Federal Reserve Bulletin, 1966-07

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 tor 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 7 ■ JULY 1966 Recent Credit and Monetary Developments 937 Revision of Bank Credit Series 950 Survey of Time and Savings Deposits: Preliminary Findings 956 Staff Economic Studies: Summaries 961 Law Department 963 Announcements 979 National Summary of Business Conditions 982 Guide to Tabular Presentation 984 Financial and Business Statistics, U.S. (Contents on p. 985) 986 International Financial Statistics (Contents on p. 1047) 1048 Board of Governors and Staff 1068 Open Market Committee and Staff; Federal Advisory Council 1069 Federal Reserve Banks and Branches 1070 Federal Reserve Board Publications 1071 Index to Statistical Tables 1074 Map of Federal Reserve System Inside back cover EDITORIAL COMMITTEE Charles Molony Ralph A. Young Robert C. Holland Robert Solomon Daniel H. Brill Elizabeth B. Sette The Federal Reserve Bulletin is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

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

937 T JLHE Federal Reserve exerted more restraint in the first half of 1966 in an effort to contain the inflationary pressures gen­ erated by strong demands for goods and services. Spending by all sectors of the economy—consumers, businesses, and government —rose sharply further and pressed against manpower and plant resources that were already being intensely used. The rate of increase in industrial prices accelerated. At the same time the balance of payments continued in substantial deficit. The rate of growth in bank credit in the first half of 1966 was less than that for 1965 and 1964. Demand for bank loans, how­ ever, continued exceptionally strong. To meet the needs of their customers for financing in an environment of reduced availability of funds, commercial banks made substantial reductions in their holdings of U.S. Government securities. In the granting of loans moreover, many banks, particularly the larger ones, adopted firmer standards and became more selective. Banks also reduced their outstanding foreign credits, particu­ larly short-term loans, and cut back the rate of commitments on term loans to foreigners. The increased reflow of bank credit from abroad, compared with that in late 1965, helped to offset part of the adverse effect on the U.S. balance of payments of a narrowed trade surplus, which resulted mainly from a surge in imports associated with expansion of the domestic economy. By midyear, interest rates throughout the economy were con­ siderably higher than they had been at the end of 1965. Many CHART 1 Rise in BORROWINGS principally at COUNTRY BANKS Monthly averages of daily figures, not seasonally adjusted. As deposits. June data used in this article have been adjusted for a result of a change in F.R. regulations, effective June 9, 1966, this change in order to maintain comparability with earlier about $1.1 billion of balances accumulated for payment of per­ months. Latest figures: June (preliminary). sonal loans were deducted from outstanding loans and time Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

938 FEDERAL RESERVE BULLETIN • JULY 1966 banks had increased rates paid to savers on time deposits of various types (as did other financial institutions), and the bank prime rate applicable to short-term business loans was raised three times—in December, March, and June. At midyear this late—at 5% per cent—was at its highest level since 1930. Yields on market instruments rose sharply over this period. Long-term bond yields reached their highest levels in 30 years, and interest rates on mortgage loans surpassed the earlier highs of 1960. For short-term securities too, the yield increases were generally sharp. During past months, as in earlier periods of monetary restraint, aggregate inflows of funds to savings institutions slackened as the nonfinancial public increased its direct purchases of marketable securities in response to increasingly attractive yields. However, with demands for loans strong and availability of reserves re­ stricted, commercial banks actively competed for time and savings deposits, and their savings inflows slowed less than did those at savings and loan associations and mutual savings banks. The money stock rose at a 4.4 per cent annual rate during the first half of 1966 as transactions demand for money continued to rise. The rate of use of money, in terms of bank debits, also rose during this period. There were sharp short-term variations in the money stock caused in part by a shifting pattern of tax payments. In late June and in mid-July the Board of Governors acted to moderate the rate of increase in bank deposits and to restrain further interest rate competition among financial institutions in a period when monetary policy was aimed at curbing the rate of expansion of bank credit. In late June the Board announced that the reserve requirement on time deposits, other than savings deposits, would be raised effective July 14 and July 21 by 1 percentage point to 5 per cent on each bank’s holdings of these deposits in excess of $5 million. At the same time the Board took action to extend reserve requirements and interest rate ceilings to short-term bank liabilities, principally promissory notes of banks. These actions were designed to moderate further the rate of growth of bank credit and deposits and to exercise a tempering influence on bank issuance of time deposits and short-term notes. In mid-July, the Board lowered the Regulation Q ceiling on new multiple-maturity time deposits—those with more than one optional or fixed maturity date—to a maximum of 5 per cent for deposits with maturities of 90 days and over; and to 4 per cent Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS 939 for those of less than 90 days, effective July 20. No change was made in the ceilings for time deposits having a single maturity and for savings deposits. At the same time the Board requested Congress to give prompt legislative consideration to proposals to broaden the rate regulatory powers of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board beyond those now available to these three supervisory agencies to govern the rate practices of banks and savings and loan associations. Both parts of the July action were intended to help forestall excessive rate competition among financial institutions. POLICY ACTIONS As Federal Reserve policy became more restrictive after the start AND OPERATIONS of the year, further pressure was exerted on bank reserve posi­ tions. Nonborrowed reserves rose at an annual rate of 2.4 per cent in the first half of 1966 compared with 4.2 per cent for the full year 1965, and member banks found it necessary to increase their borrowing at the Reserve Banks. By midyear these borrow­ ings averaged almost $700 million compared with a little under $500 million at the time of the increase in the discount rate to 416 per cent in early December 1965. Borrowing began to in­ crease this year, after a period in which open market operations had been used to moderate the impact of the increase in the dis­ count rate. Excess reserves also were reduced over the first half of 1966. Thus, net borrowed reserves in June averaged more than $350 million, their highest level since early 1960. Country banks accounted for about 90 per cent of the increase in total borrowing during the first half of the year. In May, for the first time since 1933, these banks were in a net borrowed reserve position. (See Chart 1.) The increase in borrowing by country banks reflects in large part the spread of the pressure of monetary restraint to a wider group of banks. Country banks, in increasing numbers, turned to the discount window in part because they found it difficult to obtain funds from their city correspondents, who also had loan demands pressing against a limited supply of funds. In addition, with interest rates going up, country banks apparently have been managing their reserve positions more carefully. With excess reserves of these banks somewhat lower on the average, the number of instances where recourse to the discount window was needed has tended to increase. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

940 FEDERAL RESERVE BULLETIN • JULY 1966 Borrowing by city banks at Federal Reserve Banks rose moder­ ately in the first 6 months of the year. In addition, these banks ad­ justed their reserve positions by increasing their purchases of Federal funds. Reflecting the reduced availability of reserves and the large increase in credit demand, these funds have traded at a widening rate premium above the 414 per cent discount rate. In mid-July the effective rate on Federal funds traded in the New York market averaged somewhat more than 514 per cent, and some transactions as high as 55/s per cent were recorded. BANK CREDIT Total bank loans and investments grew at a slower pace in the first half of 1966 than a year earlier. The increase amounted to $12.1 billion on a seasonally adjusted basis, an annual rate of gain of 8.2 per cent compared with 10.2 per cent for all of last year. (See Chart 2.) TOTAL LOANS of banks expand, while holdings of U.S. GOVT’S decline Seasonally adjusted data for last Wednesday of month, except for June 30 and December 31, for all commercial banks. Interbank loans excluded. Latest figures: June 30 (estimated). Bank loans in the first half of 1966 rose by $12.9 billion, sea­ sonally adjusted—an annual rate of 13.4 per cent—while holdings of securities declined moderately. Demand for business loans was especially strong, and such loans accounted for a larger propor- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS 941 CHANGE: business loans/bank credit tion—over half—of the total rise in bank credit than at any other time in the current upswing, as shown in the adjacent chart. To meet the strong demand for loans, banks liquidated large amounts of U.S. Government securities. Holdings of municipal and other securities continued to increase, however, reflecting in part attrac­ tive rates on new issues of Federal agency securities and the relatively high after-tax return on municipals. As pressure on the availability of funds intensified, bank liquidity declined further. The ratio of loans to deposits for all commercial banks rose to a postwar high of more than 66 per cent at the end of June. Commercial bank holdings of short-term Government securities, relative to their total deposits, fell to their 0 10 30 50 lowest levels since mid-1960. PER CENT A revised seasonally adjusted series for commercial bank credit Based on seasonally adjusted data for June 30 and December 31 for all commercial banks. Figures for June is described on pages 950-55 of this Bulletin. 30, 1966, are estimated. Business loans. Outstanding business loans rose more rapidly in the first half of 1966 than during 1965. This rise reflected the intensity of business financing needs—particularly those associ­ ated with the further large rise in outlays for plant, equipment, and inventory—under conditions of reduced corporate liquidity. The further acceleration of Federal schedules for payment of corporate income taxes, and the step-up in payments to the Treasury of employee taxes withheld that became effective in the first half of 1966, also added substantially to financing needs. The strong demand for loans, together with declining liquidity positions and the high cost and reduced availability of funds, appears to have induced more restrictive lending policies on the part of many banks. In addition to the increases in posted lending rates—on prime business loans, financial loans, mortgage loans, and in some instances consumer instalment loans—banks gen­ erally appear to have become less aggressive in seeking new loans, more selective in the types of loans they make, and more restric­ tive in the credit standards and other lending conditions that they observe. These actions may have helped to divert longer-term financing from banks to the capital market and to have resulted in the paring or postponement of some individual loan requests. Thus, without these more restrictive policies, loan portfolios might have expanded appreciably faster than they did. Other Ioans. Banks continued to add to their holdings of real estate loans during the first half of 1966, but at a diminished rate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

942 FEDERAL RESERVE BULLETIN • JULY 1966 This slowdown appeared to reflect mainly the reduced availability of funds at banks, although a lower volume of residential con­ struction in some areas may also have been a factor. As the year progressed, there were indications of growing tight­ ness generally in the mortgage market. These included a sharp rise in interest rates on mortgages and a substantial cutback in new commitments for future lending. The marked decline in flows of funds to the specialized savings institutions, which provide a large share of total mortgage financing, figured significantly in this tightening, although there also appears to have been a shift away from mortgages to more attractive investments by general purpose lenders, such as insurance companies and commercial banks. Current lending—which represents mainly disbursements on prior commitments—has not yet reflected the recent cutbacks in commitment volume. Bank loans to consumers also grew less rapidly this year than last. The slower expansion was associated in large part with the slowdown in auto sales after the first quarter. Though other fac­ tors, including public concern about auto safety, were probably more important, the reduced availability and higher cost of credit financing of auto purchases may also have had a deterring effect. The change in total consumer instalment credit outstanding was at a seasonally adjusted annual rate of only $6.1 billion in April and May, considerably below the $8.0 billion increase during the preceding 12-month period. Loans to securities brokers and dealers and to finance com­ panies, which fluctuated widely during the first half of the year, did not show their usual seasonal decline. Finance company bor­ rowing was heavier than usual around corporate tax payment dates, as corporations redeemed larger amounts of finance com­ pany paper to meet tax payments. To replace these funds, finance companies increased their borrowing at banks. Bank investments. Commercial bank holdings of U.S. Govern­ ment securities declined at a faster rate during the first 6 months of 1966 than in any corresponding period since the present business expansion began in 1961. Banks reduced their holdings by $3.2 billion, seasonally adjusted, or at an annual rate of about 11 per cent. Strong demands for credit, reduced inflows of deposit funds, and the more restricted availability of additional reserves contributed to the sell-off. Government securities—because of their greater liquidity and lower yield compared with most other banking assets—tradition- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS 943 ally provide banks with an important source of funds for balanc­ ing available resources with demands for credit. Thus, there has been an irregular decline in holdings over the last 5 years, in the course of which the ratio of Government securities to total bank assets has fallen from about 25 per cent to under 14 per cent. In the first half of 1966, most of the reduction was in short-term Treasury issues, where bank holdings had been built up last fall, but holdings of over-5-year maturities also declined. These longerterm securities continued to account for about one-fourth of the banks’ reduced portfolios of Government securities. Growth in TIME AND SAVINGS DEPOSITS slows in '66 CHART 3 Seasonally adjusted monthly averages of daily figures. Money stock consists of demand deposits at all commercial banks (other than those due to domestic commercial banks and the U.S. Government) less cash items in process of collection and F.R. float; foreign demand balances at F.R. Banks; and cur­ rency outside the Treasury, the Federal Reserve, and the vaults of all commercial banks. Time and savings deposits ex­ clude those due to domestic commercial banks and the U.S. Government. 'Latest figures', June (preliminary). During the first 6 months of 1966, net acquisitions by banks of securities other than those of the U.S. Government (mainly municipal securities and the issues of Federal agencies, including most participation certificates) increased at an annual rate of more than 10 per cent, which was below the rate for the last half of 1965. This year’s increase was more rapid in the second quarter than in the first and was probably concentrated in agency issues. During the second quarter the substantial volume of new financing by Federal agencies led to a sharp rise in yields on these Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

944 FEDERAL RESERVE BULLETIN • JULY 1966 securities, particularly those with shorter maturities. Also, some acceleration in the inflow of time and savings deposits enabled large city banks to add to their holdings of these securities at a more rapid rate. Country banks, however, continued to add to their portfolios of municipal and agency securities at a more or less even rate throughout the 6-month period. BANK DEPOSITS AND Net inflows of time and savings deposits to commercial banks MONEY STOCK during the first half of this year were considerably below the average for 1965, while the increase in the money stock—cur­ rency and demand deposits—was at about the same rate as last year. (See Chart 3.) The midyear build-up in U.S. Government deposits at commercial banks was substantial although it did not reach the peak level of a year earlier. Time and savings deposits. The increase in time and savings de­ posits at banks in the first 6 months of the year was at a 9.7 per cent annual rate, compared with a 16.1 per cent gain during 1965. This slowdown reflected the reduced flow this year of the non­ financial public’s savings into major depositary institutions as a group—that is, commercial banks, savings and loan associations, and mutual savings banks—and the increase in the placement of such savings directly into the securities markets. (See Chart 4.) DEPOSITARY INSTITUTIONS' SHARE of savings flows declines Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS 945 NET SAVINGS INFLOWS Such behavior is typical of a period of strong credit demand and JANUARY-MAY monetary restraint, when market rates of interest increase sharply. COML. BANKS (time » savings) Among depositary institutions, however, commercial banks, which have competed for savings with increased vigor in recent years, were the least adversely affected by the shift in funds. This contrasts with the earlier cyclical experiences in the 1950’s when flows of funds to the specialized savings institutions had been generally well maintained while growth in bank time deposits declined. Immediately following the upward revision in Regulation Q interest rate ceilings in early December, commercial banks used some of their increased leeway to raise rates in competing for funds. Rates on large negotiable CD’s were raised somewhat, in 1965 1966 competition with higher yields on money market instruments, but Seasonally adjusted data. Source: relatively few banks paid more than 41^ per cent on other time Federal Home Loan Bank Board and National Association of Mutual deposit instruments. As a result, growth in time and savings Savings Banks. deposits of banks in the first quarter dropped to an annual rate of only 7.1 per cent, less than half the 1965 rate. Beginning in March, in anticipation of the quarterly interest crediting period, when depositors in major savings institutions were free to withdraw funds without loss of interest, banks on the West Coast and in a number of major metropolitan areas throughout the country raised rates further on a variety of time deposit instruments used by consumer savers, such as savings certificates and savings bonds. These rates were effective in at­ tracting funds, although as shown in the special survey conducted in May for which preliminary results are presented on pages 956­ 60, some of these funds were diverted from bank savings deposits —still subject to a ceiling rate of 4 per cent. (See Chart 5.) Nevertheless, growth in time and savings deposits at the com­ mercial banks accelerated to a 12.0 per cent annual rate. Much of this second-quarter acceleration occurred in April and appears to have reflected one-time shifts of funds out of other forms of financial savings. Another factor contributing to the more rapid growth in time and savings deposits in the second quarter was increased bank competition in the sale of negotiable certificates of deposit. Early in 1966 the growth in negotiable CD’s was well below last year’s pace because banks moved cautiously in increasing their CD offering rates in the face of much higher yields on other short­ term money market instruments. After the second increase in the prime loan rate—to 51/2 per cent on March 10—however, CD Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

946 FEDERAL RESERVE BULLETIN • JULY 1966 offering rates generally were increased further and inflows of new CD money rose significantly. By offering higher rates on longer maturities, banks had con­ siderable success in lengthening the average maturity of their outstanding CD’s during this period. From February 16 to May 18, as reported in the Board’s quarterly survey of the maturity structure of outstanding CD’s, the average maturity rose from 3.3 months to 3.8 months. By midyear, however, owing to further increases in market rates of interest, large banks frequently were quoting rates at the 514 per cent ceiling on maturities of 90 days or less. Data, not seasonally adjusted, for last Wednesday of month for weekly reporting member banks. Latest figures: June (preliminary). Money stock. Over the first 6 months of the year, the money stock rose at a 4.4 per cent seasonally adjusted annual rate, slightly below the rate of growth for all of 1965. As in previous years, there were sharp month-to-month fluctuations in the money Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS 947 stock, reflecting short-run pressures and needs—mostly associated with tax payments and other temporary factors. Although transactions demand for money was rising in a buoyant economic environment, the rate of expansion of the money stock in the first half of 1966 was considerably smaller than the annual growth rate of nearly 8 per cent in the gross national product. With interest rates rising sharply during the first 6 months of the year, the attractiveness of cash holdings rela­ tive to interest-bearing assets declined. Under these circumstances, businesses, consumers, and investors stepped up their efforts to economize on their needs for cash—as reflected in the increase in the rate of use of demand balances. The turnover of demand deposits in 225 metropolitan centers was about 7 per cent more rapid in the first half of 1966 than in the last 6 months of 1965. INTEREST RATES The Federal Reserve’s policy of restraint imparted a firmer tone to the money market, and between December and early July all short-term rates moved higher. (See Chart 6.) The Federal funds rate remained almost continuously above the discount rate —as it generally has since March 1965—and the spread between these rates increased. In early July Federal funds frequently were traded in the New York market at rates a full percentage point above the discount rate, as increasing pressure was exerted on member bank reserve positions. Yields on both CD’s and finance company paper moved upward, reflecting not only the expanded need for funds by both banks and finance companies but also the enlarged flow of Federal agency issues. Following an initial upward adjustment after the December discount rate increase, yields on Treasury bills did not move parallel with those on other short-term market securities. For most of the first half of 1966, while these other rates rose, yields on Treasury bills remained stable or declined. This was the result of relatively strong demand for bills in conjunction with a sharply reduced supply; the Federal Government retired $8.9 billion of bills and other short-term securities after mid-March. By the end of the third week in June, the yield on the 90-day bill had fallen to 4.39 per cent. However, late in June and early in July, when banks again raised their prime loan rate and an increase in reserve requirements was announced, the bill yield reversed itself and moved up sharply to more than 4.90 per cent. The recent in­ creases in rates charged on loans to Government securities dealers also helped to push up the bill yield. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

948 FEDERAL RESERVE BULLETIN • JULY 1966 In the face of a strong demand for credit and a gradual increase in monetary restraint, long-term interest rates rose. The volume of new corporate issues was at record levels in the first half of the year, and yields on new issues of top-quality corporate bonds reached a 30-year high. Yields on State and local government bonds also increased markedly, to the highest levels since 1960. In the first half of 1966 sales of new Government agency is­ sues, at $3.4 billion, and of participation certificates, at $2.2 bil­ lion, were at record levels for a 6-month period. The abundance of these securities, as well as the attractive yields at which they were offered, exerted a strong competitive pull on available funds from all sources and helped to push up the yields on long-term State and local government bonds and on corporate bonds, as well as on short- and intermediate-term U.S. Government issues. The reduced flows of savings to major mortgage lenders, as well as the general firming of the money and capital markets, also led to a substantial upward adjustment in mortgage interest rates. Yields on FHA-insured mortgages, which had started to move up in late 1965 after 216 years of stability, increased further in the first half of this year. In June the yield on a 30-year FHA-insured mortgage with a 5% per cent contract rate reached 6.45 per cent on the secondary market. This was nearly one full percentage CHART 6 INTEREST RATES increase rapidly in '66 Monthly averages except FHA (based on quotation for one Aa, and A by Moody's Investors Service and adjusted to an day each month). Yields: FHA, weighted averages of private Aaa basis; U.S. Government bonds, market yields at constant secondary market prices of new-home 30-year mortgages con­ maturity; State and local government bonds, Moody’s Inves­ verted to annual yield (thin lines indicate periods of adjust­ tors Service; U.S. Treasury bills, market yields on 3-month ment to changes in contractual interest rate); corporate bonds, issues; Federal funds, effective rate. Latest figures; June. weighted averages of new publicly offered bonds rated Aaa, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT CREDIT AND MONETARY DEVELOPMENTS 949 point above the average for 1965 when the contract rate on com­ parable mortgages was 514 per cent. Yields on conventional mortgages on new homes increased to 6.40 per cent in June —about 60 basis points higher than the 1965 average. Nonrate terms on conventional mortgages also became less liberal. The firmer conditions in the money and capital markets helped to push up the yields on long-term Treasury securities. However, the yields on these securities rose relatively less rapidly than did the yields on other long-term debt instruments. The statutory interest rate ceiling of 414 per cent on U.S. Government bonds (maturities of over 5 years) precluded the issuance of any of these securities, while the passage of time reduced the outstanding volume of publicly held debt maturing in over 5 years by about $1.0 billion. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF BANK CREDIT SERIES The seasonally adjusted series for bank ing in June, which is reflected in the higher credit and its major components, which are seasonal factor for that month. published regularly in the Bulletin, have Since the last revision of the bank credit been revised to incorporate new seasonal series in June 1964, seasonal patterns have factors. The principal revisions cover the continued to change, particularly in re­ period beginning with 1962; minor changes sponse to changes in financing operations were made in the series for earlier years. of the U.S. Treasury and to changes in In addition, a special adjustment has been regulations governing the timing of the incorporated in the seasonal factors for payment of Federal taxes by business firms. March to take account of a noticeable ef­ The influence of these changes is particu­ fect on bank holdings of U.S. Government larly evident in recent years in the much securities associated with the calendar date sharper rise in loans and investments in on which the last Wednesday of March June and the much larger decline in July. falls. Bank loans have been increasing more than Sources of the basic data on bank credit they used to around the June tax date, as and the procedures used in deriving the businesses have sought funds with which to seasonally adjusted data are the same as meet increased tax and dividend payments, those described in the Bulletin for July either directly from banks or indirectly 1962, pp. 797-802. Seasonally adjusted through finance companies and securities and unadjusted data for the period 1948 to dealers. Businesses obtain funds from fi­ date, together with monthly seasonal fac­ nance companies by the redemption of tors for 1966, are shown in the accom­ maturing finance company paper that they panying table. hold and from dealers by selling them se­ The principal revisions for total loans curities or by redeeming repurchase agree­ and investments are those for months ments. These institutions, in turn, replace around midyear. As a result, the revised the funds supplied to businesses through series indicates growth in total bank credit borrowing at banks. The increased seasonal in the first half of 1966 was at a seasonally importance of June in bank lending is re­ adjusted annual rate of 8.2 per cent com­ flected in higher seasonal factors for loans pared with 9.1 per cent on the old basis. and total bank credit. This lower growth rate from December to The sharp reversal in July of the June June is due to a seasonal increase in lend- credit expansion, which recently has be­ come the normal pattern, reflects to some Note.—The revised series were developed by Edward R. Fry and Mary F. Weaver under the extent the repayment of loans by finance supervision of James B. Eckert, chief of the Bank­ companies and securities dealers. In addi­ ing Section of the Board’s Division of Research and Statistics. Mr. Fry also prepared this article. tion, shifts of Treasury financing patterns 950 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF BANK CREDIT SERIES 951 have been an important influence on bank payment of certain local taxes. These ad­ credit extensions in July. Until recent years, justments for calendar variation are re­ banks typically increased their holdings of flected in lower March seasonal factors for U.S. Government securities and their secu­ those years in which the last Wednesday rity loans sharply in July, as the Treasury falls within the last 3 days of the month and normally engaged in large cash financings in higher factors for those years in which in that month and also sold 1-year bills at the last Wednesday falls earlier. midmonth. With these large cash financings Seasonal factors for bank investments in shifted to other months, and with the 1- “other” securities were lowered substan­ year bill cycle changed from a quarterly to tially for March, and there were smaller a monthly basis, banks now reduce their reductions for April and May. Factors for holdings of Government securities and se­ this series for August, September, and Oc­ curity loans seasonally in July. Hence, in tober were increased. the current revision the seasonal factor for It may be noted that seasonal demands July for total bank credit has been reduced. for bank credit will continue to change in Seasonal factors for a number of other coming years, as large corporations shift to months were also revised, but by smaller more current remittance of both income amounts. Factors for total bank credit and taxes and of the amounts of employee taxes for loans were reduced for October, largely withheld. This program of accelerating pay­ because bank holdings of Government secu­ ments is expected to reduce the seasonal rities and of security loans in that month importance of March and to increase the have been less since the shift in the timing importance of April and June in corporate of the 1-year bill auction. Factors for both series for March were raised, reflecting income tax payments. Remittances of with­ similar but smaller needs to finance Fed­ held taxes by large corporations will be eral tax payments, as in June. spread more evenly than now, with smaller Data for March for total bank loans and payments in the second month of each investments were further adjusted to quarter than formerly. How these changes in smooth out temporary fluctuations in bank payments eventually influence seasonal fac­ holdings of U.S. Government securities that tors for the various credit series cannot be are influenced by the date on which the last ascertained until the methods of financing Wednesday of March falls. Bank holdings are determined. This influence will depend of these securities normally decline sharply on such factors as the availability of Treas­ at the end of March, chiefly because of ury tax bills and the relative use of certifi­ sales to depositors who are seeking to avoid cates of deposit and bank credit. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

952 FEDERAL RESERVE BULLETIN • JULY 1966 LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-66 (IN BILLIONS OF DOLLARS) Seasonally adjusted Not seasonally adjusted Date i Securities Securities Total 2 Loans 2 Total 2 Loans 2 U.S. Govt. Other U.S. Govt. Other 1948 Jan................................ 115.2 37.7 68.4 9.1 116 4 38 0 69 4 9 0 Feb................................... 115.4 38.2 68.0 9.1 115 2 38 4 67 9 9 0 Mar................................ 115.1 38.5 67.4 9.2 113 4 38 7 65 5 9 3 Apr................................ 115.4 39.0 67.2 9.2 114.1 38 7 66 3 9 2 May. ................... 115.4 39.8 66.4 9.2 114 4 39 3 65 9 9 2 June................................ 114.7 40.1 65.4 9 2 H3 7 39 7 64 8 Q 0 July.................................. 115.0 40.6 65.2 9.2 114.5 39 8 65 3 9 3 Aug.................................. 114.5 40.7 64.5 9.2 114.8 40.3 65.1 9.4 Sept................................. 113.2 41.1 62.8 9.2 113.3 41 4 62 5 9 4 Oct................................... 113.1 41.3 62.6 9.2 113.9 41 4 63 3 9 2 Nov................................ 113.0 41.4 62.4 9.2 114.0 42.1 62 8 9 1 Dec................................ . 113.0 41.5 62.3 9.2 114.2 42 4 62.6 9 2 |049 Jan ................................ 113.3 42.0 62.2 9.1 114.3 42 3 63 0 9 1 Feb.................................. 113.2 41.6 62.3 9.3 113.1 41.7 62.2 9 1 M^r................................. 113.8 41.9 62.7 9.2 112.2 42 1 60 9 9 3 Apr.................................. 113.5 41.4 62.8 9.2 112.2 41 0 62 0 9 2 M ay .............................. 114.2 41.1 63.6 9.4 113.1 40.6 63.2 9 3 Tune................................ 114.6 41.3 63.7 9.6 113.7 40.9 63.2 9 5 July,............................... 115.0 41.0 64.3 9.7 114.5 40.2 64 4 9 8 Aug................................. 117.3 41.3 66.1 9.9 117.6 40.9 66.7 10 0 Sept................................. 118.2 41.2 67.0 10.0 118.3 41 5 66 7 10 2 Oct ,............................... 118.5 41.5 66.9 10.1 119.3 41.6 67 6 10 1 Nov............... 118.4 41.8 66.4 10.2 119.5 42 5 66.9 10 1 Dec................................. 118.7 42.0 66.4 10.3 120.1 42.9 67.0 10 2 1950__Jan .................................. 120.0 42.4 67.1 10.4 120.9 42.6 68.0 10 3 Feb.................................. 120.4 42.8 67.1 10.6 120.3 42.8 67.1 10.4 Mar .............................. 121.1 43.3 67.0 10.8 120.1 43 5 65 8 10 8 A pr.................................. 121.4 43.8 66.6 11.0 120.0 43.5 65.5 110 May. ................... 122.1 44.4 66.6 11.1 121.0 43.9 66.1 11 0 June................................ 122.4 45.1 66.1 11.2 121.7 44.7 65.8 11 2 July.................................. 122.6 46.4 64.9 11.3 122.0 45.7 65.0 11 4 Ans.................................. 122.9 47.4 63.9 11.6 122.9 46.9 64.2 11 8 Sept.................................. 123.1 48.5 62.8 11.9 123.3 48.6 62.5 12.1 Oct................................... 123.4 49.5 61.8 12.1 124.3 49.7 62.5 12.1 Nov........ ...................... 123.9 50.3 61.3 12.2 125.0 51 1 61.7 12 1 Dec.................................. 124.7 51.1 61.1 12.4 126.6 52.2 62.0 12.4 1951 Jan ................................ 123.8 52.1 59.2 12.5 124.7 52.3 60.0 12.4 Feb................................ 124.8 53.0 59.2 12.5 124.5 53.0 59.1 12.4 Mar................................. 125.7 53.7 59.5 12.5 125.2 53.9 58.8 12 6 Apr. ................................ 126.3 54.1 59.6 12.6 124.9 53.9 58.5 12.6 May............................... 126.0 54.6 58.9 12.6 124.7 54.1 58.1 12.5 June................................ 126.5 55,0 58.8 12.7 125.9 54.7 58.5 12.7 July....................... 126.2 54.9 58.7 12.7 125.6 54.1 58.7 12.8 Aug.................................. 126.7 55.2 58.9 12.6 126.4 54.6 59.1 12.7 Sept................................. 128.1 55.5 59.8 12.7 128.1 55.5 59.7 12.9 Oct.................. ............... - 128.9 55.9 60.1 12.9 129.8 56.1 60.9 12.9 Nov........................... • • 129.6 55.8 60.8 13.1 131.2 56.6 61.6 13.0 Dec................................. 130.2 56.5 60.4 13.4 132.5 57.6 61.5 13.3 1952—Jan................................... 131.1 56.6 61.1 13.4 132.0 56.7 62.0 13.3 Feb.................................. 131.8 57.1 61.2 13.5 131.5 56.9 61.3 13.4 Mar................................. 132.3 57.3 61.4 13.5 132.1 57.4 61.1 13.6 A nr . . ................... 133.4 58.1 61.7 13.7 131.9 57.8 60.5 13.7 May................................ 134.0 58.5 61.7 13.9 132.6 58.0 60.7 13.8 June................................ 135.0 59.3 61.7 14.0 134.3 59.1 61.2 14.0 July................................. 137.0 59.9 63.1 14.1 136.4 59.3 62.9 14.1 Aug................................. 136.2 60.3 61.7 14.2 136.0 59.6 62.0 14.4 Sept................................. 136.4 60.6 61.6 14.2 136.4 60.5 61.6 14.3 Oct................................... 137.9 61.6 62.1 14.2 138.8 61.8 62.9 14.2 Nov............................... 139.3 62.3 62.8 14.2 141.3 63.0 64.1 14.2 Dec.................................. 139.1 62.8 62.2 14.2 141.5 64.0 63.3 14.1 i Data are for last Wed. of month and are partly estimated (except 2 Adjusted to exclude interbank loans. for June 30 and Dec. 31 call dates). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF BANK CREDIT SERIES 953 LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-66—Continued (IN BILLIONS OF DOLLARS) Seasonally adjusted Not seasonally adjusted Date * Securities Securities Total 2 Loans 2 Total a Loans 2 U.S. Govt. Other U.S. Govt. Other 1953_jan.................................. 139.3 63.3 61.7 14.3 140.3 63.4 62.8 14.2 Feb,........................ 139.7 63,7 61.8 14.2 139.4 63.4 61.9 14,1 Mar................................ 139.6 64.3 61.0 14.3 139.2 64.4 60.5 14.3 Apr................................. 139.5 64.9 60.2 14.3 137.9 64.7 58.9 14.4 May......................... 138.7 65,0 59.4 14.4 137.2 64.5 58.3 14.4 June............................... 138,5 64.9 59.4 14.2 137.8 64.9 58.6 14.3 Juiy................................ 143,5 65.6 63.6 14,3 142.8 65.2 63.2 14.3 142.8 66.0 62.4 14.4 142.5 65.4 62.6 14.5 Sept................................ 142.6 66.0 62.2 14,4 142.6 65.9 62.2 14.5 Oct................................. 142.2 66,3 61.4 14.5 143.2 66,3 62.3 14 5 Nov... .......................... 142.9 65.9 62.4 14.6 144.9 66.7 63.7 14 6 Dec................... 143.1 66.2 62.2 14.7 145.5 67.4 63.4 14 7 1954—Jan................................. 143.8 66.0 63.0 14,8 144.8 66.0 64.2 14.7 Feb................................. 144.4 66.4 63.0 15.0 144.0 66.0 63.0 15 0 Mar................................ 144.8 66.7 63.1 15.0 142.5 66.8 60.7 15.1 Apr................................. 145.1 66.5 63.4 15.2 143.6 66.3 62.1 15.2 May............................... 146.1 66.6 64,2 15.3 144,8 66.2 63.3 15 3 June............................... 146.9 67.0 64.5 15.5 146.2 67.2 63.5 15 5 July............................... 147.3 66.8 64.9 15.7 146,6 66.6 64.3 15 7 Aug................................ 149,2 66.4 67.1 15.7 148,9 65.9 67.3 15.7 Sept................................ 150.1 66.9 67.3 15.9 150,1 66.8 67.3 16 0 Oct.................. 152.2 67.1 69.0 16.1 153.3 67.0 70.2 16 1 Nov.. .................... 153,0 68.2 68,6 16.2 155,1 68.9 70.1 16 2 Dec................................. 153.1 69.1 67.6 16.4 155.7 70.4 69.0 16.3 1955—jan.................................. 154.5 70.0 67.7 16.8 155.5 69.8 69.0 46.7 Feb................................. 154,6 70.8 66.9 16.9 153.8 70.2 66.8 16.8 Mar................................ 154.7 71.2 66.6 16.9 152.4 71.2 64.2 FT- 0 Apr................................ 155,5 72.1 66,5 16.9 154,4 71.8 65.6 17 6 May............................... 155.6 73.2 65.6 16.7 154.5 72.8 65.0 16,7 June............................... 155,6 74.3 64.5 16.8 154.8 74.8 63.3 16.8 July................................ 156.6 75.5 64.3 16,8 155.8 75.4 63.7 16 7 Aug................................ 155.9 76.7 62.4 16,8 155.6 76.2 62.5 16 9 Sept................................ 156.4 77.4 62.2 16.7 156.4 77.5 62 0 16 9 Oct................................. 157.0 78.5 61.7 16.8 138.1 78.4 62 9 16 8 Nov............................... 156.6 79,6 60.3 16.7 158.2 80.2 61.4 16 6 Dec................................. 157.6 80.6 60.3 16.8 160.3 82.0 61.6 167 1956—-Jan................................. 158.0 81.4 59.9 16.7 158.3 80.9 60.9 16 5 Feb................................. 158.2 82.1 59.4 16.7 157.1 81.2 59 2 16 6 Mar................................ 159.6 83,4 59.7 16.6 158.5 83.3 58,6 16'6 Apr................................. 159.2 84.2 58.4 16.5 158.7 83.9 58.2 16 6 May............................... 159.2 85,1 57.7 16.4 158.4 84.7 57 3 16 4 June............................... 159.7 85.4 57.8 16,5 159.3 86.2 56.6 16 5 July................................ 159.1 85.9 56.9 16.3 158.3 85.8 56 2 16*3 Aug................................ 160.2 86.6 57.1 16.4 159.8 86.3 57.2 16*4 Sept................................ 160.7 87.0 57.2 16,5 160.7 87.2 57.0 16 6 Oct....................... 160.5 87.7 56.6 16.3 161.3 87.6 57.5 163 Nov............................... 161.4 87.8 57.3 16.3 162.7 88.2 58.2 16 3 Dec................................. 161.6 88.1 57.2 16.3 164.5 89.7 58.6 16 3 1957_jan.................................. 161.6 88.5 56.8 16.3 161.6 87.7 57.7 16.2 Feb................................. 162.2 88.9 56.9 16.4 161.1 87.9 56.8 16 3 Mar......................... 162.5 89.5 56.6 16.4 161.4 89.1 55.7 16 5 Apr................................. 163.8 90.1 57.2 16.5 163.8 89.7 57.5 16 7 May............................... 164.6 90.3 57.5 16.8 163.8 89.9 57.1 16 8 June............................... 164.6 91.1 56.8 16.8 164.3 92.0 55.5 16 8 July................................ 164.7 91.0 56.9 16.8 164.1 91.0 56 3 16 8 Aug................................ 164.9 91.5 56.5 16,9 164.6 91.5 56.2 16 9 Sept................................ 165.1 91.8 56.4 16.9 165.1 92.2 55.9 17 1 Oct................................. 165.7 91.7 56.4 17.6 166.5 91.6 57.3 17 6 Nov............................... 164.9 91.4 55,9 17.6 165.9 91.5 56.9 17 4 Dec................................. 166.4 91.5 56,9 17.9 169.3 93.2 58.2 17:9 1 Data are for last Wed. of month and are partly estimated (except * Adjusted to exclude interbank loans, for June 30 and Dec. 31 call dates). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

