a c s r l ­ ­ ­ ­ f P c s i a e n a o e t n l a r c s e d s n . . s , , . Other serves Total­ Leading cities 1965 May 5..................... 155,410 152,803 105,969 45,108 1,550 953 3,646 66 1,929 1,591 2,607 4,808 4,032 20,623 23,958 2,295 12..................... 155,289 152,643 106,111 45,293 1,548 924 3,662 70 1 ,941 1,583 2,646 4,597 4,061 20,693 24,033 2,294 19..................... 155,498 153,112 106,479 45,458 1,565 928 3,601 73 1,953 1,583 2,386 4,698 4,077 20,735 24,102 2,294 26..................... 155,829 153,118 106,565 45,223 1,577 802 3,692 75 1,955 1,609 2,711 4,760 4,125 20,804 24,237 2,294 1966 Apr. 6..................... 166,873 164,128 118,466 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 May 4..................... 168,974 166,475 120,297 53,084 1,649 818 3,676 89 2,156 1,510 2,499 6,317 4,656 23,046 25,895 2,599 11..................... 168,895 166,105 119,970 53,142 1,650 812 3,650 92 2,159 1,513 2,790 5,943 4,610 23,129 25,867 2,597 18..................... 167,936 165,517 120,268 53,566 1,652 656 3,497 90 2,146 1,523 2,419 5,965 4,615 23,189 25,965 2,596 25..................... 168,388 165,402 120,019 53,454 1,662 869 3,391 88 2,137 1,517 2,986 5,664 4,601 23,246 25,983 2,593 New York City 1965 May 5.... ............. 38,288 37,368 27,320 15,126 21 421 2,221 11 514 853 920 1,549 902 2,452 3,870 620 12..................... 38,285 37,323 27,350 15,274 20 411 2,230 14 519 841 962 1,431 907 2,466 3,857 620 19..................... 38,113 37,329 27,401 15,278 18 420 2,188 17 521 840 784 1,473 915 2,480 3,871 620 26..................... 38,436 37,430 27,474 15,133 18 393 2,246 17 524 864 1 ,006 1,539 928 2,499 3,933 620 1966 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 17 640 810 776 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 May 4..................... 42,523 41,764 31,940 18,018 19 400 2,413 15 636 791 759 2,112 1,277 3,043 3,983 767 11..................... 42,526 41,512 31,765 18,060 19 383 2,376 15 633 795 1,014 1,937 1 ,253 3,070 3,991 767 18..................... 41,908 41,107 31,772 18,221 18 327 2,252 15 630 801 801 1,928 1,246 3,083 4,018 767 25..................... 42,361 41,028 31 ,750 18,211 18 472 2,169 14 628 805 1,333 1,842 1,247 3,085 4,025 766 Outside New York City 1965 May 5..................... 117,122 115,435 78,649 29,982 1,529 532 1,425 55 1,415 738 1.687 3,259 3,130 18,171 20,088 1,675 12..................... 117,004 115,320 78,761 30,019 1,528 513 1,432 56 1,422 742 1,684 3,166 3,154 18,227 20,176 1,674 19..................... 117,385 115,783 79,078 30,180 1,547 508 1,413 56 1,432 743 I ,602 3,225 3,162 18,255 20,231 1 ,674 26..................... 117,393 115,688 79,091 30,090 1 ,559 409 1 ,446 58 1,431 745 1 ,705 3,221 3,197 18,305 20,304 1,674 1966 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 May 4..................... 126,451 124,711 88,357 35,066 1,630 418 1,263 74 1,520 719 1,740 4,205 3,379 20,003 21,912 1,832 11..................... 126,369 124,593 88,205 35,082 1,631 429 1,274 77 1,526 718 1,776 4,006 3,357 20,059 21,876 1,830 18..................... 126,028 124,410 88,496 35,345 1,634 329 1,245 75 1,516 722 1,618 4,037 3,369 20,106 21,947 1,829 25..................... 126,027 124,374 88,269 35,243 1,644 397 1,222 74 1,509 712 1,653 3,822 3,354 20,161 21,958 1,827 For notes see p. 854. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 WEEKLY REPORTING MEMBER BANKS 853 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 C t a if e t i e r ­ s ­ W i i N n th o ­ m te a s tu a 1 n r t i d o n g b — on A d f s t er O s ri e t t c h ie u e s ­ r Total d b a o w B a n t m n i i c a c t e k l e h ­ s s s ­ b a w e B f a n i o n c i g a t r k e l n h ­ ­ s s Cu c a r o r n e i d n n cy s B w F e R a r . i n v R e t k h e ­ . s s a o s A t s h e l e l t r s a c l c T i a c a a t p o i o b n e i t u d i s t a l a n i l ­ l t s 1 year 5 years 5 years Total Leading Cities 1965 May 5................. 24,067 3,294 3,434 10,866 6,473 22,767 18,905 3,236 226 1,768 13,675 6,503 197,172 12................. 24,095 3,270 3,493 10,846 6,486 22,437 18,235 3,233 231 1,982 12,789 6,475 197,230 19................. 24,240 3,360 3,452 10,194 7,234 22,393 18,076 3,067 227 1,949 12,833 6,343 195,705 26................. 24,033 3,203 .....3..,.5..1..7. 10,060 7,253 22,520 18,322 2,978 251 2,019 13,074 6,445 195,703 1966 Apr. 6................. 21,779 3,313 508'^,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 6,981 211,679 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 May 4................. 21,739 3,167 523 2,827 9,265 5,957 24,439 19,723 3,236 184 1,954 14,349 7, 159 213,998 11................. 21 ,730 3,213 522 2,822 9,226 5,947 24,405 18,601 3,365 186 2,140 12,910 7,014 212,325 18................. 20,881 2,894 573 2,357 9,088 5,969 24,368 19,091 3,274 192 2,126 13,499 7,028 212,019 25................. 20,571 2,558 565 2,453 9,091 5,904 24,812 18,559 3,212 172 2,201 12,974 7,159 211,01! New York City 1965 May 5................. 4,294 562 770 1,646 1,316 5,754 4,521 141 111 284 3,985 2,732 51,447 12................. 4,489 69! 787 1,680 1 ,331 5,484 4,249 158 116 289 3,686 2,696 51,285 19................. 4,469 751 626 1,528 1,564 5,459 4,325 118 118 284 3,805 2,613 50,698 26................. 4,421 727 ........6..5..4. 1,483 1 ,557 5,535 4,367 105 139 289 3,834 2,677 51,163 1966 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 ,061 124 591 1,317 1,143 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 .014 130 588 1,335 1,136 5,960 4,600 203 87 303 4,007 2,740 55,893 May 4................. 4,154 937 145 610 1,320 1,142 5,670 4,652 172 79 292 4,109 2,906 56,487 11................. 4.225 1,035 144 578 1,320 1,148 5,522 4,091 161 84 303 3,543 2,819 55,904 18................. 3,855 828 191 364 1,242 1,230 5,480 4,366 181 91 298 3,796 2,881 55,601 25................. 3,734 676 193 375 1,304 1, 186 5,544 3,984 184 73 305 3,422 2,918 55,835 Outside New York City 1965 May 5................. 19,773 2,732 2,664 9,220 5,157 17,013 14,384 3,095 115 1,484 9,690 3,771 145,725 12................. 19,606 2,579 2,706 9,166 5,155 16,953 13,986 3,075 115 1,693 9,103 3,779 145,945 19................. 19,771 2,609 2,826 8,666 5,670 16,934 13,751 2,949 109 1 ,665 9,028 3,730 145,007 26................. 19,612 2,476 .....2..,.8..6..3. 8,577 5,696 16,985 13,955 2,873 112 1,730 9,240 3,768 144,540 1966 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,i81 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 18,562 14,935 3,197 100 1,896 9,742 4,167 156,443 May 4................. 17,585 2,230 378 2,217 7,945 4.815 18,769 15,071 3,064 105 1,662 10,240 4,253 157,511 11................. 17,505 2,178 378 2,244 7,906 4,799 18,883 14,510 3,204 102 1,837 9,367 4,195 156,421 18................. 17,026 2,066 382 1 ,993 7,846 4,739 18,888 14,725 3,093 101 1,828 9,703 4,147 156,418 25................. 16,837 1,882 372' 2,078 7,787 4,718 19,268 14,575 3,028 99 1,896 9,552 4,241 155,176 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

854 WEEKLY REPORTING MEMBER BANKS JUNE 1966 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time De­ Other Cap­ Wednesday ju u T s n o t a e ta d d l ­ 4 ju m p s o d a a t s d e e n i ­ ­ d t d s s Total6 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 e l a o r t n c a t d a t i e l m e e 9 F ig o n r­ 7 F B F r a . o R n m k . s o F t r h o e m rs li t a ie b s ili­ co i a u t c a n ­ l ts banks govt. Total— Leading cities 1965 May 5.......... 169,941 62,842 97,720 66,899 6,017 1,8506,458 12,066 72,221 42,236 19,131 5,822 4,367 311 4,054 6,790 16,076 12.......... 170,032 62,156 97,679 67,757 5,558 1,854 6,701 11,591 72,353 42,315 19,22^ 5,784 4,347 5$ 4,182 6,870 16,087 19.......... 168,504 60,572 95,813 65,366 5,074 1,865 8,218 11,235 72,691 42,387 19,538 5,761 4,312 34C 3,880 6,876 16,105 26.......... 168,178 62,273 95,308 66,074 5,271 1,8567,056 10,872 72,870 42,449 19,623 5,792 4,290 232 4,180 6,993 16,120 1966 Apr. 6.......... 181,216 66,682 100,076 72,135 5,132 2,036 1,937 13,014 81,140 44,339 25,166 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 69,266100,181 75,100 5,302 2,139 733 12,132 81,447 43,520 25,735 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 May 4.......... 183,319 65,809 101,494 71,095 5,998 2,1345,193 12,350 81,825 43,28926,178 7,104 4,478 739 4,441 8,007 17,492 11.......... 181,951 65,107 99,790 70,962 5,852 2,0324,820 12,048 82, 161 43,25226,339 7,207 4,561 69 4,753 8,067 17,485 18.......... 181,248 63,028 98,798 69,224 5,329 2,025 5,806 12,000 82,450 43,215 26,72$ 7,136 4,566 675 4,350 8,283 17,463 25...... 180,518 64,159 97,824 68,843 5,455 1,9925,357 11,403 82,694 43,133 26,965 7,156 4,636 184 4,368 8,477 17,464 New York City 1965 May 5.......... 42,417 15,215 26,652 16,338 609 1,3402,081 3,450 15,765 4,888 6,740 542 3,154 30 1,515 3,108 4,377 12.......... 42,337 15,169 26,532 16,585 528 1,3642,106 3,202 15,805 4,904 6,769 556 3,115 1,454 3,114 4,380 19.......... 41,891 14,612 25,875 15,991 266 1,3542,372 3,244 16,016 4,920 6,977 560 3,083 30 1,273 3,131 4,373 26.......... 42,126 15,212 26,029 16,468 311 1,340 1,969 3,165 16,097 4,931 7,026 559 3,085 1,412 3,254 4,371 1966 Apr. 6.......... 46,014 16,779 27,963 17,966 460 1,482 629 3,415 18,051 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 ,4861,391 3,494 18,175 4,894 8,903 662 3,165 1,198 3,485 4,945 May 4.......... 45,747 15,992 27,577 17,399 486 1,584 1 ,719 3,460 18,170 4,879 8,909 669 3,184 269 1,951 3,535 4,985 11.......... 45,301 15,708 27,103 17,593 571 1,4941,509 3,418 18,198 4,876 8,872 680 3,224 2,030 3,589 4,984 18.......... 44,966 15,182 26,646 17,005 272 1,491 1,540 3,478 18,320 4,868 8,988 677 3,235 154 1,684 3,824 4,973 25.......... 45,340 15,683 26,980 17,226 279 1,464 1,383 3,342 18,360 4,853 9,006 674 3,286 60 1,637 3,830 4,968 Outside New York City 1965 May 5.......... 127,524 47,627 71,068 50,561 5,408 5104,377 8,616 56,456 37,348 12,391 5,280 1,213 281 2,539 3,682 11,699 12.......... 127,695 46,987 71,147 51,172 5,030 4904,595 8,389 56,548 37,411 12,455 5,228 1,232 58 2,729 3,756 11,707 19.......... 126,613 45,960 69,938 49,375 4,808 511 5,846 7,991 56,675 37,467 12,561 5,201 1,229 310 2,607 3,745 11,732 26.......... 126,052 47,061 69,279 49,606 4,960 5165,087 7,707 56,773 37,518 12,597 5,233 1,205 232 2,768 3,739 11,749 1966 Apr. 6.......... 135,202 49,903 72,113 54,169 4,672 554 1 ,308 9,599 63,089 39,298 16,312 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 38,89916,671 6,143 1 ,214 161 2,737 4,263 12,453 20.......... 136,533 51,990 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 38,483 17,137 6,463 1,310 58 2,816 4,497 12,442 May 4.......... 137,572 49,817 73,917 53,696 5,512 5503,474 8,890 63,655 38,410 17,269 6,435 1,294 470 2,490 4,472 12,507 11.......... 136,650 49,399 72,687 53,369 5,281 538 3,311 8,630 63,963 38,376 17,467 6,527 1,337 69 2,723 4,478 12,501 18.......... 136,282 47,846 72,152 52,219 5,057 5344,266 8,522 64,130 38,347 17,740 6,459 1,331 521 2,666 4,459 12,490 25.......... 135,178 48,476 70,844 51,617 5,176 528 3,974 8,061 64,334 38,28017,959 6,482 1,350 124 2,731 4,647 12,496 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. * ♦ Total demand and total time deposits, 9 Includes negotiable certificates of deposit issued in denominations J 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. May 2”5 May 18 May 11 May 4 6 Includes certified and officers* checks and deposits of mutual savings Total—Leading cities........ 17,814 17,743 17,554 17,405 banks, not shown separately. New York City.................. 7,483 7,453 7,363 7,312 7 Deposits of foreign governments and official institutions, central Outside New York City... 10,331 10,290 10,191 10,093 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 BUSINESS LOANS OF BANKS 855 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during—• 1966 1966 1966 1965 1965 Industry M 25 ay M 18 ay M 1 a 1 y M 4 ay A 2 p 7 r. May Apr. Mar. I IV III h 2n a d lf h 1 a s l t f Durable goods manufacturing: 1 .013 1 .013 1 .057 997 972 41 1 97 153 1 1 6 17 160 3,112 3.114 3,068 3.087 3.016 96 -59 165 213 85 36 121 534 Transportation equipment.............. 1 ,388 1,375 1.325 1 ,370 1,339 49 18 144 125 -50 180 130 119 Other fabricated metal products. . . 1 .493 1,500 1,506 1 .484 1,459 34 8 15 96 -39 109 70 323 Other durable goods....................... I ,768 1 ,772 1,759 1 .745 1,715 53 38 103 156 -35 118 83 285 Nondurable goods manufacturing: Food, liquor, and tobacco.............. 2,165 2.21 1 2,202 2,207 2.231 -66 -120 - 13 -39 657 103 760 -370 Textiles, apparel, and leather.......... 1 .923 1.955 1 ,917 1 .890 1 ,858 65 3 180 325 -336 172 -164 424 Petroleum refining........................... 1 ,779 1,749 1 .685 1 .662 1 ,633 146 -6 9 149 157 102 259 189 Chemicals and rubber..................... 2,025 2,007 2,006 1 .994 2.000 25 - 116 189 330 92 -9 83 299 Other nondurable goods................. 1 ,349 1,360 1,309 1 .296 1 .281 68 31 76 93 -46 108 62 203 Mining, including crude petroleum and natural gas..................... 3,756 3,725 3,714 3,714 3,711 45 26 118 242 I 243 221 Trade: Commodity dealers................. 1 .192 1,220 1 '221 1 ,254 1,265 -73 -110 -100 -100 374 62 436 -390 Other wholesale....................... 2,778 2,796 2,783 2,783 2,773 5 51 80 6 139 44 183 270 Retail........................................ 3,386 3,426 3,280 3,302 3,275 III 189 161 -11 -58 -19 -77 681 Transportation, communication, and other public utilities............. 5,825 5,852 5,849 5,843 5,71 1 114 -296 89 -123 628 333 961 505 Construction......................................... 2,664 2,654 2,620 2,611 2,600 64 17 38 36 -3 29 26 259 All other:* Bankers’ acceptances............ ■ • • 683 753 777 783 716 -33 21 32 -1 5 - 191 -186 -213 All other types of business, mainly services....................................... 6,743 6,737 6,687 6,702 6,680 63 98 133 243 287 94 381 564 Total classified loans........................... 45,042 45,219 44,765 44,724 44,235 807 -232 1 ,424 1,769 2,110 1 .278 3,388 4,063 Commercial and industrial loans— all weekly reporting banks......... 53.454 53,566 53,142 53,084 52,495 947 -145 1,581 2,011 2,512 1,270 3,782 4,728 1 Beginning Dec. 31, 1963, bankers' acceptances for the creation of Note.—-About 200 of the weekly reporting member banks are included dollar exchange are excluded from commercial and industrial loans and in this series; these banks classify, by industry, commercial and industrial those relating to commercial transactions are shown in a separate cate­ loans amounting to about 85 per cent of such loans held by all weekly gory. Current figures are therefore not strictly comparable with figures reporting member banks, and about 60 per cent of those held by all previously reported, but differences are relatively small. commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan Size of loan (thousands of dollars) (thousands of dollars) Area All Area All and loans and loans period 1­ 10­ 100­ 200 period 1­ 10­ 100­ 200 10 100 200 and over 10 100 200 and over Year: 19 large cities: Quarter—cont.: * 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 I960........................... 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: * 1966—Mar.............. 5.58 6. 10 6.05 5.82 5.46 19 large cities: 11 southern and 1965—Mar........................ 4.97 5.89 5.56 5.26 4. 78 western cities: June....................... 4.99 5.88 5.59 5.29 4.79 1965—Mar............. 5.27 6.02 5.68 5.36 4.99 Sept........................ 5.00 5.90 5.60 5.32 4.80 June 5.31 6.00 5.71 5.42 5.06 Dec......................... 5.27 5.96 5.74 5.51 5. 11 Sept........ 5.31 6.02 5.73 5.45 5.03 Dec.............. 5.46 6.07 5.80 5.59 5.23 1966—Mar........................ 5.55 6. 13 5.96 5.76 5.41 1966—Mar............. 5.70 6.23 6.01 5.77 5.50 1 Based on new loans and renewals for first 15 days of month. in per cent): 1955—Aug. 4, 3%; Oct. 14, 3*4; 1956—Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4*4; 1958—Jan. 22, 4; Apr. 21, 3*4; Sept. 11,4; Note.—Weighted averages. For description see Mar. 1949 Bulletin, 1959—May 18, 4*4; Sept. 1,5; 1960—Aug. 23, 4*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, 5*4. Changes thereafter occurred on the following dates (new levels shown Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

856 INTEREST RATES JUNE 1966 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co, Prime Period coml. paper bankers’ Federal 3-month bills 5 6-month bills 5 9- to 12-month issues paper placed accept­ funds 4- to 6- directly, ances, rate 3 3- to 5months 1 m 3 o - n to th 6 s - 2 90 days * on i R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et y (m i B e a i l l d r ls k ) e 5 t Other 6 is y su e e a s r 7 1965............................ 4.38 4.27 4.22 4.07 3.954 3.95 4.055 4.05 4.06 4.09 4.22 1965—May................ 4.38 4.25 4.25 4.10 3.895 3.89 3,950 3,95 3.96 3.99 4.11 June................ 4.38 4.25 4.25 4.04 3.810 3.80 3.872 3.86 3.89 3.98 4.09 July.................. 4.38 4.25 4.22 4.09 3.831 3.83 3.887 3.89 3.89 3.96 4,10 Aug.................. 4.38 4.25 4.14 4.12 3.836 3.84 3.938 3.95 3.96 4.00 4.19 Sept................. 4.38 4.25 4.25 4.01 3.912 3.92 4.050 4.07 4.09 4.11 4.24 Oct................... 4.38 4.32 4.25 4.08 4.032 4.02 4.197 4.18 4,16 4.18 4.33 Nov................. 4.38 4.38 4.25 4.10 4.082 4.08 4.238 4.24 4.23 4.29 4.46 Dec.................. 4.65 4.60 4.55 4.32 4.362 4.37 4.523 4.54 4.56 4.66 4.77 1966—Jan................... 4.82 4.82 4.75 4.42 4.596 4.58 4.731 4.71 4.69 4.83 4.89 Feb.................. 4.88 4.88 4.86 4.60 4.670 4.65 4.820 4.82 4.81 4.92 5.02 Mar................. 5.21 5.02 4.96 4.65 4.626 4.58 4.825 4.78 4.81 4.96 4.94 Apr.................. 5.38 5.25 5.00 4.67 4,611 4.61 4.742 4.74 4.76 4.87 4.86 May................ 5.39 5.38 5.18 4.90 4.642 4.63 4.814 4.81 4.85 4.90 4.94 Week ending— 1966—Apr. 30.......... 5.38 5.25 5.01 4.48 4.630 4.64 4.730 4.74 4.75 4.88 4.90 May 7 5.38 5.38 5.13 4.73 4.674 4.66 4.782 4,80 4.83 4.91 4.92 14.......... 5,38 5.38 5.13 4.79 4.630 4.60 4.818 4.79 4.82 4.90 4.88 21.......... 5.38 5.38 5.15 4.98 4.626 4.63 4.823 4,83 4.86 4.84 4.90 28.......... 5,40 5.38 5.28 4.84 4.638 4.63 4.835 4.83 4.88 4.95 5.02 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. 7 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 States TotaP (long­ term) Total i Aaa Baa Aaa Baa In tr d ia u l s­ R ro a a i d l­ P ut u i b li l t i y c fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ 1965............................................... 4.21 3.34 3.16 3.57 4,64 4.49 4.87 4.61 4.72 4.60 4.33 3.00 5.86 1965—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 4.55 3.68 3.46 4.06 5. 16 4.96 5.41 5.09 5.19 5.21 4.78 3.15 May.................................... 4.57 3.76 3.53 4.13 5.18 4.98 5,48 5.12 5.20 5.23 4.83 3.30 Week ending— 1966—Apr 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 May 7................... 4.59 3.75 3.52 4.13 5.16 4.94 5.45 5,09 5.18 5,21 4.77 3.23 ' 14............................. 4.54 3.75 3.52 4.13 5.17 4.95 5.46 5.11 5.18 5.21 4.82 3.29 21.................. 4.54 3.75 3.52 4.13 5.19 5.01 5.49 5.13 5.22 5.23 4.86 3,38 28............................. 4.60 3.80 3.57 4.14 5.2! 5.02 5.52 5.16 5.22 5.24 4.86 4.31 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. Di vidend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. Note.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt, bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. State and local govt, bonds: General obligations only, based on adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 SAVINGS INSTITUTIONS 859 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a t l s Total U St n a i t t e e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks M ga o ge rt s ­ e R st e a a t l e P lo o a li n c s y a O s t s h e e ts r Statement value: 1941........................................ 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945......................................... 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 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—Mar.r........................... 151,707 12,399 5,639 3,758 3,002 62,969 56,428 6,541 56,362 4,582 7,270 8,125 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 1 1,631 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 Mar............................. 160,798 11,424 5,031 3,375 3,018 66,827 59,558 7,269 61,288 4,725 7,849 8,685 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—.Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E p n er 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 s i a t 2 i l — e s S c a a v p i i n ta g l s u R n e d a s i 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 c m o l m o e a n m n ts it 4 ­ ties profits 1941 ... 4,578 107 344 775 6,049 4,682 475 256 6 1945 .... 5*376 2,420 450 356 81747 7^365 644 336 402 1959................... 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 1960.................... 601070 4,595 2,'680 4,131 71,476 62,142 4,983 2,197 M86 968 L359 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 51015 2J528 11499 21614 1964 ................... 101'333 6; 966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1 ,729 21590 1965— Mar......... 103,173 7,380 3,550 7,192 121,295 103,775 7,996 4,943 2,200 2,381 3,124 103,997 7,349 3,390 7,347 122,083 103,682 8,01 3 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 21384 31045 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 21382 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 21276 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 1291442 110,'271 8,708 6,440 2,189 1,834 2,745 1966—Jan........... 110,700 7,694 3,321 7,799 129,514 110,194 8,713 6,262 2,107 2,238 2,808 Feb.......... H11246 7,842 3,391 7,868 130,347 110,722 8,730 6,102 2,104 2,689 2,937 Mar......... 112,001 7,850 3,249 8,018 131,118 111,560 8,721 6,070 2,223 2,544 31281 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

860 FEDERAL FINANCE JUNE 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 q e o u ct t a a s l . s l 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 s t s s : t 4 ­ E p T q a o u y t a t a s l l . s : p re a o c y r t t s s . . C (d h d i a i e r n n b e g c t t e a I g L n e v e b n e s y . s s : t & , L N ca e o s s n h s: ­ Eq N u e a t l s: . & agen.) trusts debt Cal. year—1963.......... 87,516 29,255 4,144 112,575 94,188 28,348 5,313 117,222 -4,647 7,672 2,535 883 4,255 1964.......... 88,696 30,742 4,324 115,030 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 1 .386 417 2,872 Fiscal year—4 962........ 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 I ,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—Apr................ 8,549 2,201 244 10,492 8,268 2,949 741 10,476 16 -891 -1,471 57 523 May.............. 7,268 4,885 284 11,857 8,116 2,323 -128 10,567 1,290 3,119 3,597 -151 -327 June.............. 13,404 3,209 1,275 15,320 9,070 3,589 1,098 11,561 3,759 -1,566 615 -17 -2,163 July............... 3,807 1,417 233 4,981 7,240 2,418 -37 9,696 -4,714 -667 -1,045 50 318 7,350 4,572 314 11,595 8,990 2,349 -960 12,299 -705 2,131 2,515 -383 Sept............... 10,999 1,954 328 12,599 9,452 3,142 1 ,504 11,090 1 ,509 -L542 -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 7,09! 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 Apr.......... 9,929 2,215 224 11,853 8,362 3,335 372 11,325 528 -684 -1,170 ............4..86 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 e u r o f p d i r c l g 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 i I n G n v o U e v . s t S t , , . p d g d u i r e i r b o n e b s l c t i s c t T o r u H e t a e s s l i d u d r e y a T c u r c r e e o a r u ’ s s n ­ 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 -1,548 -845 596 1 ,464 3,630 -528 -6,028 6,582 708 4,577 1,297 Month: 1965—Apr................. 280 -748 439 249 1,471 -1,140 447 105 9,336 944 6,934 1,458 May................ -848 2,562 -261 458 -3,597 2,661 -504 1,480 10^816 875 8,822 019 June............... 4,335 -380 -160 378 -615 — J '944 -18! 1,795 12,610 672 16’689 G 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 i ,163 Sept.,............. 1’548 — C189 IJ30 -49 1,210 -1,493 148 1,010 8^637 1,002 6; 394 I'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 J 68 Dec................. 126 -701 233 -45 935 -807 -81 -177 6^582 708 4,577 11297 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 Apr........... 1,567 -1,120 148 732 1,170 -1,416 627 453 6,708 512 4,491 1,705 1 Primarily interest payments by Treasury to trust accounts and accumu­ shift of the Food for Peace program from agriculture to international lations to U.S. employee trust funds. affairs. Half-yearly totals before fiscal 1965 have not been adjusted 2 Includes small adjustments not shown separately. for this reclassification. 3 Includes net transactions of Govt.-sponsored enterprises. 7 Yearly totals for fiscal 1962-65 reflect a shift of Watershed Planning 4 Primarily (1) intragovt, transactions, (2) noncash debt, (3) clearing Programs from agriculture to natural resources which is not reflected in accounts. monthly or half-year totals. 5 Includes technical adjustments not allocated by functions. 6 Yearly totals for fiscal 1962-65 and all monthly figures reflect a Note.—Based on Treasury Dept, and Bureau of the Budget data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 FEDERAL FINANCE 861 FEDERAL FISCAL OPERATIONS: DETAIL (tn millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W I i n th d ­ ivid O ua th l er Co ra r t p e o­ Total a L b n i a q d c u c t o o o r ­ H w ig ay h­ Total O R a A n R d S . I e U m n p - l. a g n if d t t C o u m s s ­ r m e a p e n n a d y t s ­ fu R n e d ­ s Other held Fiscal year—1962.., 101,865 36,24614,403 21,296 12,752 5,367 3,080 17,032 13,197 3,334 2,035 1,171 1 ,358 6,266 1 ,838 1963... 109,739 38,719 14,269 22,336 13,410 5,521 3,405 19,729 15,128 4,107 2,187 1,241 1 ,815 6,571 2,604 1964... 115,530 39,25915,331 24,301 13,950 5,630 3,646 21,936 17,405 4,037 2,416 1,284 1,702 7,148 2,499 1965... 119,699 36,84016,820 26,131 14,793 5,92! 3,782 22,138 17,833 3,817 2,746 1,478 2,097 6,030 2,686 Half year: 1964—Jan .-June.. 63,683 19,139 11,866 15,059 6,907 2,690 1,748 12,727 10,032 2,449 1,424 623 759 6. 104 1,283 July-Dec... 51,347 17,732 3,598 9,989 7,398 3,089 1,947 9,379 7,536 1 ,594 1,170 729 897 1,008 1,463 1965—Jan .-June.. 68,352 19,108 13,222 16,142 7,395 2,832 1,835 12,759 10,297 2,223 1 ,576 749 1 ,200 5,022 1,223 July-Dec... 55,024 19,964 3,806 10,892 7,046 3,063 2,068 9,601 7,743 1,607 1,274 898 1,296 1,062 1,309 Month: 1965—Apr....... 10,492 1,091 5,852 1,187 1,150 461 271 1,570 1,309 221 370 139 214 1,286 205 May.......... 11,857 5,371 696 520 1,325 489 296 4,211 3,285 888 283 128 205 1,071 189 June 15,320 2,956 2,369 6,597 1,357 565 347 1,519 1 ,408 73 218 145 200 324 283 July........... 4,981 1,299 362 727 1,221 462 333 773 631 94 232 137 198 223 255 Aug........... 11,595 5,377 164 482 1,305 499 421 3,808 2,922 847 212 145 181 225 146 Sept........... 12,599 2,995 2,427 4,236 1,162 512 334 1,200 1,118 43 193 159 196 186 217 Oct............ 4,283 1,263 244 625 983 470 313 610 465 101 213 153 202 206 196 Nov....... 10,728 5,793 141 507 1,155 575 352 2,313 1 ,804 469 185 164 352 117 235 Dec........... 10,838 3,237 468 4,315 1,220 547 315 899 803 55 238 140 167 105 259 1966—Jan............ 7,091 1,412 2,727 682 1,007 384 309 547 349 147 292 136 166 107 229 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 1,133 545 302 2,154 2,037 69 272 168 149 2,057 365 Apr........... 11,853 1,082 6,259 2,440 921 n.a. 286 1,552 1,332 178 491 151 166 1,526 317 Cash payments to the public Period Total 5 t f i N e d o n n e a s ­ a ­ e l af I f n ai t r i s , 6 s S e p r a e a r c ­ c e h t A u c r g u e r l ­ i 6 ­ 7 sou N u r r r e c a a ­ e t l ­ s 7 t m C r a a o e n n r m d s c p e ­ . & H d e i c o n v o u g e m s h ­ . l H w ab e e a l o f l r a t r h & 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 I ,299 6,107 8,011 2,221 1965........ 122,395 50,790 4,583 5,093 5,353 2,820 7,421 908 28,292 1 ,497 6,080 8,605 2,341 Half year: 1964—Jan.-June.... 58,760 28,158 962 2,313 3,038 1,139 2,890 -175 14,126 732 3,150 4,170 1,168 July-Dec....... 61,511 24,569 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—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 20! 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 Apr............... 11,325 5,076 527 502 -188 201 439 959 2,793 247 346 502 197 1964 1965 1966 1964 1965 1966 Item II III IV I II III IV I II III IV I II III IV I Seasonally adjusted Not seasonally adjusted Cash budget: Receipts........................... 28.6 28.4 28.8 29.7 32.6 30.6 30.7 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 -1.0 -.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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

862 U.S. GOVERNMENT SECURITIES JUNE 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 1 d T g i r o r o e t s a c s l t Marketable C ve o r n t­ ­ Nonmarketable Special debt 2 Total ible Sav­ Total Bills Certifi­ Notes Bonds 4 bonds Total 5 ings cates bonds 1941—Dec.................................... 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945—Dec.................................... 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947—Dec.................................... 257.0 256.9 225.3 165.8 15 1 21.2 11,4 118.0 59.5 52.1 29.0 1958—Dec.................................... 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Dec.................................... 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 1960—Dec.................................... 290.4 290.2 242.5 189,0 39,4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec.................................... 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4,6 48.6 47.5 43.5 1962—Dec................................... 304.0 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963—Dec.................................... 310.1 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Dec.................................... 318.7 317.9 267.5 212,5 56.5 59,0 97.0 3.0 52.0 49.7 46.1 1965—May................................... 319.8 319.2 266.3 211.0 55.9 52.5 102.5 2.9 52.5 50.0 47.8 June................................... 317.9 317.3 264.5 208.7 53.7 52.5 102.5 2.9 52.9 50,0 48.6 July.................................... 317.1 316.5 264.4 208.7 53.7 52,5 102.5 2.9 52.9 50.1 47.8 Aug.................................... 318.7 318.2 264.1 208.4 53.7 50.4 104.3 2.9 52.8 50.2 49.8 317.3 316.7 264 3 208.4 53.7 50.4 104. 3 2.9 53.0 50.2 48.1 Oct..................................... 319.4 318.9 267.6 212.1 57.7 50.2 104.3 2.8 52,7 50,3 47.0 Nov.................................. 322.2 321.7 270,3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 47.1 Dec ........................... 321.4 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52,9 50.3 46,3 1966—Jan.............................. 322.4 322.0 273.2 217.7 6! .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 May.................................. 322.8 322.4 269,1 213.8 59.5 1.7 50.6 102.0 2.7 52.7 50,5 48.8 1 Includes non-interest-bearing debt (of which $279 million, on May 31, 5 Includes (not shown separately): depositary bonds, adjusted service 1966, was not subject to statutory debt limitation) and guaranteed secu­ bonds, foreign currency series, foreign series, and Rural Electrification rities not shown separately. 2 Excludes guaranteed securities. Administration bonds; before 1954, armed forces leave bonds; before 3 Includes amounts held by U.S. Govt, agencies and trust funds, which 1956, tax and savings notes; and before Oct. 1965, Series A investment totaled $15,564 million on Apr. 30, 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 t U e a r o n n u .S v c d s i t t . e , s B F a . n R k . s Total m C b e a o r n c m k ia ­ s l 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 n s m c u ie e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S l a o o t n c v a d a t t s e l . Savi I n n g d s i vidu O a t l h s er n F a i o t n a i r o n t e e n d i r g a ­ n l 1 i O m t n o v t i r h s e s c 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 I960—Dec................ 290.4 55.1 27.4 207,9 62.1 6.3 11 .9 18.7 18.7 45,6 20.5 13,0 11.2 1961—Dec............... 296.5 54 5 28 9 213.1 67.2 6.1 11.4 18.5 19.0 46,4 19.5 13.4 II .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 21 8,5 64.3 5.8 11.3 18.7 21.1 48.1 20.1 15.9 (3.3 1964—Dec............... 318,7 60.6 37 0 221,1 64.0 5.7 11.1 17.9 21,2 48.9 21.1 16.7 14.5 1965—Apr............... 317.2 59.2 37.8 220,3 59.7 5.8 11.0 17.0 24.3 49.2 22.0 16.0 15.3 May........ 319.8 62.7 38,7 218,5 58.4 5.8 10.9 17.6 24.4 49.2 22.0 15,8 14,4 J une.............. 317.9 63.4 39.1 215,4 58.3 5.8 10.6 15.1 24.1 49.2 21.8 15.7 14.8 July............... 317.1 62.3 39.2 215,6 57.3 5.7 10.6 15,9 24.1 49,3 22.4 15.7 14.6 Aug............... 318.7 64.8 39.0 214,9 56.5 5.7 10,6 16.1 23.8 49.4 22.3 15.8 14.7 Sept............... 317.3 63.6 39.8 213.9 57.5 5.7 10.6 14.7 23.1 49.4 22.7 16,3 14.0 Oct................. 319.4 62.3 39.7 217.5 59.7 5.5 10.5 15,6 23.4 49.4 22.6 16.3 14.5 Nov......... 322.2 62,8 40.6 218.8 60.0 5.4 (0.4 (6.7 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 24,7 49.7 23.4 16.1 15.6 Mar............... 321.5 61.7 40.7 219,0 56.9 5.5 10.2 16.6 24,5 49.7 r24.0 '16.0 H5.7 Apr................ 320. 1 60.5 40.7 218.9 56.8 5.3 10.1 16,7 25.0 49.7 23.8 15.8 15.6 1 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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 U.S. GOVERNMENT SECURITIES 863 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 rs y 5 e - a 1 r 0 s 1 y 0 e - a 2 rs 0 20 O y v e e a r r s 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—Mar. 31........................................................ 215,150 91,704 59,481 32,223 64,306 33,607 8,442 17,092 Apr. 30........................................................ 215,005 91,820 59,477 32,343 64,076 33,603 8,441 17,065 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—Mar. 31................................................ 13,533 1,383 798 585 3,486 3,125 2,073 3,466 Apr. 30............................................... 13,365 1,226 641 585 3,473 3,125 2,074 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—Mar. 31........................................ .. . . 40,734 25,771 9,225 16,546 13,273 1,305 147 238 Apr. 30................................................ 40,713 25,727 9, 162 16,565 13,297 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—Mar. 31................................................ 160,883 64,550 49,458 15,092 47,547 29,177 6,222 13,388 Apr, 30................................................ 160,927 64,867 49,674 15,193 47,306 29,173 6,220 13,361 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—Mar. 31......................................... 46,920 13,713 7,195 6,518 21,358 11,032 360 456 Apr. 30........................................ 46,851 13,783 7,226 6,557 21,150 11,104 377 437 Mutual savings banks: 1963—Dec. 31........................................ 5,502 690 268 422 1,211 2,009 377 1,215 1964—Dec. 31........................................ 5,434 608 344 263 1,536 1,765 260 1,266 1965—Dec. 31.................................. . 5,241 768 445 323 1,386 1,602 335 1,151 1966—Mar. 31........................................ 5,349 765 477 288 1,568 1,572 327 1,117 Apr. 30........................................ 5,096 611 347 264 1,516 1,547 316 1,106 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—Mar. 31........................................ 8,629 737 451 286 2,151 1,876 1,095 2,771 Apr. 30........................................ 8,575 683 402 281 2,138 1,885 1,096 2,773 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—Mar. 31........................................ 7,592 5,579 4,053 1,526 1,715 199 24 74 Apr. 30........................................ 7,626 5,714 4,290 1,424 1,626 188 25 73 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—Mar. 31........................................ 3,850 707 527 180 1 ,074 1,350 256 462 Apr. 30........................................ 3,743 601 427 174 1,066 1,358 260 458 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—Mar. 31........................................ 16,614 6,346 5,448 898 2,087 1,799 1,974 4,408 Apr. 30........................................ 17,191 6,876 5,958 918 2,142 1,793 1,966 4,414 All others: 1963—Dec. 31.. ..................................... 66,320 33,719 25,637 8,082 14,301 12,144 2,389 3,767 1964—Dec. 31........................................ 67,341 33,111 27,542 5,570 15,863 12,678 1,637 4,052 1965—Dec. 31........................................ 68,675 35,356 29,089 6,267 15,784 11,386 2,187 3,962 1966—Mar. 31........................................ 71,929 36,702 31,305 5,397 17.593 11,348 2,185 4,101 Apr. 30........................................ 71,844 36,600 31,023 5,577 17,667 11,298 2,179 4,100 Note.-—Direct public issues only. Based on Treasury Survey of banks, and 770 insurance cos. combined; (2) about 50 per cent by the Ownership. 469 nonfinancial corps, and 488 savings and loan assns.; and (3) about Data complete for U.S. Govt, agencies and trust funds and F.R. Banks 70 per cent by 507 State and local govts. but for other groups are based on Treasury Survey data. Of total mar­ Holdings of ‘‘all others,” a residual, include holdings of all those not ketable issues held by groups, the proportion held on latest date by those reporting in the Treasury Survey, including investor groups not listed reporting in the Survey and the number of owners surveyed were: (1) separately. about 90 per cent by the 5,937 commercial banks, 503 mutual savings Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

864 U.S. GOVERNMENT SECURITIES JUNE 1966 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period agency Total Dealers and brokers securities W 1 y it e h a in r ye 1 a -5 r s y 5 e - a 1 r 0 s 10 O y v e e a r r s U se .S c . u r G it o ie v s t, Other m b C a e o r n c m k ia s ­ l o A th l e l r 1965—Apr.............................. 1,769 1 ,467 172 91 38 562 38 708 460 155 May............................. 1 ,670 1.379 151 108 32 448 33 698 491 143 June.............. 1 ,786 1 ,453 200 103 31 584 45 696 462 204 July.............................. 1 ,519 1,284 125 82 28 452 37 615 415 152 Aug.................... 1 ,488 1 ,172 183 91 43 465 39 568 417 140 Sept.............................. 1,548 I .297 140 70 41 458 32 604 453 139 Oct........................ 1 ,927 1,713 123 64 26 596 36 833 461 148 Nov.............................. 2 J 15 1 ,745 243 94 33 595 50 895 575 156 Dec.............................. 2,187 1 ,69! 286 166 44 637 55 1,000 495 146 1966—Jan............................... 2,129 1,660 261 164 43 600 59 970 501 130 Feb.r........................... 2,285 1,753 374 127 31 662 59 944 621 161 Mar.............................. 2; 100 1,650 231 180 38 683 69 851 495 188 Apr.............................. 1 ;823 1,550 156 91 26 515 51 740 517 218 Week ending—• 1966—Apr. 6....................... 2,102 1,736 178 139 49 643 82 825 552 248 ' 13....................... 1,547 1.275 160 89 24 464 53 671 360 166 20....................... 1'845 1,550 166 107 22 555 55 716 519 202 27....................... 1,774 1,582 119 61 13 457 35 691 591 239 May 4....................... 1,990 1,664 218 81 27 410 53 833 694 214 ' II....................... 1,809 1,518 185 77 30 536 143 681 449 270 18.........1..,.8..2..7....... 1^524 177 101 26 484 49 779 516 165 25....................... 1,668 1,325 235 80 28 482 62 667 457 285 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 a G ge o n v c t y . Period All Corpora­ All mat A ur I1 it i . es 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 securities sources Y N o e r w k w E h ls e e re ­ tions 1 other City 1965—Apr.......... 3,471 3,1 17 115 238 330 May..... 3,398 2,508 149 740 415 1965—Apr............ 3,594 918 885 1,369 421 June 3,651 2,838 115 697 537 May.......... 3’635 765 828 I '327 715 July.......... 4,180 3,472 100 608 455 4,094 1,251 776 1 ’457 610 Aug.. .... 3^548 2,907 222 419 375 July........... 4’459 1^293 1,009 1,468 688 Sept......... 2^858 2'622 75 161 298 Aug........... 3’815 '967 '650 1,584 614 Oct........... 2^62 2,381 68 112 289 Sept........... 3^050 807 643 1 '284 316 Nov......... 3'198 2'928 176 94 302 Oct............. 2’579 823 605 '871 279 3,049 2^856 187 5 280 Nov........... 3,016 829 519 1 ,451 217 3'275 1,014 531 1'389 340 1966—Jan........... 2,651 2,725 -58 -16 244 Feb/. 1 ,927 1 ,937 8 -20 316 1966—Jan............ 2,708 767 652 906 383 Mar......... 1,963 2,045 -101 20 356 Feb.r........ 2,309 549 421 972 367 Apr.......... 2,867 2,798 6 63 814 Mar.......... 1 ,958 365 340 1 ,073 180 Apr............ 3; 249 1,209 669 1'155 217 Week ending—- Week ending— 1966—Mar. 2.. 2,088 2,240 -126 -26 348 9. . 1,712 1,868 -118 -38 268 1966—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 Apr. 6. . 2,687 2,604 -28 H2 679 13. . 2,931 2,861 -14 85 630 Apr. 6. .. 2,871 836 505 1,221 308 20. . 2,964 2,905 6 54 952 13. 3,407 1 .457 607 1,169 173 27. . 2,757 2,710 19 28 950 20. 3,432 1,392 748 1,124 169 27. .. 3,199 1,106 735 1,149 209 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