954 FEDERAL RESERVE BULLETIN • JULY 1966 LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-66—Continued (IN BILLIONS OF DOLLARS) Seasonally adjusted Not seasonally adjusted Date 1 Securities Securities Total 2 Loans 2 Total 2 Loans 2 U.S. Govt. Other U.S. Govt. Other 1Q58 Jan .............................. 166.3 91.4 56.8 18.1 166.2 90 5 57 7 17 9 F^b .............................. 168.3 91.6 58.3 18.3 167.1 90,6 58 3 18 2 Mar............................... 170.8 92.0 59.9 18.8 169 9 91 5 59 6 18 9 Apr............................ . 174.0 92.1 62.7 19.1 174 0 91,9 62 8 19 3 May-.............................. 174.7 91.8 63.6 19.4 173 8 91.3 63,1 19 4 June.............................. 178.6 92.7 65.9 19.9 178,2 93.6 64 6 20,0 Tnlv................................. 178.6 92.2 66,4 19.9 1762 92 2 64 1 Ans................................ 178.6 92.1 66.4 20.2 178.3 92.1 66.1 20,2 Sept............................... 177.9 92.3 65.2 20.4 177 9 92.6 64.7 20 6 Oct................................ 179.2 93.5 65.2 20.5 180.1 93.4 66 2 20 5 Nov................................ 181.7 94.6 66.7 20.5 182.7 94.7 67.7 20 3 Pec ............................. 181.2 95.6 65.1 20.5 184 4 97 5 66 4 20 6 1050 Tan ............................ 184.0 96.9 66.6 20.6 183 8 95 9 67 5 20 4 Feb................................ 183.2 97.1 65.6 20.6 181 .9 96,0 65.5 20 4 ^Aar ............................... 182.2 98.2 63.6 20.5 181 i 97 4 63 2 70 6 MAn^ity .......................................................... 1 1 8 8 3 4 . . 8 8 1 9 0 9 0 . . 6 9 6 6 3 3 . . 5 2 2 2 0 0 . . 7 7 1 18 8 3 3 .8 9 1 9 0 9 0 . . 3 5 6 6 3 2 . . 6 6 2 2 0 0 9 8 184.6 101.7 62,3 20.6 184 2 102.8 60.9 20 6 Tii] .................... 185.7 103.9 61.1 20.7 185 7 103,9 61.1 20 6 a.............................. 186.5 105.5 60.4 20,6 186.1 105,3 60.3 20 5 Sept ....................... 185.9 105.9 59.4 20.6 186.3 106.3 59.2 20 7 Oct........................ 185,8 106.6 58.6 20.6 186.7 106.5 59.6 20 6 Nov................ 185.5 107.2 57.8 20.5 186.1 107.3 58.5 20 3 Dec................................ 185.9 107.5 57.9 20.5 189.5 110.0 58.9 20 5 1 Q^Q —J an............................... 185.8 108.4 56,9 20.4 185.6 107.4 58.0 20 3 Feb .............................. 185.6 109.3 56.1 20.2 184.3 108.1 56.2 20 i Mar .......................... 186.2 110.0 56.2 20.1 183 4 109.1 54.2 20 1 Anr .............................. 186.6 110.7 56,0 19.9 186.2 110.4 55.8 20 0 Nlay............................... 187.0 111.3 55.9 19.8 185.9 110.9 55.1 19 8 187.1 111.5 55.7 19.8 186.7 112.6 54.2 19 9 J J ■ .........1...8.8.6 111,9 56.7 20,0 188 6 111.9 56.7 20 0 AnC ........................ 189.8 112.7 57.1 20.0 189.0 112.5 56.6 20.0 Sept................ 191 .0 113.1 57.9 20.0 191 4 113.5 57.7 20 2 Oct ................ 192,8 113.1 59.4 20,4 193.8 113.0 60.4 20.4 Nov,.............................. 193.3 113,3 59.5 20.5 193.9 113.4 60.2 20.3 Dec ............................ 194.5 113.8 59.8 20.8 198.5 116.7 61 .0 20 9 1961 Jan.................................. 195.8 113,9 60.7 21.1 195.6 112,8 61.9 20.9 Feb .............................. 198.0 115,5 61.1 21.4 197.0 114.4 61.3 21.3 Mar............................... 198.0 115.2 61.2 21.6 >95.6 114.2 59.7 21.7 M^y................................ 2 1 0 9 0 7 . . 3 8 1 1 1 1 5 6 . . 1 1 6 6 2 1 . . 3 0 2 21 1 . . 9 6 1 19 9 9 7 . . 1 2 1 1 1 1 4 5 . . 7 8 6 61 0 . , 5 7 2 21 1 . . 8 9 June............ 201.3 115.8 63.4 22.0 200.9 117.0 61.8 22.1 July................................ 202.8 116.4 64.6 22.2 203.3 116.3 64.7 22. 3 Aug'............................... 204.3 116.8 65.0 22.5 202,9 116.3 64.2 22,5 Sept.............................. 207.1 117.7 66.3 23.1 207.5 118.1 66.1 23.3 Oct............................... 207.3 118.6 65.5 23.1 208.3 118.5 66.6 23.2 Nov................................. 208.4 119.4 65.5 23.6 209.1 119.5 66.2 23.4 pec ............................. 209.6 120.5 65.2 23.9 214.4 123.9 66.6 23.9 1962 Jan ................................ 211.4 120.8 66,2 24.3 210.9 119.6 67.2 24.1 Feb................................. 212.6 122,2 65.8 24.7 211.6 121,1 66.0 24.5 Mar................................ 214.1 123.4 65.3 25.3 212.4 122.6 64.4 25.4 Apr,................................ 215.4 124.6 64.9 25.9 214.8 124.0 64.7 26.1 May................................ 217.0 125.2 65.6 26.2 215.3 124,8 64.4 26.1 June.............. 218.3 126,2 65.2 26.9 219.2 127.7 64.4 27.0 July................................. 218.9 126.5 65.0 27.4 217.8 126,1 64.2 27.5 Aug................................. 221.0 128,4 64.9 27.7 219.0 127.3 63.9 27.9 Sept................................ 222,6 130.1 64.5 28.0 223.1 130.6 64.3 28.2 Oct................. 224.5 131 .6 64.4 28.5 225.7 131.5 65.6 28.6 Nov.. ............... 226.1 132,2 64.8 29.1 226.8 132.3 65.6 28.8 Dec. 3............................. 227.9 134.1 64.5 29.2 233.6 137.9 66.4 29.3 1 Data are for last Wed. of month and are partly estimated (except 2 Adjusted to exclude interbank loans. for June 30 and Dec. 31 call dates). ' Data are estimates for Dec. 31. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF BANK CREDIT SERIES 955 LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-66—Continued (IN BILLIONS OF DOLLARS) Seasonally adjusted Not seasonally adjusted Date 1 or item Securities Securities Total 2 Loans 2 Total 2 Loans 2 U.S. Govt. Other U.S. Govt. Other 1963—jan................................... 229.6 134.8 65.0 29.8 229.1 133.4 66.2 29.5 Feb.................................. 231.6 136.4 64.9 30.2 230.4 135.2 65.3 29.9 Mar................................. 232.3 137.2 64.4 30.7 231.9 136.4 64.8 30.7 Apr.................................. 233.3 137.6 64.4 31.2 232.3 136.9 64.0 31.4 May............... 235.5 139.3 64.3 31.9 233.6 138.9 63.0 31.7 June................................ 237.2 141.0 63.9 32.3 239.1 143.1 63.5 32.4 July.................................. 239.5 142.8 63.8 32.8 237.8 142.4 62.5 32.9 Aug................................. 239.5 143.6 62.4 33.5 237.1 142.5 60.9 33.7 Sept................................. 241.5 145.4 62.2 33.8 241.9 146.0 61.8 34.2 Oct................................... 242.1 146.7 61.2 34.3 242.4 146.0 62.0 34.5 Nov............................... 244.2 148.4 61.4 34.4 245.0 148.6 62.3 34.1 Dec. 3............................. 246.2 149.7 61.5 35.0 252.4 153.9 63.4 35.1 1964—Jan................................... 246.7 151.0 60.8 34.9 246.2 149.5 62.1 34.6 Feb.................................. 248.4 152.4 60.7 35.3 247.2 150.6 61.5 35.1 Mar................................. 249.9 153.6 60.7 35.6 249.9 152.8 61.5 35.6 Apr..................... 251.6 155.4 60.5 35.6 250.6 154.7 60.1 35.8 May................................ 253.6 157.1 60.5 35.9 251.5 156.7 59.1 35.8 June................................ 255.3 158.7 60.3 36.2 257.3 161.6 59.3 36.4 July.................................. 256.0 159.9 59.7 36.4 254.2 159.4 58.3 36.5 Aug................................. 258.7 161.2 60.7 36.9 256.1 160.2 58.8 37.1 Sept................................. 261.7 163.0 61.2 37.4 262.2 163.7 60.7 37.8 Oct................................. 262.1 163.8 60.5 37.8 262.4 163.0 61.4 38.0 Nov................................. 265.5 165.5 61.5 38.5 266.3 165.5 62.7 38.1 Dec.................................. 267.2 167.4 61 .1 38.7 273.9 172.1 63.0 38.8 1965—Jan................................... 269.6 170.2 60.0 39.5 269.1 168.5 61.5 39.1 Feb.................................. 272.1 172.8 59.4 40.0 270.7 170.5 60.5 39.7 Mar................................. 275.8 175.4 59.9 40.5 273.9 174.5 59.0 40.3 Apr.................................. 277.0 177.1 58.7 41.2 275.9 176.2 58.3 41.4 May................................ 279.4 179.4 58.7 41.3 277.1 178.8 57.2 41.1 June................................ 281.7 181.4 58.2 42.1 283.9 184.9 56.9 42.2 July.................................. 283.2 182.9 57.9 42.4 281.2 182.4 56.3 42.6 Aug................................. 286. 1 185.2 57. 7 43.1 283.2 184.3 55.5 43.4 Sept................................. 286.2 186.2 56.5 43.4 286.8 187.0 55.9 43.9 Oct.................................. 289.9 188.6 57.4 43.9 290.2 187.7 58.5 44.1 Nov................................. 291.5 189.8 57.5 44.2 292.3 189.8 58.8 43.8 Dec.................................. 294.4 192.0 57.7 44.8 301.8 197.4 59.5 44.9 1966—Jan................................... 297.4 194.5 58.0 44.9 296.8 192.7 59.6 44.4 Feb.................................. 297.5 196.2 55.9 45.4 296.0 193.6 57.3 45.1 Mar................................. 300.3 198.6 56.0 45.7 298.5 197.6 55.4 45.4 Apr.................................. 302.7 200.7 55.8 46.2 301.5 199.7 55.4 46.4 May................................ 304.3 202.0 55.0 47.2 301.9 201.4 53.5 47.0 June................................ 305.4 203.7 54.5 47.1 307.8 207.6 52.8 47.3 Seasonal adjustment factors for 1966 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Loans and investments.... 99.8 99.5 99.4 99.6 99.2 100.8 99.3 99.0 100.2 100.1 100.3 102.5 Loans.................................... 99.0 98.7 99.5 99.5 99.7 101.9 99.7 99.5 100.4 99.5 100.0 102.8 Other securities................... 99.0 99.3 99.5 100.5 99.5 100.4 100.3 100.7 101.0 100.5 99.1 100.2 1 Data are for last Wed. of the month and are partly estimated about $1.1 billion of deposits accumulated for payment of personal (except for June 30 and Dec. 31 call dates). Data for June 30, loans were netted out of loans at all commercial banks. 1966, are estimates. 3 Data are estimates for Dec. 31. 2 Adjusted to exclude interbank Ioans. Beginning in June 1966, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SURVEY OF TIME AND SAVINGS DEPOSITS Preliminary Findings The Board of Governors of the Federal showing final figures, will be included in the Reserve System on June 27, 1966, made Bulletin for August 1966. public preliminary results of the recent sur­ vey of time and savings deposits at the 6,200 banks that are members of the System. In­ formation provided by the member banks covered rates and other terms offered to in­ dividuals, partnerships, and corporations on As in former periods of heavy reliance on various types of time and savings deposits, monetary restraint to curb inflationary pres­ together with dollar amounts of each type of sures, the supply of funds in credit markets deposit outstanding, on three dates: Decem­ has tended to fall short of credit demands, ber 3, 1965, and March 2 and May 11, and competition for the available supply has 1966. intensified. As a result, yields on marketable The survey was designed to provide cur­ securities traded in the money and capital rent information on savings flows and rates. markets have increased sharply, and sav­ It was the second such survey conducted by ings institutions, under pressure to retain the Federal Reserve System since the Board funds in the face of increasingly attractive of Governors increased to 516 per cent per market rates, have raised the rates of interest annum the maximum interest rate payable offered on various types of savings instru­ by member banks on time deposits, effective ments, such as bank time and savings de­ December 6, 1965. The previous ceiling had posits and savings and loan shares. been 4 per cent for time deposits with ma­ Reflecting these shifting competitive turities of 30-89 days and 416 per cent for forces in the savings market and the restruc­ deposits with longer maturities. There was turing of rates and yields that has been no change in the 4 per cent rate payable on emerging, the course of saving flows has savings deposits. changed substantially. Inflows to all major Both this statement about the second sur­ types of savings institutions have slackened vey and the Board’s press release of June 27 markedly since the turn of the year, while are based on an analysis of preliminary data. the direct flow of savings into security mar­ Tables showing these preliminary data are kets has increased. At member banks, for available in mimeographed form from the example, total time and savings deposits in­ Banking Section, Division of Research and creased by 5 per cent in the first 5 months of Statistics, Board of Governors of the Federal 1966, down from a 7.5 per cent increase in Reserve System, Washington, D. C. 20551. the same period of 1965. In contrast, invest­ It is expected that a detailed article on the ment by individuals in marketable securities results of the survey, together with tables rose sharply and is estimated to have been 956 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SURVEY OF TIME AND SAVINGS DEPOSITS 957 four times as large in the first quarter of this savings, banks were more successful in at­ year as in the first quarter of 1965. tracting funds through issuance of other Most of the reduction in the rate of growth savings instruments of the type designated in member bank time and savings deposits here as consumer-type time deposits. Such is attributable to the absolute decline in deposits rose by $5.3 billion, or 40 per cent, passbook savings deposits, for which ceiling between December and May. Savings cer­ rates were not increased at the time of the tificates and other nonnegotiable certificates revision in Regulation Q last December. of deposit, which together increased by $4.2 Passbook savings deposits—which by regu­ billion over the 5-month period, accounted lation can be held only by individuals and for the bulk of the rise. As of May, over half certain nonprofit organizations—account of all member banks were offering savings for about two-thirds of the total time and sav­ certificates, and about one-fourth were issu­ ings deposits of individuals, partnerships, ing nonnegotiable CD’s. About one-fourth and corporations in member banks. The also issued small negotiable CD’s—that is, other one-third is about evenly divided be­ certificates of under $100,000 (an appreci­ tween “consumer-type” time deposits (which able proportion of these are issued to busi­ include savings certificates, savings bonds, nesses)—and these CD’s increased by $0.7 other nonnegotiable certificates, and ne­ billion over the December-May period. The gotiable certificates in denominations under sharpest rise, proportionately, was in the $ 100,000) and “business-type” time deposits instrument generally called savings bonds, (which include negotiable CD’s in denomi­ but these are still of relatively small im­ nations of $100,000 or more and time de­ portance in the total picture. Only about 3 posits, open account, and are the types held per cent of all member banks offer these mainly by businesses and other large in­ bonds, and the amount outstanding in May vestors). Thus far this year business-type represented less than 5 per cent of all con­ time deposits, particularly large denomina­ sumer-type time deposits. tion CD’s, have risen less rapidly than in Many factors, including the attractive 1965, but consumer-type time deposits have features of the instruments offered and the expanded sharply. aggressive promotion by banks, contributed The decline in passbook savings deposits to the rise in consumer-type time deposits, at member banks amounted to $1.2 billion but undoubtedly the most important stimu­ between December 3, 1965, and May 11, lus was the higher rates that could be paid 1966, and it occurred despite a rise in the on these instruments after last December. number of banks paying the maximum rate Between December and May, over half of of 4 per cent. At the time of the Board’s the banks issuing these deposits raised rates action on Regulation Q last December less on each type of instrument. Most of the rate than half of all member banks were paying increases occurred soon after the ceilings the maximum rate; by May the proportion were raised in December; only half as many had risen to almost three-fifths, with banks banks raised rates between March 2 and paying the maximum accounting for 87 per May 11 as had done so between December cent of all savings deposits. 3 and March 2. In the earlier period the in­ While the trend toward use of the ceiling creases tended to raise rates to 416 per cent; rate did not prevent a decline in passbook in the latter period the increases, while Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

958 FEDERAL RESERVE BULLETIN • JULY 1966 smaller in number, were more often to rates posits. This classification shows that only above 416 per cent, reflecting the continu­ 191 member banks, or about 3 per cent of ing rise in competitive market rates of all member banks issuing consumer-type interest. time instruments, were paying rates above While many member banks took advan­ 5 per cent on any of these deposits on May tage of the enhanced competitive flexibility 11. Moreover, the instrument on which the available after early December, few banks largest number of banks—103—were pay­ have gone all the way to the maximum rate ing over 5 per cent was the small negotiable permissible on consumer-type time deposits. CD, an instrument often issued to business As of May 11, the vast majority of member concerns as well as to individuals. banks were paying maximum rates of 416 The total volume of deposits of the types per cent or less on any such deposits, and on which rates above 5 per cent were offered reported rates in excess of 5 per cent were was $3.5 billion, or nearly one-fifth of all infrequent. This is in contrast with changes consumer-type time deposits outstanding. in the rate structure on business-type time The number of banks reporting maximum deposits. By mid-May, over half of the rates above 416 through 5 per cent was banks issuing large-denomination negotiable larger, and so was the volume of deposits CD’s were paying over 416 per cent, and involved—13 per cent of the banks and 27 these banks accounted for 98 per cent of per cent of the consumer-type time deposit these instruments outstanding. More re­ total. cently, rates on large negotiable CD’s have Only about 10 per cent of the banks with risen further, with rates of 516 per cent com­ deposits under $10 million were offering monly being paid on short maturities. rates above 416 per cent on any consumer­ On consumer-type time deposits the per­ type time deposits, compared with 90 per centage of issuing banks paying rates above cent of the banks with deposits over $500 416 per cent was generally higher for large million. In terms of proportions of de­ banks than for smaller ones, reflecting in posits too, most of the consumer-type time large part the more interest-sensitive environ­ deposits with rates above 416 per cent were ment in which larger banks operate as well at large banks. Of the $8.6 billion of de­ as the strong business demands for funds posits on which rates of over 416 per cent that have tended to focus on large city were being offered, almost two-thirds were banks. Thus, the percentage of the total at banks with total deposits of $500 million amount of each instrument outstanding at or more. rates above 416 per cent tends to be con­ Another characteristic of high-rate de­ siderably larger than the percentage of the posits was that they were concentrated geo­ total number of banks paying such rates. graphically. Banks in the New York and Since some banks issue more than one San Francisco Districts, which held about form of consumer-type time deposit, a better one-fourth of all consumer-type time de­ picture of the rate structure for this class of posits, accounted for about three-fourths of deposit as a whole is obtained by classifying the deposits on which rates above 5 per cent banks according to the maximum rate they were offered. Deposits on which the top offer on any one of the four instruments rates offered were above 416 per cent but designated here as consumer-type time de­ not over 5 per cent were somewhat more Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SURVEY OF TIME AND SAVINGS DEPOSITS 959 broadly distributed, both by size of bank and 12 Federal Reserve districts. Shifts in deposit by Federal Reserve district. The largest structure were most marked in the San Fran­ numbers of banks offering rates in the 41^- cisco District but also were sizable in the to-5 per cent bracket were in the Kansas New York, Chicago, Kansas City, and Dallas City and Dallas Districts, both areas where Districts. In each of these, the largest shifts smaller banks predominate and where time occurred among banks offering high rates on certificates have been used by small savers consumer-type time deposits. And in the dis­ for many years. tricts where large deposit shifts occurred, The response of consumer-type savings gains in the total flow of savings and time flows (both savings and time deposits) to deposits tended to be lower than in other rate changes has not been uniform, by size Federal Reserve districts. The smallest gain of bank or geographically. In general, it in total was recorded in the San Francisco would appear that smaller banks that raised District, which had both the largest rise in deposit rates have been more successful in consumer-type time deposits and the largest attracting and retaining funds than larger decline in passbook savings. The largest gain banks have been. Smaller banks, for ex­ was in the Philadelphia District, where both ample, continued to gain passbook savings passbook savings and consumer-type time deposits over the December-May period deposits increased. and were generally able to attract funds into Within the over-all rise of $4.1 billion, consumer-type time deposits at relatively or 4.7 per cent, in the total of passbook and moderate rates. The largest banks, in con­ consumer-type time deposits, there was also trast, had substantial offsetting deposit flows, wide variation in deposit experience among with passbook savings declining while con­ individual member banks. For instance, 754 sumer-type time deposits rose sharply. This banks experienced net attrition in the total. was particularly true at banks offering more In most cases, the declines were less than 5 than 41/2 per cent on consumer-type time de­ per cent, but some banks lost over 15 per posits. The result was that the total of sav­ cent of these deposits, including a few banks ings plus consumer-type time deposits at paying high rates of interest and a few of large “high-rate” banks grew much less relatively large size. Growth rates of banks rapidly over the period than did the total that gained deposits also varied widely, with of these deposits at smaller banks offering nearly 500 banks showing increases in ex­ comparable time deposit rates. cess of 25 per cent. About one-fifth of the It is clear, then, that rate alone was by banks showing such large increases paid no no means the only determinant of a bank’s more than 4 per cent on any type of con­ success in retaining or attracting consumer­ sumer deposit, although the more common type funds in the aggregate. Other factors tendency was for higher growth rates to be influencing deposit experience included the associated with payment of higher rates on extent of competition from other depositary time deposits. Thus, half of the banks paying institutions and the money market, the ag­ over 5 per cent had deposit gains of more gressiveness of bank promotion, and geo­ than 10 per cent, whereas only one-sixth of graphic location. The pattern of decline in the banks paying 4 per cent or less experi­ passbook savings and increases in consumer­ enced such increases in deposits. type time deposits prevailed in only 6 of the Business-type time deposits of individuals, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

960 FEDERAL RESERVE BULLETIN • JULY 1966 partnerships, and corporations, while rising $1,000 to obtain the maximum rate, and less in early 1966 than in early 1965, grew two-fifths offered to pay their maximum rate faster than consumer-type deposits—8 per on denominations of $100 or less. Minimum cent as compared with 5 per cent. This was denomination requirements were somewhat also true among all size-groups of banks. higher for nonnegotiable and small negoti­ Thus, even after inclusion of business-type able CD’s. For savings bonds, however, most time deposits, smaller banks showed a much of the comparatively few issuing banks of­ sharper rate of growth over the December­ fered to pay the maximum rate on denomi­ May period in total time and savings de­ nations of $100 or less. posits of individuals, partnerships, and cor­ Most banks paid their top rate on con­ porations than did large banks. sumer-type time deposits on those with ma­ There was some tendency for growth rates turities of a year or less. A sizable propor­ of consumer-type and business-type deposits tion—ranging from one-fifth in the case of within the various Federal Reserve districts savings certificates to over one-quarter for to show a complementary relationship. The small negotiable CD’s—offered the maxi­ two districts with the lowest rates of growth mum rate on deposits with maturities of 3 in consumer-type time and savings deposits months or less, although within this group —namely, Boston and San Francisco—had those with 3-month maturities predomi­ the most rapid increases in business-type de­ nated. In the case of savings bonds, how­ posits, whereas in two districts where total ever, over one-third of the issuing banks consumer-type deposits showed relatively had a minimum maturity that exceeded a rapid growth rates, business-type deposits year—5 years in most cases. There is con­ showed either little change or a decline. siderable diversity among both large and These variations in deposit experience tended small banks with respect to the minimum to narrow geographic differences in the maturity they established, although smaller growth rates of total time and savings de­ banks show somewhat more preference for posits of individuals, partnerships, and longer maturities than large banks. corporations. An analysis of changes in maturity and The survey also collected information re­ denomination on the various instruments lating to the minimum amount of deposit over the entire period since December in­ and the shortest maturity on which the maxi­ dicates that most banks changed neither mum rate was offered for consumer-type their minimum maturity nor their minimum time deposits. Relatively few of the banks denomination of deposit on which the maxi­ that issued consumer-type time deposits mum rate is paid. Of those banks that limited their highest rates to large denomina­ changed maturity, considerably more length­ tion instruments as of May 11. Thus, for ened than shortened it, and more banks savings certificates—which are issued by raised their minimum denomination require­ just over one-half of all member banks— ment than reduced it. Moreover, a large pro­ only one-eighth of the issuing banks stipu­ portion of the banks that lengthened maturity lated a minimum denomination in excess of also raised their minimum denomination. 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 CYCLICAL DETERMINANTS OF CAPITAL EXPENDITURES: A REGRESSION STUDY OF THE UNITED STATES STEEL INDUSTRY James P. Bennett, formerly of the staff of the Board of Governors Paper published in the Southern Economic Journal, Vol. XXXII, No. 3, January 1966 Two general points of view exist among marginal efficiency of investment schedules. economists on the determinants of fixed in­ Thus, numerous factors affect investment vestment. One view is that investment is decisions, and most existing investment determined primarily by some relationship theories are largely special cases of this of product demand to existing capacity, and broader framework. The regression results that an accelerator formulation provides an of this paper are consistent with the latter adequate explanation of investment. Finan­ view. cial variables are considered to be of limited Quarterly steel industry capital expendi­ importance, and the need for cost reduction tures for the postwar period were fitted by as a determinant of investment is seldom least squares to seven variables representing discussed. The other and more orthodox the major determinants of the marginal cost view is that the factors determining invest­ of funds and marginal efficiency of invest­ ment can be summarized by the joint be­ ment schedules. Lags, different combina­ havior of the marginal cost of funds and tions of variables, and the characteristics of 961 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

962 FEDERAL RESERVE BULLETIN JULY 1966 separate time periods were examined. affect the relative importance of each of the The results indicate that, from steel in­ factors determining investment decisions. dustry experience, an adequate theory of Moreover, a consistently strong inverse rela­ investment requires accelerator, balance tionship exists between investment and the sheet, and interest rate variables, and that industrial bond rate, and the unit cost vari­ changed economic conditions significantly able exhibits a predictable importance. THE EUROPEAN ECONOMIC COMMUNITY’S COMMON AGRICULTURAL POLICY AND ITS IMPACT ON U.S. EXPORTS Thomas M. Klein—Staff, Board of Governors Prepared as a staff paper in July J 966 As the result of a decision reached in early cal and economic problems that had to be re­ May 1966, the European Economic Com­ solved in creating these arrangements. Par­ munity will create a complete customs union ticular attention is focused on the recent to become fully effective July 1, 1968. By crisis over financing the CAP, for it revealed that date, import duties among the EEC that the problem was not simply how to sub­ countries will have been eliminated, a com­ stitute a Community-wide program for the mon external tariff will have been estab­ existing national schemes of protecting agri­ lished, and a common agricultural policy cultural incomes, but rather a fundamental will become fully effective. Establishing a difference of opinion between France and common market for agricultural produce her EEC partners over the nature of the has been much more difficult than creating Common Market itself. a common market for manufactures, be­ A final section contains a commodity-bycause agricultural policies and aims have commodity description of how U.S. exports been highly divergent among the six EEC of agricultural produce have been affected countries. In fact, Community activities had to date by the CAP, and a discussion of been paralyzed for almost a year as a probable further effects when the CAP be­ result of a breakdown in the talks on the comes fully operative. On balance, indica­ arrangements for financing the Common tions are that U.S. agricultural sales to the Agricultural Policy (CAP). EEC countries may remain near recent The purpose of this study is to describe levels, whereas in the absence of the Com­ the salient features of the CAP and to dis­ mon Agricultural Policy they might have cuss its potential impact on U.S. agri­ been expected to increase steadily. In par­ cultural exports. The study first outlines ticular, U.S. grain exports are expected to be the structure of the CAP arrangements, giv­ adversely affected over the next few years, ing a summary of how the major agricultural but this loss of earnings is likely to be offset commodities are protected and how the CAP somewhat by continued increases in sales of is financed. The study also reviews the politi­ soybeans and soybean meal. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations, new regulations, and similar material Regulation P Terminated SUPPLEMENT TO REGULATION D The Board of Governors, effective July 1, 1966, Section 204.5 Supplement terminated Regulation P, entitled “Holding Com­ Effective as to member banks in reserve cities pany Affiliates—Voting Permits”, as the authority at the opening of business on July 14, 1966, and for this Regulation, section 5144 of the Revised as to all other member banks at the opening of Statutes of the United States (12 U.S.C. 61), was business on July 21, 1966. amended by Act of July 1, 1966 (Public Law 89­ (a) Reserve percentages. Pursuant to the provi­ 485), to eliminate the provisions with respect to sions of section 19 of the Federal Reserve Act and sec­ tion 204.2(a) and subject to paragraph (b) of this sec­ the issuance of voting permits to holding company tion, the Board of Governors of the Federal Reserve affiliates. System hereby prescribes the following reserve bal­ ances which each member bank of the Federal Re­ Promissory Notes as “Deposits” serve System is required to maintain on deposit with the Federal Reserve bank of its district: The Board of Governors, effective September 1, (1) If not in a reserve city— (i) 4 per cent of its savings deposits, plus 1966, has amended Regulations D and Q by in­ (ii) 4 per cent of its other time deposits up to serting a new paragraph (f) in section 204.1 and $5 million and 5 per cent of such deposits in excess of $5 million, plus section 217.1, respectively, of such Regulations. (iii) 12 per cent of its net demand deposits. This new paragraph defines deposits as including (2) If in a reserve city (except as to any bank certain promissory notes in order to bring short­ located in such a city which is permitted by the Board of Governors of the Federal Reserve System, pursuant term bank promissory notes and similar instru­ to section 204.2(a)(2), to maintain the reserves speci­ ments under the regulations governing reserve re­ fied in subparagraph (1) of this paragraph)— quirements and payment of interest on deposits. (i) 4 per cent of its savings deposits, plus (ii) 4 per cent of its other time deposits up to Paragraphs (f), (g), (h) and (i) of section 204.1 $5 million and 5 per cent of such deposits in excess have been redesignated as paragraphs (g), (h), of $5 million, plus (iii) 16W per cent of its net demand deposits. (i) and (j), respectively. The text of this new (b) Counting of currency and coin. The amount paragraph is as follows: of a member bank’s currency and coin shall be counted as reserves in determining compliance with (f) Deposits as including certain promissory the reserve requirements of paragraph (a) of this notes. For the purposes of this part, the term “de­ section. posits” shall be deemed to include any promissory note, acknowledgment of advance, due bill, or similar Maximum Rate of Interest on Multiple instrument that is issued by a member bank principally Maturity Time Deposits as a means of obtaining funds to be used in its banking business, except any such instrument (1) that is issued The Board of Governors, effective July 20, to another bank, (2) that evidences an indebtedness 1966, amended Regulation Q to decrease the rate arising from a transfer of assets that the bank is ob­ ligated to repurchase, or (3) that has an original of interest that member banks are permitted to maturity of more than two years and states expressly pay on multiple maturity time deposits. This was that it is subordinated to the claims of depositors. This accomplished by amending section 217.1 by the paragraph shall not, however, affect the status, for purposes of this part, of any instrument issued before insertion of a new paragraph (g) defining “mul­ June 27, 1966. tiple maturity time deposits” and by amending section 217.6, the Supplement of Regulation Q, Reserves of Member Banks which contains the maximum rates of interest The Board of Governors has amended section payable on time and savings deposits. The text of 204.5 of Regulation D, so as to increase the re­ these amendments is as follows: serve requirements against certificates and other (g) Multiple maturity time deposit. The term “mul­ forms of time deposits (other than savings depos­ tiple maturity time deposit” means any time deposit its) in excess of $5 million at each member bank. (1) that is payable at the depositor’s option on more than one date, whether on a specified date or at the The text of the amended section is as follows: expiration of a specified time after the date of de- 963 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

964 FEDERAL RESERVE BULLETIN • JULY 1966 posit (e.g., a deposit payable at the option of the firms dealing in only certain types of obligations. depositor either three months or six months after The amendment reads as follows: the date of deposit), (2) that is payable after written notice of withdrawal, or (3) with respect to AMENDMENT TO REGULATION R which the underlying instrument or contract or any informal understanding or agreement provides for Effective July 11, 1966, section 218.2 is automatic renewal at maturity. amended to read as follows: SUPPLEMENT TO REGULATION Q Section 217.6 Section 218.2—Exceptions Effective July 20, 1966 Pursuant to the authority vested in it by section 32, the Board of Governors of the Federal Reserve Sys­ Pursuant to the provisions of section 19 of the tem hereby grants permission2 for any officer, di­ Federal Reserve Act and section 217.3, the Board rector, or employee of any member bank of the Fed­ of Governors of the Federal Reserve System hereby eral Reserve System, unless otherwise prohibited,3 to prescribes the following maximum rates1 of in­ be at the same time an officer, director, or employee terest payable by member banks of the Federal Re­ of any corporation or unincorporated association, a serve System on time and savings deposits: partner or employee of any partnership, or an in­ (a) Time deposits. (1) No member bank shall dividual, engaged in the issue, flotation, underwriting, pay interest accruing at a rate in excess of 514 per public sale, or distribution, at wholesale or retail, or cent per annum, compounded quarterly,2 regardless through syndicate participation, of any stocks, bonds, of the basis upon which such interest may be com­ or other similar securities, if so engaged only as to the puted, on any time deposit, subject, however, to the following securities: bonds, notes, certificates of in­ provisions of subparagraphs (2) and (3) of this debtedness, and Treasury bills of the United States; paragraph. " obligations fully guaranteed both as to principal and (2) No member bank shall pay interest accruing interest by the United States; general obligations of at a rate in excess of 5 per cent per annum, com­ Territories, dependencies, and insular possessions of pounded quarterly,2 regardless of the basis upon which the United States; obligations of Federal Intermediate such interest may be computed, on any multiple Credit banks, Federal Land banks, Central Bank for maturity time deposit received on or after July 20, Cooperatives, Federal Home Loan banks, the Federal 1966, which is payable only 90 days or more after National Mortgage Association, and the Tennessee the date of deposit or 90 days or more after the last Valley Authority; certificates of interest of the Com­ preceding date on which it might have been paid. modity Credit Corporation; and, subject to specifica­ (3) No member bank shall pay interest accruing tions contained in paragraph Seventh of Section 5136, at a rate in excess of 4 per cent per annum, com­ Revised Statutes (12 U.S.C. 24), obligations of the pounded quarterly,2 regardless of the basis upon International Bank for Reconstruction and Develop­ which such interest may be computed, on any multiple ment, the Inter-American Development Bank, the maturity time deposit received on or after July 20, Asian Development Bank, local public agencies, public 1966, which is payable less than 90 days after the housing agencies, and obligations insured by the Fed­ date of deposit or less than 90 days after the last eral Housing Administrator. preceding date on which it might have been paid. (6) Savings deposits. No member bank shall pay NOTE: Footnotes 2 and 3 are not changed. interest accruing at a rate in excess of 4 per cent per annum, compounded quarterly,2 regardless of the basis Amendment to Defense Production Act upon which such interest may be computed, on any The Defense Production Act of 1950 (Section savings deposit. 301 of which is the basis for guarantees of loans Relationships with Dealers in Securities for defense production), which would have ex­ The Board of Governors, effective July 11,1966, pired June 30, 1966, was amended by Act of Con­ amended section 218.2 of Regulation R, “Rela­ gress approved June 30, 1966 (Public Law 89­ tionships with Dealers in Securities under section 482), so as to continue in force until the close of 32 of the Banking Act of 1933,” so as to add obli­ June 30, 1968. gations of the Asian Development Bank to the list of obligations of Federal agencies now named Purchase of Government Obligations by in this section of the regulation which exempts re­ Federal Reserve Banks lationships of officers, directors or employees of By Act of Congress approved June 30, 1966 member banks of the Federal Reserve System with (Public Law 89-484), the authority of the Federal Reserve Banks under section 14(b) of the Fed­ 1 The maximum rates of interest payable by member banks of the Federal Reserve System on time and savings deposits as eral Reserve Act to purchase and sell direct or prescribed herein are not applicable to any deposit which is payable only at an office of a member bank located outside of fully guaranteed obligations of the United States the States of the United States and the District of Columbia. 2 This limitation is not to be interpreted as preventing the directly from or to the United States, which would compounding of interest at other than quarterly intervals, pro­ have expired on June 30, 1966, was extended to vided that the aggregate amount of such interest so com­ pounded does not exceed the aggregate amount of interest at June 30, 1968. The text of the Act is as follows: the rate above prescribed when compounded quarterly. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 965 AN ACT tive Procedure Act to assure fullest possible pub­ To amend section 14(h) of the Federal Reserve Act, lic access to Government records. The Act reads as amended, to extend for two years the authority as follows: of Federal Reserve banks to purchase United States obligations directly from the Treasury, AN ACT Be it enacted by the Senate and House of Represen­ tatives of the United States of America in Congress To amend section 3 of the Administrative Procedure assembled, That section 14(h) of the Federal Reserve Act, chapter 324, of the Act of June 11, 1946 (60 Act, as amended (12 U.S.C. 355), is amended by Stat. 238), to clarify and protect the right of the striking out “July 1, 1966” and inserting in lieu there­ public to information, and for other purposes. of “July 1, 1968" and by striking out “June 30, 1966” Be it enacted by the Senate and House of Represen­ and inserting in lieu thereof “June 30, 1968”. tatives of the United States of America in Congress Approved June 30, 1966, assembled, That section 3, chapter 324, of the Act of June 11, 1946 (60 Stat. 238), is amended to read Federal Reserve Banks as Fiscal Agents for as follows: Asian Development Bank “Sec. 3. Every agency shall make available to the public the following information: By an Act of Congress approved March 16, “(a) Publication in the Federal Register,— 1966 (Public Law 89-369), the Federal Reserve Every agency shall separately state and currently pub­ Banks are authorized to act as depositories and lish in the Federal Register for the guidance of the public (A) descriptions of its central and field or­ as fiscal agents for the Asian Development Bank. ganization and the established places at which, the The text of this provision of law is as follows: officers from whom, and the methods whereby, the public may secure information, make submittals or AN ACT requests, or obtain decisions; (B) statements of the general course and method by which its functions are Sec. 6. Any Federal Reserve bank which is re­ channeled and determined, including the nature and quested to do so by the Bank shall act as its deposi­ requirements of all formal and informal procedures tory or as its fiscal agent, and the Board of Governors available; (C) rules of procedure, descriptions of of the Federal Reserve System shall supervise and forms available or the places at which forms may be direct the carrying out of these functions by the obtained, and instructions as to the scope and contents Federal Reserve banks. of all papers, reports, or examinations; (D) substan­ tive rules of general applicability adopted as author­ Underwriting and Dealing in Obligations of ized by law, and statements of general policy or in­ Asian Development Bank terpretations of general applicability formulated and adopted by the agency; and (E) every amendment, The Act of Congress approved March 16, 1966 revision, or repeal of the foregoing. Except to the extent that a person has actual and timely notice of (Public Law 89-369), also amended paragraph the terms thereof, no person shall in any manner be “Seventh” of section 5136 of the Revised Statutes required to resort to, or be adversely affected by any matter required to be published in the Federal of the United States so as to permit national banks Register and not so published. For purposes of this to deal in and underwrite, subject to a specified subsection, matter which is reasonably available to limitation on amount, obligations issued by the the class of persons affected thereby shall be deemed published in the Federal Register when incorporated Asian Development Bank which are eligible for by reference therein with the approval of the Director purchase by a national bank for its own account. of the Federal Register. The powers of State member banks of the Fed­ “(b) Agency Opinions and Orders.—Every agency shall, in accordance with published rules, make eral Reserve System in this respect are governed available for public inspection and copying (A) all by applicable State laws and also (under section 9 final opinions (including concurring and dissenting of the Federal Reserve Act) by the limitations opinions) and all orders made in the adjudication of cases, (B) those statements of policy and interpreta­ and conditions of said paragraph “Seventh”. The tions which have been adopted by the agency and are text of this provision of law is as follows: not published in the Federal Register, and (C) ad­ ministrative staff manuals and instructions to staff Sec. 10. The last sentence of paragraph 7 of section that affect any member of the public, unless such 5136 of the Revised Statutes, as amended (12 U.S.C. materials are promptly published and copies offered 24), is amended by striking the word “or” after the for sale. To the extent required to prevent a clearly words “International Bank for Reconstruction and unwarranted invasion of personal privacy, an agency Development” and inserting a comma in lieu thereof, may delete identifying details when it makes available and by inserting after the words “the Inter-American or publishes an opinion, statement of policy, interpre­ Development Bank” the words “or the Asian Develop­ tation, or staff manual or instruction: Provided, That ment Bank”. in every case the justification for the deletion must be fully explained in writing. Every agency also shall Amendment to Administrative Procedure Act maintain and make available for public inspection and The Act of Congress approved July 4, 1966 copying a current index providing identifying infor­ mation for the public as to any matter which is issued, (Public Law 89-487), amended the Administra­ adopted, or promulgated after the effective date of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

966 FEDERAL RESERVE BULLETIN • JULY 1966 this Act and which is required by this subsection to come effective one year following the date of the be made available or published. No final order, enactment of this Act.” opinion, statement of policy, interpretation, or staff Approved July 4, 1966 manual or instruction that affects any member of the public may be relied upon, used or cited as precedent by an agency against any private party unless it has Amendments to Bank Holding Company Act and been indexed and either made available or published Other Statutes as provided by this subsection or unless that private party shall have actual and timely notice of the terms By Act of Congress approved July 1, 1966 thereof. (Public Law 89-485), numerous amendments “(c) Agency Records.—Except with respect to the records made available pursuant to subsections (a) were made to the Bank Holding Company Act of and (b), every agency shall, upon request for iden­ 1956. Among the more important changes, pre­ tifiable records made in accordance with published rules stating the time, place, fees to the extent author­ vious exemptions for registered investment com­ ized by statute and procedure to be followed, make panies and their affiliates and for religious, chari­ such records promptly available to any person. Upon table, and educational institutions were repealed; complaint, the district court of the United States in the district in which the complainant resides, or has nonbusiness long-term trusts were brought within his principal place of business, or in which the agency the coverage of the Act; the definition of “bank” records are situated shall have jurisdiction to enjoin was limited to institutions accepting deposits with­ the agency from the withholding of agency records and to order the production of any agency records drawable on demand; the standards and antitrust improperly withheld from the complainant. In such procedures made applicable to bank mergers by cases the court shall determine the matter de novo and the burden shall be upon the agency to sustain its the Act of February 21, 1966 (Public Law 89­ action. In the event of noncompliance with the court’s 356) were made applicable also to bank holding order, the district court may punish the responsible company cases; and the provisions of section 6 of offices for contempt. Except as to those causes which the court deems of greater importance, proceedings the Act relating to loans and investments by bank before the district court as authorized by this subsec­ subsidiaries to fellow subsidiaries were repealed. tion shall take precedence on the docket over all other In addition, the Act of July 1, 1966, made a causes and shall be assigned for hearing and trial at the earliest practicable date and expedited in every number of amendments to section 23A of the way. Federal Reserve Act, relating to loans by member “(d) Agency Proceedings.—Every agency having more than one member shall keep a record of the final banks to their affiliates, and extended the limita­ votes of each member in every agency proceeding and tions of that section to nonmember insured banks; such record shall be available for public inspection. amended section 25 of the Federal Reserve Act to “(e) Exemptions.—The provisions of this section shall not be applicable to matters that are (1) specifi­ provide for direct investments by member banks cally required by Executive order to be kept secret in in the stock of foreign banks under regulations of the interest of the national defense or foreign policy; the Board of Governors; and repealed the provi­ (2) related solely to the internal personnel rules and practices of any agency; (3) specifically exempted sions of section 5144 of the Revised Statutes and from disclosure by statute; (4) trade secrets and of section 9 of the Federal Reserve Act, requiring commercial or financial information obtained from any person and privileged or confidential; (5) inter­ holding company affiliates to obtain permits to agency or intra-agency memorandums or letters which vote the stock of member banks. would not be available by law to a private party in The text of the Act of July 1, 1966, follows: litigation with the agency; (6) personnel and medical files and similar files the disclosure of which would constitute a clearly unwarranted invasion of personal AN ACT privacy; (7) investigatory files compiled for law en­ forcement purposes except to the extent available by To amend the Bank Holding Company Act of 1956. law to a private party; (8) contained in or related to Be it enacted by the Senate and House of Represen­ examination, operating, or condition reports prepared tatives of the United States of America in Congress by, on behalf of, or for the use of any agency re­ assembled, That subsection (a) of section 2 of the sponsible for the regulation or supervision of financial Bank Holding Company Act of 1956 (12 U.S.C. institutions; and (9) geological and geophysical infor­ 1841(a)) is amended to read as follows: mation and data (including maps) concerning wells. “(a) ‘Bank holding company’ means any company “(f) Limitation of Exemptions.—Nothing in this (1) that directly or indirectly owns, controls, or holds section authorizes withholding of information or with power to vote 25 per centum or more of the limiting the availability of records to the public except voting shares of each of two or more banks or of a as specifically stated in this section, nor shall this company that is or becomes a bank holding company section be authority to withhold information from by virtue of this Act, or (2) that controls in any Congress. manner the election of a majority of the directors of “(g) Private Party.—As used in this section, each of two or more banks; and, for the purposes of ‘private party’ means any party other than an agency. this Act, any successor to any such company shall be “(h) Effective Date.—This amendment shall be­ deemed to be a bank holding company from the date Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 967 as of which such predecessor company became a bank not) of a company, shall be deemed to be con­ holding company. Notwithstanding the foregoing, (A) trolled by such company; and no bank and no company owning or controlling voting “(3) shares transferred after January 1, 1966, shares of a bank shall be a bank holding company by by any bank holding company (or by any company virtue of such bank’s ownership or control of shares which, but for such transfer, would be a bank hold­ in a fiduciary capacity, except as provided in para­ ing company) directly or indirectly to any trans­ graph (2) and (3) of subsection (g) of this section, feree that is indebted to the transferor, or has one (B) no company shall be a bank holding company by or more officers, directors, trustees, or beneficiaries virtue of its ownership or control of shares acquired in common with or subject to control by the trans­ by it in connection with its underwriting of securities feror, shall be deemed to be indirectly owned or if such shares are held only for such period of time controlled by the transferor unless the Board, after as will permit the sale thereof on a reasonable basis, opportunity for hearing, determines that the trans­ and (C) no company formed for the sole purpose of feror is not in fact capable of controlling the trans­ participating in a proxy solicitation shall be a bank feree. holding company by virtue of its control of voting “(h) The application of this Act and of section rights of shares acquired in the course of such solici­ 23A of the Federal Reserve Act (12 U.S.C. 371), as tation.” amended, shall not be affected by the fact that a trans­ Sec. 2. Subsection (b) of section 2 of the Bank action takes place wholly or partly outside the United Holding Company Act of 1956 (12 U.S.C. 1841(b)) States or that a company is organized or operates is amended to read as follows: outside the United States: Provided, however, That “(b) ‘Company’ means any corporation, business the prohibitions of section 4 of this Act shall not apply trust, association, or similar organization, or any other to shares of any company organized under the laws trust unless by its terms it must terminate within of a foreign country that does not do any business twenty-five years or not later than twenty-one years within the United States, if such shares are held or and ten months after the death of individuals living on acquired by a bank holding company that is princi­ the effective date of the trust, but shall not include (1) pally engaged in the banking business outside the any corporation the majority of the shares of which United States.” are owned by the United States or by any State, or Sec. 7. (a) The first sentence of subsection (a) of (2) any partnership.” section 3 of the Bank Holding Company Act of 1956 Sec. 3. Subsection (c) of section 2 of the Bank (12 U.S.C. 1842(a)) is amended to read as follows: Holding Company Act of 1956 (12 U.S.C. 1841(c)) “It shall be unlawful, except with the prior approval is amended to read as follows: of the Board, (1) for any action to be taken that "(c) ‘Bank’ means any institution that accepts de­ causes any company to become a bank holding com­ posits that the depositor has a legal right to withdraw pany; (2) for any action to be taken that causes a on demand, but shall not include any organization bank to become a subsidiary of a bank holding com­ operating under section 25 or section 25(a) of the pany; (3) for any bank holding company to acquire Federal Reserve Act, or any organization that does not direct or indirect ownership or control of any voting do business within the United States. ‘District bank’ shares of any bank if, after such acquisition, such com­ means any bank organized or operating under the pany will directly or indirectly own or control more Code of Law for the District of Columbia.” than 5 per centum of the voting shares of such bank; Sec. 4. Subsection (d) of section 2 of the Bank (4) for any bank holding company or subsidiary Holding Company Act of 1956 (12 U.S.C. 1841(d)) thereof, other than a bank, to acquire all or substan­ is amended to read as follows: tially all of the assets of a bank; or (5) for any bank “(d) ‘Subsidiary’, with respect to a specified bank holding company to merge or consolidate with any holding company, means (1) any company 25 per other bank holding company.” centum or more of whose voting shares (excluding (b) The second sentence of subsection (a) of sec­ shares owned by the United States or by any company tion 3 of the Bank Holding Company Act of 1956 wholly owned by the United States) is directly or in­ (12 U.S.C. 1842(a)) is amended by striking the directly owned or controlled by such bank holding words “except where such shares are held for the company, or is held by it with power to vote; or (2) benefit of the shareholders of such bank” at the end any company the election of a majority of whose of clause (i) and inserting in lieu there the words directors is controlled in any manner by such bank “except where such shares are held under a trust that holding company.” constitutes a company as defined in section 2(b) and Sec. 5. Subsection (g) of section 2 of the Bank except as provided in paragraphs (2) and (3) of sec­ Holding Company Act of 1956 (12 U.S.C. 1841(g)) tion 2(g)”. is repealed. (c) Subsection (c) of section 3 of the Bank Hold­ Sec. 6. Section 2 of the Bank Holding Company ing Company Act of 1956 is amended to read as Act of 1956 (12 U.S.C. 1841), as amended by this follows: Act, is further amended by adding at the end thereof “(c) The Board shall not approve— the following new subsections: “(1) any acquisition or merger or consolidation “(g) For the purposes of this Act— under this section which would result in a monop­ “(1) shares owned or controlled by any subsidi­ oly, or which would be in furtherance of any com­ ary of a bank holding company shall be deemed bination or conspiracy to monopolize or to attempt to be indirectly owned or controlled by such bank to monopolize the business of banking in any part holding company; of the United States, or “(2) shares held or controlled directly or in­ “(2) any other proposed acquisition or merger or directly by trustees for the benefiit of (A) a com­ consolidation under this section whose effect in any pany, (B) the shareholders or members of a com­ section of the country may be substantially to pany, or (C) the employees (whether exclusively or lessen competition, or to tend to create a monopoly, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

968 FEDERAL RESERVE BULLETIN • JULY 1966 or which in any other manner would be in restraint shall not, with respect to any other bank holding of trade, unless it finds that the anticompetitive company, apply to— effects of the proposed transaction are clearly out­ “(1) shares of any company engaged or to be weighed in the public interest by the probable effect engaged solely in one or more of the following of the transaction in meeting the convenience and activities: (A) holding or operating properties used needs of the community to be served. wholly or substantially by any banking subsidiary In every case, the Board shall take into consideration of such bank holding company in the operations of the financial and managerial resources and future such banking subsidiary or acquired for such future prospects of the company or companies and the banks use; or (B) conducting a safe deposit business; or concerned, and the convenience and needs of the com­ (C) furnishing services to or performing services munity to be served.” for such bank holding company or its banking sub­ (d) Subsection (d) of section 3 of the Bank Hold­ sidiaries; or (D) liquidating assets acquired from ing Company Act of 1956 (12 U.S.C. 1842(d)) is such bank holding company or its banking subsidi­ amended by striking the words “in which such bank aries or acquired from any other source prior to holding company maintains its principal office and May 9, 1956, or the date on which such company place of business or in which it conducts its principal became a bank holding company, whichever is operations” and inserting in lieu thereof the words later; “in which the operations of such bank holding com­ “(2) shares acquired by a bank in satisfaction of pany’s banking subsidiaries were principally conducted a debt previously contracted in good faith, but such on the effective date of this amendment or the date on bank shall dispose of such shares within a period which such company became a bank holding company, of two years from the date on which they were whichever is later,”. Such subsection is further amend­ acquired, except that the Board is authorized upon ed by adding at the end thereof the following new application by such bank holding company to ex­ sentence: “For the purposes of this section, the State tend such period of two years from time to time in which the operations of a bank holding company’s as to such holding company for not more than one subsidiaries are principally conducted is that State in year at a time if, in its judgment, such an extension which total deposits of all such banking subsidiaries would not be detrimental to the public interest, but are largest.” no such extensions shall extend beyond a date five Sec. 8. (a) Subsection (a) of section 4 of the Bank years after the date on which such shares were Holding Company Act of 1956 (12 U.S.C. 1843(a)) acquired; is amended to read as follows: “(3) shares acquired by such bank holding com­ “(a) Except as otherwise provided in this Act, no pany from any of its subsidiaries which subsidiary bank holding company shall— has been requested to dispose of such shares by any “(1) after the date of enactment of this Act Federal or State authority having statutory power acquire direct or indirect ownership or control of to examine such subsidiary, but such bank holding any voting shares of any company which is not a company shall dispose of such shares within a bank, or period of two years from the date on which they “(2) after two years from the date as of whiqh were acquired; it becomes a bank holding company, or, in the case “(4) shares held or acquired by a bank in good of any company that has been continuously affili­ faith in a fiduciary capacity, except where such ated since May 15, 1955, with a company which shares are held under a trust that constitutes a com­ was registered under the Investment Company Act pany as defined in section 2(b) and except as pro­ of 1940, prior to May 15, 1955, in such a manner vided in paragraphs (2) and (3) of section 2(g); as to constitute an affiliated company within the “(5) shares which are of the kinds and amounts meaning of that Act, after December 31, 1978, re­ eligible for investment by national banking associa­ tain direct or indirect ownership or control of any tions under the provisions of section 5136 of the voting shares of any company which is not a bank Revised Statutes; or a bank holding company or engage in any busi­ “(6) shares of any company which do not in­ ness other than that of banking or of managing or clude more than 5 per centum of the outstanding controlling banks or of furnishing services to or voting shares of such company; performing services for any bank of which it owns “(7) shares of an investment company which is or controls 25 per centum or more of the voting not a bank holding company and which is not en­ shares. gaged in any business other than investing in secu­ The Board is authorized, upon application by a bank rities, which securities do not include more than holding company, to extend the period referred to in 5 per centum of the outstanding voting shares of paragraph (2) above from time to time as to such any company; bank holding company for not more than one year at “(8) shares of any company all the activities of a time, if, in its judgment, such an extension would which are or are to be of a financial, fiduciary, or not be detrimental to the public interest, but no such insurance nature and which the Board after due extensions shall in the aggregate exceed three years.” notice and hearing, and on the basis of the record (b) Subsection (c) of section 4 of the Bank Hold­ made at such hearing, by order has determined to ing Company Act of 1956 (12 U.S.C. 1843(c)) is be so closely related to the business of banking or amended to read as follows: of managing or controlling banks as to be a proper “(c) The prohibitions in this section shall not apply incident thereto and as to make it unnecessary for to any bank holding company which is a labor, agri­ the prohibitions of this section to apply in order cultural or horticultural organization and which is to carry out the purposes of this Act: exempt from taxation under section 501 of the In­ “(9) shares of any company which is or is to be ternal Revenue Code of 1954, and such prohibitions organized under the laws of a foreign country and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 969 which is or is to be engaged principally in the bank­ with the antitrust laws after the consummation of such ing business outside the United States; or transaction. “(10) shares lawfully acquired and owned prior “(c) In any action brought under the antitrust laws to May 9, 1956, by a bank which is a bank holding arising out of any acquisition, merger, or consolida­ company, or by any of its wholly owned subsidi­ tion transaction approved by the Board pursuant to aries.” this Act, the Board and any State banking supervisory (c) Section 4 of the Bank Holding Company Act agency having jurisdiction within the State involved, of 1956 (12 U.S.C. 1843) is amended by adding at may appear as a party of its own motion and as of the end thereof the following new subsection: right, and be represented by its counsel. “(d) With respect to shares which were not subject “(d) Any acquisition, merger, or consolidation of to the prohibitions of this section as originally enacted the kind described in section 3(a) of this Act which by reason of any exemption with respect thereto but was consummated at any time prior or subsequent to which were made subject to such prohibitions by the May 9, 1956, and as to which no litigation was initi­ subsequent repeal of such exemption, no bank holding ated by the Attorney General prior to the date of company shall retain direct or indirect ownership or enactment of this amendment, shall be conclusively control of such shares after five years from the date presumed not to have been in violation of any anti­ of the repeal of such exemption, except as provided trust laws other than section 2 of the Act of July 2, in paragraph (2) of subsection (a). Any bank hold­ 1890 (section 2 of the Sherman Antitrust Act, 15 ing company subject to such five-year limitation on the U.S.C. 2). retention of nonbanking assets shall endeavor to divest “(e) Any court having pending before it on or after itself of such shares promptly and such bank holding the date of enactment of this amendment any litiga­ company shall report its progress in such divestiture tion initiated under the antitrust laws by the Attorney to the Board two years after repeal of the exemption General with respect to any acquisition, merger, or applicable to it and annually thereafter.” consolidation of the kind described in section 3(a) Sec. 9. Section 6 of the Bank Holding Company of this Act shall apply the substantive rule of law set Act of 1956 (12 U.S.C. 1845) is hereby repealed. forth in section 3 of this Act. Sec. 10. The first sentence of section 9 of the Bank “(f) For the purposes of this section, the term Holding Company Act of 1956 (12 U.S.C. 1848) is ‘antitrust laws’ means the Act of July 2, 1890 (the amended by striking out “sixty” and inserting “thirty”. Sherman Antitrust Act, 15 U.S.C. 1-7), the Act of Sec. 11. Section 11 of the Bank Holding Company October 15, 1914 (the Clayton Act, 15 U.S.C. 12-27), Act of 1956 (12 U.S.C. 1841 (note)) is amended by and any other Acts in pari materia.” inserting “(a)” after “Sec. 11.”; by inserting a comma Sec. 12. (a) Section 23A of the Federal Reserve and “except as specifically provided in this section” Act, as amended (12 U.S.C. 371c), is amended by before the period at the end thereof; and by adding adding at the end thereof the following new para­ graphs: at the end thereof the following new subsections: “For the purposes of this section, (1) the term “(b) The Board shall immediately notify the At­ ‘extension of credit’ and ‘extensions of credit’ shall torney General of any approval by it pursuant to this be deemed to include (A) any purchase of securities, Act of a proposed acquisition, merger, or consolida­ other assets or obligations under repurchase agree­ tion transaction, and such transaction may not be con­ ment, and (B) the discount of promissory notes, bills summated before the thirtieth calendar day after the of exchange, conditional sales contracts, or similar date of approval by the Board. Any action brought paper, whether with or without recourse, except that under the antitrust laws arising out of an acquisition, the acquisition of such paper by a member bank from merger, or consolidation transaction shall be com­ another bank, without recourse, shall not be deemed menced within such thirty-day period. The commence­ to be a ‘discount’ by such member bank for such other ment of such an action shall stay the effectiveness of bank; and (2) non-interest-bearing deposits to the the Board’s approval unless the court shall otherwise credit of a bank shall not be deemed to be a loan or specifically order. In any such action, the court shall advance or extension of credit to the bank of deposit, review de novo the issues presented. In any judicial nor shall the giving of immediate credit to a bank proceeding attacking any acquisition, merger, or con­ upon uncollected items received in the ordinary course solidation transaction approved pursuant to this Act of business be deemed to be a loan or advance or on the ground that such transaction alone and of itself extension of credit to the depositing bank. constituted a violation of any antitrust laws other than “For the purposes of this section, the term ‘affiliate’ section 2 of the Act of July 2, 1890 (section 2 of the shall include, with respect to any member bank, any Sherman Antitrust Act, 15 U.S.C. 2), the standards bank holding company of which such member bank applied by the court shall be identical with those that is a subsidiary within the meaning of the Bank Hold­ the Board is directed to apply under section 3 of this ing Company Act of 1956, as amended, and any other Act. Upon the consummation of an acquisition, subsidiary of such company. merger, or consolidation transaction in compliance “The provisions of this section shall not apply to with tfiis Act and after the termination of any anti­ (1) stock, bonds, debentures, or other obligations of trust litigation commenced within the period pre­ any company of the kinds described in section 4(c) scribed in this section, or upon the termination of (1) of the Bank Holding Company Act of 1956, as such period if no such litigation is commenced therein, amended; (2) stocks, bonds, debentures, or other the transaction may not thereafter be attacked in any obligations accepted as security for debts previously judicial proceeding on the ground that it alone and of contracted, provided that such collateral shall not be itself constituted a violation of any antitrust laws other held for a period of over two years; (3) shares which than section 2 of the Act of July 2, 1890 (section 2 are of the kinds and amounts eligible for investment of the Sherman Antitrust Act, J5 U.S.C. 2), but noth­ by national banks under the provisions of section 5136 ing in this Act shall exempt any bank holding com­ of the Revised Statutes; (4) any extension of credit pany involved in such a transaction from complying by a member bank to a bank holding company of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

970 FEDERAL RESERVE BULLETIN • JULY 1966 which such bank is a subsidiary or to another sub­ are directors to be elected, or to cumulate such shares sidiary of such bank holding company, if made within and give one candidate as many votes as the number one year after the effective date of this amendment of directors multiplied by the number of his shares to section 23A and pursuant to a contract lawfully shall equal, or to distribute them on the same principle entered into prior to January 1, 1966; or (5) any among as many candidates as he shall think fit; and transaction by a member bank with another bank the in deciding all other questions at meetings of share­ deposits of which are insured by the Federal Deposit holders, each shareholder shall be entitled to one vote Insurance Corporation, if more than 50 per centum on each share of stock held by him; except that (1) of the voting stock of such other bank is owned by this shall not be construed as limiting the voting rights the member bank or held by trustees for the benefit of holders of preferred stock under the terms and pro­ of the shareholders of the member bank.” visions of articles of association, or amendments there­ (b) Section 25 of the Federal Reserve Act, as to, adopted pursuant to the provisions of section amended (12 U.S.C. 601) is amended by striking out 302(a) of the Emergency Banking and Bank Con­ “either or both of” immediately preceding “the follow­ servation Act, approved March 9, 1933, as amended; ing powers” in the introductory paragraph and by (2) in the election of directors, shares of its own inserting after the paragraph designated “Second.” stock held by a national bank as sole trustee, whether the following new paragraph: registered in its own name as such trustee or in the “Third. To acquire and hold, directly or indirectly, name of its nominee, shall not be voted by the regis­ stock or other evidences of ownership in one or more tered owner unless under the terms of the trust the banks organized under the law of a foreign country manner in which such shares shall be voted may be or a dependency or insular possession of the United determined by a donor or beneficiary of the trust and States and not engaged, directly or indirectly, in any unless such donor or beneficiary actually directs how activity in the United States except as, in the judg­ such shares shall be voted; and (3) shares of its own ment of the Board of Governors of the Federal Re­ stock held by a national hank and one or more per­ serve System, shall be incidental to the international sons as trustees may be voted by such other person or foreign business of such foreign bank; and, not­ or persons, as trustees, in the same manner as if he withstanding the provisions of section 23A of this Act, or they were the sole trustee. Shareholders may vote to make loans or extensions of credit to or for the by proxies duly authorized in writing; but no officer, account of such bank in the manner and within the clerk, teller, or bookkeeper of such bank shall act as limits prescribed by the Board by general or specific proxy; and no shareholder whose liability is past due regulation or ruling.” and unpaid shall be allowed to vote. Whenever shares (c) Section 18 of the Federal Deposit Insurance of stock cannot be voted by reason of being held by Act, as amended (12 U.S.C. 1828), is further amend­ the bank as sole trustee such shares shall he excluded ed by adding at the end thereof the following new in determining whether matters voted upon by the subsection: shareholders were adopted by the requisite percentage of shares.” “(j ) The provisions of section 23A of the Federal Reserve Act, as amended, relating to Ioans and other (d) Paragraph (c) of section 5211 of the Revised dealings between member banks and their affiliates, Statutes (12 U.S.C. 161) is amended by striking out shall be applicable to every nonmember insured bank the second sentence thereof. in the same manner and to the same extent as if such (e) The last sentence of the sixteenth paragraph of nonmember insured bank were a member bank; and section 4 of the Federal Reserve Act, as amended (12 for this purpose any company which would be an U.S.C. 304), is amended by striking out all of the affiliate of a nonmember insured bank, within the language therein which follows the colon and by in­ meaning of section 2 of the Banking Act of 1933, as serting in lieu thereof the following: “Provided, That amended, and for the purposes of section 23A of the whenever any member banks within the same Fed­ Federal Reserve Act, if such bank were a member eral Reserve district are subsidiaries of the same bank bank shall be deemed to be an affiliate of such non­ holding company within the meaning of the Bank member insured bank.” Holding Company Act of 1956, participation in any Sec. 13. (a) Subsection (b) of section 2 of the such nomination or election by such member banks, Banking Act of 1933, as amended (12 U.S.C. 221a), including such bank holding company if it is also a is further amended by inserting before the period at member bank, shall be confined to one of such banks, the end thereof the following: “; or which may be designated for the purpose by such “(4 ) Which owns or controls, directly or indirectly, holding company.” either a majority of the shares of capital stock of a (f) The nineteenth paragraph of section 9 of the member bank or more than 50 per centum of the Federal Reserve Act (12 U.S.C. 334) is amended by number of shares voted for the election of directors striking out the last sentence of such paragraph. of a member bank at the preceding election, or con­ (g) The twenty-second paragraph of section 9 of trols in any manner the election of a majority of the the Federal Reserve Act (12 U.S.C. 337) is repealed. directors of a member bank, or for the benefit of (h) The third paragraph of section 23A of the whose shareholders or members all or substantially Federal Reserve Act (12 U.S.C. 371c) is amended by all the capital stock of a member bank is held by striking out that part of the first sentence that reads trustees”. “For the purpose of this section, the term ‘affiliate’ (b) Subsection (c) of section 2 of the Banking Act shall include holding company affiliates as well as of 1933, as amended (12 U.S.C. 221a), is repealed. other affiliates, and”; and by changing the word “the” (c) Section 5144 of the Revised Statutes, as amend­ following such language to read “The”. ed (12 U.S.C. 61), is amended to read as follows: (i) Paragraph (4) of section 3(c) of the Investment “Sec. 5144. In all elections of directors, each share­ Company Act of 1940 (15 U.S.C. 80a-3) is repealed. holder shall have the right to vote the number of (j) Paragraph (11) of section 202(a) of the In­ shares owned by him for as many persons as there vestment Advisers Act of 1940 (15 U.S.C. 80b-2) is Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

971 LAW DEPARTMENT amended by striking out the words “or any holding vided an opportunity for the filing of comments company affiliate, as defined in the Banking Act of and views regarding the proposed acquisition, and 1933” and substituting therefor the words “or any bank holding company as defined in the Bank Holding the time for filing such comments and views has Company Act of 1956”. expired and all comments and views filed with the Approved July 1, 1966. Board have been considered by it. It is hereby ordered, for the reasons set forth Orders Under Section 3 of Bank Holding in the Board’s Statement of this date, that said Company Act application be and hereby is denied. The Board of Governors issued the following Dated at Washington, D. C., this 20th day of Orders and Statements in connection with actions June, 1966. denying an application for permission to become By order of the Board of Governors. a bank holding company and an application by a Voting for this action: Chairman Martin, and Gov­ bank holding company for permission to acquire ernors Robertson, Shepardson, Mitchell, Daane, and Brimmer. Absent and not voting: Governor Maisel. the voting shares of a bank: (Signed) Merritt Sherman, FIRST MONTANA BANK CORPORATION, GREAT FALLS, MONTANA Secretary. [SEAL] In the matter of the application of First Mon­ tana Bank Corporation, Great Falls, Montana, for approval of action to become a bank holding com­ Statement pany through the acquisition of voting shares of First Montana Bank Corporation, Great Falls, Ravalli County Bank, Hamilton, Montana, and Montana (“Applicant”), has filed with the Board, First State Bank of Stevensville Montana, Stevens­ pursuant to section 3(a)(1) of the Bank Holding ville, Montana. Company Act of 1956 (“the Act”), an applica­ tion for approval of action to become a bank Order Denying Application Under Bank holding company through the acquisition of 85 Holding Company Act per cent of the voting shares of Ravalli County There has come before the Board of Gover­ Bank, Hamilton, Montana ("County Bank”), and nors, pursuant to section 3(a)(1) of the Bank 83 per cent of the voting shares of First State Holding Company Act of 1956 (12 U.S.C. Bank of Stevensville Montana, Stevensville, Mon­ 1842(a)(1)) and section 222.4(a)(1) of Federal tana (“State Bank”). At December 31, 1965,1 Reserve Regulation Y (12 CFR 222.4(a)(1)), County Bank and State Bank had deposits of an application by First Montana Bank Corpora­ $6.1 million and $2.4 million, respectively. tion, Great Falls, Montana, for the Board’s prior Views and recommendation of supervisory au­ approval of action whereby Applicant would be­ thority. As required by section 3(b) of the Act, come a bank holding company through the acqui­ notice of receipt of the application was given to sition of 1,059 (85 per cent) of the outstanding the Montana Superintendent of Banks, and his voting shares of Ravalli County Bank, Hamilton, views and recommendation were requested there­ Montana, and 414 (83 per cent) of the outstand­ on. The Superintendent replied that the Montana ing voting shares of First State Bank of Stevens­ Banking Department could not endorse the pro­ ville Montana, Stevensville, Montana. posal but that it would not officially disapprove As required by section 3(b) of the Act, the the application. Board notified the Montana Superintendent of Statutory factors. Section 3(c) of the Act re­ Banks of the receipt of the application and re­ quires the Board to take into consideration the quested his views and recommendation. The Su­ following five factors: (1) the financial history perintendent replied that the Montana Banking and condition of the holding company and the Department could not endorse the proposal but banks concerned; (2) their prospects; (3) the that it would not officially disapprove it. character of their management; (4) the conveni- Notice of receipt of the application was pub­ lished in the Federal Register on November 19, 1 Unless otherwise indicated, all banking data noted 1965 (30 Federal Register 14510), which pro­ are as of this date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

972 FEDERAL RESERVE BULLETIN • JULY 1966 ence, needs, and welfare of the communities and subsidiary banks, at net asset values, amounting the area concerned; and (5) whether or not the to $433,000, total assets of $437,000, liabilities effect of the proposed acquisition would be to ex­ totaling $5,000, and total capital accounts aggre­ pand the size or extent of the bank holding com­ gating $432,000. Of this amount, $400,000 repre­ pany system involved beyond limits consistent sents the book value of Applicant’s preferred with adequate and sound banking, the public in­ stock, and but $32,000 the value of 500,000 terest, and the preservation of competition in the shares of Applicant’s common stock. This com­ field of banking. mon stock which, as earlier noted, would be dis­ Financial history and condition, and prospects tributed without cost to Montana Corporation’s of Applicant and the banks concerned. Applicant shareholders would have a net book value of but was organized by two of three individuals who six cents per share. In terms of total value, the presently own control of the proposed subsidiary common stock would constitute only seven per banks, and six other individuals who are officers cent of Applicant’s total capital accounts. The or directors of The Montana Corporation, which balance of the capital accounts would consist of corporation owns direct or indirect control of the earlier-mentioned issue of preferred stock Commerce Bank and Trust Company, Helena, which would be owned by Montana Corporation. Montana, and of a finance company, a real estate In addition to the bearing that Applicant’s pro investment company, and five title insurance com­ forma capital position has on its prospective fi­ panies. nancial structure, its capital position will also Applicant’s capitalization would be provided likely affect its prospects, including its ability to through Montana Corporation’s purchasing for attract and retain competent personnel for its sub­ cash and certain treasury stock 500,000 shares of sidiary banks. These aspects of Applicant’s pro­ Applicant’s common stock (at $1 per share) and posal are discussed hereafter. . 400,000 shares of Applicant’s preferred stock (at County Bank and State Bank were organized, $1 per share). Thereafter, Montana Corporation respectively, in 1895 and 1909. Both have satis­ would distribute to its own shareholders—some factory financial histories and are in generally 4,700 in number—425,000, or 85 per cent, of sound financial condition. As to their prospects, Applicant’s common shares, and retain 15 per the record in this case indicates that both banks cent of Applicant’s common voting stock and all are situated in areas with relatively stable eco­ of its outstanding preferred stock. The preferred nomic characteristics and that both banks have stock to be issued by Applicant would be cumula­ reasonably satisfactory earnings and have expe­ tive, nonparticipating, and nonvoting, bearing in­ rienced average deposit growth. The earnings and terest at the rate of six per cent. In the event three growth prospects of both banks under present annual dividends were passed on the preferred ownership are considered satisfactory. As dis­ stock, all voting rights would revert from com­ cussed below, it is the Board’s opinion that the mon to preferred shareholders. banks’ prospects under Applicant’s control would The consideration which Applicant proposes to be no more favorable, and perhaps less so, than offer for the stock of County Bank and State Bank under present ownership and operation. consists of cash and the treasury stock of Mon­ Applicant’s prospects would depend in part tana Corporation, which Applicant would receive upon the prospects of its two proposed subsidiary in exchange for the issuance of its own common banks (its only assets of significance) and, in and preferred stock. Under the proposal, Appli­ part, upon its ability to acquire other banks in cant would acquire 85 per cent of County Bank’s the future. outstanding shares and 83 per cent of the out­ On the basis of the acquisition herein proposed. standing shares of State Bank from three individ­ Applicant’s proportionate interest in the net uals who now own all such stock. Applicant does profits of the two banks for the past three calen­ not intend to make any offer to minority share­ dar years would have been $25,000 in 1963, holders for the purchase of their stock. $45,000 in 1964, and $42,000 in 1965. In that Applicant has no financial history. Its pro forma period the banks paid combined dividends of balance sheet, reflecting consummation of the pro­ $6,500, $7,500, and $8,000, respectively. On the posed acquisition, shows investments in stock of basis of five-year averages, Applicant’s proper- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 973 tionate interest in the average annual net profits the Board’s opinion that the financial burden that of the banks would have been about $35,000, with would be imposed upon the banks under Appli­ the banks paying average annual dividends of cant’s proposal would be no less burdensome than about $7,000, The banks’ dividends and/or serv­ that which Applicant has stated they now bear. ice fees would constitute the only source of in­ A further consideration weighing against ap­ come to Applicant, and in order for it to meet the proval of the application is the fact that, pursuant ^24,000 annual dividend requirement on its pre­ to Article 6 (amended) of Applicant’s Articles of ferred stock the banks would be required to sub­ Incorporation, if Applicant shall at any time be in stantially increase their dividend rates. default in any three annual dividends on its pre­ Even assuming that Applicant would effect the ferred stock, thereafter the preferred stock shall salary reduction it proposes in each of the banks have sole and exclusive voting rights. Assuming involved, with a resultant increase in net profits, approval of this application, the foregoing provi­ and, further, assuming a reasonable retention of sion presents the possibility that at some future net profits by each bank after Applicant meets its time the Board would be faced with the dilemma own expenses, its required payment to Montana of either approving Montana Corporation’s be­ Corporation of $24,000 annually in the form of coming a bank holding company by its acquisition dividends on Applicant’s cumulative preferred of control of Applicant pursuant to the provisions stock would appear to leave little, if any, cushion of Article 6 or, having denied the application, as a source for payment of dividends on Appli­ subjecting the banks to the possibility of unwar­ cant’s common stock. The unlikelihood of divi­ ranted payments to Applicant to enable its pay­ dend payments on Applicant’s common stock, ment of dividends on preferred stock. together with the fact that such stock would have The foregoing considerations, in the Board’s a per share book value of only six cents, raises judgment, weigh against any favorable finding serious doubt as to favorable public acceptance of with respect to the prospects of Applicant and Applicant’s future common stock issues. It fol­ the banks under Applicant’s proposal. lows, in the Board’s judgment, that the acquisition Management. The Board finds Applicant’s pro­ of additional banks, asserted by Applicant to be a posed management to be generally satisfactory. necessary extension of the proposal before the One of Applicant’s eight proposed directors died Board, would be extremely difficult through the subsequent to the filing of the application. The issuance of Applicant’s common stock. seven individuals who would serve on Applicant’s The foregoing analysis satisfies the Board that board have broad experience in diversified busi­ the very real limitations that would exist with re­ ness fields, including banking. Present manage­ spect to Applicant’s financial prospects make those ment of each of the proposed subsidiary banks is prospects no better than fair. This conclusion re­ also regarded as satisfactory, and neither bank is flects at the same time the Board’s judgment of the asserted to be faced with any management succes­ financial prospects of the banks proposed to be sion problem. acquired. Applicant asserts that the present own­ Relating to the proposed management and op­ ers of the two proposed subsidiary banks have in­ eration of Applicant, one aspect of Applicant’s curred heavy debt and that this debt is being met proposal that has received critical analysis is the with monies withdrawn from the banks without close relationship that would exist between Appli­ apparent regard for the earnings of the banks or cant and Montana Corporation upon consumma­ for their respective need for growth capital. tion of the subject proposal. Of the seven individ­ Equally subject to criticism, in the Board’s opin­ uals who would constitute Applicant’s board of ion, is Applicant’s proposal whereby an equal or directors, the application reflects that three are more onerous financial burden would be placed also directors of Montana Corporation and that upon these banks in order to provide for divi­ two others are the Corporation’s executive vice dend payments on Applicant’s preferred stock. As president and counsel, respectively. earlier stated, the only source of income that Despite the apparency of control of Applicant Applicant could rely upon to meet its dividend by Montana Corporation, evidenced by the fore­ commitments would be dividends of its subsidiary going facts, Applicant has asserted, and has sup­ banks or service fees charged these banks. It is ported such assertion with a corporate resolution Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

974 FEDERAL RESERVE BULLETIN • JULY 1966 adopted by Montana Corporation’s board of di­ Vol. 15, Rev. Code of Montana, 1947) requiring rectors, that Montana Corporation “does not in­ that for a valid election or vote at any meeting of tend” and “will not attempt” to control Applicant. corporate stockholders there must be represented The Board is unable to accept as a fact that Mon­ at such meeting a majority of the outstanding tana Corporation will not have, and perforce of voting stock. Applicant maintains that Montana the situation existing be required to exercise, Corporation’s ownership of 15 per cent of Appli­ working control of Applicant. This conclusion is cant’s stock would not enable it to prevail over premised upon the facts (1) that, as above men­ the balance of shares required to be represented tioned, Montana Corporation would have major­ at any given meeting. In view of the ease with ity representation on Applicant’s board of direc­ which such representation could be achieved tors; (2) that Montana Corporation would own through the use of proxy solicitations, and consid­ the largest single block of Applicant’s voting ering that the shareholders of Applicant other than stock—15 per cent, with the remainder being dis­ Montana Corporation are the owners of Montana tributed among some 4,700 individuals who are Corporation, the Board concludes that the provi­ also owners of Montana Corporation; and (3) sion of Montana law cited by Applicant would not that Montana Corporation would own all of Ap­ prove an effective bar to Montana Corporation’s plicant’s preferred stock, representing about 93 control of any such meeting. per cent of the book value of Applicant’s total The finding made herein of Montana Corpora­ capital accounts. In the Board’s judgment, the tion’s relationship to Applicant does not alone, foregoing circumstances reasonably and clearly and of itself, require denial of the application. establish both that Montana Corporation would Viewed in the light of its actual operation, how­ have working control over Applicant and the like­ ever, this relationship presents a situation that the lihood that such control would in fact be exer­ Board finds to be incompatible with the stated cised. The likelihood that this control would be intent of Congress in requiring of bank holding exercised is further evidenced, the Board believes, companies separation of banking and nonbanking by the fact that Applicant’s voting stock would interests. The effect of the incompatibility in this have a book value of only about six cents per case is more fully discussed hereafter. share, and that its holders would be unlikely to Convenience, needs, and welfare of the commu­ receive dividends on such stock in the foreseeable nities and area concerned. County Bank, with a future. In this context, it may reasonably be con­ single office in Hamilton, is located in the Bitter­ cluded that such shareholders, other than Mon­ root Valley in southwestern Montana. The popu­ tana Corporation, would take little interest in, lation of Hamilton, presently about 2,650, is rela­ and make slight effort to influence, decisions made tively stable and the economy is based principally by Applicant’s management. on agriculture and lumbering. State Bank is situ­ In addition to the conclusion reached as to ated in Stevensville, twenty miles north of Hamil­ Montana Corporation’s ability to exercise work­ ton and also in the Bitterroot Valley. The popula­ ing control over Applicant, the Board perceives tion of Stevensville is estimated at just under an apparent intent to so control in Applicant’s 1,000. Its economy also depends primarily on statement given with respect to the reasons for agriculture and lumber, and it is becoming a resi­ Montana Corporation’s retaining 15 per cent of dential area for persons employed in Missoula, Applicant’s voting stock. Applicant stated “Since about twenty miles to the north. The Montana Corporation will hold 15 per cent Applicant concedes that the banking services of the common stock, it will have a financial in­ now being provided by the two proposed subsidi­ terest which will require due care and diligence ary banks are adequate to meet the requirements in seeing that a bank holding company follows of the areas concerned and states that it does not sound banking practices. Thus, the purpose of contemplate changing those services. As earlier in­ retaining 15 per cent is to give a stable financial dicated, Applicant has made known its intention responsibility to one party.” to expand its system beyond ownership of the two Asserting that Montana Corporation could not banks here involved. Premised upon its assumed exercise control over Applicant, Applicant has ability to expand its system by future bank acqui­ cited a provision of Montana law (Sec. 504, Repl. sitions, Applicant asserts the following resulting Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 975 benefits to its banks and the customers they would the deposits of all banks in Montana. If Appli­ serve: the creation of greater lending power cant’s proposal were approved and consummated, through loan participations, management training the percentage of deposits under holding company by rotation of personnel, increased efficiency in control would be increased by less than one per operations with resulting increased earnings, cent. The two proposed subsidiary banks are greater stability in bank ownership and manage­ situated in and primarily serve the lower portion ment, provision of trust services through the com­ of the Bitterroot Valley. Two other small banks, bined facilities of several small banks, the provi­ with deposits of $6 million and $4 million, respec­ sion of internal auditing services by the holding tively, are also located in the Valley. County Bank company, the improved ability to meet real estate and State Bank rank, respectively, second and mortgage demands within local service areas, and fourth in deposit size among the four banks, and a broader base for providing additional capital together they hold about 46 per cent of the de­ when needed. posits of the four banks. As presently affiliated, The Board views as irrelevant to its considera­ or as proposed, they are and would be larger in tion of this application, and accordingly rejects, the aggregate than either of the two independent Applicant’s assertions of benefits that would result banks. from the operation by it of a holding company Although, if Applicant’s proposal were con­ system expanded to include more banks than are summated, the portion of deposits held by banks contemplated by the present proposal. As earlier in the Bitterroot Valley that would be under Ap­ mentioned, the Board foresees practical difficul­ plicant’s control would be sizable, this considera­ ties in any effort by Applicant to expand its sys­ tion is made less significant by the fact that the tem beyond the limits proposed in the present two banks involved are already affiliated by reason application. Even should such expansion be of common ownership. Thus, the competitive force deemed feasible, the Board is unable to appraise to be offered by Applicant’s control of the re­ with any degree of preciseness the merits of claims sources of the two banks involved would, in the related to a holding company system, the size, ex­ foreseeable future, be no greater than that now tent, structure, makeup, and location of which are faced by the banks competing with the two affili­ known. ated banks. Further, the evidence of record satis­ Regarding the application before the Board, the fies the Board that no significant present or poten­ proposed subsidiary banks are presently controlled tial competition between County Bank and State by the same three individuals. In the Board’s Bank would be eliminated or precluded by con­ judgment, the two banks should be able under summation of Applicant’s proposal. The Board this affiliation to provide a majority of the services concludes that consummation of Applicant’s pro­ that Applicant asserts would be available through posal would not create a holding company system its system. This conclusion is of no real moment the size or extent of which would be beyond limits to the present application, however, in view of consistent with the preservation of competition in Applicant’s concession that the services rendered the field of banking. by these banks are presently adequate to the needs Summarizing the Board’s findings, the evidence of the communities served and that Applicant pro­ bearing on the convenience, needs, and welfare poses no changes in the scope or nature of such of the communities and area concerned, and on services. the probable competitive effects of Applicant’s The Board finds that the evidence of record re­ formation, is consistent with, but does not affirma­ lating to the convenience, needs, and welfare of tively support, approval of the application. The the communities and the area concerned offers no evidence relating to the banking factors is suffi­ weight favoring approval of the application. ciently adverse as to require denial of the applica­ Effect on adequate and sound banking, the pub­ tion. lic interest, and banking competition. At year-end Denial of the application is required, in the 1965, the four bank holding companies operating Board’s judgment, for an additional and equally in Montana (three of which are headquartered compelling reason. Section 4 of the Act prohibits, outside the State) controlled 33 of the State’s 131 with certain exceptions and under certain circum­ banks. Those 33 banks held about 50 per cent of stances, direct or indirect ownership or control by Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

976 FEDERAL RESERVE BULLETIN • JULY 1966 a bank holding company of voting shares of any Order Approving Application Under company which is not a bank, or the engagement Bank Holding Company Act by a bank holding company in any business other There has come before the Board of Governors, than that of banking or of managing or controlling pursuant to section 3(a)(2) of the Bank Holding banks or of furnishing services to or for its sub­ Company Act of 1956 (12 U.S.C. 1842(a)(2)) sidiary banks. The Congressional purpose in re­ and section 222.4(a)(2) of Federal Reserve quiring separation of banking and nonbanking Regulation Y (12 CFR 222.4(a)(2)), an interests under the control of a bank holding com­ application on behalf of Barnett National pany was to remove the very real danger that a Securities Corporation, Jacksonville, Florida, a bank holding company might misuse or abuse the registered bank holding company, for the resources of a bank it controls in order to gain Board’s approval of the acquisition of 80 per cent an advantage in the operation of the nonbanking or more of the outstanding voting shares of The activities it controls. First Bank & Trust Company of Pensacola, Pen­ Under Applicant’s proposal, Applicant itself sacola, Florida. would own or control only bank subsidiaries. As required by section 3(b) of the Act, the However, Montana Corporation, which the Board Board notified the Florida State Commissioner of has found would exercise effective control of Ap­ Banking of receipt of the application and request­ plicant and its banks, has direct or indirect con­ ed his views and recommendation thereon. The trol of a bank, a finance company, a real estate Comptroller of the State of Florida, acting also as investment company, and five title insurance com­ State Commissioner of Banking, made no recom­ panies. Thus, were the Board to approve Appli­ mendation in response to the Board’s request, but cant’s proposal, it would be condoning and facili­ did advise of his action approving the proposed tating the creation of the very type of relationship transfer of Bank’s ownership to Applicant. Notice that Congress saw need to prohibit. Approval of of receipt of the application was published in the the application would place under common con­ Federal Register on April 14, 1966 (31 Federal trol the resources of the two banks involved and Register 5778), which provided an opportunity the extensive nonbanking interests of Montana for submission of comments and views regarding Corporation. Creation of such a relationship the application. Time for filing such comments and through approval of Applicant’s proposal would, views has expired and all comments and views in the Board’s judgment, be wholly incompatible, filed with the Board have been considered by it. with the stated intent of Congress embodied within It is ordered, for the reasons set forth in the the Act’s provisions and with the Board’s statu­ Board’s Statement of this date, that said applica­ tory responsibility to implement such intent. tion be and hereby is approved, provided that the On the basis of all the relevant facts as con­ acquisition so approved shall not be consummated tained in the record before the Board, viewed in (a) within seven calendar days after the date of the light of the factors set forth in section 3(c) this Order or (b) later than three months after of the Act, and taking cognizance of the legisla­ said date. tive intent in prohibiting common control within a holding company system of banking and non­ Dated at Washington, D. C., this 21st day of banking interests, it is the Board’s judgment that June, 1966. consummation of the transaction here proposed By order of the Board of Governors. would be inconsistent with the public interest and Voting for this action: Chairman Martin, and Gov­ that the application should therefore be denied. ' ernors Shepardson, Mitchell, Daane, Maisel, and Brimmer. Absent and not voting: Governor Robert­ son. BARNETT NATIONAL SECURITIES (Signed) Merritt Sherman, CORPORATION, JACKSONVILLE, FLORIDA Secretary. In the matter of the application of Barnett Na­ [SEAL] tional Securities Corporation, Jacksonville, Flor­ Statement ida, for approval of the acquisition of voting Barnett National Securities Corporation, Jack­ shares of The First Bank & Trust Company of sonville, Florida (“Applicant”), a registered bank Pensacola, Pensacola, Florida. holding company, has applied to the Board of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 977 Governors under the Bank Holding Company Act In addition, Bank’s earnings record has been good of 1956 (“the Act”), for permission to acquire and it has followed conservative dividend policies. 80 per cent or more of the outstanding voting These considerations, coupled with the expectation shares of The First Bank & Trust Company of of favorable economic activity in the Pensacola Pensacola, Pensacola, Florida (“Bank”). Appli­ area, the area principally served by Bank, lead to cant controls six Florida banks which, at Decem­ the conclusion that Bank’s prospects as an inde­ ber 31, 1965,1 held deposits aggregating $255 mil­ pendent institution are satisfactory. However, in­ lion. Bank, which operates a single office in Pen­ asmuch as Applicant could facilitate and make sacola, held deposits of $26 million at that date. more certain the strengthening of Bank’s capital Views and recommendation of supervisory au­ position, Bank’s prospects, in the Board’s judg­ thority. As required by section 3(b) of the Act, ment, would be somewhat more favorable as a the Board notified the State Commissioner of subsidiary of Applicant’s system than as an inde­ Banking of receipt of the application and request­ pendent bank. While Bank’s first line manage­ ed his views and recommendation thereon. The ment is shown to be capable and experienced, it Comptroller of the State of Florida, acting also as is apparent that Bank does not have personnel with State Commissioner of Banking, made no recom­ the qualifications required to assume the responsi­ mendation in response to the Board’s request, but bilities of and succeed to Bank’s executive posi­ did advise of his action approving the proposed tions. It is reasonably concluded that under Appli­ transfer of Bank’s ownership to Applicant. cant’s control Bank would be assured of immediate Statutory factors. Section 3(c) of the Act re­ and certain assistance with respect to management quires the Board to take into consideration the requirements. following five factors: (1) the financial history On the basis of the foregoing, the Board con­ and condition of the holding company and the cludes that considerations relating to Bank’s pros­ banks concerned; (2) their prospects; (3) the pects and management as a subsidiary of Appli­ character of their management; (4) the conven­ cant’s holding company system provide some ience, needs, and welfare of the communities and weight for approval of the proposed acquisition. the area concerned; and (5) whether or not the Convenience, needs, and welfare of the com­ effect of the proposed acquisition would be to munity and area concerned.. Bank’s primary serv­ expand the size or extent of the bank holding com­ ice area, from which about 98 per cent of its de­ pany system involved beyond limits consistent posits of individuals, partnerships, and corpora­ with adequate and sound banking, the public in­ tions originate, consists of the City of Pensacola terest, and the preservation of competition in the and its principal suburbs. The area had a 1964 field of banking. population of about 145,000 and since the end of Financial history and condition, prospects, and World War II has experienced rather significant management of Applicant and Bank. The finan­ industrial growth with particular emphasis on cial history and condition of Applicant are satis­ plants engaged in the processing of pine wood into factory. Its prospects, viewed in the light of the plywood, nylon, fibers, and resins. The production sound condition and satisfactory deposit and earn­ of fertilizer and other agricultural chemicals also ings growth of its subsidiary banks, appear favor­ plays a role in the area’s economy. That economy able, and its management is regarded as capable is primarily dependent upon the aforementioned and experienced. manufacturing and, to a siginficant extent, on the Bank, organized in 1914, has a satisfactory operation of the Pensacola Naval Air Training financial history. In the past five calendar years Center. its total deposits increased from $18 million to Applicant asserts that in addition to continuing $26 million, total loans increased from $7 million the services presently being offered by Bank, under to $16 million, and total capital accounts increased Applicant’s control certain of Bank’s present ser­ from $1.3 million to $2.5 million. Although its vices would be improved or expanded and certain rate of deposit and loan growth has outstripped new services provided. Chief among such new or its capital growth rate in this period, Bank’s finan­ expanded services to be provided to or through cial condition is regarded as generally satisfactory. Bank are investment counseling, assistance in ex­ 1 Unless otherwise indicated, all banking data noted panding Bank’s consumer financing program, and are as of this date. assistance in handling larger and an increased num- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

978 FEDERAL RESERVE BULLETIN • JULY 1966 ber of credit lines, both through capital contribu­ within Bank’s primary service area would be con­ tions by Applicant and by making available a trolled by bank holding companies, when viewed ready and convenient source for participation by in the light of existing circumstances, such con­ Bank of any excess loan demands. centration would not, in the Board’s judgment, Bank’s loan to deposit ratio has increased sig­ bar approval of the application. No single bank­ nificantly in recent years and is presently ap­ ing institution or group is, or would be, dominant proaching a level which might impede Bank’s within the area involved. The three holding com­ ability to meet any substantial increase in loan re­ panies would control, respectively, 28, 22, and quests, except through increased loan participa­ 10 per cent of the deposits of all commercial tions. Although there is no evidence that Bank banks. The four non-group banks in the area has been unable to arrange loan participations would hold, respectively, 22, 11, 5, and 2 per with correspondent banks, as required, it may be cent of such deposits. None of Applicant’s sub­ reasonably concluded that the proposed affiliation sidiaries is located in the Pensacola area, its near­ of Bank with Applicant’s other subsidiary banks, est bank being some 360 miles east of Pensacola; particularly Barnett National Bank of Jacksonville, nor do Applicant’s subsidiary banks derive any would facilitate the handling of such participa­ measurable business from the Pensacola area. tions. Similarly, the proposed affiliation would pro­ Thus, since Applicant is not now a significant vide Bank with a more ready source of assistance competitor in the Pensacola area, consummation with respect to investment counseling. of this proposal will not add to any existing con­ While the record establishes that the basic bank­ centration under Applicant’s control in that area, ing needs of the area’s residents and businesses are or eliminate an alternative banking source. presently being adequately served, the likelihood The proposed acquisition would not eliminate that such services would be expanded, and their any competition of consequence between Bank rendition made more certain and convenient, and any of Applicant’s subsidiary banks. Nor, in would constitute a sufficient benefit to the con­ view of the 360 miles separating the banks, is venience and welfare of the area concerned as to there likelihood of any significant potential com­ offer some support for approval of the proposed petition between the banks being foreclosed. Fur­ acquisition. ther, Applicant’s operation of Bank would not Effect of proposed acquisition on adequate and appear to present to the banks in the Pensacola sound banking, the public interest, and banking area a significantly more formidable competitive competition. Consummation of Applicant’s pro­ force than that which they now face. Each of posal would result in its control of 3.7 per cent of these banks, the newest of which has been in the banking deposits within the State. The seven business for over two years, appears sufficiently bank holding companies2 operating within the well established as to remain an effective market State would control about 25 per cent of the total competitor. Nor, in the Board’s opinion, will these deposits held by the State’s commercial banks. banks be unduly disadvantaged by the possibility Within Bank’s primary service area there are lo­ that Applicant’s large Jacksonville bank would no cated nine commercial banks, of which Bank is longer constitute a source of correspondent bank third in size. It holds deposits of $26 million, rep­ services to which these banks would seek access. resenting 22 per cent of the total deposits held by Banks in the Pensacola area that might not wish the nine banks. Four of the nine are members of to maintain a correspondent relationship with banking groups 3 and hold 38 per cent of the de­ Bank’s co-subsidiary in Jacksonville would have posits of the area’s commercial banks. Although, available in Jacksonville and other reasonably following consummation of Applicant’s proposal, accessible metropolitan centers an adequate num­ a substantial portion of the banking resources ber of alternative correspondent bank sources. On the basis of all the relevant facts as con­ 2 Included in the group are United Bancshares of Florida, Inc., Miami Beach, the formation of which tained in the record before the Board, and in light was approved by the Board on May 26, 1966, and the of the factors set forth in section 3(c) of the Act, Florida National Group, which is hereinafter treated it is the Board’s judgment that the proposed trans­ as a bank holding company. action would be consistent with the public interest 3 Two of the banks are subsidiaries of Commercial Associates, Inc., a registered bank holding company, and that the application should therefore be and two are units of the Florida National Group. approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS CHANGES IN THE BOARD'S STAFF quired reserves by more than $400 million—ap­ Mr. H. Franklin Sprecher, Jr., who had served as proximately $350 million at reserve city banks and the Assistant Director of the Division of Personnel $70 million at other member banks. All told, about Administration since his appointment to the 950 of the larger member banks throughout the Board’s staff in 1951, resigned on July 15, to country—primarily those that issue savings certi­ accept a position as Director of Personnel with ficates and other certificates of deposit (CD’s) in the Water Refining Company of Dayton, Ohio. large volume—are expected to be affected by this Prior to his Board service, Mr. Sprecher had increase in requirements. The action should exer­ worked at the Federal Reserve Bank of Min­ cise a tempering influence on bank issuance of neapolis since 1933. time certificates of deposit. The measure will also Mr. John J. Hart was appointed by the Board serve to apply a moderate additional measure of of Governors to succeed Mr. Sprecher. Mr. Hart, restraint upon the expansion of banks’ loanable a native of Little Falls, New York, has been em­ funds and thus reinforce the operations of other ployed by the Board since 1941 and had served instruments of monetary policy in containing in­ with the Division of Examinations and the Divi­ flationary pressures. sion of Bank Operations prior to his transfer to (2) The Board acted to bring shorter-term the Division of Personnel Administration in 1957. bank promissory notes and similar instruments Mr. Hart is a graduate of Catholic University under the regulations governing reserve require­ where he received a B.S. degree, with honors, in ments and payment of interest on deposits. This Commerce and was elected to Phi Beta Kappa. action would not apply to Federal funds transac­ tions, interbank borrowings, transfers of assets RESIGNATION OF DIRECTOR with agreements to repurchase, or bank notes for Dr. G. L. Bach, Chairman of the Pittsburgh capital purposes that have a maturity of more than branch of the Federal Reserve Bank of Cleveland, two years and are subordinated to claims of de­ resigned effective July 1, 1966. He had been positors. The action will became effective Septem­ ber 1, 1966, and will apply to all promissory notes serving as a director since January 1961. Dr. covered by the action that are issued on or after Bach, former Maurice Falk Professor of Eco­ June 27, 1966, and are outstanding on or after the nomics and Social Science at Carnegie Institute effective date. Promissory notes and other instru­ of Technology, has accepted the position of Frank ments of the type covered by the action have come E. Buck Professor of Economics and Public into use only in the last few years, and the volume Policy, Graduate School of Business, Stanford outstanding is small. The purpose of the Board’s University, Palo Alto, California. action is to prevent future use of these instruments as a means of circumventing statutory and regula­ FEDERAL RESERVE POLICY ACTIONS tory requirements applicable to bank deposits. On June 27, 1966, the Board of Governors of the Federal Reserve System announced two actions designed to moderate further growth of bank credit and deposits: (1) Reserve requirements were increased from On July 15, 1966, the Board of Governors of the 4 per cent to 5 per cent against the amount of each Federal Reserve System lowered the maximum rate member bank’s holdings of time deposits (other that the System’s member banks may pay hence­ than savings deposits) in excess of $5 million. The forth on those time deposits that have multiple increase became effective with the reserve com­ maturities. putation periods beginning July 14, 1966, for At the same time the Board asked Congress for reserve city banks, and July 21, 1966, for all other broader authority—for itself, the Federal Deposit member banks. Insurance Corporation, and the Federal Home It is estimated that this action will increase re­ Loan Bank Board—than is now available to govern 979 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