JUNE 1966 OUTSTANDING SECURITIES 865 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, MAY 31, 1966 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. June 2, 1966. 2,302 Nov. 3, 1966................. 990 Apr. 1,1968.........1ft 212 Oct. 1, 1969.........4 6,258 June 9, 1966. 2,301 Nov. 10, 1966................. 1,001 Oct. 1,1968.........114 115 Feb. 15, 1970.........4 4,381 June 16, 1966. 2,301 Nov. 17, 1966................. 1,001 Apr. 1,1969..........1ft 61 Aug. 15, 1970.........4 4,129 June 22, 1966. 4,522 Nov. 25, 1966................. 1,000 Oct. 1,1969......... 1ft 159 Aug. 15, 1971.........4 2,806 June 23, 1966. 2,304 Nov. 30, 1966................. 1,001 Apr. 1,1970..........1ft 88 Nov. 15, 1971..........3’/a 2,760 June 30,1966. 3,302 Dec. 31, 1966................. 1,001 Oct. 1, 1970..........1ft 113 Feb. 15, 1972.........4 2,344 July 7,1966. 2,305 Jan. 31,1967................. 1 ,001 Nov. 15, 1970........5 7,675 Aug. 15, 1972.........4 2,579 July 14, 1966. 2,301 Feb. 28, 1967................. 1 ,000 Apr. 1,1971.........1ft 12 Aug. 15, 1973.........4 3,894 July 21, 1966. 2,302 Mar. 31, 1967................. 1 ,000 Nov. 15, 1973..........4'/s 4,357 July 28, 1966. 2,301 Apr. 30, 1967................. 1,001 Feb. 15, 1974..........4ft 3,130 July 31, 1966. 1,000 May 31, (967................. 1 ,001 Treasury bonds May 15, 1974..........4ft 3,593 Aug. 4, 1966. 2,300 June 15, 1962-67... 2 ft 1,430 Nov. 15, 1974..........3% 2,243 Aug. 11, 1966. 2,303 Certificate Dec. 15, 1963-68... 2ft 1,791 May 25, 1975-85.. .4% 1,217 Aug. 18, 1966. 2,301 Nov. 15, 1966.....4*4 1 ,652 June 15, 1964-69... 2ft 2,547 June 15, 1978-83... 314 1,580 Aug. 25, 1966. 2,302 Dec. 15, 1964-69... 2ft 2,496 Feb. 15, 1980..........4 2,607 Aug. 31, 1966. 1,000 Treasury notes Mar. 15, 1965-70...2ft 2,405 Nov. 15. 1980..........3ft 1,911 Sept. 1, 1966, 1 ,001 Aug. 15, 1966.......4 8,436 Aug. 15, 1966...... 3 700 May 15, 1985..........3ft 1,125 Sept. 8, 1966. 1 ,000 Oct. 1,1966...........P/2 357 Nov. 15, 1966..........3% I ,851 Aug. 15, 1987-92.. .414 3,818 Sept. 15, 1966, 1 ,002 Nov. 15, 1966..........4 2,254 Mar. 15, 1966-71...2ft 1,397 Feb. 15, 1988-93...4 250 Sept. 22, 1966, 1 ,000 Feb. 15, 1967..........3% 2,358 June 15, 1967-72...2ft 1 ,273 May 15, 1989-94.. .414 1,560 Sept. 29, 1966. 1 ,000 Feb. 15, 1967..........4 5,151 Sept. 15, 1967-72...2ft 1,952 Feb. 15, 1990..........314 4,897 Sept:.. 30, 1966, 1,000 Apr. 1,1967.......... 114 270 Nov. 15, 1967........3ft 2,019 Feb. 15, 1995.........3 2,109 Oct, 6, 1966. 1,002 May 15, 1967..........4!4 9,748 Dec. 15, 1967-72... 2ft 2,671 Nov. 15, 1998..........314 4,406 Oct. 13, 1966. 1,000 Aug. 15,1 967...........3W 2,929 May 15, 1968........3ft 2,460 Oct. 20, 1966. 1 ,002 Aug. 15, 1967..........4% 2,117 Aug. 15, 1968........3ft 3,747 Convertible bonds Oct. 27, 1966. 1 ,000 Oct. 1,1967...........1'4 457 Nov. 15, 1968........3ft 1,591 Investment Series B Oct. 31, 1966. 1,000 Nov. 15, 1967..........4^ 8,135 Feb. 15, 1969........4 3,728 Apr. 1, 1975-80... 2 ft 2,694 Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, APRIL 30, 1966 Agency, a n ty d p e c o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m d m i o ll o l i l u o a n n r s s t ) Agency, a n ty d p e c o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m d m i o ll o l i l o u a n n r s s t ) Federal home Ioan banks Federal intermediate credit banks Debentures: Notes: 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 222 Aug. 16, 1965....................... .4.35 July 25, 1966 500 Nov. J, 1965 ............... ..4.45 Aug, 1, 1966 256 Jan. 1,1966....................... .4.95 Aug. 25, 1966 369 Dec. 1,1965............... ..4.60 Sept. 1, 1966 267 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............... ..5.00 Nov. 1, 1966 323 Apr. 25, 1966....................... .5.30 Nov. 25, 1966 325 Mar. 1, 1966............... . .5.15 Dec. 1,1966 340 Mar. 25, 1966....................... .5.40 Feb. 27, 1967 543 Apr. 4, 1966............... ..5.35 Jan. 3, 1967 383 Apr. 25, 1966....................... .5.40 Mar. 27, 1967 575 Federal land banks Bonds: Bonds: Dec. 9, 1963....................... ..4'4 Aug. 15, 1966 200 June 21, 1965............... ...4.35 May 2- 1966 117 June 15, 1964....................... ..414 Nov. 15, 1966 275 May 1, 1958 ............... ...3'/4 May 2, 1966 108 Oct. 15,1965....................... ..4W Jan. 25, 1967 375 Sept. 20, 1961............... ...41/4 July 20, 1966 193 Mar. 15, 1965....................... ..414 Sept. 15, 1967 185 Oct. 20, 1965............... ...4.55 Sept. 20, 1966 219 June 15, 1965....................... ■ .4J4 Mar. I, 1968 250 Aug. 23, 1965............... ■ • .4’4 Dec. 20, 1966 239 Feb. 15, 1957............... Feb. 15, 1967-72 72 Federal National Mortgage Association— Apr. 20, 1965 ............... Feb. 20, 1967 126 secondary market operations May I, 1962............... ...4 May 22, 1967 180 Dec. 20, 1965............... ...41/4 Aug. 21, 1967 179 Discount notes.......................... 1 ,040 Oct. 1, 1957 ............... ...4'4 Oct. I, 1967-70 75 Oct. 22, 1963............... ...4'4 Oct. 23, 1967 174 Debentures: Feb. 21, 1966............... ...5'4 Jan. 22, 1968 130 Dec. 12, 1960....................... . .4(4 Dec. 12, 1966 93 Apr. 1, 1959............... .. .4% Mar. 20. 1968 111 Feb. 10, 1966....................... . .5 Feb. 10, 1967 150 May 1, 1963 ............... . . .4 June 20, 1968 186 Mar. 10, 1966....................... ..5HU May 10, 1967 250 Aug. 20, 1964............... ...4'/4 Aug. 20, 1968 160 Oct. 11,1965....................... ..414 Oct. 11, 1967 150 Feb. 2, 1959............... ...4% Mar. 20, 1969 100 Mar. 10, 1958....................... Mar. 11, 1968 87 Feb. 23, 1965............... ...4‘/4 July 15, 1969 130 Apr. 10, 1959....................... ..4g Apr. 10, 1969 88 July 15, 1957 ............... ...4% July 15, 1969 60 Apr. 11, 1960....................... ..4K Apr. 10, 1970 142 Oct. 20, 1964............... ...41/4 Oct. 20, 1969 209 Sept. 12, 1960....................... ..4% Sept. 10, 1970 1 19 Feb. 1, 1960............... • ••5'4 Feb. 20, 1970 82 Aug. 23, 1960....................... ..414 Aug. 10, 1971 64 Feb. 14, 1958............... • ■ -3'4 Apr. 1, 1970 83 Sept. 11, 1961....................... ..414 Sept. 10, 1971 96 Jan. 5, 1960............... ...5'4 July 20, 1970 85 Feb. 10, 1960....................... ..5'4 Feb. 10, 1972 98 May 1, 1956............... •••3'4 May 1, 1971 60 Dec. 11, 1961....................... ..4W June 12, 1972 100 Sept 14, 1956............... • ••3’4 Sept. 15, 1972 109 June 12, 1961....................... . .41/4 June 12, 1973 146 Feb. 20, 1963............... ...4% Feb. 20, 1973-78 148 Feb. 13, 1962....................... ..414 Feb. 10, 1977 198 Feb. 20, 1962............... ...4U Feb. 20, 1974 155 Apr. 20, 1965............... ...4g Apr. 21, 1975 200 Banks for cooperatives Feb. 21, 1966............... ...5 Feb. 24, 1976 123 Debentures: Tennessee Valley Authority Nov. 1, 1965......................... .4.40 May 2, 1966 165 Short-term notes........... 100 Dec. 1,1965....................... .4'4 June 1, 1966 228 Bonds: Feb. 1, 1966....................... .4.95 Aug. 1, 1966 236 Nov. 15, 1960............... ..4.40 Nov. 15. 1985 50 Apr. 4, 1966......... .5.30 Oct. 3, 1966 230 July 1, 1961............... • •454 July I, 1986 50 Feb. 1. 1962............... ..4!4 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

866 CREDIT AGENCIES; SECURITY ISSUES JUNE 1966 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn, Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m b a A t n e e o d c m r s ­ e ­ s I m nv e e n s ts t­ p C a o d a n s e s d i ­ h t s B n a o o n n te d d s s M po 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 s t ­ D n t a e u ( o n L b r t e d e e ) s s n ­ c L a o t ( o o i t A v a o p e ) n e s s r ­ D t e u (L b re e ) s n­ c L o a d ( o u A n i a s n d n ) ­ t s s D t e u (L b re ) e s n­ M l g o ( a A a o g n r ) e t s ­ B ( o L n ) ds 1957............. 1,265 908 63 825 653 685 1 ,562 1 315 454 222 932 8R6 919 1 599 1958............. 1 '298 999 75 714 819 769 1,323 1,100 510 252 1,157 1 116 2 089 1,743 1959............. 2,134 1 093 103 1,774 589 866 1 967 1 640 622 364 1 391 1 356 2 360 1 986 I960............. 1,981 1,233 90 1,266 938 989 2,788 2 523 649 407 1 501 1 454 2 564 2 210 1961............. 2’622 1,153 159 1,571 1,180 1,107 2,770 2*453 697 435 1 ,650 1 585 2*828 2*431 1962............. 3'479 1,531 173 2,707 1,214 1,126 2,752 2^422 735 505 1,840 1 *727 3*052 2*628 1963............. 4,784 1 ’906 159 4'363 1151 1 ' 171 2 000 1 788 840 589 2 099 1 952 3 310 2 834 1964............. 5,325 1,523 141 4,369 1,199 1,227 1 ,940 1 1601 958 686 2,247 2*112 3*718 3*169 1965—Apr... 5,219 1,386 95 4,184 1,026 1,254 1,990 1,795 978 696 2,480 2,278 3,950 3,415 May.. 5,227 1,687 73 4,484 1 ,024 1 ,257 2,004 1,898 940 678 2,577 2,367 4,011 3,415 June.. 5,586 1,691 110 4,757 1,174 1 ,260 2,014 1 ,797 931 687 2,687 2,462 4,058 3,532 July. . 5,793 1,299 75 4,807 913 1 ,265 2,032 1,794 935 687 2,772 2,546 4,097 3,532 Aug... 5,770 1,578 79 5,057 903 1,268 2,062 1,804 944 710 2,786 2,627 4,135 3,612 Sept... 5,802 1,567 85 5,046 944 I ,270 2.108 1 ,756 940 708 2,725 2,603 4,171 3,612 Oct... 5,826 1,574 75 5,018 965 1,272 2,169 1,845 1,009 744 2,617 2,501 4,204 3,671 Nov... 5,724 1,838 80 5,221 936 1,275 2,290 1,918 1 ,082 787 2,501 2,386 4,245 3,671 Dec... 5,997 1,640 129 5,221 I ,045 1 ,277 2,456 1,884 1,055 797 2,516 2,335 4,281 3,710 1966—Jan.. . 5,898 1,424 80 5,068 844 1 ,281 2,666 2,338 1,113 797 2,541 2,342 4,328 3,710 Feb... 5,739 1,539 91 5,050 796 1 ,292 2,912 2,397 1,145 819 2,601 2,404 4,385 3,813 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 Apr... 6,516 1,187 76 5,435 812 1,325 .............. 1,148 859 2,843 2,602 4,553 3,813 Note.—-Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt., for a listing of these securities, see preceding page. Loans are sheet items are capital accounts of all agencies, except for stock of home gross of valuation reserves and represent cost for FNMA and unpaid loan banks. Bonds, debentures, and notes are valued at par. They in­ principal for other agencies. clude only publicly offered securities (excluding, for the home loan banks, NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Use of proceeds Total Period amount Total G g o a e b t a n i l l o e i­ n r­ s R n e u v e e­ PHAi G l U o o a . v S n t . s , State S d s p i a s t e n t a c r d t i i , c a l t Other2 d er e e li d v 3 ­ Total c E at d i u o ­ n R b a r o i n d a 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 auth. 1960 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961 8,566 5,724 2,407 315 120 I ,928 2,165 4,473 8,301 8,463 2,821 1,167 1,700 385 478 1,913 1962 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1964 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 1X1 120 2,838 1965 ............... 11,328 7,177 3,517 464 170 2,401 3,783 5,144 1 1,538 10,470 3,618 900 1,965 626 50 3,311 1965--Feb....... 966 666 288 11 191 290 484 755 872 308 20 277 1 266 Mar.. . . 1,036 546 363 116 12 84 408 544 1,019 904 394 28 152 127 203 Apr....... 994 687 291 16 295 277 422 991 826 288 120 84 17 317 May.... 987 506 347 126 8 180 370 436 939 924 392 70 125 133 204 June.... 1 ,065 570 481 14| 192i 422 451 1,119 972 453 62 198 13 246 July.... 1,040 776 247 17 400 260 379 995 986 215 26 170 2 50 522 Aug. . . . 733 373 224 132 4 38 271 425 1,004 648 191 51 113 139 155 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 17 241 270 531 926 1,021 383 74 289 13 4 260 Dec....... 764 365 283 90 25 67 367 330 1,100 754 216 137 164 91 .........1.4..5 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 * 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

JUNE 1966 SECURITY ISSUES 867 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 ment Total G U o . v S t . .2 G a U c g o y . e v S n 3 t . ­ , l S o U a t c n a . a S d t l e . 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 Total m N on ew ey 7 O p p o t u s h r e e ­ s r s r e i o t c ie f 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 I960................... 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961................... 35,527 12,253 1 ,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 868 1962............ 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1 ,507 754 1963................... 31,616 7,213 1,168 10,107 891 12,237 10,872 4,714 6,158 342 1,022 12,081 10,553 8,993 1,561 1,528 1964................... 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 13,792 13,038 11,233 1,805 754 1965................... 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 15,801 14,805 13,063 1,741 996 1965—Mar........ 3,003 413 185 1,003 45 1,358 1,215 557 658 60 82 1,343 1,197 1,039 157 146 3,050 390 325 971 131 1,233 1,070 422 648 35 127 1,214 1,152 939 213 61 3,160 356 1,020 11 1,773 1,324 694 630 65 384 1,746 1,691 1,560 132 55 June........ 4,297 362 775 1,000 122 2,038 1,729 748 980 155 154 2,018 1,946 1,665 281 72 July........ 2,936 388 1,055 49 1,443 1,322 542 780 44 78 1,427 1,290 1,168 122 137 Aug........ 2,354 371 239 718 95 930 837 369 468 15 78 919 850 760 91 69 Sept..... 3,029 342 150 984 14 1,538 1,370 664 706 92 76 1,523 1,392 1,249 143 130 Oct......... 2,661 369 375 867 65 986 861 287 574 8 116 973 924 834 90 49 Nov........ 6,340 3,463 375 ! ,018 86 1,398 1,142 613 529 92 165 1,377 1,325 1,183 143 52 Dec......... 2,948 331 179 768 25 1,646 1 ,487 326 1,161 87 72 1,632 1,496 1,279 217 136 3,084 475 1,176 23 1 ,410 1,220 480 740 119 70 1,395 1 ,346 1,211 135 50 Feb......... 2,995 345 503 804 42 1,301 1,168 560 608 75 59 1 ,287 1 ,251 1,086 165 36 Mar........ 4,250 457 410 848 54 2,482 2,065 753 1 ,311 21 396 2,452 2,446 2,039 407 7 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 capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ rities rities rities rities rities rities 1958.............................................. 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959.............................................. 1,941 70 812 28 942 15 3,189 15 707 1,801 6 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.............................................. 3,312 190 774 55 873 83 1,935 699 726 356 2,933 144 1964.............................................. 2,772 243 1,024 82 941 32 2,445 280 2,133 36 3,723 80 1965.............................................. 5,015 338 1,302 79 967 36 2,546 357 847 92 4,128 93 1965—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 2 698 22 75 4 163 248 23 143 1 364 6 June............................. 441 41 151 15 44 1 184 8 98 1,028 7 July............................... 399 50 265 4 124 3 202 24 102 51 197 4 Aug................................... 307 54 51 2 42 297 5 25 4 129 4 Sept....................................... 414 16 117 8 65 287 74 196 5 313 27 Oct............................ 273 10 77 5 53 13 158 9 92 3 272 8 Nov.................... 402 17 44 94 209 28 43 4 433 3 Oec .................................... 470 18 192 24 130 243 62 43 17 418 16 1966—Jan..................................... 403 22 116 10 167 388 14 125 146 4 Feb.................................... 534 18 84 8 94 * 249 5 145 • 144 5 977 7 160 * 373 340 301 294 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price. 7 For plant and equipment and working capital. 2 Includes guaranteed issues. 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. 4 See Note to 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

868 SECURITY ISSUES JUNE 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 ve s 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--I................. 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 1 ,975 1,124 733 477 831 647 -98 IV............... 5,798 2,605 3,193 3,250 1,178 2,073 1,770 778 657 770 1,113 7 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate facturing and other 2 tation 3 utility cation and financial 4 Period & B n o o n t d e s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks I960. 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 -7 356 101 -47 115 693 1 ,069 1965--I.................. 574 -256 -5 -1 39 9 28! 97 64 100 351 901 n................ 814 138 234 -30 57 -28 293 116 201 139 1,156 719 Ill............... 625 -210 223 -19 37 21 554 78 255 149 282 530 IV............... 601 -243 163 2 52 -3 215 24 124 130 918 1 ,210 * 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 2 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. 867. actions only. As contrasted with data shown on p. 865, new issues exclude OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C s a i s ti h o n Other 1955............. 1,207 443 765 7,838 438 7,400 1965—Apr... 351 155 196 31,521 1,523 29,998 May. . 301 158 143 31,431 1,551 29,880 1956.............. 1,347 433 914 9,046 492 8,554 June.. 417 186 231 30,036 1,447 28,589 1957.............. 1,391 406 984 8,714 523 8,191 July... 332 147 185 30,749 1,616 29,133 1958.............. 1,620 511 1,109 13,242 634 12,608 Aug... 272 142 129 31,762 1,815 29,947 1959.............. 2,280 786 1,494 15,818 860 14,958 Sept... 381 183 199 32,824 1,787 31,037 1960.............. 2,097 842 1,255 17,026 973 16,053 Oct.... 394 173 220 33,921 1,758 32,163 Nov... 360 163 197 34,533 1,847 32,686 1961.............. 2,951 1,160 1,791 22,789 980 21,809 Dec.. . 475 176 299 35,220 1,803 33,417 1962.............. 2,699 1,123 1,576 21,271 1,315 19,956 1963.............. 2,460 1,504 952 25,214 1,341 23,873 1966—Jan.... 507 191 316 36,213 2,009 34,204 1964.............. 3,404 1,875 1,528 29,116 1,329 27,787 Feb... 440 229 211 36,178 2.094 34,084 1965.............. 4^359 1,962 2,395 35,220 1,803 33,417 Mar. . 592 244 348 36,173 2,040 34,133 Apr... 538 255 284 37,136 2,107 35,029 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. 2 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

JUNE 1966 BUSINESS FINANCE 869 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1964*- 1965 1966 Industry 1961 1962 1963 1964* 1965 III IV I II III IV I Manufacturing Total (177 corps.): Sales............................................................. 123,669 136,545 147,380 158,253 *•176,676 37,842 40,972 42,742 45,344 41,946 *"46,644 47,053 Profits before taxes............................ 13,268 15,330 17,337 18,734 ’■22,043 4,028 4,636 5,517 6,021 4,723 *■5,782 5,984 Profits after taxes........................................ 7,167 8,215 9,138 10.462 ’12,482 2,298 2,698 3,081 3,399 2,732 *■3,269 3,356 Dividends........................................... 4,730 5.048 5,444 5,933 6,54! 1,324 1 .873 1,411 1,629 1.435 2,066 1 ,559 Nondurable goods industries (78 corps.):1 Sales............................................................ 49,362 52,245 55,372 59.770 ’■64,635 15,083 15,429 15,453 16,131 16,320 -■16,732 17,206 Profits before taxes.................................... 5,602 5,896 6,333 6,881 '7.818 1 ,747 1.773 1,804 1,985 2,014 *2,014 2,126 Profits after taxes........................................ 3,225 3,403 3,646 4. 121 *4,798 1,040 1,090 1,112 1 .213 1,222 *1,251 1,290 Dividends.................................................... 2,031 2,150 2,265 2,408 2,541 584 690 606 607 617 711 640 Durable goods industries (99 corps.):2............ Sales.................................................... 74,307 84,300 92,008 98,482 *1 12,041 22,759 25,543 27,289 29,214 25,626 *29,912 29.847 Profits before taxes.................................... 7,666 9.434 11,004 1 1,853 ’14,225 2,281 2,863 3,713 4,036 2,709 *3,768 3,858 Profits after taxes........................................ 3,942 4,812 5,492 6,341 ’•7,684 1 .257 1,608 1,970 2,186 1,509 *2,018 2,066 Dividends.............................................. 2,699 2,898 3,179 3,525 4,000 740 1,183 804 1,022 819 1,355 919 Selected industries: Foods and kindred products (25 corps.): Sales............................................................. 12,951 13,457 14,301 15,284 ’■16,345 3.935 3.939 3,868 4,082 4,194 *4.200 4,298 Profits before taxes..................................... 1,440 1 ,460 1,546 1,579 *•1,710 419 413 388 433 452 *436 437 Profits after taxes....................................... 682 698 747 802 896 214 213 201 225 234 236 230 Dividends.................................................... 397 425 448 481 508 119 124 124 125 126 133 127 Chemical and allied products (20 corps.): Sales...................-T..................................... 12,606 13,759 14,623 16,469 17,938 4,171 4.258 4,238 4,492 4.565 4,642 4,819 Profits before taxes..................................... 1 ,979 2,162 2,286 2,597 2,878 660 646 679 758 734 707 759 Profits after taxes........................................ 1,034 1.126 1, 182 1 ,400 1 ,627 352 357 386 424 409 409 428 Dividends.................................................... 833 868 904 924 926 212 297 214 213 215 285 221 Petroleum refining (16 corps.): Sales............................................................. 14,483 15,106 16,043 16,589 17,878 4, 106 4,267 4,404 4,449 4,454 4,571 4,818 Profits before taxes................................... 1,237 1,319 1,487 1,560 ’1,946 377 416 440 473 504 *530 580 Profits after taxes........................................ 1,025 1,099 1,204 1,309 1 ,555 320 352 363 386 400 406 442 Dividends.................................................. 528 566 608 672 752 169 184 182 183 187 200 203 Primary metals and products (34 corps.): Sales............................................................. 20,234 21.260 22,116 24,195 ’26.530 6,099 6,449 6,614 7,091 6,657 *6,167 6,522 Profits before taxes.................................... 1 ,999 1,838 2,178 2,556 '2,951 593 738 768 865 695 *623 688 Profits after taxes........................................ 1 ,067 1.013 1,183 1 .475 *1,704 344 436 436 493 402 *373 399 Dividends................................................... 843 820 734 763 818 187 204 195 200 202 221 216 Machinery (24 corps.): Sales............................................................. 17,446 19.057 21,144 22.558 25,148 5,478 5,967 5,772 6,305 6,286 6,785 7,033 Profits before taxes.................................... 1 ,701 1 .924 2,394 2,704 3,116 661 652 747 817 764 788 935 Profits after taxes........................................ 859 966 1,177 1,372 1,621 339 334 385 426 400 410 479 Dividends.................................................... 508 531 577 673 775 171 175 192 187 189 207 217 Automobiles and equipment (14 corps.): Sales............................................................. 23,314 29.156 32.927 35,338 -42,662 7,137 8,941 10,898 11,450 8,281 *12,032 11,718 Profits before taxes.................................... 2,786 4,337 5,004 4,989 6,263 588 1,061 1 ,828 1 ,883 756 1,797 1 ,780 Profits after taxes........................................ 1,404 2.143 2,387 2,626 3,298 338 608 942 1,004 430 *923 935 Dividends.................................................... 973 1,151 1 ,447 1,629 1,890 276 659 305 520 307 759 360 Public utility Railroad: Operating revenue...................................... 9,189 9,440 9,560 9,778 10,208 2.467 2,506 2,385 2,582 2,575 2,668 Profits before taxes.................................... 625 729 816 817 204 196 145 259 251 Profits after taxes........................................ 382 . 572 651 681 170 182 121 213 206 Dividends.................................................... 359 367 356 440 106 132 108 118 81 Electric power: Operating revenue...................................... 12,478 13,489 14,294 15,156 45,961 3,716 3,796 4,227 3,822 3,901 *4,011 4,477 Profits before taxes.................................... 3,349 3,583 3,735 3,926 4,116 995 938 1, 154 949 1 .036 977 1 ,215 Profits after taxes........................................ 1,883 2,062 2,187 2,375 2,586 583 592 712 597 626 632 758 Dividends.................................................. 1,374 1 ,462 1,567 1,682 1,833 430 410 467 438 437 491 473 Telephone: Operating revenue...................................... 8,615 9,196 9,796 10,550 11,320 2,654 2,734 2,732 2,790 2,854 2,944 2,992 Profits before taxes.................................... 2,478 2,639 2,815 3,069 3,185 773 774 783 766 830 806 851 Profits after taxes................................... 1,233 1,327 1 ,417 1,590 1,718 402 403 420 419 447 432 460 Dividends.................................................... 867 935 988 1,065 1,153 268 274 279 284 294 296 302 i Includes 17 corps, in groups not shown separately. Telephone: Data obtained from Federal Communications Commis­ 2 Includes 27 corps, in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Note.—Manufacturing corps: Data are obtained primarily from Lines and General Depts, of American Telephone and Telegraph Co.) published co. reports. , _ and for 2 affiliated telephone cos. Dividends are for the 20 operating Railroads: Interstate Commerce Commission data for Class I line­ subsidiaries and the 2 affiliates. haul railroads. All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

870 BUSINESS FINANCE JUNE 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 ­ s e P t a r a f o x t f e e i s r ts d C d e i a n v s d i h ­ s t U r p i r b n o u d f t i i e t s s d ­ co c a n a l t l s i p o o u i w n 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 r a f o x t f e e i s r ts d C d e i a n v s d i h ­ s t U r p i r b n o u d fi t i t e s s d ­ co c a n a t ll i s 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—III... 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 I960.............. 49.7 23.0 26.7 13.4 13.2 24.9 1965—1. ... 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 III.. . 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 i Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages, adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U. S. receivable payable Accrued capital Total Cash s G ec o u v r t i , ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o . v S t . .1 Other taxes 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. 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 II....................... 166.2 384.3 43.7 16.3 3.2 182.8 119.7 18.4 218.0 2.9 145.9 15,9 53.2 Ill...................... 169.1 393.5 43.6 16.0 3.6 188,3 123.4 18.6 224.4 3.1 150.2 17.0 54.1 IV...................... 171.7 405.8 47.1 17.0 3.9 193.0 126.6 18.3 234.1 3.1 157.4 19.0 54.6 1966—I......................... 174.7 411.5 44.8 17.1 3.9 195.7 130.5 19.6 237.0 3.8 157.4 18.9 56.9 i Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset, against each other on corps? books. banks, savings and loan assns., and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable d N ur o a n bl ­ e Mining Railroad Other u P t u il b it l i i e c s n C i o ca m ti m on u s ­ Other 1 a ( r n S a n . t A u e) 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 1.85 5.52 3.22 8.46 1962......................................... 37.31 7.03 7.65 1.08 .85 2.07 5,48 3.63 9.52 1963........................................ 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10,03 1964......................................... 44.90 9.43 9.16 1.19 1.41 2.38 6.22 4.30 10.83 1965......................................... 51.96 11.40 11.05 1,30 1.73 2.81 6.94 4.94 11.79 1966 2 r.................................... 60.78 13.78 13.24 1.42 2.05 3.49 7.99 18 80 1964—III................................. 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 Ill............................... 13.41 2.91 2.82 .32 .44 .72 1.88 1.22 3.10 52.75 IV................................. 14.95 3.48 3.24 .35 .46 .73 2.04 1.41 3.25 55.35 1966—Ir................................. 12.77 2.87 2.74 .33 .40 .75 1.60 1.26 2.83 58.00 II 2r............................. 15.17 3.44 3.30 .36 .51 .97 1.97 4.62 59.60 Ill 2.......................... 15.66 3.45 3.38 .36 .54 .89 2.23 4.80 61.65 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

JUNE 1966 REAL ESTATE CREDIT 871 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other Multifamily and. Mortgage E pe n r d io o d f h A e o r H l s d ­ tu F i t n c i i n i o s a a t n l i n ­ s ­ * a U c g i . e e S h n s . o ­ lde v r I i s a n d 2 n u d d a i­ ls h A e o r l l s d l ­ tu F i t n i c i n o i s a a t n l i n s ­ ^ , O h e o t r h l s d e 3 ­ r h A e o r l l s d l ­ T 1 o - t a to l 4 t - u F f i a t n i i m n s o a t n i i n l ­ s y , 1 ho O h u e o s th r e l s d e s ­ r c T o o m ta m l er t c u F i i t a n i i n l o s a t n p i n ­ s r , o 1 pe O h r e o t t i r h l e s d e s ­ r 4 u F V n H d A A e - t r - y ­ pe t C i 5 v o e o n n n a ­ ­ l others written 1941........... 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945........... 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12,2 7.4 4.7 4.3 26.5 1960........... 206.8 157.6 11.2 38.0 12.8 4.7 8.2 194.0 141.3 117.9 23.4 52.7 35.0 17.7 62.3 131.7 1961........... 226.3 172.6 11.8 41.9 13.9 5.0 8.9 212.4 553.1 128.2 24.9 59.3 39.4 19.9 65.5 146.9 1962........... 251.6 192.5 12.2 47.0 15.2 5.5 9.7 236.4 166.5 140.4 26.0 69.9 46.6 23.4 69.4 167.0 1963........... 281.2 217.1 11.2 52.9 16.8 6.2 10.7 264.4 182.2 156.0 26.2 82.2 54.9 27,3 73.4 190,9 1964........... 311.6 241.0 11.4 59.2 18.9 7.0 11.9 292.7 197.6 170.4 27.2 95.1 63.6 31.4 77.2 215.6 1965^......... 342.0 264.5 12.4 65.1 21.2 7.8 13.4 320.9 213.0 184.4 28.5 107.9 72.3 35.6 81.2 239.7 1963—HI... 273.4 210.8 11.1 51.5 16.6 6.1 10.5 256.8 178.2 152.2 26.0 78.6 52.5 26.1 72.1 184.7 IV... 281.2 217.1 11.2 52.9 16.8 6.2 10.7 264.4 182.2 156,0 26.2 82.2 54.9 27,3 73.4 190.9 1964—1.... 287.4 222,0 11.3 54.1 17.3 6.4 10.9 270.0 185.4 159.0 26.4 84.6 56.5 28.1 74.2 195.8 II... 295.5 228.5 11.3 55.7 18.1 6.7 11.4 277.5 189.8 163.2 26.6 87,7 58.6 29.1 74.9 202.6 HI... 303.6 234.8 11.3 57.4 18.5 6.9 11.7 285.1 193.9 167.0 26.9 91.2 61.0 30.2 76.2 208.9 IV... 311.6 241.0 11.4 59.2 18.9 7.0 11.9 292.7 197.6 170,4 27.2 95.1 63.6 31.4 77.2 215.6 1965—Ip... 317.8 245.8 11.6 60.4 19.5 7.2 12.3 298.3 200.5 173.1 27.4 97.8 65.5 32.3 77.9 220.4 Up.. 326.0 252.2 11.7 62.1 20.2 7.4 12.8 305.8 204.8 177.1 27.7 101.0 67.7 33.3 78.7 227.1 IIP . 334.1 258.5 11.9 63.6 20.7 7.6 13.1 313.4 208.9 180.9 28.0 104.4 70.0 34.4 80.0 233.4 IVp.. 342.0 264.5 12.4 65.1 21.2 7.8 13.4 320.9 213.0 184.4 28.5 107.9 72.3 35.6 81.2 239.7 1966—Ip. .. 348.6 269.2 13.4 65.9 21.8 8.0 13.7 326.8 216.1 187.0 29.1 110.7 74.2 36.5 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 s Data by type of mortgage on nonfarm 1- to 4-family properties alone assns. are shown on second page following. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Note.—Based on data from Federal Deposit Insurance Corp., Federal Other U.S. agencies (amounts small or current separate data not readily Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul­ available) included with "individuals and others.” ture and Commerce, Federal National Mortgage Assn,, Federal Housing 3 Derived figures; includes debt held by Federal land banks and farm Admin., Public Housing Admin., Veterans Admin., and Comptroller debt held by Farmers Home Admin. of the Currency. ♦ Derived figures; includes small amounts of farm loans held by Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Total FHA- VA- Con­ f n a o r n m ­ Farm Total FHA- VA- Con­ O no th n e ­ r Farm Total in­ guar­ ven­ Total in­ guar­ ven­ farm sured anteed tional sured anteed tional 1941............................... 4,906 3,292 1,048 566 4,812 3,884 900 28 1945............................... 4,772 3; 395 856 521 4; 208 3;387 797 24 1960............................... 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961............................... 30,442 21,225 5,975 2,627 12;623 7,470 1^47 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 7^05 2; 862 16i 509 10,611 2; 327 36;224 32,718 10,684 10,490 11,544 3,454 52 1964............................... 43'976 28’933 7^15 2; 742 18,876 12,405 2; 638 40^56 36;487 12,287 11,121 13;O79 4,016 53 1965............................... 49,675 32,387 7; 702 2,688 21,997 14,377 2>11 44;617 40,096 13,791 11^408 14,897 4,469 52 1963—III...................... 38,360 25,855 7,007 2,870 15,978 10,203 2,302 35,191 31,775 10,328 10,335 11,112 3,365 51 IV...................... 39’414 26,476 7,105 2,862 16',509 10,611 2; 327 36,224 32',718 io;684 10,490 11,544 3,454 52 1964—1......................... 40,200 26,894 7,110 2,824 16,960 10,894 2,412 37,155 33,506 11,004 10,639 11,863 3,597 52 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 I 8;396 11,896 2,620 39;381 35;449 11,826 1O;977 12,646 3,879 53 IV....................... 43,976 28^933 7,315 2; 742 18,876 12,405 2^638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965—1......................... 44,799 29,388 7,329 2,722 19,337 12,723 2,688 41,521 37,357 12,664 11,228 13,465 4,112 52 II........................ 46,548 30,383 ?; 469 2JI2 20; 202 13;371 2; 794 42;467 38^14 13;036 11;322 13;856 4,202 51 HI...................... 48,353 31,574 7’,641 2; 700 2L233 13^926 2; 853 43;539 39’153 13,412 11;368 14,373 4,334 52 IV...................... 49;675 32,387 7 ,’702 2^88 21,997 14,377 2 ;9i i 44,617 40^96 13;791 IMOS 14,897 4,469 52 1966—Ip....................... 50,575 45,361 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

872 REAL ESTATE CREDIT JUNE 1966 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total VA- Farm 1 Total VA- Farm Total in F s H u A re - d a g n u te a e r d ­ Other * 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 1,394 4,466 766 I960.............................................. 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 J 70 1962.............................................. 7,478 6,859 1,355 469 5,035 619 46,902 43 302 10,176 6’395 26’931 3^400 1963.............................................. 9,172 8,306 1 ,598 678 6,030 866 50,544 46^52 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 v........................................... 10,942 9,785 1,716 539 7,530 1,157 60,021 55 J97 12^094 6; 292 36^811 4^824 1965—Mar.r................................. 981 800 152 52 596 181 56,362 51,937 11,733 6,430 33.774 4,425 880 772 134 40 598 108 56,687 52'213 11,786 6,419 34,008 4^474 May.................................. 749 662 117 37 508 87 56^997 52’482 11'821 6'404 34'257 4^515 June................................... 939 840 142 41 657 99 57,384 52,806 1L 860 6'384 34^562 4^578 July.................................... 834 759 121 40 598 75 57,663 53,041 IL 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 1^950 6’326 35,447 4,688 932 868 161 44 663 64 58,824 54;103 12^010 6'316 35’777 4,72! 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', 81 1 4'824 1966_jan..................................... 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 Mar.................................... 978 815 139 40 636 163 61288 56^321 12^259 6^282 37;780 4^967 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because (1) 1959 and with "other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.—'Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Advances outstanding (end of period) Period h N o e m w e Home FHA- VA- Con­ Period va A n d c ­ es R m e e p n a ts y­ M de e p m o b si e t r s s Total 1 s c tr o u n c ­ ­ c p h u a r s ­ e Total 2 su in re ­ d a g n u te a e r­ d ti v o e n n a ­ l Total t S e h rm or t­ 1 t L e o rm ng ­ 2 tion 1945....................... 278 213 195 176 19 46 1945 .. 1 913 181 1 358 5,376 1960....................... I ,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 I '447 1 ,216 1,180 1961........... 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1962....................... 4’111 3^294 3’479 2^005 1’474 1,213 1962........... 20.754 5,979 8,524 78,770 4,476 7,010 67,284 1963....................... 5’601 4,296 4^784 2^863 L921 1 ’ 151 1963 ........... 24,735 7'039 9,920 90,944 4,696 6,960 79,288 1964....................... 5,565 5^025 5^325 2^846 2,479 1,199 1964........... 24,505 6’515 10,397 101,333 4,894 6,683 89,756 1965.............. .. . . 5,’007 4'335 5^997 3^074 2’923 1 ,043 1965............ 23;847 5^922 10,697 110^202 5,141 6^391 98,670 1965—Apr............ 735 264 5,219 2,565 2,653 1,026 1965—Apr.. 2,068 558 850 103,997 4,950 6,587 92,460 May........... 350 342 5 i 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 2^19 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 Nov............ 236 338 5,724 2'877 2^847 934 Nov.. 1,825 431 834 109,507 5,108 6,432 97,967 400 128 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.. 1,998 454 814 112,001 5,195 6,331 100,475 Apr............ 967 138 6,516 3,343 3,173 811 Apr.11 1,891 429 802 112,710 5,207 6,346 101,157 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

JUNE 1966 REAL ESTATE CREDIT 873 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total h N om M ew e o s rtga h . i g s o ^ 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 i o o d f Total Total s F u i H n re ­ A d - a g n V u t A e a e r - - d 1 t C i v o e o n n n a ­ ­ l 1945 ............... 18.6 4.3 4.1 .2 14.3 1945 ......................... 665 257 217 20 171 192 1957 ............... 107.6 47.2 16.5 30.7 60.4 I960............................ 6,293 2,197 2,403 711 982 1,985 1,554 428 1958 ............... 117.7 50.1 19.7 30.4 67.6 1961............................ 6,546 1,783 2,982 926 855 1,829 1,170 656 1959 ............... 130.9 53.8 23.8 30.0 77.0 1962 .......................... 7,184 1,849 3,421 1,079 834 2,652 1,357 1,292 1960............... 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 1964............................ 8,130 1,608 4,965 895 663 2,846 1,023 1 ,821 1961................ 153.1 59. 1 29.5 29.6 93.9 1965............................ 8,689 1,705 5,760 591 634 2,652 876 1,774 1962............... 166.5 62.2 32.3 29.9 104.3 1963............... 182.2 65.9 35.0 30.9 116.3 1965—Apr.................. 634 128 413 51 42 179 64 115 1964............... 197.6 69.2 38.3 30.9 128.3 May......... 625 116 399 57 53 182 57 125 1965?.............. 213.0 73,1 42.0 31.1 139.8 716 127 484 40 66 217 65 152 July................. 776 140 506 71 58 217 65 152 1963—III........ 178.2 64.6 34.3 30.4 113.6 Aug................. 875 163 594 51 67 245 78 167 IV........ 182.2 65.9 35.0 30.9 116. 3 Sept............ 860 159 597 42 62 254 78 177 Oct................... 811 161 554 45 52 245 81 163 1964—1.......... 185.4 66.6 35.7 31.0 118.8 Nov.......... 824 156 550 61 57 243 79 163 11......... 189.8 67.3 36.3 30.9 122.5 Dec................ 780 165 533 38 43 228 77 151 in 193.9 68.4 37.4 31.1 125.4 IV.. 197.6 69.2 38.3 30.9 128.3 1966—Jan................... 800 180 547 42 30 236 80 156 Feb.................. 639 134 378 96 32 190 69 121 1965—Ip........ 200.5 70.1 39.0 31.0 130.5 Mar................. 753 160 447 68 78 163 59 104 in....... 204.8 70.7 39.7 31.0 134.1 Apr.................. 636 139 376 66 54 132 51 81 nip.... 209.0 72.0 40.9 31.t 136.9 IVp.... 213.0 73.1 42,0 31.1 139.8 1 Monthly figures do not reflect mortgage amendments included in annual totals. 1966—1.......... 216. 1 2 Not ordinarly secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. 1 Includes outstanding _ amount of VA vendee accounts held by private investors under repurchase Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans agreement. represent gross amount of insurance written; Va-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or Note.—For total debt outstanding, figures are guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on FHLBB and F.R. estimates, For conventional, number and average amount of loans closed. figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin., and Veterans Admin. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY MORTGAGE DEBT OUTSTANDING ON INCOME PROPERTIES (In millions of dollars) (In billions of dollars) Mortgage holdings Mortgage 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 1958............................... 54.1 43.0 5.1 37.9 11.1 1961.......................... 6,093 3,490 2,603 815 541 631 1959............................... 60.0 47.9 5.4 42.5 12.1 1962........................... 5,923 3,571 2,353 740 498 355 1960............................... 65.5 52.7 5.9 46.8 12.8 1963......................... 4,650 3,017 1,634 290 1,114 191 1964.......................... 4,412 2,996 1,416 424 251 313 1961........................ 73.2 59.3 6.4 52.9 13.9 1965.......................... 4,731 3,404 1,327 913 200 793 1962............................... 85.1 69.9 7.2 62.7 15.2 1963............................... 99.0 82.2 7.5 74.7 16.8 1965—Apr................ 4,341 2,989 1,352 51 43 321 1964............................... 114.0 95.1 7.9 87.2 18.9 May............... 4^326 2'997 1,329 47 32 327 1965?............................. 129.1 107.9 8.0 99.9 21.2 June........ 4'303 2,992 1,311 44 27 360 July............... 4’309 3,012 1,297 49 9 376 1963—I.......................... 88.0 72.4 7.3 65.1 15.6 Aug................ 4’332 3,039 1,293 54 418 II......................... 91.7 75.5 7.4 68.1 16.2 4,372 3,083 1,289 78 443 HI....................... 95.2 78.6 7.5 71.2 16.6 4’436 3'145 1 ‘290 96 559 IV........................ 99.0 82.2 7.5 74.7 16.8 Nov............... 4^559 3^255 1,304 155 674 Dec............... 4^731 3,404 1^27 205 793 1964—1.......................... 101.9 84.6 7.6 77.0 17.3 Il.............. 105.8 87.7 7.7 80.0 18.1 1966—Jan................. 4,948 3,588 1,360 246 62 923 Ill....................... 109.7 91.2 7.8 83.5 18.5 Feb............... 5'215 3^811 1 ,404 295 829 IV...................... 114.0 95.1 7.9 87.2 18.9 Mar.............. 5,528 4,077 1,451 344 750 Apr................ 5,744 4 J 268 1^76 250 ........6..9..1 1965—Ip................... 117.3 97.7 7.9 89.9 19.5 IIP....................... 121.2 101.0 8.0 93.0 20.2 HIp..................... 125.1 104.4 8.0 96.4 20.7 sub N je o c t t e .— to Fe p d a e r r ti a c l i p N at a i t o i n o na p l o o M l o o r f tg a G g o e v A er s n s m n, e n d t a ta M i o n r c tg lu a d g i e n g L m iq o u r id tg a a t g io e n s IVp..................... 129.1 107.9 8.0 99.9 21.2 Trust, but excluding conventional mortgage loans acquired by FNMA 1966—I......................... 132.5 110.7 21.8 from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin. Note.-—Based on data from same sources as shown for “Mortgage 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

874 CONSUMER CREDIT JUNE 1966 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A p o a u b p t i o e l r ­ e co O g n o s t o h u d e m s r e r e a r n R n d i e z p m a a t o i i o r d n ­ Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n ­ 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 paper loans 1 1939......................................... 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941......................................... 9,172 6,085 2,458 1,929 376 1 ;322 3,087 845 1,645 597 1945......................................... 5 365 2,462 455 '816 182 1 ;009 3,203 746 1 312 845 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 48334 19,540 12;605 3; 246 12;643 15;130 5,456 5,684 3,990 1963 ........................................ 70,461 54J58 22,433 13,856 3; 405 14,464 16,303 6,117 5371 4,315 1964 ..................................... 78^442 60,548 25,195 15,593 3,532 16,228 17,894 6,954 6300 4,640 1965........................................ 87384 68'565 28,843 17393 3; 675 18;354 19J19 7382 6,746 4391 1965—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 3^34 17,098 17,662 7,400 5,453 4,809 June............................. 81 J17 63,850 27,280 15,648 3; 576 17;346 17367 7,546 5,528 4,793 July............................. 82'539 64,704 27^79 15,’818 3,604 17,503 17,835 7339 5334 4,762 Aug............................ 83,319 65,508 28,111 15;996 3 ,'648 17;753 17311 7,575 5,498 4,738 Sept.............................. 83301 65,979 28,175 16', 229 3,664 17;911 17,822 7300 5,496 4326 Oct................. .......... 84365 66,511 28,393 16,492 3; 676 17;950 17,954 7,624 5,645 4,685 Nov.............................. 85’291 67'168 28^12 16,797 3,689 18 ;070 18;123 7,648 5 340 4,735 Dec.............................. 87'884 68365 28,843 17,693 3; 675 18354 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............................... 86365 68,279 28,894 17,386 3; 603 18,396 18,286 7331 5,505 5 350 Mar......................... • . 87'059 68;827 29;248 17;450 3,597 18.532 18,232 7395 5393 5 344 Apr............................... 88,184 69;543 29;597 17^597 3; 602 18,747 18^641 7;836 5,670 5,135 • Holdings of financial institutions; holdings of retail outlets are in- Note.—’Consumer credit estimates cover loans to individuals for houseeluded in “other consumer goods paper.” hold, family, and other personal expenditures, except real estate mortgage loans. For back figures and description of the data, see “Consumer Credit,” Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, and May 1966 Bulletin. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m C b e a o r n c m k ia s ­ l fi S n c a a o l n s e . c s e u C n r i e o d n i s t fi s C n u a m o n n e c ­ r e 1 Other 1 Total D st m e o p r e e a n s r t t­ 2 F st t u o u r r r n e e i s ­ A s a t p o n p r c e e li s ­ d m A e o a u l b t e o i r l ­ e s 3 Other 1939............................. 4,503 3,065 1,079 1 ,197 132 657 1,438 354 439 183 123 339 1941............................. 6385 4380 1326 1,797 198 759 1 305 320 496 206 188 395 1945............................. 2,462 H 376 '745 300 102 629 '686 131 240 17 28 270 I960............................. 42,832 37,218 16,672 11,472 3,923 3,670 1 ,481 5,615 2,414 1,107 333 359 1,402 1961............................. 43 327 37,935 17,008 11,273 4,330 3 399 1 325 5,595 2,421 1 358 293 342 1; 481 1962............................. 48,034 41,782 19,005 12,194 4,902 4,131 1 ,550 6352 3,013 1 373 294 345 1,527 1963............................. 54,158 47305 22,023 13323 5 322 4390 1347 6353 3,427 1,086 287 328 1,625 1964............................. 60,548 53,141 25,094 14,762 6,458 5378 1,749 7,407 3,922 1; 152 286 370 1 ;677 1965............................. 68,565 60 373 29,173 16J38 7312 5; 606 1344 8392 4388 1 335 302 447 1,820 1965—Apr................... 61,886 54,911 26,200 14,991 6,739 5,202 1379 6,975 3,701 1,077 275 395 1,527 M^ay.................. 62;807 55,762 26,670 15358 6,871 5343 1,820 7,045 3 345 1 376 277 405 1,542 63,850 56 326 27'314 15,372 7,032 5,287 1 321 7,124 3385 1 384 281 417 1 357 July................... 64 304 57337 27 305 15 365 7; 124 5334 1309 7; 167 3,811 1,090 284 425 1,557 Aug,.................. 65,508 58 396 28,107 15321 7335 5,387 1,846 7312 3,847 1 ,103 287 431 1 ,544 Sept................... 65 379 58 303 28 343 15 302 7310 5310 1 338 7376 3,910 1,117 289 433 1,527 Oct.................... 66,511 59305 28,618 15,876 7,363 5,422 1 326 7,406 3,979 1; 138 293 438 1 358 Nov................... 67J68 59367 28355 15363 7,436 5365 1,848 7 301 4,101 1,167 297 443 1 393 Dec................... 68,565 60,'273 29,173 16,138 7,512 5’606 1,844 8,292 4',488 I ,’235 302 447 1 ,’820 1966—Jan.................... 68,314 60,202 29,201 16,106 7,447 5,598 1,850 8,112 4,419 1,208 300 448 1,737 Feb.................... 68 379 60331 29312 16372 7,473 5321 1 353 7,948 451 Mar............ 68 327 60,863 29;684 16J06 7,593 5 330 1 350 7 364 459 Apr................... 69343 61339 30,127 16,191 7,711 5,670 1,840 8 ;004 n.a. n.a. n.a. 466 n.a. 1 Consumer finance cos. included with “other” financial institutions 3 Automobile paper only; other instalment credit held by automobile until 1950. dealers is included with “other” retail outlets. 2 Includes mail-order houses, See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 CONSUMER CREDIT 875 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Au p to a m pe o r bile Other R a e n p d a ir Auto­ O co th n e ­ r R a e n p d a ir Per­ End of period Total ch P a u s r e ­ d Direct s g p c u o a o m o p n d e e ­ r s r e m l r t o n i a o o i n z n d a s ­ ­ s l P o o a e n n r a ­ s l 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 lo o a a d ti n e o s r n n ­ s lo o a n n a s l 1939................................ 1,197 878 115 148 56 1939........................ 1,079 237 178 166 135 363 1941................................ 1'797 1,363 167 201 66 1941........................ 1,726 447 338 309 161 471 1945................................ '300 '164 24 58 54 1945 ........................ '745 66 143 114 110 312 I960................................ 11,472 7,528 2,739 139 1,066 I960........................ 16,672 5,316 2,820 2,759 2,200 3,577 1961................................ 11,273 6'811 3,100 161 1,201 1961........................ 17,008 5^91 2; 860 2,761 2; 198 3,798 1962................................ 12,194 7349 3,123 170 1.452 1962........................ 19;005 6J84 3,451 2,824 2,261 4'285 1963................................ 13,523 8,228 3'383 158 1’754 1963......................... 22,023 7’381 4', 102 3,213 2,377 4,950 1964................................ 14,762 8701 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 2'345 1965........................ 29,173 10,310 5^21 4,266 2743 6'333 1965—Apr...................... 14,991 8,824 3,928 136 2,103 1965 Apr.............. 26,200 9,120 5,083 3,742 2,413 5,842 May................ 15'158 8,919 3'977 134 2,128 May............ 26,670 9; 324 5^201 3783 2,441 5721 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 3717 2’497 6*081 Aug......... 15,721 9'235 4’125 131 2730 Aug.............. 28^107 9'909 5,521 3'984 2'524 6'169 Sept..................... 15'802 9J96 4,204 129 2'273 Sept,....... 28,343 9,985 5,516 4^062 2’539 6741 Oct.................. 15,876 9,201 4'269 128 2'278 28^618 10J19 5'570 4,125 2,550 6'254 15^963 9,210 4'332 126 2,295 Nov, 28,855 10,220 5,645 4’172 2,553 6,265 Dec..................... 16,138 9'241 4'429 123 2745 Dec.............. 29,173 10,310 5,721 4,266 2'543 6733 1966—Jan...................... 16,106 9,187 4,460 119 2,340 1966—jan............... 29,201 10,314 5,740 4,293 2,511 6 343 Feb..................... 16^072 9,187 4’423 117 2'345 Feb............. 29,312 10'361 5,785 4'311 2,484 6,371 Mar..................... 16'106 9,214 4,422 116 2754 Mar............. 29,684 10'533 5^85 4751 2'476 6,439 Apr..................... 16,191 9,261 4,448 114 2768 Apr.............. 30,127 10,'699 5,967 4,'423 2,481 6,'557 See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT (In millions of dollars) (In millions of dollars) Other Repair Single­ Auto­ con­ and Per­ payment Charge accounts End of period Total mobile sumer modern­ sonal loans paper goods ization loans 1 1 1 9 9 9 4 3 4 5 9 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9 73 8 5 1 9 7 1 5 8 2 1 4 2 pape 2 3 2 r 6 0 4 loan 1 1 1 s 4 5 4 6 6 7 4 8 6 3 5 9 End of period Total 1 b C m c a o i n e a m k r l ­ s ­ t O f u i i n c t n t i i s h o a a t e l n i n ­ r ­ s s m p t D o a e r e r n e t ­ t ­ s 1 o O r u e t t t h l a e e i t l r s C ca r r e d d s it 2 S c e r r e v d i i c t e i960................................ 9,074 1,665 771 800 5 837 1961................................ 9'654 1719 743 832 6,257 1939............. 2,719 625 162 236 1,178 518 1962................................ 10'583 2,111 751 815 6 906 1941......... 3,087 693 152 275 1,370 597 1963................................ 11,859 2'394 835 870 7 760 1945.............. 3*203 674 72 290 1,322 845 1964................................ 13,285 2,699 997 933 8,656 1965 ............................... 14'962 3,124 1,153 1 009 9 676 1960.............. 13,196 3,884 623 941 3,952 436 3,360 1961.............. 14,’151 4’413 723 948 3*907 469 3,691 1965—Apr...................... 13,720 2713 1,042 939 8 926 1962.............. 15’130 4,690 766 927 4,252 505 3,'990 13,934 2'868 1'058 959 9,049 1963.............. 16,303 5,205 912 895 4*456 520 4*315 June..................... 14'140 2'934 1*076 971 9 159 1964.............. 17'894 5,950 1,004 909 4*756 635 4'640 July,.................. 14,267 2770 1,092 974 9 231 1965.............. 19,319 6,587 1795 968 5*055 723 4,891 14,468 3*015 1,106 993 9 354 Sept..................... 14,558 3 745 1,120 996 9 397 1965—Apr... 17,351 6,243 1,034 626 ' 3,942 642 4,864 Oct...................... 14*611 3'065 1,130 998 9,418 May.. 17,662 6,342 1,058 647 4,142 664 4,809 Nov............ 14’749 3'094 1'135 1 010 9 510 June.. 17,867 6,477 1,069 627 4,218 683 4,793 Dec..................... 14,962 3 J24 1 i 153 1 009 9 676 July.. . 17,835 6,476 1,063 591 4,217 726 4,762 Aug... 17,811 6,497 1,078 595 4,149 754 4,738 1966—Jan...................... 14795 3,100 1,149 1,004 9,642 Sept... 17722 6,520 1,080 647 4,078 771 4,726 Feb..................... 14,947 3'110 1' 155 1,002 9,680 Oct. . . 17,954 6,546 1,078 682 4,221 742 4,685 Mar..................... 15'073 3'157 1' 172 1,005 9 739 Nov... 18,123 6,555 1,093 725 4,291 724 4,735 Apr..................... 15,221 3,204 i; 188 1,007 9,822 Dec... 19,319 6,587 1,095 968 5,055 723 4,891 1966—Jan... 18,713 6,574 1,092 855 4,509 743 4,940 Note.— Institutions represented are consumer finance cos., credit Feb... 18,286 6,630 1,101 n.a. n.a. 746 5,050 unions, industrial loan cos., mutual savings banks, savings and loan Mar... 18,232 6,676 1,119 n.a. n.a. 755 5,044 assns., and other lending institutions holding consumer instalment loans. Apr... 18,641 6,717 1,119 n.a. n.a. 765 5,135 See also Note to first table on previous page. 1 Includes mail-order houses. 2 Service station and misc. credit-card accounts and home-heating oil accounts. See also Note to first table on previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