980 FEDERAL RESERVE BULLETIN • JULY 1966 the rate practices of banks and savings and loan In these letters the Board said, in part: associations. “Separate ceilings are imposed on ‘multiple­ The purpose of both steps is to help forestall maturity’ deposits in an effort to differentiate be­ excessive interest rate competition among financial tween money market CD's and consumer-type de­ institutions in conditions, such as those now exist­ posits. Obviously, the ‘multiple-maturity’ concept ing, when monetary policy is aimed at curbing the is not ideally suited for this purpose, but it is, in rate of expansion of bank credit. our judgment, the best alternative available under The action taken under present legislative au­ existing law. It may be that the only effective thority prescribes, effective July 20, 1966, a maxi­ means for accomplishing the purposes we seek in mum rate of 5 per cent on new multiple-maturity the current situation is to differentiate on the basis deposits of 90 days or more, and 4 per cent for of amount of deposit, even though, as you know, those of less than 90 days. Outstanding multiple­ the Board has reservations about such an approach maturity deposits will not be affected by the lower except as a temporary expedient. Accordingly, we maximum rates. hope that your Committee will give prompt con­ Previously, member banks were authorized to sideration to broadening the existing law as pro­ pay as high as 5Vi per cent on multiple-maturity posed in the enclosed draft. time deposits. The term “multiple maturity time “At the same time, we doubt the efficacy of at­ deposit” is defined in the Board’s Regulation Q as: tempting to prevent a rate war by limiting rates “any time deposit (1) that is payable at the de­ payable only by banks. The draft legislation there­ positor’s option on more than one date, whether fore includes authority for imposition of rate ceil­ on a specified date or at the expiration of a spec­ ings by the Federal Home Loan Bank Board. ified time after the date of deposit (for example, Under the proposal ceilings for both banks and a deposit payable at the option of the depositor savings and loan associations would not be manda­ either 3 months or 6 months after the date of de­ tory, but could be imposed or placed on a stand-by posit), (2) that is payable after written notice of basis by the appropriate agency, after consultation withdrawal, or (3) with respect to which the with the others, in the light of existing conditions.” underlying instrument or contract or any informal understanding or agreement provides for automatic renewal at maturity,” No change was made in the ceilings respecting Texts of the amendments to the Board’s Regula­ time deposits having a single maturity (now set at tions that implement these actions are shown on 5’/2 per cent) or savings deposits (now set at 4 per pages 963-64 of this Bulletin. cent). Prompt consideration of the legislative proposals to broaden the rate regulatory powers of the three supervisory agencies was asked by the Board in VOLUNTARY FOREIGN CREDIT letters to the Chairmen of the Senate and House RESTRAINT PROGRAM Banking and Currency Committees. Foreign asset holdings of nonbank financial institu­ These proposals would empower the three su­ tions increased by $189 million, or only 1.5 per pervisory agencies to prescribe different rate limita­ cent in the first quarter of 1966. These data indi­ tions for different classes of accounts, for accounts cate a continued high degree of compliance with of different amounts, or with different maturities the guidelines established by the Board of Gover­ or subject to different conditions regarding with­ nors of the Federal Reserve System under the drawal or repayment, according to the nature or Voluntary Foreign Credit Restraint Program. location of the institutions or the account holders Liquid investments were reduced about 2 per or on any other reasonable basis. cent during the first quarter to a level $30 million, In the letters to the congressional committee or 10 per cent, below the September 1965 target chairmen, the Reserve Board pointed out that its ceiling for these assets. Loans and other credits action, which was under its present powers, would with maturities of 10 years or less, together with cover primarily “consumer type” certificates of investments in financial subsidiaries abroad, were deposits (“CD’s”) in member banks. also reduced by about 2 per cent during the quar- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 981 tef; at the end of March such holdings were $65 veloped countries and of international institu­ million, or 5 per cent, below the target ceiling tions, which are to be given priority, rose by 2 for these assets. (The March 1966 ceiling in this pet cent in the first quarter of this year. case is equal to 106 per cent of December 1964 Commercial banks reporting under the VFCR holdings.) program reduced their foreign claims by $66 mil­ Long-term foreign assets held by nonbank in­ lion in April, bringing the reflow during the first 4 stitutions, on the other hand, rose by $217 mil­ months of 1966 to $360 million. As of April 30 lion between December 1965 and March 1966. the banks were $873 million below the suggested But investment in Canadian securities, for which target ceiling. no percentage ceilings has been suggested, ac­ counted for all the rise, and even more. Holdings ADMISSION OF STATE BANKS TO MEMBERSHIP IN of long-term assets in developed countries other THE FEDERAL RESERVE SYSTEM The following banks were admitted to member­ than Canada and Japan, which are to be restricted ship in the Federal Reserve System during the in 1966 to 105 per cent of the amount held on period June 15 to July 15, 1966: September 30, 1965, declined by $103 million, or 6 per cent, in the first quarter of 1966 and have Texas been reduced by $152 million, or 9 per cent, Lubbock........................American State Bank since the September 1965 base date. Outstanding West Virginia investments in long-term securities of less de­ Grafton.The Blueville Bank of Grafton Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Released for publication July 15 Industrial production and nonfarm employment and defense equipment continued to advance and rose further in June, retail sales recovered some­ was 18 per cent above a year earlier. what, and the unemployment rate was unchanged. Production of iron and steel was about un­ Bank credit and the money supply increased. In changed in June and output of construction ma­ late June and early July, yields on corporate and terials remained at the moderately reduced May municipal bonds rose further, and common stock level. Output of most other durable and nondur­ prices changed little. Prices of industrial commodi­ able goods materials rose somewhat further. ties continued to rise and prices of foodstuffs edged up. Employment Nonfarm employment advanced in June at close Industrial Production to the pace recorded in the early months of this Industrial production advanced in June to 155.8 year. In manufacturing, employment gains were per cent of 1957-59 average, compared with 155.0 widespread and were substantial in the machinery in May. The rise in the March-June period was at industries. Construction employment moved up an average annual rate of 6 per cent, half the ex­ again following declines due to strikes and bad ceptionally rapid rate in the preceding six month weather in the preceding two months. Employment period. gains continued large in Federal and State and Output of both final products and materials in­ local governments. The unemployment rate re­ creased further in June. Auto assemblies were at mained at 4.0 per cent. The average workweek of an annual rate of 8.6 million units, the same as in manufacturing production workers declined May but 7 per cent below the average rate in the slightly to 41.2 hours but was 0.2 hours longer first four months of this year. Schedules for July, than a year earlier. The civilian labor force in­ after allowance for shutdowns for the model creased sharply in June, and record numbers of changeover, indicate a decline in assemblies of teenagers found jobs. about 10 per cent. Output of most home goods increased in June, and output of consumer non­ Distribution durable goods rose further. Production of business Total retail sales increased about one per cent in June, according to advance figures, recovering INDUSTRIAL PRODUCTION part of the 4 per cent decline over the preceding two months. The June rise and the earlier decline reflected mainly fluctuations in sales by auto dealers. Deliveries of new domestic autos rose to an annual rate of 8.3 million units, compared with 7.3 million in May and 9.2 million in March. At the end of June, stocks of new domestic autos re­ mained at the sharply advanced May level. Agriculture Crop conditions are a little less favorable than a year earlier in most areas and acreage in crops is a little smaller, according to the July 1 survey of crop prospects. Record corn and rice crops but smaller crops of wheat, feedgrains other than F.R. indexes, seasonally adjusted. Latest figures shown are corn, and flaxseed are in prospect. Soybean plantfor June. 982 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 983 ings are up 7 per cent from last year’s record after increasing rapidly in the preceding two acreage. Cotton acreage is down 25 per cent be­ months, showed little change. The money supply cause of increased diversion of land into the rose $1.6 billion in June, following a decline of the acreage retirement program. same amount in May. Time and savings deposits Output of red meats and poultry in June was 5 continued to expand at about the same rate as in per cent above a year earlier, while milk produc­ the previous month.1 tion was still 3 per cent below a year ago. Total reserves seasonally adjusted, fell slightly further in June, following a large decline in May, Commodity Prices but required reserves rose somewhat. Member bank borrowings increased a little more than ex­ The wholesale price index for industrial com­ cess reserves, causing a rise in net borrowed re­ modities, which rose at an annual rate of about serves to an average level of about $350 million. 3.5 per cent through the first half of the year, in­ creased further from mid-June to mid-July. Prices Security Markets of a number of metal and other fabricated prod­ Yields on intermediate- and long-term Treasury ucts have continued to increase. However, after coupon issues rose considerably between mid­ rising sharply early in the year, hides have leveled June and mid-July, and the average yield on long­ off and lumber has declined. term bonds was 4.79 per cent on July 14 compared Prices of foodstuffs have edged up since mid­ with 4.62 per cent a month earlier. June after falling about 2 per cent from their Treasury bill rates fluctuated sharply over the February peak. The decline in livestock prices has same period, but rose on balance. The 3-month been interrupted by a seasonal reduction in bill was 4.92 per cent bid at mid-month compared marketings while prices of grains and dairy prod­ with 4.54 per cent a month earlier. ucts have risen further. Yields on corporate and municipal bonds ad­ Bank Credit, Money Supply, and Reserves vanced further between mid-June and mid-July and now stand appreciably above highs registered Commercial bank credit rose in June by a some­ in early March. Common stock prices changed what larger amount than in the preceding month. little on balance in moderate trading. Loan expansion was large, associated in part with heavy tax and dividend borrowing, especially by ' The changes in bank credit, total loans, and time and savings deposits described above do not reflect businesses and finance companies. Holdings of the exclusion from time deposits and loans on June 9 U.S. Government securities declined further, while of $1.1 billion of balances accumulated for the pay­ holdings of municipals and Federal agency issues ment of personal loans. INTEREST RATES PRICES Bureau of Labor Statistics indexes. Latest figures shown for consumer prices, May; for wholesale prices, June. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

GUIDE TO TABULAR PRESENTATION SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not c Corrected adjusted for seasonal variation IPC Individuals, partnerships, and corpora­ P Preliminary tions r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets I, II, L Liabilities III, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified * Amounts insignificant in terms of the par­ S.A. Monthly (or quarterly) figures adjusted ticular unit (e.g., less than 500,000 for seasonal variation when the unit is millions) (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. “U.S. Govt, securities” may include guaranteed issues of U.S. Govt, agencies (the flow of funds figures also in­ clude not fully guaranteed issues) as well as direct obligations of the Treasury. “State and local govt.” also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled Note (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds.........................................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, Federal 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................................. July 1966 1046 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 984 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........... 986 Reserve Bank discount rates; margin requirements; reserve requirements................... 991 Open market transactions; Federal Reserve Banks........................................................... 993 Bank debits; currency in circulation ............................................................ 996 Money supply; banks and the monetary system......................................... 998 Commercial and mutual savings banks, by classes......................................................... 1000 Commercial banks, by classes ........................................................................................... 1004 Weekly reporting member banks ................................................................................... 1006 Business loans ..................................................................................................................... 1009 Interest rates ......................................................................................................................... 1010 Security prices; stock market credit .................................................................................. 1011 Open market paper; savings institutions ........................................................................ 1012 Federal finance ................................................................................................................... 1014 Federally sponsored agencies ........................................................................................... 1019 Credit agencies; security issues ........................................................................................ 1020 Business finance ................................................................................................................. 1023 Real estate credit ................................................................................................................. 1025 Consumer credit .................................................................................................................. 1028 Industrial production ........................................................................................................ 1032 Business activity; construction ....................................................................................... 1036 Employment and earnings ............................................................................................... 1038 Wholesale and consumer prices ....................................................................................... 1040 National product and income series ................................................................................. 1042 Flow of funds ....................................................................................................................... 1044 Insured Commercial Banks, 1965 .................................................................................... 1046 Guide to tabular presentation ............................................................................................. 984 Index to statistical tables .................................................................................................... 1074 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). 985 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

986 BANK RESERVES AND RELATED ITEMS JULY 1966 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F. R. Bank credit outstanding Deposits, other Treas­ than member bank Member bank Period ury Cur­ Treas­ reserves, reserves d o a r t e T U o . t S a . l G B o r v o o i t u u g , g h t s ­ h t e t c u R m r c a e i h g t e p a r i n e u e s t s e e r s ­ ­ c v D o a a a u n n d i d s n c ­ ­ e t s s Float > t T al o ­ 2 s G to o c ld k s r c o t e i a u n u n n r g t c ­ ­ d y ­ r c t e c u i i n i o n l r a c n ­ y ­ h c i u n o a r g l s d y h s ­ Tr u e w r a y i s t ­ h F F e . i R o g r n . ­ Ba O n t k h s er i c O F o a t u . h c R n ­ e . t r s B W F a . n R it k h . s c r C o a en i n u n c d r y ­ 3 Total Average. of daily figure. 1929—June......... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 ........... 2,314 1933—Jun........... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 1 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 7 39 248 11,473 11,473 1941—Dec........... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1.5 31 292 12,812 12,812 1945—Dec........... 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,2 47 493 16,027 16,027 1950—Dec.......... 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 19J5—Dec.......... 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956__Dec.......... 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 19.57—Dec.......... 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 1,063 19’420 19,420 1958 Dec.......... 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18;899 18,899 1959—Dec........... 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 I960—Dec.......... 27,248 27,170 78 94 1,66529,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec.......... 29,098 29,061 37 152 1,921 31,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962—Dec.......... 30,546 30,474 72 305 2,298 33,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Dec.......... 33,729 33,626 103 360 2,43436,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Dec.......... 37,126 36,895 231 266 2,42339,873 15,388 5,401 39,698 595 944 181 186 1,093 17,964 3,645 21,609 1965—June......... 38,840 38,610 230 543 1,71441,153 14,277 5,402 39,508 772 844 142 182 1,196 18,187 3,522 21,709 July.......... 39,249 38,891 358 527 1,831 41,651 13,924 5,412 40,005 780 805 160 196 740 18,301 3,562 21,863 Aug.......... 39,318 39,074 244 566 1,581 41,504 13,858 5,433 40,104 810 924 215 185 480 18,076 3,541 21,617 Sept.......... 39,108 39,055 53 533 1,92241,610 13,858 5,469 40,347 809 978 210 195 287 18,111 3,629 21,740 Oct........... 39,601 39,580 21 515 1,86942,048 13,857 5,496 40,734 800 1,024 169 209 142 18,323 3,635 21,958 Nov.......... 40,128 40,127 485 1,96542,649 13,845 5,537 41,372 801 930 174 224 296 18,235 3,723 21,958 Dec,......... 40,885 40,772 113 490 2,34943,853 13,799 5,565 42,206 808 683 154 231 389 18,747 3,972 22,719 1966—Jan........... 40,626 40,451 175 427 2,25343,449 13,733 5,608 41,588 819 700 160 245 465 18,812 3,938 22,750 Feb.......... 40,635 40,437 198 498 1 ,87043,116 13,734 5,653 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 Apr.......... 40,629 40,587 42 647 1 ,93443,339 13,632 5,768 41,671 941 311 148 398 505 18,766 3,762 22,528 May......... 41,129 41,012 117 743 1 ,87743,891 13,565 5,838 Ml, 858 968 670 138 386 512 18,762 3,725 22,487 June......... 41,672 41,653 19 685 1,93644,498 13,500 5,916 42,295 1,033 824 152 394 535 18,679*3,847 *22,526 Week ending— 1965 June 2........ 38,717 38,462 255 532 1,44640,772 14,291 5,399 39,239 759 856 142 190 1,285 17,992 3,425 21,417 9............... 38,889 38,515 374 494 1 ,55641,006 14,293 5,394 39,472 765 840 127 178 1,293 18,017 3,350 21,367 16............... 38,817 38,527 290 626 1,63241,131 14,292 5,394 39,555 771 816 151 177 1,231 18,115 3,534 21,649 23............... 38,775 38,696 79 596 2,03741,455 14,292 5,409 39,528 778 892 129 185 1,153 18,491 3,566 22,057 30............... 38,870 38,740 130 500 1,67841,102 14,227 5,413 39,513 777 803 162 184 1,082 18,221 3,672 21,893 July 7............... 39,588 39,050 538 594 1,71841,955 13,934 5,418 39,895 775 569 162 208 781 18,917 3,251 22,168 14............... 39,570 38,987 583 623 1,88342,128 13,934 5,405 40,201 762 842 146 196 829 18,491 3,615 22,106 21............... 38,864 38,766 98 427 2,20641,535 13,934 5,412 40,065 785 888 179 194 725 18,046 3,617 21,663 28............... 39,013 38,799 214 479 1,67441,201 13,923 5,408 39,901 792 873 156 186 710 17,914 3,680 21,594 Aug. 4............... 39,400 38,903 497 544 1,44041,418 13,857 5,423 39,944 797 903 155 196 500 18,204 3,579 21,783 " 11............... 39,651 39,259 392 619 1,48041,786 13,858 5,422 40,125 800 1,050 198 191 470 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............... 39,480 39,339 141 483 1,55241,586 13,858 5,462 40.307 807 898 243 179 389 18,082 3,329 21,411 15............. 39,088 39,088 564 1,821 41,508 13,857 5,470 40.488 809 987 212 191 312 17,836 3,749 21,585 22............... 38,708 38,621 87 635 2,53941,918 13,858 5,470 40.319 812 1,023 187 207 220 18,478 3,636 22,114 29 ............. 39,074 39,074 559 1,89841,578 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 1,71742,06! 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 39,829 39,829 533 1,635 42,082 13,858 5,512 40,817 786 927 154 214 176 18,377 3,734 22,111 10............... 40,253 40,249 4 369 1,925 42,616 13,858 5,532 41,112 792 1,063 179 215 261 18,386 3,518 21,904 17............... 40,048 40,048 522 1,98842,605 13,859 5,540 41,389 791 1,045 180 231 234 18,134 3,743 21,877 24............... 39,788 39,788 394 2,26442,501 13,843 5,542 41,520 806 884 180 217 319 17,959 3,791 21,750 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 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 BANK RESERVES AND RELATED ITEMS 987 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 r r i t o e d T U o . t S a . l Go B r v o o i t u g u , h t g s ­ t h e t c u R a m c r g e h it e p r a i n e e u s t s e e r s ­ ­ c v D o a a a u n n i d s n d c ­ ­ e t s s Float > t T al o ­ 2 s G to o c ld k T r s o c r t e u i u a e u n n r a n r g t c y ­ ­ s d y ­ ­ r c C t e c u i i n i u o n r l c a n r ­ y ­ ­ T h c i r u n o a e r l g s a d y h s s ­ ­ Tr t u w h e r a a i y t s n h ­ m r F e e F . e s R m e i o g r . r n b v ­ B e e s r a , O n b k t a 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 i R t k h M . s e r m c e r C s a o e b e n u n i e n r c d r r v ­ y e 5 b s an T k o tal Averages of daily figures Week ending- 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 2,44143,128 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 2,08743,193 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 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 3,775 22,475 25 41,015 41,015 674 1,98343,827 13,532 5,860 41,859 988 855 130 375 640 18,372 3,869 22,241 June 41,457 41,457 832 1,67044,139 13,534 5,869 41,988 995 839 149 393 633 18,545 3,823 22,368 8 41,682 41,661 21 567 1,76544,230 13,533 5,888 42,226 992 737 146 392 617 18,542 3,662 22,204 15 41,659 41,601 58 800 1,80944,450 13,533 5,911 42,356 1,018 909 136 388 567 18,518P3,8O5 P22.323 22 41,528 41,528 697 2,25444,665 13,505 5,931 42,327 1,052 799 155 394 499 18,876P3,842P22.718 29 41,795 41,795 776 1,97944,783 13,432 5,933 42,251 1,076 855 152 390 472 18,952’3,975 P22,927 End of month 1966 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 13,532 5,882 42,102 976 902 263 389 603 18,119 3,574 21,693 June 42,169 42,169 292 1,95744,656 P13.433 *5,959M2,532’I,055 766 313 437 379 18,567’4,331 P22.898 Wednesday 1966 May 4 41,272 41,009 263 909 1,69944,031 13,634 5,804 41,748 947 504 137 400 411 19,322 3,892 23,214 11 41,002 40,766 236 214 1,53842,865 13,534 5,826 41,969 952 496 124 381 401 17,902 4,126 22,028 18 40,801 40,801 921 1,81843,653 13,534 5,832 41,941 983 605 139 373 635 18,343 4,152 22,495 25 41,051 41,051 398 1,50543,106 13,534 5,871 41,925 998 742 138 393 632 17,683 4,333 22,016 June 1 41,339 41,339 384 1,481 43,382 13,534 5,876 42,211 978 855 132 434 600 17,582 4,116 21,698 8 41,542 41,542 993 1,39944,148 13,534 5,894 42,366 1,008 901 156 400 616 18,129 4,001 22,130 15 41,435 41,435 778 1,82544,220 13,534 5,924 42,425 1,028 1,038 139 404 491 18,153 P4,228*22,381 22 41,469 41,469 814 1,75644,263 13,434 5,936 42,317 1,072 168 147 401 477 19,051 P4,293 ^23,344 29 41,806 41,806 626 1,65444,314 13,434 5,963 42,480 1,086 825 132 397 463 18,328’4,369*22,697 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

988 BANK RESERVES AND RELATED ITEMS JULY 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 r F i a o n a . n R w g t k s . ­ s s F e r r r e v e ­ e e s T h o e t ld al qu R ir e e ­ d Excess B r F i a n o a . n R w g t k s . ­ s s F e r r r e v e ­ e e s T h o el t d al qu R ir e e ­ d Excess B r F i a n o a . n R w g t k s ­ . s se r F r e v r ­ e e s e 1929—June............. 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933__june............. > 2,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939__Dec............... 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec............... 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec............... 16,027 14,536 1,491 334 1,157 4,118 4,070 48 *”*192 -144 '939 924 14 14 1947—Dec............... 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950__Dec............... 17,391 16,364 1,027 142 885 4.742 4,616 125 58 67 1,199 1,191 8 5 3 1955__Dec............... 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 1,164 2 85 -83 1956__.Dec............... 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957__Dec............... 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1938__Dec............... 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 7 39 -31 1959—Dec............. 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 1,038 104 -104 I960__Dec............... 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961 Dec ....... 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962 Dec............. 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 7 18 -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 21,709 21,363 346 528 -182 4,206 4,185 21 135 -114 1,100 1,096 4 19 -15 July.............. 21,863 21,513 350 524 -174 4,155 4,163 -8 126 -134 1,102 1,100 2 27 -25 21,617 21,187 430 564 -134 4,097 4,026 71 103 -32 1,077 1,075 2 38 -36 21,740 21,356 384 528 -144 4,095 4,079 16 62 -46 1,091 1,088 3 46 -43 Oct............... 21,958 21,614 344 490 -146 4,112 4,104 8 36 -28 1,090 1,085 5 85 -80 21,958 21,589 369 452 -83 4,002 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 10WL Tan ........... 22,750 22,392 358 402 -44 4,313 4,278 35 109 -74 1,112 1,116 -4 45 -49 Feb............... 22,233 21,862 371 478 -107 4,168 4,150 18 93 -75 1,092 1,088 4 30 -26 22,160 21,855 305 551 -246 4,194 4,188 6 43 -37 1,102 1,099 3 65 -62 22,528 22,170 358 626 -268 4,326 4,270 56 85 -29 1,128 1,123 5 38 -33 22,487 22,117 370 722 -352 4,276 4,230 46 86 -40 1,149 1,144 5 8 -3 ■>22,526>>22,212 *314 674 *-360 *4,257 ’4,290 *-33 110 *-143 *1,116 ’1,119 *-3 10 *-13 Week ending— 1965—June 2.... 21,417 21,086 331 518 -187 4,124 4,109 15 20 -5 1,099 1,096 3 15 -12 9. . 21,367 21,065 302 474 -172 4,069 4,064 5 52 -47 1,070 1,065 5 6 -1 16. 21,649 21,247 402 611 -209 4,164 4,162 2 175 -173 1,083 1,078 5 13 -8 23. 22,057 21,642 415 583 -168 4,357 4,271 86 225 -139 1,128 1,119 9 38 -29 30.... 21,893 21,555 338 486 -148 4,257 4,252 5 111 -106 1,112 1,120 -8 19 -27 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 Mar. 2.... 22,116 21,823 293 464 -171 4,199 4,177 22 22 1,108 1,107 1 38 -38 9. 22,045 21,685 360 614 -254 4,128 4,117 11 21 -11 1,090 1,088 2 52 -49 16.. 22,121 21,758 363 53? -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 11 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 22,593 22,253 340 680 -340 4,282 4,253 29 82 -53 1,154 1,148 6 7 -2 18 22,475 22,156 319 663 -344 4,225 4,218 7 73 -66 1,151 1,151 13 -13 25' ... 22,241 21,927 314 633 -339 4,168 4,162 6 21 -16 1,128 1,124 5 7 -2 June 1. ... 22,368 21,932 436 812 -376 4,260 4,175 86 90 -4 1,115 1,121 -5 7 -12 8 22,204 21,997 207 547 -340 4,195 4,195 21 -21 1,115 1,106 9 8 1 15^... *22,323 *21,861 ’462 788 *-326 *4,194 ’4,164 ’30 107 *-77 *1,086 *1,073 *13 17 *-4 22.... *22,718 *22,432 »286 691 »-405 ’4,438 ’4,387 *51 185 ’-134 *1,148 ’1,148 ’-1 12 *-13 29.... *22,927 ’22,479 »448 771 ’-323 »4,386 ’4,375 *11 150 *-139 *1,142 *1,142 r — 5 ’-5 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 BANK RESERVES AND RELATED ITEMS 989 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 ld al Required Excess B F a . n R k . s reserves T h o e t ld al Required Excess B F a . n R k . s reserves 1929—June................................ 761 749 12 409 -397 632 610 22 327 -305 1933—June................................ 648 528 120 58 62 441 344 96 126 -30 1939—Dec................................. 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941—Dec.................................. 4'317 3,014 1,303 1,302 2,210 1,406 804 4 800 1945—Dec................................. 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 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..........i.. i.............. 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 I960—Dec................................. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec................................. 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Dec................................. 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963—Dec................................. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1964—Dec................................. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 1965—May................................ 8,602 8,553 49 383 -334 7,619 7,358 261 91 170 June................................ 8,653 8,635 18 287 -269 7,750 7,448 302 87 215 July................................ 8,774 8,724 50 264 -214 7,831 7,527 304 107 197 Aug................................. 8,659 8,626 33 263 -230 7,784 7,461 323 160 163 Sept................................. 8,683 8,640 43 286 -243 7,873 7,549 324 134 190 Oct.................................. 8,814 8,776 38 245 -207 7,941 7,650 291 124 167 Nov................................ 8,800 8,757 43 221 -178 8,069 7,755 314 112 202 Dec................................. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 1966—Jan.................................. 9,033 9,010 23 164 -141 8,291 7,988 303 84 219 Feb................................. 8,827 8,771 56 204 -148 8,146 7,852 294 151 143 Mar................................ 8,768 8,743 25 243 -218 8,096 7,825 271 200 71 Apr................................. 8,905 8,882 23 261 -238 8,169 7,895 274 242 32 May............................... 8,936 8,852 84 309 -225 8,126 7,891 235 319 -84 June................................ >■8,910 >■8,875 ”35 258 ”-223 ’8,243 ”7,928 ’316 296 ”20 Week ending— 1965—June 2......................... 8,555 8,529 26 381 -355 7,637 7,352 285 102 183 9...........8..,.5..7..1...... 8,538 33 313 -280 7,656 7,398 258 103 155 16......................... 8,604 8,570 34 338 -304 7,800 7,436 364 85 279 23......................... 8,804 8,734 70 238 -168 7,771 7,519 252 82 170 30......................... 8,771 8,719 52 282 -230 7,753 7,465 288 74 214 1966—Jan. 5......................... 9,247 9,218 29 233 -205 8,284 8,002 282 116 166 12......................... 9,132 9,088 43 206 -163 8,678 8,061 617 50 567 19......................... 9,024 8,971 53 83 -30 8,109 8,006 102 42 60 26....................... 8,939 8,906 32 145 -113 8,214 7,940 274 72 202 Feb. 2.......................... 8,928 8,913 15 194 -179 8,224 7,910 314 162 152 9......................... 8,868 8,820 48 232 -184 8,174 7,896 278 111 166 16......................... 8,793 8,757 36 160 -125 8,149 7,861 288 148 140 23......................... 8,754 8,717 38 229 -191 8.733 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 Apr. 6......................... 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 May 4......................... 8,982 8,938 45 263 -219 8,102 7,881 222 236 -14 11......................... 8,950 8,908 42 293 -251 8,207 7,944 263 298 -35 18........................ 8,902 8,865 37 323 -286 8,198 7,921 277 254 23 25......................... 8,827 8,775 52 231 -179 8,118 7,867 251 394 -143 June 1......................... 8,814 8,806 9 348 -340 8,178 7,830 348 367 -20 8.........8..,.8...7..3........ 8,805 68 177 -110 8,021 7,891 130 341 -211 15......................... >■8,786 ”8,744 ’42 303 ”-261 ”8,258 ”7,880 ”378 361 ”17 22......................... »8,988 »8,940 ”47 223 ’-176 ’8,145 ”7,956 ’188 271 ”-83 29......................... 1^,032 ’8,991 ’41 382 ’-341 »8,367 ’7,972 ’395 234 ’161 i This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. All 1965 figures final; they 1959; thereafter on closing figures for balances with F.R. Banks and open­ may not agree with those previously published in the Bulletin. ing figures for allowable cash; see also note 3 to preceding table. Required reserves: Based on deposits as of opening of business each day. Note.—Averages of daily figures. Monthly data are averages of daily Borrowings 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

990 MAJOR RESERVE CITY BANKS JULY 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 bank, week a e n n d d ing— s E e x r r v c e e e ­ s s s t r a B o t B w a F o n in r . k R ­ g s . s F i f t b e n r u N d a a t n n e e e n d r r t k s s ­ a . l S d u e r o f p i r c l i u t s P r r e e e a s q r e o v u r c g f i v e r . e n e s d t c P ha u s r e ­ s Sales a 2 t c T r t - a o i w o n t a n a s y s l ­ 2 b c o b P h u a f a y u n n s i r k n e e ­ s t s g s o b S e a f l a l n n l i e n k e s g s t d L e o a a t l o n e r s s 3 de B f r i a r o n o o l w e g r m r s ­ ­ s * lo N a e n t s Total—46 bank] 1966—May 4............. 44 182 352 -490 4.8 2,215 1,863 1,202 1,013 661 1,583 125 1,458 it............. 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 1,162 866 604 900 104 796 June 1 < .......... 66 143 37 -114 1.2 1,665 1,628 1,023 642 604 1,096 123 973 8.............51 86 698 -733 7.5 2,119 1,421 1,208 911 213 900 122 778 15............. 49 216 707 -874 9.0 2,153 1,446 1,117 1,036 329 912 112 800 22............. 70 230 1,420 -1,580 15.6 2,847 1,428 1,302 1,546 126 965 103 861 29............. 53 297 1,061 -1,305 12.9 2,429 1,368 1,191 1,238 177 916 145 771 4 tn New York City 1966—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 June 1.............68 80 -161 150 3.8 626 788 461 166 327 744 112 632 8............-.2 14 128 -143 3.7 811 683 549 262 134 609 107 503 15............. 16 103 161 -247 6.3 911 750 521 390 229 662 94 568 22............. 44 185 676 -816 19.8 1,245 569 546 698 23 612 89 524 29............. 21 147 569 -695 16.9 1,078 509 501 577 7 674 131 543 38 outside New York City 1966—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 June 1.............. -2 63 199 -264 4.5 1,038 840 563 476 277 352 11 341 8.............53 72 571 -590 10.0 1,308 738 660 649 78 290 15 275 15............. 32 113 547 -628 10,8 1,242 695 596 646 99 250 18 232 22............. 26 45 744 -763 12.7 1,603 859 755 847 103 352 15 337 29............. 33 150 492 -610 10.1 1,351 859 690 661 169 242 15 227 5 in City of Chicago 1966—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 June 1....... -6 93 -99 9.9 298 205 173 125 32 11 11 15............ 8 . .............. 7 2 6 13 6 2 4 -1 -6 2 8 6 1 6 3. . 1 8 3 3 0 11 8 2 17 4 6 6 2 16 3 8 5 14 7 0 5 11 8 1 1 0 3 t1o3 22............. 4 208 -204 19.7 426 218 183 242 34 14 14 29............. 184 -184 17.9 357 173 145 212 28 19 19 33 others 1966—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 June 1.............. 4 63 106 -165 3.3 740 635 390 351 245 341 11 330 8.............5.1 66 506 -522 10.7 998 491 424 574 67 277 15 262 15............. 25 113 415 -502 10.4 934 519 428 506 91 240 18 222 22............. 22 45 536 -559 11.3 1,177 641 572 605 69 338 15 323 29.............. 32 150 308 -426 8.5 994 686 545 450 142 223 15 208 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 deficiencies, 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

JULY 1966 DISCOUNT RATES 991 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 133 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous June 30 date rate June 30 date rate June 30 date rate Boston................................................. 4ft Dec. 8, 1965 4 5 Dec. 8, 1965 4ft 5ft Nov. 24 1964 4ft New York........................................... ^4fAt Dec. 6, 1965 4 5 Dec. 6, 1965 SU Dec. 6,1965 5 Philadelphia........................................ Dec. 10.' 1965 4 5 Dec. 10, 1965 4ft Dec. 10 1965 5 Cleveland............................................ 4ft Dec. 10, 1965 4 5 Dec. 10,1965 4ft 6 Dec. 16’ 1965 5ft Richmond........................................... 4MfAt Dec. 10, 1965 4 5 Dec. 10,1965 4ft 5MfAt Dec. 10 1965 5 Atlanta................................................. MA Dec. 8, 1965 4 5 Dec. 8, 1965 4ft Dec. 8, 1965 6 Chicago............................................... Dec. 6’ 1965 4 5 Dec. 6, 1965 4ft 5ft Dec. 6, 1965 5 St, Louis.............................................. Ma Dec. 10, 1965 4 5 Dec. 10. 1965 4ft Dec. 10 1965 5 Minneapolis.................... 4% Dec. 10, 1965 4 5 Dec. 10, 1965 4ft Dec. 10 1965 5 Kansas City........................................ 4MfAt Dec. 13; 1965 4 5 Dec. 13,1965 4ft Dec. 13, 1965 5 Dallas................................................... Dec. 10, 1965 4 5 Dec. 10, 1965 4ft 5ft Dec. 10 1965 5 San Francisco.................................... 444 Dec. 10, 1965 4 5 Dec. 10,1965 444 5ft Dec. 10,1965 5 1 Advances secured by U.S. Govt, obligations and discounts of and secured by FICB obligations 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 obligations of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts J 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 (Fer 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. i -ly 1 1955 1959 In effect Dec. 31, 1941......... Apr. 14................................ ills' is Mar. 6................................ 21^-3 3 16................................ 3 3 15 0 ... . . . . . . . . . . 1 . . . . 9 . . . . 4 . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... ir t 1 ft A Se u p g ’ t . . 1 4 9 5 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i’t 2 I B M J S u e a p n y t e , 2 1 1 1 9 8 2 . . , . . . . . . 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 1/ 4 3 4 1 - - 3 / 4 4 1 /4 4 4 I B 13................................ 1946 Nov. 18................................ 1960 Apr 25 .....................r....r......... 1 23............................... hfay 10.................................... 1 June 3................................ ^ 4 1956 10................................ ■a Apr. 13................................ R 14................................ 3 > 1948 20..................... Jan 12,........................1.. ...i..^... !B Aug. 24................................ 2«-3 Sept. 9................................ 3 19.................................... ” 31................................ 3 3 v rd 23.................................... 1957 1963 1950 iw 18 D N e o c v , . 2 1 2 3 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 ^ -3 4 V 4 4 1 3 3 * July 2 1 6 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 34 -3 4 >/4 IB ’ 25.................................... 1964 1958 Jan. 22................................ 3 Nov. 24................................ 314-4 4 1953 24................................ 2^-2’4 30................................ 4 4 1’4-2 2 Mar. 7................................ 23.................................. 2 2 13................................ 21................................ 2'4 1965 Apr. 1R............................... ‘V4 Dec. 6.......................4.. ....-..4.1/4 IB 1954 May 9................................ pi 13...........4..4..4................. Feb 5........................1..’.4...-..2.. Aug. 15................................ ip 15.................................. 1’4 Sept. 12................ ' 23............................... 2 16.................................. IB Oct. 24................................ 2 2^ 2 1966 May 2i.................................. Nov. 7............................... 2ft In effect June 30................. 41/4 444 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 I per cent was in the following periods (rates in percentages): 1955—May 4-6, 1.65: continued for discounts of and advances secured by eligible paper. Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug, 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov, 17, Dec. 28-29, Note.—Discount rates under Secs. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1942, see banking and Monetary Statistics, 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, 1943, pp 439-42. 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, The rate charged by the F.R. Bank of N.Y. on repurchase contracts 28, 30, 31, 3.875; 1965—Jan. 4-8,3.875. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

992 RESERVE REQUIREMENTS JULY 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 deposits 2 Time deposits Effective date Type and maturity Central of deposit J 1 a 9^ n 6 . J 19 a 5 n 7 . J 19 a 1 6 n , 2 . 1 J 1 9 u 7 6 l . y 3 N 1 2 9 o 4 6 v , 4 . D 19 e 6 c 5 . Effective date! C r b e a e c s n n i e t t r k y r v s a e 3 l R b e c a s i n e ty r k v s e C ba o tr n u y k n s ­ r re e a c s s i n e e t r r d y v v e e C ba t o r n u y k n s ­ banks 3 Savings deposits: 1 year or more................... a 3 4 4 4 4 Less than 1 year................ 3 3*4 3*4 4 4 In effect Dec. 31,1948.. 26 22 16 7ft 7*4 Other time deposits: 1 1 year or more................... p 3 4 4 IB ^ 1949—May 1,5........... 24 21 15 7 7 6 months-1 year............... 3 ^ 4 June 30, July 1,. 20 14 6 6 90 day*~6 months............. 2*4 4 Aug. 1,11......... 23 V4 1^ 13 5 Less than 90 days Aug. 16, 18......... 23 12 5 (30-89 days)...... 1 1 1 1 4 3*4 Aug. 25............... 22*4 ^ Sept. 1............... 22 1951—Jah. 11, 16......... 23 19 13 6 6 1 For changes effective in July 1966, see page 979. For exceptions Jan. 25, Feb. 1.. 24 20 14 with respect to foreign time deposits, see Oct. 1962 Bulletin, p. 1279, 1953—July 1,9........... 22 19 13 and Aug. 1965 Bulletin, p. 1084. 1954—June 16,24......... 21 5 5 Note.—Maximum rates that may be paid by member banks as estab­ 1958— J F u e l b y . 2 2 9 7 , , A M u a g r . . 1 1 . . 2 1 0 9 *4 18 1121“ lished by the Board of Governors under provisions of Regulation Q. Mar. 20, Apr. 1.. 19 Under this regulation the rate payable by a member bank may not in Apr. 17................ 18*4 any event exceed the maximum rate payable by State banks or trust cos. Apr. 24............... 18 16*4 on like deposits under the laws of the State in which the member bank I960—Sept. 1............... 17*4 is located. Effective Feb. 1, 1936, maximum rates that may be paid Nov. 24........ 12 by insurfed nonmember commercial banks, as established by the FDIC, Dec. 1............... 16*4 have been the same as those in effect for member banks. For rates for postal savings,deposits, see Board’s Annual Reports. 1962—Oct. 25, Nov. 1. 4 4 Maximum rate payable (per cent) on all types of time and savings deposits: Nov. 1, 1933-Jan. 31, 1935, 3; Feb. 1, 1935-Dec. 31, 1935, 2ft. In effect July 1, 1966 ♦.. .......1..6..*..4.. 12 4 4 MARGIN REQUIREMENTS Present legal requirement: Minimum.................................. 10 7 3 3 (Per cent of market value) Maximum.................................. 22 14 6 6 Effective date i When two dates are shown, a first-of-month or midmonth date records changes at country banks, and any other date (usually a Thurs.) Regulation records changes at central reserve and reserve city banks. July 28, July 10, Nov. 6, 2 Demand deposits subject to reserve requirements are gross demand 1960 1962 1963 deposits minus cash items in process of collection and demand balances due from domestic banks. 3 Authority of the Board of Governors to classify or reclassify cities as Regulation T: central reserve cities was terminated effective July 28, 1962, For extensions of credit by brokers and 4 For changes in requirements on time deposits effective in July 1966, dealers on listed securities................... 70 50 70 sec p. 979. For short sales............................................... 70 50 70 Regulation U: Note.—All required reserves were held on deposit with F.R. Banks, For loans by banks on stocks................... 70 50 70 June 21, 1917, until late 1959. Since then, member banks have been allowed to count vault cash also as reserves, as follows: country banks— in excess of 4 and 2ft per cent of net demand deposits effective Dec. 1, Note.—Regulations T and U, prescribed in accordance with Securities 1959, and Aug. 25, 1960, respectively; central reserve city and reserve city Exchange Act of 1934. limit the amount of credit that may be extended on banks—in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1 a security by prescribing a maximum loan value, which is a specified 1960, respectively; all member banks were allowed to count all vault cash percentage of its market value at the time of extension; margin require­ as reserves effective Nov. 24, 1960. 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 AU Country Item member New banks Item member New City banks banks York Other banks York of Other City Chicago City Chicago Four weeks ending Apr. 27, 1966 Four weeks ending May 25, 1966 Gross demand—Total. . . 144,708 27,892 6,705 53,715 56,397 Gross demand—Total... 144,375 28,120 6,941 53,251 56,065 Interbank................... 15,660 4,871 1,364 7,427 1,998 Interbank................... 14,983 4,863 1,222 7,017 1,882 U.S. Govt................... 2,487 543 135 893 917 U.S. Govt....................... 6,286 1,562 505 2,467 1,753 Other.......................... 126,561 22,478 5,206 45,396 53,482 Other............................... 123,108 21,696 5,215 43,767 52,430 Net demand 1................... 116,865 21,111 5,507 42,348 47,900 Net demand 1................... 116,868 21,140 5,731 42,176 47,821 Time.................................... 125,298 19,280 5,164 47,199 53,656 Time.................................. 126,629 19,514 5,185 47,813 54,118 Demand balances due Demand balances due from dom, banks...... 7,795 257 94 2,013 5,432 from dom. banks...... 7,442 197 101 1,977 5,168 Currency and coin...... 3,758 301 81 1,142 2,235 Currency and coin...... 3,741 295 78 1,134 2,234 Balances with F.R. Balances with F.R. Banks.............................. 18,743 3,990 1,041 7,776 5,936 Banks.............................. 18,771 3,989 1,079 7,780 5,923 Total reserves held........... 22,501 4,291 1,122 8,918 8,171 Total reserves held........... 22,512 4,284 1,157 8,914 8,157 Required......................... 22,140 4,235 1,116 8,875 7,895 Required.......................... 22,197 4,269 1,153 8,872 7,903 Excess.............................. 361 36 6 43 276 Exctss.............................. 315 13 4 42 254 i Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 OPEN MARKET ACCOUNT 993 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury bill# 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—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 May...................................................... 1,208 392 50 1,174 392 50 -281 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-May...................................................... 65 -2,521 32 12 June......................................... 185 166 43 J A u u l g y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6i" .................... ’-i,-82i" ............35“ "’-iie" io" ................... Sept..................................................... 107 40 4 O N c o t v .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. * .. . . . . . . . . . . . . . . .. . ........... "'5^582" ................... .................... Dec........................................................ 1966--Jan....................................................... Feb........................................................ 11 ................... -957 Mar....................................................... 9 144 .................... -144 Apr.................................,..................... 25 May...................................................... 34 ................... 281 Repurchase agreements (U.S. Govt, securities) Bankers’ acceptances Net change Net change Month in G o U v . t S , . Under i s n e c U ur .S it . i e G s o a v n t d , Gross Gross securities Outright, repurchase acceptances purchases sales net agreements, net 1965—May.....................1..,.2..0...7.. ................ 1,233 932 -3 -20 909 June................1..,.8...9..4................. 1,895 415 -10 -19 386 July................2..,.7...3..4.................. 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 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 May..................................................... 421 421 766 -1 20 786 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