876 CONSUMER CREDIT JUNE 1966 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a su p m er er mode R r e n p iz a a ir ti o a n nd l oans Personal loans Period S.A.1 N.S.A. S.AJ N.S.A. S.AJ N.S.A. S.AJ N.S.A. S.AJ N.S.A. Extensions I960......................................... 49,560 17,654 14,470 2,213 15,223 ■[961......................................... 48,396 16,007 14,578 2,068 15,744 j %2 ................................... 55,126 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 Apr............................... 6,245 6,554 2,299 2,537 1,648 1,621 194 193 2,104 2,203 May............................ 6,167 6,253 2,249 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 2,401 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 1,959 Oct............. 6,425 6,247 2,338 2,318 1,907 I ,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 1 ,957 1 ,527 171 130 2,024 1,776 Mar.............................. 6,673 6,865 2,479 2,676 1,959 1,890 183 174 2,052 2,125 Apr............................... 6,505 6,658 2,302 2,486 1,958 1 ,874 180 178 2,065 2,120 Repayments 1960......................................... 45,972 16,384 13,574 1,883 14,130 1961 ..................................... 47,700 16,472 14,246 2,015 14,967 1962......................................... 50,620 17,478 14,939 1,996 16,206 1963......................................... 55,171 19,400 15,850 2,038 17,883 1964 ....................................... 61,121 21,676 17,737 2,078 19,630 1965 ............................. 67,495 24,267 19,355 2,096 21,777 1965 Apr.............................. 5,500 5,531 1,975 1 ,993 1,497 1 ,510 180 180 1,848 1 ,848 5,511 5,330 1,987 1 ,937 1,569 1 ,518 174 170 1,781 1,705 5,601 5,796 2,007 2,082 1,590 1 ,614 179 185 1,825 1 ,915 July.............................. 5,659 5,682 2,007 2,025 1,608 1 ,607 171 173 1,873 1,877 5,729 5,688 2,068 2,068 1,662 1 ,611 180 182 1,819 1,827 Sept.............................. 5,748 5,616 2,056 2,024 1,638 1 ,617 171 173 1,883 1 ,802 Oct.. ............................ 5,805 5,714 2,080 2,099 1,670 1,636 171 171 1,884 1,808 Nov............................. 5,831 5,955 2,148 2,193 1,683 1,700 176 177 1,824 1,885 Dec.............................. 5,855 6,120 2,107 2,097 1,720 1,760 175 176 1,853 2,087 1966—Jan............................... 5,947 5,837 2,115 2,055 1,778 1,811 176 171 1,878 1,800 Feb............................... 5,954 5,552 2,135 1,979 1,781 1,707 174 161 1,864 1 ,705 Mar............................. 6,024 6,317 2,216 2,322 1,708 1,826 176 180 1,924 1,989 Apr........................ 5,974 5,942 2,145 2,137 1,729 1,727 175 173 1,925 1,905 Net change in credit outstanding 2 J qfif) ............................... 3,588 1,270 896 330 1 ,093 1961 ..... ’696 -465 332 53 777 1962 ................................. 4,506 2,318 746 55 I ,388 1963 . .......................... 6 J 24 2,892 1 ,252 160 1,820 1964 • • 6,384 2,759 J 736 126 1,763 1965 ................................... 8,013 3^647 2,099 142 2J25 1965_ Apr............................... 745 1,023 324 544 151 111 14 13 256 355 May.................... 656 923 262 482 162 166 17 47 215 228 595 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............................... 620 533 258 219 237 263 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 Apr............................... 531 716 157 349 229 147 5 5 140 215 t Includes adjustments for differences in trading days. the amount of extensions and repayments without affecting the amount 2 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 and May 1966 Bulletin. sales of instalment paper, and certain other transactions may increase Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 CONSUMER CREDIT 877 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Sales finance Other financial Total Commercial banks companies institutions Retail outlets Period S.A? N.S.A. S.A.i N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1960. 49,560 18,269 11,456 12,073 7 762 1961 48’396 17,711 10’667 12382 7 736 1962. 55,126 20 474 11,999 13,525 9 128 1963. 61'295 23,344 12,664 14,894 10'393 1964 67'505 25'950 14,020 16351 11 284 1965. 75'508 29’738 15'075 18,120 12,575 1965- 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 1 339 1,494 1,487 1,026 1 ,004 June............................. 6,'196 6,839 2'427 2,746 1 ,'237 1,393 1'504 1,654 1'028 1346 July.............................. 6,383 6,537 2,516 2’648 1 ,253 1,318 1,538 1 357 1 376 1,014 Aug............................. 6,385 6393 2375 2’608 1 '256 1,293 1,514 1,576 1,040 1 316 Sept,............................ 6,434 6,085 2,567 2,386 1,311 1,228 1,514 1,440 1,042 1,031 Oct............................... 6,'425 6,247 2381 2'488 1 ,214 I 323 1,508 1'404 1'122 1,132 Nov.............................. 6,530 6,608 2,659 2,517 1 '267 1 393 1'512 1 374 1 392 1 324 Dec ............................ 6389 7^519 2,610 2’579 1 '291 1 325 1314 I '788 1 374 1 327 1966-—Jan. .........•••..•• 6,544 5,586 2,500 2,240 1 ,270 1,101 1,553 1,298 1,221 947 Feb.............................. 6,'492 5^517 2'517 2343 1 ,'230 1,057 1'559 1,'338 1’186 879 Mar............................ 6,673 6,865 2,619 2'784 1,273 1'318 1.573 1,634 1,208 I 129 Apr.............................. 6,505 6,658 2339 2'717 1,226 025 1,559 1,579 1,181 1,137 Repayments 1960 ................................... 45,972 16,832 10,442 11,022 7 676 1961........................................ 47’700 18'294 10'343 11,715 6,749 1962 ....................................... 50,620 18’468 11,434 12'593 8,125 1963 ................................... 55'171 20,326 12,211 13'618 9,016 1964 ................................. 61 '121 22'971 13,161 14,825 10,164 1965 ... ............................... 67,495 25,663 13,699 16 ,'443 11,690 1965—Apr............................. 5,500 5331 2,057 2,077 1,108 1,124 1,396 1,402 939 928 5,511 5,330 2,096 2'051 1,113 1 372 1,329 1'273 973 934 June............... • 5 ’ 601 5,796 2,112 2 302 1J37 1 J79 1,377 1,448 975 967 July..................... 5’659 5',682 2; 117 2,156 1,152 1,125 1'421 l‘,430 969 971 Aug.............................. 5,729 5,688 2'187 2305 1,160 1,137 1,384 1,375 998 971 Sept..................... 5 348 5316 2', 183 2,152 1,180 1,147 1,410 1,350 975 967 5'805 5,714 2353 2312 1,130 1,149 1,422 1 351 1300 1 302 Nov..................... 5331 5355 2364 2,284 1,194 1 ,206 1377 1,436 '996 1 329 Dec . . ....................... 5,855 6,120 2352 2359 1,203 1,250 1,401 1 375 999 1 336 1966—Jan............................... 5,947 5,837 2373 2,212 1,202 1,133 1,406 1,365 1,066 1,127 Feb.............................. 5354 5352 2392 2J32 1,137 1,091 1 320 1386 1,105 1’043 Mar.............................. 6324 6,317 2,299 2,412 1,175 1,284 1,463 1,508 1387 1'113 Apr.............................. 5,974 5342 2393 2,274 1,129 1,140 1,442 1,431 MIO 1,097 Net change in credit outstanding 2 1960 ................................... 3,588 1,446 1,152 kO51 — 61 1961 . ............ '696 335 -199 578 -20 1962 .................................... 4,506 1,997 921 932 656 1963 ............................... 6,124 3'018 1 ,329 1,276 501 1964 ..................................... 6,384 3,065 1,239 1,426 654 1965 ........................... 8313 4375 1,376 1'677 885 1965—Apr.............................. 745 1323 361 588 135 160 211 251 38 24 May................ 656 923 309 472 129 167 165 214 53 70 J une............................. 595 1,043 315 544 100 214 127 206 53 79 July.............................. 724 855 399 492 101 193 117 127 107 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 87 135 138 96 195 Dec.............................. 634 1,399 358 320 88 175 113 213 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 Apr............................. 531 716 246 443 97 85 117 148 71 40 1 Includes adjustments for differences in trading days. payments for some particular holders do not equal the changes in their 2 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. of paper. In those months the differences between extensions and re­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

878 INDUSTRIAL PRODUCTION: S.A. JUNE 1966 MARKET GROUPING (1957-59=100) 1957-59 *1965 1965 1966 pro- Grouping p ti o o r n ­ age Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan, Feb.r Mar.r Apr. Total index.................................... 100.00 143.3 140.9 141.6 142.7 144,2 144.5 143.5 145.1 146.4 148.7 150.2 151.9 153 3 153,6 Final products, total...................... 47.35 142.4 139.4 140.2 140.7 141.7 142.3 143.3 145.7 147.4 148.8 149,5 151.4 152.6 153.1 Consumer goods.............. 32.31 140.2 138.5 138.6 138.7 139,3 139.5 140.7 141.7 142.8 144,1 144.1 145.5 146.3 146.5 Equipment, including defense.... 15.04 146.9 141.2 143.7 144,9 147.0 148.4 149.0 154.3 157.3 158,8 161.3 164.1 166.2 167.3 Materials............................................. 52.65 144.1 142.6 142.6 144,5 146.4 146.1 143.7 144.3 145,6 148.7 150,4 152.0 154.1 154.2 Consumer goods Automotive products........................... 3.21 167.1 166.9 168.1 168.1 167.8 169.8 166.5 168,6 168.8 169.4 168.5 167.6 171.6 169.0 Autos................................................. 1,82 182.6 183.5 184.9 187,1 184.6 184.3 178.1 181.1 182,5 182.4 180.3 177.8 183.8 180,6 Auto parts and allied products..... 1.39 146.8 145.1 146.0 143.0 145,8 150.7 151.2 152.0 150.8 152,4 153.1 154.3 155,5 153,8 Home goods and apparel.................... 10.00 143.7 141.1 141.4 141.5 140.9 140.1 142.7 145,1 146.8 150,6 149.9 150.9 151.3 152.5 Home goods....................................... 4.59 154.7 152.1 151.8 151.3 151.2 149.8 153.0 156.9 159.0 164.8 165.7 166.2 164,8 167.5 Appliances TV> and radios.......... 1 .81 152.4 149.0 147.6 148.8 146,5 145.2 149.1 154.0 155,2 161.3 165 0 162.7 157.2 164. 8 Appliances................................. 1.33 153.3 151.7 149.7 152.1 148.4 146.4 151.0 156.6 156,5 162.0 163.2 163.1 150,6 165.4 TV and home radios.................. .47 149.8 141.3 141.6 139.2 141,3 141.9 143.6 146.6 151,5 159.3 170.0 161.7 175.6 163,0 Furniture and rugs........................ 1.26 154.2 152.0 154.4 153.5 154.0 152.3 152.0 154,9 157.4 161.0 163.3 164.0 165,5 166.3 Miscellaneous home goods........... 1.52 158.0 155.8 154.7 152,6 154,4 153.3 158.4 161,9 164.8 172,2 168.6 171.2 173.3 171.6 Apparel, knit goods, and shoes........ 5.41 134.3 131.8 132.5 133,2 132,2 131.9 134.0 135.1 136.5 138,5 136.4 138.0 139.9 Consumer staples. . ...................... 19.10 133.9 132.4 132.2 132.7 134.1 134.1 135.3 135.4 136.4 136.5 136.9 138.9 139.4 139.6 Processed foods................................. 8.43 122,2 122.1 121.1 120.7 122.4 121.6 121,6 122.2 123.1 123,1 123.7 124.6 125.2 125,1 Beverages and tobacco............. 2.43 125.7 121.5 124.8 126,2 123.9 123.6 127.5 126.0 128,2 128,5 128,6 132. 3 134.4 Drugs, soap, and toiletries................ 2.97 157.0 152.6 151.9 152.9 157.0 160,1 161.3 159.2 161.2 162.7 164,0 166.0 165.9 168,0 Newspapers, magazines, and books. 1.47 127.1 126.9 126.6 125,6 128.0 128.0 126.1 126.3 127.6 129,6 132,0 134.0 136.5 135.7 Consumer fuel and lighting.............. 3.67 149.8 148.8 148.2 150.6 151.2 150.6 154.2 156.0 155.2 153.9 151,9 155.8 154.6 Fuel oil and gasoline..................... 1.20 122.4 122.4 119.9 122.8 123.1 123.1 122.6 124.8 126.6 126.4 125.1 124.0 125,2 1'2^6 Residential utilities........................ 2.46 163.2 161.7 162.0 164,1 164,9 164,0 169.7 171.1 169.2 167.4 165.0 171.2 168,9 Electricity.............................. 1.72 171.6 169.1 169.3 172,2 172,6 171.3 181 .0 182.9 180. 1 177.5 174.3 182.8 179.0 Gas.............................................. .74 144.0 Equipment Business equipment............... 11.63 156.6 150.9 153.5 154,6 156,4 157.8 159.0 164.3 167.2 168.9 170.5 173. 175.4 176.2 Industrial equipment.............. 6.85 153.1 148.4 150.6 151.9 155. 1 153.8 155.3 159.4 162.0 162,4 162.6 166.1 167.4 167 3 Commercial equipment..................... 2.42 164.4 161.3 162,3 164.1 165,2 165.2 166.4 169.7 172.7 174.5 177.5 178.6 184,2 186.9 Freight and passenger equipment. .. 1,76 162.4 150.8 157.1 157.8 155.0 163,6 164.2 178.7 180.4 188.0 194.9 198.9 198.9 201.7 Farm equipment................................ .61 148.1 138.3 141.7 143.7 145.3 157.1 155.4 155.7 165.8 163.9 161.2 158.0 163,0 Defense equipment.............................. 3.41 Materials Durable goods materials............ 26,73 144.2 142.9 143.4 146.1 148.4 147,3 142.8 142,2 143.0 146.7 150,1 152.0 155.5 156.6 Consumer durable............................. 3.43 166.8 163.4 162.3 169.9 171,8 167.9 165.4 167,0 168.2 168,3 170.0 173.6 169.1 168.9 Equipment.......................................... 7.84 151.9 147.5 148.7 150.0 153.3 154.7 154,2 158.4 160,0 163.2 165.8 170.0 171,9 173,5 Construction....................................... 9.17 133.8 130.5 131.4 131.3 132,7 134.6 134.5 135,3 137.2 138.8 142.9 143.6 146.1 144.1 Metal materials n.e.c........................ 6.29 137.6 141.8 139.7 142.3 146.3 142.4 130.6 126,2 123,2 130,5 137.5 140.7 146,6 145.4 Nondurable materials.............. 25.92 144.0 142.4 141.8 143.4 145.0 144.8 144.5 146,4 148.1 150. 7 150,6 152.0 152.6 151 8 Business supplies................................ 9.11 136.5 135.1 134.1 134.8 137.6 135.1 135.9 136.8 140,3 143.4 143.4 144.5 144.9 145.0 Containers...................................... 3.03 136.6 137.3 132,0 132.0 136.1 132.1 134.4 136,6 144.9 146.9 142, 3 144.6 144.6 143.1 General business supplies............. 6.07 136.5 134.0 135.2 136.2 138.3 136.6 136.7 136.9 138,0 141 7 144.0 144.4 145.0 146,0 Nondurable materials n.e.c............... 7.40 173.9 170.8 168,8 171.1 174.7 176,6 178.3 179.5 180.9 183.8 184.8 187.1 185.9 187,1 Business fuel and power................... 9.41 127.6 127.2 127.9 129.9 128.9 129,2 126.3 129.7 129.9 131,7 130,6 131,7 133.8 130.6 Mineral fuels.................................. 6.07 115.2 114.3 115.1 116.9 117.0 117,2 112.1 117.9 117,8 119.5 117.4 118.0 120.3 114.7 Nonresidential utilities.................. 2.86 159.2 159.6 160.1 162.4 158.8 160.1 161.5 160.9 161.7 163.8 164.9 166,9 168.7 Electricity................................... 2,32 161.0 160.2 160,7 163,4 160,8 162.3 163.5 162.7 163.4 166.0 166.4 168.7 170.7 General industrial.................. 1,03 157.7 155.8 156.0 159,8 159.3 161,3 160,7 158.4 162.0 163,0 163.7 163.9 166,5 Commercial and other........... 1.21 169.8 169.8 170.5 172,4 167.9 169.2 171.9 172,3 170,7 174,7 175,1 179,4 181.0 Gas........................................... .54 151 .2 Supplementary groups of consumer goods Automotive and home goods........... 7.80 159.9 158.2 158.5 158.2 158.1 158.1 158.5 161.7 163.0 166.7 166.9 166.8 167,6 168.1 Apparel and staples........................... 24.51 134.0 132.3 132.2 132.8 133.7 133,6 135,0 135.4 136.4 137,0 136.8 138,7 139,5 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 INDUSTRIAL PRODUCTION: S.A. 879 INDUSTRY GROUPINGS (1957-59=100) 1957-59 1965 1966 » 1965 pro­ Grouping por­ aver­ tion age Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb/ Mar/ Apr. Total index..................................... 100.00 143.3 140.9 141.6 142.7 144.2 144.5 143.5 145.1 146.4 148,7 150.2 151 9 153 3 153.6 Manufacturing, total.......................... 86.45 144.9 142 4 143.1 144.1 145.7 146.0 145.2 146.7 148.2 150.6 152.4 154.1 155 6 156.3 Durable.......................................... 48.07 148.4 145.5 146.4 148.1 150.0 150,5 148.2 150.3 151,3 155.0 157.6 159,7 161.6 162.8 Nondurable.................................... 38.38 140.7 138.5 138.8 139.0 140.4 140.4 141.3 142.1 144,2 145,1 146,0 147 0 148 0 148.2 Mining................................ 8.23 114.4 113.0 114,0 115,3 116.0 117,0 112.6 115.8 116.0 117.9 117.2 117.7 120,0 115.0 Utilities.............................................. 5.32 161.0 r159.2 rl 59.7 H6I.9 r16l,2 461.6 165.3 4 65.8 4 65.3 4 65.7 164,9 168.9 168,8 170.0 Durable manufactures Primary and fabricated metals...... 12.32 142.0 144.0 142.7 144.5 148.4 146.9 138,1 135.6 134.3 139.5 142.2 145.4 149.8 150.8 Primary metals................................... 6.95 137.5 141.4 140.2 143.0 148,7 146.5 131.2 123.7 119.4 126.5 130,8 133.6 141 4 143.0 Iron and steel................................. 5.45 133.6 141.2 139.7 143.3 152.1 143.3 125.0 115,8 110.5 118,2 122,9 128.7 136.1 137.2 Nonferrous metals and products.. 1 .50 152.1 153.6 153.4 146.1 138.4 149.0 152.3 155.0 158,8 162.1 159.1 164.0 168,5 169.5 Fabricated metal products,............. 5.37 147.8 147.4 146.0 146.4 148.0 147.5 147.0 150.9 153,6 156.3 157.0 160.7 160.7 160.9 Structural metal parts.................... 2.86 145.4 144.3 142.7 144.3 145,5 145.0 144.7 148.2 152,6 154.0 154.2 158 9 158 9 159.3 Machinery and related products..... 27.98 154.3 149.3 151.2 153.4 154.8 155.8 155.8 160.0 161.8 164.9 168.2 169.9 170.8 172.2 Machinery.......................................... 14.80 160.4 155.4 156.9 159.0 160,6 161.4 162.3 166.0 167,5 170.7 174.3 176 7 176 2 178.1 Nonelectrical machinery............ 8.43 160.3 155.2 157.0 159.4 161.7 162.4 162.4 165.8 166.9 169.2 171 .9 174 4 174.0 174.8 Electrical machinery...................... 6.37 160.6 155.8 156,8 158.4 159.2 160.1 162,1 166.2 168,4 172.8 177.6 179 8 179.2 182.4 Transportation equipment................ 10.19 149.2 144.6 147.3 149.5 149.8 151.5 149,4 155.0 157.3 160.7 163.1 163.2 165 8 166.2 Motor vehicles and parts.............. 4,68 175.2 173.2 175.5 178.0 177.4 177,5 175.2 177.1 178,0 179,2 176.7 175.5 178.1 176.7 Aircraft and other equipment. . .. 5.26 125.3 118,6 121.7 123,3 124,1 127.3 125.6 134.4 138.0 143,4 150.1 151.6 154.3 157.0 Instruments and related products. .. 1 .71 151.4 145.5 147.0 149.8 152,1 152,6 155.7 158.0 159.0 162,2 166,0 169.4 171.9 174.8 Ordnance and accessories................. 1 .28 Clay, glass, and lumber...................... 4.72 127.6 124,1 125.5 124.7 126.3 127.5 127.3 128.5 129,5 133. 1 134.3 135.9 137.1 138.0 Clay, glass, and stone products........ 2.99 133.5 129.9 130.3 131.6 132.6 133.5 133.8 134.4 135.5 137,6 139.4 141,4 143.2 143.0 Eumber and products....................... 1 .73 117.4 114,2 117.1 112,8 115,4 117.2 116.2 118.3 119,1 125.4 125.6 126.5 126.6 129.4 Furniture and miscellaneous......... 3.05 151.7 149.5 150.1 150.3 149.7 151.5 152.0 155.1 157,8 159.9 158.4 161,1 162.9 163.1 Furniture and fixtures...................... 1 .54 157.4 155.6 156.5 156,8 155.8 156.3 156.8 159,7 162.6 164,3 165.4 166.8 168.8 169.6 Miscellaneous manufactures............. 1 .51 146.0 143,2 143.6 143.6 143.5 146.6 147.1 150.4 153,0 155,5 151.2 155,3 156.8 156.4 Nondurable manufactures Textiles, apparel, and leather. . ..... 7.60 135. 7 133.9 135.0 134.5 134.7 134.1 135.5 137.3 138.8 140.3 139.1 139,8 140.2 141.2 Textile miil products........................ 2.90 134.8 132.2 131.6 132,2 133,8 134,8 135,7 137.7 139,4 140.3 140,1 140.7 140.7 141.6 Apparel products........................ 3.59 145.0 144.3 145.3 145.4 143.8 141,9 143,8 145,7 147,2 148.5 146,9 148.3 149.1 Leather and products............ 1 .11 107 8 105.0 110.9 105,1 107.7 107.0 108.2 109.3 110,1 113.9 111.7 110.1 110.5 Paper and printing........................... 8.17 135.3 133.2 134.2 134.0 135.9 136.4 135.4 136.4 139.2 139.9 141.1 142.5 145.0 143.3 Paper and products.......................... 3.43 142.3 140,0 140.9 139.4 142,1 141.1 143.9 143.6 147.4 147,7 148,4 148.5 153.2 150.0 Printing and publishing.................... 4,74 130.3 128.3 129.3 130.0 131,3 133,0 129.3 131.1 133,2 134.2 135,7 138.2 139.0 138.4 Newspapers.................................... 1.53 124.2 120.7 121.5 124.7 126.2 129.7 120.1 125.1 127,2 129.5 130.2 130,4 130.7 127.7 Chemicals, petroleum, and rubber.... 11.54 164.6 160.8 161.2 161.6 164.1 164.9 166.9 167.7 170.1 171.7 173.6 174.1 174.9 176.3 Chemicals and products................... 7.58 173 3 169,2 169.3 169.9 172.8 174.2 176,6 177,1 178,5 180.6 181.9 184.3 185,8 187.1 Industrial chemicals.................. 3.84 196 1 191 .6 191.7 192.9 194.9 195.7 199.9 200.9 202,9 206.3 206.3 209.4 212.0 Petroleum products........................... 1 .97 123 4 121.5 122.9 121,8 124.5 125.8 125.1 124.0 126,1 127.8 130.5 125.5 126.1 127.4 Rubber and plastics products....... 1.99 172,2 167.7 168.2 169.1 170.2 168.1 171.2 175.5 181,6 181,3 184.6 183.3 182.0 Foods, beverages, and tobacco..... .. 11.07 123.1 122.4 121.5 122.3 122.9 122.3 123.1 123.0 124.5 124.7 125.5 127.0 127.6 127.5 Foods and beverages......................... 10.25 123.3 122.5 121.9 122.3 123,1 122.4 123.2 123.6 125,0 125,3 126.0 127.0 127.7 127.5 Food manufactures........................ 8.64 122.4 122.6 120.6 121.2 122,6 121,9 121,8 122.1 123,5 123.6 124.6 125.5 125.7 126.1 Beverages........................................ 1.61 128.4 121.8 129.0 128.5 125,9 125.0 131,0 131.8 133,0 134.3 133.2 135, 1 138,3 Tobacco products................. .82 120.5 120.9 116.5 121.8 119.9 120.7 120,6 114.5 118,9 117,1 119.6 126.7 126.8 Mining Coal, oil, and gas............................... 6.80 112.2 111.3 112.1 113.3 113.7 114.4 109.9 114.5 114.1 115.2 113.6 114.3 116.6 111,3 Coal.................................................... 1.16 111.8 107,9 113.0 117,1 117.1 115.2 106.7 116.8 115.7 118.5 114.4 111,2 117.7 85.3 Crude oil and natural gas................. 5.64 112.3 112.0 111.9 112.5 113.0 114.2 110.6 114.0 113.8 114,5 113.4 115,0 116.4 116.7 Oil and gas extraction................... 4.91 116.0 115.8 115.6 116.9 117,0 117.6 113,4 118.1 118.3 119.8 118.1 119.6 120.9 121.6 Crude oil.................................... 4.25 111 8 111.4 111.3 112,2 112.1 113.4 108.5 114.0 114.5 116.0 114.1 115.1 117.0 117.1 Gas and gas liquids................... .66 142 8 144.0 143.1 146,5 147.9 144.6 144.8 144.5 142.6 143,9 143.3 148.4 OU and gas drilling........................ .73 87.1 86.0 87.4 82.9 86.0 91.2 91.3 86.4 83.5 78.8 81.9 83.8 86.2 83.6 Metal, stone, and earth minerals....... 1.43 124.8 121.4 122.9 124.9 126.9 129.6 125.3 121.7 125.1 130.7 134.6 133.6 136.0 132.1 Metal mining.................... .61 122 6 125.8 121.6 123.7 126.4 130,2 122.4 116,5 114.2 120,6 133.4 130.8 134.5 134.2 Stone and earth minerals.................. .82 126.5 118,2 123.9 125.8 127.3 129.1 127.4 125.5 133.2 138.2 135.5 135.6 137.1 130.6 Utilities Electric................................................ 4.04 165.5 164 0 164.3 167,1 165.8 166.2 170,9 171.3 170.5 170,9 169,7 174.7 174.2 Gas...................................................... 1.28 147.0 144.2 144.9 145.6 146.8 147.2 147.7 148,5 148.9 149.3 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

880 INDUSTRIAL PRODUCTION: N.S.A. JUNE 1966 MARKET GROUPINGS (1957-59=100) 1957-59 P1965 1965 1966 pro- Grouping por­ tion age Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.r Mar.r Apr, Total index..................................... 100,00 143.3 141.6 142.6 145.2 139,3 143.2 145.9 149.9 148.1 146,6 148.3 152.0 154,4 154,7 Final products, total......................... 47.35 142.4 138.5 139.8 143.2 138.3 141.1 145.7 151.4 148. 7 146.4 148.5 151.6 153.4 152.8 Consumer goods............................ 32.31 140,2 136.9 137,8 141.6 135.2 138.9 143.8 150.1 145.2 140.0 142,2 145.6 146.7 145,6 Equipment, including defense.... 15.04 146.9 142.0 144.2 146,8 144,9 145,9 149.7 154.2 156.1 160.3 162.1 164.6 167.8 168.3 Materials............................................ 52.65 144.1 144.3 145.0 147,0 140.3 145.1 146.2 148.6 147.6 146,8 148.1 152.4 155,4 156.4 Consumer goods Automotive products................. 3.21 167.1 176.7 178.8 180.3 158.5 106.8 129.4 185.3 184.7 172,4 178.1 177. 7 180.9 178.9 Autos.............................................. 1.82 182.6 200.0 203.4 208.6 171.7 72,8 114.0 206.4 211.7 191.5 198.3 95 6 202,2 196.8 Auto parts and allied products........ 1.39 146.8 146.0 146.5 143,1 141.2 151.7 149,8 157.5 149.0 147.3 151.4 154.1 153.0 155.3 Home goods and apparel................... 10.00 143.7 141.8 142.6 145.2 129. 9 142.1 148.9 155. 8 149.8 144.0 144.9 154. 1 155. 9 153.7 Home goods..................................... 4,59 154.7 152.8 153.0 155.6 138.9 145.6 161.7 167,6 165.4 166.0 159.9 65.8 167.3 169.1 Appliances, TV, and radios.......... 1.81 152.4 154.5 154.7 158.1 126.5 129,2 158.1 166,0 162.0 160.9 160.1 68 2 167 9 174.3 Appliances . ............................. 1.33 153.3 161.5 161 8 165.4 130.2 123.9 154.3 157,3 155.3 157.6 159.6 170,7 165.2 181.1 TV and home radios................. .47 149.8 134.7 134.7 137.5 115.9 144.2 168.7 190.6 181.0 170.4 161.5 161.1 175.6 155.3 Furniture and rugs........................ 1.26 154,2 149.3 148,5 151.7 145.8 156.1 158.5 163,0 163.2 167.0 159.7 162,0 163.5 161.6 Miscellaneous home goods........... 1.52 158.0 153.5 154.7 155.7 148.2 156,4 168.7 173,2 171.4 171.3 159.8 166. 1 169.8 169.0 Apparel, knit goods, and shoes........ 5.41 134,3 132.5 133.8 136,5 122.3 139.2 138,0 145,9 136.5 125.3 132.3 144.2 146,2 Consumer staples................................ 19,10 133.9 127.6 128.4 133.1 134.0 142,6 143.6 141.2 136.2 132.5 134.7 135, 7 136.1 135,8 Processed foods................................. 8.43 122.2 112.7 114.4 118,8 122.4 133.5 137.7 136.7 128.6 119,8 116.9 16,9 116 8 117.1 Beverages and tobacco......... 2.43 125.7 123.9 133.6 144.4 127.6 134.8 131.2 129.4 123.0 108,9 112.7 20,4 130 7 Drugs, soap, and toiletries......... 2.97 157.0 151.1 152.1 156.3 153.9 163.6 162.9 162.4 161.7 159.4 165.6 65,5 166.7 168.0 Newspapers’ magazines, and books. 1.47 127.1 125.9 125.6 124.6 126,1 129,7 129.6 128,1 127.6 130.1 130.7 33,1 136.2 134.6 Consumer fuel and lighting........ 3.67 149.8 145.1 138.5 142.8 151.9 156,5 155.1 146.7 144,8 156.2 165,5 65.2 158.5 Fuel oil and gasoline..................... 1.20 122.4 116.0 115.9 121,4 125.1 126.7 122.6 121.6 125.8 129.4 130.3 127.3 123.9 121,5 Residential utilities........................ 2,46 163.2 Electricity.................................. 1.72 171.6 165.7 151.5 156.7 172.6 181.6 182.8 165.5 158.5 180.2 199.7 200.7 188.3 Gas.............................................. .74 144.0 Equipment Business equipment............................. 11.63 156.6 152.2 154.4 157.3 153.9 154.9 159.8 163.8 164.9 169. 7 170.9 173.9 177. 7 177.9 Industrial equipment......................... 6.85 153.1 148.4 150.8 153.3 153,5 153.3 156.7 158.4 159.7 163,4 162.9 165.3 167.6 167.3 Commercial equipment..................... 2.42 164.4 158.2 160.4 164.6 162.9 165.5 168,9 172,6 174.8 179,7 177.7 179.5 182.5 183.3 Freight and passenger equipment. .. 1.76 162.4 156.8 161,8 164,1 148.8 157,1 164.2 178.7 176.8 184,2 194.9 198.9 207.9 209.8 Farm equipment................................ .61 148.1 157.6 149.2 152.8 137.9 125.4 145.5 146.1 149.2 159.8 164.1 176.3 185.1 Defense equipment......................... 3.41 Materials Durable goods materials............ 26.73 144.2 144.4 146.9 149.5 142.9 144.5 146.6 147.6 145.4 145.9 147.4 151.7 155,8 158 3 Consumer durable............................. 3.43 166.8 168.3 168.8 171,6 158.1 144.4 165.4 171.2 173,2 176.7 176,0 176.2 174.2 174.0 Equipment.......................................... 7.84 151 9 149.1 149.7 151.5 148.5 150.1 152.7 157 9 160.2 165,6 167 3 71 5 173 8 175 4 Construction................................. 9.17 133.8 129.2 136,0 141,2 139.3 144.0 142.6 142.7 136.9 131,9 129,0 132.1 137.3 142.7 Metal materials n.e.c.............. 6.29 137.6 147.5 147,4 146,9 133.1 138.3 134,5 129,2 124.2 124,8 133.9 142.0 150.1 151.2 Nondurable materials......................... 25.92 144.0 144.3 143.1 144.5 137.5 145.7 145.8 149.7 149. 9 147. 7 148.7 153.1 155.0 154.4 Business supplies............................... 9.11 136.5 138.7 136.3 137.0 128.4 137,2 139,8 144.1 143,5 137,5 137.9 143 5 147,7 148 9 Containers...................................... 3.03 136.6 141.4 133.3 138.6 130.7 145.3 143,1 144.8 140.6 127.8 133,8 41 .7 144.6 147.4 General business supplies............. 6.07 136.5 137,4 137,9 136.2 127.2 133,2 138.1 143.7 144,9 142.4 140.0 144,4 149 3 149.6 Nondurable materials n.e.c.. ........... 7.40 173.9 174.2 173,0 173.7 163.9 174.8 176.5 180.4 182,7 180.1 183.9 190.8 190,5 192.7 Business fuel and power........... 9.41 127.6 126.2 126.0 128.8 125.7 131.2 127,5 130.9 130.2 132.1 131,5 132.7 134.2 129.7 Mineral fuels.................................. 6.07 115 2 115.6 113.9 114.9 109.3 115.7 110.9 118.8 119.3 121,3 119.4 171 6 123.0 116.0 Nonresidential utilities.................. 2.86 159.2 Electricity................... 2.32 161.0 152.7 156.3 164.8 168.9 174. 8 171.9 165.1 160.4 162,5 163.7 162.1 164.8 General industrial.................. 1.03 157.7 153.8 156,8 161.2 158.5 164.5 163.1 161.9 162.0 161,4 162.9 159.6 164,8 Commercial and other........... 1.21 169.8 157.1 161.5 174.1 184.2 190.3 186,0 174.0 164.9 169,5 170.7 170.4 171,2 Gas.............................................. .54 151.2 Supplementary groups of consumer goods Automotive and home goods........... 7.80 159.9 162.6 163.6 165.8 147.0 129.6 148.4 174.9 173,4 168.7 167,4 170.7 172.9 173.1 Apparel and staples........................... 24.51 134.0 128.7 129.6 133,6 131.4 141.8 142.3 142.2 136.2 130,9 134.1 137 6 138.3 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 INDUSTRIAL PRODUCTION: N.S.A. 881 INDUSTRY GROUPINGS (1957-59=100) 1957-59 *1965 1965 1966 pro­ Grouping por­ aver­ tion age Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb.' Mar.r Apr. Total index................................... 100.00 143.3 141.6 142,6 145.2 139,3 143,2 145.9 149.9 148.1 146,6 148,3 152.0 154.4 154.7 Manufacturing, total.......................... 86.45 144.9 143.4 144.6 147.2 140.3 143.9 147.5 152.3 150.5 148.3 149.9 154. 1 157.0 157,8 Durable.......................................... 48.07 148.4 147.5 149,0 151.7 144.9 143.3 148.3 154.6 154.5 155,4 156.3 160,2 163.8 165,0 Nondurable.................................... 38.38 140.7 138.2 139.0 141 .5 134.6 144.7 146.5 149.4 145.5 139.3 141.9 146.5 148.3 148.8 Mining....................................... 8,23 114.4 113.0 114.4 115.9 112.3 118.2 114,2 118.4 117.2 117,4 115.6 116.9 118,5 114,9 Utilities.............................................. 5.32 161.0 Durable manufactures Primary and fabricated metals.......... 12.32 142.0 148.4 146.0 147.4 138.7 143.1 141.1 139.0 136.7 137.0 141.3 147.4 153.1 154,4 Primary metals................................. 6.95 137.5 150.9 146.6 145.9 133.1 137.4 131.1 126,2 121.8 122.7 132,1 141 .2 150,2 151,2 Iron and steel................................ 5.45 133.6 148.3 142.5 143.3 135.4 134.7 125.0 117.5 111.6 115.2 125.4 134.2 142.9 144.1 Nonferrous metals and products.. 1.50 152.1 160.4 161.5 155.2 124.6 147.5 153.4 157.9 158.8 149.8 156.4 166,5 176.9 177.0 Fabricated metal products............... 5.37 147. 8 145.2 145.3 149.3 145.8 150.4 154.1 155.4 156.1 155.5 153.2 155.4 156.8 158.5 Structural metal parts........... 2.86 145.4 140.0 142.0 147.2 145,5 148.6 150.5 152,6 154.9 155.5 151.1 152.5 152,7 154.5 Machinery and related products........ 27.98 154.3 151.6 153.7 156.5 149.4 142.5 152.0 163.3 165.6 168.1 169.5 172.2 174.4 175.1 Machinery................. . 14.80 160.4 157.5 158.6 161 .7 155.0 155.3 163.3 167.8 169.2 173.7 173.4 177.8 179.4 180.8 Nonelectrical machinery............... 8.43 160.3 159.9 160,9 163,2 159,3 154.8 160.3 162,8 165.1 171.2 171.9 176. 1 178.9 180.0 Electrical machinery............ 6.37 160,6 154.4 155.7 159.8 149,2 156,0 167,3 174.3 174.6 177,1 175.5 180.1 180.1 182.0 Transportation equipment......... 10. 19 149.2 148.3 151.9 153.9 144.0 123.8 137.3 160.9 164.6 164.6 168.0 168.0 171.3 170.8 Motor vehicles and parts.............. 4.68 175.2 179.8 185.0 189.0 168.5 120,2 149.5 189.4 191.8 184.9 186.6 184. 1 187.2 184.9 Aircraft and other equipment.... 5.26 125.3 119.2 121.2 121.6 121.1 125.0 125.1 135,1 140.1 146.3 151.6 153.4 156,6 157.8 Instruments and related products. .. 1 .71 151.4 143.3 145.5 151.3 150.6 153,8 157.4 159.7 161.9 164.1 164.8 168.6 171 .0 170.4 Ordnance and accessories................. 1 .28 Clay, glass, and lumber. . ................. 4.72 127.6 122.9 130.6 135.5 133.0 139.8 138.0 138.0 130.1 123.6 120.0 125.1 131.7 136.6 Clay, glass^ and stone products........ 2.99 133.5 129.3 136.2 142.1 141,9 146.2 143.2 144.5 138.2 131,7 125.5 127.3 136.8 142.3 Lumber and products....................... 1.73 117.4 111.9 121 .0 124.1 117,7 128.9 129.0 126.6 116.1 109.7 110.5 121.4 122.8 126.8 Furniture and miscellaneous......... 3.05 151.7 145.2 146.7 150.5 146.4 156.3 159.0 163.4 163.1 162.4 152.2 156.4 159.9 159.2 Furniture and fixtures....................... 1.54 157.4 151.4 151.8 156.5 154,2 161 .5 162,8 165.8 165.5 169.2 162.1 163.5 166.8 165,0 Miscellaneous manufactures,....... 1,51 146.0 138.9 141.4 144.3 138.5 151 .0 155,2 160,9 160,6 155.5 142.1 149.1 152.9 153,3 Nondurable manufactures Textiles, apparel, and leather............ 7.60 135.7 135.5 136.5 137.4 121.9 138.4 137.4 144.8 138.7 128.8 137.1 146.5 147.4 143.9 Textile mill products......................... 2.90 134.8 135.5 137.5 136.8 121,5 138.2 136.4 141.8 140. 1 130.5 139.4 143.5 143,5 145.8 Apparel products............................... 3.59 145.0 145.0 145,3 147,6 130,1 146.2 146.7 157.4 147,2 134,4 143.2 157.9 160,3 T.eather and products....................... 1.11 107.8 105.0 105.9 106.2 96,4 114,0 109.8 112.0 107.9 106,3 lll.l 117,7 116,0 Paper and printing............................. 8.17 135.3 136.1 135.2 134,7 127.3 135.6 137,8 142.8 142.1 137.3 137.5 142,6 145.8 146.3 Paper and products................,......... 3,43 142.3 144.2 141,6 142.2 130.7 144,2 146.8 152,9 148.1 137.4 146.2 152.2 152.9 154.5 Printing and publishing................ 4.74 130.3 130.2 130.5 129.3 124.8 129.3 131.4 135,4 137.8 137.3 131.2 135,7 140.7 140.4 Newspapers.................................... 1.53 124.2 129.3 129.5 125.3 109.8 117.4 120.9 134,2 139.9 132,7 119.3 126,1 135.1 136.8 Chemicals, petroleum, and rubber.... 11.54 164.6 163.4 162.9 165.4 159.1 166.3 168.9 170. 7 169.2 168.3 172.5 176.4 177.5 180.1 Chemicals and products.................... 7.58 173.3 173.2 171,7 174.1 168.6 176.0 178.1 178.3 178.1 177.8 180,8 187.0 188.9 192.6 Industrial chemicals....................... 3.84 196.1 196.4 192.8 195.8 190.0 196.7 201,9 201.9 204.5 207.3 205,3 215.7 216.2 Petroleum products.......................... 1 .97 123.4 116.6 121,1 125.5 130.1 132.1 127,6 125.2 124.5 124.7 126,6 123.0 121.7 122.3 Rubber and plastics products........... 1 .99 172.2 172.9 170.7 171.6 151,5 163,1 175.1 186.9 179.8 175.0 186.4 188.8 189,5 Foods, beverages, and tobacco....... 11.07 123.1 115.4 118.8 124.4 123.2 133.3 135,9 135.1 127.8 118,0 116.6 118.3 120.4 121.3 Foods and beverages........................ 10,25 123.3 115.0 118.6 123.9 124,6 133.5 136,7 136.0 128.3 119.8 116.5 117.7 120.0 120,9 Food manufactures....................... 8.64 122.4 113.0 114.6 118,7 122.0 132.9 137,2 136.8 129.1 120.5 117.7 117,7 117.5 117.5 Beverages............................. 1 .61 128.4 125.5 140.1 151.6 138.5 136.9 134.3 131.8 123.8 115.8 109.9 117.4 133.6 Tobacco products.................. .82 120.5 120.7 120.7 130.3 106.1 130,6 125.3 124.7 121.3 95,3 118,3 126,1 124.9 Mining Coal, oil, and gas. ......................... 6.80 112. 2 112.0 110.6 111.3 106.9 113.3 109.0 115,6 115.7 117.2 115.5 117.4 118.4 112.1 Coal................................................... 1.16 111.8 108.7 114.1 116.6 90.2 121.2 112,9 127.3 120.4 116.4 112.1 112.5 118.6 85.9 Crude oil and natural gas................. 5.64 112.3 112,6 109.9 110,2 110.3 111.7 108,2 113.1 114.7 117.3 116,2 118.4 118.3 117.5 Oil and gas extraction,................. 4.91 116.0 117.2 113.8 114.5 113.8 114.4 110.4 116.8 119.0 122.5 121.1 123.8 124.0 123,1 Crude oil.................................... 4,25 111.8 113.2 110.2 111.1 109.9 111.1 106.3 112.9 114.5 117,2 115,8 118.6 119.3 119.0 Gas and gas liquids................... .66 142. 8 143,3 137.5 136.4 139.0 135,8 136.7 141,5 147.9 155.8 155.1 156.9 Oil and gas drilling....................... .73 87.1 81,5 83.6 81,2 86.6 93.3 93,2 88.6 85.6 82.6 83.1 81,8 79,9 79,3 Metal, stone, and earth minerals..... 1.43 124.8 117.7 132.4 138,0 138,1 141.8 138.7 132,0 124.4 118.5 115.8 114.6 119.3 128.1 Metal mining.................................... .61 122,6 117,0 133.8 139.8 135,2 140.6 138.3 124.7 110.8 108.5 117.4 117.7 119.7 124,8 Stone and earth minerals................. .82 126.5 118.2 131.3 136.7 140.2 142.7 138.9 137.4 134.5 125,8 114.6 112.4 119.0 130.6 Utilities Electric............................................... 4.04 165.5 158.2 154.2 161.4 170.5 177.7 176.6 165.3 159,6 170.0 179.1 178.6 174.8 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