994 FEDERAL RESERVE BANKS JULY 1966 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1966 1966 1965 June 29 June 22 June 15 June 8 June 1 June May June Assets 11,203 11.215 11,327 11,351 11,362 11,223 11,362 12,053 Redemption fund for F.R. notes...................................... 1,770 1,761 1,753 1,733 1,730 1,770 1,730 1,617 Total gold certificate reserves........................................... 12,973 12,976 13,080 13,084 13,092 12,993 13,092 13,670 Cush ...................................................................................... 257 250 242 233 226 259 234 118 Discounts and advances: Member bank borrowings...................... 621 809 766 976 364 287 421 646 Other............ 5 5 12 17 20 5 20 11 Acceptances: Bought outright.......................................................... 81 81 83 83 83 81 80 41 Held under rppurrh^se agreements............................. 147 143 99 131 95 157 100 12 U.S. Govt, securities: Bought outright: Bills................................................................................. 10,069 9,837 9,803 9,910 9,754 10,432 9,895 7,761 Certificates—Special. ................................................. Other.......................... 15 12 12 12 12 15 ii 25,309 25,236 25,236 25,236 25,220 25,309 25,220 25,737 Bonds............................................... 6,413 6,384 6,384 6,384 6,353 6,413 6,353 5,384 Total bought outright........................................ 41,806 41,469 41,435 41,542 41,339 42,169 41,480 38,882 Held under repurchase agreements............................. 218 Total U.S. Govt, securities................................................ 41,806 41,469 41,435 41,542 41,339 42,169 41,480 39,100 Total loans and securities.................................................. 42,660 42,507 42,395 42,749 41,901 42,699 42,101 39,810 Gash items jn process of collection.................... 6.804 8,267 7,911 6,208 6,240 6,694 5,857 6,041 104 '103 103 '103 103 104 103 102 Other assets: Denominated in foreign currencies.............................. 407 386 361 359 358 482 364 457 INfF gold deposited I.................................................... 183 183 183 183 183 183 183 All other............................................................................ 318 291 267 253 231 323 224 310 Total assets............................................................................ 63,706 64,963 64,542 63,172 62,334 63,737 62,158 60,508 Liabilities F.R, notes........................................................................ 37,399 37,245 37,317 37,263 37,097 37,446 36,990 34,907 Deposits: Member hank reserves................................................... 18,328 19,051 18,153 18,129 17,582 18,567 18,119 18,229 U S Treasurer—General account............................... 825 168 1,038 901 855 766 902 672 Foreign............................................................................. 132 147 139 156 132 313 263 179 OtherT IMF gold deposit 1.......,>.................. 183 183 183 183 183 183 183 All other........................................................................ 214 218 221 217 251 254 206 198 Total deposits,................................................ 19,682 19,767 19,734 19,586 19,003 20,083 19,673 19,278 Deferred availability cash items....................................... 5,150 6,511 6,086 4,809 4,759 4,737 4,018 4,692 Other liabilities ana accrued dividends 2.................... 222 220 216 224 '216 214 221 443 Total liabilities............................ 62,453 63,743 63,353 61,882 61,075 62,480 60,902 59,320 Capital Accounts 562 562 562 561 561 562 561 541 Surplus,................................................................................. 551 551 551 551 551 551 551 524 Other capital accounts....................................................... 140 107 76 178 147 144 144 123 Total liabilities and capital accounts.............................. 63,706 64,963 64,542 63,172 62,334 63,737 62,158 60,508 Contingent liability on acceptances purchased for foreign corresoondents 252 246 212 193 167 252 159 157 U.S. tjovt. securities held in custody for foreign account............................................................................... 7,651 7,757 7,674 7,637 7,668 7,517 7,631 7,599 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)....................... 40,895 40,671 40,489 40,244 40,164 40,950 40,165 37,342 Collateral held against notes outstanding: Gold certificate account............................................ 6,523 6,593 6,613 6,613 6,613 6,563 6,613 6,295 Eligible paper............................................................... 29 24 22 51 17 31 23 28 U.S. Govt, securities.................................................. 35,176 35,056 34,909 34,829 34,809 35,166 34,809 32,095 Total collateral............................................... 41,728 41,673 41,544 41,493 41,439 41,760 41,445 38,418 1 Sec note 2 to table at bottom of page 1030. s No accrued dividends at end-ofjune dates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 FEDERAL RESERVE BANKS 995 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1966 (In millions of dollars) Item Total Boston Y N o e r w k P d h e i l l ­ a­ C la le 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 in o n li e s ­ K s a as n ­ Dallas F S r a a n n ­ phia City cisco Assets Oold certificate account........................ 11,223 633 1,883 893 963 1,108 679 2,018 446 208 448 465 1,479 Redemption fund for F.R. notes......... 1,770 101 426 96 145 145 103 322 64 33 68 60 207 Total gold certificate reserves............... 12,993 734 2,309 989 1,108 1,253 782 2,340 510 241 516 525 1,686 F.R. notes of other Banks.................... 812 49 176 52 72 84 88 70 37 27 46 48 63 Other cash................................................. 259 13 29 10 38 15 19 43 26 6 13 14 33 Discounts and advances: S O e t c h u e r r e . d .. .. b .. y .. .. U ... . . S .. . . .. G .... o .. v .. t .. , . . s .. e .. c .. u ... r .. i . t .. i . e .. s .. . . . . . . 21 8 1 1 25 ♦ 4 5 7 3 7 ♦ i 4 • 19 1 30 1 1 1 3 6 1 4 4 25 2 2 6 21 1 Acceptances: Bought outright.................................. 81 81 Held under repurchase agreements. 157 157 U.S. Govt, securities: Bought outright................................... 42,169 2,239 10,623 2,171 3,470 2,910 2,303 7,068 1,498 835 1,605 1,688 5,759 Held under repurchase agreements. Total loans and securities..................... 42,699 2,264 10,961 2,178 3,471 2,914 2,323 7,099 1,527 853 1,632 1,696 5,781 Cash items in process of collection. . > 8,665 531 1,523 471 617 738 792 1,464 410 270 533 433 883 Bank premises.......................................... 104 3 9 3 5 5 20 20 8 3 8 10 10 Other assets: Denominated in foreign currencies. 482 23 ’ 126 26 43 25 29 69 17 12 21 28 63 IMF gold deposited2.......................... 183 183 All other............................................... 323 17 85 16 26 21 18 52 11 6 14 13 44 Total assets.............................................. 66,520 3,634 15,401 3,745 5,380 5,055 4,071 11,157 2,546 1,418 2,783 2,767 8,563 Liabilities F.R. notes........................................ 38,258 2,304 8,687 2,239 3,185 3,450 2,218 6,921 1,435 717 1,457 1,229 4,416 Deposits: Member bank reserves.................. 18,567 714 4,440 989 1,474 912 1,101 2,785 684 411 853 1,046 3,158 U.S. Treasurer—General account.. 766 55 128 60 75 51 63 75 65 33 26 64 71 Foreign.................................................. 313 7 3 209 8 13 7 9 20 5 3 6 8 18 Other: IMF gold deposit2.................... 183 183 All other........................................... 254 * 182 * • 3 2 1 * 1 2 i 62 Total deposits.......................................... 20,083 776 5,142 1,057 1,562 973 1,175 2,881 754 448 887 1,119 3,309 Deferred availability cash items........... 6,708 481 1,190 372 505 550 591 1,133 306 219 376 340 645 Other liabilities........................................ 214 12 55 10 17 14 12 36 8 5 8 8 29 Total liabilities........................................ 65,263 3,573 15,074 3,678 5,269 4,987 3,996 10,971 2,503 1,389 2,728 2,696 8,399 Capital Accounts Capital paid in........................................ 562 27 146 30 51 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 10 11 8 26 5 2 6 6 19 Total liabilities and capital accounts.. 66,520 3,634 15,401 3,745 5,380 5,055 4,071 11,157 2,546 1,418 2,783 2,767 8,563 Ratio of gold certificate reserves to F.R. note liability (per cent): June 30,1966.................................. 34.0 31.9 26.6 44.2 34.8 36.3 35.3 33.8 35.5 33.6 35.4 42.7 38.2 May 31, 1966.................................. 34.6 50.0 35.1 34.8 36.5 35.5 38,2 33.1 34.2 35.9 31.4 25,8 27.1 June 30, 1965.................................. 38.6 39.6 40.5 38.3 40.2 39.1 34.3 39.0 34.2 32.1 36.4 34.7 38.5 Contingent liability on acceptances purchased for foreign correspond­ ents..................................................... 252 12 * 66 13 23 13 15 36 9 6 11 15 33 Federal Reserve Notes—Federal Reserve Agent’s Accounts F.R. notes outstanding (issued to Bank)................................................. 40,950 2,473 9,269 2,356 3,477 3,643 2,416 7,342 1,537 764 1,565 1,343 4,763 Collateral held against notes out­ standing: Gold certificate account.................... 6,563 500 1,000 500 600 856 425 1,100 315 127 225 180 735 31 29 U.S. Govt.'securities.......................... 35,166 1,986 8,400 1,900 2,950 2,820 2,025 6,300 1,310 645 1,350 1,180 4,300 Total collateral................................ 41,760 2,486 9,400 2,402 3,550 3,676 2,450 7,400 1,654 772 1,575 1,360 5,035 i After deducting $356 million participations of other F.R. Banks. 3 After deducting $104 million participations of other F.R. Banka. 2 See note 2 to table at bottom of page 1050. * After deducting $186 million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

996 FEDERAL RESERVE BANKS; BANK DEBITS JULY 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 June 29 June 22 June 15 June 8 June 1 June May June Pi^cou^ts and advances—Total...................................... 626 814 778 993 384 292 441 657 Within 15 days................................................................. 614 805 766 976 351 279 409 650 16 days to 90 days........................................................... 12 9 12 17 33 13 32 7 91 days to 1 year............................................................. ♦ * ♦ * * * • Acceptances Total............................................................. 228 224 182 214 178 238 180 53 Within 15 days................................................................. 169 158 113 147 113 178 119 24 16 days to 90 days......................................................... 59 66 69 67 65 60 61 29 US Government securities—Total................................ 41,806 41,469 41,435 41,542 41,339 42,169 41 480 39 100 Within 15 days t............................................................... ’933 1,137 1 ;261 1^200 1,116 536 771 1’183 16 days to 90 days.......................................................... 10,493 10,200 10,110 10^56 10,084 10,708 10,488 7,749 91 days to 1 year............................................................. 15,090 14,891 14,823 14J37 14^837 15^633 14,919 18 170 Over 1 year to 5 years.................................................... 13’593 13'549 13:549 13:657 13:612 13,593 13,612 10 138 Over 5 years to 10 years................................................ 1,312 1'307 1:307 1,307 1,305 1,312 1; 305 1 489 Over io"years.................................................................. ’385 '385 385 385 ’385 385 '385 371 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B f e ra lg n i c a s n C d a o n l a la d r ia s n F fr r a e n n c c s h G m e a rm rk a s n It l a i l r i e an Jap y a e n n ese N gu l e a i t l n h d d e e s r r s ­ f S r w an is c s s 1965—July............................... 620 549 52 2 1 12 2 1 3 • Aus. 884 819 47 2 11 2 1 3 ♦ Sept................................. 867 802 47 2 1 11 2 1 3 • Oct................................ 820 750 52 2 1 10 2 1 3 • Nov................. 671 600 52 2 1 11 2 1 3 • Dec................................. 629 534 53 2 1 34 1 1 3 * 1966—Jan................................... 398 303 53 2 1 34 1 1 3 • Feb,............................... 166 51 53 2 44 1 1 3 10 Mar............................. 218 51 53 2 1 74 9 1 3 24 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 (In billions of dollars) Turnover of demand deposits Period SM T 2 o 2 S t 5 a A l ’s N Le .Y ad . ing S 6 M o S th A e ’s rs2 T c o N ( e t e n a . x Y t l c e l 2 . r . ) 2 s 4 SM o 2 th 1 S e 8 A r ’s SM T 2 o 2 S t 5 » A l ’ s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M (e u . x S Y t c A l . 2 . ) 2 ’s 4 SM o 2 th 1 S e 8 A r ’ s 1965—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 5,327.8 2,308.4 i: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 Aus. 5,146.8 2,128.0 1,141.0 3,018.8 1,877.8 48.4 99.4 44.9 35.5 31.7 Sept................................ 5,126.9 2,104.3 1,142.9 3,022.6 1,879.7 47.2 95.4 44.1 35.3 31.4 5,129.9 2,061.0 1,165.4 3,068.9 1,903.5 47.4 96.3 43.8 35.1 31.4 Nov................................. 5,408.3 2,229.4 1,215.0 3,178.9 1,963.9 50.5 104.7 47.6 37.0 32.1 Dec................ 5,523.1 2,273.5 1,234.5 3,249.6 2,015.1 50.6 102.2 47.7 37.5 33.3 1966—.Tan............................... 5,509.6 2,311.5 1,218.4 3,198.1 1,979.7 50.7 104.5 47.3 37.0 32.7 Feb.................................. 5,605.6 2,341.7 1,251.2 3,263.9 2,012.7 50.9 105.6 47.6 37.0 32.5 Mar............................. 5,811.7 2,414.6 1,336.6 3,397.1 2,060.5 52.3 107.1 49,1 38.3 33.5 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................................ 5,797.5 2,449.4 1,311.3 3,348.1 2,036.8 52.4 109.3 49.8 37.8 32.8 June................................ 5,868.8 2,491.7 1,314.7 3,377.1 2,062.4 53.7 109.1 51.1 39.0 33.7 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’s include some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. For a description of the revised series see Mar. 1965 Bulletin, p. 390. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 U.S. CURRENCY 997 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 SI 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 21313 61782 9,201 7,834 2,327 4,220 454 801 7 24 1947........................ 28,868 20,020 11404 11048 65 2,110 6,275 91119 8,850 2,548 51070 428 782 5 17 1950........................ 27,741 19305 1,554 11113 64 2,049 5',998 8,529 81438 2,422 51043 368 588 4 12 1955........................ 31,158 22'021 1,927 1,312 75 2,151 6,617 91940 9,136 2,736 5,641 307 438 3 12 1958........................ 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959........................ 32,591 23,264 2,304 1,511 85 2,216 6,672 101476 91326 2,803 5,913 261 341 3 5 1960........................ 32,869 23,521 2,427 1,533 88 2,246 6,691 101536 91348 2,815 51954 249 316 3 10 1961........................ 33,918 24,388 2,582 11588 92 2,313 6,878 10,'935 91531 2,869 6,106 242 300 3 10 1962........................ 351338 25,356 2,782 1,636 97 2,375 7,071 11,395 91983 2,990 6,448 240 293 3 10 1963........................ 37'692 26,807 31030 1,722 103 2,469 7,373 12,109 101885 3,221 7,110 249 29? 3 4 1964........................ 39,619 28 J00 31405 1,806 111 21517 71543 12',717 11,519 31381 7,590 248 293 2 4 1965—May........... 39,207 27,758 3,608 1,740 114 2,427 7,375 12,49411,449 3,332 7,579 244 289 2 4 June........... 39,720 28,188 31662 1,752 116 2,447 71489 121723 11,532 31361 71635 243 287 3 4 July............ 39!897 28,311 3,689 1,748 116 2,431 71493 12,833 11,586 3,376 71674 243 287 3 4 Aug, 40,165 28306 3,751 1,761 118 2,442 7,513 12,921 11,659 31389 7,735 243 286 3 4 Sept....... 40'443 281724 31808 11783 120 2,474 7,599 12,941 11,719 3 ,'392 7,'792 243 286 3 4 Oct............. 40,754 281926 3,856 1,807 121 2,489 7,624 131029 111828 3,411 71883 243 285 3 4 Nov............ 411824 291829 3356 11858 124 21571 71882 131439 111994 31469 71990 243 286 3 4 Dec....... 42'056 29,842 4,027 1,908 127 2,618 71794 13,369 12,214 3,540 81135 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 4,096 11818 128 2',495 71586 13,027 12,103 31470 81098 243 286 3 4 Mar............ 41',469 29,323 4J52 l’,824 129 21496 71607 13J1612,147 31478 8,136 242 285 3 4 Apr....... 41,538 291373 4,192 1,838 130 2,502 7,585 13,125 12,166 3,485 8,148 242 285 3 4 Nfay........... 42,102 291868 4,231 11876 133 2,555 7,732 13,342 12,234 3,507 8,196 241 284 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 * Total out­ Held by standing, As security For F.R. 1966 1965 Kind of currency M 1 a 9 y 6 6 31, g a o g ld ai n a s n t d Treasury B F a . n R k . s B a a n n d k s silver cash and Agents certificates Agents May 31 Apr. 30 May 31 Gold......................................................................................... 13,532 (13,092) 2440 Gold certificates.................................................................... (13,092) 313,090 1 F.R. notes............................................................................... 40,166 114 3,176 36,875 36,348 34,311 Treasury currency—Total................................................... 5,882 (611) 421 234 5,227 5,191 4,896 Standard silver dollars.................................................... 485 3 * 482 482 482 Silver bullion................................................................... 905 608 297 Silver certificates.............................................................. (6H) 4 .................... 17 590 596 877 Fractional coin 4.............................................................. 4,065 116 200 3,749 3,711 3,126 United States notes......................................................... 323 4 16 302 298 303 In process of retirement 5.............................................. 104 ♦ * 104 104 108 Total—May 31, 1966.......................................................... 6 59,579 (13,703) 976 13,090 3,411 42,102 Apr. 30, 1966.......................................................... 6 59,414 (13,814) 922 13,189 3,765 41,538 May 31, 1965.......................................................... 6 56,540 (14,967) 744 11,207 5,382 39,207 i Outside Treasury and F.R. Banks. Includes any paper currency held 5 Redeemable from the general fund of the Treasury. outside the United States and currency and coin held by banks. Esti­ 6 Does not include all items shown, as some items represent the security mated totals for Wed. dates shown in table on p. 987. for other items: gold certificates are secured by gold, and silver certificates 2 Includes $156 million reserve against United States notesand $183 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

998 MONEY SUPPLY JULY 1966 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt, Total c C om ur p r o en n c e y n t co D d m e e m p p o o a n s n i e t d n t jus a t d ed ­ t Total c C om ur p r o e n n e cy n t co D d m e e m p p o o a s n n i e t d n t jus a t d e ­ d I d d e e p m os a i n ts d 1 1957__Dec........................................................ 135.9 28.3 107.6 57.4 139.3 28.9 110.4 56.7 3 5 1958__Dec...................................................... 141.1 28.6 112.6 65.4 144.7 29.2 115.5 64 6 3 9 1959—Dec........................................................ 141.9 28.9 113.1 67,4 145.6 29.5 116.1 66 6 4 9 1960—bee............................ 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 31.2 120.3 967 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—.June...................................................... 161.8 35.0 126.8 135.9 159,6 34.9 124.6 136 6 9 3 July........................... 162.5 35.2 127.3 137.6 160.9 35.4 125.6 138 3 9.1 162.7 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 1966__Jan....................................................... 168.4 36.7 131,8 148.0 173.0 36.5 136.5 147 4 3.7 Feb........................................................ 168.0 36.8 131.2 148.8 167.8 36.3 131.5 148 7 5.1 169.2 36.9 132,3 149,6 167.8 36.5 131.3 150 2 c4.6 171.1 37.1 134.0 c151.6 171.6 36.8 134.8 152.2 3.0 169.5 37.3 132.2 152.9 166.9 37,0 129.9 153.9 7.2 Junep................................................ 171.1 37.4 133.8 153.32 168.8 37.3 131.5 154.02 6.2 Week ending— 1966—Jan. 5................................................ 169.6 36.4 133.1 147.7 175.6 36.9 138.7 146.6 5.2 169.1 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.J 148.8 168.5 36.4 132.1 148.7 4.5 23................................................ 167.5 36.9 130.6 149.0 164.9 36.3 128.6 148 9 6 2 Mar. 2................................................ 168.5 36.9 131.6 149.2 166.4 36.1 130.3 149.2 5.6 9................................................ 168.7 36.9 131.8 149.2 167.4 36.8 130.6 149.8 4.1 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 37.1 134.8 152.0 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 7.7 168.9 37.3 131.6 153.6 165.6 37.0 128.6 154.5 7.2 8................................................ 170.5 37,3 133.2 153.8 167.7 37.4 130.2 154.7 5.7 15................................................ 170.6 37.4 133.2 152.82 169.8 37.4 132.4 153.72 3.2 22................................................ 172.8 37.4 135.4 152.92 171.0 37.4 133.7 153.52 5.2 29................................................ 170.8 37.4 133.5 153.P 166.9 37.1 129.8 153.32 9.8 1 At all commercial banks. Averages of daily figures. Money supply consists of (1) demand deposits at all commercial banks other than those due to domestic com­ 2 Effective June 9, 1966 balances accumulated for payment of personal mercial banks and the U.S. Govt., less cash items in process of collection loans were reclassified for reserve purposes and are excluded from time and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) cur­ deposits reported by member banks. The estimated amount of such rency outside the Treasury, F.R. Banks, and vaults of all commercial deposits at all commercial banks ($1,140 million) is excluded from time banks. Time deposits adjusted are time deposits at all commercial deposits adjusted beginning with the week of June 15, 1966. banks other than those due to domestic commercial banks and the U.S. Govt. Note.—Revised data. For description of revision of series and back data beginning Jan, 1959, see July 1965 Bulletin, pp. 933-43; for monthly data 1947-58, see June 1964 Bulletin, pp, 679-89. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 BANKS AND THE MONETARY SYSTEM 999 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 l Gold s r t o e i a n u n n g t c d ­ y ­ Total L n o e a t n 1 s, Total s C a a v o n i r n d n g ] s , R Fe e d se e r r v a e l Other O s r e i t t c h i u e 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 n s ­ t c t . s , banks Banks 1947—Dec. 31..................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec, 30..................... 22,706 4,636 171,667 60,366 96;560 72,894 20;778 2; 888 14,741 199,008 184,384 14,624 1963—Dec. 20..................... 15,582 5'586 333’203 189^433 103'273 69;068 33,552 '653 40,497 354'371 323,251 31,118 30..................... 15,461 51578 343’988 201i161 100,879 65,337 34;794 748 41J948 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 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 2R..................... 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 13,900 5,500 383'500 231,600 102,300 61;700 39,600 1,000 49,500 402,800 365,900 36j900 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 13,800 5,500 389,100 234,300 105,500 64;400 40.100 1,100 49,300 408',500 370,500 38,000 31..................... 13,733 5,575 399,779 242,706 106;716 65,016 40,768 '932 50;357 419;087 383,727 35,359 1966—Jan. 26..................... 13,700 5,600 394,800 238,600 106,100 65,200 40,000 900 50,000 414,100 377,600 36,500 Feb. 23 13,700 5'700 393'900 239;500 103;800 62,900 40,000 900 50;700 413,300 374,900 38;400 Mar.30..................... 13 J 600 5,'700 397,700 244;100 102,500 61,000 40,500 1,000 51,100 417,100 379,400 37,800 Apr. 27*................... 13,600 5,800 401,200 246',800 102,300 60,700 40,700 900 52,100 420,600 383;300 37;300 May 25*................... 13,500 5,900 402;100 248,500 101,000 58,800 41,100 1,100 52,600 421,500 382,400 38;900 June 29»................... 13,400 6,000 407,000 263,300 100,700 57,800 41,800 1,100 52,900 426,400 387,900 38,400 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted * Not seasonally adjusted Time U.S. Government Date Total o b r u C e a t n u n si c r k d y ­ s e d ju m e D s p a t a d o e e n d s ­ ­ d i t s 3 Total o b r u C e a t n u n si c r k d y ­ s e d ju m e s D p a t a d o e e n d s ­ ­ d i t 3 s Total b m C a e n o r k m c s ia ­ l 1 b M sa a v n u i k t n u s g a s 4 l S P a S t o e v y s m i t s n a ­ g l s n F e e i o g t r n ­ 5 , T h c i u r n o a e r l g s a y d h s s ­ ­ s b a c a a o v A n n i m n t d k g ] s , s B F A a .R n t k . s 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1963—Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 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—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 34,500 125,200 158,300 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. 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 1966—Jan. 26.... 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.... 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.... 169,300 36,200 133,100 166,100 35,800 130,300 204,700 151,000 53,400 300 1,700 900 5,400 500 Apr. 27»... 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 Tvfay 25*... 165,800 36,300 129,500 163,900 36,200 127,600 207,300 153,800 53,200 300 1,700 1,000 8,000 700 June 29»... 167,600 36,300 131,300 165,400 36,600 128,800 207,900 154,100 53,600 200 1,800 1,100 10,900 800 i Beginning with data for June 29, 1966, about $1.1 billion in “Deposits central banks in May 19 61 reduced this item by $1,900 million ($1,5 00 accumulated for payment of personal loans” were excluded from “Time million to time deposits and $400 million to demand deposits). deposits” and deducted from “Loans” at all commercial banks. These Note.—For back figures and descriptions of the consolidated condition changes resulted from a change in Federal Reserve regulations. statement and the seasonally adjusted series on currency outside banks 2 Series begin in 1946; data are available only last Wed. of month. and demand deposits adjusted, see “Banks and the Monetary System,” 3 Other than interbank and U.S. Govt., less cash items in process of Section I of Supplement to Banking and Monetary Statistics, 1962, and collection. 4 Includes relatively small amounts of demand deposits. Bulletins for Jan. 1948 and Feb. 1960, Except on call dates, figures Beginning with June 1961, also includes certain accounts previously are partly estimated and are rounded to the nearest $100 million. classified as other liabilities. J Reclassification of deposits of foreign Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1000 COMMERCIAL AND MUTUAL SAVINGS BANKS JULY 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 1 Other Cla a s n s d o d f a b t a e nk Total Loans G U o .S vt . . Other a C ss a e s t h s 1 c b c o a i a l a l u p i i n a c t n i d i t ­ ­ e t a s s l 2 Total 1 m D a e n ­ d Time U. D S. e inand Time 3 r B in o 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 u o n e m f r k s ­ Other Govt. AU banks 1941—Dec. 31.. 61,126 26,615 25,311 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. 31< 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53,105 66 11,948 14,714 1964—Dec. 31.. 329,739216,674 68,77944,28761,493401,161 356,308 17,938 821 6,517 155,248 175,785 2,70032,196 14,266 1965—June 30. 342,138 231,737 62,606 47,79558,083 410,935 362,611 16,172 1,034 11,802 145.319 188,284 3,726 34,015 14,295 July 28, 340,780230,510 62,150 48,120 52,070 403,210 353,73014,460 980 6,890 141,410 189,990 4,730 33,820 14,291 Aug. 25. 343,120 232,710 61,320 49,090 51,460 404,900 354,340 14,900 1,010 7,230 139,340 191,860 5,060 34,020 14,293 Sept. 29. 347,070 235,830 61,720 49,52053,780 411,570 361,32015,850 1,040 7,370 143,440 193,620 4,400 34,280 14,297 Oct. 27. 351,010 237,290 64,040 49,680 53,870 415,530 363,760 15,710 1,030 4,120 147.050 195,850 5.780 34.510 14,303 Nov. 24. 353,070239,370 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 65,01650,35761,916435,483385,19618,426 1,009 5,532 160,847 199,381 4,56434,935 14,309 1966—Jan. 26. 358,890 243,740 65,180 49,970 55,420 425,520 372,850 15,410 1,050 3,930 151,780 200,680 6,170 34,910 14,299 Feb. 23. 358,990 245,440 62,900 50,650 56,560 426,640 372,700 15,830 1,060 5,440 148,730 201,640 6,750 35,020 14,299 Mar. 30. 361,710 249,580 61,030 51,100 55,030 428,100 374,580 15,240 1,070 5,120 148,470 204,680 6,160 35,180 14,306 Apr. 27v. 364,070 251,280 60,740 52,050 57,490 432,790 380,280 15,560 1,090 5,030 152,890 205,710 4,940 35,380 14,307 May 25p 365,000 253,590 58,790 52,620 55,580 431,960 377,630 14,920 1,080 7,780 146,560 207,290 5,610 35,550 14,307 June 29v 370,260259,590 57,75052,92058,160440,330384,50016,150 1,06010,660 148,680207,950 7,10035,600 14,307 Commercial banks: 1941—Dec. 31. 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10 982 44 349 15,952 23 7,173 14,278 1945—Dec. 31. 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14, 065 105, 921 30,241 219 8,950 14,011 1947—Dec. 3W 116,284 38,057 69,221 9,00637,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1964—Dec. 31. 277,376 175,589 62,991 38,79660,489346,921 307,17017,938 819 6,510 155,184 126,720 2,67927,795 13,761 1965—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 56,320 42,560 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 43,430 50,510 347,720 303,03014,900 1,010 7,230 139,280 140,610 5,060 29,410 13,789 Sept. 29. 291,470 191,690 55,930 43,850 52,830 354,060 309,640 15,850 1,040 7,370 143,380 142,000 4,400 29,630 13,793 Oct. 27 295,330 192,800 58,450 44,08052,890 357,920 311,86015,710 1,030 4,120 147,000 144,000 5,780 29,890 13,799 Nov. 24 297,140 194,560 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 59,54744,85560,899377,264332,43618,426 1,008 5,525 160,780146,697 4,47230,272 13,804 1966—Jan. 26 302,190 198,130 59,630 44,430 54,500 366,930 319,970 15,410 1,050 3,930 151,730 147,850 6,170 30,240 13,794 Feb. 23 302,030 199,610 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. 30 304,350 203,490 55,430 45,430 54,130 368,840 321,09015,240 1,070 5,120 148,420 151,240 6,160 30,440 13,801 Apr. 27» 306,900 205,080 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 25v 307,570 207,130 53,450 46,990 54,730 372,710 324,36014,920 1,080 7,780 146,510 154,070 5,610 30,790 13,802 June 29V 312,490212,740 52,46047,29057,340380,740330,88016,150 1,06010,660 148,630154,380 7,10030,930 13,802 Member banks: 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 7,589 6.884 1947—Dec. 31 97,846 32,628 57,914 7,30432,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1964—Dec. 31 228,497 147,690 48,71732,08952,737 289,142255,72417,007 664 5,838 128,539 103,676 2,481 22,901 6,225 1965—June 30 237,328 158,832 43,396 35,100 50,198 296,049 259,743 15,355 851 10,806 120,077 112,654 3,455 24,323 6,235 July 28 235,644 157,345 42,863 35,436 44,703 288,568 251,216 13,671 803 6,296 116,404 114,042 4,598 24,193 6,230 Aug. 25 237,093 158,885 42,064 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 46,087 294,704 256,981 14,991 861 6,805 117,924 116,400 4,148 24,432 6,223 Oct. 27 243,144 162,156 44,438 36,55046,119 297,674 258,443 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 44,99236,78552,814313,384275,51717,454 840 4,890132,131 120,202 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 36,966 48,453 305,117264,03215,054 895 4,691 121,740121,652 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 5,757 25,050 6,203 Apr. 27. 252,103 172,702 41,370 38,031 49,323 310,342 270,86614,795 918 4,617 125,479 125,057 4,554 25,239 6,199 May 25. 252,528 174,354 39,686 38,488 47,548 309,186268,286 14,198 916 6,858 120,016 126,298 5,114 25,345 6,198 June 29v 257,305 179,604 39,031 38,67049,721 316,497274,06915,291 891 9,430 121,879 126,578 6,61425,451 6,194 Mutual savings banks: 1941—Dec. •3'1. 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31. 16,208 4,279 10,682 1,246 609 17,020 15,385 h 15,371 7 1,592 542 1947—Dec. 31* 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 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—June 30, 54,415 43,096 5,753 5,566 1,020 56,382 50,980 1 7 53 50,918 43 4,536 504 July 2_8 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. 57,170 46,200 5,340 5,630 850 59,010 53,160 50 53,110 4,710 505 May 25. 57,430 46,460 5,340 5,630 850 59,250 53,270 50 53,220 4,760 505 June 29v 57,770 46,850 5,290 5,630 820 59,590 53,620 50 53,570 4,670 505 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 1001 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OP 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 t a e nk Total Loans G U o . v S t . . Other a C ss a e s t h s 1 c c b o a i a l a l u p i i n a c t n i d ­ i 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 in o o g w r s ­ ­ c c T a o a o p u c t i n ­ a ta t l s l N ba b u o n e m f r k s ­ Reserve city member banks New York City: 5- * 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 1,441 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—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 17,385 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 17,29( 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 20,43417,818 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 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 t7,86S 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 21,75618,557 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 June 29”................. 46,435 36,347 4,063 6,025 11,274 60,733 49,081 5,144 589 2,102 22,195 19,051 2,472 5,142 12 City of Chicago: 5 1941—Dec. 31................... 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31................... 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31................... 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1964—Dec. 31................... 10,562 7,102 1,873 1,587 2,366 13,289 11,807 1,448 22 396 5,362 4,578 204 1,056 12 1965—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 1966—Jan. 26.................... 10,976 7,722 1,753 1,501 2,274 13,675 11,514 1,214 32 121 5,257 4,890 638 1,125 11 Feb. 23................... 10,940 7,877 1,533 1,530 2,444 13,857 11.606 1,174 34 223 5,100 5,075 613 1,122 11 Mar. 30................... 11,202 8,100 1,532 1,370 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 II 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 11 June 29”................. 11,523 8,598 1,408 1,517 2,466 14,474 12,165 1,208 25 648 5,106 5,178 595 1,143 11 Other reserve city:5. 6 1941-Dec. 31................... 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31................... 40,108 8,514 29,552 2,04211,286 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 2,39613,066 49,659 46,467 5,627 22 405 28,99011,423 1 2,844 353 1964—Dec. 31................. 84,670 57,555 16,326 10,78921,607 109,053 97,145 8,289 134 2,195 46,883 39,645 841 8,488 182 1965—June 30................... 87,225 61,079 14,030 12,11619,864110,063 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 19,810112,849 98,151 7,274 208 2,077 43,74944,843 2,562 8,928 172 Dec. 31................... 91,997 65,117 14,354 12,52621,147116,350103,034 8,422 206 1,773 47,09245,541 1,548 9,007 171 1966—Jan. 26................... 90,687 64,146 14,02912,51219,313 113,025 98,559 6,992 210 1,368 44,251 45,738 2,537 9,015 171 Feb. 23................... 90,857 65,012 13,159 12,686 19,095 112,909 98,188 6,990 212 1,875 43,095 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 9,200 170 June 29”................. 94,138 68,781 11,648 13,70919,656 117,020 102,066 6,841 203 3,775 43,13548,112 2,568 9,260 170 Country member banks:5* 6 1941—Dec. 31................... 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31................... 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31................... 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1964—Dec. 31................... 93,759 55,733 24,341 13,685 16,944 112,932 101,581 2,182 71 1,760 52,39845,169 213 8,886 6,018 1965—June 30................... 97,043 59,411 22,69714,935 15,837115,302103,304 1,825 71 3,222 49,80048,386 323 9,359 6,032 July 28................... 97,012 59,307 22,73014,975 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 22,60015,182 14,995 114,744102,475 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 15,478118,109 105,572 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 23,73516,288 17,366123,227110,738 2,371 74 1,501 55,11851,675 343 9,673 6,027 1966—Jan. 26.................... 102,848 62,445 24,175 16,22815,638 121,086108,484 1,971 71 1,280 52,96452,198 594 9,655 6,018 Feb. 23.................... 102,846 62,621 23,78016,445 15,733 120,993 108,224 1,889 71 1,771 51,80052,693 768 9,686 6,014 Mar, 30................... 103,571 63,617 23,168 16,786 15,666 121,660 108,599 1,869 71 1,638 51,651 53,370 814 9,742 6,010 Apr. 27.................... 104,208 64,371 22,891 16,94615,782122,524109,499 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 6,005 June 29”......... 105,209 65,878 21,91217,41916,325 124,270110,757 2,098 74 2,905 51,44354,237 979 9,906 6,001 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1002 COMMERCIAL AND MUTUAL SAVINGS BANKS JULY 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 n i a t t i d i t a ­ e a l s l Total 1 Interbank > Dema O n t d her r B in o o g w r s ­ ­ c c T a o a o p u c t i n ­ a ta t l s l b N a b o u n e f m r k s ­ G U o .S vt . . Other cou a n c­ ts 2 m D a e n ­ d Time U.S. Time 3 Govt. Other Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88.912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,67113,297 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 62,72334,594 50,337 310,730 273,657 15,077 443 6,712140,702110,723 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 3,56229,051 13,528 Dec. 31.. 303,593200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508159,659 146,084 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 43,473 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 33,38419,218 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 36,880 219,744 193,86012,064 458 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 3,055 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 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—June 30., 80,339 55,455 13,166 11,718 18,603 102,301 88,215 6,259 538 4,085 41,06836,265 1,769 8,470 1,432 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 23,140 19,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,50422,509 99 4,488 7,262 1965—June 30.. 48,058 28,375 13,039 6,644 6,357 55,507 49,869 565 78 955 24,12824,144 108 4,739 7,294 Dec. 31.. 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 * 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 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. 31.. 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 bank.: 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

JULY 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 1003 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 a o l f l b d a a n te k Total Loans G U o S .S v e t c . . urit O ie t s her a C ss a e s t h s 1 c c b o T a i a l a u l p o i n i a c n t i t d i t ­ ­ a t e a s l s l 2 Total 1 m D I a n e n t ­ e d rba T n i k m 1 e G U o . D S vt . e . ma O O n t t d h h e e r r Time3 r B in o o g w r s ­ ­ c c T a o a o p u c t i n ­ t a a t l s l b N a b u o n e m f r k s ­ 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 ;945—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 I 8 6,865 1 706 177 1 Reciprocal balances excluded beginning with 1942. Note.—Data arc 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 3 Regarding reclassification of New York City and Chicago as reserve classifications of cities and individual banks, and by mergers, etc. cities, see Aug. 1962 Bulletin, p. 993. For various changes between Data for Dec. 31, 1964 and June 30, 1965 for national banks have been reserve city and country status in 1960-63, see note 6, p. 587, May 1964 adjusted to make them comparable with State bank data. (Dec. 20, 1963, Bulletin. data also adjusted to lesser extent.) 6 Beginning with May 18. 1964, one New York City country bank with Figures are partly estimated except on call dates. loans and investments of $1,034 million and total deposits of $982 million For revisions in series before June 30, 1947, see July 1947 Bulletin, was reclassified as a reserve city bank. Beginning with May 13. 1965 pp. 870-71. (Toledo, Ohio), reserve city banks with total loans and investments of $530 million and total deposits of $576 million were reclassified as country banks. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total 1 Loans1 Total' Loans1 U.S. Other U.S. Other Govt. Govt. 1957 Dec 31 ................................................................... 166.4 91.5 56.9 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...................................................................... 185.9 107,5 57,9 20,5 189.5 110,0 58,9 20.5 I960__Dec. 31...................................................................... 194.5 113,8 59.8 20,8 198.5 116.7 61.0 20.9 1961 Dec 30 ........................................................... 209.6 120.5 62.2 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31...................................................................... 227.9 134.1 64.5 29.2 233.6 137.9 66.4 29,3 1963 Dec. 31...................................................................... 246.2 149.7 61.5 35.0 252.4 153.9 63.4 35.1 1964__Dec 31...................................................................... 267,2 167.4 61.1 38.7 273.9 172.1 63.0 38.8 1965__Apr. 28...................................................................... 277.0 177.1 58.7 41.2 275,9 176.2 58.3 41.4 279.4 179.4 58.7 41.3 277.1 178.8 57.2 41.1 281.7 181.4 58.2 42.1 283,9 184,9 56.9 42.2 July 28...................................................................... 283.2 182.9 57.9 42,4 281,2 182,4 56.3 42.6 Aug. 25...................................................................... 286.1 185.2 57.7 43.1 283.2 184.3 55,5 43.4 Sept, 29...................................................................... 286.2 186.2 56.5 43.4 286,8 187,0 55.9 43.9 Oct. 27...................................................................... 289.9 188.6 57.4 43.9 290.2 187.7 58.5 44.1 Nov. 24...................................................................... 291.5 189.8 57.5 44.2 292.3 189.8 58.8 43.8 Dec. 31...................................................................... 294.4 192,0 57.7 44.8 301.8 197.4 59.5 44.9 1966__Jan 26..................................................................... 297.4 194.5 58.0 44.9 296.8 192.7 59.6 44.4 Feb 23 .............................................................. 297.5 196.2 55.9 45.4 296,0 193.6 57.3 45.1 Mar 30 ............................................................. 300.3 198.6 56.0 45.7 298,5 197.6 55.4 45.4 Apr. 27*................................................................... 302.7 200.7 55.8 46.2 301.5 199.7 55.4 46.4 May 25*................................................................... 304.3 202.0 55.0 47.2 301.9 201.4 53.5 47.0 June 30* 3................................................ 2 305.4 2 203.7 54.5 47.1 307.8 207.6 52.9 47.3 1 Adjusted to exclude interbank loans. 2 Effective June 9, about $1.1 billion of balances accumulated for pay­ ment of personal loans were deducted as a result of a change in Federal Note.—Data are for last Wed. of month except for June 30 and Dec. Reserve regulations. 31; data are partly or wholly estimated except when June 30 and Dec. 31 3 June 30, 1966 estimated. are call dates. Seasonally adjusted data in this table are revised. For back data, including revisions, see pp. 952-55. For description of sea­ sonally adjusted scries, see July 1962 Bulletin, pp. 797-802. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1004 COMMERCIAL BANKS JULY 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 ta s l 1 Fed­ Com­ o p s r u e r c c c u a h r r a r it y s i i i e 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 O cu o r v it e i r e n 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 tur- To tate di­ govt, rities in­ bro­ vid- Bills secu­ d tr u ia s l ­ k a e n r d s ot T h o er s Banks Others uals Total ce a r n t d if i­Notes Bonds rities deal­ cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3,729 1963—Dec. 20.. 254,162 156,006 52,947 7,470 5,353 2,509 3,605 99,,44779939,05634,5504,034 63,196 12,717 22,415 28,065 29,786 5,173 1964—Dec. 31.. 277,376 175,589 60,217 7,505 5,5422,843 3,491 10,913 43,675>'3"9 ,8—09 5,152 62,991 13,37719,039 30,574 33,533 5,263 1965—June 30.. 287,723 188,641 65,546 8,0686,0662,912 3,788 11,46346,2231 43,0565,148 56,853 8,920 14,67833,255 36,541 5,688 Dec. 31.. 306,060 2,103 199,55571,4378,2125' ,2—583,231 2,158 13,29149,300>45,4685,21559,547 n.a. n.a. n.a.38,6556,201 All insured 1941—Dec. 31.. 49,290 .....2..1..,.2.59 9,2141,450 614 662 40 4,773 4,505 21,046 988 3,15916,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,164 3,606 49 4,677 2,361 1,132 88,91221,52616,04551,342 3,8733,258 1947—Dec. 31.. 114,274 37,583 18,0121,610 8231,190 114 9,266 5,654 91467,941 9,676 5,91852,347 5.1293,621 1963—Dec. 20.. 252,579 155,261 52,7437,444 5,3212,476 3,594 9__,4_1_5__3_8_,_8_6_134,383 4,015 62,723 12,60122,31627,80629,5595,035 1 1 9 9 6 6 4 5 — — D Ju e n c e . 3 3 1 0 . . . , 2 2 7 8 5 5 , , 0 3 5 7 3 5 1 1 7 8 4 7 , , 2 2 3 07 4 5 65 9 , , 0 7 5 4 3 67 8 , , 4 0 8 47 2 5 5 , , 3 9 5 2 5 5 2 2, , 8 7 6 9 0 4 3 3 , , 4 6 1 8 9 0 1 .1. 0 1 , , 8 3. 1 4. 2 2. 4, 4 5. 3 , , 9 4 .5. 3 1! 6 3 42 9 ,6 8 2 7 7 9 5 5 , , 1 0 1 9 2 2 6 5 2 6 , , 4 4 9 2 9 6 1 8 3 , , 8 2 4 75 9 1 14 8 , , 6 9 0 3 3 93 3 0 2 , , 2 9 8 7 5 4 3 36 3 , , 2 2 9 9 5 45 5 , , 0 4 2 4 6 7 Dec. 31.. 303,593 2,064198,04570,8878,191 5,0883,172 2,093 13,14849,02645,2905,15559,12013,13413,23333,85838,4195,945 Member, total 1941—Dec. 31.. 43,521 .....1..8..,.0.21 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 3,133 3,378 47 3,455 1,900 1,057 78,33819,26014,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,9621,046 8111,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,1993,105 1963—Dec. 20.. 210,127 131,71247,403 4,6595,1242,136 3,439 8,875 31,009 27,9083,76549,342 9,33918,07221,93225,2103,864 1964—Dec. 31.. 228,497 147,69053,717 4,6435,1422,411 3,250 10,179 34,5873"2 ,0“2­44,82448,717 9,93215,23823,54828,3743,715 1965—June 30.. 237,328 158,83258,6404,9695,7292,442 3,516 10,735 36,57734,5824,78343,396 6,26011,43025,70631,0364,064 Dec. 31.. 251,577 1,861 167,93963,9795,0994,9152,714 2.008 12,47538,98836,4184,83244,992 9,44110,10626,36932,5884,198 New York City. 1941—Dec. ;31.. 12,896 .......4..,.0.72 2,807 8 412 169 32 ........... 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 3■1.. 26,143 7,334 3,044 2,4531,172 26 80 287 27217,574 3,910 3,325 10,339 606 629 1947—Dec. 3■1.. 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 23,57712,332 262,677 569 1,007 2,247 1,968 2,257 1,068 6,154 1,858 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 2,6541,371 6,178 1,958 1,972 2,248 5,579 449 1965—June 30.. 42,225 30,975 16,082 163,657 561 1,212 2.977 2,866 2,8321,419 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 1,340 5,203 1,538 987 2,876 5,879 556 Ci 1 .ty. 9 . 4 o. 1 f — C_ D hi e c c a . go3:1 2,760 ...........954 732 6 48 52 1 ........... 22 95 1,430 256 153 1,022 182 193 J945—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 1,873 564 397 911 1,392 195 1965—June 30.. 10,835 7,367 4,099 26 465 232 266 1,007 514 702 308 1,761 473 299 989 1,493 214 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..,.1.05 3,456 300 114 194 4 ........... 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 17 1,459 855 :387 29,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 :351 20,196 2,731 1,901 15,563 1,3421,053 1963—Dec. 20.. 78,370 51,891 18,8621,219 1,243 891 1,224 4,286 12,525 11,1061,46216,686 2,697 6,600 7,390 8,810 981 1964—Dec. 31.. 84,670 57,555 21,1021,095 1,060 986 1,134 4,887 13,611 12,8021,97716,326 3,200 5,662 7,463 9,871 918 1965—June 30.. 87,225 61,079 22,817 1,214 978 1,034 1,241 5,076 14,213 13,6361,981 14,030 1,819 4,161 8,05011,108 1,008 Dec. 31.. 91,997 471 64,64624,7841,206 9541,108 635 5,82015,05614,305 1,99914,354 2,972 3,281 8,43211,5041,022 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 ........... 1,823 1,528 4,377 110 481 3,787 1,2221,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 :359 26,999 5,732 4,54416,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 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 16,11413,951 917 24,797 4,395 8,531 11,871 10,3852,111 1964—Dec. 31.. 93,759 55,733 14,5563,493 830 599 710 1,730 17,96415,899 1,047 24,341 4,209 7,20612,925 11,531 2,154 1965—June 30.. 97,043 59,411 15,641 3,713 629 616 796 1,675 18,98417,413 1,074 22,697 2.932 5,84913,915 12,6372,299 Dec. 31.. 103,362 905 62,433 16,4783,840 650 698 174 1,98320,21718,423 1,17723,735 4,389 5,565 14,09813,805 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 4,343 6,133 4,576 1,309 1964—Dec. 31.. 48,879 27,899 6,5002,862 400 432 241 733 9,088 7,786 328 14,273 3,445 3,801 7,026 5,159 1,548 1965—June 30.. 50,394 29,809 6,9063,099 336 470 272 729 9,646 8,474 36613,457 2,660 3,248 7,549 5,504 1,624 Dec. 31.. 54,483 242 31,616 7,4583,113 343 516 151 81710,312 9,050 383 14,555 n.a. n.a. h.a. 6,067 2,003 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 (i.e., 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

JULY 1966 COMMERCIAL BANKS 1005 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Bal- De­ 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 R v e t k h ­ e . s s r C c a e o n n u i d c r n y ­ b m a w a d n e n i p o s t k t e h ­ i s s c 4 j m p us o d a a t s d e e n i - ­ d t d s 5 m D e I s n o t t ­ i e c r 4 ba e F n ig o k n r­ * G U o .S vt . . g S l a o o t n c a v a d t t e l . c C c h o f a e e i e f n e r r f c d d i t s k ­ i ’ ­ s, IPC I b n a t n er k ­ G P U S a o o a n . s S v v d t t . ­ a , l g S l a o o t n c a v a d t t e l . IPC r B in o o w g r s - ­ c C o a t a u a c p n l ­ i t ­ s etc. ings Total: 2 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 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 in 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 7,853102,6003,571 25,277 1964—Dec. 31.... 17,581 4,515 14,613 133,336 16,210 1,454 6,487 13,423 5,856 134,764 733 272 9,766116,1472,58027,377 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 so 105 693 27,542 54 8,464 1963—Dec. 20.... 17,150 3,131 7,359102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,3263,49921,054 1964—Dec. 31.... 17,581 3,490 9,057108,324 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 1,34610,806 10,127 5,449 104,502 851 247 8,592103,8143,45524,323 Dec. 31.... 17,992 3,757 8,957 112,569 15,977 1,477 4,890 10,840 5,386 115,905 840 236 10,041109,9254,23424,926 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 10,9201,438 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 15,9691,423 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: 1 1 9 9 4 4 1 5 — — D D e e c c . . 3 3 1 1 . . . .. .. . 1,0 9 2 4 1 2 4 3 3 6 2 2 9 0 8 0 2 3 , , 2 1 1 5 5 3 1 1 , , 0 2 2 9 7 2 20 8 1,5 1 5 2 2 7 2 2 3 3 3 7 6 3 6 4 2 3 , , 1 1 5 6 2 0 2 4 7 7 19 6 2 3 8 7 8 7 1947—Dec. 31.... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 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 31,9821,416 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 1.700 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..,.0..9...3 6,343 28,367 817 155 635 3,404 592 24,653 168 27 2,145 24,322 238 5,345 ♦Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 5 Through I960, demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt, less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and 6 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

1006 WEEKLY REPORTING MEMBER BANKS JULY 1966 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Total Loans loans and Com­ To brokers Wednesday and invest­ mer­ and dealers To others Bank Nonbank Valu­ invest­ ments Loans cial Agri­ Real All ation ments^ ad­ ad­ and cul­ estate other re­ justed 2 justed2 in tr d i u al s­ tural G U s o e .S v ­ t . , O s t e h ­ er G U s o e . v S ­ t . , O s t e h ­ er For­ m D ti e o c s ­ ­ P s a a e n l r e d s s , Other serves curi­ curi­ curi­ curi­ eign com­ finan. ties ties ties ties mer­ cos., cial etc. Total— Leading Cities 1965 June 2..................... 157,092 154,158107,450 45,270 1,572 963 3,811 72 1,957 1,609 2,934 5,151 4,139 20,842 24,359 2,295 9....................... 156,346 153,644106,744 45,258 1,575 783 3,602 73 1,974 1,604 2,702 4,768 4,145 20,905 24,348 2,291 16....................... 158,629 156,323109,461 46,473 1,594 1,031 3,750 72 1,967 1,582 2,306 5,468 4,224 21,008 24,588 2,296 23....................... 158,258 155,979109,110 46,320 1,601 1,023 3,699 72 1,954 1,596 2,279 5,215 4,215 21,071 24,636 2,292 30....................... 159,779 158,440110,925 46,847 1,607 1,110 4,265 73 1,970 1,577 1 ,339 5,447 4,383 21,149 24,803 2,306 1966 May 4....................... 168,974 166,475120,297 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....................... 168,895 166,105119,970 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.............. 168,388 165,402120,019 53,454 1,662 869 3,391 88 2,137 1,517 2,986 5,664 4,601 23,246 25,983 2,593 June 1....................... 170,367 167,093121,725 53,839 1,665 976 3,578 91 2,139 1,578 3,274 6,276 4,648 23,260 26,269 2,594 8....................... 167,215 165,187119,985 53,647 1,660 516 3,275 97 2,150 1,598 2,028 5,704 4,557 23,280 26,105 2,604 15.............. 170,496 167,585 122,294 54,889 1,675 668 3,465 86 2,146 1,557 2,911 6,409 4,683 23,371 25,950 2,605 22....................... 170,929 168,178 123,439 55,518 1,675 499 3,658 88 2,145 1,598 2,751 6,771 4,624 23,433 26,032 2,602 29....................... 172,898 169,680124,566 55,792 1,675 670 3,862 92 2,144 1,506 3,218 6,873 4,762 23,516 26,275 2,601 New York City 1965 June 2...................... 39,228 37,997 27,950 15,091 18 480 2,408 17 526 843 1,231 1,758 935 2,517 3,977 620 9....................... 38,853 37,724 27,457 15,061 17 453 2,235 17 528 840 1,129 1,536 927 2,534 3,925 616 16....................... 39,484 38,812 28,543 15,599 17 552 2,362 17 516 805 672 1,791 929 2,554 4,015 614 23....................... 39,607 38,580 28,228 15,500 16 478 2,326 17 514 825 1,027 1,664 944 2,568 3,988 612 30....................... 40,465 40,153 29,544 15,759 15 796 2,838 17 534 821 312 1,775 993 2,600 4,006 610 1966 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 June 1,..................... 43,283 42,103 32,684 18,360 18 529 2,327 15 632 838 1,180 2,206 1,286 3,098 4,140 765 8....................... 41,638 40,934 31,557 18,237 18 277 2,086 14 639 839 704 1,841 1,231 3,087 4,063 775 15....................... 43,427 42,478 32,867 18,842 17 314 2,293 10 639 825 949 2,265 1,272 3,089 4,076 775 22....................... 43,458 42,562 33,308 19,064 15 217 2,471 10 643 865 896 2,316 1,263 3,089 4,127 772 29....................... 44,555 43,379 33,910 19,229 15 372 2,636 10 645 846 1,176 2,288 1,305 3,115 4,220 771 Outside New York City 1965 une 2....................... 117,864 116,161 79,500 30,179 1,554 483 1,403 55 1,431 766 1,703 3,393 3,204 18,325 20,382 1,675 9....................... 117,493 115,920 79,287 30,197 1,558 330 1,367 56 1,446 764 1,573 3,232 3,218 18,371 20,423 1,675 16....................... 119,145 117,511 80,918 30,874 1,577 479 1,388 55 1,451 777 1,634 3,677 3,295 18,454 20,573 1,682 23....................... 118,651 117,399 80,882 30,820 1,585 545 1,373 55 1,440 771 1,252 3,551 3,271 18,503 20,648 1,680 30....................... 119,314 118,287 81,381 31,088 1,592 314 1,427 56 1,436 756 1,027 3,672 3,390 18,549 20,797 1,696 1966 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 June 1..................... 127,084 124,990 89,041 35,479 1,647 447 1,251 76 1,507 740 2,094 4,070 3,362 20,162 22,129 1,829 8....................... 125,577 124,253 88,428 35,410 1,642 239 1,189 83 1,511 759 1,324 3,863 3,326 20,193 22,042 1,829 15....................... 127,069 125,107 89,427 36,047 1,658 354 1,172 76 1,507 732 1,962 4,144 3,411 20,282 21,874 1,830 22....................... 127,471 125,616 90,131 36,454 1,660 282 1,187 78 1,502 733 1,855 4,455 3,361 20,344 21,905 1,830 29....................... 128,343 126,301 90,656 36,563 1,660 298 1,226 82 1,499 660 2,042 4,585 3,457 20,401 22,055 1,830 For notes see p. 1008, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 WEEKLY REPORTING MEMBER BANKS 1007 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 U. S. Government securities Total assets— Wednesday Cer- No m te a s tu an ri d n g b — onds O se t c h u e ­ r Total d a o w B n m i a c t e h l e ­ s s - a w B f n o i a c r t e l h - ­ s Cu a r n re d n cy s w e R r i v t e h e ­ s a o s A t s h e l e l t r s l T ia a t o i n b e t d i s a l i l ­ Total Bills c t a if t i e - s With- 1 to After rities ba t n ic k s b e a i n gn k s coin B F a . n R k . s a c c a c p o i u ta n l t s 5 years 5 years 1 year Total— Leading Cities 1965 2................... 24,026 3,203 3,549 10,027 7,247 22,682 18,101 3,156 234 1,913 12,798 6,409 198,406 9................... 23,701 2,901 3,611 10,012 7,177 23,199 17'826 2,968 216 1,952 12,690 6,287 194,841 16................... 23,707 2,934 3; 624 9,981 7; 168 23,155 19,687 3,361 219 1,928 14,179 6,288 202,642 23................... 23,533 2,795 3,636 9,920 7,182 23,336 18,608 3,079 215 2,031 13,283 6,389 198,682 30................... 24,254 3,635 3,637 9,866 7,116 23,261 19,182 3,288 213 1,955 13,726 6,665 204,302 1966 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................... 211730 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 7,159 211,011 June 1................... 20,704 2,695 540 2,418 9,137 5,914 24,664 18,569 3,703 175 2,098 12,593 7,370 215,866 8................... 20,254 2,238 546 2,436 9,125 5,909 24,948 18,889 3,311 191 2,084 13,303 7,297 209,760 15................... 20,586 2,471 563 2,706 8,879 5,967 24,705 19,092 3,545 187 2,114 13,246 7,090 217,413 22 20,038 1,894 563 2,801 8,828 5,952 24,701 19,961 3,382 184 2,195 14,200 7,126 216,542 70 ................... 20,276 2,133 561 2,763 8,829 5,990 24,838 19,340 3,392 193 2,251 13,504 7,307 217,297 New York City 1965 June 2................... 4,440 769 642 1,480 1,549 5,607 3,970 142 128 289 3,411 2,636 51,524 9................... 4,415 749 635 1,491 1,540 5,852 4,074 106 109 290 3,569 2,540 50,502 16................... 4,424 748 636 1,493 1,547 5,845 4,829 155 112 281 4,281 2,542 53,002 23.................. 4,369 702 621 1,484 1,562 5,983 4,273 130 106 290 3,747 2,629 52,005 30................. 4,657 1,038 604 1,455 1,560 5,952 4,782 192 102 289 4,199 2,752 55,272 1966 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 June 1................... 3,878 791 192 371 1,303 1,221 5,541 3,563 196 73 302 2,992 2,980 56,984 8................... 3,725 617 189 397 1,275 1,247 5,652 4,145 166 90 301 3,588 2,980 54,883 15................... 4,069 964 187 411 1,244 1,263 5,542 4,273 212 91 298 3,672 2,904 58,142 22 3,672 583 184 414 1,206 1,285 5,582 4,860 197 82 306 4,275 2,843 58,250 29................... 3,858 772 182 392 1,225 1,287 5,611 4,284 237 92 319 3,636 2,938 58,592 Outside New York City 1965 June 2................... 19,586 2,434 2,907 8,547 5,698 17,075 14,131 3,014 106 1,624 9,387 3,773 146,882 9................... 19,286 2,152 2,976 8,521 5,637 17,347 13,752 2,862 107 1,662 9,121 3,747 144,339 16................... 19,283 2,186 2,988 8,488 5,621 17,310 14,858 3,206 107 1,647 9,898 3,746 149,640 23................... 19,164 2,093 3,015 8,436 5,620 17,353 14,335 2,949 109 1,741 9,536 3,760 146,677 30................... 19,597 2,597 3,033 8,411 5,556 17,309 14,400 3,096 111 1,666 9,527 3,913 149,030 1966 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 June 1................... 16,826 1 ,904 348 2,047 7,834 4,693 19,123 15,006 3,507 102 1,796 9,601 4,390 158,882 8................... 16,529 J ,621 357 2,039 7,850 4,662 19,296 14,744 3,145 101 1,783 9,715 4,317 154,877 15................... 16,517 1,507 376 2,295 7,635 4,704 19,163 14,819 3,333 96 1,816 9,574 4,186 159,271 22................. 16,366 1,311 379 2,387 7,622 4,667 19,119 15,101 3,185 102 1,889 9,925 4,283 158,292 29................... 16,418 1,361 379 2,371 7,604 4,703 19,227 15,056 3,155 101 1,932 9,868 4,369 158,705 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1008 WEEKLY REPORTING MEMBER BANKS JULY 1966 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES— Continued (In millions of dollars) Deposits Borrowings Demand Time De­ Other Cap­ Wednesday j u u T n s o t a t e a d d l ­ * j m p u d o a s a t s d e n e i ­ ­ t d d s s Toul« IPC S l g a o o t n c a v d a t t e l . e F ig o n r­ 7 G U o . v S t . . c m m D c o t i i e e m o a c r s l ­ ­ ­ ­ Total® S in a g v s ­ IPC Oth S l a e o t r n c a a d t t e l i m e e 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 t s banks govt. Total— Leading cities 1965 June 2........... 170,834 62,606 97,840 67,521 5,545 1,9946,38412,046 72,994 42,54019,679 5,815 4,263 162 4,351 6,877 16,182 9........... 166,911 62,977 93,522 66,492 5,080 1,9574,63211,531 73,389 42,62219,989 5,749 4,306 424 4,545 6,773 16,188 16........... 174,991 65,065 101,958 71,634 4,971 2,0506,693 12,162 73,033 42,69419,670 5,695 4,244 636 4,095 6,846 16,074 23........... 171,263 62,959 97,832 67,207 4,965 2,021 8,01911,427 73,431 42,77920,016 5,695 4,198 26 3,774 7,195 16,424 30........... 177,370 63,809103,553 69,651 5,410 2,0868,664 12,404 73,817 43,12820,130 5,595 4,232 604 2,582 6,975 16,771 1966 May 4........... 183,319 65,809101,494 71,095 5,998 2,134 5,193 12,350 81,825 43,28926,178 7,104 4,478 739 4,441 8,007 17,492 11........... 181,931 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 2,0255,80612,000 82,450 43,21526,728 7,136 4,566 675 4,350 8,283 17,463 25........... 180,518 64,159 97,824 68,843 5,455 1,9925,35711,403 82,694 43,13326,965 7,156 4,636 184 4,368 8,477 17,464 June 1........... 185,313 65,631 102,618 71,772 6,030 2,1454,70012,727 82,695 43,09327,133 7,097 4,583 181 4,490 8,339 17,543 8 178,632 64,964 95,746 69,255 5,582 2,056 2,08212,341 82,886 43,05727,444 7,014 4,583 719 4,395 8,474 17,540 15........... 185,943 68,911 104,082 76,770 5,450 2,083 1,711 12,725 81,861 43,00726,583 6,911 4,573 566 4,920 8,481 17,503 22........... 184,358 65,551 102,110 71,773 5,235 1,9935,828 12,205 82,248 42,98826,964 6,950 4,553 631 5,497 8,555 17,501 29........... 185,186 65,159 102,318 70,259 5,651 2,2007,471 11,936 82,868 43,10427,515 6,920 4,555 458 5,633 8,500 17,520 New York City 1965 June 2........... 42,507 15,410 26,330 16,545 343 1,4641,852 3,378 16,177 4,937 7,134 566 3,058 75 1,443 3,121 4,378 9........... 41,315 15,415 24,891 16,389 287 1,4201,309 3,132 16,424 4,955 7,333 547 3,083 30 1,720 3,060 4,377 16........... 43,898 16,454 27,693 18,027 306 1,518 1,788 3,304 16,205 4,969 7,156 565 3,006 241 1,531 2,959 4,373 23........... 43,027 15,748 26,738 16,722 334 1,4832,248 3,246 16,289 4,988 7,253 558 2,967 1,074 3,291 4,613 30........... 45,694 15,897 29,447 17,538 459 1,5472,538 3,739 16,247 5,018 7,194 532 2,991 250 1,068 3,352 4,908 1966 May 4........... 45,747 15,992 27,577 17,399 486 1,5841,719 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 1,4641,383 3,342 18,360 4,853 9,006 674 3,286 60 1,637 3,830 4,968 46,864 16,278 28,551 18,040 365 1,5841,306 3,809 18,313 4,846 9,015 677 3,237 1,400 3,730 4,990 8........... 44,283 15,669 25,856 16,961 467 1,515 568 3,499 18,427 4,846 9,122 684 3,241 99 1,640 3,889 4,972 15........... 47,240 17,689 29,231 19,810 351 1,549 381 3,623 18,009 4,838 8,752 660 3,228 70 2,044 3,815 4,973 22........... 46,761 16,508 28,617 18,367 344 1,457 1,496 3,524 18,144 4,832 8,896 665 3,223 145 2,517 3,867 4,960 29........... 47,208 16,246 28,824 17,790 437 1,6472,078 3,685 18,384 4,816 9,157 668 3,236 167 2,300 3,956 4,961 Outside New York City 1965 June 2........... 128,327 47,196 71,510 50,976 5,202 5304,532 8,668 56,817 37,603 12,545 5,249 1,205 87 2,908 3,756 11,804 9........... 125,596 47,562 68,631 50,103 4,793 5373,323 8,399 56,965 37,667 12,656 5,202 1,223 394 2,825 3,713 11,811 16........... 131,093 48,611 74,265 53,607 4.665 5324,905 8,858 56,828 37,725 12,514 5,130 1,238 395 2,564 3,887 11,701 23........... 128,236 47,211 71,094 50,485 4,631 5385,771 8,181 57,142 37,791 12,763 5,137 1,231 26 2,700 3,904 11,811 30........... 131,676 47,912 74,106 52,113 4,951 5396,126 8,665 57,570 38,11012,936 5,063 1,241 354 1,514 3,623 11,863 1966 May 4........... 137,572 49,817 73,917 53,696 5,512 5503,474 8,890 63,655 38,41017,269 6,435 1,294 470 2,490 4,472 12,507 11........... 136,650 49,399 72,687 53,369 5,281 5383,311 8,630 63,963 38,37617,467 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 5283,974 8,061 64,334 38,28017,959 6,482 1,350 124 2,731 4,647 12,496 June 1........... 138,449 49,353 74,067 53,732 5,665 561 3,394 8,918 64,382 38,24718,118 6,420 1,346 181 3,090 4,609 12,553 8........... 134,349 49,295 69,890 52,294 5,115 541 1,514 8,842 64,459 38,211 18,322 6,330 1,342 620 2,755 4,585 12,568 15........... 138,703 51,222 74,851 56,960 5,099 5341,330 9,102 63,852 38,16917,831 6,251 1,345 496 2,876 4,666 12,530 22 137,597 49,043 73,493 53,406 4,891 5364,332 8,681 64,104 38,15618,068 6,285 1,330 486 2,980 4,688 12,541 29........... 137,978 48,913 73,494 52,469 5,214 5535,393 8,251 64,484 38,288 18,358 6,252 1,319 291 3,333 4,544 12,559 i After deduction of valuation reserves. banks, international institutions, banks in foreign countries, and foreign 2 Exclusive of loans to domestic commercial banks and after deduction branches of U.S. banks other than reporting bank. of valuation reserves; individual loan items are shown gross. 8 Includes U.S. Govt., postal savings, domestic commercial interbank 3 Excludes cash items in process of collection. and mutual savings banks, not shown separately. * Total demand and total time deposits. 9 Includes negotiable certificates of deposit issued in denominations 5 Demand deposits other than domestic commercial interbank and over $100,000, as follows (in millions of dollars): U.S. Govt., less cash items in process of collection. June 1 June 8 June 15 June 22 June 29 6 Includes certified and officers’ checks and deposits of mutual savings Total—Leading cities......... 17,747 17,773 17,13 8 17,359 17,743 banks, not shown separately. New York City................... 7,467 7,498 7,070 7,209 7,396 7 Deposits of foreign governments and offiaal institutions, central Outside New York City... 10,280 10,275 10,068 10,150 10,347 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 BUSINESS LOANS OF BANKS 1009 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during— Industry 1966 1966 1966 1965 1966 1965 J 2 u 9 ne Ju 22 ne Ju 15 ne Ju 8 ne Ju 1 ne June May Apr. II I IV h 1 a s l t f h 2n a d lf Durable goods manufacturing: Primary metals................................ 1,086 1,082 1,060 1,032 1,025 73 41 1 115 153 11 268 17 Machinery............................................. 3,543 3,509 3,364 3,214 3,199 433 96 -59 470 213 85 683 121 Transportation equipment............... 1,328 1,550 1,558 1,390 1,417 140 49 18 207 125 -50 332 130 Other fabricated metal products.. . 1,605 1,585 1,560 1,497 1,490 112 34 8 154 96 -39 250 70 Other durable goods.......................... 1,908 1,890 1,857 1,796 1,776 140 53 38 231 156 -35 387 83 Nondurable goods manufacturing: Food, liquor, and tobacco........... 2,236 2,193 2,212 2.097 2,177 71 -66 -120 -115 -39 657 -154 760 Textiles, apparel, and leather........... 2,100 2,078 2,037 1,985 1,941 177 65 3 245 325 -336 570 -164 Petroleum refining.............................. 1,869 1,871 1,865 1,838 1,812 90 146 -6 230 149 157 379 259 Chemicals and rubber....................... 2,136 2,139 2,110 2,045 2,044 111 25 -116 20 330 92 350 83 Other nondurable goods................... 1,469 1,456 1,437 1,356 1,353 120 68 31 219 93 -46 312 62 Mining, including crude petroleum and natural gas........................ 3,803 3,792 3,770 3,762 3,751 47 45 92 118 242 210 243 Trade: Commodity dealers................... 1,154 1,126 1,128 1,125 1,154 -38 -73 -110 -221 -100 374 -231 436 Other wholesale.......................... 2,844 2,826 2,799 2,767 2,781 66 5 51 122 6 139 128 183 Retail............................................ 3,550 3,582 3,451 3,335 3,433 164 111 189 464 -11 -58 453 -77 Transportation, communication, and other public utilities............... 6,347 6,169 6,096 5,907 5,926 522 114 -296 340 -123 628 217 961 Construction........................................... 2,736 2,725 2,698 2,664 2,659 72 64 17 153 36 -3 189 26 All other:1 Bankers’ acceptances. .................. 464 507 553 598 657 -219 -33 21 -231 -1 5 -232 -186 All other types of business, mainly services.......................................... 6,840 6,849 6,811 6,754 6,796 97 63 98 258 243 287 501 381 Total classified loans.............................. 47,220 46,929 46,366 45,162 45,391 2,178 807 -232 2,753 1,769 2,110 4,522 3,388 Commercial and industrial loans— all weekly reporting banks........... 53,792 55,518 54,889 53,647 53,839 2,338 947 -145 3,152 2,011 2,512 5,163 3,782 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 arid loans period 1­ 10­ 100­ 200 period 1­ 10­ 100­ 200 10 100 200 and over 10 100 200 and over Year: 19 large cities: Quarter—cont.:1 New York City: 1956............................. 4.2 5.2 4.8 4.4 4.0 1965—June........ 4.74 5.62 5.39 5.07 4.62 1957............................. 4.6 5.5 5.1 4.8 4.5 Sept............... 4.76 5.65 5.37 5.13 4.64 1958............................. 4.3 5.5 5.0 4.6 4.1 Dec................ 5.08 5.74 5.59 5.34 4.99 1959............................. 5.0 5.8 5.5 5.2 4.9 1966—Mar............... 5.41 5.92 5.78 5.66 5.34 June............... 5.65 6.14 6.11 5.87 5.57 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—June, 5.01 5.88 5.58 5.32 4.85 1964............................. 5.0 5.9 5.6 5.3 4.8 Sept............... 5.03 5.88 5.62 5.31 4.87 1965............................. 5.1 5.9 5.6 5.4 4.9 Dec......... 5.32 5.95 5.80 5.56 5.19 1966—Mar............... 5.58 6.10 6.05 5.82 5.46 Quarter:1 June............... 5.86 6.32 6.35 6.08 5.74 19 large cities: 11 southern and 1965—June......................... 4.99 5.88 5.59 5.29 4.79 western cities: 5.00 5.90 5.60 5.32 4.80 1965—-June............... 5.31 6.00 5.71 5.42 5.06 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 5.82 6.39 6.25 6.03 5.68 June............... 6.00 6.52 6.28 6.08 5.84 1 Based on new loans and renewals for first 15 days of month. in per cent): 1955—Aug. 4, 3>41 Oct. 14, 3U; 1956—Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4%; 195 8—Jan. 22, 4; Apr. 21, JU; Sept. 11,4; Note,—Weighted averages. For description see Mar. 1949 Bulletin, 1959—May 18, 4%; Sept. 1,5; 1960—Aug. 23, 4^; 1965—Dec. 6, 5; pp. 228-37. Bank prime rate was 3 per cent Jan. 1, 1955—Aug. 3, 1955, and 1966—Mar. 10, 5^; June 29, 5%. Changes thereafter occurred on the following dates (new levels shown Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1010 INTEREST RATES JULY 1966 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period p c a o p m er l. p p l a a p c e e r d b a a c n c k ep er t s ­ ’ F f e u d n e d r s a l 3-month bills * 6-month bills s 9- to 12-month issues 4- to 6- directly, ances, rate 3 3- to 5months 1 m 3 o - n t t o h s 6 - 2 90 days 1 on i R s s a n u t e e e w M y a ie r l k d et on R is s a n u t e e e w M y a ie r l k d et ( y m i B e a i l U d rk ) s e 5 t Other * is y su ea e r s 1 1965.............................. 4.38 4.27 4.22 4.07 3.954 3.95 4.055 4.05 4.06 4.09 4.22 1965—-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 June.................. 5.51 5.39 5.39 5.17 4.539 4.50 4.696 4.65 4.78 4.94 5.01 Week ending— 1966—-June 4........... 5.50 5.38 5.38 4.95 4.641 4.59 4.826 4.75 4.88 5.00 5.02 11........... 5.50 5.38 5.38 4.98 4.573 4,57 4.744 4.73 4.84 4.98 5.02 18........... 5.50 5.38 5.38 5.18 4.575 4.52 4.707 4.64 4.75 4.98 4.97 25........... 5.50 5.38 5.38 5.18 4.470 4.39 4.591 4.53 4.66 4.87 4.95 July 2............ 5.58 5.45 5.48 5.43 4.435 4.47 4.610 4.68 4.86 4.93 5.11 1 Averages of daily offering rates of dealers. * 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 Total 1 (long­ term) Total ‘ Aaa Baa Aaa Baa In tr d ia u l s­ R ro a a i d l­ P u u ti 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 ••5.87 1965-—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 r5.68 1966—Tan......................................... 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 5.84 Apr, 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 June 4.63 3.84 3.60 4.16 5.28 5.07 5.58 5.25 5.26 5.32 4.93 3.36 Week ending— 1966-—June 4................................ 4.62 3.83 3.60 4.17 5.23 5.04 5.54 5.19 5.24 5.27 4.87 3,35 11................................ 4.63 3.85 3.60 4.18 5.26 5.06 5.56 5.22 5.24 5.31 4.89 3.39 18................................ 4.63 3.83 3.59 4,15 5.28 5.06 4.59 5.27 5.25 5.34 4.95 3.32 25................................ 4.59 3.81 3.58 4.13 5,30 5.07 5.61 5.28 5,27 5,34 4.95 3,32 July 2................................ 4.69 3.84 3.64 4.16 5.30 5.10 5.60 5.26 5.29 5.34 4.98 3.40 10-11 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which arc not shown sep­ Thurs. figures. Corp, bonds: Averages of daily figures. Both of these arately. Because of a limited number of suitable issues, the number series are from Moody’s Investors Service series. of corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor’s Corp, series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. Note.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt, bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. State and local govt, bonds: General obligations only, based on adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 SECURITY MARKETS 1011 MORTGAGES: NEW HOMES SECURITY PRICES i F n H su A re - d Conventional first mortgages Bond prices Co ( m 1 m 94 o 1 n - 4 st 3 o - c 1 k 0 ) prices Vol­ ume Period Y c ( e p i n e e l t r d ) I c n r ( e e p a t n s e e t t e t r r ) ­ F c ( e e p e t n e e c t r s . ) , ( M t y i u r t r y a » ­ . ­ ) L p c r ( o e a r p n t i a e c i t n r o e ) / ( d t A l o h o l v o a la g u n r . s s . ) Period ( G t U l e o r o . n m S v g t . ) ­ , S l a o t n c a d a te l A C p a A o o t r e r A ­ ­ Total d t I r u n ia s ­ ­ l R ro a a i d l­ P u i l u t t i U y c b - ­ ( s t h t h r i a o n a o r f g d u e ­ s s ) . 1961. 1 5.69 5.98' 1964.............. 84.46 111.5 95.1 81.37 86.19 45.46 69.91 4,888 1962. 5.60 5.93' 1965............... 83.76 110.6 93.9 88.17 93.48 46.78 76.08 6,174 1963. 5.81 1963. ”<46 5.84 .64 24.0 73.3 16.3 1965—June.. 84.57 110.8 94.3 85.04 90,19 42.52 74.12 5,828 1964. 5.45 5.78 ,57 24.8 74.1 17.3 July.. 84.51 110.8 93.9 84.91 89.92 43.31 74.63 4,056 1965. 5.47 5.76 .54 24.8 7.41 18.1 Aug.. 84.00 111.0 93.5 86.49 91.68 46.13 74.71 4,962 Sept.. 83.27 109.3 92.8 89.38 94.93 46.96 76.10 7,403 1965—May., 5.45 5.77 .53 24.9 74.4 18.2 Oct... 82.97 108.4 92.7 91.39 97.20 48.46 76.69 7,809 June., 5.44 5.76 .49 24.6 73.9 17.5 Nov.. 82.22 107.7 92.3 92.15 98.02 50.23 76.72 7,360 July.. 5.44 5.77 .55 25.0 75.0 18.3 Dec... 81.21 106.3 91.1 91.73 97.66 51.03 75.39 8,690 Aug.. 5.45 5.76 .50 24.5 73.8 18.2 Sept.. 5.46 5.75 .56 24.9 73.7 18.1 1966—Jan... 81.15 106.9 90.5 93.32 99.56 53.68 74.50 8,935 Oct... 5.49 5.75 .53 24.8 73.8 18.3 Feb... 79.32 105.2 89.5 92.69 99,11 54.78 71.87 8,753 Nov... 5.51 5.80 .54 25.0 74.9 18.5 Mar.. 78.92 103.9 87.9 88.88 95.21 51.52 69.21 8,327 Dec... 5.62 5.78 .58 24.8 74.0 18.4 Apr... 79.75 105.9 87.6 91.60 98.17 52.33 70.06 9,310 May.. 79.56 104.5 87.6 86.78 92.85 47.00 68.49 8,165 1966—Jan... 5.70 5.8! .51 24.6 73.4 18.0 June.. 78.93 103.2 86.9 86.06 92.14 46.35 67.51 6,393 Feb 5.85 .55 24.6 73.2 18.8 Mar.. 6.00 5.90 .56 24.7 74.3 18.9 Week Apr.. 5.99 .57 24.6 73.9 18.2 ending— Wy.. 6.32 6.02 .57 24.7 73.4 19.2 June.. 6.45 June 4........ 79.06 103.1 87,3 86.06 92,10 46.18 67.84 5,147 11..... 78.85 102.8 86.9 85.42 91.40 45.75 67.54 5,609 18........ 78.93 103.4 87.0 86.72 92.89 46.76 67.75 7,435 l Last 6 months only. 25........ 79.36 103.9 86.9 86.62 92,80 46.80 67.47 7,140 July 2........ 78.27 102.8 86.8 85.39 91.42 46.11 66.96 6,028 Note.—Annual data are averages of monthly figures. Yields on FHA-insured mortgages are derived from weighted averages of FHA field-office opinions on private secondary market prices Note.—Annual data are averages of monthly figures. Monthly and weekly for Sec. 203, 30-year mortgages, with the minimum down pay­ data are averages of daily figures unless otherwise noted and are computed as ment, a maximum permissible interest rate of 5*4 per cent through follows: U.S. Govt, bonds, derived from average market yields in preceding table January 1966, 5ft per cent in March and 5% per cent thereafter, on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds, and an assumed prepayment period of 15 years. Price data are derived from average yields as computed by Standard and Poor’s Corp., on basis reported as of the first of the succeeding month. of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks. Standard Conventional first mortgages, Home Loan Bank Board in and Poor’s index. Volume of trading, average daily trading in stocks on the cooperation with Federal Deposit Insurance Corporation be­ N.Y. Stock Exchange for a 5ft-hour trading day. ginning in late 1962; interest rate data for earlier years—in parentheses—are based on estimates from Federal Housing Administration, STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N.Y. Stock Exchange brokers and dealers for pur­ Money borrowed on—■ firms secured by— chasing or carrying— Cus­ Month Total tomers’ securities net free other than Other securities U.S. Govt. se G c U u o r .S v it t . i , e s se O cu t r h i e t r ie s se G c U u o r . v S it t . i , e s se O cu t r h i e t r ie s se G c U u o . r S v it t . i , e s Total Customer Other c a b r n e a c d l e ­ i s t collateral collateral 1963—Dec........ 7,242 26 5,515 140 1,727 32 4,449 3,852 597 1,210 1964—Dec........ 7,053 21 5,079 72 1,974 222 3,910 3,393 517 1,169 1965—May.... 7,085 26 5,129 75 1,956 157 4,030 3,397 633 1,208 June.... 7,084 26 5,114 73 1,970 225 4,211 3,396 815 1,297 July.... 6,833 24 4,863 69 1,970 82 3,594 3,099 495 1,233 Aug........ 6,874 22 4,886 68 1,988 145 3,626 3,108 518 1,192 Sept....... 7,036 22 4,994 88 2,042 86 3,522 2,978 544 1,369 Oct......... 7,117 23 5,073 95 2,044 150 3,403 2,882 521 1,475 Nov....... 7,304 23 5,209 93 2,095 134 3,527 2,930 597 1,479 Dec........ 7,705 22 5,521 101 2,184 130 3,576 2,889 687 1,666 1966—Jan......... 7,726 24 5,551 104 2,175 126 3,543 2,948 595 1,730 Feb........ 7,950 24 5,753 101 2,197 34 3,552 2,959 593 1,765 Mar,.... 7,823 26 5,645 105 2,178 108 3,495 2,855 640 1,822 Apr........ 7,991 27 5,835 92 2,156 193 3,665 2,983 682 1,744 May.... 7,905 29 5,768 88 2,137 153 3,588 2,935 653 1,839 Note.—Data in first 3 cols, and last col. are for end of month; in other ners of reporting firm. Balances are net for each customer—i.e„ all ac­ cols, for last Wed. counts of one customer are consolidated. Money borrowed includes Net debit balances and broker and dealer credit: Ledger balances of borrowings from banks and from other lenders except member firms of member firms of N.Y. Stock Exchange carrying margin accounts, as national securities exchanges. reported to Exchange. Customers' debit and free credit balances exclude Bank loans to others than brokers and dealers: Figures are for weekly balances maintained with reporting firm by other member firms of national reporting member banks. securities exchanges and balances of reporting firm and of general part­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1012 OPEN MARKET PAPER; SAVINGS INSTITUTIONS JULY 1966 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS’ ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by— Based on— End of period Accepting banks F.R. Goods stored in or Total t P hr la o c u e g d h P d l i a re c c e t d ­ Total Banks Others p i I o n m r to t ­ s p f E r o o x r m t ­ s D e o x ll ­ ar shi p p o p i e n d t s b i e n tw — een dealers 1 ly2 Total O bi w ll n s b B ou il g ls h t a O c w ct n . c F e o i o g r r r n . ­ U S n ta it te e s d U S n ta it te e s d change U S n ta it t e es d c F o o u r n e t i r g i n es 1959........................ 3.202 677 2,525 1,151 319 282 36 75 82 675 357 309 74 162 249 I960....................... 4.497 1,358 3,139 2^027 662 490 173 74 230 1,060 403 669 122 308 524 1961........................ 4,686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962........................ 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963....................... 6,747 1,928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964....................... 8,361 2^223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 111 43 1,565 1965—Apr............. 9,533 2,047 7,486 3,384 1,394 1,171 223 104 139 1,747 744 936 25 21 1,659 May........... 9,934 1'976 7,958 3,'467 1,452 1,187 264 82 160 1,774 761 965 23 21 1,698 June........... 9,370 1,965 7'405 3,355 1,443 1,127 316 53 157 1,702 736 960 13 18 1,627 July............ 10,439 2,046 8,393 3,337 1,357 1,094 263 35 151 1*794 782 949 11 16 1,580 Aus. 10,358 2,117 8,241 3,299 1,321 1,078 243 55 145 1,779 797 933 11 12 1,547 Sept.......... 91692 2,194 7398 3,314 1,311 1,114 198 63 152 1,787 820 942 17 20 1,516 Oct............. 10,554 2,250 8,304 3,310 1,264 1,099 165 86 156 1,804 842 919 18 16 1,515 Nov............ 10,406 2,205 8,201 3,245 1,188 1,051 136 110 146 1,802 802 917 14 26 1,485 Dec 9,017 1,903 7,114 3,392 1,223 1,094 129 187 144 1,837 792 974 27 35 1,564 1966—Jan.............. 9,910 1,834 8,076 3,332 1,206 1,109 97 110 134 1,883 752 933 26 29 1,592 Feb............. 10,656 1,828 8,828 3,313 1,294 1,177 117 122 135 1,762 738 920 35 22 1,600 Mar............ 11,014 2,066 8,948 3,388 1,266 1,037 229 126 129 1,867 775 887 36 21 1,668 Apr............ 11,560 2,253 9,307 3,464 1,284 1,060 224 159 137 1,884 829 875 34 20 1,706 N^ay........... 11,372 2; 113 9,259 3,418 1,269 1,034 235 180 159 1,810 834 847 39 20 1,679 1 As reported by dealers; includes finance co. paper as well as other 2 As reported by finance cos. that place their paper directly with commercial paper sold in the open market. investors. Series includes all paper with maturity of 270 days or more. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— End of period M ga o g r e t­ Other G U o .S vt . . S l a o t n c a a d te l C ot r a o h a n r e t p d r e o 1 ­ Cash O as t s h e e ts r g l T i e a a t n o i b n e e t i d r s a l a i l ­ l D i e ts p o 2 s­ l O ia t t i b h e i s e l r i­ G r c e o e s a u n e c e n r ­ r v t a s e l c M om or m tg i a tm ge e n lo t a s n 3 govt. reserve accts. NumberAmount 1941................................ 4,787 89 3,592 86 829 689 11,772 10,503 38 1.231 1945................................ 4,202 62 10,650 >,257 606 185 16,962 15,332 48 1,582 1959 *............................. 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960................................ 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3'550 581350 11200 1961................................ 28,902 475 6,160 667 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962................................ 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963 ................................ 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4.153 104,326 2,549 1964................................ 40,328 739 5,791 391 5,099 1,004 886 54,238 48^849 989 4,400 135’,992 2,820 1965—Apr...................... 41,363 798 5.857 379 5,183 944 928 55,652 49,978 1,216 4,459 141,959 2,930 May.................... 41,853 882 5,841 367 5,188 968 913 56,013 50,166 1,334 <512 142,676 31025 June.................... 42,187 849 5,821 360 5,199 1,019 946 56,382 50,623 1,226 41533 1411299 31094 July.............. 42,600 807 5^791 356 5,284 946 955 56,739 50,844 1,350 4'545 1511885 2,947 • 42,964 872 5,814 349 5,299 941 951 57,191 51,063 1,502 4'626 1361180 21928 Sept..................... 43,305 842 5,795 349 5,263 960 958 57,470 51,506 1,326 4,639 132,029 2,897 Oct...................... 43,680 813 5,585 338 5,265 897 974 57,552 51,663 1,283 4,607 127,757 2,859 Nov..................... 44,031 888 5,515 333 5,243 885 966 57,863 51,826 1,366 4'672 124,097 2,824 Dec...................... 44,433 862 5,170 320 5,485 1,017 944 58,232 52,443 1,124 4,665 120,476 2,697 1966—Jan...................... 44,709 904 5,217 314 5,560 920 965 58,588 52,336 1,230 4,669 116,124 2,590 Feb...................... 44,952 925 5,289 313 5,623 932 965 58,999 52,539 1,354 4'737 114,106 2,551 Mar..................... 45,180 913 5,352 317 5,600 896 998 59,256 53,286 1,228 4,742 113,554 2,565 Apr..................... 45,335 867 5,323 307 5,335 849 994 59,010 52,554 1,343 41707 115,845 2,580 1 Also includes securities of foreign governments and international Note.—National Assn, of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S. Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 3, p. 999. from those shown elsewhere in the Bulletin; the latter are for call dates 3 Commitments outstanding of banks in N.Y. State as reported to the and are based on reports filed with U.S. Govt, and State bank supervisory Savings Bank Assn, of the State of N.Y. agencies. Loans are shown net of valuation reserves. 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 SAVINGS INSTITUTIONS 1013 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o se ta ts l Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks M ga o g r e t s ­ e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Statement value: 1941............................................. 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945............................................. 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1959............................................. 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960............................................. 119,576 11,679 6,427 3,388 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—Apr/.............................. 152,310 12,370 5,601 3,738 3,031 63,114 56,564 6,550 56,705 4,585 7,326 8,210 May................................ 152,918 12,268 5,490 3,754 3,024 63,525 56,851 6,674 56,997 4,580 7,359 8,189 June................................ 153,497 12,043 5,273 3,724 3,046 63,855 57,113 6,742 57,384 4,614 7,408 8,193 July................................ 154,418 12,018 5,311 3,652 3,055 64,356 57,608 6,748 57,663 4,640 7,464 8,277 Aug................................. 155,186 11,982 5,321 3,606 3,055 64,629 57,834 6,795 58,017 4,653 7,510 8,395 Sept................................. 156,040 11,897 5,259 3,584 3,054 64,899 57,944 6,955 58,411 4,677 7,552 8,604 Oct.............................. 156,891 11,758 5,163 3,544 3,051 65,530 58,342 7,074 58,824 4,682 7,589 8,622 Nov................................ 157,641 11,677 5,110 3,523 3,044 65,672 58,539 7,133 59,276 4,695 7,623 8,698 Dec............................. 158,702 11,597 5,064 3,507 3,026 65,520 58,377 7,243 60,021 4,681 7,674 9,109 1966—Jan.................................. 159,628 11,631 5,132 3,472 3,027 66,158 58,867 7,291 6O,5t8 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 Apr................................. 161,476 11,332 5,019 3,293 3,020 67,100 59,821 7,279 61,710 4,734 7,955 8,645 tissues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f M ga o g r e t s ­ s G e U c o . u S v r t . i , ­ Cash Other3 l a ia s T s b e o i t l t i s a t 2 i l — e s S ca av p i i n ta g l s u R n e d a s i e n v r d id v 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 en a m n ts i * t­ ties profits 1941...................... 4,578 107 344 775 6,049 4,682 475 256 1945 ...................... 5'376 2,420 450 356 8,747 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 I960...................... 60J070 4^595 2,680 4,131 71,476 62,142 4,983 2'197 1,186 968 1,359 1961...................... 68'834 5,211 3,315 4,775 82,135 70^885 5,708 2'856 1,550 1,136 1,908 1962...................... 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,230 1963...................... 90,944 6,445 3.979 6,191 107,559 91,308 7,209 5.015 2,528 1'499 2^614 1964 ..................... 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 2,590 1965—Apr........... 103,997 7,349 3,390 7,347 122,083 103,682 8,013 5,461 2,299 2,628 3,281 May......... 104,837 7,400 3,425 7^734 123,396 104,474 8,023 5,470 2,384 3,045 3,379 June......... 105,849 7,228 3,702 7,749 124,528 106,077 8,310 5,892 2,459 1 ,790 3,266 July........... 106,668 7,173 3,258 7,584 124,683 105,645 8,329 6,091 2,433 2.185 3,195 Aug.......... 107,513 7,160 3,300 7,670 125,643 106,199 8,341 6,140 2,382 2,617 3'124 Sept.......... 108,255 7/70 3,398 7,795 126,618 107,239 8,345 6; 169 2,329 2,536 3,076 Oct....... 108,922 7,300 3,442 7,861 127,525 107,821 8,350 6,167 2,276 2,911 2,993 Nov.......... 109,507 7,439 3,539 8,101 128,586 108,628 8,357 6,071 2,217 3'313 2,911 Dec........... 110,202 7,405 3,899 7,936 129,442 110,271 8,708 6,440 2,189 1,834 2,745 1966—Jan............ 110,700 7,694 3,321 7,799 129,514 110,194 8,713 6,262 2,107 2,238 2,808 111 '246 7'842 3,391 7,8(58 130,347 110,722 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 6^070 223 2.544 3*281 Apr........... 112,710 7^648 3,083 8,158 131,599 110,812 8,709 6;951 2,289 2,838 3; 224 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