882 BUSINESS ACTIVITY; CONSTRUCTION JUNE 1966 SELECTED BUSINESS INDEXES (1957-59=100) Industrial production fac M tu a r n in u g -' 2 Prices 4 Nonag- Major market groupings Con­ ricul- Period Total Final products Ma g j r o o r u i p n i d n u g s s try s t c r t t i a r o o u c n n c t ­ s ­ m p t e u e l m o r n a y t ­ l — ­ p E lo m y ­ , Pay­ F l i c r o n e a a g i r d g s - ­ ht s T r a e o l t e t a a s i l l 3 Con­ W sa h l o e l e­ Mate­ Total i ment rolls sumer com­ Total g s C o u o o m n d e ­ s r E m q e u n ip t ­ rials Mfg. M in i g n­ U itie n s ­ modity 1950..................... 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.1 99 4 68 9 117.1 72 83 8 86 8 1951..................... 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.1 106.1 80,2 121 5 76 90 5 96 7 1952..................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 93 0 106 1 84.5 115 0 79 92- 5 94 0 1953..................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.6 111.6 93 6 116 6 83 93 2 92 7 1954..................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104 6 82 93 6 92 9 1955..................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.5 105 5 94 8 115.3 89 93 3 93 2 1956..................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106 7 100 2 115.9 92 94 7 96 2 1957..................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108.2 97 98 0 99 0 1958..................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 93.5 93.8 98 100 7 100 4 1959..................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.5 100.1 105 1 97 9 105 101 5 100 6 I960..................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.2 99 9 106.7 95.3 106 103 1 100 7 1961..................... 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 108 102.8 95.9 105.4 91.2 107 104 2 100 3 1962..................... 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 120 105.7 99.1 113.8 92.4 115 105 4 100 6 1963..................... 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 132 107.8 99.7 117.9 93 3 120 106 7 100 3 1964..................... 132.3 131.8 131.7 132.0 132. 8 133.1 111.3 151.3 137 110.8 101.4 124.2 95 5 127 108 1 100 5 1965*................... 143.3 142.4 140,2 146.9 144.1 144.9 114.4 161.0 143 115,1 106 2 135.9 96 6 138 109 9 102 5 1965—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 H34 109 3 101 7 141.6 140.2 138.6 143.7 142.6 143.1 114.0 160.4 145 114. 3 105.2 133 8 100 5 136 109 6 102 1 142.7 140.7 138.7 144.9 144.5 144.1 115.3 162.5 139 114. 8 105 9 134.5 93 8 r136 110 1 102 8 July.......... 144.2 141.7 139.3 147.0 146.4 145.7 116.0 161.3 149 115.2 106.4 135.3 95 1 138 110 2 102 9 Aug......... 144.5 142.3 139.5 148.4 146.1 146.0 117.0 161.4 139 115.4 106.7 135.7 94.3 138 110 0 102 9 Sept.......... 143.5 143,3 140.7 149.0 143.7 145,2 112,6 165.3 147 115.7 106 8 136 7 93 5 139 110 2 103 0 145.1 145.7 141.7 154.3 144.3 146.7 115,8 165.7 147 116.1 107,2 138.6 93.4 142 110 4 103 1 Nov.......... 146,4 147.4 142.8 157.3 145.6 148,2 116.0 165.1 14! 117.0 108 3 140.7 97 9 144 110 6 103 5 Dec.......... 148.7 148.8 144.1 158.8 148.7 150.6 117.9 165.5 153 117.8 109.0 142.5 102.4 145 HUO 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 1110 104 6 Feb........... HSl .9 r151.4 U45.5 r164.1 U52.0 H54.1 r117.7 r168.9 157 119 0 r110 6 r146 9 97 2 148 1116 i05 4 rl53.3 r152.6 r146.3 U66.2 r154.1 *•155.6 M20.0 r168.8 158 H19 8 rl 11 2 *147 5 100 2 *449 112 0 105 4 r153.6 153.1 r146.5 M67.3 r154.2 r156.3 q15.0 170.0 161 r119 8 rl 11 6 r148 2 97 0 r146 112^5 105 5 May...... 154.8 154.0 146.3 170.3 156.0 157.1 120.4 170.5 120.1 111.9 148.3 100'0 143 105^5 i 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 F.R. index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Note.-—-Data are seasonally adjusted unless otherwise noted. Freight carloadings: Based on data from Association of American Construction contracts: F. W. Dodge Co. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1965 1966 Ty ty p p e e o o f f o c w o n n e st r r s u h c ip ti o a n nd 1964 1965 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total construction............................. 47,330 49,272 ’■4,749 4,864 4,625 4,795 4,265 4,141 4,356 3,745 3,698 3,374 3,270 4,737 5,098 By type of ownership: Public............................................ 15,371 16,302 H,53O 1,517 1,553 1,750 1,313 1,332 1,294 1,163 1,304 1,125 1,066 1,463 1,574 Private.......................................... 31,959 32,970 *•3,219 3,348 3,072 3,045 2,952 2,809 3,061 2,582 2,395 2,249 2,204 3,274 3,524 By type of construction: Residential building..................... 20,565 21,247 *■2,136 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 4,537 1,775 1,551 1,691 1,507 1,464 1,582 1,328 1,433 1,177 1,259 1,726 Nonbuilding...............7................ 11,244 10,805 *•1,076 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

JUNE 1966 CONSTRUCTION 883 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total N f r a e o r s m i n ­ ­ Indu B s u ­ sine C ss om­ Public O n d re o t e h s n n i e - - - r Total M ta i r l y i­ H w i a g y h­ d C v e o a v n t & e i s o l e o n r p ­ ­ Other 1 dential Total trial mercial utility tial ment 1956 47,601 34,869 20,178 11,076 3,084 3,631 4,361 3,615 12,732 1,360 4,415 826 6,131 1957 49,139 35,080 19,006 12,029 3,557 3,564 4,908 4,045 14,059 1,287 4,934 971 6,867 1958 50,153 34,696 19,789 10,659 2,382 3,589 4,688 4,248 15,457 1,402 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 1960. 53,941 38,078 21,706 11,652 2,851 4,180 4,621 4,720 15,863 1,366 5,437 1,175 7,885 1961 55,447 38,299 21,680 11,789 2,780 4,674 4,335 4,830 17,148 1,371 5,854 1,384 8,539 1962 3.......................... 59,667 41,798 24,292 12,316 2,842 5,144 4,330 5,190 17,869 I ,266 6,365 1,524 8,714 1963 4.......................... 62,968 43,642 25,843 12,497 2,906 4,995 4,596 5,302 19,326 1,227 7,091 1,690 9,318 1964 66,221 45,914 26,507 13,828 3,572 5,406 4,850 5,579 20,307 968 7,144 1,729 10,466 1965 71,903 49,999 26,689 16,968 5,086 6,704 5,178 6,342 21,904 883 7,539 2,032 11,450 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................... 71,411 49,717 26,675 16,665 4,775 6,709 5,181 6,377 21,694 888 7,559 2,002 11,245 May.................. 71,973 50,132 27,070 16,541 5,416 6,091 5,034 6,521 21,841 887 7,512 1,976 11,466 June.................. 71,756 50,317 27,224 16,812 5,426 6,199 5,187 6,281 21,439 834 7,523 2,112 10,970 July.................. 70,358 49,122 26,983 15,974 4,907 5,882 5,185 6,165 21,236 980 7,499 1,770 10,987 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 1,025 7,689 2,075 11,874 Oct.................... 72,687 50,084 26,343 17,320 5,068 7,056 5,196 6,421 22,603 832 7,734 2,007 12,030 Nov................... 74,039 51,209 26,243 18,426 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 22,601 760 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 7,457 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 2,408 Apr.”................ 77,417 54,587 27,267 .............. 5,434 22,830 7,360 1 Sewer and water, formerly shown separately, now included in Other. Note.—Monthly data are at seasonally adjusted annual rates. Be­ 2 Beginning with 1959, includes data for Alaska and Hawaii. ginning with 1959, figures are Census Bureau estimates. Data before 3 Beginning July 1962, reflects inclusion of new series affecting most 1959 are joint estimates of the Depts, of Commerce and Labor. private nonresidential groups. 4 Beginning 1963, reflects inclusion of new series under Public (for State and local activity only). NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership S.A. Government- (private only) underwritten Period Total Private Non­ Total N fa o rm n­ M po e li t t r a o n ­ p m o e li t t r a o n ­ Total fam 1- i ly fam 2- i ly M fam ul i t l i y ­ Public Total FHA VA 1955............................. 1,646 1,627 19 670 277 393 1956............................. 1.349 1,325 24 465 195 271 1957............................. 1,224 1,175 49 322 193 128 1958............................. h382 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 %3 1962............................. 1,492 1,054 439 1,463 992 49 422 30 339 261 78 1963 ............................. 1'641 1,151 490 1 ,609 1,021 53 535 32 292 221 71 1964............................. 1,591 1,119 472 L557 '972 54 532 33 264 205 59 1965 ............................. 1,543 1,068 475 1'505 962 50 493 38 249 197 53 1965—Apr................... 1,552 1,532 155 103 52 152 100 5 48 3 22 17 5 May.................. 1.516 1'501 162 111 52 158 102 5 50 5 24 19 5 June................. 1,566 1,'539 162 115 48 156 100 6 50 7 25 19 5 July................... 1'473 1'447 144 95 49 141 94 5 43 3 22 17 5 Aug................... 1327 1^409 138 95 43 135 88 5 42 3 22 18 5 Sept................... 1'453 1'436 126 88 38 124 80 4 40 2 21 17 4 Oct.................... 1.411 1,380 136 95 41 134 87 4 43 2 22 18 4 Nov.................. 1,547 1'531 118 79 39 116 71 4 41 2 20 16 4 Dec................... 1 '769 1,735 103 76 27 102 60 3 39 1 18 15 3 1966—Jan.................... 1,611 1,585 87 62 26 85 48 3 34 3 16 13 3 Feb................... 1'374 1’349 81 56 26 78 47 3 29 3 15 12 2 Mar................... ” 1'561 p1 '530 p 130 91 39 p 126 81 5 41 ” 5 23 19 3 Apr................... »1,495 »1,474 ” 148 106 43 * 146 97 5 44 ’2 22 18 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

884 EMPLOYMENT JUNE 1966 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period i p T n o s o N t p t i a t . u S u l l . t a n A i t o o i . n o n a n - l l N ab N o o t . r S i n . f A o t . r h c e e T l f S a o o b . r A t c o a e . r l Total I E n m n p o l n o a y g e r d i- 1 In p U lo n y e e m d ­ U (p n e e m r S r a m . e t A c e n p e . 2 t l n o t y ) ­ Total cultural agriculture industries I960.......................... 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 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 3,567 4.7 July.............. 136,252 55,102 78,747 76,054 72,618 67,979 4,639 3,436 4.5 Aug............. • 1361473 561310 781465 75,772 72,387 67,815 4,572 3^85 4.5 Sept............... 136,670 58,626 78,334 75,611 72,297 67,879 4,418 3,314 4.4 Oct................. 136,862 58,149 78,606 75,846 72,561 68,010 4,551 3,285 4.3 Nov,............. 137,043 58,445 78,906 76,111 72,914 68,641 4,273 3,197 4.2 Dec............ 137,226 58,749 79,408 76,567 73,441 68,955 4,486 3,126 4.1 1966—Jan................. 137,394 59,985 79,644 76,754 73,715 69,286 4,429 3,039 4.0 Feb................ 137,565 59,930 79,279 76,355 73,521 69,079 4,442 2,834 3.7 Mar............... 137,741 59,707 79,315 76,341 73,435 69,072 4,363 2,906 3.8 Apr................ 137,908 58,994 79,674 76,666 73,799 69,317 4,482 2,867 3.7 Nfay............... 138,100 58,349 79,313 76,268 73,231 69,155 4,076 3,037 4.0 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 contains the 12th day; annual data are averages of monthly figures, Bureau of Labor Statistics, EMPLOYMENT IN NON AGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Contract Transporta­ Period Total M t a u n ri u n f g ac­ Mining con ti s o t n ruc­ ti l o ic n u & til i p ti u e b s ­ Trade Finance Service G m ov e e n r t n­ I960 ........................................................ 54,203 16,796 712 2,885 4,004 11,391 2,669 7,392 8,353 1961......................................................... 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 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 3J89 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 61,001 18,163 622 3,202 4,071 12,684 3,069 9,019 10,171 Nov,... .............. ............ 6k 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 t2,909 3,080 9,142 10,390 Feb................................................ 62,501 18,691 631 3,374 4,104 12,942 3,082 9,205 IO’, 472 Mar............................................. 62,918 18,780 632 3,462 4,107 13,015 3,100 9,251 10,571 Anr p............................................ 62^33 18 i 860 592 3,375 4,114 12,992 3,102 9,262 10,636 May’............................................ 63;099 18,918 625 3; 317 4,125 13,011 3,102 9,281 10;720 NOT SEASONALLY ADJUSTED 1965__May ............................................. 60,000 17,745 629 3,223 4,008 12,437 3,029 8,905 10,024 June............................................. 60^48 18,027 640 3,412 4,070 12,596 3,062 9,008 10^33 July ............................................. 60;694 641 3,476 4,083 12,583 3,098 9,081 9,716 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 61,041 18,274 617 2,974 4,025 12,716 3,049 8,959 10,427 Feb................................................ 61i212 18,457 613 2,851 4i034 12;617 3,054 9,030 10,556 Mar.............................................. 61,826 18,588 615 3,015 4,054 12,700 3,075 9,112 10,667 Apr.P............................................ 62;497 18,708 586 3,196 4,077 12,871 3,090 9,243 10,726 Mayp........................................ 63,070 18,825 627 3,353 4,113 12,913 3,099 9,346 10,794 Note.—Bureau of Labor Statistics; data include all full- and part- that includes the 12th of the month. Proprietors, self-employed persons, time employees who worked during, or received pay for, the pay period domestic servants, unpaid family workers, and members of the armed forces are excluded. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 EMPLOYMENT AND EARNINGS 885 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1965 1966 1965 1966 May Mar. Apr.1* May" May Mar. Apr." May" Total ....................................................... 13,252 14,003 14,055 14,090 13,180 13,828 13,921 14,014 Our^ bln goods ................................................................... 7,599 8,177 8,213 8,236 7,621 8,098 8,193 8,256 Ordnance and accessories...................................... ' 99 121 123 126 ' 98 120 '122 125 Lumber and wood products................................ . 529 558 550 544 531 527 535 546 Furniture and fixtures .......................................... 356 375 374 380 350 371 371 372 Stone clay and glass products............................. 491 518 517 509 496 496 511 515 Primary metal industries........................................ 1 ,050 1 ,055 1,061 1,065 1,066 1,060 1 ,076 1,081 Fabricated metal products..................................... 968 1 ,040 1,041 1,039 968 1,023 1 ,033 1 039 Machinery except electrical.................................. 1,181 1,264 1,271 1,281 1,192 1'277 1 ,286 1,294 Electrical machinery. . .......................................... 1,127 1 ,'278 1,305 1,316 1'114 1,265 1 ,289 L300 Transportation equipment.................................... 1,227 1,348 1,349 1,350 1 ,'239 1,355 1'358 1,364 Instruments and related products......................... ’239 '267 '268 '271 '238 '266 '267 269 Miscellaneous manufacturing industries............... 332 353 354 355 329 338 345 351 Nondurable grinds......................................................... • 5,653 5,826 5,842 5,854 5,559 5,730 5,728 5,758 Food and kindred products.......................... 1441 L 161 1,150 1,143 I ’080 1,075 1,075 1 082 Tobacco manufactures.......................................... ’ 74 ' 72 ' 72 ' 71 63 64 ' 62 60 Textile-mill products.............................................. 817 844 846 847 817 840 844 847 Apparel and other finished textiles....................... 1,198 1,229 1,238 1,252 1 ,184 1,244 1,223 1,237 Paper and allied products...................................... '493 '513 '515 '516 490 '507 '511 512 Printing publishing and allied industries............ 615 640 644 644 613 638 643 642 Chemicals and allied products............................... 538 556 556 560 543 557 564 566 Products of petroleum and coal............................ 108 109 110 110 109 107 109 i io Rubber products.................................................... 357 383 388 388 355 380 383 386 Leather and leather products................................ 312 319 323 323 305 318 314 316 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 May Mar. Apr." May" May Mar. Apr." May" May Mar. Apr." May" Total ............................................................. 41. 1 41.S 41.5 41.4 107.53 110.95 111.24 112.05 2.61 2.68 2.70 2.70 Durable goods...................... 42.0 42.3 42.4 42.2 117.46 120.69 121.54 121.82 2.79 2.86 2.88 2. 88 Ordnance and accessories.......................... 41.7 41.9 42.3 42.2 128.96 131.67 132.62 132.19 3.10 3.15 3.15 3.14 J umber and wood products..................... 41.0 41.1 41.2 41.4 89.42 88.51 91.84 94.47 2.16 2.18 2.24 2.26 Furniture and fixtures........................... • ■ 41.6 42.0 41.6 42.1 85.89 89.64 88.75 90.67 2.10 2.16 2.17 2.19 ^ton^ clay and glass products................. 41.9 42,7 42.0 41.8 110.66 112.56 113.82 115.06 2.61 2.68 2.71 2.72 Piimary metal industries ............................ 42.1 41.9 41.9 42.0 134.09 137.25 138.74 137.99 3. 17 3.26 3.28 3.27 Fabricated metal products.................... 42. 1 42.5 42.4 42.4 116.75 119.85 119.99 121.84 2.76 2.84 2.85 2.86 Machinery except electrical....................... 43.0 43.9 43.7 43.8 127.74 134.51 134.03 135.83 2.95 3.05 3.06 3.08 Electrical machinery.................................. 41.1 41.4 41.4 41.2 105.37 107.79 107.68 108.09 2.57 2.61 2.62 2.63 Transportation equipment......................... 43.0 42.9 43.4 42.5 137.81 140.06 141.47 140.48 3.19 3.28 3.29 3.29 Instruments and related products............. 41.6 42.5 42.2 42.6 107.90 112.67 112.29 114.33 2.60 2.67 2.68 2.69 Miscellaneous manufacturing industries... 39.8 40.3 40.0 40.1 84.56 88.88 87.74 88.80 2.13 2.20 2.21 2.22 Nondurable goods................................................... 40.0 40.4 40.3 40.3 94.00 96.88 96.71 97.93 2.35 2.41 2.43 2.43 Food and kindred products.................... ■ 41.0 41.1 41.1 40.9 100.45 101.25 102.21 103.89 2.45 2.50 2.53 2.54 Tobacco manufactures.............................. 37.3 39.3 39.0 38. 1 81.10 84.80 85.65 86.41 2.18 2.22 2.26 2.28 Textile-mill products.................................. 41.5 42.4 41.9 42.2 76.54 81.22 79.90 81.64 1.84 1.92 1.93 1.93 Apparel and other finished textiles....... 36.4 36.5 36.5 36.6 65.52 69.37 67.51 68-44 1.80 1.88 1.87 1.87 Paper and allied products. ..................... . 43. 1 43.5 43.7 43.8 112.66 116.91 117.50 119-30 2.62 2.70 2.72 2,73 Printing, publishing, and allied industries. 38.5 38.7 38.7 38.8 117.04 121.06 120.12 122.22 3.04 3.12 3.12 3.15 Chemicals and allied products................ . 42.0 42.1 42.2 42.0 120.69 122.64 124.66 124.49 2.86 2.92 2.94 2 95 Products of petroleum and coal............... 42.2 42.5 42.6 42.1 137.80 141.62 146.12 144.24 3.25 3.38 3.43 3.41 Rubber products....................................... 41.7 42.2 42.0 42.2 107.59 110.46 110.51 111.41 2.58 2.63 2.65 2.64 Leather and leather products.................... 38.4 38.5 39.1 38.9 71.44 73.92 72.95 74.69 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

886 PRICES JUNE 1966 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em U s Food Total Rent H ow s o h m n ip e e r - ­ F c a o o u n i a e d l l l t e r G a i l c n e a i c d s t ­ y o n F i p a n i n e u s g h r d r s a ­ ­ ­ A up p a k p n e a d e r e p l T p t o r i a o r n t n a s ­ ­ Total M c i a c e a r d e l ­ s c P o a e n r r a e ­ l r R e a i c e n n r a g d e d a ­ ­ g O s a o e t n o h r d v d e ­ s r tion tion ices 1929.......................... 59.7 55.6 85.4 1933.......................... 45.1 35.3 60.8 1941.......................... 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47.6 57.3 58.2 1945.......................... 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75.0 67.3 1957.......................... 98.0 97.8 98.5 98,3 98.2 100.8 96.9 99.4 99.5 96.5 97.0 95,5 97.1 96.9 98.5 1958.......................... 100.7 101.9 100.2 100.1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100.1 100,4 100.8 99.8 1959.......................... 101.5 100.3 101,3 101.6 101.4 100,2 102.8 100.7 100,6 103.8 102.8 104.4 102.4 102.4 101,8 I960.......................... 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103 8 105.4 108.1 104.1 104.9 103.8 1961.......................... 104.2 102,6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107,3 111.3 104.6 107.2 104.6 1962........................ 105.4 103.6 104.8 105.7 105.6 102.1 107,9 101.5 103,6 107.2 109.4 114.2 106.5 109,6 105.3 1963......................... 106,7 105.1 106.0 106,8 107.0 104.0 107.8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107 1 1964......................... 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114.1 108.8 1965......................... 109.9 108.8 108.5 108.9 111.4 105,6 107.8 103,1 106.8 111 J 115,6 122.3 109,9 115.2 111.4 1965—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 III .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............... 110.0 110.1 108,2 109.0 111.4 103.5 107.7 102.9 106.4 111.0 115.6 122.8 109,0 114.3 112.6 110,2 109,7 108.6 109.1 111.6 104.3 107.9 103.1 107.2 111.0 115.8 122.8 109.2 114.8 112.7 Oct.......... 110.4 109.7 109.0 109.2 112.1 106.9 107.9 103.3 107.8 111.2 116.2 123.0 109.2 115.2 113.3 Nov.. 110.6 109.7 109.2 109,3 112.5 107.2 108.0 103.3 108.1 111,5 116.4 123.4 109.6 115.4 113.3 Dec............... 111.0 110.6 109.4 109.5 112.9 108.6 108.0 103.6 108.1 111.6 116.6 123.7 110.0 115.4 113.4 1966—Jan................ 111.0 111.4 109.2 109.7 113,1 108.9 107.9 103.6 107,3 UI.2 116,9 124.2 110.4 115,7 113.4 Feb............... 111.6 113.1 109.4 109.8 113.3 109.0 108.2 103.8 107,6 111.1 117.1 124.5 110.8 115.9 113,6 Mar............... 112,0 113.9 109.6 109.9 113.5 108.9 108.2 104.0 108.2 111.4 117.6 125.3 111,0 116.6 113.8 Apr............... 112,5 114.0 110.3 110.1 II4.3 108.5 108.3 104.4 108.7 112.0 118.1 125,8 111.6 116,8 114.3 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with Jan. 1964. WHOLESALE PRICES: SUMMARY (1957-59= IQO) Other commodities Period m c t A o o ie m l d s l i ­ ­ F p u r a c o r t m d s ­ P f e o s r o s o e d c d s ­ Total t T e il e t 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 e u e tc 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 a y n ­ ­ F t e u u t r r c e n . , i ­ N t m m a o l i l e n n i ­ c ­ - b T e a t c o c c . ­ o, n c M e e l o i l s u a ­ s ­ erals 1957............................. 99.0 99.2 97,9 99.2 100.8 94.9 102.7 99.6 100.2 98,5 99.0 99.7 97.7 99.4 98.9 98.0 96,6 1958............................. 100.4 103.6 102,9 99,5 98.9 96.0 98,7 100.4 100.1 97.4 100.1 99.1 loo, i 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—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 (03.7 98.0 (01 .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 I0I.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 97.7 101.6 107.6 111.5 Sept................... 103.0 99.5 106.7 102,7 102,1 111,3 99.2 97,2 93.3 102.0 100,0 106,2 103.8 97.7 101.6 107,7 111.5 Oct........... 103.1 99.4 106.9 102,8 102.0 113,3 99,4 97.6 93,4 101,6 100.5 106.3 103.9 97.8 101.6 107,7 111,2 Nov................... 103,5 100.3 107.6 103,2 101.9 113.6 100.3 97.5 93.5 101.6 100,8 106.7 104,1 98.0 101.6 107.7 113,2 Dec................... 104.1 103,0 109,4 103.2 102,0 114,6 100,6 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................... 105.4 107.4 111.8 103,8 102,0 117.8 100,3 97.6 94.1 103.7 101,3 107.5 104.7 98.4 102.1 108.0 116,0 Mar................... 105.4 106.8 r111.5 104.0 102.1 H18.7 99.9 97.6 '94.3 r105,6 not.8 108.0 'lOJ.O '98.4 ’’102.1 ■■109.2 '113,1 Apr.. 105.5 106.4 110.5 104.3 102.2 120.9 100.0 97.7 95.4 108.4 102.3 108.3 105.2 98.8 102.4 109.4 113,0 See next page for composition of other commodities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 PRICES 887 WHOLESALE PRICES: DETAIL (1957-59= 100) 1965 1966 1965 1966 Group Group Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Farm products: Pulp, paper, and allied products: E F H G L P F r l l g i a r u a e v g y a n s i e d s i h s t n a . t . a o n m s . a . n c . d . n . . i d k . . d l . . s k . . . e a a . d . . . e . . n n . r . . . d . . d i i . . . m . e . s . . . . d . . p . . . a . . . . . o . . l . . p . . . . . . u . . . f . r . . . . . i l o . . . . b t . . . . . d r . . . e . . . y . . u . . . r . . . . . . s . . c . . . . . . . . . e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 9 9 9 9 0 1 1 1 1 1 1 1 7 9 . . . . . . . 6 2 4 2 2 7 4 1 1 1 1 9 9 8 1 1 1 1 8 9 2 1 6 6 6 . . . . . . . 5 9 5 3 0 7 6 ’ r ’ 1 1 1 1 l 9 8 1 1 0 1 1 0 9 3 8 1 4 5 . . . . . , . 3 8 5 7 6 3 2 1 1 1 1 1 9 8 0 1 1 1 1 9 1 1 1 6 0 2 . . . . . . , 8 9 9 2 9 2 4 C B o u n il v d e in rt g e d p a p p a e p r e a r n a d n d b o p a a r p d e . r . b .. o .. a .. r .. d .. . . . . .. . . . . 1 9 9 9 9 9 0 2 8 6 9 7 3 . . . . . . 1 3 3 3 3 9 1 1 1 9 9 9 0 0 0 6 2 8 5 0 5 . . . , . . 7 7 5 0 4 9 r 1 1 1 9 ? 9 0 0 0 7 2 8 1 5 8 . . . , . . 7 0 6 0 4 7 1 1 1 9 9 9 0 1 0 7 2 8 2 0 5 . . . . . . 0 6 3 8 2 0 Other farm products......................... 95.6 102.3 102.1 102.8 Metals and metal products: Processed foods: Iron and steel...................................... 101.4 102.2 102. 3 102.0 Cereal and bakery products............... 108.3 112.1 112.2 112.6 Nonferrous metals............................... 113.4 119.5 •120.8 122,2 Meat poultry, and fish....................... 93 6 114.9 rl 13,3 110.8 Metal containers................................ 105.7 109 8 109.8 110. 1 Dairy products and ice cream.......... 107^5 112.7 114.8 114.5 Hardware............................... 105.4 107.4 r108.3 108.3 Canned and frozen fruits and veg­ Plumbing equipment........................... 104.0 106,7 107.5 108.1 etables ........................................... 100.9 105.5 105.3 105.4 Heating equipment............................. 91.9 91.7 •91 8 92.1 Sugar and confectionery..................... 108 0 110.3 110.0 109.3 Fabricated*structural metal products. 100.8 102.6 •103.1 103.4 Packaged beverage materials.............. 93.2 93.5 93.5 93.5 Fabricated nonstructural metal prod­ Animal fats and oils. . . ................. 116.7 126.2 ’121.8 117.8 ucts................................................ 109.2 110.5 110.9 110.9 Crude vegetable oils............................ 109.3 107.6 104.3 106,4 Refined vegetable oils......................... 103 7 116.0 112.0 111.3 Machinery and motive products: Vegetable oil end products................. 102.3 102.5 H03.0 102,2 Miscellaneous processed foods....... 111.7 114.1 114.4 114.0 Agricultural machinery and equip.... 114.6 117.8 118.0 118. 1 Construction machinery and equip... 115.0 117.5 117.9 118.3 Textile products and apparel: Metalworking machinery and equip.. 115.7 120.7 ’■121.1 121.2 General purpose machinery and C W M o a o t n o to - l m n p a r p d o r e d o u d fi c u b t c e s t r . s .. . t . . e . . . . x . . . . t . . i . . l . . e . . . . . . p . . . . r . . . . o . . . . d . . . . u . . . . . c . . . t . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 9 0 6 9 3 . . . 1 1 7 1 1 9 0 0 1 1 5 . . . 8 0 5 1 1 9 0 0 0 1 6 . . . 8 8 0 1 1 9 0 0 0 6 2 . . . 5 3 3 S M p i e e s q c c i u e a l i l l p a m n i e e n o n d u t u s .. s . m t . r .. y a .. c .. h .. i m . n .. e a . r c . y . h . . . i . n . .. . e . . . . r . . y . . . . . . . . . . . . . a . . n .. d ... 1 10 0 5 4 . . 3 2 1 10 0 6 5 .6 8 ’■ 1 1 0 0 7 5 . . 3 8 1 1 0 0 5 8 . . 7 4 S O A i t l p h k p e p a r r r t e o e l d x .. u t . i . c . l . e t . s .. p . . . . r . . . . o . . . . d . . . . u . . . . . c . . . . t . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 0 3 1 3 4 8 . . . 1 5 5 1 1 1 5 0 2 5 4 4 . . . 3 2 7 1 1 1 5 2 0 1 6 4 . . . 3 4 7 1 1 12 5 0 5 1 4 . . . 1 6 8 Ele e c q t u ri i c p a m l e m n a t c ( h J i a n n e . ry iy a o n i d — e l q u u u ip j. . . .. . .. . . . .. . .. . . 1 1 9 0 0 7 7 0 . . .8 0 8 1 1 9 0 0 7 0 9 . . . 8 4 4 •1 1 r9 0 0 8 9 0 , . .3 9 2 1 1 9 0 1 8 0 0 . . . 3 3 0 Transportation equip., R.R. rolling Hides, skins, leather, and products: stock (Jan. 1961= 100)................ 100.6 101.0 101.0 101.0 Hides and skins.............................. 96.3 152.8 147.8 148.8 Leather................................................. 103.6 118,0 •■123.3 122.4 Furniture and other household durables: Footwear.............................................. 109.7 114.9 115.3 118,8 Other leather products ................... 104 3 111,6 ’112.5 114.4 Household furniture.......................... 106.0 107.2 107.2 108.6 Commercial furniture...................... 103.6 104.1 104.1 104.1 Fuels and related products, and power: Floor coverings.................... 97.7 97.7 •97.5 97.5 Household appliances................. 89.4 r89.0 r89.1 89.2 Coal...................................................... 94.6 98.2 r97.5 95.2 Television, radios, and phonographs.. 85.9 84.0 •83.7 83.8 Coke................................................... 107.3 107.3 107.3 107,3 Other household durable goods......... 105.1 107.1 106.9 106.9 Gas fuels (Jan. 1958= 100)................. 122.5 128.9 H28.2 128.2 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 . . 1 8 1 9 0 7 0 . . 8 4 1 9 0 7 0 . . 2 4 1 9 0 7 0 . . 7 3 NonmetalUc mineral products: Chemicals and allied products: Flat glass............................................. 101.6 99.9 •99.2 100.1 Concrete ingredients........................... 103.2 103.7 103.8 103.8 94.8 95.2 95.2 95.6 Concrete products..................... 101.3 102.1 •■102.2 102.7 104.4 105.9 105.9 105.9 Structural clay products..................... 104.9 105.8 105.9 106.0 90.4 89.5 89.8 90.4 Gypsum products................................ 108.1 101.4 101.4 101.4 Drugs and pharmaceuticals................ 94.8 94.5 94.4 94.0 Asphalt roofing.................................... 92.1 94.8 94,8 94.8 121.2 110.0 r106.4 104.2 Other nonmetallic minerals................ 101.6 101.7 102,1 102.0 Mixed fertilizers.................................. 104.9 105.3 HO5.4 105.8 Fertilizer materials.............................. 104.3 104.7 104,7 105.5 Tobacco products and bottled beverages: Other chemicals and products............ 99.8 100.2 100.2 100.2 Tobacco products................................ 106.7 106.6 *■109.8 110.2 Rubber and products: Alcoholic beverages............................. 100.7 101.0 101.0 101.0 Nonalcoholic beverages...................... 128.1 128.5 128.5 128.5 Crude rubber....................................... 91.6 91.0 •91.2 90.0 Tires and tubes............................... 88.5 91.1 91.1 94.4 Miscellaneous rubber products...... 96.5 98.5 98.7 98.7 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms.... 102.4 103.3 •103.3 103.6 Manufactured animal feeds. .............. 115.5 124.8 119.6 119.2 Lumber................................................ 101.0 105.6 •107.4 111. 1 Notions and accessories...................... 99.1 99.8 99.8 99.8 Millwork............................................ 107,6 108.4 r109.3 109.7 Jewelry, watches, photo equipment... 103.8 105.1 105.1 105.1 Plywood................................................ 91.9 94.0 ’■97.7 101.9 Other miscellaneous products....... 102.8 104.9 ’•104.7 104.9 Note.—Bureau of Labor Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

888 NATIONAL PRODUCT AND INCOME JUNE 1966 GROSS NATIONAL PRODUCT (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965 I II III IV Ip Greiss 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 Pinal 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 FprsODfll 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 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 14anrevidential..................................... 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 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 jn 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 Nonfarm.................................................... 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 Pxports.................................................... 7.0 2.4 5.9 i3.8 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........................................................ 203.6 141.5 263.7 355.3 497.3 530.0 550.0 577.6 609.6 597.71 603.5 613.0 624.4 633.6 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 Survey of Current the Aug. 1965 revision by Dept of Commerce, see Aug. 1965, Survey of Business. Current Business. For broad concepts and most definitions underlying NATIONAL INCOME (In billions of dollars) 1965 1966 1929 1933 1941 1950 1961 1962 1963 1964 1965 Item I II in IV Ip 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

JUNE 1966 NATIONAL PRODUCT AND INCOME 889 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965 I II III IV Ip Clross 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 lia­ bility. ........................................... 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 gov­ ernment enterprises............ -.1 . 1 .2 1.4 1.4 .7 1.2 1.2 1.4 1.3 1.2 1.1 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 valu­ ation 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 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 for­ eigners ....................................... .3 .2 .2 .4 .5 .5 .6 .6 .6 .6 .6 .6 .6 .6 Equals: Personal saving.................................. 4.2 -.9 11.0 13.1 21.2 21.6 20.5 26.3 24.9 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar, Apr.® Total personal income......................... 495.0 530.7 520.5 525.0 528.5 530.4 532.1 1545.4 541.3 546.1 550.9 552.5 557.4 561.4 563.1 Wage and salary disbursements.......... 333.5 357.4 351.5 353.9 355.4 357.4 358.8 360.8 364.7 368.3 371.3 373.8 377.3 379.9 381.1 Commodity-producing industries.., 133.9 143.9 141.4 142.3 143.1 144.0 144.6 144.7 146.1 148.1 149.5 150.4 152.4 153.7 153.9 Manufacturing only...................... 107.2 115.5 113.6 114,1 114.8 115.6 116.1 116.4 117.5 119.1 120.0 121.1 123.0 123.7 124.4 Distributive industries..................... 81.1 86.5 85.6 86.2 86.5 86.8 87.0 87.2 87.8 88.2 88.7 89.4 89.9 90.2 90.4 Service industries............................. 54.1 58.1 57.2 57.6 57.8 58.2 58.5 58.8 59.6 60.0 60.4 60.7 61.0 61.4 61.6 Government..................................... 64.3 68.9 67.4 67.7 68.0 68.3 68.7 70.1 71.3 72.0 72.6 73.2 74.0 74.6 75.2 Other labor income............................. 16.5 18.2 18.0 18.1 18.2 18.3 18.4 18.4 18.6 18.9 19.0 19.2 19.3 19.5 19.6 Proprietors’ income............................ 51.1 54.6 52.9 54.8 56.0 55.5 55.3 55.4 55.9 56.2 56.5 56.6 56.9 57.3 57.2 Business and professional............... 39.1 40.3 40.0 40.1 40.1 40.3 40.4 40.5 40.6 40.7 40.8 40.9 41.0 41.2 41.3 Farm................................................ 12.0 14.3 12.9 14.7 15.9 15.2 14.9 14.9 15.3 15.5 15.7 15.7 15.9 16.1 15.9 Rental income...................................... 18.2 18.6 18.6 18.6 18.6 18.6 18.6 18.6 18.7 18.7 18.7 18.8 18.8 18.9 18.9 Dividends............................................. 17.2 18.9 18.2 18.5 19.1 19.0 19.2 19.5 19.7 19.9 20.2 20.4 20.6 20.6 20.7 Personal interest income..................... 34.3 37.1 36.5 36.7 37.0 37.2 37.5 37.7 37.9 38.2 38.5 38.9 39.4 40.0 40.5 Transfer payments............................... 36.6 39.2 37.8 37.4 37.2 37.6 37.7 148.4 39.3 39.6 40.3 41.4 41.8 42.0 42.0 Less: Personal contributions for social insurance........................... 12.4 13.2 12.9 13.0 13.1 13.2 13.3 13.4 13.5 13.6 13.7 16.6 16.8 16.9 16.9 Nonagricultural income................... 478.7 512.1 503.2 505.8 508.2 510.8 512.9 1526.2 521.7 526.3 530.7 532.5 537.2 540.9 542.8 Agriculture income.............................. 16.3 18.6 17.3 19.2 20.4 19.7 19.2 19.2 19.6 19.9 20.2 20.1 20.3 20.5 20.0 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 billion. annual rates. See also Note to table at top of previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

890 FLOW OF FUNDS JUNE 1966 SAVINGS, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1963 1964 1965 Transaction category, or sector 1961 1962 1963 1964 1965 IV I II III IV I II III IV I. Saving and investment 1 Gross national saving......................... 119.7 134.5 144.1 158.0 175.1 152.0 153.2 155.0 159.7 164.0 174.5 172.7 174.7 178.5 1 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 (1-8).............................. 1.8 .7 1.0 1.6 .8 -.3 1.1 .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 76.8 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 2.7 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 3.0 2.7 4.1 4.1 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 4-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 10.5 76.8 13.1 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 A t 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 -.1 -.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 XII. 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 cr. 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........................................... 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 . 1 .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 1.3 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 11.4 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 -l.l 4.2 75 Note.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see May 1966 BULLETIN, p. 727. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 FLOW OF FUNDS 891 PRINCIPAL FINANCIAL TRANSACTIONS (In biHions of dollars) 1963 1964 1965 Transa o c r t io se n c t c o a r tegory, 1961 1962 1963 1964 1965 IV I II in IV I II III 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 I 2 U.S. Govt, deposits...................... 1.3 -.3 .2 -1.2 -.8 3.6 -.9 -1.1 -.9 5.3 1.4 -12.9 1.3 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 3.1 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 2.1 -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 -5.3 1.6 .9 1.0 7 8 Financial sectors................... 1.1 1.0 .2 .2 .5 .2 -.1 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 II. 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 1.5 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 2.1 .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 14.3 12.3 16 17 At savings institutions..................... 11.3 13.1 15.2 15.8 12.9 15. 1 14.8 15.8 16.7 15.8 12.9 11.7 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 III. 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 10.5 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 -5.3 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 Nonguaranteed......................... .3 .8 .5 -.2 1.1 1.1 -1.7 1.1 -.6 .3 .8 .6 2.0 1.2 28 29 Nonbank finance........................... .4 1.5 -.3 1.8 -.9 -2.6 1.7 3.5 2.8 -.7 2.5 -1.1 -3.7 -1.2 29 30 Short-term direct....................... 1.1 .7 -1.1 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......................... .1 .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 .5 .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 15.1 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 8.3 7.9 9.4 8.8 50 51 Finance n.e.c................................ -.7 -.2 —. 5 - .5 -1.5 .5 -. 1 -1.1 —. 6 -.3 -.7 1.7 -7.4 .5 51 52 Security brokers and dealers.. . -.1 .5 -.2 1.3 .3 .1 -.4 .1 1.0 2.1 -5.3 1.3 52 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 t- to 4-famity............................... It.8 13.4 15.7 15.5 15.4 15.6 15.5 15.9 15.5 15.1 15.4 15.3 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 10.6 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 5.3 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 15.6 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 11.1 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 . 1 4.3 .7 2.8 .9 1.2 72 73 Rest of the world.......................... .7 .4 .5 1.9 .4 1.2 1.9 1.0 1.7 2.8 2.9 -1.2 .4 -.5 73 Note.—Quarterly data arc seasonally adjusted totals at annual rates. For other notes see May 1966 Bulletin, p. 727. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

892 MEMBER BANKS, 1965 JUNE 1966 INCOME, EXPENSES, AND DIVIDENDS, BY CLASS OF BANK (Income in thousands, asset and liability items in millions of dollars) Reserve city All member banks 1 Country New York City of Item City Chicago Other 1961 1962 1963 1964 1965 1965 Revenue.,, .................................................. 9,216,795 10,153,594 11,169,491 12,385,803 13,841,782 2,295,580 576,159 5,239,591 5,730,452 Interest and dividends on securities: U S Govt............................................ 1,537,14; 1,686,765 1,725 561 1 741 ,50? 1,686 444 180,01? 60,131 549 243 897 045 Other................................................... 513,410 629,130 773.15C 911,252 1,078,870 204,142 52,385 374,306 448.037 Interest and discount on loans. ............ 5,773 423 6 319:741 7,072 778 7,970,810 9 127 320 1,544,001 379,063 3,529,868 3,674,388 Other charges on loans................... 96,221 115,200 127 034 140,430 167;776 18,674 2,934 86,198 59,970 Service charges on deposits................... 494,535 532 409 567,682 607,193 653;233 46;689 4; 077 260;533 341’934 Other charges, fees, etc..................... 164,256 175,259 180,270 207,184 223,910 32^807 7; 016 89,000 95;087 Trust department................... 483;580 529^01 556^84 611 J43 667 907 195,' 121 52,299 266;420 154,067 Other current revenue............... 154,228 165;389 166,332 196;382 236;322 74;127 18,248 84,023 59;924 Expanses..................................................... 6,073,550 7,041,375 7,930,985 8,894,583 10,206,320 1,607,259 400,818 3,871,058 4,327,185 Salaries—Officers................................... '778^428 '830 JOO '892’580 968 ,'442 1,047’366 112,608 29,411 358,316 547,031 Salaries and wages—Others.................. 1,585 010 1,671 111 1,768 197 1 871 935 1 ,976 578 328;008 70,140 780,265 798;165 Officer and employee benefits............... 330 584 363 561 393 150 420 078 448 318 92,408 19,770 162947 173 193 Directors’ fees, etc.................................. 38^844 40,692 431230 45,855 48;610 1 ,907 '532 7,010 39,161 Interest on time deposits....................... 1,720 414 2 358;132 2,857 600 3 383,524 4,214'144 712;673 191,590 1,632,455 1,677,426 Interest on borrowed money................. ' 36^02 62,542 ’104:074 122,054 183 695 63;457 17;387 ’ 80 J 72 ' 22:679 Net occupancv expense......................... 423^592 458;634 500,550 549;756 598,174 107;019 17;381 218,517 255,257 Furniture and equipment...................... 179^876 217;703 254,865 296,'599 333:664 33,550 11i272 131,068 157,774 Other current expenses.......................... 980 JOO 1,038:700 1,116,739 1,236;340 1,355,771 155;629 43,335 500;308 656,499 Net current earnings before income taxes.. 3,143,245 3,112,219 3,238,506 3,491,220 3,635,462 688,321 175,341 1,368,533 1,403,267 Recoveries, transfers from reserves, and profits.................................................. 627,393 396,291 409,072 274,775 329,907 33,838 29,474 136,916 129,679 On securities: Profits............................................... 402,424 216,336 140,361 58,301 67 456 7,270 6,568 22,176 31,442 Recoveries......................................... 7’ 133 4; 377 2 902 5 473 5 133 ' 129 94 33)91 1,819 Transfers from reserves..................... 79,598 50,147 56^05 53,978 90,954 16,668 11,675 36J64 26,’147 On loans: Recoveries.......................................... 10,230 10 035 10 551 10,369 10 524 788 725 9,011 Transfers from reserves..................... 4?:237 51,859 124,361 56,385 73 105 6, 154 4,429 41 ,931 20,'591 All other........................................... 80'771 63,537 74;192 90 ,’269 82,735 2; 829 6,708 32J29 40;669 Losses, charge-offs, and transfers to reserves.................................................... 808,173 703,795 737,728 845,272 982,477 216,500 39,730 361,176 365,071 On securities: Sold................................................... 32,174 51,169 42,929 79,732 70,068 5,171 3,802 29,081 32,014 Charge-offs prior to sale................... 18 i 200 9; 230 9917 8; 378 4,850 5 483 4,362 Transfers to reserves........................... 210,042 84,632 56,646 65,260 54,176 1,086 7,008 28,300 17;782 On loans: Losses and charge-offs....................... 21,051 16,825 16,165 16,845 19,302 74 176 19,052 Transfers to reserves.......................... 417,095 451;526 516,448 551;796 723,997 201,022 23,449 260,330 239;196 All other.................................................. 109 JI1 90:413 95,623 I23;261 110;084 9; 142 5,471 42,806 52,665 Net income before related taxes................ 2,962,465 2,804,715 2,909,850 2,920,723 2,982,892 505,659 165,085 1,144,273 1,167,875 Taxes on net income................................... 1,250,492 1,109,798 1,078,789 997,626 879,965 130,701 51,311 357,760 340,193 Federal.................................................... 1,170,215 1,02i;782 991,081 909,928 788 ,'710 103,709 51; 3t 1 316'427 317,263 State.............................. 80,277 ' 88,016 87;708 87;698 9!,255 26,992 41;333 22^30 Net income.................................................. 1,711,973 1,694,917 1,831,061 1,923,097 2,102,927 374,958 113,774 786,513 827,682 Cash dividends declared............................. 792,635 831,955 877,770 960,847 1,057,517 240,354 44,503 425,774 346,886 On preferred stock 2.............................. 1'113 1,064 2^78 24,270 52;248 19,192 199 24,193 8,664 On common stock................................. 791,522 830,891 875 ,'192 936J77 l,005;269 221:162 44,304 401,581 338,222 Memoranda items: Recoveries credited to reserves 3 On securities...................................... 10,510 3,541 5,724 4,136 3,703 63 2,248 346 1,046 On loans.............................................. 67;224 7L942 81;604 139;413 100,276 10,990 2,268 33,969 53^49 Losses charged to reserves * On securities........................................ 18,350 11,950 14,860 42,030 21,338 1,471 2,340 10,978 6,549 On loans.............................................. 212^941 196;822 273,439 319;906 346,200 5i;85l 11;183 122,300 160,866 Assets, deposits, and capital accounts: Loans...................................................... 100,446 108,551 122,732 137,915 158,774 30,467 7,563 61,250 59,494 U.S. Govt, securities.............................. 50,415 52,343 51,043 47,945 45,702 5,429 1,778 14,903 23,591 Other securities....................................... 17^660 21;328 26 i 321 30,307 34;658 6; 268 1,610 11,810 14,970 Cash assets.............................................. 41,068 43;548 44;968 47;698 51;916 11 i960 2,368 20,873 16,715 Other assets............................................ 5^508 5;977 6; 594 7,471 8; 475 2',720 386 2,986 2,384 Total assets............................................. 215,097 231,746 251,657 271,336 299,525 56,845 13,704 111,822 117,154 Time deposits.......................................... 63,099 73,097 85,505 97,538 112,962 16,849 4,805 42,827 48,482 Total deposits......................................... 189^983 205,029 221,479 238;862 263,661 47 ;261 11,993 99,199 105,208 Total capital accounts........................... 17:917 19;066 20;266 21;932 24,050 4; 893 1,095 8,756 9,306 Number of officers..................................... 74,734 78,406 82,045 r87,087 91,419 6,818 1,587 29,800 53,214 Number of employees.............................. 410’080 420,886 433;299 r444,016 459,882 60J92 13,697 175;158 210,835 Number of banks....................................... 6,113 6,047 6,108 6,225 6,221 12 11 171 6,027 Note.—The schedule for reporting current operating expenses was funds transactions have been classified as interest and discount on loans revised beginning with 1961 and certain items are not directly comparable and interest on borrowed money in these tables. with data for previous years. For detailed summary of these changes see For other notes see following two pages. May 1962 Bull., pp. 526-27. Revenue and expenses incident to Federal Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 MEMBER BANKS, 1965 893 INCOME, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item Boston Y N o e r w k d P el h p i h la ia ­ C l l a e n v d e­ m Ri o c n h d ­ Atlanta Chicago Lo S u t. i s M ap i o n l n is e­K C an it s y as Dallas Fra S n a c n is co Revenue................................................ 620,0043,396,081 669,0231,040,164684,431814,5572,037,954435,417359,729583,306701,4242,499,692 Interest and dividends on securities: U.S. Govt......................... 56,342 312,086 82,459 155,056 93,646 119,668 320,535 69,606 56,209 89,405 95,293 236,139 Other........................................ 38,279 306,261 48,217 102,595 41,583 57,434 172,067 36,699 27,012 37,809 53,209 157,705 Interest and discount on loans .... 401,0342,277,952443,056 654,418 451,551 519,319 1,299,601 284,890226,182381,236477,218 1,710,863 Other charges on loans................... 5,23! 31,512 5,025 8,977 11,117 11,750 16,087 2,516 3,506 4,506 7,073 60,476 Service charges on deposits........... 36,007 109,682 25,188 41,859 39,622 52,507 72,150 16,855 19,726 33,925 29,808 175,904 Other charges, fees, etc................... 15,571 45,333 9,122 12,287 14,972 16,737 29,935 6,362 12,561 9,361 11,047 40,622 Trust department............................ 56,388 228,563 46,127 53,318 25,724 27,295 94,531 13,829 10,959 19,248 18,639 73,286 Other current revenue................... 11,152 84,692 9,829 it,654 6,216 9,847 33,048 4,660 3,574 7,816 9,137 44,697 Expenses...............................•............. 429,984 2,469,277477,854 760,407484,350599,436 1,532,975310,307 265,687420,251 509,130 1,946,662 Salaries—Officers............................. 52,188 197,129 49,925 68,825 61,037 72,185 143,586 38,892 35,708 65,079 66,046 196,766 Salaries and wages—'Others....... 105,043 492,989 97,310 138,450 104,175 122,292 269,512 57,405 44,144 78,489 82,541 384,228 Officer and employee benefits........ 24,481 129,882 23,371 28,032 20,120 25,903 62,437 12,666 11,459 15,892 17,987 76,088 Directors’ fees, etc........................... 2,681 6,933 4,866 3,835 3,798 4,006 7,0(6 3,113 2,119 3,800 4,045 2,398 Interest on time deposits................ 121,296 1,075,972 175,601 336,516 165,073 202,997 701,734 114,205 103,869 142,275 189,294 885,312 Interest on borrowed money.......... 8.010 70,769 7,992 8,373 4,929 6,563 26,844 5,482 4, 138 5,435 12,446 22,714 Net occupancy expense.................. 29,874 161,285 30,127 35,420 28,817 34,668 76,994 17,339 14,458 25,983 31,683 111,526 Furniture and equipment............... 18,163 60,904 17,737 23,253 18,717 26,596 46,288 11,505 9,794 18,633 17,148 64,926 Other current expenses................... 68,248 273,414 70,925 117,703 77,684 104,226 198,564 49,700 39,998 64,665 87,940 202,704 Net current earnings before income taxes.................................... 190,020 926,804191,169 279,757200,081 215,121 504,979 125,110 94,042163,055 192,294 553,030 Recoveries, transfers from reserves, and profits............................ 21,753 66,317 12,191 27,374 11,976 11,346 67,294 18,093 8,218 12,021 9,569 63,755 On securities: Profits............................... 1,927 12,085 3,585 3,126 4,313 4,071 13,759 5,537 744 4,127 2,832 11,350 Recoveries................................ 233 285 71 78 40 110 407 57 295 361 78 3,118 Transfers from reserves.......... 4,799 24,210 4,225 7,118 1,072 1,138 20,578 2,601 1,009 1,112 527 22,565 On loans: Recoveries........................ 319 1,269 481 570 489 515 555 563 1,171 1,705 2,153 734 Transfers from reserves.......... 4,952 13,509 1,643 12,625 3,304 1,114 8,098 6,717 2,436 542 (,2(9 16,946 All other.......................................... 9,523 14,959 2,186 3,857 2,758 4,398 23,897 2,618 2,563 4,174 2,760 9,042 Losses, charge-offs, and transfers to reserves................................. 46,534 284,850 36,438 67,315 42,473 57,572 139,454 36,882 22,379 39,256 50,802 158,522 On securities: Sold.................................. 6,831 10,710 4,531 6,216 4,006 3,209 15,528 4,456 (,777 2,015 3,163 7,626 Charge-offs prior to sale......... 141 265 201 265 249 357 614 725 346 1,010 420 257 Transfers to reserves............... 1,964 7,953 2,243 4,200 898 1,576 17,490 1,693 585 871 3,530. 11,173 On loans: Losses and charge-offs... 359 1,172 634 1,068 1 ,080 2,437 1,068 1,227 826 4,330 3,541 1,560 Transfers to reserves............... 27,226 244,765 22,479 50,777 30,197 42,773 84,960 23,356 17,307 26,882 35,077 118,198 All other.......................................... 10,013 19,985 6,350 4,789 6,043 7,220 19,794 5,425 t,538 4,148 5,071 19,708 Net income before related taxes......... 165,239 708,271 166,922 239,816169,584168,895 432,819 106,321 79,881 135,820151,061 458,263 Taxes on net income........................... 58,130 175,126 52,914 60,505 61,491 54,634 119,187 31,302 27,292 45,737 45,961 147,686 Federal............................................ 47,682 141,847 52,477 60,505 60,084 53,417 116,944 30,667 22,650 42,093 45,900 114,444 10,448 33,279 437 I ,407 1,217 2,243 635 4,642 3,644 61 33,242 Net income.......................................... 107,109 533,145 114,008 179,311108,093 114,261 313,632 75,019 52,589 90,083 105,100 310,577 Cash dividends declared..................... 53,508 315,048 59,245 79,166 50,348 48,135 123,999 32,273 24,506 40,971 56,080 174,238 On preferred stock 2....................... 353 23,017 428 1 ,086 1 ,642 1,942 3,324 1,418 167 1,231 2,029 15,611 On common stock........................... 53,155 292,031 58,817 78,080 48,706 46,(93 120,675 30,855 24,339 39,740 54,051 (58,627 Memoranda items: Recoveries credited to reserves 3 On securities............................ 14 474 9 134 255 42 2,331 74 6 18 116 230 On loans................................... 4,257 20,233 3,440 6,482 3,010 7,536 15,656 2,458 2,446 7,361 11,230 16,167 Losses charged to reserves 4 On securities..................... 1,117 5,531 1,019 5,215 273 86 3,004 454 25 466 1,824 2,324 On loans.................................. 13,663 79,496 12,269 16,680 12,002 26,470 43,400 8,348 8,818 22,099 30,756 72,199 Assets, deposits, and capital accounts: Loans........................................... 6,779 42,637 7,634 11,724 7,535 8,445 23,205 4,964 3,740 6,308 8,130 27,674 U.S. Govt, securities....................... 1,599 8,954 2,265 4,101 2,469 3,202 8,640 1,870 1,461 2,309 2,529 6,302 Other securities..................... 1,314 9,732 1,623 3,302 1,385 1,815 5.537 1,217 872 1,249 1,778 4,833 Cash assets...................................... 2,112 14,644 2,300 3,463 2,487 3,462 7,119 2,010 1,222 2,559 3,494 7,044 Other assets..................................... 305 3,168 304 413 303 424 946 175 163 255 477 1,542 Total assets...................................... 12,108 79,136 14,125 23,003 14,179 17,349 45,448 10,237 7,458 12,679 16,408 47,395 Time deposits.................................. 3,274 26,991 5,466 9,890 4,738 5,526 19,171 3,252 3,034 3,836 5,184 22,599 Total deposits.................................. 10,393 67,201 12,479 20,409 12,598 15,554 40,815 9,160 6,707 11,342 14,627 42,376 Total capital accounts..................... 1,086 6,550 1,211 1,999 1,169 1,395 3,305 854 569 1,122 1,346 3,445 Number of officers............................. 4,387 14,201 4,768 5,845 5,756 6,664 11,329 3,887 3,530 6,132 6,193 18,727 Number of employees........................ 25,125 101,531 23,892 32,441 28,037 32,214 63,516 15,595 11,751 20,072 21,245 84,463 Number of banks............................... 252 409 408 504 409 520 1,006 483 495 835 675 225 1 Includes figures for all banks that were members of the FRS at the 2 Includes interest on capital notes and debentures. end of the year (including those becoming members during the year 3 Not included in recoveries shown above. whose returns may cover operations for only part of the year); and in 4 Not included in losses shown above. addition includes appropriate adjustments for member banks in opera­ tion during part of the year but not at the end of the year. Asset and For other notes see following page, liability data may not add to totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

894 MEMBER BANKS, 1965 JUNE 1966 INCOME, EXPENSES, AND DIVIDENDS OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i ­ a C l l a e n v d e­ m Ri o c n h d ­ Atlanta Chicago Lo S u t i . s M ap i o n l n is e­ K C an it s y as Dallas Fra S n a c n i sco Revenue...................................... 212,167 118,821 283,469 606,564 350,304 319,587 462,595 198,574 106,754 210,177 313,2572,057,322 Interest and dividends on securities: U.S. Govt........................ 15,710 11,194 23,655 70,200 44,457 38,932 61,824 21,315 10,648 24,463 38,813 188,032 Other............................... 9,414 10,441 14,878 67,881 20,487 20,757 39,151 16,604 6,539 13,433 22,342 132,379 Interest and discount on loans 133,979 83,948 192,058 384,611 227,911 212,025 305,284 138,558 71,080 144,451 220,957 1 ,415,006 Other charges on loans......... 2,709 2,238 2,134 6,207 6,183 6,109 4, 105 1,278 1,035 1,696 4,484 48,020 Service charges on deposits.. 5,069 5,260 10,745 20,372 21,473 15,945 17,605 6,759 3,232 6,657 4,690 142,726 Other charges, fees, etc......... 9,720 1,395 4,941 7,447 7,742 7,321 7,861 2,315 4,901 2,158 4,827 28,372 Trust department................... 29,416 3,042 29,183 41.854 18,368 14,919 20,768 9,353 8,300 13,526 13,212 64,479 Other current revenue........... 6,150 1,303 5,875 7,992 3,683 3,579 5,997 2,392 1,019 3,793 3,932 38,308 Expenses.................................... 134,720 94,737 197,149 437,329 243,728 229,305 358,814 137,380 74,086 147,873 217,586 1,598,351 Salaries—Officers................... 14,904 8,089 18,542 32,302 27,848 23,573 23,672 12,778 7,065 15,816 18,988 154,739 Salaries and wages—Others.. 36,377 16,581 47,434 82,363 56,286 48,456 72,728 28,236 15,908 31,086 31,282 313,528 Officer and employee benefits. 7,593 3,613 12,105 16,381 10,685 11,045 14,852 6,228 3,643 6,010 8,201 62,591 Directors’ fees, etc................. 228 380 537 693 1,053 703 577 451 253 402 431 1,302 Interest on time deposits....... 35,019 46,566 59,673 201,364 79,743 77,090 161,520 48,857 25,257 52,766 92,940 751,660 Interest on borrowed money. 6,207 809 6,731 7,316 4,105 3,959 6,847 4,930 3,411 3,787 11,399 20,671 Net occupancy expense...... 8,707 5,412 14,277 19,728 16,072 13,108 19,893 7,483 4,354 9,409 10,667 89,407 Furniture and equipment.... 5,285 2,261 7,918 12,723 9,513 9,620 10,785 5,535 3,219 7,597 6,512 50,100 Other current expenses......... 20,400 11,026 29,932 64,459 38,423 41,751 47,940 22,882 10,976 21,000 37,166 154,353 Net current earnings before in­ come taxes................... 77,447 24,084 86,320 169,235 106,576 90,282 103,781 61,194 32,668 62,304 95,671 458,971 Recoveries, transfers from re­ serves, and profits...... 5,328 3,505 5,517 19,347 5,506 4,696 21,225 12,984 2,881 5,130 2,262 48,535 On securities: Profits................................. 277 244 348 1,152 1,798 1,709 1,186 3,530 42 2,377 729 8,784 Recoveries........................... 6 26 2 6 4 3,047 Transfers from reserves. .. 2,340 1,072 4,136 4,498 301 889 5,609 2,250 312 262 121 14,674 On loans: Recoveries........................... 29 1 26 3 24 111 41 73 42 22 353 Transfers from reserves.... 661 1,918 68 11,310 2,135 2 698 5,967 2,174 431 16,567 All other................................ 2,021 270 939 2,378 1,248 1,959 13,689 1,231 280 2,449 955 5,110 Losses, charge-offs, and trans­ fers to reserves............ 20,457 7,066 13,624 45,955 22,173 21,535 43,450 20,546 7,256 13,864 19,068 126,182 On securities: Sold................................. 3,836 543 1,913 3,609 2,239 1,327 3,816 3,039 777 521 1,093 6,368 Charge-offs prior to sale... 3 13 7 231 26 13 190 Transfers to reserves...... 918 1,126 1,322 3,471 728 180 8,901 919 9 462 2,380 7,884 On loans: Losses and charge-offs.... 48 43 85 Transfers to reserves.......... 10,876 5,031 8,340 36,524 15,144 17,262 23,585 14,442 6,247 12,308 14,176 96,395 All other................................ 4,827 366 2,049 2,348 4,049 2,718 7, 141 1,915 180 547 1,406 15,260 Net income before related taxes.. 62,318 20,523 78,213 142,627 89,909 73,443 81,556 53,632 28,293 53,570 78,865 381,324 Taxes on net income.................. 26,072 4,622 27,047 31,337 34,028 23,919 16,614 15,809 10,319 18,983 26,286 122,724 Federal................................... 21,643 3,733 27,047 31,337 33,079 23,497 15,644 15,547 8,310 17,555 26,286 92,749 State........................................ 4,429 889 949 422 970 262 2,009 1 ,428 29,975 Net income................................. 36,246 15,901 51,166 111,290 55,881 49,524 64,942 37,823 17,974 34,587 52,579 258,600 Cash dividends declared....... 22,423 10,209 29,018 51,968 29,041 22,752 32,077 18,773 9,328 18,999 32,939 148,247 On preferred stock2............... 295 459 773 1,536 1,711 2,285 1,252 91 1,100 1,758 12,933 On common stock................. 22,128 9,750 29,018 51,195 27,505 21,041 29,792 17,521 9,237 17,899 31,181 135,314 Memoranda items: Recoveries credited to re­ serves 1 On securities...................... 27 106 62 56 65 30 On loans............................. 1,269 2,234 1,078 2,566 1,074 1,872 4,133 655 896 2,175 3,838 12,179 Losses charged to reserves 4 On securities................... 850 1,161 4,863 53 3 50 19 218 1,567 2,194 On loans........................ 4,422 4,058 4,846 8,489 5,255 6,540 9,019 2,687 1,497 8,209 11,124 56,154 Assets, deposits, and capital accounts: Loans...................................... 2,414 1,294 3,417 7,189 3,986 3,600 5,509 2,609 1,298 2,660 4,159 23,115 U.S. Govt, securities............. 481 283 613 1 ,911 1,164 1,080 1,711 584 288 649 1,097 5,043 Other securities...................... 329 333 485 2,167 674 633 1,235 537 209 419 720 4,069 Cash assets............................ 879 309 1,295 2,241 1,459 1,691 2,066 1,177 591 1,256 1,911 5,997 Other assets............................ 134 63 154 265 167 175 204 89 52 127 274 1,281 Total assets............................. 4,237 2,283 5,964 13,774 7,450 7,179 10,725 4,996 2,439 5,111 8,160 39,504 Time deposits......................... 866 1,172 I ,660 5,671 2,209 1,979 4,264 1,299 699 1 ,370 2,517 19,119 Total deposits......................... 3,560 2,037 5,234 12,125 6,619 6,386 9,654 4,403 2,153 4,534 7,149 35,345 Total capital accounts....... 413 160 492 1,243 584 595 745 430 191 464 678 2,761 Number of officers..................... 976 671 1,342 2,172 2,256 1 ,858 1,581 1,030 530 1,204 1,400 14,780 Number of employees......... 7,555 4,430 10,643 17,201 14,311 11,901 16,388 7,205 3,732 7,052 7,219 67,521 Number of banks....................... 5 3 6 16 17 26 15 15 8 22 17 21 Note.—Does not include reserve city banks in the cities of New York are comprised of cash, balances with other banks (including reserve and Chicago. The figures of assets, deposits, and capital accounts are balances), and cash items in process of collection. , Total capital accounts averages of the amounts reported for 3 consecutive official call dates are comprised of the aggregate book value of capital stock, capital notes beginning with the end of the previous year and ending with the December and debentures, surplus, undivided profits, reserves for contingencies, and 1965 call. In earlier years a 4 call average was used. The number of other capital reserves. officers, employees, and banks are as of the end of the year. Cash assets For other notes see preceding page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 MEMBER BANKS, 1965 895 INCOME, EXPENSES, AND DIVIDENDS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item New Phila­ Cleve­ Rich­ St. Minne­ Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Revenue...................................... 407,837 981,680 385,554 433,600 334,127 494,970 999,200 236,843 252,975 373,129 388,167 442,370 Interest and dividends on securities: U.S. Govt....................... 40,632 120,873 58,804 84,856 49,189 80,736 198,574 48,291 45,561 64,942 56,480 48,107 Other............................... 28,865 91,678 33,339 34,714 21,096 36,677 80,531 20,095 20,473 24,376 30,867 25,326 Interestand discount on loans 267,055 650,003 250,998 269,807 223,640 307,294 615,254 146,332 155,102 236,785 256,261 295,857 Other charges on loans...... 2,522 10,600 2,891 2,770 4,934 5,641 9,048 1 ,238 2,471 2,810 2,589 12,456 Service charges on deposits . . 30,938 57,733 14,443 21,487 18,149 36,562 50,468 10,096 16,494 27,268 25,118 33,178 Other charges, fees, etc......... 5,851 11,131 4,181 4,840 7,230 9,416 15,058 4,047 7,660 7,203 6,220 12,250 Trust department.................. 26,972 30,400 16,944 11,464 7,356 12,376 21,464 4,476 2,659 5,722 5,427 8,807 Other current revenue....... 5,002 9,262 3,954 3,662 2,533 6,268 8,803 2,268 2,555 4,023 5,205 6,389 Expenses.. ................................. 295,264 767,281 280,705 323,078 240,622 370,131 773,343 172,927 191,601 272,378 291,544 348,311 Sa laries—Officers................... 37,284 76,432 31,383 36,523 33,189 48,612 90,503 26,114 28,643 49,263 47,058 42,027 Salaries and wages—Others.. 68,666 148,400 49,876 56,087 47,889 73,836 126,644 29,169 28,236 47,403 51,259 70,700 Officer and employee benefits. 16,888 33,861 11,266 11,651 9,435 14,858 27,815 6,438 7,816 9,882 9,786 13,497 Directors’ fees, etc................. 2,453 4,646 4,329 3,142 2,745 3,303 5,907 2,662 1,866 3,398 3,614 1,096 Interest on time deposits .... 86,277 316,733 115,928 135,152 85,330 125,907 348,624 65,348 78,612 89,509 96,354 133,652 Interest on borrowed money. 1,803 6,503 1,261 1,057 824 2,604 2,610 552 727 1,648 1 ,047 2,043 Net occupancy expense......... 21,167 48,854 15,850 15,692 12,745 21,560 39,720 9,856 10,104 16,574 21,016 22,119 Furniture and equipment. . . . 12,878 25,093 9,819 10,530 9,204 16,976 24,231 5,970 6,575 11,036 10,636 14,826 Other current expenses.......... 47,848 106,759 40,993 53,244 39,261 62,475 107,289 26,818 29,022 43,665 50,774 48,351 Net current earnings before in­ come taxes................. 112,573 214,399 104,849 110,522 93,505 124,839 225,857 63,916 61,374 100,751 96,623 94,059 Recoveries, transfers from re­ serves, and profits...... 16,425 28,974 6,674 8,027 6,470 6,650 16,595 5,109 5,337 6,891 7,307 15,220 On securities: Profits........................ 1,650 4,571 3,237 1,974 2,515 2,362 6,005 2,007 702 1,750 2,103 2,566 Recoveries.......................... 233 156 71 72 40 84 311 51 295 361 74 71 Transfers from reserves.... 2,459 6,470 89 2,620 771 249 3,294 351 697 850 406 7,891 On loans: Recoveries....................... 290 480 455 567 465 404 514 563 1,098 1,663 2,131 381 Transfers from reserves.... 4,291 5,437 1,575 1,315 1,169 1,112 2,971 750 262 542 788 379 AH other................................. 7,502 11,860 1,247 1,479 1,510 2,439 3,500 1,387 2,283 1,725 1,805 3,932 Losses, charge-offs, and trans­ fers to reserves ............ 26,077 61,284 22,814 21,360 20,300 36,037 56,274 16,336 15,123 25,392 31,734 32,340 On securities: Sold................................ 2,995 4,996 2,618 2,607 1,767 1,882 7,910 1,417 1,000 1,494 2,070 1,258 Charge-offs prior to sale... 141 260 201 262 236 357 607 494 346 984 407 67 Transfers to reserves.......... 1,046 5,741 921 729 170 1,396 1,581 774 576 409 1,150 3,289 On loans: Losses and charge-offs.... 359 1,098 634 1,068 1,080 2,389 1,068 1,227 783 4,330 3,541 J ,475 Transfers to reserves.......... 16,350 38,712 14,139 14,253 15,053 25,511 37,926 8,914 11,060 14,574 20,901 21,803 AH other................................. 5,186 10,477 4,301 2,441 1,994 4,502 7,182 3,510 1,358 3,601 3,665 4,448 Net income before related taxes.. 102,921 182,089 88,709 97,189 79,675 95,452 186,178 52,689 51,588 82,250 72,196 76,939 Taxes on net income.................. 32,058 39,803 25,867 29,168 27,463 30,715 51,262 15,493 16,973 26,754 19,675 24,962 Federal.................................... 26,039 34,405 25,430 29,168 27,005 29,920 49,989 15,120 14,340 24,538 19,614 21,695 State........................................ 6,019 5,398 437 458 795 1,273 373 2 633 2,216 61 3,267 Net income................................. 70,863 142,286 62,842 68,021 52,212 64,737 134,916 37,196 34,615 55,496 52,521 51,977 Cash dividends declared............ 31,085 64,485 30,227 27,198 21,307 25,383 47,419 13,500 15,178 21,972 23,141 25,991 On preferred stock 2............... 58 3,366 428 313 106 231 840 166 76 131 271 2,678 On common stock................ 31,027 61,119 29,799 26,885 21,201 25,152 46,579 13,334 15,102 21,841 22,870 23,313 Memoranda items: Recoveries credited to re­ serves 3 On securities...................... 14 384 9 28 193 42 27 9 6 18 86 230 On loans............. 2,988 7,009 2,362 3,916 1,936 5,664 9,255 1,803 1,550 5,186 7,392 3,988 Losses charged to reserves4,.. On securities....................... 267 2,899 1,019 352 220 83 614 435 25 248 257 130 On loans............................. 9,241 23,587 7,423 8,191 6,747 19,930 23,198 5,661 7,321 13,890 19,632 16,045 Assets, deposits, and capital accounts: Loans...................................... 4,365 10,876 4,217 4,535 3,548 4,846 10,134 2,354 2,442 3,647 3,972 4,558 U.S. Govt, securities............. 1,118 3,241 1,651 2,190 1,305 2,123 5,152 1,286 1,172 1,660 1,432 1,260 Other securities...................... 985 3,131 1,138 1,135 711 1,182 2,692 680 663 830 1,058 764 Cash assets............................. 1,233 2,375 1,005 1,222 1,029 1,771 2,685 834 630 1,303 1,583 1,047 Other assets........................... 170 385 150 148 136 249 356 86 Hl 127 204 261 Total assets............................. 7,872 20,008 8,162 9,229 6,728 10,170 21,018 5,241 5,019 7,568 8,248 7,891 Time deposits.................. 2,408 8,970 3,806 4,219 2,529 3,548 10,102 1,953 2,334 2,466 2,667 3,479 Total deposits................. 6,833 17,903 7,245 8,284 5*979, 9,168 19,168 4,757 4,553 6,808 7.478 7,031 Total capital accounts....... 674 1,497 719 756 585 800 1,465 424 378 658 667 683 Number of officers............ 3,411 6,712 3,426 3,673 3,500 4,806 8,161 2,857 3,000 4,928 4,793 3,947 Number of employees............... 17,570 36,909 13,249 15,240 13,726 20,313 33,431 8,390 8,019 13,020 14,026 16,942 Number of banks...................... 247 394 402 488 392 494 980 468 487 813 658 204 For notes, see preceding two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

896 MEMBER BANKS, 1965 JUNE 1966 INCOME, EXPENSES, AND DIVIDENDS, BY SIZE OF BANK (Amounts in thousands of dollars) Size group—total deposits (in thousands of dollars) Item Total 1 Less than 2,000­ 5,000­ 10,000­ 25,000­ 50,000­ 100,000­ 500,000 2,000 5,000 10,000 25,000 50,000 100,000 500,000 or more Revenue..................................................... 13,817,774 33,046 291,753 555,715 1,123,271 861,958 908,025 2,704,833 7,339,173 Interest and dividends on securities: U.S. Govt...................................... 1,682,843 7,553 61,609 107,600 197,608 142,364 142,477 345,538 678,094 Other................................................. 1,078,177 1,415 17,339 40,634 87,707 68,463 71,452 204,978 586,189 Interest and discount on loans.......... 9,119,348 20,885 184,406 352,778 711,620 542,030 574,873 1,773,734 4,959,022 Other charges on loans....................... 167,657 152 1,786 3,998 10,855 9,613 10,150 32,824 98,279 Service charges on deposits................. 652,716 1,903 17,111 33,789 72,759 53,613 54,644 139,346 279,551 Other charges, fees, etc.................. . . 223,650 797 6,350 9,779 18,230 15,699 15,887 41,281 115,627 Trust department................................. 657,123 442 1,837 13,444 20,512 27,638 135,978 457,272 Other current revenue...................... 236,260 341 2,710 5,300 11,048 9,664 10,904 31,154 165,139 Expenses.................................................... 10,185,358 25,768 226,972 421,542 852,661 655,069 690,571 1,991,953 5,320,822 Salaries—Officers.................................. 1,043,650 7,523 47,075 69,597 115,554 80,845 79,319 204,551 439,186 Salaries and wages—Others................ 1,972,305 3,266 33,073 66,392 146,993 122,128 129,386 410,741 1,060,326 Officer and employee benefits.............. 447,270 683 6,564 13,657 30,931 25,228 28,315 88,249 253,643 Directors’ fees, etc.................. 48,513 669 4,911 7,255 10,515 5,564 4,265 8,026 7,308 Interest on time deposits..................... 4,210,058 6,460 76,112 160,233 335,024 255,402 271,367 758,420 2,347,040 Interest on borrowed money............... 183,645 40 343 702 2,019 2,449 4,910 25,359 147,823 Net occupancy expense........................ 596,627 I ,704 13,187 23,985 48,974 38,988 41,679 118,016 310,094 Furniture and equipment..................... 332,947 850 7,747 13,905 28,935 22,630 26,660 81,064 151,156 Other current expenses......................... 1,350,343 4,573 37,960 65,816 133,716 101,835 104,670 297,527 604,246 Net current earnings before income taxes. 3,632,416 7,278 64,781 134,173 270,610 206,889 217,454 712,880 2,018,351 Recoveries, transfers from reserves, and profits........................................ 329,728 775 5,375 9,783 19,555 13,924 15,401 79,201 185,714 On securities: Profits............................................ 67,418 64 1,159 3,090 5,861 4,189 5,365 17,560 30,130 Recoveries......................................... 5,129 12 101 456 537 241 131 313 3,338 Transfers from reserves................... 90,947 2 85 535 2,133 1,745 1,271 21,670 63,506 On loans: Recoveries..................................... 10,502 572 2,546 2,550 2,096 788 284 299 1,367 Transfers from reserves................... 73,097 39 520 1,046 3,056 2,514 2,463 15,229 48,230 All other.......................................... 82,635 86 964 2,106 5,872 4,447 5,887 24,130 39,143 Losses, charge-offs, and transfers to re­ serves. ........................................ 980,749 2,305 20,328 36,629 70,675 53,097 54,991 171,771 570,953 On securities: Sold........................................... 69,802 77 1,014 2,698 7,417 4,917 5,526 16,283 31,870 Charge-offs prior to sale.................. 4,828 14 449 1,226 1,200 982 255 166 536 Transfers to reserves......................... 54,164 5 110 575 2, 148 1,442 3,145 12,852 33,887 On loans: Losses and charge-offs................. 19,269 1,085 7,167 5,381 3,506 1,425 139 375 191 Transfers to reserves......................... 723,461 927 9,087 22,071 46,647 37,509 39,288 120,483 447,449 All other........................................... 109,225 197 2,501 4,678 9,757 6,822 6,638 21,612 57,020 Net income before related taxes.............. 2,981,395 5,748 49,828 107,327 219,490 167,716 177,864 620,310 1,633,112 Taxes on net income................................. 877,654 1,349 12,797 29,688 64,451 50,640 55,659 188,489 474,581 Federal.................................................. 786,709 1,245 11,736 27,702 60,936 48,029 52,877 176;815 407,369 State..................................................... 90,945 104 1,061 1,986 3,515 2,611 2,782 11,674 67,212 Net income................................................ 2,103,741 4,399 37,031 77,639 155,039 117,076 122,205 431,821 1,158,531 Cash dividends declared........................... 1,055,273 1,797 14,544 28,459 59,243 47,286 53,257 199,746 650,941 On preferred stock 2.......................... 52,194 28 64 354 600 1,056 6,804 43,288 On common stock................................ 1,003,079 1,797 14,516 28,395 58,889 46,686 52,201 192,942 607,653 Memoranda items: Recoveries credited to reserves 3 On securities.................................... 3,704 22 31 179 118 175 514 2,665 On loans............................................ 100,196 269 2,997 6,808 11,976 8,725 8,224 19,025 42,172 Losses charged to reserves 4 On securities................................. 21,335 20 187 1,008 720 1,896 4,019 13,485 On loans............................................ 345,791 728 7,610 17,270 33,600 26,862 27,776 64,896 167,049 Assets, deposits, and capital accounts: Loans................................................ 169,528,379 323,353 2,972,812 5,734,825 11,796,980 9,353,567 10,202,90032,244,41596,899,527 U.S. Govt, securities............................ 44,864,748 204,880 1,671,335 2,935,065 5,197,569 3,683,505 3,656,664 9,023,690 18,492,040 Other securities..................................... 36,735,381 46,968 631,398 1,482,957 3,270,490 2,530,078 2,581,223 7,182,567 19,009,700 Cash assets............................................ 52,728,044 133,618 1,018,708 1,794,519 3,367,678 2,576,275 2,925,882 10,294,84630,616,518 Other assets.......................................... 8,975,153 10,396 110,469 211,501 459,544 375,949 405,396 1,327,700 6,074,198 Total assets........................................... 312,831,705 719,215 6,404,722 12,158,86724,092,261 18,519,374 19,772,06560,073,218 171,091,983 Time deposits...................................... 120,843,644 221,791 2,513,749 5,157,83010,615,906 7,978,755 8,266,86622,514,29763,574,450 Total deposits...................................... 275,067,146 625,183 5,709,906 10,986,26521,819,847 16,740,18217,828,08853,726,798 147,630,877 Total capital accounts......................... 24,834,157 87,857 637,586 1,033,836 1,882,039 1,384,160 1,473,833 4,590,888 13,743,958 Number of officers................................... 90,959 1,235 6,008 7,861 11,518 7,473 6,635 16,698 33,531 Number of employees............................. 458,386 1,204 10,157 19,039 40,964 34,181 33,197 99,349 220,295 Number of banks..................................... 6,134 443 1,651 1,541 1,402 487 258 263 89 1 Total is for banks operating during the entire year, except that one 4 Not included in losses above. trust company having no deposits is excluded. Note.—The figures for assets, deposits, capital accounts, number of 2 Includes interest on capital notes and debentures. officers and employees, and number of banks are as of the end of the year. 3 Not included in recoveries above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 MEMBER BANKS, 1965 897 INCOME RATIOS, BY CLASS OF BANK (Computed from aggregate dollar amounts; ratios expressed as percentage) All member banks Reserve city New City Country Item York of Other 1961 1962 1963 1964 1965 City Chicago 1965 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes......... 17.5 16.3 16.0 15.9 15.1 14.1 16.0 15.6 15.1 Net income before related taxes......................... 16.5 14.7 14.4 13.3 12.4 10.3 15.1 13.1 12.5 Net income.......................................................... 9.6 8.9 9.0 8.8 8.7 7.7 10.4 9.0 8.9 Cash dividends declared..................................... 4.4 4.4 4.3 4.4 4.4 4.9 4.1 4.9 3.7 Percentage of total assets: Total operating revenue...................................... 4.28 4.38 4.44 4.56 4.62 4.04 4.20 4.69 4.89 Net current earnings before income taxes......... 1.46 1.34 1.29 1.29 1.21 1.21 1.28 1.22 1.20 Net income.......................................................... .80 .73 .73 .71 .70 .66 .83 .70 .71 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt, securities........................................ 16.7 16.6 15.4 14.1 12.2 7.8 10.4 10.5 15.6 Other securities................................................ 5.6 6.2 6.9 7.3 7.8 8,9 9.1 7.1 7.8 Revenue on loans.............................................. 63.7 63.4 64.5 65.5 67.2 68.1 66.3 69.0 65.2 Service charges on deposit accounts.................. 5.3 5.2 5.1 4.9 4.7 2.0 .7 5.0 6.0 All other revenue............................................... 8.7 8.6 8.1 8.2 8.1 13.2 13.5 8.4 5.4 Total revenue.................................................. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages............................ 25.6 24,6 23.8 22.9 21.9 19.2 17.3 21.7 23.5 Officer and employee benefits............................. 3.6 3.6 3.5 3.4 3.2 4.0 3.4 3.1 3.0 Interest on time deposits.................................... 18.7 23.2 25.6 27.3 30.4 31.0 33.3 31.2 29.3 Net occupancy expense...................................... 4.6 4.5 4.5 4.4 4.3 4.7 3.0 4.2 4.4 Other current expenses........................................ 13.4 13.4 13.6 13.8 13.9 11,1 12.6 13.7 15.3 Total expenses.................................................. 65.9 69.3 71.0 71.8 73.7 70.0 69.6 73.9 75.5 Net current earnings before income taxes.... 34.1 30.7 29.0 28.2 26.3 30.0 30.4 26.1 24.5 Net losses including transfers (or recoveries and profits +)................................................. 2.0 3.0 2.9 4.6 4.7 8.0 1.8 4.3 4.1 Taxes on net income......................................... 13.5 11.0 9.7 8.1 6.4 5.7 8.9 6.8 5.9 Net income after taxes........................................ 18.6 16.7 16.4 15.5 15.2 16.3 19.7 15.0 14.5 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt, securities....................... 3.05 3.22 3.38 3.63 3.69 3.32 3.38 3.69 3.80 Interest and dividends on other securities......... 2.91 2.95 2.94 3.01 3.11 3.26 3.25 3.17 2.99 Net losses (or recoveries and profits +)1.......... + .52 + .21 +•11 .08 .02 + .01 + .08 .06 .02 Return on loans: Revenue on loans................................................ 5.84 5.93 5.87 5.88 5.85 5.13 5.05 5.90 6.28 Net losses (or recoveries -f)1........................ .16 .12 .16 .14 .16 .13 .12 .14 .20 Distribution of assets: Percentage of total assets: U.S. Govt, securities.......................................... 23.4 22.6 20.3 17.7 15.3 9.6 13.0 13.3 20.1 Other securities.................................................... 8.2 9.2 10.4 11.2 11.6 11.0 11,7 10.5 12.8 Loans........................................... 46.7 46.8 48.8 50.8 53.0 53.6 55.2 54.8 50.8 Cash assets........................................................... 19.1 18.8 17,9 17.6 17.3 21.0 17.3 18.7 14.3 Other assets............................................... 2.6 2.6 2.6 2.7 2.8 4.8 2.8 2.7 2.0 Other ratios: Total capital accounts to: Total assets.......................................................... 8.3 8.2 8.1 8.1 8.0 8.6 8.0 7.8 7.9 Total assets less U.S. Govt, securities and cash assets........................................................ 14.5 14.0 13.0 12.5 11.9 12.4 11.5 11.5 12.1 Total deposits...................................................... 9.4 9.3 9.2 9.2 9.1 10.4 9.1 8.8 8.8 Time to total deposits............................................. 33.2 35.7 38.6 40.8 42.8 35.7 40.1 43.2 46.1 Interest on time deposits to lime deposits............ 2.73 3.23 3.34 3.47 3.73 4.23 3.99 3.81 3.46 Number of banks......................................................... 6,113 6,047 6,108 6,225 6,221 12 11 171 6,027 1 Net losses is the excess of (1) actual losses charged against net income regardless of size or amount—are weighted equally and in general have plus losses charged against valuation reserves over (2) actual recoveries an equally important influence on the result. In the ratios based on and profits credited to net income plus recoveries credited to valuation aggregates presented here, the experience of those banks in each group reserves; net recoveries and profits is the reverse. Transfers to and from whose figures are largest have a much greater influence than that of the valuation reserves are excluded. many banks with smaller figures. Ratios based on aggregates show combined results for the banking system as a whole, and, broadly speak­ Note.—The ratios in this ind the following 3 tables were computed ing, are the more significant for purposes of general analyses of credit from the dollar aggregates shown in preceding tables. Many of these and monetary problems, while averages of individual ratios are useful ratios vary substantially from the average of individual bank ratios, primarily to those interested in studying the financial results of operations which were shown in the April Bull., in which each bank’s figures— of individual banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

898 MEMBER BANKS, 1965 JUNE 1966 INCOME RATIOS OF MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a ­ a­ C l l a e n v d e­ m Ri o c n h d ­ la A n t t ­ a c C a h g i o ­ L S ou t. i s n M o e l a i i n s p ­ ­ K C sa a it s n y ­ Dallas F c S i r s a a c n n o ­ Summary r atios: Percentage of total capital accounts: Net current earnings before income taxes.. 17.5 14.1 15.8 14.0 17. 1 15.4 15.3 14.6 16.5 14.5 14.3 16.1 Net income before related taxes................ 15.2 10.8 13.8 12.0 14.5 12, t 13.1 12.4 14.0 12.1 11.2 13.3 Net income.................................................. 9.9 8.1 9.4 9.0 9.2 8.2 9.5 8.8 9.2 8.0 7.8 9.0 Cash dividends declared............................. 4.9 4.8 4.9 4.0 4.3 3.5 3.8 3.8 4.3 3.7 4.2 5. 1 Percentage of total assets: Total operating revenue............................. 5. 12 4.29 4.74 4.52 4.83 4.70 4.48 4.25 4.82 4.60 4.27 5.27 Net current earnings before income taxes .. 1.57 1.17 1.35 1.22 1.41 1.24 l.H 1.22 1.26 1.29 1.17 1.17 Net income.................................................. .88 .67 .81 .78 .76 .66 .69 .73 .71 .71 .64 .66 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S, Govt, securities............................. 9. 1 9.2 12.3 14.9 13.7 14.7 15.7 16.0 15.6 15.3 13.6 9.4 Other securities....................................... 6.2 9.0 7.2 9.9 6. 1 7.1 8.5 8.4 7.5 6.5 7.6 6.3 Revenue on loans....................................... 65.5 68.0 67.0 63.8 67.6 65.2 64.6 66.0 63.9 66. 1 69.0 70.9 Service charges on deposit accounts......... 5.8 3.2 3.8 4.0 5.8 6.4 3.5 3.9 5.5 5.8 4.3 7.0 All other revenue......................................... 13.4 10.6 9.7 7.4 6.8 6.6 7.7 5.7 7.5 6.3 5.5 6.4 Total revenue.......................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.o 100.0 Salaries and wages...................................... 25.4 20.3 22.0 19.9 24.1 23.9 20.3 22.1 22.2 24.6 21.2 23.2 Officer and employee benefits.................... 3.9 3.8 3.5 2.7 2.9 3.2 3.0 2.9 3.2 2.7 2.6 3. 1 Interest on time deposits............................ 19.6 31.7 26.2 32.4 24.1 24.9 34.4 26.2 28.9 24.4 27.0 35.4 Net occupancy expense...................... 4.8 4.8 4.5 3.4 4.2 4.3 3.8 4.0 4.0 4.4 4.5 4.5 Other current expenses............................... 15.7 12.1 15.2 14.7 15.4 17.3 13.7 16.0 15.6 15.9 17.3 11.7 Total expenses......................................... 69.4 72.7 71.4 73.1 70.7 73.6 75.2 71.2 73.9 72.0 72.6 77.9 Net current earnings before income taxes............................................. 30.6 27.3 28.6 26.9 29.3 26.4 24.8 28.8 26,1 28.0 27.4 22.1 Net losses including transfers (or recoveries and profits +)........................... 4.0 6.4 3.6 3.8 4.5 5.7 3.5 4.3 3.9 4.7 5.9 3.8 Taxes on net income................................... 9.3 5.2 7.9 5.8 9.0 6.7 5.9 7.2 7.6 7.9 6.5 5.9 Net income after taxes............................... 17.3 15.7 17.1 17.3 15.8 14.0 15.4 17.3 14.6 15.4 15.0 12.4 Rates of return on securities and loans: Peturn on securities: Interest on U.S. Govt, securities............... 3.52 3.49 3.64 3.78 3.79 3.74 3.71 3.72 3.85 3.87 3.77 3.75 Interest and dividends on other securities.. 2.91 3. 15 2.97 3.11 3.00 3.16 3.11 3.02 3.10 3.03 2.99 3.26 Net losses (or recoveries and profits^)1.. .20 .02 .05 .11 4-2.0 + .01 .02 TLO .05 + .03 .06 + .04 Peturn on loans: Revenue on loans........................................ 5.99 5.42 5.87 5.66 6. 14 6,29 5.67 5,79 6. 14 6. 12 5.96 6.40 Net losses (or recoveries-]-)1..................... . 14 . t4 .12 .09 . 13 .25 .12 .13 .16 .28 .26 .21 Distribution of assets: Percentage of total assets: U.S. Govt, securities................................... 13.2 11.3 16.0 17.8 17.4 18.5 19.0 18.3 19.6 18.2 15.4 13.3 Other securities........................................ 10.9 12.3 11.5 14.4 9.8 10.5 12,2 11.9 11.7 9.8 10.8 10.2 Loans............................................ 56.0 53.9 54.0 51.0 53.2 48.7 51.0 48.5 50.1 49.8 49.6 58.4 Cash assets.................................................. 17.4 18.5 16.3 15.0 17.5 19.9 15.7 19.6 16.4 20.2 21.3 14.9 Other assets............................................ 2.5 4.0 2.2 1.8 2.1 2.4 2.1 1.7 2.2 2.0 2.9 3.2 Other ratios: Total capital accounts to: Total assets................................................ 9.0 8.3 8.6 8.7 8.2 8.0 7.3 8.3 7.6 8.8 8.2 7.3 Total assets less U.S. Govt, securities and cash assets................................ 12.9 11.8 12.7 12.9 12.7 13.1 H.l 13.4 11.9 14.4 13.0 10.1 Total deposits.............................................. 10.4 9.7 9.7 9.8 9.3 9.0 8.1 9.3 8.5 9.9 9.2 8.1 Time to total deposits..................................... 31.5 40.2 43.8 48.5 37.6 35.5 47.0 35.5 45.2 33.8 35.4 53.3 Interest on time deposits to time deposits... 3.70 3.99 3.21 3.40 3.48 3.67 3.66 3.5! 3.42 3.71 3.65 3.92 Number of banks................................................. 252 409 408 504 409 520 1,006 483 495 835 675 225 i Net losses is the excess of (1) actual losses charged against net income reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (2) actual recoveries valuation reserves are excluded. and profits credited to net income plus recoveries credited to valuation 2 Ratio of less than 005. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 MEMBER BANKS, 1965 899 INCOME RATIOS OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Boston Y N o ew rk P p d h h e i i l l a a ­ ­ C l l a e n v d e­ m Ri o c n h d ­ la A n t t ­ a C ca h g i o ­ L S o t u . is n M o e l a i i n s p ­ ­ K C s a a it s n y ­ Dallas F c S i r s a a c n n o ­ Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes.. 18.8 15.1 17.5 13.6 18.2 15.2 13.9 14.2 17.1 13.4 14.1 16.6 Net income before related taxes............... 15.1 12.8 15.9 11.5 15.4 12.3 10.9 12.5 14.8 11.5 11.6 13.8 Net income.................................................. 8.8 9.9 10.4 9.0 9.6 8.3 8.7 8.8 9.4 1.5 7.8 9.4 Cash dividends declared............................ 5.4 6.4 5.9 4.2 5.0 3.8 4.3 4.4 4.9 4.1 4.9 5.4 Percentage of total assets: Total operating revenue......................... 5.01 5.20 4.75 4.40 4.70 4.45 4.31 3.97 4.38 4.11 3.84 5.21 Net current earnings before income taxes .. 1.83 1.05 1.45 1.23 1.43 1.26 .97 1.22 1.34 1.22 1.17 1.16 Net income.................................................. .86 .70 .86 .81 .75 .69 .61 .76 .74 .68 .64 .65 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt, securities.......................... 7.4 9.4 8.3 11.6 12.7 12.2 13.4 10.7 10.0 11.6 12.4 9.2 Other securities....................................... 4.4 8.8 5.3 11.2 5.9 6.5 8.4 8.4 6,1 6.4 7.1 6.4 Earnings on loans...................................... 64.4 72.6 68.5 64.4 66.8 68.2 66.9 70.4 67.6 69,5 72.0 71.1 Service charges on deposit accounts......... 2.4 4.4 3.8 3.4 6.1 5.0 3.8 3.4 3.0 3.2 1.5 6.9 All other revenue........................................ 21.4 4.8 14.1 9.4 8.5 8.1 7.5 7.1 13.3 9.3 7.0 6.4 Total revenue.......................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100,0 100.0 100.0 Salaries and wages...................................... 24.2 20.8 23.3 18.9 24,0 22.5 20.9 20.7 21.5 22.3 16.1 22.8 Officer and employee benefits.................... 3.6 3.0 4.3 2.7 3.0 3.5 3.2 3.1 3.4 2.9 2.6 3.0 Interest on time deposits........................... 16.5 39.2 21.0 33.2 22.8 24.1 34.9 24.6 23.7 25.1 29.7 36.5 Net occupancy expense.............................. 4.1 4.5 5.0 3.3 4.6 4. 1 4.3 3.8 4.1 4.5 3.4 4.4 Other current expenses............................... 15.1 12.2 15.9 14.0 15.2 17.5 14.3 17.0 16.7 15.6 17.7 11.0 Total expenses........................................ 63.5 79.7 69.5 72.1 69.6 71.7 77,6 69.2 69.4 70.4 69.5 77.7 Net current earnings before income taxes.................................................. 36.5 20.3 30.5 27.9 30.4 28.3 22.4 30.8 30.6 29.6 30.5 22.3 Net losses including transfers (or re­ coveries and profits-)-)....................... 7.1 3.0 2.9 4.4 4.7 5.3 4.8 3.8 4.1 4.1 5.3 3.8 Taxes on net income................................... 12.3 3.9 9.5 5.2 9.7 7.5 3.6 8.0 9.7 9.0 8.4 6.0 Net income after taxes............................... 17.1 13.4 18.1 18.3 16.0 15.5 14.0 19.0 16.8 16.5 16.8 12.5 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt, securities............... 3.27 3.96 3,86 3.67 3.82 3.60 3.61 3.65 3.70 3.77 3.54 3.73 Interest and dividends on other securities .. 2.86 3.14 3.07 3.13 3.04 3.28 3.17 3.09 3.13 3.21 3.10 3.25 Net losses (or recoveries and profits f)1.. .54 .23 . 14 . 18 .02 + .02 .09 + .03 .15 + .15 .11 + .03 Return on loans: Revenue on loans.................................. 5.66 6.66 5.68 5.44 5.87 6.06 5.62 5.36 5.56 5.49 5.42 6.33 Net losses (or recoveries-|-)1..................... . 13 . 14 .11 .08 .10 .13 .09 .08 .04 .23 .17 .19 Distribution of assets: Percentage of total assets: U.S. Govt, securities............................... 11.3 12.4 10.3 13.9 15.6 15.0 15.9 11.7 11.8 12.7 13.4 12.8 Other securities....................................... 7.8 14.6 8.1 15.7 9.1 8.8 11.5 10.7 8.6 8.2 8.8 10,3 Loans.......................................................... 57.0 56.7 57.3 52.2 53.5 50.2 51.4 52.2 53.2 52.0 51.0 58.5 Cash assets................................................. 20.7 13.5 21.7 16.3 19.6 23.6 19.3 23.6 24.2 24.6 23.4 15.2 Other assets................................................. 3.2 2.8 2.6 1.9 2.2 2.4 1.9 1.8 2.2 2.5 3.4 3.2 Other ratios: Total capital accounts to: Total assets............................................. 9.7 7.0 8.2 9.0 7.8 8.3 6.9 8.6 7.8 9.1 8.3 7.0 Total assets less U.S. Govt, securities and cash assets................................... 14.4 9.5 12.1 12.9 12. 1 13.5 10.7 13.3 12.2 14.5 13.2 9.7 Total deposits.............................................. 11.6 7.9 9.4 10.3 8.8 9.3 7.7 9.8 8.9 10.2 9.5 7.8 Time to total deposits.................................... 24.3 57.5 31.7 46.8 33.4 31.0 44.2 29.5 32.5 30.2 35.2 54.1 Interest on time deposits to time deposits.,. 4.04 3.97 3.59 3.55 3.61 3.90 3.79 3.76 3.61 3.85 3.69 3.93 Number of banks................................................ 5 3 6 16 17 26 15 15 8 22 l1? 21 1 Net losses is the excess of (I) actual losses charged against net income Note.—-Figures do not include reserve city banks in the cities of New plus losses charged against valuation reserves over (2) actual recoveries York and Chicago. and profits credited to net income plus recoveries credited to valuation reserves; net recoveries and profits is the reverse. Transfers to and from valuation reserves are excluded. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