1014 FEDERAL FINANCE JULY 1966 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U. S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net Bu n d e g t et f T P u r l n u u d s s : s t g I L n o e t v s r t s a . : ­ t E r T q e o c u t t a a s l . l s 2 : Budget f P T u l n r u u d s s s : t 3 A m L d e e j n s u t s s s : t * ­ E p T q a o u y t a t a l s s l . : p r a e o c y r t t s s . . C (d d h i i e a r n b n e t c g t e a I g L n e b v e n e y s , s s : t & , L N ca e o s s n s h : ­ Eq N u e a t ls: & agen.) trusts debt Cal. year—1963............ 87,516 29,255 4,144 112,575 94,188 28,348 5,313 117,222 -4,647 7,672 2,535 883 4,255 1964............ 88,696 30,742 4,324 115,030 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—1962......... 81,409 24,290 3,776 101,865 87,787 25,141 5,266 107,662 -5,797 11,010 492 923 9,594 1963......... 86,376 27,689 4,281 109,739 92.642 26,545 5,436 113,751 -4,012 8,681 2,069 1,033 5,579 1964......... 89,459 30,331 4,190 115,530 97,684 28,885 6,237 120,332 -4,802 7,733 2,775 1,099 3,859 1965......... 93,072 31,047 4,303 119,699 96,507 29,637 3,749 122,395 -2,696 6,933 2,356 250 4,328 Half year: 1964—Jan.-June.... 49,193 16,927 2,398 63,683 48,852 14,073 4,165 58,760 4,923 2,598 3,178 385 -965 July-Dec........ 39,503 13,815 1,926 51,347 48,092 14,323 904 61,511 -10,164 6,486 -494 234 6,745 1965—Jan.-June... . 53,569 17,232 2,377 68,352 48,415 15,314 2,845 60,884 7,468 447 2,850 16 -2,417 July-Dec........ 43,110 14,152 2,072 55,024 52,964 15.700 1,628 67,035 -12,011 4,226 -1,464 401 5,289 Month: 1965—May............... 7,268 4,885 284 11,857 8,116 2,323 -128 10,567 1,290 3,119 3,597 -151 -327 June............... 13,404 3,209 1,275 15,320 9,070 3,589 1,098 11,561 3,759 -1,566 615 -17 -2,163 July................. 3,807 1,417 233 4,981 7,240 2,418 -37 9,696 -4,714 -667 -1,045 50 318 Aug................. 7,350 4,572 314 11,595 8,990 2,349 -960 12,299 -705 2,131 2,515 -383 Sept................ 10,999 1,954 328 12,599 9,452 3,142 1,504 11,090 1,509 -1,542 -1,210 46 -378 Oct.................. 3,295 1,262 238 4,283 8,750 2,447 679 10,518 -6,234 2,187 -1,308 125 3,370 Nov................ 8,106 3,012 358 10,728 9,105 2,707 -500 12,312 -1,584 2,978 519 75 2,385 Dec............. 9,553 1,935 602 10,838 9,426 2,636 942 11,121 -283 -852 -935 107 -24 1966—Jan.................. 6,453 951 253 7,091 8,809 3,048 624 11,233 -4,142 1,364 -1,897 84 3,177 Feb................. 8,335 4,181 68 12,400 8,156 2,621 -486 11,264 1,136 1,568 1,749 74 -255 Mar................ 11,297 2,745 166 13,804 10,193 2,996 1,103 12,086 1,718 -1,971 2 -50 -19,24 Apr............ 9,929 2,215 224 11,853 8,362 3,335 372 11,325 528 -684 -1,170 486 May............... 8,452 5,812 254 13,916 9,055 3,632 -134 12,821 1,095 3,847 4,023 66 -243 Effects of operations on Treasurer’s account Net operating transactions Net financing transactions Change in Treasurer’s account cash balances (end of period) Period Agencies & trusts Change Operating bal. s B d u u e r o f d p r ic g l u i e t s t f T un ru d s s t * a C c l c e o a u ri n n t g s i M ss s u e a o a c r f . k n * e c t e i I n G n s e v o U c e v . . s t S 3 t , , . p d g d u i r e r i b o n e b l s c t i s t c T o r H u e t a e s s l i u d d r e y a T c u c r r o e e u a r’ s n s ­ t Balance b F a . n R k . s a l T a o c n c a a d t n x s . O as n t s h e e t e t r s 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—May............ -848 2,562 -261 458 -3,597 2,661 -504 1,480 10,816 875 8,822 1,119 June................. 4,335 -380 -160 378 -615 -1,944 -181 1,795 12,610 672 10,689 1 '249 July.................. -3,434 -1,001 -320 15 1,045 -692 -263 -4,124 8,486 947 6,333 1 ^206 Aug -1,640 2,223 -1,273 473 -2,515 1,658 -215 -858 7,627 916 5,548 1,163 Sept.................. 1,548 -1,189 1,130 -49 1,210 -1,493 148 1,010 8,637 1,002 6,394 1,241 Oct................... -5',455 -1,186 317 33 1,308 2,154 24 -2,852 5,786 1,053 3,534 1,199 Nov.................. -999 305 -932 168 -519 2,810 -141 974 6,759 719 4,872 1,168 Dec.................. 126 -701 233 -45 935 -807 -81 -177 6,582 708 4,577 1,297 1966—Jan................... -2,356 -2,097 287 265 1,897 1,099 171 -1,076 5,506 823 3,360 1,323 Feb................... 179 1,560 -629 260 -1,749 1,308 -44 '973 6,479 805 4,399 1,275 Mar................. 1,104 -251 987 341 -2 -2,312 90 -224 6,255 521 4,444 1,290 Apr.................. 1,567 -1,120 148 732 1,170 -1,416 627 453 6,708 512 4,491 1,705 May................. -603 2,180 -454 1,070 -4,023 2,777 -423 1,370 8,077 902 6,003 1,172 1 Primarily interest payments by Treasury to trust accounts and accumu­ shift of the Food for Peace program from agriculture to international lations to U.S. employee trust funds. affairs. Half-yearly totals before fiscal 1965 have not been adjusted 2 Includes small adjustments not shown separately. for this reclassification. 3 Includes net transactions of Govt.-sponsored enterprises. 7 Yearly totals for fiscal 1962-65 reflect a shift of Watershed Planning 4 Primarily (1) intragovt, transactions, (2) noncash debt, (3) clearing Programs from agriculture to natural resources which is not reflected in accounts. monthly or half-year totals. s Includes technical adjustments not allocated by functions. a 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

JULY 1966 FEDERAL FINANCE 1015 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W I it n h d ­ ivid O u t a h l er rate Total L a b n i a q d c u c t o o o r ­ H w ig ay h­ Total O R a A . n R d S . I e U m n p - l . a g n if d t t C o u m s s ­ r m e a p e n n a d t y s ­ fu R n e d ­ s Other held Fiscal year—1962... 101,865 36,246 14,403 21,296 12,752 5,367 3,080 17,032 13,197 3,334 2,035 1,171 1,358 6,266 1,838 1963... 109,739 38,719 14,269 22,336 13,410 5,521 3,405 19,729 15,128 4,107 2,187 1,241 1,815 6,571 2,604 1964... 115,530 39,259 15,331 24,301 13,950 5,630 3,646 21,936 17,405 4,037 2,416 1,284 t,702 7,148 2,499 1965... 119,699 36,84016,820 26,131 14,793 5,921 3,782 22,138 17,833 3,817 2,746 1,478 2,097 6,030 2,686 Half year: 1964—Jan.-June.. 63,683 19,139 11,866 15,059 6,907 2,690 1,748 12,727 10,032 2,449 1,424 623 759 6,104 1,283 July-Dec... 51,347 17,732 3,598 9,989 7,398 3,089 1,947 9,379 7,536 1,594 1,170 729 897 1,008 1,463 1965—Jan.-June.. 68,352 19,108 13,222 16,142 7,395 2,832 1,835 12,759 10,297 2,223 1,576 749 1,200 5,022 1,223 July-Dec... 55,024 19,964 3,806 10,892 7,046 3,063 2,068 9,601 7,743 1,607 1,274 898 1,296 1,062 1,309 Month: 1965 —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 2,440 921 443 286 1,552 1,332 178 491 151 166 1,526 317 May........... 13,916 6,238 1,151 751 1,104 n.a. 363 5,124 4,153 930 328 158 167 1,321 216 Cash payments to the public Period Total ’ t f i N e d o n n e a s ­ a ­ e l af I fa n i t r i s , 6 s S e p r a a e r ­ c c e h t A u c g r u e r l i ­ 6 ­ 7 sou N u r r r a e c a ' t e l ­ s 7 t m C r a a e o n n r m d s c p e ­ . & H d e i o c n v o u g e m s l. ­ . l H w ab e e l a o f l r a t r h & e , Ed ti u on ca­ e V ra e n t­ s In e t s e t r­ G g e o r e v a n t l . ­ Fiscal year—1962........ 107,662 51,462 3,976 1,257 4,399 2,282 5,487 1,691 23,975 1,052 6,092 6,940 1,837 1963........ 113,751 53,429 3,805 2,552 5,623 2,535 5,777 -268 25,698 1,214 5,971 7,427 1,953 1964........ 120,332 54,514 3,492 4,171 5,761 2,680 6,545 1,674 27,285 1,299 6,107 8,011 2,221 1965........ 122,395 50,790 4,583 5,093 5,353 2,820 7,421 908 28,292 1,497 6,080 8,605 2,341 Half year: 1964—Jan.-June.... 58,760 28,158 962 2,313 3,038 1,139 2,890 -175 14,126 732 3,150 4,170 1,168 July-Dec........ 61,511 24,569 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—May............... 10,567 4,282 734 433 163 179 489 65 2,439 141 486 1,326 219 June............... 11,561 5,067 588 508 385 278 717 123 2,511 183 512 507 218 July................. 9,696 3,855 48 427 543 264 586 281 2,465 73 250 325 212 Aug................. 12,299 4,393 346 482 1,066 319 611 67 2,387 118 496 1,645 189 Sept................ 11,090 4,610 346 489 639 281 748 94 3,499 171 513 365 214 Oct.................. 10,518 4,538 456 449 476 269 646 124 2,600 90 520 375 201 Nov......... 12,312 4,555 534 470 377 264 696 160 2,700 98 560 1,231 238 Dec................. 11,121 5,134 495 521 268 297 668 416 2,722 155 248 462 203 1966—Jan.................. 11,233 4,680 374 477 373 224 574 351 2,745 256 588 308 189 Feb................. 11,264 4,534 81 456 293 190 519 226 2,789 243 546 1,559 196 Mar................ 12,086 5,652 427 519 284 216 >■503 336 2,967 460 594 498 198 Apr................. 11,325 5,076 527 502 -188 201 439 959 2,793 247 346 502 197 May............... 12,821 5,025 461 569 228 339 518 362 2,778 496 540 1,401 227 1964 1965 1966 1964 1965 1966 Item II III IV I II in 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. 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.♦ -4.2 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

1016 U.S. GOVERNMENT SECURITIES JULY 1966 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 End of period d T g e r o b o t t s a s l i d d T g e i r o r b o e t t s a c s t l 2 Total Total Bills Ma C c r e a k r t e t e i t f s a i­ ble Notes Bonds 4 b C v i o b e o n r l n e d t­ ­ s T N o o ta n l m s ark e S i t n a a g b v s l ­ e i S s p su ec e i s a l 6 bonds 1941 Dec...................................... 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7 0 1945__Dec........................................ 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947__Dec....................................... 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29 0 1958__Dec........................................ 283.0 282.9 236.0 175.6 29.7 36,4 26.1 83.4 8.3 52.1 51.2 44.8 1959__Dec...................................... 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960 Dec........................................ 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 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__bee...................................... 318.7 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 317.9 317.3 264.5 208.7 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 Apg...................................... 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 47.6 Nov .................................... 322.2 321.7 270.3 214.6 60.2 50,2 104.2 2.8 52.9 50.3 47. t 321.4 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 46 3 1966 Jan ....................................... 322.4 322.0 273.2 217.7 61.6 1.7 50.2 104.2 2.8 52.8 50.3 44.4 Feb........................................ 323.7 323.3 273.1 217.7 62.0 1 .7 50.9 103.2 2.8 52,7 50.3 45,8 Mar....................................... 321.5 321.0 270.6 215.2 59.5 1.7 50.9 103.1 2.8 52.7 50.4 46.0 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 June...................................... 320.4 319.9 264.3 209.1 54.9 1.7 50.6 101,9 2.7 52.5 50.5 51.1 1 Includes non-interest-bearing debt (of which $266 million, on June 30, 5 Includes (not shown separately): depositary bonds, adjusted service 1966, was not subject to statutory debt limitation) and guaranteed secu­ bonds, foreign currency series, foreign series, and Rural Electrification rities not shown separately. 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 $15,676 million on May 31, 1966. bonds. 6 Held only by U.S. Govt, agencies and trust funds. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note.—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E p n er d i o o d f T g d r o e o t b s a t s l ag G t U a e r o n n u .S v c d s t i t . e , s B F a . n R k . s Total m C b e a o r n m c k ia ­ s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r ­ s ­ r c O a o t t r i h p o e n o r s ­ g S l a o o t n c v a a d t t s e l . Savi I n n g d s i vidu O a t ls her n F a i o t n a i r t n o e e n d i r g a ­ n l! i O m t n o t v 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 11.6 1962—Dec................. 304.0 55,6 30.8 217.6 67.2 6.1 11.5 18.6 20.1 46.9 19.2 15.3 12.7 1963—Dec................. 310.1 58.0 33.6 218.5 64.3 5.8 11.3 18.7 21.1 48.1 20.1 15.9 13.3 1964—Dec................. 318.7 60.6 37.0 221.1 64.0 5.7 11.1 17.9 21.2 48.9 21.1 16.7 14.5 1965 May............... 319.8 62.7 38.7 218.5 58.4 5.8 10.9 17.6 24.4 49.2 22,0 15.8 14.4 June............... 317.9 63.4 39.1 215.4 58.3 5.8 10.6 15.1 24.1 49.2 21.8 15,7 14.8 July................. 317.1 62,3 39.2 215.6 57.3 5.7 10.6 15.9 24.1 49.3 22.4 15.7 14.6 Aug................. 318.7 64.8 39.0 214.9 56,5 5.7 10.6 16.1 23.8 49,4 22.3 15.8 14.7 Sept................ 317.3 63.6 39.8 213.9 57.5 5.7 10.6 14.7 23.1 49.4 22.7 16.3 14.0 Oct.................. 319.4 62.3 39,7 217.5 59.7 5.5 10,5 15.6 23.4 49.4 22.6 16.3 14.5 Nov................ 322.2 62.8 40,6 218.8 60.0 5.4 10.4 16.7 22.9 49.5 22.6 16.5 14.9 Dec.................. 321.4 61.9 40.8 218.7 60.9 5.4 10.4 15.7 22.8 49.6 22.6 16,7 14.7 ]966—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 24.0 16.0 15.7 Apr................. 320.1 60.5 40.7 218.9 56,8 5.3 10.1 16.7 25.0 49,7 '23.9 H5.7 15.6 Tvfay............... 322.8 64.5 41.5 216.9 54.9 5.2 10.0 17.0 25.1 49.7 23.8 15.7 15.3 t Includes investments of foreign balances and international accounts Note.—Reported data for F.R. Banks and U.S. Govt, agencies and in the United States. trust funds; Treasury estimates for other groups. 2 Includes savings and loan assns., dealers and brokers, nonprofit institutions, and corp, pension funds. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 U.S. GOVERNMENT SECURITIES 1017 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total 1-5 5-10 10-20 Over years years years 20 years Total BiUs 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—Apr. 30............................................................ 215,005 91,820 59,477 32,343 64,076 33,603 8,441 17,065 May 31.............................................................. 213,764 92,231 59,454 32,777 62,453 33,600 8,440 17,040 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—Apr. 30..................................................... 13,365 1,226 641 585 3,473 3,125 2,074 3,466 May 31..................................................... 13,478 1,517 636 881 3,292 3,129 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 J 966—Apr. 30..................................................... 40,713 25,727 9,162 16,565 13,297 1,305 147 238 May 31..................................................... 41,480 26,178 9,895 16,283 13,612 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—Apr. 30..................................................... 160,927 64,867 49,674 15,193 47,306 29,173 6,220 13,361 May 31..................................................... 158,806 64,536 48,923 15,613 45,549 29,166 6,219 13,336 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—Apr. 30............................................ 46,851 13,783 7,226 6,557 21,150 11,104 377 437 May 31............................................ 45,287 13,024 6,391 6,633 20,282 11,143 379 458 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—Apr. 30............................................. 5,096 611 347 264 1,516 1,547 316 1,106 May 31............................................. 5,064 712 383 329 1,431 1,518 311 1,091 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—Apr. 30............................................. 8,575 683 402 281 2,138 1,885 1,096 2,773 May 31............................................ 8,494 671 392 279 2,082 1,888 1,095 2,758 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—Apr. 30............................................ 7,626 5,714 4,290 1,424 1,626 188 25 73 May 31............................................ 8,082 6,175 4,709 1,466 1,614 195 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—Apr. 30............................................ 3,743 601 427 174 1,066 1,358 260 458 May 31............................................ 3,731 610 448 162 1,055 1,348 257 461 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—Apr. 30............................................ 17,191 6,876 5,958 918 2,142 1,793 1,966 4,414 May 31........................................... 17,298 7,050 6,064 986 2,076 1,823 1,969 4,381 AU others: 1963—Dec. 31............................................. 66,320 33,719 25,637 8,082 14,301 12,144 2,389 3,767 1964—Dec. 31............................................ 67,341 33,111 27,542 5.570 15,863 12,678 1,637 4,052 1965—Dec. 31............................................ 68,675 35,356 29,089 6,267 15,784 11,386 2,187 3,962 1966—Apr. 30............................................. 71,844 36,600 31,023 5,577 17,667 11,298 2,179 4,100 May 31.......................... 70,852 36,294 30,536 5,758 17,008 11,251 2,184 4,115 Note.—Direct public issues only. Based on Treasury Survey of banks, and 769 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 5,934 commercial banks, 505 mutual savings Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1018 U.S. GOVERNMENT SECURITIES JULY 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 i r n y 1 ea -5 rs y 5 e - a 1 r 0 s 10 O y v e e a r r s m C e o r m cia ­ l o A th l e l r U.S. Govt, Other banks securities 1965—May............................... 1,670 1,379 151 108 32 448 33 698 491 143 June................................ 1,786 1,453 200 103 31 584 45 696 462 204 July................................. 1,519 1,284 125 82 28 452 37 615 415 152 Aug................................. 1,488 1,172 183 91 43 465 39 568 417 140 Sept................................. 1,548 1,297 140 70 41 458 32 604 453 139 Oct................................. 1,927 1,713 123 64 26 596 36 833 461 148 Nov................................. 2,115 1,745 243 94 33 595 50 895 575 156 Dec.................................. 2,187 l',691 286 166 44 637 55 1,000 495 146 1966—Jan................................... 2,129 1,660 261 164 43 600 59 970 501 130 Feb.................................. 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 May............................... 1,882 1,564 202 86 30 514 78 746 543 221 Week ending— 1966—May 4.......................... 1,990 1,664 218 81 27 410 53 833 694 214 11.......................... 1^809 1,518 185 77 30 536 143 681 449 270 18.......................... 1^827 1,524 177 101 26 484 49 779 516 165 25.......................... 1,668 1,325 235 80 28 482 62 667 457 285 June 1............... 2,282 1,964 180 86 53 728 67 868 620 179 8............. 1,956 1'642 197 89 29 671 66 664 554 179 15.......................... 1,735 1,472 160 75 28 589 76 597 474 358 22.................... 1'839 1,493 171 136 40 597 73 739 431 275 29.......................... 2;ooo 1,679 218 77 27 724 52 811 413 309 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 Govt, Period agency Period All Corpora­ All mat A ur ll i ties W 1 i y t e h a i r n y 1 ea -5 rs 5 O y v e e a r r s securities sources Y N C o e it r w y k w E h ls e e r ­ e tions 1 other 1965—May......... 3,398 2,508 149 740 415 June......... 3,651 2,838 115 697 537 1965—May........... 3,635 765 828 1,327 715 July...... 4,180 3,472 100 608 455 June........... 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............ 2,562 2381 68 112 289 3'050 807 643 1,284 316 Nov...... 3'198 2; 928 176 94 302 Oct............. 2,579 823 605 '871 279 Dec........... 3^049 2,856 187 5 280 Nov....... 3'016 829 519 1,451 217 Dec............. 3,275 1,014 531 1,389 340 1Q66—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 2,309 549 421 972 367 Apr........... 2,867 2,798 6 63 814 Mar............ 1’958 365 340 1,073 180 May......... 2^239 2,061 142 36 675 Apr............. 3'249 1,209 669 1,155 217 May........... 2^87 '744 602 1 367 375 Week ending— Week ending— 1966—Apr. 6.. 2,687 2,604 -28 112 679 13.. 2,931 2,861 -14 85 630 1966—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 May 4. . 2,902 2,815 56 32 756 11.. 2,327 2,153 148 26 575 May 4. .. 3,366 1,247 789 1,013 317 18. . 2,086 1,910 149 28 534 11. 3,120 854 612 1,025 629 25. . 2,068 1,848 177 43 853 18. 2,687 709 557 1,049 373 25... 2,462 493 556 1,195 218 Note.—The figures include all securities sold by dealers under repur­ chase contracts regardless of the maturity date of the contract unless the i 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

JULY 1966 OUTSTANDING SECURITIES 1019 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, JUNE 30, 1966 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cent. Treasury notes—Cont. Treasury bonds—Cont. July 7, 1966............... 2,305 Dec. 8, 1966................... 1,001 Apr. 1, 1968.........1W 212 Oct. 1, 1969...........4 6,258 July 14, 1966............... 2,301 Dec. 15, 1966................... 1,002 Oct. 1, 1968.........18 115 Feb. 15, 1970........ .4 4,381 July 21, 1966............... 2,302 Dec. 22, 1966................... 1,000 Apr. 1, 1969........... 61 Aug. 15, 1970..........4 4,129 July 28, 1966............... 2,301 Dec. 29, 1966................... 1,000 Oct. 1,1969.........1>% 159 Aug. 15, 1971..........4 2,806 July 31, 1966............... 1,000 Dec. 31, 1966................... 1,001 Apr. 1,1970.........1>% 88 Nov. 15, 1971......334 2,760 Aug. 4, 1966............... 2,300 Jan. 31,1967................... 1,001 Oct. 1, 1970.........18 113 Feb. 15, 1972..........4 2,344 Aug. 11, 1966............... 2,303 Feb. 28, 1967................... 1,000 Nov. 15, 1970.........5 7,675 Aug. 15, 1972........ .4 2,579 Aug. 18,1966............... 2,301 Mar. 31, 1967................... 1,000 Apr. >,1971.........1% 14 Aug. 15, 1973........ .4 3,894 Aug. 25, 1966............... 2,302 Apr. 30, 1967................... 1,001 Nov. 15, 1973........ 4,356 Aug. 31, 1966............... 1,000 May 31, 1967................... 1,001 Feb. 15, 1974......... 3,130 Sept. 1, 1966............... 2,302 June 30, 1967................... 1,001 Treasury bonds May 15, 1974........ .414 3,593 Sept. 8, 1966............... 2,301 June 15, 1962-67...2U 1,430 Nov. 15, 1974..........354 2,243 Sept. 15, 1966.............. 2,302 Certificate Dec. 15, 1963-68... 2% 1,791 May 25, 1975-85..•4U 1,217 Sept. 22, 1966.............. 2,301 Nov. 15, 1966.....45% 1,652 June 15, 1964-69...2W 2,547 June 15, 1978-83...3V4 1,580 Sept. 29, 1966............... 2,300 Dec. 15, 1964-69.. .2% 2,495 Feb. 15, 1980........ .4 2,606 Sept. 30, 1966............... 1,000 Treasury notes Mar. 15, 1965-70.. .28 2,314 Nov. 15, 1980........ .354 1,911 Oct. 6, 1966.............. 1,002 Aug. 15, 1966.......4 8,436 Aug. 15, 1966...........3 700 May 15, 1985........ 1,125 Oct. 13,1966.............. 1,000 Oct. 1, 1966............P% 357 Nov. 15, 1966...........3W 1,851 Aug. 15, 1987-92...414 3,818 Oct. 20, 1966.............. 1,002 Nov. 15, 1966...........4 2,254 Mar. 15, 1966-71...214 1,397 Feb. 15, 1988-93...4 250 Oct. 27, 1966.............. 1,000 Feb. 15,1967...........3% 2,358 June 15, 1967-72...2W 1,271 May 15, 1989-94.. 1,560 Oct. 31,1966.............. 1,000 Feb. 15, 1967.........4 5,151 Sept. 15, 1967-72... 2% 1,952 Feb. 15, 1990........ 4,897 Nov. 3, 1966.............. 990 Apr. 1, 1967.........114 270 Nov. 15, 1967............344 2,019 Feb. 15, 1995..........3 2,095 Nov. 10, 1966.............. 1,001 May 15, 1967.........4W 9,748 Dec. 15, 1967-72... 28 2,668 Nov. 15, 1998..........3'% 4,404 Nov. 17, 1966.............. 1,001 Aug. 15,1 967...........3% 2,929 May 15, 1968...........334 2,460 Nov. 25, 1966.............. 1,000 Aug. 15, 1967.........4% 2,117 Aug. 15, 1968........... 3,747 Convertible bonds Nov. 30, 1966.............. 1,001 Oct. 1, 1967.........11% 457 Nov. 15, 1968............3)4 1 ,591 Investment Series B Dec. 1,1966.............. 1,001 Nov. 15,1967...........4« 8,t35 Feb. 15, 1969...........4 3,728 Apr. 1,1975-80..•2M 2,692 Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, MAY 31, 1966 Agency, a n ty d p c e o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m m d i o l o l l i l u o a n n r s t s ) Agency, a n ty d p c e o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m m d i o l o l l i l u o a n n r t s s ) Federal home loan banks Federal intermediate credit banks Debentures: Notes: 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. 1, 1965................. ..4.45 Aug. 1, 1966 278 Jan. 1, 1966 .............................. 4.95 Aug. 25, 1966 369 Dec. 1, 1965................. ..4.60 Sept. 1,1966 275 Nov. 24, 1965 .............................. 4.60 Sept. 26, 1966 500 Jan. 3; 1966................. ..4.90 Oct. 3, 1966 297 Feb. 25 1966...............................5.15 Oct. 25, 1966 506 Feb. 1J966................. . .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 Way 2, 1966................. . .5.35 Feb. 1, 1967 396 May 25, 1966...............................5.55 Apr. 25, 1967 656 Federal land banks Bonds: Bonds: Dec. 9,1963.............................4>/« Aug. 15, 1966 200 Sept. 20, 1961 ................. ...41% July 20, 1966 193 June 15, 1964.................................434 Nov. 15, 1966 275 Oct. 20, 1965................. ...4.55 Sept. 20, 1966 219 Oct. 15, 1965 ................................ 4>% Jan. 25, 1967 375 Aug. 23, 1965................. . ..4W Dec. 20, 1966 239 Mar. 15, 1965 ................................ 414 Sept. 15, 1967 185 Feb. 15,1957................. ...4U Feb. 15, 1967-72 72 June 15, 1965.................................48 Mar. 1, 1968 250 Apr. 20, 1965................. ...41% Feb. 20, 1967 126 May 25, 1966.................................5)4 Mar. 25, 1969 300 May 1, 1962................. . ..4 May 22, 1967 180 Dec. 20, 1965................. ...43% Aug. 21, 1967 179 Federal National Mortgage Association— Oct. i; 1957................. Oct. 1967-70 75 secondary market operations Oct. 22, 1963................. ...4# Oct. 23, 1967 174 Feb. 21, 1966................. ...5W Jan. 22, 1968 130 Discount notes........................................ 964 Apr. 1.1959................. Mar. 20, 1968 111 May 2,1966................. ...51% May 20, 1968 242 Debentures: May 1,1963................. . ..4 June 20, 1968 186 Dec. 12, 1960............................434 Dec. 12, 1966 93 Aug. 20, 1964................. ...41/4 Aug. 20, 1968 160 Feb. 10, 1966.................................5 Feb. 10, 1967 150 Feb. 2,1959................. ...4M Mar. 20, 1969 100 Mar. 10, 1966.................................5Mo May 10, 1967 250 Feb. 23, 1965................. ...41% July 15, 1969 130 May 23, 1966.................................5)jo June 12, 1967 400 July 15, 1957................. • ••444 July 15, 1969 60 Oct. 11,1965 ................................ 41% Oct. 11, 1967 150 Oct. 20, 1964................. . • .4« Oct. 20, 1969 209 Mar. 10, 1958.................................354 Mar. 11, 1968 87 Feb. 1, 1960................. • ••5*% Feb. 20, 1970 82 Apr. 10, 1959.................................4% Apr. 10, 1969 88 Feb. 14,1958................. ...31% Apr. 1, 1970 83 Apr. II, 1960.................................4« Apr. 10, 1970 142 Jan. 5, 1960................. July 20, 1970 85 Sept. 12, 1960 ................................ 434 Sept. 10, 1970 119 May 1, 1956................. May 1, 1971 60 Aug. 23, 1960.................................434 Aug. 10, 1971 64 Sept. 14, 1956................. Sept. 15, 1972 109 Sept. 11, 1961.................................48 Sept. 10, 1971 96 Feb. 20, 1963................. Feb. 20, 1973-78 148 Feb. 10, 1960.................................J8 Feb. 10, 1972 98 Feb. 20, 1962................. Feb. 20, 1974 155 Dec. 11, 1961.................................4% June 12,1972 100 Apr. 20, 1965................. ...4K Apr. 21, 1975 200 June 12, 1961.................................41% June 12, 1973 146 Feb. 21 1966................. ...5 Feb. 24, 1976 123 Feb. 13, 1962.................................4>% Feb. 10, 1977 198 May 2,1966................. •■.5'% Apr. 20, 1978 150 Banks for cooperatives Tennessee Valley Authority Short-term notes................. 100 Debentures: Bonds: Dec. 1,1965 ............................. 4<% June 1. 1966 228 Nov. 15, 1960................. ..4.40 Nov. 15, 1985 50 Feb. 1,1966............................4.95 Aug. 1,1966 236 July 1,1961................. July 1, 1986 50 Apr. 4, 1966............................5.30 Oct. 3, 1966 230 Feb. 1, 1962................. -.4(4 Feb. 1, 1987 45 May 2,1966............................5% Nov. 1, 1966 141 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

1020 CREDIT AGENCIES; SECURITY ISSUES JULY 1966 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn, Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a A t n e o d m c ­ e ­ s I m nv en es ts t­ p C a o d a n s e s d i ­ h t s B n a o o n n t d e d s s M p b o 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 o g n r e t s ­ D n t e a u o b n r t e e d e s n s ­ c L a o t o o t i a p v o n e e s r s ­ D t e u b re e s n­ c L o a d o u n i a s n d n ­ t s s D t e u b re e s n­ M l g o a a o g n r e t s ­ Bonds bers (A) (L) (A) (L) (A) (L) (A) (L) 1957............... 1,265 908 63 825 653 685 1,562 1,315 454 222 932 886 919 1 599 1958............... 11298 999 75 714 819 769 1,323 11100 510 252 1,157 1 116 2 089 1 *743 1959............... 2i 134 1,093 103 1,774 589 866 1,967 1,640 622 364 1,391 1 356 2 360 1 986 1960............... 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 21453 697 435 1,650 1 585 2 828 2 431 1962............... 31479 1,531 173 2,707 1,214 1,126 21752 2,422 735 505 1,840 1 727 3 052 2*628 1963............... 4’784 1'906 159 4'363 1,151 1,171 21000 11788 840 589 2,099 1 952 3 310 2*834 1964.............. 5^325 1,523 141 4j 369 1,199 1,227 11940 1,601 958 686 2,247 2,112 3*718 3 169 1965—May.. 5,227 1,687 73 4,484 1,024 1,257 2,004 1,898 940 678 2,577 2,367 4,011 3,415 June.. 5,586 1,691 110 4,757 1,174 1,260 2,014 1,797 931 687 2,687 2,462 4,058 3,532 July.. 5,793 1,299 75 4,807 913 1,265 2,032 1,794 935 687 2,772 2,546 4,097 3,532 Aug... 5,770 1,578 79 5,057 903 1,268 2,062 1,804 944 710 2,786 2,627 4,135 3,612 Sept... 5,802 1,567 85 5,046 944 1,270 2.108 1,756 940 708 2,725 2,603 4,171 3,612 Oct... 5,826 1,574 75 5,018 965 1,272 2,169 1,845 1,009 744 2,617 2,501 4,204 3,671 Nov... 5,724 1,838 80 5,221 936 1,275 2,290 1,918 1,082 787 2,501 2,386 4,245 3,671 Dec.., 5,997 1 ,640 129 5,221 1,045 1,277 2,456 1,884 1,055 797 2,516 2,335 4,281 3,710 1966—Jan... 5,898 1,424 80 5,068 844 1,281 2,666 2,338 1,113 797 2,541 2,342 4,328 3,710 Feb... 5,739 1,539 91 5,050 796 1,292 2,912 2,397 1,145 819 2,601 2,404 4,385 3,813 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 3,358 2,820 1,148 859 2,843 2,602 4,553 3,813 May.. 6,704 1,510 84 5,895 841 1,335 3,502 3,144 1,106 835 2,947 2,744 4,647 3,980 Note.—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt.; for a listing of these securities, see preceding page. Loans are sheet items are capital accounts of all agencies, except for stock of home gross of valuation reserves and represent cost for FNMA and unpaid loan banks. Bonds, debentures and notes are valued at par. They in­ principal for other agencies. clude only publicly offered securities (excluding, for the home loan banks, NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Use of proceeds Total amount Period Total G g o a e b t a n i l l o e i­ n r­ s R n e u v e e­ PHAi G l U o o a .S v n t . s , State S d p i s a s t e t n a c r d t i i , a c t l Other2 d er e e li d v ­ 3 Total c E at d i u on ­ R b a r o i n a d d d g s e s i U ti t e i s l­ * H in o g u s s­ V a a e n i t d e s’ 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 1,928 2,165 4,473 8,301 8,463 2,821 1,167 1,700 385 478 1,913 1962 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1964 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965 ......... ’■11,329 7,177 3,517 464 170 2,401 '3,784 5,144 11,538 '10,471 '3,619 900 1 ,965 626 50 3,311 1965-—May.... 987 506 347 126 8 180 370 436 939 924 392 70 125 133 204 June.... 1,065 570 481 14 192 422 451 1,119 972 453 62 198 13 246 July.... 1,040 776 247 17 400 260 379 995 986 215 26 170 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 45! Oct........ 844 477 343 24 193 320 332 965 794 197 79 109 87 322 Nov.. . . 1,043 836 '191 17 241 '271 531 926 1,021 383 74 289 13 • 260 Dec....... 764 365 283 90 25 67 367 330 1,100 754 216 137 164 91 145 1966-—Jan........ '1,214 '888 '301 '25 '471 '286 '458 n.a. '1,183 '387 '300 '152 2 '342 Feb........ '867 '614 '239 '13 '190 '168 '508 n.a. '857 '208 '95 '132 '423 Mar... . 867 549 196 96 26 149 308 410 n.a. 857 375 155 40 97 191 Apr..... 1,170 815 330 24 433 355 383 n.a. 1,150 308 128 133 4 577 May.... 888 410 463 ............. 16 113 331 444 n.a. 887 229 159 278 2 .........2..1..9 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract 5 Includes urban redevelopment loans. requiring the Public Housing Administration to make annual contributions to the local authority. Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S, Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale. Investment Bankers Assn, data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 SECURITY ISSUES 1021 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Proposed use of net proceeds, all corporate issues 6 Noncorporate Corporate New capital Period Re­ Bonds Stock tire­ Total G U o . v S t . .2 G a U c g y o , e S v n 3 t . ­ , lo S U a c t n a . a S d t l e . 4 Other 5 Total Total o P f l f i u c er l b y e ­ d p v l P a a t r c e i e ­ ly d fe P r r r e e ­ d C m o o m n ­ Total Total m N on ew ey 7 O p p o t u h s r e e ­ s r m s r e i o t e c i f n u e s t ­ 1958. 34,443 12,063 2,321 7,449 1,052 1,558 9,653 6.332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959. 31,074 12,322 707 7,681 616 9,748 7,190 3.557 3,632 531 2,027 9,527 9.392 8.578 814 135 1960. 27,541 7,906 1,672 7,230 579 0,154 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 3.165 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- \^y........ 3 3 , , 0 1 5 6 0 0 3 3 9 5 0 6 325 1,0 9 2 71 0 13 1 1 1 1 1 , , 2 7 3 7 3 3 1 1 , , 0 3 7 2 0 4 4 6 2 9 2 4 6 6 4 3 8 0 3 65 5 3 1 8 2 4 7 1 1 , , 7 2 4 1 6 4 1 1 , , 6 1 9 5 1 2 1,5 9 6 3 0 9 2 1 1 3 3 2 6 5 1 5 June........ 4,297 362 775 1,000 122 2,038 1,729 748 980 155 154 2,018 1,946 1,665 281 72 July..... 2,936 388 1,055 49 1,443 1,322 542 780 44 78 1,427 1,290 1,168 122 137 Aug......... 2,354 371 239 718 95 930 837 369 468 15 78 919 850 760 91 69 Sept......... 3,029 342 150 984 14 1,538 1,370 664 706 92 76 1,523 1,392 1,249 143 130 Oct.......... 2,661 369 375 867 65 986 861 287 574 8 116 973 924 834 90 49 Nov......... 6,340 3,463 375 1,018 86 1,398 .142 613 529 92 165 1 ,377 1,325 1,183 143 52 Dec.......... 2,948 331 179 768 25 1,646 ,487 326 1,161 87 72 1,632 1,496 1,279 217 136 1966- *•3,021 475 1,176 '30 '1,339 '1,152 '460 *692 119 *68 *1,325 r1,302 *1,214 *88 *22 Feb.......... *•3,008 345 503 *■845 42 *1,273 *1,143 560 *583 75 *55 *1,259 r1,237 *1,068 *169 *22 Mar. .... 4,250 457 410 848 54 2,482 2,065 753 1,311 21 396 2,452 2,446 2,039 407 7 Apr.......... 3,667 426 392 1,181 76 1,592 1,383 628 754 28 181 1,570 1,554 1,421 133 16 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om isc m e e ll r a c n ia eo l u a s nd Transportation Public utility Communication an R d e a f l i n e a s n ta c t i e a l Period Retire­ Retire­ Retire­ Retire­ Retire­ Retire­ New ment of New ment of New ment of New ment of New ment of New ment of capital secu­ capital8 secu­ capital 8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ rities rities rities rities rities rities 1958 3,265 195 867 1 778 38 3.605 138 1,294 1,014 47 1959. 1,941 70 812 21 942 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 3( 651 35 2,883 106 1'435 382 2,248 22 1962. 2,958 228 803 3: 543 16 2,341 444 1,276 11 1,825 23 1963. 3,312 190 774 5 873 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- Apr...... 540 16 120 6 58 1 176 34 15 3 244 2 May • • 698 22 75 4 163 248 23 143 1 364 6 June.... 441 41 151 11 14 1 184 8 98 ♦ 1.028 7 July......... 399 50 265 4 124 3 202 24 102 51 197 4 Aug...... 307 54 51 12 297 5 25 4 129 4 Sept.......... 414 16 117 8 55 * 287 74 196 5 313 27 Oct........... 273 10 77 5 53 13 158 9 92 3 272 8 Nov ... 402 17 44 94 209 28 43 4 433 3 Dec......... 470 18 192 2- 130 243 62 43 17 418 16 1966- Jan......... *•353 *14 *■114 rt *155 388 *5 *141 *151 r* Feb.......... *■530 *6 *100 3 94 * *241 *4 *160 ♦ *111 *2 Mar t. , 977 7 160 373 340 301 294 Apr ..... 653 13 147 147 361 76 170 1 i Gross proceeds are derived by multiplying principal amounts or * 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

1022 SECURITY ISSUES JULY 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 Invest. Invest, Invest. COS.1 Other cos.’ Other cos.1 Other I960. 13,503 4,962 8,541 8,072 3,078 4,994 2,706 2,725 855 1,029 1,851 1,696 1961, 17,515 6,999 10,515 9,194 4,024 5,170 3,867 4,454 1,171 1,804 2,696 2,650 1962. 14,308 6,457 7,852 8,613 3,749 4,864 3,440 2,255 1,140 1,567 2,300 688 1963. 15,641 8,711 6,930 10,556 4,979 5,577 3,138 1,948 1,536 2,197 1,602 -249 1964. 18,767 8,290 10,477 10,715 4,077 6,637 4,304 3,748 1,895 2,317 2,409 1,431 1965. 21,414 9,733 11,681 12,736 4,629 8,107 5,463 3,215 2,134 2,970 3,329 245 1964—IV................. 5,241 2,590 2,651 3,233 1,191 2,043 1,383 625 415 984 968 -360 1965--I................... 4,213 2,058 2,154 2,272 967 1,305 1,326 615 485 606 841 8 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 factoring and other 2 tation 3 utility cation and financial * Period & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1960. 399 462 261 -46 173 -42 1,689 635 901 356 1,572 2,182 1961. 2,012 415 516 -447 71 -7 1,648 704 149 1,457 775 3,224 1962. 1,355 -242 294 -201 -85 -25 1,295 479 1,172 357 833 2,619 1963. 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 1,696 1964. 1,303 -516 507 -483 317 -30 1,408 476 458 1,699 2,644 2,694 1965. 2,615 -570 614 -48 185 -1 1,342 315 644 518 2,707 3,360 1964—IV................. 689 -226 265 -444 88 -7 356 101 -47 115 693 1,069 1965--I................... 574 -256 -5 -1 39 9 281 97 64 100 351 901 II................. 814 138 234 -30 57 -28 293 116 201 139 1,156 719 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 1 Open-end and closed-end cos. foreign and include offerings of open-end investment cos., sales of securi­ 2 Extractive and commercial and misc. cos. ties held by affiliated cos. or RFC, special offerings to employees, and also 3 Railroad and other transportation cos. new stock issues and cash proceeds connected with conversions of bonds 4 Includes investment cos. into stocks. Retirements include the same types of issues, and also securi­ ties retired with internal funds or with proceeds of issues for that purpose Note.—Securities and Exchange Commission estimates of cash trans­ shown on p. 1021. actions only. As contrasted with data shown on p. 1019, new issues exclude OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re t d io e n m s p­ s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales > Re t d io e n m s p­ s N al e e t s Total 2 po C s a it s i h o n Other 1955 ............... 1,207 443 765 7,838 438 7,400 1965—May.. 301 158 143 31,431 1,551 29,880 1956............... 11347 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 Sept... 381 183 199 32,824 1,787 31,037 1959............... 2,280 786 1,494 15,818 860 14,958 Oct.... 394 173 220 33,921 1,758 32,163 I960............... 2,097 842 1,255 17,026 973 16,053 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 1966—Jan.... 507 191 316 36,213 2,009 34,204 1963............... 2,460 1,504 952 25,214 1,341 23,873 Feb... 440 229 211 36,178 2.094 34,084 1964............... 3,404 1,875 1,528 29,116 1,329 27,787 Mar.. 592 244 348 36,173 2,040 34,133 1965............... 4^359 1,962 2,395 35,220 1,803 33,417 Apr... 538 255 284 37,136 2,107 35,029 May.. 478 216 261 35,453 2,278 33,175 i Includes contractual and regular single purchase sales, voluntary Note.—Investment Co. Institute data based on reports of members, and contractual accumulation plan sales, and reinvestment of invest­ which comprise substantially all open-end investment cos. registered with ment income dividends; excludes reinvestment of realized capital gains the Securities and Exchange Commission. Data reflect newly formed dividends. 2 Market value at end of period less current liabilities. cos. after their initial offering of securities. 3 Cash and deposits, receivables, all U.S. Govt, securities, and other short-term debt securities, less current liabilities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 BUSINESS FINANCE 1023 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.......................................................... 123,669 136,545 147,380158,253 176,676 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 6,541 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 98,482 112,041 22,759 25,543 27,289 29,214 25,626 29,912 29,847 Profits before taxes........................................ 7,666 9,434 11,004 11,853 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.............................................................. 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: 9,189 9,440 9,560 9,778 10,208 2,467 2,506 2,385 2,582 2,575 2,668 '625 729 816 '829 980 204 '208 145 259 '248 328 382 572 651 '694 816 170 '194 121 213 206 276 359 367 356 '438 468 106 '131 108 118 81 161 Electric power: Operating revenue.................................. 12,478 13,489 14,294 15,156 15,961 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 '2,568 583 592 712 597 626 632 758 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 1 Includes 17 corps, in groups not shown separately. Telephone; Data obtained from Federal Communications Commis­ 2 Includes 27 corps, in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Note.—Manufacturing corps: Data are obtained primarily from Lines and General Depts, of American Telephone and Telegraph Co.) published co. reports. and for 2 affiliated telephone cos. Dividends are for the 20 operating Railroads: Interstate Commerce Commission data for Class I line­ subsidiaries and the 2 affiliates. haul railroads. 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