900 MEMBER BANKS, 1965 JUNE 1966 INCOME RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Boston Y N o ew rk P p d h h e i i l l a a ­ ­ C l l a e n v d e­ m Ri o c n h d ­ la A n t t ­ a c C a h g i o ­ L S o t u . is n M o e l a i i n s p ­ ­ K C s a i a t n s y ­ Dallas F c S i r s a a c n n o ­ Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes .. 16.7 14.3 14.6 14.6 16.0 15.6 15.4 15.1 16.2 15.3 14.5 13,8 Net income before related taxes................ 15.3 12.2 12.3 12.9 13.6 11.9 12.7 12.4 13.6 12.5 10.8 11.3 Net income.................................................. 10.5 9.5 8.7 9.0 8.9 8.1 9.2 8.8 9.2 8.4 7.9 7.6 Cash dividends declared............................. 4.6 4.3 4.2 3.6 3.6 3.2 3,2 3.2 4.0 3.3 3.5 3.8 Percentage of total assets: Total operating revenue......................... 5.18 4.91 4.72 4.70 4.97 4.87 4.75 4.52 5.04 4.93 4.71 5.61 Net current earnings before income taxes .. 1.43 1.07 1.28 1.20 1.39 1.23 1.07 1.22 1.22 1.33 1.17 1.19 Net income.................................................. .90 .71 .77 .74 .78 .64 .64 .71 .69 .73 .64 .66 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt, securities. .............................. . 9.9 12.3 15.3 19.6 14.7 16.3 19.9 20.4 18.0 17.4 14.6 10.9 Other securities...................................... 7.1 9.3 8.6 8.0 6.3 7.4 8. 1 8.5 8. 1 6.5 7.9 5.7 Revenue on loans....................................... 66.1 67.3 65.9 62.9 68.4 63.2 62.5 62.3 62.3 64.2 66.7 69.7 Service charges on deposit accounts......... 7.6 5.9 3.7 4.9 5.5 7.4 5.0 4.3 6.5 7.3 6.5 7.5 All other revenue................................ 9.3 5.2 6.5 4.6 5. 1 5.7 4.5 4.5 5.1 4.6 4.3 6.2 Total revenue......................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages...................................... 26.0 22.9 21.1 21.3 24.3 24.7 21.7 23.3 22.5 25.9 25.4 25.5 Officer and employee benefits.................... 4.1 3.4 2.9 2.7 2.8 3.0 2.8 2.7 3.1 2.7 2.5 3.0 Interest on time deposits............................ 21.2 32.3 30. 1 31.2 25.5 25.4 34.9 27.6 31.0 24.0 24.8 30.2 Net occupancy expense............................... 5.2 5.0 4.1 3.6 3.8 4.4 4.0 4.2 4.0 4.4 5.4 5.0 Other current expenses....................... 15.9 14.6 14.6 15.7 15.6 17.3 14.0 15.2 15.1 16.0 17.0 15.0 Total expenses......................................... 72.4 78.2 72.8 74.5 72.0 ' 74.8 77.4 73.0 75.7 73.0 75.1 78.7 Net current earnings before income taxes.................................................. 27.6 21.8 27.2 25.5 28.0 25.2 22.6 27.0 24.3 27.0 24.9 21.3 Net losses including transfers (or re­ coveries and profits+)........................ 2.4 3.3 4.2 3.1 4.2 5.9 4.0 4.7 3.9 4.9 6.3 3.9 Taxes on net income................................... 7.8 4.0 6.7 6.7 8.2 6.2 5.1 6.6 6.7 7.2 5. 1 5.7 Net income after taxes.............................. 17.4 14.5 16.3 15.7 15.6 13.1 13.5 15.7 13.7 14.9 13.5 11.7 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt, securities............... 3.63 3.73 3.56 3.87 3.77 3.80 3.85 3.76 3.89 3.91 3.94 3.82 Interest and dividends on other securities.. 2.93 2.93 2.93 3.06 2.97 3.10 2.99 2.96 3.09 2.94 2.92 3.31 Net losses (or recoveries and profits+)1. . .07 ,05 .02 .03 + .03 + .01 .04 .01 .02 .02 .02 + .07 Return on loans: Revenue on loans.................................. 6. 18 6.07 6.02 6.01 6.44 6.46 6.16 6.27 6.45 6.57 6.52 6.76 Net losses (or recoveries+)1..................... .14 .16 . 12 .11 . 15 .34 .14 . 19 .22 .31 .34 .29 Distribution of assets: Percentage of total assets: U.S. Govt, securities............................... 14.2 16.2 20.2 23.7 19.4 20.9 24.5 24.5 23.4 21.9 17.4 16.0 Other securities........................................... 12.5 15.6 14.0 12.3 10.6 11.6 12.8 13.0 13.2 11.0 12.8 9.7 Loans............................................................ 55.4 54.4 51.7 49. 1 52.7 47.7 48.2 44.9 48.7 48.2 48.1 57.7 Cash assets.................................................. 15.7 11.9 12.3 13.3 15.3 17.4 12.8 15.9 12.5 17.2 19.2 13.3 Other assets................................................ 2.2 1.9 1.8 1.6 2.0 2.4 1.7 1.7 2.2 1.7 2.5 3.3 Other ratios: Total capital accounts to: Total assets.................................................. 8.6 7.5 8.8 8.2 8.7 7.9 7.0 8.1 7.5 8.7 8.1 8.7 Total assets less U.S. Govt, securities and cash assets..................................... 12.2 10.4 13.1 13.0 13.3 12.7 11.1 13.6 11.8 14.3 12.7 12.2 Total deposits.............................................. 9.9 8.4 9.9 9.1 9.8 8.7 7.6 8.9 8.3 9.7 8.9 9.7 Time to total deposits..................................... 35.2 50.1 52.5 50.9 42.3 38.7 52.7 41.1 51.3 36.2 35.7 49.5 Interest on time deposits to time deposits... 3.58 3.53 3.05 3.20 3.37 3.55 3.45 3.35 3.37 3.63 3.61 3,84 Number of banks................................................. 247 394 402 488 392 494 980 468 487 813 658 \ 204 1 Net losses is the excess of (1) actual losses charged against net income reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (2) actual recoveries valuation reserves are excluded. and profits credited to net income plus recoveries credited to valuation Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 BANKS AND THE MONETARY SYSTEM 901 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Bank credit Total assets, net— Treas­ Date c u u r r y ­ U.S. Government securities l T ia o b ta il l ­ Total Ca a p n i d t al Gold s r o t e i a n u n n g c t d ­ y ­ Total Lo n a e n t s, Total m C a e o n rc m d i a ­ l R F e e s d e e r r v a e l Other O s ri e t t c h ie u e s ­ r ca i a n p t n i e i e d t t s a l, c d u e r a p r n o e d s n i c ts y c m o n a u i c e s n ­ t c t . s savings Banks banks 1929—June 29.. . . 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30.. . . 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30.... 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. . . . 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1 ,284 8,999 90,637 82,811 7,826 1945—Dec. 31.. . . 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31.... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30... . 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1955—Dec. 31... . 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 I960—Dec. 31... . 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 19fil—Dec. 30.... 16,889 5,585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 [962—Dec. 28. . . . 15,978 5,568 309,389 170,693 103,684 72,563 30,478 643 35,012 330,935 302,195 28,739 1963—Dec. 20.. . . 15,582 5,586 333,203 189,433 103,273 69,068 33,552 653 40,497 354,371 323,251 31,118 1964—June 30.... 15,461 5,578 343,988 201,161 100,879 65,337 34,794 748 41,948 365,027 333,114 31,915 Dec. 31. . . . 15,388 5,405 365,366 214,254 106,825 68,779 37,044 1,002 44,287 386,159 352,964 33,193 1965—Jan. 27.... 15,200 5,400 360,600 210,900 105,100 67,400 36,700 1,000 44,600 381,100 347,200 34,000 Feb. 24.... 14,900 5,400 362,600 213,100 104,300 66,500 36,700 1,100 45,200 382,900 347,600 35,300 Mar. 31... . 14,600 5,400 367,200 217,600 103,800 65,100 37,600 1,100 45,800 387,200 351,900 35,300 Apr. 28.. . . 14,400 5,400 368,900 219,300 102,600 64,200 37,400 1,100 47,000 388,700 354,000 34,700 May 26,... 14,300 5,400 371,200 222,100 102,400 63,000 38,300 1,100 46,700 390,900 354,600 36,400 June 30.. . . 13,934 5,413 378,834 228,721 102,318 62,606 39,100 612 47,795 398,181 362,370 35,814 July 28.... 13,900 5,400 376,500 226,400 102,000 62,200 39,200 600 48,100 395,800 360,000 35,800 Aug. 25.. . . 13,900 5,500 378,700 228,100 101,500 61,300 39,200 1,000 49,100 398,000 361,100 37,000 Sept. 29.. . . 13,900 5,500 383,500 231,600 102,300 61,700 39,600 1 ,000 49,500 402,800 365,900 36,900 Oct. 27.... 13,900 5,500 385,900 231,900 104,300 64,000 39,200 1,000 49,700 405,200 368,300 36,900 Nov. 24.. . . 13,800 5,500 389,100 234,300 105,500 64,400 40,100 1, 100 49,300 408,500 370,500 38,000 Dec. 31.... 13,733 5,575 399,779 242,706 106,716 65,016 40,768 932 50,357 419,087 383,727 35,359 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 1 Not seasonally adjusted Time U. S. Government Date Total o b r u C e a t n n u s c i k r d y ­ s e d ju m e s D p a t a e o d e n d s ­ ­ d i t 1 s Total o b r u C e a t n n u s c i k r d y ­ s e d ju e m s p D a t a o e d n e d s ­ ­ d i t s 1 Total m b C e a o r n c m k ia s ­ l b M sa a v n u i k t n u s g a s l 2 S P a S t o e v y s m i s t n a ­ g l s n F e e i o g t r n ­ 3 T h c i u r o n a e r g l s a y d h s s ­ ­ sa c m c a v o A i n i e m a n d t r l g ­ ­ s B F A a .R n t k . s banks 1929—June 29.... 26 179 3 639 22,540 28,611 19,557 8,905 149 365 204 381 36 1933 June 30.... 19 172 4,761 14’411 21 ,'656 10’849 9,621 1 186 50 264 852 35 1939—Dec. 30.... 36 194 6 401 29'793 27,059 15'258 10’523 1,278 1,217 2 409 846 634 1941 Dec. 31.... 48,607 9 615 38’992 27'729 15^884 10332 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 1 382 1 336 1,452 870 j950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 2,518 1,293 2,989 668 1955—Dec. 31.... 133,500 27,400 106,100 138,199 28,285 109,914 78,378 48,359 28,129 1,890 3,167 767 4,038 394 1960—Dec. 31.... 139,200 28,200 111,000 144,458 29,356 115,102 108,468 71,380 36,318 770 3,184 377 6,193 485 1961—Dec. 30.. . . 144,800 28,700 1 16,100 150,578 30,053 120,525 121,216 82,145 38,420 651 1 ,497 422 6,219 465 1962—Dec. 28.... 147,600 29,600 118,000 153,162 30,904 122,258 139,448 97,440 41,478 530 1,488 405 7,090 602 1963—Dec. 20.. . . 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 1964—June 30.... 153,500 32,700 120,800 153,331 33,020 120,311 166,627 119,330 46,882 415 1,324 391 10,502 939 Dec. 31... . 159,300 33,500 125,800 167,140 34,882 132,258 175,898 126,447 49,065 386 1 ,724 612 6,770 820 1965—Jan. 27.... 158,700 33,900 124,800 160,800 33,400 127,400 179,000 129,200 49,400 400 1,500 700 4,300 900 Feb. 24.... 157,400 33,900 123,500 156,600 33,500 123,100 180,900 131,000 49,600 400 1,500 700 7,000 900 Mar. 31.... 161,300 34,100 127,200 156,800 33,800 123,000 183,300 132,800 50,100 400 1,600 700 8,600 900 Apr. 28.... 159,000 33,800 125,200 159,100 33,500 125,600 184,600 134,100 50,100 400 1,500 800 7,100 1,000 May 26... . 157,500 34,000 123,500 155,400 33,900 121,600 186,100 135,400 50,300 400 1,500 800 10,100 700 June 30.... 161,000 34,100 126,900 158,878 34,524 124,354 188,348 137,088 50,918 342 1,631 779 12,062 672 July 28.... 159,800 34,400 125,400 159,600 34,500 125,100 190,100 138,700 51,000 300 1,600 800 7,100 800 Aug. 25.... 159,700 34,500 125,200 158,400 34,800 123,600 191,900 140,400 51,300 300 1,600 800 7,500 800 Sept. 29.. . . 162,200 34,800 127,400 161,200 34,900 126,300 193,700 141,800 51,600 300 1,700 800 7,600 900 Oct. 27.... 163,900 35,200 128,700 164,600 35,100 129,500 195,900 143,800 51,900 300 1,600 800 4,300 1,100 Nov. 24.... 162,600 35,300 127,300 165,100 36,300 128,800 196,500 144,200 52,000 300 1,500 800 5,700 900 Dec. 31... . 167,100 35,400 131,700 175,314 36,999 138,315 199,427 146,433 52,686 309 1,780 760 5,778 668 1 Other than interbank and U.S. Govt., less cash items in process of Note.—For back figures and descriptions of the consolidated condition collection. statement and the seasonally adjusted series on currency outside banks 2 Includes relatively small amounts of demand deposits. Beginning and demand deposits adjusted, see “Banks and the Monetary System,” with June 1961, also includes certain accounts previously classified as Section I of Supplement to Banking and Monetary Statistics, 1962, and other liabilities. Jan. 1948 and Feb. 1960 Bulletins. 3 Reclassification of deposits of foreign central banks in May 1961 Except on call dates, figures are partly estimated and are rounded to reduced this item by 51,900 million ($1,500 million to time deposits and the nearest $100 million. $400 million to demand deposits). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

902 COMMERCIAL AND MUTUAL SAVINGS BANKS JUNE 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank1 Other Cla a s n s d o d f a b te ank Total Loans G U o .S v . t . Other a C ss a e s t h s 1 c c b o a i a H a l u p i n c t a n i i d t ­ - e t a s s l 2 Total 1 m D a e n ­ d Time U. D S. ema O n t d her Time3 r B i o n o g w r s ­ ­ c c T a o a p o u c i t n t a ­ a t l s l b N a b o u n e m f k r s ­ Govt. All banks: 1939—Dec. 30................ 50,884 22,165 19,417 9,30223,292 77,068 68,242 9,874 32,516 25,852 26 8,194 15,035 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 30,362 101,288 8,57735,415 177,332 165,612 14,065 105,935 45,613 227 10,542 14,553 1947—Dec. 31 4............. 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53,105 66 11,948 14,714 1950—Dec. 30................ 148,021 60,386 72,894 14,741 41,086 191,317 175,296 13,577 462 2,809 101,936 56,513 90 13,837 14,650 1955—Dec. 31................ 190,780 100,057 70,05220,67047,803242,008220,441 15,059 1,587 3,712 123,238 76,844 163 18,112 14,243 1960—Dec. 31................ 238,623 144,764 67,24226,61753,022298,126266,196 17,080 1 ,800 5,949 133,408 107,959 16724,539 13,986 1961—Dec, 30................ 256,700 154,318 72,71529,66757,368 321,394287,176 17,914 482 5,952 141,979 120,848 48226,227 13,946 1962—Dec. 28................ 280,397 172,822 72,563 35,01254,939 343,201 303,653 16,008 535 6,839 141,084 139,188 3,63528,046 13,940 1963—Dec. 20................ 302,251 192,686 69,06840,49751,536362,394319,636 15,267 528 6,734 141,576 155,531 3,70229,882 14,079 1964—June 30................ 310,404203,119 65,33741,948 54,073 373,909 331,843 15,272 678 10,263 139,160 166,469 2,12031,037 14,175 Dec. 31................ 329,739216,674 68,77944,28761,493401,161 356,308 17,938 821 6,517 155,248 175,785 2,70032,196 14,266 1965—Jan. 27................ 326,880214,920 67,38044,58051 ,960388,570342,250 14,800 890 4,060 143,630 178,870 4,40032,040 14,290 Feb. 24................ 328,920217,270 66,47045,18052,580391,080343,770 14,890 940 6,710 140,420 180,810 4,33032,200 14,290 Mar. 31................ 331,950221,040 65,14045,77055,520397,650350,890 16,300 950 8,350 142,150 183,140 3,67032,610 14,292 Apr. 28................ 335,020223,890 64,18046,95052,580397,710349,320 14,450 920 6,850 142,600 184,500 5,02032,670 14,297 May 26................ 336,360226,660 63,03046,67052,150398,710349,550 14,240 970 9,890 138,490185,960 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 61,32049,09051,460404,9'00354,340 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 7,370 143,440193,620 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................ 353,070239,370 64,37049,33055,940419,650366,700 15,770 1,030 5,440 148,020 196,440 5,97034,720 14,309 Dec. 31................ 362,320246,946 65,01650,35761,916435,483385,196 18,426 1,009 5,532 160,847 199,381 4,56434,935 14,309 Commercial banks: 1939—Dec. 30................ 40,668 17,238 16,316 7,11422,474 65,216 57,718 9,874 32,513 15,331 26 6,885 14,484 1941—Dec. 31................ 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31................ 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 31 4............. 116,284 38,057 69,221 9,00637,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1950—Dec. 30................ 126,675 52,249 62,027 12,39940,289 168,932 155,265 13,577 462 2,806 101,917 36,503 90 11,590 14,121 1955—Dec. 31................ 160,881 82,601 61,592 16,68846,838210,734 192,254 15,058 1,585 3,709 123,187 48,715 159 15,300 13,716 1960—Dec. 31................ 199,509 117,642 61,00320,86452,150257,552229,843 17,079 1,799 5,945 133,379 71,641 16320,986 13,472 1961—Dec. 30................ 215,441 124,925 66,57823,937 56,432278,561 248,689 17,914 481 5,946 141,920 82,429 471 22,459 13,432 1962—Dec. 28................ 235,839 140,106 66,43429,29854,049297,116262,122 16,008 535 6,829 141,041 97,709 3,62724,094 13,429 1963—Dec. 20............. 254,162 156,006 63,19634,95950,711 312,773275,120 15,267 526 6,729 141,534 111,064 3,66425,677 13,570 1964—June 30................ 260,179 164,463 59,32236,39453,168 321,909284,903 15,272 67710,257 139,110 119,587 2,09926,768 13,669 Dec. 31................ 277,376 175,589 62,991 38,79660,489346,921 307,170 17,938 819 6,510 155,184126,720 2,67927,795 13,761 1965—Jan. 27................ 274,000 173,420 61,52039,06051,010333,810292,770 14,800 890 4,060 143,580 129,440 4,40027,64013,785 Feb. 24................ 275,730 175,530 60,52039,68051,580336,010294,130 14,890 940 6,710 140,370 131,220 4,33027,750 13,786 Mar. 31................ 278,350179,040 59,04040,27054,510342,110300,770 16,300 950 8,350 142,100133,070 3,67028,100 13,789 Apr. 28................ 281,240 181,530 58,32041,39051,640342,060299,140 14,450 920 6,850 142,550 134,370 5,02028,210 13,793 May 26................ 282,230 183,930 57,19041,11051,180342,700299,180 14,240 970 9,890 138,430 135,650 4,97028,490 13,796 June 30................ 287,723 188,641 56,85342,22957,063 354,553 311,632 16,171 1,032 11,796 145,266 137,366 3,68229,479 13,791 July 28................ 285,940 187,060 56,32042,56051,090346,440302,650 14,460 980 6,89Q 141,350 138,970 4,73029,280 13,787 Aug. 25................ 287,840 188,900 55,51043,43050,510347,720303,030 14,900 1,010 7,230 139,280 140,610 5,06029,410 13,789 Sept. 29................291,470 191,690 55,93043,85052,830354,060309,640 15,850 1,040 7,370143,380 142,000 4,40029,63013,793 Oct. 27................ 295,330 192,800 58,45044,08052,890357,920311,860 15,710 1,030 4,120 147,000 144,000 5,78029,890 13,799 Nov. 24................ 297,140 194,560 58,82043,76055,040361,840314,690 15,770 1,030 5,440 147,970 144,480 5,97030,060 13,805 Dec. 31................ 306,060201,658 59,54744,85560,899 377,264332,436 18,426 1,008 5,525 160,780 146,697 4,47230,272 13,804 Member banks; 1939—Dec. 30................ 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,257 154 743 27,489 11,699 3 5,522 6,362 1941—Dec. 31................ 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31................ 107,183 22,775 78,338 6,07029,845 138,304 129,670 13,576 6422,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31................ 97,846 32,628 57,914 7,30432,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1950—Dec. 30................ 107,424 44,705 52,365 10,35535,524 144,660 133,089 13,106 341 2,523 87,783 29,336 79 9,695 6,873 1955—Dec. 31................ 135,360 70,982 50,697 13,68041,416179,414 163,757 14,512 1,353 3,327105,400 39,165 137 12,783 6,543 1960—Dec. 31................ 165,619 99,933 49,106 16,57945,756216,577 193,029 16,436 1,639 5,287 112,393 57,272 130 17,398 6,174 1961—Dec. 30................ 179,599 106,232 54,058 19,30849,579235,112209,630 17,195 303 5,381 119,595 67,157 438 18,638 6,113 1962—Dec. 28................ 195,698 118,637 52,96824,09247,427249,488219,468 15,309 358 6,086 117,999 79,716 3,550 19,854 6,049 1963—Dec. 20................ 210,127 131,712 49,34229,07344,395261,469229,376 14,518 382 5,986 117,562 90,929 3,49921,054 6,112 1964—June 30................ 215,132 138,649 46,235 30,24946,767269,437238,052 14,527 525 9,342 115,624 98,034 1,93622,060 6,180 Dec. 31................ 228,497 147,690 48,71732,08952,737289,142255,724 17,007 664 5,838 128,539 103,676 2,481 22,901 6,225 1965—Jan. 27................ 225,493 145,830 47,29732,36644,461277,606242,781 14,016 731 3,662118,307 106,065 4,18622,799 6,236 Feb. 24................ 227,093 147,818 46,36432,911 44,750279,488244,018 14,138 779 5,958 115,601 107,542 3,97822,888 6,236 Mar. 31................ 229,456 150,921 45,12033,41547,749285,300250,277 15,556 795 7,510117,349 109,067 3,50923,173 6,235 Apr. 28................ 231,866 152,951 44,555 34,36045,106285,023248,563 13,710 759 6,263 117,569110,262 4,80223,253 6,237 May 26................ 232,373 154,705 43,615 34,05344,804285,331 248,494 13,525 817 8,881 114,025 111,246 4,701 23,406 6,239 June 30................ 237,328 158,832 43,39635,10050,198296,049259,743 15,355 851 10,806 120,077 112,654 3,45524,323 6,235 July 28................ 235,644 157,345 42,863 35,43644,703288,568251,216 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 14,073 825 6,565 114,426 115,343 4,73224,279 6,227 Sept. 29................ 240,078 161,336 42,29436,44846,087294,704256,981 14,991 861 6,805 117,924 116,400 4,14824,432 6,223 Oct. 27................ 243,144 162,156 44,43836,55046,119297,674258,443 14,815 848 3,760 120,904 118,116 5,462-24,654 6,223 Nov. 24................ 244,260 163,597 44,55236,111 48,110300,784260,630 14,875 850 4,927 121,503 118,475 5,691'24,768 6,225 Dec. 31................ 251,577 169,800 44,99236,785 52,814313,384275,517 17,454 840 4,890132,131 120,202 4,234|24,926 6,221 For footnotes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 903 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 lia­ Bor­ Total Num­ Class of bank Cash bilities row­ capital ber and date assets 1 and Demand ings ac­ of Total Loans G U o . v S t . . Other c c o a a u p c n i ­ t t a s l 2 Total 1 m D a e n ­ d Time U. S. Other Time 3 counts banks Govt. Mutual savings banks: 1939—Dec. 30.................. 10,216 4,927 3,101 2,188 818 11,852 10,524.......... 3 10,521 1,309 551 1941—Dec. 31................. 10,379 4,901 3,704 1,774 793 11,804 10,533 5 10,527 1,241 548 1945—Dec. 31................. 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 7 1,592 542 1947—Dec. 31 <............... 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 1950—Dec. 30................. 21,346 8,137 10,868 2,342 797 22,385 20,031 3 1920,009 2,247 529 1955—Dec. 31................. 29,898 17,456 8,460 3,982 965 31,274 28,187 2 4 51 28,129 4 2,812 527 1960—Dec. 31 .................. 39,114 27,122 6,239 5,752 872 40,574 36,353 .......... 1 4 2936,318 4 3,553 514 1961—Dec. 30................. 41,259 29,393 6,136 5,730 936 42,833 38,487 I 7 6038,420 11 3,768 514 1962—Dec. 28................. 44,558 32,716 6,129 5,714 890 46,086 41,531 1 10 4341,478 8 3,951 511 1963—Dec. 20................. 48,089 36,679 5,872 5,539 826 49,621 44,516 I 6 4244,467 38 4,205 509 1964—June 30................. 50,226 38,656 6,016 5,554 905 52,000 46,940 1 7 5046,882 21 4,269 506 Dec. 31................. 52,363 41,085 5,788 5,490 1,004 54,239 49,138 .......... 2 7 6449,065 21 4,401 505 1965—Jan. 27.................. 52,880 41,500 5,860 5,520 950 54,760 49,480 5049,430 .......... 4,400 505 Feb. 24................. 53,190 41,740 5,950 5,500 1,000 55,070 49,640 5049,590 4,450 504 Mar. 31................. 53,600 42,000 6,100 5,500 1,010 55,540 50,120 5050,070 4,510 503 Apr. 28................. 53,780 42,360 5,860 5,560 940 55,650 50,180 5050,130 4,460 504 May 26.................. 54,130 42,730 5,840 5,560 970 56,010 50,370 6050,310 4,510 504 June 30................. 54,415 43,096 5,753 5,566 1,020 56,382 50,980 1 7 5350,918 43 4,536 504 July 28................. 54,840 43,450 5,830 5,560 980 56,770 51,080 6051,020 .......... 4,540 504 Aug. 25................. 55,280 43,810 5,810 5,660 950 57,180 51,310 6051,250 4,610 504 Sept. 29................ 55,600 44,140 5,790 5,670 950 57,510 51,680 6051,620 4,650 504 Oct. 27................. 55,680 44,490 5,590 5,600 980 57,610 51,900 5051,850 4,620 504 Nov. 24................. 55,930 44,810 5,550 5,570 900 57,810 52,010 5051,960 4,660 504 Dec. 31.................. 56,260 45,288 5,470 5,501 1,017 58,219 52,760 8 6752,686 92 4,663 505 Reserve city member banks: 5 New York City: 1939—Dec. 30............. 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,231 7 74 9,459 736 1,592 36 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 1950—Dec. 30................. 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,370 268 451 18,836 1,722 70 2,351 23 1955—Dec. 31................. 23,583 14,640 6,796 2,148 8,948 33,228 29,378 4,515 1,085 756 20,719 2,303 1 2,745 18 1960—Dec. 31 27,726 18,465 6,980 2,282 10,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206 3,554 15 1961—Dec. 30................. 30,297 19,535 7,862 2,900 11,164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 3,683 13 1962—Dec. 28.................. 32,989 21,954 7,017 4,017 11,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 3,898 17 1963—Dec. 20................. 34,827 23,577 6,154 5,095 9,372 46,434 38,327 4,289 214 1,419 20,960 11,446 1,438 3,984 13 1964—June 30.................. 36,693 25,490 5,779 5,424 10,550 49,716 41,545 4,711 317 2,112 21,224 13,181 924 4,402 14 Dec, 31............... 39,507 27,301 6,178 6,028 11,820 53,867 45,191 5,088 436 1,486 23,896 14,285 1,224 4,471 13 1965—Jan. 27................. 38,271 26,573 5,630 6,068 9,427 50,166 40,890 4,274 457 795 20,67014,694 1,781 4,465 13 Feb. 24................. 38,950 27,570 5,122 6,258 9,218 50,803 41,574 4,359 499 1,083 20,447 15,186 1,281 4,487 13 Mar. 31................. 39,905 28,894 4,788 6,223 11,597 54,198 44,997 4,852 518 1,778 22,123 15,726 1,506 4,526 13 Apr. 28................. 40,325 29,173 4,764 6,388 9,844 52,852 43,502 4,226 492 1,666 20,842 16,276 1,655 4,517 13 May 26................. 40,201 29,558 4,674 5,969 10,230 53,184 43,820 4,308 549 1,989 20,289 16,685 1,498 4,548 13 June 30................. 42,225 30,975 4,907 6,342 12,186 57,150 47,322 5,065 579 2,361 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 20,54617,813 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. 31.................. 44,763 33,125 5,203 6,435 11,876 59,517 49,270 5,225 522 1,271 24,265 17,988 1,987 5,114 12 City of Chicago: 5 1939—Dec. 30............. 2,105 569 1,203 333 1,446 3,595 3,330 888 80 1,867 495 250 14 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 1950—Dec. 30................. 5,569 2,083 2,911 576 2,034 7,649 7,109 1,225 3 174 4,604 1,103 490 13 1955—Dec. 31.................. 6,542 3,342 2,506 695 2,132 8,720 8,010 1,286 11 222 5,165 1,327 3 628 13 1960—Dec. 31.................. 7,050 4,485 1,882 683 2,046 9,219 8,197 1,380 61 327 4,899 1,530 35 822 10 1961—Dec. 30.................. 7,606 4,626 2,041 940 2,603 10,383 9,283 1,624 14 369 5,268 2,008 35 870 9 1962—Dec. 28................. 8,957 5,418 2,129 1,409 2,280 11,432 9,993 1,277 18 410 5,264 3,025 262 948 13 1963—Dec. 20................. 9,615 6,220 1,705 1,690 1,970 11,776 10,296 1,211 17 395 4,887 3,787 255 996 12 1964—June 30................. 9,636 6,266 1,750 1,620 2,121 12,046 10,630 1,182 25 387 4,744 4,090 210 1,017 12 Dec. 31................. 10,562 7,102 1,873 1,587 2,366 13,289 11,807 1,448 22 396 5,362 4,578 204 1,056 12 1965—Jan. 27.................. 10,245 6,767 1,850 1,628 2,163 12,703 11,177 1,153 26 259 5,076 4,663 232 1,046 12 Feb. 24.................. 10,296 6,963 1,678 1,655 2,184 12,842 11,153 1,238 28 349 4,905 4,633 322 1,053 12 Mar. 31................. 10,310 7,129 1,546 1,635 2,089 12,801 11,088 1,977 28 501 3,985 4,597 278 1,060 11 Apr. 28................. 10,425 7,073 1,669 1,683 2,318 13,095 11,395 1,182 22 463 5,047 4,681 355 1,065 11 May 26................. 10,363 7,108 1,643 1,612 2,232 12,961 11,282 1,169 23 576 4,800 4,714 333 1,071 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. 31................. 11,455 8,219 1,700 1,536 2,426 14,290 12,475 1,437 39 345 5,656 4,999 355 1,132 11 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

904 COMMERCIAL AND MUTUAL SAVINGS BANKS JUNE 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 Cla a s n s d o d f a b te ank Total Loans G U o . v S t . . Other a C ss a e s t h s 1 c c b o a i a a l l u p i i n c t a i n i d t ­ ­ e t a s s l 2 Total 1 m D a e n ­ d Time G u o . D v s t . e . ma O n t d her Time r B i o n o w g r s ­ ­ c c T a o a o p u c t i n ­ a ta t l s l b N a b o u n e f m k r s ­ Other Reserve City: 6 1939—Dec. 30.................. 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,565 120 435 9,004 4,616 1,828 346 1941—Dec. 31.................. 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31.................. 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 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 1950—Dec. 30.................. 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,391 57 976 32,366 11,647 3,322 336 1955—Dec. 31.................. 52,459 28,622 18,826 5,011 16,994 70,478 64,733 7,207 239 1 ,288 39,835 16,164 82 4,641 292 1960—Dec. 31.................. 62,953 40,002 17,396 5,554 18,668 83,464 75,067 7,989 326 1,960 42,26722,525 73 6,423 217 1961—Dec. 30.................. 68,565 42,379 19,748 6,43820,216 90,815 81,883 8,350 62 2,103 44,98626,381 81 6,997 206 1962—Dec. 28.................. 73,130 46,567 18,398 8,165 19,539 94,914 84,248 7,477 82 2,337 43,609 30,743 1,388 7,263 191 1963—Dec. 20.................. 78,370 51,891 16,686 9,792 18,778 99,643 87,994 7,225 95 2,212 43,459 35,004 1,417 7,697 190 1964—June 30.................. 80,466 54,604 15,488 10,375 19,143 102,245 91,145 6,894 118 3,771 42,387 37,974 572 8,110 183 Dec. 31.................. 84,670 57,555 16,326 10,78921,607 109,053 97,145 8,289 134 2,195 46,883 39,645 841 8,488 182 1965—Jan. 27.................. 83,987 57,428 15,541 11,018 18,353 104,997 92,273 6,758 184 1,580 42,84840,903 1,756 8,504 184 Feb. 24.................. 84,567 57,966 15,410 11,191 18,114 105,275 92,428 6,789 188 2,546 41,59041,315 1,663 8,529 184 Mar. 31.................. 85,374 58,771 15,032 11,571 19,011 107,146 94,519 6,976 185 3,035 42,61541,708 1,413 8,646 186 Apr. 28 , ................ 86,265 59,701 14,629 11,935 18,522 107,609 94,001 6,573 181 2,538 42,651 42,058 2,310 8,675 183 May 26.................. 86,034 60,015 14,123 11,896 17,984 106,851 93,130 6,366 174 3,548 40,96942,073 2,329 8,676 178 June 30................. 87,225 61,079 14,030 12,116 19,864 110,063 97,418 7,168 173 4,325 42,971 42,781 1 ,271 8,774 179 July 28.................. 87,272 61,417 13,640 12,215 18,133 108,359 94,621 6,473 188 2,566 42,141 43,253 2,257 8,756 179 Aug. 25.................. 87,832 61,993 13,377 12,462 17,613 108,284 94,656 6,882 201 2,724 41,12443,725 2,049 8,762 177 Sept. 29.................. 88,719 62,804 13,469 12,446 18,666 110,410 96,468 7,159 208 2,462 42,37444,265 2,081 8,798 177 Oct. 27.................. 89,706 63,161 14,037 12,508 18,790 111,469 97,290 7,299 205 1,472 43,62044,694 2,388 8,892 176 Nov. 24.................. 90,081 63,471 14,198 12,412 19,810 112,849 98,151 7,274 208 2,077 43,74944,843 2,562 8,928 172 Dec. 31.................. 91,997 65,117 14,354 12,52621,147 116,350103,034 8,422 206 1,773 47,09245,541 1,548 9,007 171 Country member banks: 6 1939—Dec. 30.................. 10,224 4,768 3,159 2,297 4,848 15,666 13,762 572 26 154 7,158 5,852 3 1,851 5,966 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 1950—Dec. 30.................. 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1 ,121 12 922 31,977 14,865 9 3,532 6,501 1955—Dec. 31.................. 52,775 24,379 22,570 5,826 13,342 66,988 61,636 1,505 18 1 ,061 39,681 19,372 52 4,769 6,220 1960—Dec. 31.................. 67,890 36,981 22,848 8,060 14,740 84,126 76,004 1,778 37 1,783 43,39529,011 23 6,599 5,932 1961—Dec. 30.................. 73,131 39,693 24,407 9,031 15,595 90,376 81,646 1 ,925 37 1,641 46,211 31 ,832 40 ,7,088 5,885 1962—Dec. 28.................. 80,623 44,698 25,425 10,501 14,559 97,008 87,342 1,773 51 1,931 46,89536,692 172 7,744 5,828 1963—Dec. 20.................. 87,316 50,023 24,797 12,496 14,274 103,615 92,759 1,793 56 1,960 48,25640,693 390 8,377 5,897 1964—June 30.................. 88,337 52,289 23,218 12,830 14,953 105,430 94,733 1,739 64 2,872 47,27042,788 230 8,531 5,971 Dec. 31.................. 93,759 55,733 24,341 13,685 16,944 112,932 101,581 2,182 71 1,760 52,39845,169 213 8,886 6,018 1965—Jan. 27.................. 92,990 55,062 24,276 13,652 14,518 109,740 98,441 1,831 64 1,028 49,71345,805 417 8,784 6,027 Feb. 24.................. 93,280 55,319 24,154 13,807 15,234 110,568 98,863 1,752 64 1,980 48,65946,408 712 8,819 6,027 Mar. 31.................. 93,867 56,127 23,754 13,986 15,052 111,155 99,673 1,751 64 2,196 48,62647,036 312 8,941 6,025 Apr. 28.................. 94,851 57,004 23,493 14,354 14,422 111,467 99,665 1,729 64 1,596 49,02947,247 482 8,996 6,030 May 26.................. 95,775 58,024 23,175 14,576 14,358 112,335 100,262 1,682 71 2,768 47,96747,774 541 9,111 6,037 June 30 97,043 59,411 22,697 14,935 15,837 115,302 103,304 1,825 71 3,222 49,80048,386 323 9,359 6,032 July 28.................. 97,012 59,307 22,730 14,975 14,725 114,058 102,020 1,765 71 1,926 49,39348,865 500 9,250 6,027 Aug. 25.................. 97,462 59,680 22,600 15,182 14,995 114,744 102,475 1,847 71 2,174 49,02549,358 650 9,301 6,027 Sept. 29............... 98,669 60,344 22,915 15,410 15,369 116,399 104,123 1 ,918 71 1,840 50,31149,983 508 9,421 6,023 Oct. 27.................. 100,156 60,922 23,543 15,691 15,478 118,109 105,572 1,994 71 1,184 51,70750,616 643 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. 31.................. 103,362 63,338 23,735 16,288 17,366 123,227 110,738 2,371 74 1,501 55,11851,675 343 9,673 6,027 i Reciprocal balances excluded beginning with 1942. Reclassification Beginning with June 1963, 3 New York City banks with loans and in­ of deposits of foreign central banks in May 1961 reduced interbank vestments of $392 million and total deposits of $441 million were reclas­ deposits by a total of $1,900 million ($1,500 million time to other time sified as country banks. Beginning with the last Wednesday in May 1965 and $400 million demand to other demand). total assets of country banks were increased and Other Reserve city banks 2 Includes other assets and liabilities not shown separately. decreased by $645 million as a result of the reclassification of Toledo, 3 Figures for mutual savings banks include relatively small amounts of Ohio banks from reserve city to country banks. Also see note 6, Oct. demand deposits. Beginning with June 1961, also includes certain ac­ 1962 Bull,, p. 1315. counts previously classified as other liabilities. 4 Beginning with Dec. 31, 1947, the series was revised. A net of 115 Note.—Data are for all commercial and mutual savings banks in the noninsured nonmember commercial banks with total loans and invest­ United States (including Alaska and Hawaii, beginning with 1959). ments of about $110 million were added, and 8 banks with total loans Commercial banks represent all commercial banks, both member and and investments of $34 million were transferred from noninsured mutual nonmember; stock savings banks; and nondeposit trust companies. Com­ savings to nonmember commercial banks. mercial banks exclude, and member banks include, a national bank in the 5 These data reflect the reclassification of New York City and city of Virgin Islands that became a member in May 1957, and in the period 1941 Chicago as reserve cities effective July 28, 1962; for details see Aug. 1962 to July 1962, from 1 to 3 mutual savings banks. Bull., p. 993. See also second paragraph of note 6 to this table. Comparability of figures for classes of banks is affected somewhat by 6 Beginning with Feb. 1960 reserve city banks with total loans and in­ changes in F.R. membership, deposit insurance status, and the reserve vestments of $950 million and total deposits of $1,070 million were re­ classifications of cities and individual banks, and by mergers, etc. classified as country banks. Beginning with Aug. 23, 1962 (Topeka and Figures are partly estimated except on call dates. Wichita, Kansas) and Sept. 6, 1962 (Kansas City, Kansas) reserve city For revisions in series before June 30, 1947, see July 1947 Bull., banks with total loans and investment of $500 million and total deposits pp.870-71. of $600 million were reclassified as country banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 BANK HOLDING COMPANIES 905 BANK HOLDING COMPANIES, DECEMBER 31, 1965 (Registered pursuant to Section 5, Bank Holding Company Act of 1956) pr L in o c c i a p t a io l n o f o fi f c e Holding company pr L in o c c i a p t a io l n o f o fi f c e Holding company California New Hampshire Los Angeles................ Western Bancorporation Nashua..................... New Hampshire Banksharcs, Inc. Colorado New York Denver........................ Denver U.S. Bancorporation, Inc. Buffalo....................... Marine Midland Corporation Englewood................. First Colorado Bankshares, Inc. New York................. Amalgamated Clothing Workers of America New York.......... Empire Shares Corporation Florida Warsaw..................... Financial Institutions, Inc. Jacksonville................. The Atlantic National Bank of Jacksonville Jacksonville......... Atlantic Trust Company Ohio Jacksonville................ Barnett National Securities Corporation Cleveland.................. Society Corporation Miami......................... Commercial Bancorp, Inc. Columbus................. BancOhio Corporation Pensacola................... Commercial Associates, Inc. Tampa......................... The First National Bank of Tampa Oklahoma Tampa......................... Union Security & Investment Co. Oklahoma City......... First Oklahoma Bancorporation, Inc. Georgia Tennessee Atlanta........................ Trust Company of Georgia . Chattanooga............. Hamilton National Associates, Inc. Atlanta....................... Trust Company of Georgia Associates Savannah.................... Citizens and Southern Holding Company Texas Savannah.................... The Citizens and Southern National Bank Houston.................... C. B. Investment Corporation Indiana Utah South Bend................. St. Joseph Agency, Inc. Salt Lake City. .... First Security Corporation South Bend ............... St. Joseph Bank and Trust Company Virginia Iowa Arlington................... The First Virginia Corporation Des Moines................. Brenton Companies, Inc. Richmond................. United Virginia Banksnares Incorporated Richmond................. Virginia Commonwealth Corporation Kentucky Louisville.................... Trustees, First National Bank of Louisville Washington Port Angeles......... Union Bond & Mortgage Company Maine Spokane.................... Old National Corporation Bangor........................ Eastern Trust and Banking Company Wisconsin Massachusetts Appleton................... First National Corporation 1 Boston......................... Baystate Corporation Appleton................... Valley Bancorporation Boston.................. Shawmut Association, Inc. Milwaukee................ First Wisconsin Bankshares Corporation Milwaukee................ The Marine Corporation Minnesota Milwaukee........... Marshall & Ilsley Bank' Stock Corporation Minneapolis............... Bank Shares Incorporated Wausau..................... Central Wisconsin Bankshares, Inc. Minneapolis............... First Bank Stock Corporation Minneapolis............... Northwest Bancorporation Canada St. Paul....................... Otto Bremer Company Montreal,................. Toronto..................... Canadian Imperial Bank of Commerce Missouri St. Joseph................... The First National Bank of St. Joseph Japan St. Louis..................... General Bancshares Corporation Tokyo........................ The Bank of Tokyo, Ltd. Montana Great Falls................. Bancorporation of Montana 1 Acquired stock of second subsidiary bank in November 1965. Such bank had not opened for business as of year end; neither had bank holding company registered as of that date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL STATISTICS ★ INTERNATIONAL ★ Reported gold reserves of central banks and governments .............................................. 908 Gold production .................................................................................................................. 909 Net gold transactions and gold stock of the United States.............................................. 910 Foreign gold reserves and dollar holdings ........................................................................ 911 International capital transactions of the United States .................................................. 912 U.S. balance of payments ..................................................................................................... 922 Foreign trade ........................................................................................................................ 923 Money rates in foreign countries ......................................................................................... 924 Arbitrage on Treasury bills ................................................................................................. 925 Foreign exchange rates ....................................................................................................... 926 Guide to tabular presentation ............................................................................................. 830 Index to statistical tables ..................................................................................................... 935 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, 19 34, 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 907 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

908 GOLD RESERVES JUNE 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 n.a. 56 154 292 1,134 327 960 43 1960 40,540 2,439 17,804 20,295 n.a. 104 147 293 1,170 287 885 45 1961 41,140 2,077 16,947 22,115 36 190 162 303 1,248 285 946 48 1962 41,470 2,194 16,057 23,220 36 61 190 454 1,365 225 42 708 43 1963 42,310 2,312 15,596 24,400 36 78 208 536 1,371 150 42 817 43 1964. 43,060 2,179 15,471 25,410 36 71 226 600 1,451 92 84 1 ,026 43 1965--Apr............... 2.217 14,480 36 70 230 638 1,490 62 84 1,045 43 May.............. 1,822 14,362 ............3..6 68 230 650 1 ,532 62 84 1,081 42 June.............. 3 43,025 1,832 14,049 26,885 36 68 230 663 1 ,563 62 84 1 ,089 42 July............... 1,847 13,969 36 68 231 675 1,564 63 84 1,096 44 Aug................ 1,856 13,916 36 67 231 688 1 ,573 63 84 1 , 104 44 Sept............... 3 43,005 1,865 13,925 26,945 36 67 222 700 1,554 63 84 1,112 44 Oct................ 1,865 13,937 35 67 223 700 1,558 63 84 1,124 44 Nov......... 1,868 13,879 35 66 224 700 1,558 63 84 1 ,138 43 Dec................ 3 43,305 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............... *43,395 2,358 13,738 *27,300 35 65 223 700 1,556 84 1 ,086 43 Apr................ .................. 2,369 13,668 35 ..........2..2..4 700 1 ,556 ............8..4 1 ,096 44 Ger- E pe n r d i o o d f lo C m o b ­ ia m D a e r n k ­ l F a i n n d ­ France m F a e n d y . , Greece India I n n e d si o a ­ Iran Iraq Israel Italy Japan » Rep. of 1959. 71 57 38 1,290 2,637 26 247 33 140 84 2 1,749 244 1960. 78 107 41 1 ,641 2,971 76 247 58 130 98 * 2,203 247 1961 . 88 107 47 2,121 3,664 87 247 43 130 84 10 2,225 287 1962. 57 92 61 2,587 3,679 77 247 44 129 98 41 2,243 289 1963. 62 92 61 3,175 3,843 77 247 35 142 98 60 2,343 289 1964. 58 92 85 3,729 4,248 77 247 141 112 56 2,107 304 1965--Apr................ 45 92 85 4,255 4,243 80 281 I4i 122 56 2,351 May..;..... 36 97 85 4,400 4,378 80 281 141 i22 56 2,384 June.............. 31 97 85 4,433 4,378 84 281 141 122 56 2,384 327 July............... 53 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 N45 122 56 2,404 Mar............... 102 58 4,806 4,402 108 243 U31 122 46 2,369 Apr................ 108 55 4,874 4,402 98 243 132 122 46 2,369 E pe n r d i o o d f Kuwait a L n e o b n ­ M ic e o x­ Mo co roc­ N la e n th d e s r­ Nigeria N w o ay r­ P st a a k n i­ Peru P p h in il e i s p­ Po g r a t l u­ A S r a a u b d i i a A So fr u ic th a 1959. n.a. 102 142 23 1,132 3d 50 28 9 548 18 238 I960. n.a. 119 137 29 1,451 30 52 42 15 552 18 178 1961 . 43 140 112 29 1,581 20 30 53 47 27 443 65 298 1962. 49 172 95 29 1,581 20 30 53 47 41 471 78 499 1963. 48 172 139 29 1,601 20 31 53 57 28 497 78 630 1964. 48 183 169 34 1,688 20 31 53 67 23 523 78 574 1965--Apr................ 48 182 168 34 1,723 20 31 53 67 28 540 78 453 May.............. 48 182 167 34 1,756 20 31 53 67 30 544 78 408 June.............. 49 182 165 34 1,756 20 31 53 67 31 547 74 375 July............... 49 182 164 34 1,756 20 31 53 67 32 548 74 359 Aug.............. 49 182 162 34 1,756 20 31 53 67 33 560 73 339 Sept............... 49 182 161 31 1 ,756 20 31 53 67 34 560 73 342 Oct................. 49 182 160 31 1,756 20 31 53 67 36 563 73 371 Nov..'........... 49 182 159 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................. 55 182 157 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 42 595 73 520 Apr................ 58 .............. 21 1,756 20 31 53 65 ..........6..0..0 73 557 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 GOtDRESERVES AND PRODUCTION 909 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) E pe n r d i o o d f Spain Sweden Sw la i n tz d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t) . U K d n i o n i m t g ed ­ U gu r a u y ­ V zu e e n l e a ­ Y sl u av g i o a ­ S B I e f n a t o t t n r l i e . k - E F p u u ea r n o n d ­ ments 4 1959 68 191 1,934 41 104 133 1.74 .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-—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 U6 139 155 401 19 -105 64 Feb................... 810 202 2,661 55 96 1 16 139 155 401 19 -120 59 Mar................. 785 202 2,652 55 92 116 139 2 036 155 401 20 -30 Apr................... 785 202 2,647 .............. 92 116 139 .... 155 401 .............. -80 .............. i 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 Feb. 1966. this table and also of a number not shown separately here, and gold to be 3 Adjusted to include gold subscription payments to the IMF except distributed by the Tripartite Commission for the Restitution of Monetary those matched by gold mitigation deposits with the United States and Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ United Kingdom. Adjustments are as follows (in millions): 1965 June tries, and China Mainland. +$259; Sept. +$268; and Dec. +$270. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank’s gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities, avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual Note.—For back figures and description of the data in this and the countries. following tables on gold (except production), see “Gold,” Section 14 of 2 Beginning June 1965 excludes gold subscription payments made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc­ Congo tion 1 A So fr u ic th a d R e h s o ia ­ Ghana ( p L o e ld o­ ­ U St n a i t t e e s d C a a d n a ­ M ic e o x­ r N a i g c u a a ­ Co b l i o a m­ India P p h in il e ip s ­ t A ra u l s ia ­ ot A h l e l r ville) 1959.. 1,125.0 702.2 19 8 32 0 12.2 57.2 156.9 0 7.3 13.9 5 8 14 38 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 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 31 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 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 11.2 15 4 1965—Mar. 86.8 2 5 10.8 7 .8 5 3 2 6 Apr.. 88.0 7 2 2 7 .8 4 2 2 5 May. 89.2 6 2 10.4 5 1.0 3 3 2 4 June. 90.1 5 2 2 10:7 7 .9 4 2 2 9 July. 90.8 6 2 10.0 6 1.2 4 3 2 4 Aug. 91.0 5 10.5 9 1.0 3 3 2 6 Sept. 89.7 6 2 4 3 10.2 4 1.0 4 2 3 Oct.. 90.4 10.5 1.0 2 6 Nov. 10.4 .8 2 3 Dec.. 3 181.1 10.2 .7 44 0 1966—Jan.. 9.8 Feb., 9.6 Mar. 4 269.6 10,1 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 Data for Aug. and Sept. countries and Bureau of Mines. Data for the United States are from 3 Data for Nov. and Dec. the Bureau of the Mint. 4 Quarterly data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

910 U.S. GOLD JUNE 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 1966 Area and country 1957 1958 1959 1960 1961 1962 1963 1964 1965 n in IV Western Europe: Austria.......................... -84 -83 -143 -82 -55 -100 -25 -38 -38 -25 Belgium......................... 3 -329 -39 -141 -144 -63 -40 -83 -40 -22 -21 France........................ -266 -173 -456 -518 -405 -884 -482 -148 -117 -137 -103 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....................... -215 20 -324 -125 102 -81 -50 -37 -13 7 United Kingdom............. -900 -350 -550 -306 -387 329 618 150 -76 29 132 64 -19 Bank for Inti. Settlements -178 -32 -36 -23 Other................................. 8 -41 -48 -96 -53 -12 -7 -37 -17 -4 -9 -7 -34 Total 68 -2,326 -827 -1,718 -754 -1,105 -399 -88 -1 ,299 -802 -334 -82 -81 -174 Canada 5 190 100 Latin American republics: Argentina................... 75 67 -50 -90 85 -30 Brazil.......................... -2 -2 57 72 54 25 28 Colombia................... -6 38 10 29 30 7 Venezuela................... 65 -25 -25 Other........................... 6 2 -35 -42 -17 -5 -9 -13 -7 -3 -6 Total 81 69 19 -100 -109 175 32 56 17 -8 58 -4 -29 Asia: Japan. -30 -157 -15 -56 Other. 18 -4 -28 -97 1 -101 2 -93 12 3 -24 -15 -3 -6 -25 Total 18 -34 -186 -113 -101 -93 12 3 -24 -15 -3 -6 -82 All other. -3 -5 -38 -6 -36 -7 -16 -9 -15 9 -9 Total foreign countries, 172 -2,294 -998 -1,969 -970 -833 -392 -36 -1,322 -811 -299 -104 -108 -165 Int, Monetary Fund 600 3 -44 4 300 150 5-225 6-259 7 8 7 26 7 131 Grand total 772 -2,294 -1,041 -1,669 -820 -833, -392 -36 -1,547 -811 -558 -96 -82 -34 1 Includes sales of $21 million to Lebanon and $48 million to Saudi million in 1956 and $300 million in 1959 and in 1960) with the right of Arabia. repurchase; proceeds from these sales invested by IMF in U. S .Govt, 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and securities. $13 million to Saudi Arabia. s Payment to the IMF of $259 million increase in U.S. gold subscription 3 Payments to the IMF of $344 million increase in U.S. gold sub­ less gold deposits by the IMF. scription less sale by the IMF of $300 million (see note 4). 6 Payment to the IMF of increase in U.S. gold subscription. 4 IMF sold to the United States a total of $800 million of gold ($200 7 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 stock1,2 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 cy s4 Total T g o o t l a d l Total3 Treasury Total3 Treasury 1953........ 22,091 22,091 22,030 -1,161 -1,161 1965—May... 14,511 14,362 14,290 149 -373 -118 1954........ 21,793 21,793 21,713 -298 -298 June... 14,595 14,049 13,934 546 84 6 -313 1955 ........ 21,753 21,753 21,690 -40 -40 July.... 14,697 13,969 13,857 728 102 -80 1956........ 22,058 22,058 21,949 305 305 Aug.... 14,953 13,916 13,857 1,037 256 -53 1957.. ... 22,857 22,857 22,781 799 799 Sept.... 14.884 13,925 13,858 959 -69 9 Oct.. . . 14,795 13,937 13,857 858 -89 12 1958........ 20,582 20,582 20,534 -2,275 -2,275 Nov.... 14,686 13,879 13,805 807 -109 -58 1959........ 19.507 19,507 19,456 -1,075 5 -1,075 Dec.. . . 14,587 13,806 13,733 781 -99 -73 1960........ 17,804 17,804 17,767 -1,703 -1,703 1961........ 17,063 16,947 16,889 116 -741 -857 1966—Jan.....1.4,450 13,811 13,732 639 -137 5 1962........ 16,156 16,057 15,978 99 -907 -890 Feb... . 14,188 13,811 13,730 377 -262 1963........ 15,808 15,596 15,513 212 -348 -461 Mar.... 14,297 13,738 13,634 559 109 -73 1964........ 15,903 15,471 15,388 432 95 -125 Apr.. . . 14,190 13,668 13,632 522 -107 -70 1965........ 14,587 13,806 13,733 781 -1,316 e -1,665 May.. . 14,210 13,582 13,532 628 20 -86 1 Includes gold sold to the United States by the International Mone­ 4 For holdings of F.R. Banks only, see pp. 840 and 842. tary Fund with the right of repurchase, which amounted to $800 million 3 Includes payment of $344 million increase in U.S. gold subscription on May 31, 1966. Also includes gold deposit of IMF; see note 2. to the IMF. 2 Beginning Sept. 1965 includes gold deposited by the IMF to mitigate 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. 919 for gold held under earmark at F.R. $183 million on May 31, 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

JUNE 1966 GOLD RESERVES AND DOLLAR HOLDINGS 911 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1964 Mar. 31, 1965 June 30, 1965 Sept. 30, 1965 Dec. 31,1965 Mar. 31, 1966” Area and country Gold & U.S. Gold & U.S. Gold & U.S. Gold & U.S. Gold & U.S. Gold & U.S. short­ Govt, short­ Govt, short­ Govt, short­ Govt, short­ Govt, short­ Govt, term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Western Europe: Austria................................ 923 3 872 3 885 3 959 3 950 3 911 3 Belgium.......................................................... 1,887 1,897 1,983 1,972 1,956 1,926 Denmark......................................................... '428 14 430 14 '368 14 335 14 402 14 443 13 Finland............................................................ 212 I 201 1 189 1 179 1 192 I 153 1 France.............................................................. 5,392 7 5,530 7 5,646 7 5,667 7 5,703 7 5,877 7 Germany. Fed. Rep. of................................ 6,258 1 6,137 1 5,918 1 5'753 1 5,839 1 5,822 1 Greece............................................................ 248 228 231 228 229 ’252 Italy................................................................. 3,729 1 3,539 1 3,824 1 3,758 1 4,024 1 3,695 1 Netherlands.................................................... 2,055 5 2,036 5 2,034 5 2,'086 6 2,095 6 2,027 5 Norway................................ 215 98 234 68 263 68 262 68 354 49 285 45 Portugal.......................................................... 780 802 795 837 898 889 Spain............................................................... 1,010 2 984 2 1,011 2 1,064 2 993 2 903 2 Sweden............................................................ 833 40 928 40 921 24 906 24 849 24 853 24 Switzerland..................................................... 4,095 79 3,927 78 4,088 87 4,039 89 4,411 89 4,108 91 Turkey............................................................. 140 142 145 140 150 155 * United Kingdom............................................ 4,020 414 4,308 407 4,715 502 5,101 548 4,979 553 5,260 564 Other 1............................................................ '508 49 391 49 '341 50 393 50 34 50 523 49 Total........................................................ 32,733 714 32,586 676 33,357 765 33,679 814 34,058 800 34,082 806 Canada................................................................ 4,010 690 3,565 735 3,492 727 3,928 718 3,725 676 3,394 683 Latin American republics: Argentina.................................................... 362 371 378 449 498 552 Brazil............................................................... 350 421 * 402 * 475 446 * 344 ♦ Chile................................................................ 219 207 240 249 263 245 Colombia........................................................ 267 1 229 1 190 1 200 1 249 1 206 1 Cuba................................................................ 12 11 11 10 10 * 10 Mexico............................................................. 904 1 913 1 852 803 861 * 898 1 Panama, Republic of. ............................. 99 1 111 1 124 1 113 I 120 1 135 1 Peru.. /........................................................... 273 1 334 1 330 1 323 1 324 1 319 1 Uruguay............................... 282 294 295 * 299 * 292 * 312 * Venezuela....................................................... 1,135 1,103 1,097 1,091 1,139 1 1,102 1 Other............................................................... '478 2 538 1 538 2 '558 2 584 1 605 * Total........................................................ 4,381 6 4,532 5 4,457 5 4,570 5 4,786 5 4,728 5 Asia: India................................................................ 306 342 * 353 357 365 ♦ 322 Indonesia........................................................ 73 1 62 1 58 1 58 1 66 1 72 1 Japan............................................................... 3,071 5 3,167 9 3,170 9 3,274 9 3,342 9 3,294 9 Philippines...................................................... 256 279 281 • 312 342 * 352 Thailand.......................................................... 562 592 592 598 ♦ 638 719 Other................................................................ 2,059 43 2,223 43 2,234 43 2,223 41 2,249 41 2,272 41 Total........................................................ 6,327 49 6,665 53 6,688 53 6,822 51 7,002 51 7,031 51 Africa: South Africa.................................................... 621 ♦ 547 ♦ 424 * 400 * 476 ♦ 609 U.A.R, (Egypt) 163 163 161 159 169 155 Other............................................................... 283 16 317 16 373 16 357 16 353 16 377 16 Total........................................................ 1,067 16 1,027 16 958 16 916 16 998 16 1,141 16 Other countries: Australia...................................................... 402 411 433 421 477 456 ♦ All other.......................................................... 382 26 428 31 425 28 386 28 379 29 435 31 Total........................................................ 784 26 839 31 858 28 807 28 856 29 891 31 Total foreign countries2............................. 49,302 1,501 49,214 1,516 49,810 1,594 50,722 1,632 51,425 1,577 51,267 1,592 International and regional3....................... 7,161 904 7,280 798 46,689 799 46,999 795 “6,896 752 4 7,682 556 Grand total2............................................ 56,463 2,405 56,494 2,314 56,499 2,393 57,721 2,427 58,321 2,329 58,949 2,148 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; Dec. 31, $313; and 1966 distributed by the Tripartite Commission for the Restitution of Mone­ Mar. 31, $2. tary Gold; European Fund; and the Bank for International Settlements Note.—Gold and short-term dollars include reported and estimated (the figures for the gold reserves of the BIS represent the Bank’s net official gold reserves, and official and private short-term dollar holdings gold assets.) (principally deposits and U.S. Treasury bills and certificates); excludes 2 Excludes gold reserves of the U.S.S.R., other Eastern European nonnegotiable, non-interest-bearing special U.S notes held by the Inter­ countries, and China Mainland. American Development Bank and the International Development Assn. 3 Includes international organizations and Latin American and Euro­ U.S. Govt, bonds and notes are official and private holdings of U.S. pean regional organizations, except the Bank for International Settlements Govt, securities with an original maturity of more than 1 year; excludes and European Fund, which are included in “Other Western Europe.** non market able U.S. Treasury bonds and notes held by official institutions 4 Excludes gold subscription payments by member countries in anticipa­ of foreign countries as shown in Table 8 on p, 918, See also Note to table on gold reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

912 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 1966 1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d reg I a i n o n t n d i. a l 1 c F o o u r n e t i r g ie n s E W u e ro st p e e r n 2 Canada A re m L pu e a b r ti i l n c ic a s n Asia Africa co O u t n h t e ri r e s 1963............................................ 19,505 5,855 13,650 7,867 1,664 1,058 2,731 154 176 1964............................................ 20,221 5,876 14,345 8,266 1,483 1,238 3,020 160 178 1965—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 1,389 3,178 19L 201 June................................ 18,973 5,646 13,327 7,196 1,275 1,295 3,173 193 195 July................................. 18,818 5,944 12,874 6,722 1 ,281 1,296 3,198 181 196 Aug................................ 19,036 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 1,347 3,188 187 211 Nov................................. 19,520 5,836 13,684 7,192 1 ,440 1,343 3,297 187 225 Dec................................. ’■19,940 '5,769 14,171 7,532 I ,403 1 ,497 3 J00 194 245 1966—Jan................................. ’•19,801 '5,857 13,944 7,264 1,339 1 ,480 3,421 209 231 Feb................................ 19,408 5,834 13,574 6,912 1,364 1 ,425 3,439 210 224 Mar p............................. 19,443 5,871 13,572 7,037 1,308 1 ,356 3,410 218 243 Apr.p............................. 19359 5,810 13,649 6,988 1,262 1,415 3 J20 229 235 I Includes international organizations, and Latin American and Euro­ as reported by banks in the United States, and estimated foreign official pean regional organizations, except the Bank for International Settlements holdings of marketable U.S. Govt, securities with an original maturity and the European Fund, which are included in Western Europe, of more than 1 year. Data exclude nonnegotiable, non-interest-bearing 2 Includes Bank for International Settlements and European Fund. special notes held by the Inter-American Development Bank and the International Development Association, and also nonmarketable U.S. Note.-—Data represent short-term liabilities to the official institutions Treasury notes and bonds, payable in dollars and in foreign currencies. of foreign countries and to official international and regional organizations, 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional 1 Foreign Other E pe n r d i o o d f G to ra ta n l d Total Inti. g E . i p o r u e n e a r a “ o n l ­ 2 g L . i r o . e A n ' a . l Total c O ia ff l i ­ 3 Other Europe Canada A L m a e t r i i n ca Asia Africa c t o ri u e n s ­ 1961 ............ 4 22,533 3,752 3,695 57 4 18,781 10,940 47,841 10,322 2,758 2,340 * 2,974 283 104 1962................. ■ 25 ,'019 5'145 4J38 34 173 19 J74 11,963 7,911 10,162 3,349 2; 448 3; 444 319 152 1963................. 25,967 4,637 4,501 18 118 21,330 12,467 8,863 10,770 2,988 3,137 4,001 241 194 1964 5.............. 28,873 4,974 4,802 22 150 23,899 13,220 10,679 12,236 2,984 3,563 4,687 238 192 1965—Apr....... 27,878 5,086 4,914 15 157 22,792 11,966 10,826 11,010 2,549 3,777 4,978 268 210 May.... 27,459 4,862 4,696 13 153 22,597 11,955 10,642 10,747 2,509 3,860 4,978 283 221 June.... 27,781 4,848 4,689 15 144 22,933 12,201 10,732 11,305 2,403 3,734 4,986 277 228 July.... 27,862 5,145 4,994 12 140 22,717 11,748 10,969 10,766 2,615 3,762 5,094 262 219 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. . . . 28,912 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 24,137 12,403 11,734 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....... ’■29,090 '5,018 '4,897 10 Ill '24,072 13,066 '11,006 11,627 2,574 4,027 '5,286 280 278 1966—Jan........ ’■29,295 '5,113 '4,981 9 '123 '24,182 12,844 '11,338 11,672 '2,561 4,043 5,326 312 268 Feb....... 29,172 5,228 5,097 10 121 23,944 12,474 11,470 11,358 2,589 4,055 5,356 335 253 Mar.p... 29,293 5,315 5,196 12 107 23,978 12,472 11,506 11,683 2,308 4,206 5,361 328 273 Apr.’... 29,544 5,322 5,205 10 106 24,222 12,549 11,673 11,542 2,460 4,099 5,528 328 266 2a. Europe Ger­ End of period Total Austria Belgium m D a e r n k ­ l F a i n n d ­ France m F a e n d y . , Greece Italy N l e a t n h d e s r­ Norway Po g r a t l u­ Spain Sweden Rep. of 1961................. 10,322 255 326 52 91 989 2,842 67 1,234 216 105 99 153 406 1962................. 10,162 329 177 67 73 1,157 2,730 119 1,384 248 125 161 177 490 1963................. 10'770 365 420 161 99 1,478 3,041 188 803 360 133 191 205 409 1964................. 12,236 323 436 336 127 1,663 2,010 171 1,622 367 184 257 394 644 1965—Apr....... 11,010 215 460 318 122 1 ,273 1 ,879 144 1,345 328 197 264 244 724 May.... 10,747 206 463 255 113 1,174 1 ,711 144 1,357 285 205 246 197 748 June.. . . 11,305 222 420 271 104 1,213 I ,540 147 1,440 278 232 248 231 719 July. . . . 10,766 248 425 269 104 1,089 1,363 144 1,314 308 214 241 234 724 Aug....... 11,310 263 444 242 100 1,181 1,233 148 1,486 316 224 256 271 707 Sept.... 11,554 259 418 238 94 1,111 1 ,363 150 1 ,368 330 231 277 254 704 Oct....... 11,576 261 411 260 113 1,036 1,385 143 1,328 356 240 280 229 699 Nov. . . . 11,461 263 404 275 105 1,045 1 ,424 133 1,328 373 239 303 210 667 Dec....... 11,627 250 398 305 108 997 1,429 151 1 ,620 339 323 322 183 647 1966—Jan....... 11,672 232 392 323 102 985 1,449 148 1 ,483 255 231 299 152 644 Feb....... 11,358 202 366 331 103 997 1 ,438 157 1,325 257 240 291 115 658 Mar.p... 11,683 211 370 341 95 1,071 1,420 144 1,326 271 254 294 118 651 Apr.*... 11,542 203 380 347 91 1,024 1,409 142 1,378 242 284 295 120 661 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 1NTL. CAPITAL TRANSACTIONS OF THE U.S. 913 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 United Other Other End of period Sw la i n tz d er­ Turkey K do in m g­ Y sl u av g i o a ­ W Eu e r s o te p r e n 6 U.S.S.R. E E a u s r t o e p rn 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 ? 15 531 1963................. 906 21 1,483 16 465 2 24 3,137 375 179 143 169 11 669 1964................. 1,370 36 1,884 32 358 3 19 3,563 291 258 176 209 12 735 1965—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....... 1,353 35 3,095 20 345 4 27 4,055 461 367 186 174 It 742 Mar. i'... 1,456 39 3,224 14 358 3 27 4,026 487 281 202 177 10 740 Apr.”... 1 ,466 29 3,082 16 342 3 27 4,099 503 266 199 196 9 727 2b. Latin America—Continued 2c. Asia E pe n r d i o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ O L r t e . h A p e . . r B B e a r h m a & u m d a a s 8 A S n u N t r i o i l n l t e h a s , m & Am O L e a th r t i i e c n r a 8 Total C M la h a n i i n d n a ­ H K o o n n g g India n d I e n o si ­ ­ a Israel 1961................ 87 84 57 418 226 111 89 15 4 2,974 35 56 78 76 63 1962................. 98 105 101 405 267 123 97 10 3,444 36 65 41 28 81 1963................. 129 158 113 591 355 136 93 15 4'001 35 66 51 48 112 1964................. 99 206 Hl 734 416 189 114 14 4'687 35 95 59 38 133 1965—Apr....... 105 248 128 800 482 232 110 21 4,978 35 97 65 28 116 May.... 113 262 118 761 463 222 112 23 4,978 35 100 67 29 107 June.... 124 263 124 696 472 216 115 18 4,986 35 94 72 23 111 July.... 114 259 123 782 497 208 109 20 5,094 36 97 86 34 114 Aug.... 106 267 126 739 496 181 109 18 5,095 35 101 78 22 108 Sept..... 113 256 128 690 494 170 114 20 5,119 35 104 76 23 114 Oct..... 114 251 132 738 498 179 113 23 5,176 35 106 76 34 115 Nov...... 116 244 129 715 501 177 til 20 5,288 35 108 83 31 118 Dec....... 120 257 137 738 519 165 113 17 '5,286 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 5,356 34 119 94 28 120 Mar.”... 135 252 157 701 544 186 127 26 5,361 38 112 79 37 125 Apr.”... 145 240 161 787 547 175 127 16 5,528 35 119 159 52 135 2c. Asia—Continued 2d. Africa 2e. Other countries E pe n r d i o o d f Japan Korea P p h in il e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total (L C e v o o il n p le g o ) o ld ­ ro M cc o o ­ 8 A So fr u i t c h 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 ll r 8 1961.................... 4 1,672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962................... 2,195 136 174 75 333 280 319 35 68 41 14 161 152 147 5 1963................... 2’484 113 209 149 382 353 241 26 49 41 14 112 194 180 13 1964................... 2,767 104 233 221 458 543 238 26 7 47 24 135 192 176 15 1965—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......... ^^OU 108 304 212 542 718 280 12 17 51 30 170 278 254 24 1966—Jan.......... 2,965 118 295 215 577 768 312 It 19 72 18 191 268 244 24 Feb.......... 2; 964 117 302 213 604 760 335 II 19 95 18 192 253 226 27 Mar,”,, .. 2,966 116 310 211 627 738 328 14 19 89 16 191 273 233 40 Apr.”.... 2,959 121 313 218 585 832 328 11 20 89 17 192 266 231 35 1 International Bank for Reconstruction and Development, Inter­ s Includes revisions arising from changes in reporting coverage as national Monetary Fund, International Finance Corp., International follows (in millions of dollars): Total +50; Foreign other +50; Europe Development Assn., and 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. 8 Data based on reports by banks in the Second F.R. District only for 3 Foreign central banks and foreign central govts, and their agencies, year-end 1961-62. and Bank for International Settlements and European Fund. 4 Includes $82 million reported by banks initially included as of Dec. For Note see end of Table 2. 31, 1961, of which $81 million reported for Japan. : Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

914 INTL. CAPITAL TRANSACTIONS OF THE U.S JUNE 1966 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2f. Supplementary Data 9; (end of period) 1964 1965 1964 1965 Area or country Area or country Apr. Dec. Apr. Dec. Apr. Dec. Apr. Dec. Other Western Europe: Other Asia (Cont.): Iceland....................................... 4.7 5.2 7.1 5.8 Iran........................................... 33.4 23.4 62.0 66.9 Ireland, Rep. of............................ 6.0 8.7 6.3 6.2 Iraq............................................... 22.9 21.6 65.4 Luxembourg................................. 8.6 17.4 20. 1 21.1 Jordan.......................................... 2.7 2.7 7.9 16.0 Monaco.................................. 2.4 4.1 3.6 3.7 Kuwait................................. 49.9 56.4 52.0 35.5 Laos.......................................... 6.5 5.0 5.0 3.2 Other Latin American republics: Lebanon....................................... 108.1 84.2 113.2 99.7 Bolivia........................................ 35.1 43.2 53. 1 67.4 Malaysia..............................;... 24.3 22.2 36.3 25.9 Costa Rica.............................. 35.9 31.5 28.6 34.2 Pakistan........................................ 16.1 23.1 24.8 19.4 Dominican Republic.................... 40.6 55.8 47.3 72.3 Ryukyu Islands (incl. Okinawa). 31.6 25.6 32.7 n.a. Ecuador........................... 62.1 67.1 65.2 69.6 Saudi Arabia............................... 151.0 197.2 288.0 283.6 El Salvador. . ........................... 57.8 56.0 71.7 67.0 Syria.............................................. 5.7 7.6 3.2 4.0 Guatemala.............. • 65.1 48.7 71.6 68.1 Vietnam....................................... 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 French West Indies & French Somali Republic...................... .5 .8 .8 Guiana...................................... .6 1.1 1.4 2.2 Southern Rhodesia1 0............ 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 o 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 Deposits T bi r l U e ls a . s S a u . n r d y Sp U e . c S i . a l Other 3 Total Deposits T bi r l U e ls a . s S u a . n ry d Other 3 currencies Demand Time 1 certificates notes 2 Demand Time 1 certificates 1961...................... 22,450 19,944 544 7.363 2,388 1,549 2,356 376 149 231 150 1961 *................... 22,533 20,025 8.707 7,363 2;388 1,567 2>58 1>77 149 232 150 1962...................... 25,019 22,311 8,528 9,214 3;012 1 >57 2,565 2.096 116 352 143 1963 ...................... 25'967 22,787 5,629 3,673 8; 571 3,036 1 >78 3; 047 1,493 966 119 469 134 1964 s................... 28;873 25,406 6,731 3,990 8,727 3,308 2,650 3,377 1,531 1,271 72 503 90 1965—-Apr............ 27,878 24,317 6,247 3,978 7,767 3,367 2,958 3,478 1 ,546 1 ,393 77 461 84 May.......... 27;459 23;929 6,105 3; 929 7,690 3,167 3^38 3 >40 1,516 1 >00 79 445 90 June......... 27,781 24;208 6,486 3,907 7,640 3,167 3; 008 3>73 1 >22 1 >18 86 446 101 July............ 27;862 24,282 6,556 3,958 7,205 3; 462 3,101 3 >84 1 >36 1 >23 87 438 97 Aug........... 28,540 24,942 7,080 4,003 7,319 3 >34 3,106 3 >85 1 >80 1,471 88 447 113 Sept........... 28,912 25,291 6 ,'977 3,926 7,’709 3 >94 3,185 3 >03 1,504 I >92 81 426 118 Oct............. 29;234 25;587 7,048 4,073 7,819 3 >89 3,158 3 >46 1,515 1,529 91 410 101 Nov........... 29,171 25;481 6; 810 4,005 8;078 3 >70 3,118 3 >91 I >51 1 >62 91 387 98 Dec............ *•29,090 *■25; 444 6^69 3,963 8,269 3,470 *3,173 3,587 1,574 1,594 87 332 59 1966—Jan............. *•29,295 *•25,337 6,871 r4,043 7,848 3,558 *3,017 3,592 1,563 1,627 94 308 *365 Feb............ 29,172 25,126 6,’795 3,991 7,822 3,548 2,970 3,658 J >86 1>36 95 341 388 Mar.’..... 29,293 25,232 7>21 3,826 7; 643 3,592 3,050 3 >79 1,530 1 >06 89 354 381 Apr.P........ 29,544 25,426 7,077 3,899 7,548 3,597 3,306 3,712 1,578 1,693 106 336 406 1 Excludes negotiable time certificates of deposit which are included time certificates of deposit. in “Other.” 4 These figures reflect the inclusion of data for banks initially included 2 Nonnegotiable, non-interest-bearing special U.S. notes held by the as of Dec. 31, 1961. International Monetary Fund; excludes such notes held by the inter­ 5 Includes revisions arising from changes in reporting coverage as national Development Assn, and the Inter-American Development follows (in millions of dollars): Total 4-50; foreign banks, etc. 4-55; Bank, which amounted to $200 million on Apr. 30, 1966. other foreigners 4-23; 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

JUNE 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 915 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g i i , o a n n a d l Europe Canada A L m a e t r i i n c a Asia Africa [ co O un th tr e ie r s 1961................................................................................. 3 4,820 767 556 1,522 3 1,891 85 1962................................................................................ 5,163 - 877 526 1 ,606 2,017 137 1963 ................................................................................. 5,975 1 939 638 1,742 2,493 104 58 1964............................................................................. 7,469 1 1,217 725 2,212 3,137 120 58 1964*............................................................................... 7,957 * 1,230 1,004 2,235 3,294 131 64 1965—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 1 1,126 786 2,116 3,329 151 62 Aug....................................................................... 7,54! 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................................................................... r7,728 • '1,208 669 2,293 '3,351 139 67 1966—Jan........................................................................ ^7,553 '1,207 625 2,212 '3,292 142 76 Feb....................................................................... 7,468 1 1,145 631 2,190 3,294 132 76 Mar.?................................................................... 7,589 1 1,179 647 2,201 3,360 135 66 Apr.”................................................................... 7,467 1 1,166 603 2,151 3,352 137 58 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 r . m 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 11 48 26 84 81 152 10 114 36 43 23 40 49 1965—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 1 1 113 46 50 34 38 42 July.................... 1 J 26 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................... '1,208 8 52 37 87 72 190 13 110 38 51 26 50 52 1966—Jan....................... '1,207 9 57 33 86 74 177 13 121 39 55 26 59 53 Feb....................... I‘,145 8 54 36 89 66 184 14 109 40 49 29 55 54 Mar.”.......... 1’179 11 47 38 91 84 185 13 102 44 50 31 48 51 Apr.”................... 1,166 10 47 39 86 74 182 13 102 37 51 31 63 53 4a. Europe—Continued 4b. Latin America End of period S l w e an r i ­ t d z­ T k u ey r­ U K d n o in i m t g e ­ d Y sl u av g i o a ­ W E O u e t r s h o te e p r r e n 6 U.S.S.R. E E O a u s t r h t o e e p r r n e 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—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 I 28 2^ 172 204 112 144 285 16 693 July...................... 87 42 195 32 26 2 27 2,116 208 U3 139 276 16 671 Aug................. 82 42 201 39 28 3 29 2J24 219 111 135 265 16 672 Sept...................... 89 36 282 36 25 3 31 2,136 220 104 143 248 16 677 Oct...................... 85 40 218 32 27 3 27 2,156 220 91 152 266 16 655 Nov............ 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 '216 28 28 6 27 2,293 232 94 174 270 16 674 1966—Jan....................... 88 36 '198 26 27 5 25 2,212 231 96 176 243 16 662 Feb...................... 85 6 177 27 30 5 28 2,190 224 94 175 236 16 686 Mar.’.......... 78 21 199 25 27 4 31 2'201 221 97 173 225 16 718 Apr.”................... 74 18 198 23 31 4 30 2J51 206 82 165 235 16 713 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

916 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 1966 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 4b. Latin America—Continued 4c. Asia E pe n r d i o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ r O e l L i p c t . h s A u e b . 8 r ­ m B B m u a & e d h a r a s a ­ ­ 1 A N S n n u e a t & i m t r l h i l ­ e . s A O L ic m a t a h t e i e n 9 r r ­ Total C M la h a n i i n d n a ­ 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 1962................. 30 85 122 102 66 9 98 2,017 2 13 20 37 1963................. 35 99 65 114 135 42 9 16 2^93 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—Apr....... 49 112 81 173 221 58 19 19 3,367 1 24 28 7 57 May.... 51 119 78 173 216 58 19 19 3,367 1 27 28 4 55 June.. . . 50 117 72 167 213 59 19 18 3,409 1 34 26 1 54 July. ... 47 115 67 164 208 56 17 20 3,329 I 32 21 1 54 Aug....... 48 122 68 172 210 52 13 21 3,337 1 32 19 2 53 Sept...... 51 125 67 177 217 56 13 21 3,266 1 28 18 2 54 Oct........ 53 138 67 184 222 55 14 22 3,189 1 27 19 2 67 Nov..... 55 147 50 181 234 52 14 22 3,253 1 28 16 1 76 Dec,.... 59 170 45 220 250 53 14 23 3,343 I 29 17 2 86 Dec. 5.., 59 170 45 220 250 53 14 23 r3,351 I 29 17 2 86 1966—Jan.., .. 59 172 49 185 237 51 13 23 r3,292 1 24 22 2 86 Feb....... 63 162 56 174 224 41 13 24 3,294 1 26 26 2 82 Mar.A.. 63 168 44 171 217 45 13 27 3,360 1 29 28 2 91 Apr.”... 66 169 42 174 206 42 11 23 3,352 1 32 28 2 84 4c. Asia—-Continued 4d. Africa 4e. Other countries Congo End of period 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 1 ( p v L o il e l le d 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 5 Total 2 A t l r u i a a s ­ ­ ot A he ll r10 1961......................... 31,528 4 114 10 34 145 6 10 13 85 29 27 1962.......................... 1 j740 3 70 9 41 80 2 10 26 137 41 57 1963 .......................... 2’171 25 113 8 52 71 104 I 1 15 28 59 58 48 9 1964.......................... 2,653 21 202 9 64 88 120 1 2 19 42 56 58 48 10 1964<....................... 2,810 21 203 9 65 82 131 I 2 20 42 67 64 48 16 1965—Apr............... 2,833 20 212 13 73 99 129 1 2 21 35 70 57 45 13 May........ 2'834 21 209 13 76 99 136 1 2 20 38 75 57 45 13 June.............. 2^880 20 200 12 77 106 146 3 22 43 77 61 48 13 July............... 2,831 20 191 11 74 94 151 2 31 40 78 62 48 14 Aug............... 2^830 21 196 10 74 101 142 I 2 31 36 72 59 46 14 Sept............... 2,755 20 212 9 72 93 146 1 2 36 38 69 59 45 14 Oct.......... 2,656 20 219 9 70 98 146 1 2 36 35 71 66 52 15 Nov.............. 2,683 20 240 11 71 104 134 1 2 33 32 67 69 55 14 Dec............... 2,751 22 231 15 82 108 139 I 2 34 43 60 67 52 15 Dec.5........... 2;761 22 ^230 15 82 ^107 139 1 2 34 43 60 67 52 15 1966—Jan................ 2,692 24 >•229 16 83 ^112 142 1 2 38 38 63 76 62 14 Feb. 2^694 24 227 15 81 117 132 * 2 37 34 58 76 62 14 Mar.p........... 2,777 24 206 15 72 115 135 1 3 35 42 55 66 59 7 Apr.p............ 2; 777 24 202 16 73 113 137 ♦ 1 39 43 53 58 50 8 1 Not reported separately until 1963. 9 Until 1963 includes also the following Latin American republics: 2 Include Africa until 1963, Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, 3 IncluaSs $58 million reported by banks initially included as of Dec, and Trinidad and Tobago. 1961, of which $52 million reported for Japan. Jo 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, and Rumania. by U.S. monetary authorities. • 7 Czechoslovakia. Poland, and Rumania only until 1963. See also Note to Table 2. ' 8 Bolivia, Dominican Republic, El Salvador, and Guatemala only until 1963. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 917 5. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies Loans to— Foreign End of period Total Total Total O i t n i f o s f t i n i c t s i u a 1 ­ l Banks Others C s t t o o i i a o n u l n l n g t e d ­ s c ­ ­ e f A o o i a m g c r f n n c a c a f e d e o e c p e r c s r s ­ t t ­ 2 , Other3 Total D w ei i e g t p h n o e f s r o i s t r s ­ g c a p c n o u n a o a v r d p i m n t t , i e c l e f e s r . i s ­ e 2 , ­ Other4 1961............................. 4,762 4,177 1,646 329 699 618 694 1,837 586 385 200 19615........................... 4,820 4334 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 2 373 221 1 ,403 1 J 50 IJ35 2,621 803 624 336 187 102 1965—Apr................... 7,800 7,251 2,909 208 1,493 1,208 1,088 2,584 670 549 310 138 100 May.................. 7,775 7300 2,818 213 1 ,461 1'144 1'099 2,607 676 575 330 147 98 June.................. 7,758 7,191 2354 231 1'476 1,147 1'131 2,605 601 566 328 141 98 July:........ 7,570 7,037 2'803 241 1 '422 1 339 1,136 2,531 566 533 308 141 84 Aug...........;... 7,541 7,032 2321 233 1'458 I ’ 129 1 J58 2,509 544 509 298 125 87 Sept................... 7'498 6^965 2313 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 jot 1 J91 2'422 476 496 321 82 93 Nov................... 7,486 6383 2,887 251 1,535 i; 101 1307 2'411 477 503 325 75 103 Dec................... 7,632 7,158 2,967 271 1,566 1,130 1,214 2'554 422 474 325 54 95 Dec. 7............. *7,728 *7,236 *2,967 271 7,567 <129 1,272 2,501 r495 492 329 68 96 1966—Jan.................... *•7,553 ^7,078 *•2,864 259 *•1 ,498 '1 ,107 1,252 2,484 *478 475 292 65 118 Feb.................. 7,468 7,032 2,814 226 1 ,497 1 ,091 1,264 2'478 476 436 260 61 115 Mar.”............... 7,589 7,145 2371 235 1310 1 J 26 1387 2,539 448 444 286 53 106 Apr.p............... 7367 7,062 2317 224 1 325 1 368 1302 2,573 469 405 252 60 94 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 J 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. s These figures reflect the inclusion of data for banks initially included 7 Differs from December data in line above because of the addition as of Dec. 31, 1961. of short-term claims held in custody for domestic customers, but reported by banks for the first time as of Dec. 31, 1965. 6. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Claims Type Country or area Total End of period liabili­ ties Total Payable in dollars Payable claims All fo c r u i e n r ig ­ n U K d n i o i n m t g ed ­ E O u t r h o e p r e Canada A L m a e ti r n ic a Japan O A t s h i e a r Africa1 ot A he ll r 2 Loans1 other 1 rencies 1 1961............................. 2 2,034 11 482 274 931 24 146 166 1962............................. 7 2J60 25 552 304 886 74 148 171 1963............................. 69 3 3,030 2,811 217 2 38 3 1,063 290 3 1,015 3 249 3 194 113 68 1964. 1................... *•306 3,971 3,777 195 77 1,611 273 1,162 385 238 123 104 1964 4 310 4,285 3,995 288 1 87 1,632 327 1,275 430 255 156 122 1965--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................... r49 6 r4,516 r4,211 296 9 86 1,517 346 1,296 445 *■391 208 228 1966--Jan.................... *497 *■4; 441 *■4,148 286 6 85 1,488 336 1,255 438 r393 201 246 Feb.................... 493 4,418 4,124 287 7 86 M48 335 1,245 441 403 211 250 Mar.P............... 546 4,388 4,093 289 6 86 1,418 330 1,263 434 409 193 255 Apr,?............... 696 4,415 4,126 282 8 85 1,408 326 1,292 430 411 192 270 1 Not reported separately until 1963. this amount are claims on: Europe $5 million, Latin America $134 2 Includes Africa until 1963. million, and Asia $54 million, 3 Includes claims previously held, but reported for the first time as of 4 Differs from Dec. data in line above because of the inclusion of long­ May 1963; on that date such claims were $86 million. Also includes term liabilities and claims previously held but first reported as of Dec. $193 million reported for the first time as of Dec. 1963, representing 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

918 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 1966 7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (la millions of dollars) U.S. corporate U.S. Govt, bonds and notes 1 securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d i. Foreign c P ha u s r e ­ s Sales c N h s a e a s t l e e p s s u o r r ­ c P ha u s r e ­ s Sales c N ha s e a s t l e e p s s u o r r ­ ch P a u s r e ­ s Sales c N ha s e a s t l e e p s s u o r r ­ regional Total Official Other 1962. -728 -521 -207 2,568 2,508 60 1,093 2,037 -944 702 806 -104 1963. 671 302 369 2,980 2,773 207 991 2,086 -1,095 696 644 51 1964. -338 -315 -23 -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 ’■2,440 '-1,242 906 617 290 1965—Apr.. 65 65 65 338 342 -4 89 207 -118 93 69 23 May. -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 6 365 393 -28 289 419 -130 75 54 21 Oct.. -44 -44 -33 434 441 -6 101 217 -116 67 52 15 Nov. -56 -43 -13 -8 -5 426 453 -27 125 '213 '-88 69 51 18 Dec.. 2 644 607 37 94 134 -41 83 71 13 1966—Jan... -9 -10 -5 6 471 436 35 '109 308 '-199 73 65 7 Feb.. . -118 -136 19 19 489 487 2 83 189 -106 71 75 -5 Mar.” -54 -50 -4 -4 649 544 105 243 352 -109 100 101 -1 Apr.7’. -66 -68 2 2 574 562 12 106 230 -125 88 105 -17 i 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 that are not guaranteed by the United States. 8. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable in dollars End of period Total Austria Belgium Germany Italy Switzerland t Total Canada 2 Italy Sweden 1962—Dec........................... 251 200 51 1963—Dec........................... 730 50 30 275 200 175 163 125 13 25 1964—.Dec........................... 1,086 50 30 679 327 354 329 25 1965—’May.............. 1,137 101 30 679 327 354 329 25 June......................... 1'137 101 30 679 327 354 329 25 July.......................... 1'259 101 30 653 125 350 354 329 25 Aug............... 1'259 101 30 653 125 350 354 329 25 Sept. 1'259 101 30 653 125 350 354 329 25 Oct........................... 1'208 101 30 603 125 350 354 329 25 Nov.................... 1'208 101 30 602 125 350 399 299 75 25 Dec........................... 1 ,’208 101 30 602 125 350 484 299 160 25 1966—Jan............................ 912 101 30 452 125 205 484 299 160 25 Feb.......................... 839 101 30 401 125 182 484 299 160 25 Mar.. 789 101 30 351 125 182 524 299 200 25 Aar. 713 75 30 301 125 182 524 299 200 25 May....................... 640 75 30 251 125 158 517 299 193 25 t 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 $9 3 million July-Dec. 1965. Nov. 1965-May 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

JUNE 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 919 9. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Stocks Bonds France S l z a w e n r 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 m i 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 1 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—Apr.,. -4 -49 45 -2 -13 -4 -19 10 1 1 3 May.. 3 -42 44 3 -5 -9 -I -12 10 3 ♦ 2 June.. -236 -65 -172 6 -41 -220 -7 -262 29 -3 -2 ♦ 2 July. . -112 -96 -16 -4 -22 -90 -1 -117 11 -7 2 -3 3 Aug... -100 -93 -8 -8 -82 -2 -92 -13 -1 4 * * 1 Sept... -28 -38 11 4 20 -56 -4 -36 -3 1 7 2 Oct.. . -6 -6 -1 4 10 -21 -7 -4 * 4 ♦ ♦ 1 Nov.. -27 -35 8 2 -2 -16 -16 -13 -1 2 1 Dec... 37 -94 130 -10 4 -25 48 17 17 -2 1 -1 * 5 1966—Jan... 35 13 22 5 3 2 18 27 -3 3 6 * 1 Feb... 2 -20 22 2 -28 3 -23 11 5 8 1 2 Mar.”. 105 -41 146 9 7 -35 24 5 23 5 1 * 71 Apr.”. 12 -22 34 2 20 -55 3 -30 23 8 7 ♦ ............3.. 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 that are not guaranteed by the United States. 10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 11. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Total Assets in custody Period Total g I a F i n n o e t n d ~ i , a l c e f o i o u g r n n ­ ­ 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 t i u h e n s e 2 r ­ E pe n r d i o o d f Deposits U.S. Govt, Earmarked tries securities1 gold 1962................... -1,048 -235 -813 -188 -360 -41 -175 -50 1962............. 247 6,990 12,700 1963................... -1'044 -96 -949 -49 -614 -26 -252 -8 1963............. 171 8^675 12'954 1964................... -728 -140 -588 163 -670 -36 -77 7 25 1964............. 229 8'389 12’698 1965................... r-953 -164 '-788 108 -659 -55 -131 '3 -54 1965—May.. 142 7,713 13,050 1965—Apr......... -95 4 -98 22 -51 -26 -47 * 4 June.. 179 7,599 12,951 May....... -28 3 -3K 14 -31 7 -21 July... 147 7,221 13,108 June....... -124 9 -133 -41 -67 -6 -23 1 3 Aug... 356 7,264 13,065 July........ -49 -13 -36 33 -48 -4 -2 1 -15 Sept... 213 7,805 12,923 Aug........ -23 1 -23 18 -46 5 -1 1 Oct... 144 7,974 12,905 Sept........ -108 -17 -92 27 -117 -5 12 4 -12 Nov... 149 8,171 12,824 Oct......... -101 6 -107 -9 -101 3 -2 * 3 Dec... 150 8,272 12,896 Nov..... '-70 6 '-76 30 -30 -17 -29 '-6 -24 -28 8 -36 4 -28 -1 -14 2 2 1966—Jan. .. 283 7,974 12,933 Feb.. . 140 7,850 12,964 Mar... 329 7,617 12,944 1966—Jan......... r—191 7 r—198 6 '-192 -9 -8 1 4 Apr... 192 7,455 13.001 Feb......... -111 7 -118 -8 -83 -26 -3 1 May.. 263 7,631 12,975 Mar.”... -110 -94 -16 77 -138 21 29 5 -10 Apr.*.... -142 -31 -111 -8 -137 36 -3 * 2 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 t 1962). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

920 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 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. Mar. June Sept. Dec.’’ Dec. Dec.1 Mar. June Sept. Dec.” 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 1 6 6 9 11 11 9 Finland..................................... 1 . I 1 1 1 [ 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 (6 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 1 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 11 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 H 9 12 13 Peru........................................... 7 7 7 5 6 6 26 26 21 27 26 29 Uruguay.................................. 1 1 1 2 1 I 10 10 9 11 11 10 Venezuela................................. 16 16 19 19 20 22 46 46 40 43 47 50 Other Li 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 Noth. 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 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 1 1 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 1 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

JUNE 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 921 13. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y i ll n a a b r l s . e 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 i l n l a a b r l s e D ba e n p k o s s i a ts b r w o i a t d h in reporter’s Other name 1961—Dec.....................;............................................................ 678 569 109 1,636 1,335 150 151 (962—'Mar................................................................................... 675 577 98 1,780 1,461 144 175 June,............................................................................... 518 99 1,776 1,449 178 149 June*............................................................................... 665 551 114 1 ’974 1,598 208 168 Sept.................................................................................. 678 554 123 2^36 1,685 197 254 Dec........................................... 637 508 129 2'051 1,625 214 212 Dec.1................................................................................ 644 513 130 2'098 1,668 217 212 1963—Mar........................................;........................................ 614 470 144 2,113 1,712 201 200 Mar.1............................................................................... 472 144 2', 162 1,758 204 200 June.................................................................................. 674 529 146 2^282 1'877 222 183 Sept................................................................................... 601 552 139 2'257 1,830 225 202 Dec................................................................................. 626 478 148 2J31 1,739 201 191 Dec.2................................................................................ 626 479 148 2,188 1,778 199 211 1964—Mar................................................................................... 631 475 156 2,407 1,887 239 282 June.................................................................................. 622 471 151 2'482 2,000 220 262 June3................................................................................ 585 441 144 2’430 1,952 219 260 Sept.................................................................................. 650 498 152 2'719 2,168 249 302 Dec.................................................................................... 695 553 141 2^776 2,306 189 281 Dec.i.. 1... 1................................................................. 700 556 144 2,853 2,338 205 310 1965—Mar................................................................................... 695 531 165 2,612 2,147 189 277 June.................................................................................. 740 568 172 2,411 1'966 198 248 Sept.................................................................................. 779 585 195 2; 406 1,949 190 267 Dec.p................................................................................ 804 597 207 4 2,389 1,993 170 225 i 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 Other K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A L m a e t r in ica 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.3..................... 107 1,081 56 116 190 215 73 137 89 98 91 15 1965—Mar........................ 115 1,075 35 121 203 220 74 137 81 96 91 18 June....................... 110 1'081 31 118 208 221 70 144 85 96 91 17 Sept,, 120 1,101 31 116 230 217 74 138 89 96 91 18 Dec.*..................... 126 01,172 31 116 233 209 69 196 98 114 89 17 1 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

922 U.S. BALANCE OF PAYMENTS JUNE 1966 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1964 1965 Item 1964 1965 II III IV I II III IVp Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—-Total1...................... 37,017 39,060 8.991 9,335 9,607 8,711 10,144 10,038 10,167 Merchandise............................................................. 25,288 26,285 6,067 6,382 6,690 5,627 6,800 6,829 7,029 Military sales............................................................ 762 815 191 168 209 174 229 199 213 Transportation........................................................ 2,317 2,400 558 600 588 532 617 610 641 Travel....................................................................... 1,095 1,212 264 270 293 278 295 301 338 Investment income receipts, private....................... 5,003 5,557 1,263 1,260 1,214 1,416 1,506 1,363 1,272 Investment income receipts, Govt.......................... 454 497 132 132 60 139 142 142 74 Other services........................................................... 2,098 2,294 516 523 553 545 555 594 600 Imports of goods and services—Total......................... -28,457 -31,980 -7,061 -7,136 -7,382 -7,155 -8,106 -8,219 -8,500 Merchandise............................................................. -18,619 -21,492 -4,599 -4,709 -4,901 -4,663 -5,480 -5,594 -5,755 Military expenditures.............................................. -2,824 -2,838 -720 -691 -681 -662 -702 -720 -754 Transportation......................................................... -2,464 -2,648 -616 -613 -622 -618 -675 -658 -697 Travel........................................................................ -2,216 -2,458 -554 -550 -577 -601 -615 -616 -626 Investment income payments................................. -1,404 -1,618 -345 -347 -371 -374 -404 -405 -435 Other services........................................................... -930 -926 -227 -226 -230 -237 -230 -226 -233 Balance on goods and services1.................................. 8,560 7,080 1.930 2,199 2,225 1,556 2,038 1,819 1,667 Remittances and pensions............................................ -839 -978 -203 -207 -220 -224 -292 -229 -233 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 currency holdings and short-term claims........... -4,260 -4,288 -1,083 -1,085 -1,126 -962 -1,150 -1,098 -1,078 Associated liabilities........................................... 49 -86 35 4 18 -10 -24 -33 -19 Scheduled repayments on U.S. Govt, loans. . . 575 677 160 160 94 177 186 190 124 Nonscheduled repayments and selloffs............ 122 221 33 30 7 10 5 183 23 3 U.S. private capital flow, net................................. -6,462 -3,526 -1,344 -1,569 -2,222 -1,539 -315 -819 -853 Direct investments.............................................. -2,376 -3,266 -540 -551 -821 -1,159 -891 -515 -701 Foreign securities................................................ -677 -717 -105 -84 -512 -210 -12 -287 -208 Other long-term claims: Reported by banks......................................... -942 -216 -93 -264 -313 -483 178 -66 155 Reported by others......................................... -356 -55 -58 -264 -8 14 -7 -4 -58 Short-term claims: Reported by banks......................................... -1,523 311 -523 -162 -455 45 188 10 68 Reported by others......................................... -588 417 -25 -244 -113 254 229 43 -109 4. Foreign capital flow, net, excluding change in liquid assets in U.S.............................................. 618 258 42 166 288 344 -109 -214 237 Long-term investments................................ 110 -169 94 -72 82 281 -306 -232 88 Short-term claims............................................... 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 -1 204 * 1 6 -5 -27 Other nonconvertible, nonmarketable, me- -23 -8 -2 * 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 + 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

JUNE 1966 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 923 U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1964 1965 Item 1964 1965 II III IV I II III IV * Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis.......................... 2,798 1,301 632 1,021 1,369 185 -189 971 334 Change in U.S. official reserve assets (in­ 171 1,222 303 70 -151 842 68 41 271 crease,—')..................................................... IMF gold tranche position........................... 266 -94 118 135 -118 68 4-466 330 -26 Convertible currencies.................................... ~22O -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. securities5................................... 375 123 122 203 50 51 122 — 50 Marketable U.S. Govt, bonds and notes 5. -59 -20 5 -63 -54 16 -15 -2 -19 Deposits, short-term U.S. Govt, securities, etc., reported by banks in U.S....... 757 -187 88 249 873 -927 -92 125 707 IMF (gold deposits). ..................................... 34 s 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 nonliquid liabilities to foreign central banks and govts.: Of U.S. private organizations.................... 148 -41 44 15 64 -21 -28 -20 28 Of U.S. Govt............................................... -50 168 -21 3 27 -2 13 -2 159 l Excludes military transfers under grants. 5 With original maturities over 1 year. 2 Excludes military grants. 3 Includes certificates sold abroad by Export-Import Bank. Note.—Dept, of Commerce data. Minus sign indicates net payments 4 Reflects $259 million payment of gold portion of increased U.S. (debits); absence of sign indicates net receipts (credits), subscription to IMF. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports i Imports2 Export surplus Period 1963 1964 1965 1966 1963 1964 1965 1966 1963 1964 1965 1966 Month: Jan..................... 3 986 2,040 31,215 2,249 3 1,100 1,418 3 1,193 1,936 3 -114 622 322 313 Feb..................... 32,124 2,058 31,599 2,335 3 1,510 1,459 31,600 1,993 3614 599 3 -1 342 Mar.................... 31,958 2,075 3 2,755 2,594 3 1,485 1,518 31,861 2,073 3 473 557 3 894 521 Apr.................... 31,914 2,061 32,380 2,331 3 1,415 1,537 3 1,833 2,138 3 499 524 3 547 193 May................... 1,895 2,047 3 2,260 1 ,416 1,530 3 1,789 479 517 3 471 June................... 1,803 2,077 3 2,230 1 ,431 1,514 3 1,830 372 563 3 400 July.................... 1 ,841 2,119 2,256 1,450 1,573 41,663 391 546 4 593 Aug.................... 1,922 2,100 2,333 1,497 1,608 3 1,764 425 492 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 3 336 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 3 5,569 7,178 34,095 4,395 3 4,654 6,002 3 973 1,778 3915 1,176 II....................... 35,612 6,185 36,870 34,262 4,581 3 5,452 31,350 1,604 3 1,418 Ill...................... 5,721 6,480 6,913 4,390 4,744 4 5,234 1,331 1,736 <1,679 IV....................... 6,024 3 6,788 7,106 4,401 3 4,891 3 5,944 1,623 31,897 3 1,162 Year5.................... 22,424 25,671 26,567 .............1..7.,142 18,684 21,366 ..............5..,282 6,987 5,201 ................ 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Significantly affected by strikes and by change in statistical procedures. Mutual Security Program. 3 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

924 MONEY RATES JUNE 1966 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months May 31, 1965 Rate Country 1965 1966 M a a s y o 3 f 1 Per Month 1966 cent effective June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 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 Ganada ....................... 4.25 Nov. 1964 4.75 5.25 5.25 Ceylon . ,,................1.... 5.0 May 1965 5.0 Chile 2 ................................. 15.09 Jan. 1965 15.30 15.86 15.86 Colombia ......................... 8.0 May 1963 8.0 Costa Rica............................ 3.0 Apr. 1939 3.0 Denmark. , . . . .............. 6.5 June 1964 6.5 Ecuador ............................. 5.0 Nov. 1956 5.0 Rl 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 5.0 5.0 Ghana. . ......................... 4.5 Oct. 1961 7.0 7.0 Greece................................... 5.5 Jan. 1963 5.5 Honduras J.......................... 3.0 Jan. 1962 3.0 Ireland ............................ 8.0 Jan. 1965 9.0 9.0 India - - - - ................-............. 6.0 Feb. 1965 6.0 Indonesia ........................... 9.0 Aug. 1963 9.0 Tran . , ...................................... 4.0 Oct. 1963 4.0 Ireland............... .............. 6.50 May 1965 5.92 6.00 5.81 5.84 5.08 5.88 5.75 5.91 5.94 5.94 Israel ........................... 6.0 Feb. 1955 6.0 Italy. - <......................... 3.5 June 1958 3.5 Ja^ai^a 5.0 Nov. 1964 5.0 Tapan ................... 5.84 Apr. 1965 5.48 5.48 10.5 Mar. 1964 21.0 28.0 28.0 Mexico ............... 4.5 June 1942 4.5 Netherlands .. 4.5 June 1964 5.0 5.0 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 Ppru ■ 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 Sot)fh Africa............... .... 5.0 Mar. 1965 5.0 Spain . 4.0 June 1961 4.0 Sweden . 5.5 Apr. 1965 5.5 Switzerland 2.5 July 1964 2.5 Taiwan 5 ... ... 14.04 July 1963 14,04 ThaHand 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 Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; ■ one-eighth each month beginning with May 1, 1959, but the rates are Colombia—5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent occur. for rediscounts in excess of an individual bank’s quota; J Rate shown is for advances only, Costa Rica—5 per cent for paper related to commercial transactions 4 Beginning with June 1, 1962, the rediscount rate for commercial (rate shown is for agricultural and industrial paper); bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for commercial purposes; under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Indonesia—-various rates depending on type of paper, collateral, com­ 1962, the rediscount rate for commercial bank financing of 9 categories modity involved, etc.; of development loans was reduced from 6 to 3 per cent. Japan—penalty rates (exceeding the basic rate shown) for borrowings 5 Rate shown is for call loans. from the central bank in excess of an individual bank’s quota; Peru—8 per cent for agricultural, industrial and mining paper; and Note.-—Rates shown are mainly those at which the central bank either Venezuela—4 per cent for rediscounts of certain agricultural paper and discounts or makes advances against eligible commercial paper and/or for advances against govt, bonds or gold and 5 per cent on advances govt, securities for commercial banks or brokers. For countries with against securities of Venezuelan companies. more than one rate applicable to such discounts or advances, the rate Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JUNE 1966 MONEY RATES; ARBITRAGE 925 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o f Netherlands Sw la i n tz d er­ Month 3 T m r b e o i a l n l s s t u h , r s y * D m a o d y n a - e y t y o 2 ­ 3 B a a m a c n n c o c k e n e e p s t r h t , s ­ s ’ 3 T r m b e i a o l s l n s u t , h ry s D m a d o y a n - y e t o y ­ a B d ll e a o p n w o k o n a e s n r i s t c s * e D m a o d y n a - y e t y o 3 ­ Tr 6 d b e 0 a i a - l y s l 9 s u s 0 , 4 r y D m a o d y n a - y e t y o s ­ 3 T r m b e i a o l s l n s u t , h ry s D m a d o y a n - y e t o y ­ d P is r r c i a v o t a e u t n e t 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—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 4.55 4.00 5. 19 4.48 4.05 3.50 Apr............. 5.09 5. 10 5.97 5.62 4.94 4.00 4.00 5.19 4.50 4.33 3.50 * 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,1’ 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 Date K ( U i a n d n g j i . d t e o t d o m United S (f p a r v e o ad r P d f ( ( r o i - + s e r c m w ) ) o a i u o o u r n n r d m t in ( c f N e a o n v e f t o t i v r e As Canad A a dj. to United S (f p a r v e o ad r P d f ( ( r o i + e - s r c m w ) ) o i a o u o u r n n d r m t in ( c f N e a o n v e f t o t i v r e qu b o U a t s . a S i t s . i ) on States Lon o d f o n) pound London) C qu an o in t a e d d a quo b U t a a . s S t is i . on States Can o a f d a) C d a o n l a l d ar i s an Canada) 1966 5.36 4.52 .84 -1.03 -.19 4.58 4.47 4.52 -.05 -.81 -.86 14.............. 5.36 4.58 .78 -1.03 -.25 4.59 4.48 4.58 -.10 -.67 -.77 21.............. 5.36 4.56 .80 -.95 -. 15 4.66 4.54 4.56 -.02 . -.74 -.76 28.............. 5.36 4.53 .83 -.87 -.04 4.63 4.51 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 -1.11 -.23 4.67 4,55 4.57 -.02 -.40 -.42 11.............. 5.45 4.64 .81 -1.03 -.22 4.69 4.57 4.64 — .07 -.15 -.22 18.............. 5.45 4.61 . 84 -1.00 -. 16 4.95 4.82 4.61 + .21 -.15 + .06 25.............. 5.45 4.46 .99 -.92 + .07 5.02 4.89 4.46 + .43 -.04 + .39 5.45 4.49 .96 -.96 .00 5.03 4.90 4,49 + .41 .00 + .41 ' 7.............. 5.45 4.53 .92 -.87 + .05 5.06 4.93 4.53 + .40 .00 + .40 15.............. 5.45 4.64 .81 -.89 -.08 5.09 4.96 4.64 + .32 -.06 + .26 22.............. 5.49 ■ 4.62 .87 -.80 + .07 5.10 4.97 4,62 + .35 -.15 + .20 29.............. 5.49 4.61 .88 -.83 + .05 5.07 4.94 4.61 + .33 -.15 + .18 5.49 4.65 .84 -.75 + .09 5.11 4.98 4.65 + .33 -.17 + .16 ' 13.............. 5.49 4.59 .90 -.72 + . 18 5.10 4.97 4.59 + .38 -.17 + .21 20.............. 5.52 4.62 .90 - .69 + .21 5.09 4.96 4.62 + .34 - .17 + .17 27.............. 5.52 4.61 .91 - .67 + .24 5.11 4.98 4.61 + .37 - . 19 + . 18 June 3............... 5.52 4.53 .99 -.62 + .37 5.09 4.96 4.53 + .43 -.22 + .21 Note.—Treasury bills; AU rates are on the latest issue of 91-day bills. All series: Based on quotations reported to F.R. Bank of New York U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures see Oct. 1964 Bulletin, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 Bulletin. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

926 FOREIGN EXCHANGE RATES JUNE 1966 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period Argentina Australia Austria Belgium Canada Ceylon Denmark Finland France (peso) (pound) (dollar) (schilling) (franc) (dollar) (rupee) (krone) (markka) (franc) 1960. 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20 389 1961 1.2076 223.28 3.8481 2,0052 98.760 21 023 14 481 .3110 20.384 1962. .9080 223.73 3.8685 2.0093 93.561 21.034 14,490 .3107 20.405 1963. .7245 223.10 3.8690 2,0052 92.699 21.015 14,484 i 31.057 2 20.404 1964. .7179 222.48 3.8698 2,0099 92.689 20.988 14.460 31.067 20 404 1965. .5952 222.78 3.8704 2.0144 92.743 20,959 14.460 31.070 20.401 1965-—May 3.5814 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 4 223.38 5111.62 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 Aur. .5292 111.29 3,8677 2.0054 92.836 20.945 1 4.485 31.064 20.403 May .5268 111.25 3.8681 2,0089 92.863 20.941 14.459 31.060 20.402 Period ( G d e e r u m ts a c n h y e (r I u n p d e ia e ) ( I p r o el u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) M s a i l a a y­ M (p e e x s i o c ) o e N rla e n th d ­ s Ze N a e la w n d mark) (dollar) (guilder) (pound) I960............................................................. 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-—May. 25.097 20.939 279.71 .16004 .27585 32.617 8.0056 27.768 276.94 Juno. 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 J 601J .27591 32,588 8.0056 27.538 276.58 May. 24.894 20.928 279.23 .16010 .27603 32.588 8.0056 27.547 276.47 Period N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) ­ ic (e P s o g c r a u t l d u o ­ ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e f S r r w a la n i n t c ­ d ) ( U p K d o n i o u n i m t n g e d - d ) I960 ..................................................... 14.018 49.770 3,4937 279.71 1.6635 19.349 23.152 280.76 1961 ....................................................... 14.000 3.4909 279.48 139.57 1.6643 19.353 23.151 280.22 1962 ..................................................... 14.010 3.4986 139.87 1.6654 19,397 23.124 280.78 1963 .......................................................... 13.987 3.4891 139.48 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--May. 13.982 3,4819 139,33 1,6662 19.411 23.004 279.71 June 13.976 3.4804 139.09 1,6662 19.369 23.075 279.23 July. 13.975 3.4798 139.03 1.6662 19,355 23.128 279.10 Aug. 13.978 3.4775 139.02 1.6658 19,332 23.161 279.08 Sept 13.990 3.4786 139.31 1,6662 19.352 23,162 279.67 Oct . 13.998 3.4871 139.63 1.6658 19.329 23.150 280.31 Nov 14.001 3.4928 139.66 1,6657 19.329 23.150 280.37 Opr. 13.999 3.4922 139.58 1,6663 19.327 23.162 280.21 1 __Tan ..................... ......... 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 13.981 3,4867 139.24 1.6659 19,384 23.040 279.52 Anr 13.976 3.4834 139.15 1.6659 19.385 23.102 279.34 May. 13.971 3.4829 139,09 1.6660 19.398 23.167 279.23 1 A new markka, equal to 100 old markka, was introduced on Jan. 1, 5 Effective Feb. 14, 1966, Australia adopted the decimal currency 1963. system. The new unit, the dollar, replaces the pound and consists of 2 Effective Jan. 1, 1963, the franc again became the French monetary 100 cents, equivalent to 10 shillings or one-half the former pound. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1,1960. 3 Based on quotations beginning May 5, 1965. Note.—Averages of certified noon buying rates in New York for * Based on quotations through Feb. 11, 1966. cable transfers. For description of rates and back data, see ’‘International Finance,” Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 929 FEDERAL OPEN MARKET COMMITTEE Wm. McC. Martin, Jr., Chairman Alfred Hayes, Vice Chairman Karl R. Bopp J. Dewey Daane George W. Mitchell Andrew F. Brimmer W. Braddock Hickman J. L. Robertson George H. Clay Watrous H. Irons Chas, N. Shepardson Sherman J. Maisel Robert C. Holland, Secretary Merritt Sherman, Assistant Secretary George Garvy, Associate Economist Kenneth A. Kenyon, Assistant Secretary Ralph T. Green, Associate Economist Arthur L. Broida, Assistant Secretary Albert R. Koch, Associate Economist Charles Molony, Assistant Secretary Maurice Mann, Associate Economist Howard H. Hackley, General Counsel J. Charles Partee, Associate Economist David B. Hexter, Assistant General Counsel Robert Solomon, Associate Economist Daniel H. Brill, Economist Clarence W. Tow, Associate Economist David P. Eastburn, Associate Economist Ralph A. Young, Associate Economist Alan R. Holmes, Manager, System Open Market Account Charles A. Coombs, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL John A. Moorhead, ninth federal reserve district, President Ransom M. Cook, twelfth federal reserve district, Vice President John Simmen, first federal reserve Sam M. Fleming, sixth federal reserve district district William H. Moore, second federal Henry T. Bodman, seventh federal reserve district reserve district William L. Day, third federal reserve A. M. Brinkley, Jr., eighth federal district reserve district Leland A. Stoner, fourth federal Roger D. Knight, Jr., tenth federal reserve district reserve district John F. Watlington, Jr., fifth federal Robert H. Stewart, IH, 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

930 FEDERAL RESERVE BULLETIN • JUNE 1966 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President UliHILIl 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 The material listed may be obtained from Publications Services, Division of Administrative Services. Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indi­ cated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted). The Federal Reserve System—Purposes and The Federal Reserve Act, as amended through Functions. 1963. 297 pp. Oct. 1, 1961, with an appendix containing pro­ visions of certain other statutes affecting the Annual Report. Federal Reserve System. 386 pp. $1.25. Federal Reserve Bulletin. Monthly. $6.00 per Supplement to Banking and Monetary Statis­ annum or $.60 a copy in the United States and tics. Sec. 1. Banks and the Monetary System. its possessions, Bolivia, Canada, Chile, Co­ 1962. 35 pp. $.35. Sec. 9. Federal Reserve Banks. lombia, Costa Rica, Cuba, Dominican Republic, 1965. 36 pp. $.35. Sec. 10. Member Bank Re­ Ecuador, Guatemala, Haiti, Republic of Hon­ serves and Related Items. 1962. 64 pp. $.50. duras, Mexico, Nicaragua, Panama, Paraguay, Sec. 11. Currency. 1963. 1 1 pp. $.35. Sec. 12. Peru, El Salvador, Uruguay, and Venezuela; 10 Money Rates and Securities Markets. 1966. or more of same issue sent to one address, $5.00 182 pp. $.65. Sec. 14. Gold. 1963. 24 pp. $.35. per annum or $.50 each. Elsewhere, $7.00 per Sec. 15. International Finance. 1962. 92 pp. annum or $.70 a copy. $.65. Sec. 16. (New) Consumer Credit. 1965. 103 pp. $.65. Federal Reserve Chart Book on Financial and Bank Mergers & the Regulatory Agencies: Business Statistics. Monthly. Annual subscrip­ Application of the Bank Merger Act of tion includes one issue of Historical Chart Book. 1960. 1964. 260 pp. $1.00 a copy; 10 or more $6.00 per annum or $.60 a copy in the United sent to one address, $.85 each. States and the countries listed above; 10 or more of same issue sent to one address, $.50 each. Banking Market Structure & Performance Elsewhere, $7.00 per annum or $.70 a copy. in Metropolitan Areas: A Statistical Study of Factors Affecting Rates on Bank Loans. Historical Chart Book. Issued annually in Sept. 1965. 73 pp. $.50 a copy; 10 or more sent to Subscription to monthly chart book includes one one address, $.40 each. issue. $.60 a copy in the United States and coun­ Farm Debt. Data from the 1960 Sample Survey tries listed above; 10 or more sent to one ad­ of Agriculture. 1964. 221 pp. $1.00 a copy; 10 dress, $.50 each. Elsewhere, $.70 a copy. or more sent to one address, $.85 each. Treasury-Federal Reserve Study of the Gov­ Merchant and Dealer Credit in Agriculture. ernment Securities Market. Pt. I. 1959. 108 1966. 109 pp. $1.00 a copy; 10 or more sent to pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. one address, $.85 each. Individual books $1.00 each; set of 3, $2.50. Monetary Theory and Policy: A Bibliography. Part I—Domestic Aspects. 137 pp. $1.00 a Flow of Funds in the United States, 1939-53. copy; 10 or more sent to one address, $.85 each. 1955. 390 pp. $2.75. Regulations of the Board of Governors of Debits and Clearing Statistics and Their the Federal Reserve System. Use. 1959. 144 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. Rules of Organization and Procedure—Board of Governors of the Federal Reserve Sys­ The Federal Funds Market. 1959. Ill pp. tem. 1962. 40 pp. $1.00 a copy; 10 or more sent to one address, Published Interpretations of the Board of $.85 each. Governors, as of Dec. 31, 1965. $2.50. All-Bank Statistics, 1896-1955. 1959. 1,299 Trading in Federal Funds. 1965. 116 pp. $1.00 a copy; 10 or more sent to one address, $.85 pp. $4.00. each. Industrial Production—1957-59 Base. 1962. U. S. Treasury Advance Refunding. June 1960- 172 pp. $1.00 a copy; 10 or more sent to one July 1964. 1966. 65 pp. $.50 cents a copy; 10 address, $.85 each. or more sent to one address, $.40 each. 931 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

932 FEDERAL RESERVE BULLETIN • JUNE 1966 PERIODIC RELEASES Federal Reserve Par List (Also annual list.) (G.3) WEEKLY Interdistrict Settlement Fund (G.15) Applications Received, or Acted on, by the Index Numbers of Wholesale Prices (G.8) Board (H.2) Monthly Foreign Exchange Rates (G.5) Commercial and Industrial Loans Outstand­ ing by Industry (H.12) National Summary of Business Conditions (G.12.2) Condition of Weekly Reporting Member Banks in New York and Chicago (H.4.3) Open Market Money Rates and Bond Prices (G.13) Condition of Weekly Reporting Member Banks in Leading Cities (H.4.2) Sales Finance Companies (G.20) Demand Deposits, Currency, and Related State Member Banks of the Federal Reserve Items (H.6) System and Nonmember Banks that Main­ tain Clearing Accounts with Federal Re­ Factors Affecting Bank Reserves and Con­ serve Banks (Also annual list) (G.4) dition Statement of F. R. Banks (H.4.1) Monthly U.S. Government Security Yields Reserve Positions of Major Reserve City and Prices (G.14) Banks (H.5) Weekly Foreign Exchange Rates (H.10) QUARTERLY—SEMIANNUALLY Weekly U.S. Government Security Yields and Prices (H. 15) All Banks in the United States and Other Areas—Principal Assets and Liabilities, by States (E.4) SEMIMONTHLY-IRREGULAR Bank Rates on Short-Term Business Loans Assets and Liabilities of all Banks in the (E.2) United States (J.4) Maturity Distribution of Outstanding Nego­ Changes in State Bank Membership (K.3) tiable Time Certificates of Deposit (E.8) Deposits, Reserves, and Borrowings of Mem­ Summary Report—Assets and Liabilities of ber Banks (J.l) Member Banks (E.3.1) Research Library—Recent Acquisitions (J.2) Member Bank Loans (E.3.4) Sales, Profits, and Dividends of Large Cor­ MONTHLY porations (E.6) Assets and Liabilites of All Member Banks, by Districts (G.7.1) ANNUALLY Automobile Loans by Major Sales Finance Companies (G.25) Bank Debits to Demand Deposit Accounts Bank Debits and Deposit Turnover (G.6) Except Interbank and U.S. Government Accounts (C.5) Business Indexes (G.12.3) Member Bank Income (C.4) Consumer Credit (G.19) Consumer Credit at Consumer Finance Com­ panies (G.22) BIENNIALLY Consumer Instalment Credit at Commercial Distribution of Bank Deposits by Counties Banks (G.18) and Standard Metropolitan Areas (C.8) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 933 STAFF ECONOMIC STUDIES REPRINTS Studies and papers on economic and financial sub­ (From Federal Reserve Bulletin unless preceded jects that are of general interest in the field of by an asterisk.) economic research. The History of Reserve Requirements for Summaries only printed in the Federal Reserve Banks in the United States. Nov. 1938. Bulletin. 20 pp. (Limited supply of mimeographed copies of Adjustment for Seasonal Variation. Descrip­ full text available upon request for single copies.) tion of method used by Board in adjusting eco­ Statistical Refinement of the Concept of In­ nomic data for seasonal variation. June 1941. flation—Monetary and Liquidity Aspects, 11 pp. by Guy E. Noyes. Oct. 1965. The Private Demand for Gold, 1931-53. Sept. The Demand for Money—Speed of Adjust­ 1954. 10 pp. ment, Interest Rates, and Wealth, by Bankers' Acceptance Financing in the United Frank de Leeuw. Oct. 1965. States. May 1955. 13 pp. Price Analysis and Economic Developments, Seasonal Factors Affecting Bank Reserves. by Murray Altmann. Oct. 1965. Feb. 1958. 12 pp. A Study of Factors Affecting the Money Stock: Phase One, by Leonall C. Andersen. Op r e i n ti e M s. a N rk o e v t . O 19 p 5 e 8 r . a 1 t 5 io p n p s . in Long-Term Secu­ Oct. 1965. The Postwar Boom in Hotels and Motels, by '"Part I, All-Bank Statistics, 1896-1955. Re­ print of the U.S. Summary containing a descrip­ Royal Shipp and Robert Moore Fisher. Dec. tion of revised statistics for all banks in the 1965. United States, by class of bank, together with Manufacturers’ Inventory Investment and revised statistics. Apr. 1959. 94 pp. Monetary Policy, by Jimmie F. Monhoilon. Jan. 1966. Statistics on the Government Securities Market, Apr. 1961. 8 pp. Some Fiscal Implications of Expansion of the Social Security System, by Nancy H. Teeters. Survey of Finance Companies, Mid-1960. Oct. Jan. 1966. 1961. 21 pp. The Demand for Currency, by George G. Liquidity and Public Policy, Staff Paper by Kaufman. Feb. 1966. Stephen H. Axilrod. Oct. 1961. 17 pp. The Demand for Money: A Review of the Revised Indexes of Freight Carloadings. Dec. Empirical Literature, by David M. Jones. 1961. 3 pp. Feb. 1966. ' Seasonally Adjusted Series for Bank Credit. The Demand for Money: Speed of Adjust­ July 1962. 6 pp. ment, Interest Rates, and Wealth—A Interest Rates and Monetary Policy, Staff Sequel, by Patric H. Hendershott. Mar. 1966. Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. The Process of Inflation: A Review of the Industrial Production—1957-59 Base, Oct. Literature and Some Comparisons of Cy­ 1962. 10 pp. clical Performance, 1953-65, by Glenn H. Miller, Jr. Apr. 1966. Flow of Funds Seasonally Adjusted. Nov. 1962. 15 pp. The Federal Reserve System and World Monetary Problems, by Robert Solomon. A Sectoral Analysis of Velocity, Staff Paper May 1966. by Paul F. McGouldrick. Dec. 1962. 14 pp. 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. Consumer Credit Regulation: A Review and Farm Debt as Related to Value of Sales. Feb. 1963. 9 pp. Response, by Jerome W. Shay. June 1966. Empirical Aspects of Cost vs. Demand in Changes in Structure of the Federal Debt. Commodity Pricing, by Addison T. Cutler. Mar. 1963. 10 pp. June 1966. Negotiable Time Certificates of Deposit. A Model of Federal Reserve Behavior, by Apr. 1963. 11 pp. John H. Wood. June 1966. New Foreign Bond Issues in the U.S. Market, Printed in full in the Federal Reserve Bulletin. Staff Paper by Robert F. Gemmill. May 1963. (Reprints available as shown in following list.) 13 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

934 FEDERAL RESERVE BULLETIN • JUNE 1966 Recent Changes in Liquidity, Staff Paper by Yield Differentials in Treasury Bills, 1959­ Daniel H. Brill. June 1963. 10 pp. 64, Staff Paper by Samuel I. Katz. Oct. 1964. 20 pp. Interest Rates on Time Deposits, Mid-February 1963. June 1963. 7 pp. Research into Banking Structure and Com­ petition. Nov. 1964. 17 pp. Measures of Member Bank Reserves. July 1963. 14 pp. Bank Credits to Foreigners. Mar. 1965. 10 pp. Bank Loans Secured by Stocks and Bonds. July Revision of Bank Debits and Deposit Turn­ 1963.19 pp. ' over Series. Mar. 1965. 4 pp. A Bank Examiner Looks at Agricultural Banking and Monetary Statistics, 1965. Se­ Lending, Staff Paper by Brenton C. Leavitt. lected series of banking and monetary statistics July 1963. 8 pp. for 1965 only. Mar. and June 1966. 15 pp. Measuring and Analyzing Economic Growth, Revision of the Money Supply Series. July Staff Paper by Clayton Gehman. Aug. 1963. 1965. 11 pp. 14 pp. Changes in Banking Structure, 1953-62. Sept. Interest Rates in Capital Markets. Aug. 1965. 13 pp. 1963. 8 pp. Economic Change and Economic Analysis, Measures of Banking Structure and Competi­ Staff Paper by Frank R. Garfield. Sept. 1963. tion. Sept. 1965. 11 pp. 17 pp. U.S. International Payments. Oct. 1965. 9 pp. Bank and PCA Lending to Farmers. Sept. 1963. 11 PP- Time Deposits in Monetary Analysis, Staff Economic Study by Lyle E. Gramley and Sam­ The Open Market Policy Process. Oct. 1963. uel B. Chase, Jr. Oct. 1965. 25 pp. 11 PP- Survey of Financial Characteristics of Con­ Fiscal Policy and Debt Management. Nov. 1965. 11 pp. sumers. Mar. 1964. 9 pp. Cycles and Cyclical Imbalances in a Chang­ Flows Through Financial Intermediaries. ing World, Staff Paper by Frank R. Garfield. May 1964. 9 pp. Nov. 1965. 15 pp. Revision of the Money Supply Series. June Balance of Payments Program: Guidelines 1964. 14 pp. for Banks and Nonbank Financial Institu­ tions. Dec. 1965. 9 pp. Revision of Bank Credit Series. June 1964. 5 PP- Bank Credit and Monetary Developments in 1965. Feb. 1966. Recent Monetary and Credit Developments. July 1964. 9 pp. Treasury and Federal Reserve Foreign Ex­ change Operations. Mar. 1966. 14 pp. Federal Reserve Security Transactions, 1954­ 63, Staff Paper by Stephen H. Axilrod and Research on Banking Structure and Per­ Janice Krummack. July 1964. 16 pp. formance, Staff Economic Study by Tynan Smith. Apr. 1966. 11 pp. New Series on Federal Funds. Aug. 1964. 31 PP. Recent Changes in U.S. Trade and Payments. Apr. 1966. 11 pp. Ministerial Statement of the Group of Ten and Annex Prepared by Deputies. Aug. 1964. Time and Savings Deposits, Late 1965 and 25 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. 830.) Acceptances, bankers’, 839, 856, 858 Demand deposits—Continued Agricultural loans of commercial banks, 850, 852 Banks, by classes, 838, 846, 854, 902 Arbitrage, 925 Turnover of, 842 Assets and liabilities (See also Foreign liabilities and Type of holder, at commercial banks, 851 claims): Deposits (See also specific types of deposits): Banks and the monetary system, consolidated Adjusted, and currency, 845, 901 statement, 845, 901 Banks, by classes, 838, 846, 851, 854, 858, 902 Corporate, current, 870 Federal Reserve Banks, 840, 919 Domestic banks, by classes, 846, 850, 852, Postal savings, 838, 845, 901 858, 902 Discount rates, 837, 924 Federal Reserve Banks, 840 Discounts and advances by' Federal Reserve Banks, Automobiles: 832, 840, 842 Consumer instalment credit, 874, 875, 876 Dividends, corporate, 869, 870 Production index, 878, 879 Dollar assets, foreign, 911, 919 Balance of payments (See U.S. balance of payments) Earnings and hours, manufacturing industries, 885 Bank holding companies, list of, Dec. 31, 1965, 905 Employment, 882, 884, 885 Bankers’ balances, 851, 853 (See also Foreign liabilities and claims) Farm mortgage loans, 871, 872, 873 Federal finance: Banking and monetary statistics for 1965, 901 Banks and monetary system, consolidated state­ Cash transactions, 860 Receipts and expenditures, 861 ment, 845, 901 Treasurer’s balance, 860 Banks for cooperatives, 835, 866 Federal funds, 836 Bonds (See also U.S. Govt, securities): Federal home loan banks, 865, 866, 872 New issues, 866, 867, 868 Federal Housing Administration, 857, 871, 872, 873 Prices and yields, 856, 857 Federal intermediate credit banks, 865, 866 Brokers and dealers in securities, bank loans to, Federal land banks, 865, 866 850, 852 Federal National Mortgage Assn., 865, 866, 873 Business expenditures on new plant and Federal Reserve Banks: equipment, 870 Condition statement, 840 Business indexes, 882 U.S. Govt, securities held by, 832, 840, 842, Business loans (See Commercial and industrial loans) 862, 863 Federal Reserve credit, 832, 840, 842 Capital accounts: Federal Reserve notes, 840, 843 Banks, by classes, 846, 851, 854, 902 Federally sponsored credit agencies, 865, 866 Federal Reserve Banks, 840 Finance company paper, 856, 858 Carloadings, 882 Financial institutions, loans to, 850, 852 Central banks, foreign 908, 924 Float, 832 Certificates of deposit, 854 Flow of funds, 890 Coins, circulation of, 843 Foreign central banks, 908, 924 Commercial and industrial loans: Foreign currency operations, 840, 842, 910, 918 Commercial banks, 850 Foreign deposits in U.S. banks, 832, 840, 845, 851, Weekly reporting member banks, 852, 855 854, 901, 919 Commercial banks: Foreign exchange rates, 926 Assets and liabilities, 846, 849, 850, 902 Foreign liabilities and claims: Consumer loans held, by type, 875 Banks, 912, 914, 915, 917, 919 Number, by classes, 846, 902 Nonfinancial concerns, 920 Real estate mortgages held, by type, 871 Foreign trade, 923 Commercial paper, 856, 858 Condition statements (See Assets and liabilities) Gold: Construction, 882, 883 Certificates, 840, 843 Consumer credit: Earmarked, 919 Instalment credit, 874, 875, 876, 877 Net purchases by U.S., 910 Noninstalment credit, by holder, 875 Production, 909 Consumer price indexes, 882, 886 Reserves of central banks and govts., 908 Consumption expenditures, 888, 889 Reserves of foreign countries and international Corporations: organizations, 911 Sales, profits, taxes, and dividends, 869, 870 Stock, 832, 845, 901, 910 Security issues, 867, 868 Gross national product, 888, 889 Security prices and yields, 856, 857 Cost of living (See Consumer price indexes) Hours and earnings, manufacturing industries, 885 Currency in circulation, 832, 843, 844 Housing starts, 883 Customer credit, stock market, 857 Income and expenses, member banks, 892 Debits to deposit accounts, 842 Income, national and personal, 888 Debt (See specific types of debt or securities) Industrial production index, 878, 882 Demand deposits: Instalment loans, 874, 875, 876, 877 Adjusted, banks and the monetary system, Insurance companies, 859, 862, 863, 872 845, 901 Insured commercial banks, 848, 850 Adjusted, commercial banks, 842, 844, 851 Interbank deposits, 838, 846, 851, 902 935 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

936 FEDERAL RESERVE BULLETIN • JUNE 1966 Interest rates: . Reserve requirements, member banks, 838 Bond yields, 856 Reserves: Business loans by banks, 855 Central banks and govts., 908 Federal Reserve Bank discount rates, 837 Commercial banks, 851 Foreign countries, 924, 925 Federal Reserve Banks, 840 Money market rales, 856, 925 Foreign countries and international Mortgage yields, 857 organizations, 911 Stock yields, 856 Member banks, 832, 834, 838, 851, 853 Time deposits, maximum rates, 838 Residential mortgage loans, 871, 872, 873 International;Capital transactions of the U.S., 912 Retail credit, 874 International.institutions, 908, 910, 911 Retail sales, 882 Inventories, 888 Investment companies, new issues, 868 Sales finance companies, consumer loans of, 874, Investments (See also specific types of investments): 875, 877 ’ Banks, by classes, 846, 850, 853, 858, 902 Saving: Compiercial banks, 849 Flow of funds series, 890 Federal Reserve Banks, 840, 842 National income series, 889 Life insurance companies, 859 Savings and loan assns., 859, 863, 872 Savings and loan assns., 859 Savings deposits (See Time deposits) Savings institutions, principal assets, 858, 859 Labor force, 884 Securities (See also U.S. Govt, securities): Loans (See also specific types of loans): Federally sponsored agencies, 865 Banks, by classes, 846, 850, 852, 858, 902 International transactions, 918, 919 Commercial banks, 849 New issues, 866, 867, 868 Federal Reserve Banks, 832, 840, 842 Silver coin and silver certificates, 843 Insurance companies, 859, 872 State and local govts.: Insured or guaranteed by U.S., 871, 872, 873 Deposits of, 851, 854 Savings and Ioan assns., 859, 872 Holdings of U S. Govt, securities, 862, 863 New security issues, 866, 867 Manufacturers, production index, 879, 882 Ownership of obligations of, 850, 858, 859 Margin requirements, 838 Prices and yields of securities, 856, 857 Member banks: State member banks, 848 Assets and liabilities, by classes, 846, 850, 902 Stock market credit, 857 Borrowings at Federal Reserve Banks, 834, Stocks: 840, 854 New issues, 867, 868 Deposits, by classes, 838 Prices and yields, 856, 857 Income and expenses, 892 Number, by classes, 847, 902 Tax receipts, Federal, 861 Reserve position, basic, 836 Time deposits, 838, 844, 845, ,846, 851, 854, 901, 902 Reserve requirements, 838 Treasurer’s account balance, 860 Reserves and related items, 832 Treasury cash, 832, 843, 845, 901 Weekly reporting series, 852 Treasury currency, 832, 843, 845, 901 Mining, production index, 879, 882 Treasury deposits, 832, 840, 860 Money rates (See Interest rates) Turnover, deposit, 842 Money supply and related data, 844 Unemployment, 884 Mortgages (See Real estate loans) U.S. balance of payments, 922 Mutual funds (See Investment companies) Mutual savings banks, 845, 846, 848, 858, 862, 863, U.S. Govt, balances: 871,901,903 ' Commercial bank holdings, by classes, 851, 854 Consolidated monetary statement, 845, 901 National banks, 848 Treasury deposits at Federal Reserve Banks, 832, National income, 888, 889 840, 860 National security expenditures, 861, 888 U.S. Govt, securities: Nonmember banks, 848, 850, 851 Bank holdings, 845, 846, 850, 853, 858, 862, 863, 901, 902 Open market transactions, 839 Dealer transactions, positions, and financing, 864 Federal Reserve Bank holdings, 832, 840, 842, Payrolls, manufacturing, index, 882 862, 863 Personal income, 889 Foreign and international holdings, 840, 911, 919 Postal Savings System, 838, 845, 901 International transactions,. 918 Prices: New issues, gross proceeds, 867 Consumer, 882, 886 Open market transactions, 839 Security, 857 Outstanding, by type of security, 862, 863, 865 Wholesale commodity, 882, 886 Ownership of, 862, 863 Production, 878, 882 ; Prices and yields, 856, 857, 925 Profits, corporate, 869, 870 United States notes, outstanding and in circulation, 843 Utilities, production index, 879, 882 Real estate loans: Banks, by classes, 850, 852, 858, 871 Vault cash, 832, 838, 851 Mortgage yields, 857 Veterans Administration, 871, 872, 873 Type of holder, 871, 872, 873 Weekly reporting member banks, 852 Type of property mortgaged, 871, 872, 873 Reserve position, basic, member banks, 836 Yields (See Interest rates) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

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