1024 BUSINESS FINANCE JULY 1966 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a f o x o f e r i s t e s c ta o I x n m e ­ s e P t a r a f o x t f e e i r s t s d C d e i a n v s d i h ­ s t U p ri r b n o u d f t i i t e s s d ­ co c a n a t l s p i l o o u i n t w m a ­ l p ­ Quarter P b t r e a o f x o f e i r t s e s c ta o In x m e ­ e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h ­ s t U p ri r n b o u d f t i i t e s s d ­ co c a n a t l s l i p o o u i w n t m a ­ l p ­ ances 1 ances 1 1958............... 41.4 19.0 22.3 11.6 10,8 22.0 1964—IIIr.. 67.8 28.7 39.1 17.4 21.7 34.2 1959............... 52.1 23.7 28.5 12.6 15.9 23.5 iv.. 67.7 28.6 39.0 17.7 21.4 34.8 1960............... 49.7 23.0 26.7 13.4 13.2 24.9 1965—P... 74.5 30.7 43.8 18.1 25.7 35.2 1961............... 50.3 23.1 27.2 13.8 13.5 26.2 II1-... 74,5 30.7 43.8 18.8 25.0 36.0 1962........ 55.4 24.2 31.2 15.2 16.0 30.1 Illr.. 75.0 30.9 44.1 19.5 24.6 36.8 1963r............. 59.4 26.3 33.1 16.5 16.6 31.8 IV.. 78.7 32.4 46.3 20.2 26.1 37.2 1964'............. 67.0 28.4 38.7 17.3 21.3 33.9 1965r............. 75.7 31.2 44.5 19.2 25.3 36.3 1966—P... 82.7 34.1 48.7 20.9 27.8 37.7 1 Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U. S. receivable payable Accrued capital Total Cash s G ec o u v r t i , ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties U.S, Other U.S. Other taxes Govt.1 Govt.1 1958................................ 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1,7 88.7 12.9 33.3 1959................................ 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99.3 15.0 37.0 1960................................ 128.6 289.0 37,2 20.1 3.1 126.1 91.8 10.6 160.4 1.8 105.0 13.5 40.1 1961................................ 135.6 306.8 41.1 20.0 3.4 135.8 95,2 11.4 171.2 1.8 112,8 14.1 42.5 1962................................ 142.8 326.7 42.9 20.2 3.7 146.7 100.9 12.4 184.0 2.0 121.2 15.0 45.7 1963................................ 151.2 349.9 44.5 20.6 3.6 159.7 107.3 14.3 198.8 2.5 131.8 16.3 48.2 1964................................ 161.1 371,0 45,0 19.1 3.4 173.8 114.3 15.5 209.9 2.7 140.0 17.0 50.2 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 HI........................ 169.1 393.5 43.6 16.0 3.6 188.3 123.4 18.6 224.4 3.1 150.2 17.0 54.1 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—1........................... 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 1 Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corps.’ books. banks, savings and loan assns., and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable d N ur o a n b ­ le Mining Railroad Other u P 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 ( n r 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 I960 ..................................... 35.68 7.18 7.30 .99 1.03 1.94 5.68 3.13 8.44 1961 ..................... 34.37 6,27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962............................................. 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963 .......................................... 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10.03 1964............................................. 44.90 9.43 9.16 1.19 1.41 2.38 6.22 4.30 10,83 1965............................................. 51.96 11.40 11.05 1.30 1.73 2.81 6.94 4.94 11.79 1966 2 ... .............................. 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 ni 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—I...................................... 12.77 2.87 2.74 .33 .40 .75 1.60 1.26 2.83 58.00 2.......................................... 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 * 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

JULY 1966 REAL ESTATE CREDIT 1025 MORTGAGE DEBT OUTSTANDING (In billions of dollars) AU properties Farm Nonfarm Other Multifamily and Mortgage End of holders2 1 - to 4-family houses commercial properties4 type s period h A e o r l l d s l ­ tu F i t n c i i n i s o a a t n l i n ­ s ­ * a U c g i . e e S n s . ­ v o I i t a d n h n u d e d a i r ­ l s s h A e o r l l s d l ­ t F u in t i c i n i s o a a t n l i n ­ s ­ 1 O h e o r th s l d e 3 r ­ h A e o r l l s d l ­ Total t F u in i t n i s o a t n i n ­ s , 1 O ho e th r l s d er ­ Total tu F i t n in i s o a t n i n ­ s , 1 O h e o t r h l s d er ­ w u F V n r H i d A t A e te - r - n ­ t C v io e o n n n a ­ ­ l 1941............ 37,6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945............ 35,5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1960............ 206.8 157.6 11.2 38.0 12.8 4.7 8.2 194.0 141.3 117.9 23.4 52.7 35.0 17.7 62.3 131.7 1961............ 226.3 172.6 11.8 41,9 13.9 5.0 8.9 212.4 153.1 128.2 24.9 59,3 39.4 19.9 65.5 146,9 1962............ 251.6 192,5 12.2 47,0 15.2 5.5 9.7 236.4 166.5 140.4 26.0 69.9 46.6 23,4 69.4 167,0 1963............ 281.2 217,1 11.2 52,9 16,8 6.2 10.7 264.4 182.2 156.0 26.2 82.2 54.9 27.3 73.4 190.9 1964............ 311.6 241.0 11.4 59.2 18.9 7.0 11.9 292.7 197.6 170.4 27.2 95.1 63.6 31.4 77,2 215.6 1965*........... 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—III... 273.4 210.8 11.1 51.5 16,6 6.1 10.5 256.8 178.2 152.2 26.0 78.6 52.5 26.1 72.1 184,7 IV... 281.2 217.1 11.2 52.9 16.8 6.2 10.7 264,4 182.2 156.0 26.2 82.2 54.9 27.3 73.4 190.9 1964—1.... 287.4 222.0 11.3 54.1 17.3 6.4 10.9 270.0 185.4 159.0 26.4 84.6 56.5 28.1 74.2 195.8 II... 295.5 228.5 11.3 55,7 18.1 6.7 11.4 277.5 189.8 163.2 26,6 87.7 58.6 29.1 74.9 202.6 III... 303.6 234.8 11.3 57.4 18.5 6.9 11.7 285.1 193.9 167.0 26.9 91.2 61.0 30.2 76.2 208.9 IV... 311.6 241.0 11.4 59.2 18.9 7.0 11.9 292.7 197.6 170,4 27.2 95.1 63.6 31.4 77.2 215.6 1965—1*... 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 IP.. 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 in*. 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 IV*.. 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—1»... 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 1 Commercial banks (including nondeposit trust cos. but not trust savings and loan assns. depts.), mutual savings banks, life insurance cos., and savings and loan s Data by type of mortgage on nonfarm 1- to 4-family properties alone assns. are shown on second page following. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Note.—Based on data from Federal Deposit Insurance Corp., Federal Other U.S agencies (amounts small or current separate data not readily Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul­ available) included with “individuals and others.” ture and Commerce, Federal National Mortgage Assn., Federal Housing 3 Derived figures; includes debt held by Federal land banks and farm Admin., Public Housing Admin., Veterans Admin., and Comptroller debt held by Farmers Home Admin. of the Currency. 4 Derived figures; includes small amounts of farm loans held by Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ n fa o r n m ­ Farm Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ O n fa t o r h n m e ­ r Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1960 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961 30,442 21,225 5'975 2,627 12.623 7,470 1,747 29,145 26,341 81045 9,267 9,029 21753 51 1962 34,476 231482 6,520 2,654 14,308 8,972 2,022 321320 291181 91238 9,787 10,156 31088 51 1963 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964 43,976 28,933 7,315 2,742 18,876 12,405 21638 40,556 36,487 12,287 11,121 131079 41016 53 1965 49,675 32,387 7,702 2',688 21,997 14,377 2'911 44,617 401096 13,791 11’, 408 141897 4,469 52 1963--HI........................ 38,360 25,855 7,007 2,870 15,978 10,203 2,302 35,191 31,775 10,328 10,335 11,112 3,365 51 TV......................... 39,414 26,476 7,105 2,862 16'509 10,611 2,327 36,224 321718 10,684 10,490 11,544 31454 52 1—T ................4..0..,..2.00 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 ri.......................... 41'648 271750 7'158 2,793 17,799 11’340 2,558 38'199 34,407 11,376 10,’826 12,205 31739 53 in. 42,948 28,432 71250 2'786 18,396 11,896 2,620 39,381 35,449 11,826 10,977 12,646 3,879 53 IV......................... 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 41016 53 1965--i............................ 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 n.......................... 46,548 30'383 7,469 2,712 20,202 13,371 2; 794 42 >67 38,214 13,036 11,322 13,856 4,202 51 rif........................ 48'353 31',574 7,641 2',700 21,233 13,926 2,853 43',5 39 39,153 13,412 11,368 141373 41334 52 TV......................... 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 141897 4,469 52 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

1026 REAL ESTATE CREDIT JULY 1966 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H ur A e - d a g n V u t A a ee r - ­ d Other 1 Farm 1 Total Total in F s H ur A e - d a g n V u t A a ee r - ­ d Other Farm 1945 976 6,637 5,860 1,394 4,466 766 1960 6.086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961 6,785 6,233 1'388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962 7,478 6,859 1'355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1963 9,172 8,306 1,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 1964 10’432 9,385 1.811 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 1965 v ..................................................... 10,942 9’785 1,716 539 7,530 1,157 60,021 55,197 12,094 6,292 36,811 4,824 1965- Apr r.................................... 888 780 136 40 604 108 56,705 52,225 11,778 6,418 34,029 4,480 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 11,860 6,384 34,562 4,578 July....................................... 834 759 121 40 598 75 57,663 53,041 11,866 6,361 34,814 4,622 Auc.. 867 798 144 41 613 69 58,017 53,359 11,914 6,340 35,105 4,658 Sept...................................... 932 868 142 45 681 64 58,411 53,723 11,950 6,326 35,447 4,688 Oct........................................ 932 868 161 44 663 64 58,824 54,103 12,010 6,316 35,777 4,721 Nov...................................... 959 890 149 41 700 69 59,276 54,525 12,063 6,307 36,155 4,751 Dec........................................ 1,248 1,079 154 42 883 169 60,021 55,197 12,094 6,292 36,811 4,824 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 61,288 56,321 12,259 6,282 37,780 4,967 Apr........................................ 897 756 121 29 606 141 61,710 56,653 12,299 6,262 38,092 5,057 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 Total 1 h s N c t o r o e m u n w c ­ e ­ H c p h o u a m r s ­ e e Total 2 F su H in re A ­ d - a g V n u t A a e r e - ­ d t C v io e o n n n a ­ ­ l Period va A n d c ­ es R m e e p n a ts y­ Total t S e h r o m r t­ 1 t L er o m ng ­ 2 M de e p m o b si e t r s s tion 1945......................... 278 213 195 176 19 46 1945 .... 1,913 181 1,358 5,376 1960......................... 1,943 2,097 1,981 1,089 892 938 I960............. 14,304 4,678 6,132 60,070 3,524 7,222 49,324 1961......................... 2’882 2^220 2'662 1,447 1 216 1,180 1961............. 17364 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............. 20354 5,979 8,524 78,770 4; 476 7,010 67,284 1963......................... 5'601 4,296 4'784 2,863 1 321 1,151 1963............. 24335 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—May............ 350 342 5,227 2,480 2,748 1,017 1965—May. 2,022 526 861 104,837 4,973 6,565 93,299 June............ 602 243 5'586 2,867 2,719 1 J72 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 Dec............. 400 128 5’997 3’074 2,923 1,043 Dec.. 1,996 491 865 110,202 5,141 6,391 98,670 1966—Jan............... 386 485 5,898 3,071 2,826 843 1966—Jan.. 1,549 322 640 110,700 5,160 6,364 99,176 Feb.............. 171 330 5'739 2,837 2,901 795 Feb.. 1,554 307 645 111,246 5,177 6,361 99,708 214 266 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.. 1,888 430 798 112,736 5,212 6,311 101,213 May............ 339 152 6; 704 3; 691 3,012 840 May? 1,663 383 759 113,175 5,254 6,303 101,618 1 Secured or unsecured loans maturing in 1 year or less. 1 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

JULY 1966 REAL ESTATE CREDIT 1027 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 Government- Period Mortgages Proj­ P e r r o ty p ­ Mortgages E pe n r d i o o d f Total underwritten C ve o n n ­ ­ Total h N om ew es h is o E t m i x n ­ e g s ects 1 m pr i e m o n v t ­ e s ­ 2 Total J h N om ew es h is o E t m i x n ­ e g s Total s F u i H n re ­ A d - a g n V u t A a e r e - - d 1 tional 1945 663 257 217 20 171 192 1945 18.6 4.3 4.1 .2 14.3 1 1 1 1 9 9 9 9 6 6 6 63 0 1 2 . . . 6 7 7 6 , , , , 3 1 2 29 4 8 1 3 6 4 6 2 1 1 1 , , , , 1 8 7 6 9 4 8 6 9 7 3 4 2 2 3 3 , , , , 9 4 4 9 2 8 0 0 1 2 5 3 1,0 9 7 8 7 1 2 4 1 9 3 6 9 8 8 8 3 8 3 0 5 2 4 4 2 3 1 1 , , , , 6 0 8 9 4 5 2 8 5 2 9 5 1 1 1 1 , , , , 3 1 2 5 5 7 5 7 7 2 4 0 1 1 , , 2 7 4 6 9 7 2 5 2 0 8 6 1 1 1 1 9 9 9 9 5 5 5 6 9 7 8 0 1 1 1 1 3 4 0 1 0 1 7 7 . . . . 9 3 6 7 4 5 5 5 7 3 6 0. . . . 1 2 8 4 2 2 1 1 3 6 6 9 . . . . 8 7 5 7 3 2 3 3 0 9 0 0 . . . . 7 0 7 4 7 6 6 8 7 4 0 7 . . . . 8 0 4 6 1 19 9 6 6 5 4. 8 8, , 6 1 8 3 9 0 1 1 , , 7 6 0 0 3 8 4 5 , , 9 7 6 6 3 0 5 8 9 9 1 5 6 6 3 63 4 2 2 , , 6 8 5 4 2 6 1,0 8 2 7 3 6 1 1 , ,8 7 2 7 1 4 1 1 9 9 6 6 1 2 . . 1 1 5 6 3 6 . . 1 5 5 6 9 2 . . 1 2 2 3 9 2 . .3 5 2 29 9 . . 9 6 1 9 0 3 4 . . 9 3 1965—M J J u u a n ly y e . . , 6 7 7 2 1 7 5 6 6 1 1 1 1 2 4 6 7 0 3 4 5 9 8 0 9 4 6 4 7 5 1 0 7 5 6 5 3 6 8 2 2 1 1 1 8 7 7 2 5 6 6 7 5 5 1 1 1 5 2 5 5 2 2 1 1 19 9 9 6 6 6 5 3 4 P . . 2 1 1 1 8 9 3 2 7 . . . 2 6 0 6 6 73 5 9 . . . 1 9 2 4 3 38 2 5 . . . 3 0 0 3 3 31 0 0 . . . 1 9 9 1 1 1 1 2 3 6 8 9 . . . 3 3 8 A O Se u c p g t t . . . . 8 8 81 7 6 1 5 0 1 1 1 6 5 61 3 9 5 5 5 9 9 5 7 4 4 4 5 4 1 2 5 6 6 5 7 2 2 2 2 2 4 4 5 5 5 4 7 7 81 8 8 1 1 1 6 7 6 7 7 3 1963—I I I V I , 1 1 7 8 8 2 . . 2 2 6 65 4 . . 9 6 3 3 4 5 . . 3 0 3 30 0 . . 9 4 1 1 1 1 3 6 . . 6 3 N De o c v . . 8 7 2 8 4 0 1 1 6 5 5 6 5 53 5 3 0 6 3 1 8 4 5 3 7 2 2 2 4 8 3 7 7 9 7 1 1 3 6 1 3 1964— I 1 I . . . 1 1 8 8 9 5 . . 8 4 6 6 7 6 . . 3 6 3 3 6 5 . . 3 7 3 3 0 1 . . 9 0 1 1 2 1 2 8 . . 5 8 1966—J F a e n b . . . . 8 6 0 3 0 9 1 1 8 3 0 4 5 3 4 7 7 8 4 9 2 6 3 3 0 2 2 1 3 9 6 0 8 6 0 9 1 12 5 1 6 I IV ll , 1 1 9 9 3 7 . . 9 6 6 6 8 9 . . 4 2 3 38 7 . . 3 4 3 31 0 . . 1 9 1 1 2 2 5 8. . 3 4 A M M p a a r r y . . . , 7 6 6 5 0 3 3 8 6 1 1 13 6 3 7 0 9 4 3 36 4 7 1 7 6 6 6 5 8 6 6 7 5 5 8 5 4 1 1 1 6 6 3 3 7 2 3 5 6 1 9 2 1 1 8 0 0 1 4 4 1965—I I H I p I P P . ., . . 2 2 2 0 0 0 0 4 9 . . . 5 8 0 7 7 7 0 0 2 . . . 1 7 0 4 3 3 0 9 9 . . . 7 9 0 3 3 3 1 1 1 . . . 1 0 0 1 1 1 3 3 3 4 6 0 . . . 1 5 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—Ip 216.1 2 Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. 1 Includes outstanding amount of VA vendee accounts held by private investors under repurchase Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans agreement. represent gross amount of insurance written; Va-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or Note.—For total debt outstanding, figures are guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on FHLBB and F.R. estimates. For conventional, number and average amount of loans closed. figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin., and Veterans Admin. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY MORTGAGE DEBT OUTSTANDING ON INCOME PROPERTIES (In millions of dollars) (In billions of dollars) Mortgage Mortgage holdings transactions Com­ Nonfarm (during mit­ End of period) ments End of period Total Farm period Total FH in A ­ - g V u A ar - ­ Pur­ bu d u r i n s s ­ e ­ d Total in F s H ur A e - d C ti o o n n v a e l n­ sured anteed chases Sales 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 I960.................................. 65.5 52.7 5.9 46.8 12.8 1963............................. 4,650 31017 1,634 290 1,114 191 J964............................. 4,412 21996 1,416 424 251 313 1961.................................. 73.2 59.3 6.4 52.9 13.9 1965............................. 4,731 31404 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—May................. 4,326 2,997 1,329 47 32 327 1964.................................. 114.0 95.1 7.9 87.2 18.9 J Ju u n ly e . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 4 4' ,3 3 0 0 3 9 2 3 1 ,0 9 1 9 2 2 1 11 ,3 2 1 9 1 7 4 49 4 27 9 3 37 6 6 0 1965p................................ 129.1 107.9 8.0 99.9 21.2 Aus. 4.332 31039 11293 54 418 1963—1....................... 88.0 72.4 7.3 65.1 15.6 Sept-................ 4,372 31083 11289 78 443 .......9..1.....7............7..5.5 7.4 68.1 16.2 Oct .................. 4,436 3J45 1,290 96 559 Ill.......................... 95.2 78.6 7.5 71.2 16.6 4^559 31255 11304 155 674 IV........................ 99.0 82.2 7.5 74.7 16.8 Dec ................. 4’731 31404 11327 205 793 1964—1. .......................... 101.9 84.6 7.6 77.0 17.3 1966—Jan................... 4,948 3,588 1,360 246 62 923 .....1..0...5....8............8..7.7 7.7 80.0 18.1 Feb ............. 5,215 3',811 1,404 295 829 iii................ 109.7 91.2 7.8 83.5 18.5 Mar................. 51528 4,077 1,451 344 750 IV.......................... 114.0 95.1 7.9 87.2 18.9 Apr..,............ 5J44 41268 1,476 250 691 May................. 5,922 4,430 1,492 209 .........6..5..0 1965—p.......................... 117.3 97.7 7.9 89.9 19.5 .....1..2..1.....2...... 101.0 8.0 93.0 20.2 iii»....................... 125.1 104.4 8.0 96.4 20.7 sub N je o c t t e .— to F e p d a e r r t a ic l ip N a a ti t o i n on a p l o o M l o o r f t ga G g o e v e A r s n s m n, e n d t a ta M i o n r c t l g u a d g i e n g Li m qu or id tg a a ti g o e n s IVp....................... 129.1 107.9 8.0 99.9 21.2 Trust, but excluding conventional mortgage loans acquired by FNMA 1966—jp.......................... 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

1028 CONSUMER CREDIT JULY 1966 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e i o l r e ­ co g O p n o a s t o u p h d e m e r r s e r e a r n R l n o d e i a z p m n a a t s o i i r o 1 d n ­ Pe l r o s 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 t s S c e r r e v d i i c t e 1939............................................ 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1 1 ................... ................ 9,172 6,085 2,458 1,929 376 1,322 3,087 845 597 1945. 5; 665 2,462 455 816 182 1,009 3,203 746 1,612 845 1960. 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961 57,678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5,324 3 >91 1962. 63,164 48,034 19,540 12,605 3,246 12,643 15,130 5,456 5'684 3,990 1963 70,461 54,158 22,433 13,856 3,405 14,464 16,303 6,117 5,871 4,315 1064 78,442 60,548 25,195 15,593 3,532 16,228 17,894 6,954 6,300 4 >40 ........................................ 87 >84 68,565 28,843 17,693 3,675 18,354 19,319 7,682 6,746 4,891 1965- May................................ 80,469 62,807 26,717 15,458 3,534 17,098 17,662 7,400 5,453 4,809 June................................ 81,717 63 >50 27,280 15,648 3,576 17,346 17 >67 7,546 5 >28 4,793 July................................ 82,539 64,704 27,779 15,818 3,604 17,503 17,835 7,539 5 >34 4 >62 Aus............................... 83,319 65,508 28,111 15,996 3,648 17,753 17,811 7,575 5,498 4,738 Sept.............................. • 83,801 65,979 28,175 16,229 3,664 17,911 17,822 7,600 5,496 4,726 Oct................................. 84,465 66,511 28,393 16,492 3,676 17,950 17',954 7,624 5,645 4,685 Nov................................. 85,291 67,168 28,612 16,797 3,689 18,070 18,123 7,648 5,740 4,735 Dec................................. 87,884 68,565 28,843 17,693 3,675 18,354 19,319 7,682 6 >46 4*891 1966-—Jan.................................. 87,027 68,314 28,789 17,566 3,634 18,325 18,713 7,666 6,107 4,940 Feb.................................. 86,565 68,279 28,894 17,386 3,603 18,396 18,286 7,731 5,505 5,050 Mar................................. 87,059 68,827 29,248 17,450 3,597 18,532 18,232 7,795 5,393 5,044 Apr................................. 88,184 69,543 29,597 17,597 3,602 18,747 18,641 7,836 5,670 5,135 May................................ 89,092 70,209 29,908 17,732 3,642 18,927 18,883 7,925 5,860 5,098 i Holdings of financial institutions; holdings of retail outlets are in­ hold, family, and other personal expenditures, except real estate mortgage cluded in “other consumer goods paper.” loans. For back figures and description of the data, see “Consumer Credit/' Section 16 (New) of Supplement to Banking and Monetary Note.—Consumer credit estimates cover loans to individuals for house­ Statistics, 1965, and May 1966 Bulletin. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m C e o r m cia ­ l fi S n a a l n e c s e u C n r i e o d n it s s C um on e ­ r Other 1 Total D m ep e a n r t t­ F t u u m re k A a p n p ce li ­ m A o u b t i o l ­ e Other banks cos. finance 1 stores 2 stores stores dealers3 1939 .............................. 4,503 3,065 1,079 1,197 132 657 I ,438 354 439 183 123 339 1941 ............................ 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 .............................. 2 >62 1,776 '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................................ 43,527 37,935 17,008 11,273 4,330 3,799 1,525 5,595 2,421 1,058 293 342 1,481 1962................................ 48,034 41,782 19,005 12,194 4,902 4,131 1,550 6,252 3,013 1,073 294 345 1,527 1963................................ 54,158 47,405 22,023 13,523 5,622 4,590 1,647 6,753 3,427 1,086 287 328 1,625 1964 .............................. 60,548 53,141 25,094 14,762 6,458 5,078 1,749 7,407 3,922 1,152 286 370 1,677 1965 .............................. 68,565 60,273 29 >73 16,138 7,512 5,606 1,844 8,292 4,488 1 ,235 302 447 1,820 1965 May.................... 62,807 55,762 26,670 15,158 6,871 5,243 1,820 7,045 3,745 1,076 277 405 1 ,542 June.................... 63,850 56,726 27,214 15,372 7,032 5,287 1,821 7,124 3,785 1,084 281 417 1 >57 July..................... 64 >04 57,537 27,705 15,565 7,124 5,334 1,809 7,167 3,811 1,090 284 425 1,557 65 >08 58,296 28 >07 15,721 7,235 5,387 1 ,846 7,212 3,847 1,103 287 431 1,544 Sept..................... 65 >79 58,703 28,343 15,802 7,310 5,410 1,838 7,276 3,910 1J17 289 433 1 >27 Oct...................... 66,511 59,105 28,618 15,876 7,363 5,422 1,826 7,406 3,979 1,138 293 438 1,558 Nov................... 67,168 59,567 28,855 15,963 7,436 5,465 1,848 7,601 4,101 l>67 297 443 1 >93 Dec..................... 68,565 60,273 29,173 16,138 7,512 5,606 1,844 8,292 4,488 1,235 302 447 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..................... 68,279 60,331 29,312 16,072 7,473 5,621 1,853 7,948 n.a. n.a. n.a. 451 n.a. Mar..................... 68,827 60,863 29^684 16,106 7,593 5,630 1,850 7,964 n.a. n.a. n.a. 459 n.a. Apr..................... 69,543 61,539 30,127 16,191 7,711 5,670 1,840 8,004 n.a. n.a. n.a. 466 n.a. May.................... 70 >09 62,178 30,507 16,263 7,839 5,695 1,874 8,031 n.a. n.a. n.a. 472 n.a. i 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

JULY 1966 CONSUMER CREDIT 1029 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Other Repair Other Repair End of period Total paper s g c u o o m o n d e ­ s r e m r a n n o iz d d a ­ ­ s l P o o a e n n r a ­ s l End of period Total m A p o a u p b t e i o l r ­ e s g c u o o m o n d e ­ r s m iz a o a n d ti d e o r n n ­ l s P o o a e n r n a ­ s l ch P a u s r e ­ d Direct paper I t o i a o n n s paper loans 1939 1,197 878 115 148 56 1939........................... 1,079 237 178 166 135 363 1941 1,797 1 363 167 201 66 1941........................... 1/726 447 338 309 161 471 1945. 300 164 24 58 54 1945........................... 745 66 143 114 110 312 1960. 11,472 7.528 2,739 139 1,066 1960........................... 16,672 5,316 2,820 2,759 2,200 3,577 1961. 11,273 6,811 3,100 161 1 201 1961........................... 17.008 51391 2,860 2,761 2,198 3,798 1962. 12,194 7,449 3,123 170 1,452 1962........................... 19,005 6,184 3,451 2,824 2,261 4,285 1963. 13,523 8; 228 3;383 158 1 754 1963........................... 22,023 7,381 4,102 3,213 2,377 4,950 1964. 14,762 8,701 3,889 142 2 030 1964........................... 251094 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 5,721 4,266 2,543 6,333 1965-—May....................... 15,158 8,919 3,977 134 2,128 1965—May.............. 26,670 9,324 5,201 3,783 2,441 5,921 June....................... 15,372 9,055 4; 023 133 2 161 June.............. 27,214 9^34 5,340 3’842 2,472 6,026 July........................ 15,565 9,174 4,067 133 2,191 July.............. 27,705 9;761 5,449 3,917 2,497 6,081 Aug,,........... 15,721 9^235 4,125 131 2 230 Aug............... 28;107 9; 909 5,521 3,984 2,524 6,169 Sept........................ 15,802 9; 196 4; 204 129 2,273 Sept............... 28,343 9,985 5,516 4,062 2,539 6,241 Oct......................... 1'5’,876 9,201 4; 269 128 2,278 Oct................ 28;618 10,119 5,570 4,125 2,550 6,254 Nov...................... 15;963 9,210 4; 332 126 2;295 Nov........ 28,855 10;220 5,645 4,172 2,553 6,265 Dec....................... 16,138 9,241 4,429 123 2,345 Dec................ 29,173 10,310 5,721 4,266 2,543 6,333 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 2,354 29,684 10;533 5,885 4,351 2,476 6,439 Apr....................... 16,191 9;261 4; 448 114 2,368 Apr............... 30,127 10;699 5; 967 4,423 2,481 6,557 May..................... 16,263 9,289 4,479 113 2,382 May.............. 30;507 1O;852 6,037 4,491 2,502 6; 625 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 paper loans End of period Total 1 Service 1 19 9 4 3 5 9 . ................................... ............ 7 9 7 .. 8 5 3 .. 1 9 7..............1.. 8 5 2.. 1 4 2.. 2 2 3 4 0 6 1 1 1 5 4 4 6 7 64 6 8 3 9 5 C b m c a o i e n a m r k l ­ s ­ t O f u i i n c n t t i s i h a a o t e n l i n ­ r ­ s s m t p D o a e r r e 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 credit 1960. 9,074 1,665 771 800 5,837 1961. 9,654 1,819 743 832 6^57 1939............... 2,719 625 162 236 1,178 518 1962 10,583 2,111 751 815 6',906 1941............... 3;087 693 152 275 1370 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 4343 723 948 3; 907 469 3 691 1965-—May............ 13,934 2,868 1,058 959 9,049 1962............... 15,130 4,690 766 927 4^52 505 3,990 June....................... 14,140 2 ,'934 1,076 971 <159 1963............... 16,303 5 ,'205 912 895 4356 520 4,315 July....................... 14,267 2; 970 1,092 974 9,231 1964............... 17,894 5,950 1,004 909 4g756 635 4,640 Aug....................... 14,468 3,015 1,106 993 9,354 1965 ............... 19,319 6;587 1,095 968 5'055 723 4,891 Sept....................... 14,558 3,045 1,120 996 9; 397 Oct......................... 14,611 3;O65 1; 130 998 9318 1965—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 3,124 1J53 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........................ 14,895 3,100 1,149 1,004 9,642 Sept... 17,822 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 1,188 1,007 9,822 Dec... 19,319 6,587 1,095 968 5,055 723 4,891 May..................... 15,408 3,258 1 ;203 1,027 9;920 1966—Jan... 18,713 6,574 1,092 855 4,509 743 4,940 Feb... 18,286 6,630 1,101 n.a. n.a. 746 5,050 Note.— Institutions represented are consumer finance cos., credit Mar... 18,232 6,676 1,119 n.a. n.a. 755 5,044 unions, industrial loan cos., mutual savings banks, savings and loan Apr... 18,641 6,717 1,119 n.a. n.a. 765 5,135 assns., and other lending institutions holding consumer instalment loans. May. . 18,883 6,784 1,141 n.a. n.a. 788 5,098 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

1030 CONSUMER CREDIT JULY 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 n d l oans Personal loans Period S.A. I N.S.A. S.A.l N.S.A. S.A.l N.S.A. S.A.l N.S.A. S.A.l N.S.A. Extensions I960 .................................. 49,560 17,654 14,470 2,213 15 223 1961 ....................................... 48;396 16',007 14378 2368 15 * 744 1962 .................................. 55,126 19,796 15,685 2,051 17394 1963 .................................. 61 ',295 22;292 17J02 2J98 19 703 1964 .............................. 67,505 24>35 19373 2,204 21 393 j %5 ................. 75,508 27,914 21 354 2,238 23 902 1965—May................................ 6,167 6,253 2,249 2,419 1,731 1 ,684 191 217 1 996 1 933 6,196 6;839 2^85 2,646 1,719 1 304 199 227 1 993 2’ 162 July................................. 6,383 6,537 2,'355 2324 1,818 1377 180 201 2 030 2 035 Aug......................... 6,385 6393 2,372 2301 1,816 1389 194 226 2,003 2 077 Sept................................. 6,434 6,085 2', 385 2,088 1,859 1,849 176 189 2314 1 959 Oct............................... • 6,425 6',247 2338 2318 1,907 1 399 179 183 2s00l 1 847 Nov................................. 6,530 6,608 2,480 2,410 1,873 2,004 185 189 1,992 2 005 Dec......................... 6,489 7319 2S'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 1 327 171 130 2,024 1 ',776 Mar................................. 6,673 6,865 2,479 2,676 1,959 1 390 183 174 2,052 2,125 Apr,............................... 6,505 61658 2,302 2,486 1,958 1 374 180 178 2365 2' 120 May................................ 6,472 6,694 2; 298 2,526 1,933 1398 186 215 2;O55 2,055 Repayments 1960 ............................ 45,972 16,384 13,574 1 ,883 14 130 1961 .......................... 47,700 16,472 14,246 2,015 14,967 1962............................................. 50320 17378 14339 1 ,996 16,206 1963 . ............................ 55,171 19300 15350 2,038 17,883 1964 ....................... 61,121 21 ,'676 17337 2,'078 19 630 1965 .............................. 67,495 24,267 19,'355 2,096 21 ,’777 1965__May................................ 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 1 325 1,915 July................................. 5,659 5,682 2; 007 2,025 1 ,608 1,607 171 173 1 373 1,877 5,729 5,688 2,068 2,068 1,662 1,611 180 182 1 319 1 327 5,748 5,616 2,056 2,024 1,638 1,617 171 173 1 383 1 302 Oct ................ 5,805 5,714 2,080 2,099 1,670 1,636 171 171 1 384 1308 Nov...................... 5,831 5,955 2,148 2,193 1,683 1,700 176 177 1,824 1 385 Dec.................................. 5,855 6,120 2,107 2,097 1,720 1,760 175 176 1 353 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 1 364 1 305 6,024 6317 2316 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 May................................ 5,979 6,028 2,159 2,215 1,784 1,763 172 175 1364 1,875 Net change in credit outstanding 2 I960 ........................ 3,588 1,270 896 330 1,093 1961 ■ - - '696 -465 332 53 1962 . ..................... • 4,506 2,318 746 55 1 ,388 1963 ..,.................... 6,124 2,892 1,252 160 1,820 1964 ,, ................... 6^84 2359 1,736 126 1363 1965 ................... 8,013 3,647 2,099 142 2; 125 1965 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 May............. 493 666 139 311 149 135 14 40 191 180 1 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

JULY 1966 CONSUMER CREDIT 1031 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Sales finance Other financial Total Commercial banks companies institutions Ketail outlets Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions I960 .......................................... 49,560 18,269 11,456 12,073 7,762 1961 .............................. 48,396 17'711 10,667 12'282 7,736 1962 .............................. 55,126 20 >74 11,999 13,525 9,128 1963............................................ 61,295 23 >44 12,664 14>94 10,393 1964 .......................... 67,505 25'950 14,020 16,251 11,284 1965............................................ 75 >08 29'738 15,075 18'120 12,575 1965 May................................ 6,167 6,253 2,405 2,523 1,242 1,239 1,494 1,487 1,026 1,004 6,196 6>39 2,427 2>46 1>37 1,393 1,504 1'654 1,028 1 >46 July................................. 6,383 6,537 2,516 2,648 1,253 1,318 1,538 1,557 1'076 1 >14 Aug................................. 6,385 6 >93 2,575 2,608 1,256 1,293 1 ,514 1,576 1,040 1 >16 Sept................................. 6,434 6'085 2,567 2,386 1,311 1,228 1 ,514 1,440 1 >42 1,031 Oct 6,425 6'247 2,581 2,488 1,214 1,223 1,508 1,404 1,122 1'132 Nov............................... 6,530 6'608 2,659 2,517 1,267 1,293 1 >12 1,574 1,092 1'224 Dec................................. 6,489 7,519 2,610 2,579 1,291 1,425 1,514 1,788 1,074 1'727 6,544 5,586 2,500 2,240 1,270 1,101 1,553 1,298 1,221 947 Feb................................ 6 >92 5>17 2,517 2,243 1,230 1 '057 1,559 1>38 l',186 879 Mar................................ 6 >73 6'865 2,619 2,784 1,273 1 >18 1,573 1,634 1 '208 1,129 Apr................................. 6,505 6'658 2,539 2,717 1,226 1,225 1,559 1,579 1'181 1,137 May........................... 6,472 6',694 2,547 2,722 1,228 1,254 1,547 1,600 1,150 1>18 Repayments I960 .............................. 45,972 16,832 10,442 11,022 7,676 1961 .............................. 47 >00 18,294 10,943 11>15 6,749 1962 .......................................... 50’620 18 >68 11’434 12,593 8'125 1963.. .................................. 55'171 20,326 12,211 13'618 9>16 1964 .............................. 61,121 22,971 13 >61 14,825 10,164 1965 . ................................ 67,495 25,663 13'699 16,443 11'690 1965—May.......... 5,511 5,330 2,096 2,051 1,113 1,072 1,329 1,273 973 934 5,601 5,796 2,112 2,202 1,137 1>79 1,377 1,448 975 967 July................................. 5'659 5,682 2,117 2,156 1,152 1,125 1,421 1,430 969 971 Aug................................. 5,729 5,688 2,187 2,205 1,160 1,137 1,384 1,375 998 971 Sept................................. 5,748 5,616 2,183 2,152 1,180 1,147 1,410 1,350 975 967 Oct................. 5,805 5,714 2,253 2,212 1,130 1,149 1,422 1,351 1,000 1,002 Nov................................. 5,831 5,955 2,264 2,284 1,194 1,206 1,377 1,436 996 1,029 Dec................................. 5,855 6,120 2,252 2,259 1,203 1,250 1,401 1,575 999 1,036 5,947 5,837 2,273 2,212 1,202 1,133 1,406 1,365 1,066 1,127 Feb.................................. 5,954 5,552 2,292 2,132 1,137 1,091 1,420 1,286 1,105 1,043 Mar,................ 6,024 6,317 2,299 2,412 1,175 1,284 1,463 1,508 1,087 1.113 Apr................................. 5,974 5,942 2,293 2,274 1,129 1,140 1,442 1,431 1,110 1,097 M’ay................................ 5,979 6,028 2,270 2,342 1,164 1,182 1,414 1,413 1,131 1,091 Net change in credit outstanding 2 ] 96Q .......................... 3,588 1,446 1,152 1,051 -61 |Q61 .................... 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 • •- ■• • 8,013 4,075 1 >76 1,677 885 1965 May................................ 656 923 309 472 129 167 165 214 53 70 June........................... .. 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 May................................ 493 666 277 380 64 72 133 187 19 27 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

1032 INDUSTRIAL PRODUCTION: S.A. JULY 1966 MARKET GROUPING (1957-59—100) 1957-59 *1965 1965 1966 pro­ Grouping p ti o o r n ­ a a v g e e r­ May June July Aug. Sept. Oct. Nov, Dec. Jan. Feb. Mar.r Apr.r May Total index 100.00 143.3 141.6 142.7 144.2 144,5 143.5 145.1 146.4 148.7 150.2 151.9 153.4 153.7 155.0 Final products, total............................. 47.35 142.4 140.2 140.7 141.7 142.3 143.3 145.7 147,4 148.8 149.5 151.4 152.4 152.7 153.5 Consumer goods.............................. 32.31 140.2 138.6 138.7 139.3 139.5 140.7 141.7 142,8 144.1 144.1 145,5 146.0 146.0 145.8 Equipment, including defense. . . . 15.04 146.9 143.7 144.9 147,0 148.4 149.0 154.3 157,3 158.8 161.3 164.1 166,2 166,9 170.0 Materials................................................ 52.65 144.1 142.6 144.5 146.4 146.1 143.7 144.3 145.6 148.7 150.4 152,0 154.3 154.6 156.0 Consumer goods Automotive products................... 3.21 167.1 168,1 168.1 167.8 169.8 166.5 168,6 168.8 169.4 168,5 167.6 171.6 168.8 161.2 Autos............................................. 1.82 182.6 184.9 187.1 184.6 184,3 178,1 181.1 182.5 182.4 180.3 177.8 183.8 180.6 167.5 Auto parts and allied products. 1.39 146.8 146.0 143.0 145,8 150.7 151.2 152.0 150,8 152,4 153.1 154,3 155.5 153.3 152.8 Home goods and apparel...... 10.00 143.7 141.4 141.5 140.9 140,1 142.7 145,1 146.8 150.6 149.9 150.9 150.5 152.8 153.3 Home goods............................... 4.59 154.7 151.8 151.3 151.2 149.8 153.0 156.9 159,0 164,8 165.7 166,2 164,1 167.4 168.6 Appliances, TV, and radios.. 1.81 152.4 147.6 148.8 146.5 145,2 149,1 154.0 155,2 161,3 165.0 162.7 155.7 167,5 166.1 Appliances............................. 1.33 153.3 149.7 152.1 148.4 146.4 151.0 156,6 156,5 162.0 163.2 163.1 150.6 167.9 165.4 TV and home radios......... .47 149.8 141.6 139.2 141.3 141.9 143,6 146,6 151.5 159,3 170.0 161.7 170.0 166,2 168.1 Furniture and rugs................. 1.26 154.2 154.4 153.5 154.0 152.3 152.0 154.9 157.4 161.0 163.3 164.0 165.5 166,3 169.5 Miscellaneous home goods.., 1.52 158.0 154.7 152.6 154.4 153,3 158,4 161.9 164.8 172.2 168.6 171.2 173.1 168.2 170.8 Apparel, knit goods, and shoes 5.41 134.3 132.5 133.2 132.2 131.9 134.0 135,1 136,5 138,5 136.4 138.0 138.9 140,4 Consumer staples................................... 19.10 133.9 132.2 132.7 134.1 134,1 135.3 135.4 136.4 136.5 136.9 138.9 139.4 138.7 139.4 Processed foods.................................... 8.43 122.2 121.1 120.7 122.4 121.6 121.6 122.2 123.1 123.1 123.7 124.6 125,2 125.1 124.0 Beverages and tobacco....................... 2.43 125.7 124.8 126.2 123.9 123.6 127.5 126.0 128.2 128.5 128.6 132.3 134,4 128.9 Drugs, soap, and toiletries................. 2,97 157.0 151.9 152.9 157.0 160.1 161.3 159.2 161.2 162,7 164.0 166.0 165.9 167.3 172,5 Newspapers, magazines, and books. 1.47 127.1 126.6 125.6 128.0 128.0 126,1 126.3 127.6 129.6 132.0 134.0 136.5 135.7 138.5 Consumer fuel and lighting............... 3.67 149.8 148.2 150.6 151.2 150.6 154,2 156.0 155.2 153.9 151.9 155.8 154.6 153.9 Fuel oil and gasoline.........1..,..2..0......1..22.4 119.9 122.8 123,1 123.1 122.6 124.8 126.6 126.4 125.1 124.0 125.2 128,4 127.i Residential utilities........................... 2.46 163.2 162.0 164.1 164.9 164.0 169,7 171.1 169.2 167,4 165.0 171.2 168.9 166.4 Electricity.........1.....7..2......1..7..1.....6......1..6..9 .3 172.2 172,6 171.3 181,0 182.9 180.1 177.5 174.3 182.8 179.0 175,4 Gas..............7..4......1..4...4....0..................... Equipment Business equipment..................... 11.63 156.6 153.5 154.6 156.4 157.8 159.0 164,3 167.2 168.9 170.5 173. 175.4 175.9 179.0 Industrial equipment............................ 6.85 153.1 150.6 151.9 155.1 153,8 155,3 159.4 162.0 162.4 162.6 166.1 167.4 167.3 169,0 Commercial equipment....................... 2.42 164.4 162.3 164.1 165.2 165,2 166,4 169.7 172,7 174,5 177.5 178.6 184.2 186.4 190,6 Freight and passenger equipment... 1.76 162.4 157.1 157.8 155.0 163,6 164.2 178.7 180,4 188.0 194,9 198.9 198.9 201.3 206.4 Farm equipment................................... .61 148.1 141,7 143.7 145.3 157.1 155,4 155.7 165,8 163.9 161,2 158.0 163.0 157.6 Defense equipment......... 3.41 Materials Durable goods materials. 26.73 144.2 143.4 146.1 148.4 147.3 142.8 142.2 143,0 146.7 150.1 152.0 155.6 156.9 156.6 Consumer durable........ 3.43 166.8 162.3 169.9 171.8 167,9 165,4 167,0 168,2 168.3 170.0 173.6 169.1 169,0 164,7 Equipment....................... 7.84 151.9 148.7 150.0 153.3 154.7 154,2 158.4 160.0 163.2 165.8 170,0 171.9 173.6 177,2 Construction................... 9.17 133.8 131.4 131.3 132.7 134,6 134,5 135,3 137.2 138.8 142.9 143.6 146.3 144.9 141.8 Metal materials n.e.c.. . 6.29 137.6 139.7 142.3 146,3 142.4 130.6 126.2 123.2 130,5 137.5 140.7 146.7 145,2 144.1 Nondurable materials...... 25.92 144.0 141.8 143.4 145.0 144,8 144.5 146.4 148.1 150.7 150.6 152.0 153.1 152.2 155.3 Business supplies................. 9.11 136.5 134.1 134.8 137,6 135,1 135.9 136.8 140,3 143,4 143.4 144.5 146.0 146.0 148,5 Containers......................... 3.03 136.6 132.0 132.0 136.1 132.1 134.4 136.6 144.9 146,9 142.3 144.6 145.9 144.0 147.6 General business supplies 6.07 136.5 135.2 136.2 138.3 136.6 136,7 136.9 138,0 141.7 144.0 144.4 146.1 147.0 149,0 Nondurable materials n.e.c. 7.40 173.9 168.8 171.1 174.7 176.6 178,3 179.5 180,9 183.8 184.8 187.1 186.0 187,0 190.2 Business fuel and power........ 9.41 127.6 127.9 129.9 128.9 129.2 126,3 129.7 129.9 131.7 130,6 131,7 134.0 130.8 134.5 Mineral fuels......................... 6.07 115.2 115.1 116.9 117.0 117.2 112.1 117.9 117.8 119.5 117.4 118.0 120.5 115.1 120.7 Nonresidential utilities. . . . 2.86 159.2 160,1 162.4 158.8 160.1 161.5 160.9 161.7 163.8 164.9 166,9 168.7 170.0 Electricity.......................... 2.32 161.0 160,7 163.4 160.8 162.3 163.5 162.7 163.4 166,0 166.4 168.7 170.7 172,2 General industrial. . . . 1.03 157.7 156.0 159.8 159.3 161,3 160.7 158.4 162.0 163,0 163.7 163.9 166.5 168,2 Commercial and other, 1.21 169.8 170.5 172.4 167.9 169.2 171.9 172.3 170.7 174.7 175.1 179.4 181.0 182.6 Gas.................................... .54 151.2 Supplementary groups of consumer goods Automotive and home goods.. 7.80 159.9 158.5 158.2 158.1 158,1 158,5 161.7 163,0 166.7 166.9 166.8 167.6 167,8 164,9 Apparel and staples...................’ 24.51 134.0 132.2 132.8 133,7 133,6 135.0 135.4 136.4 137.0 136.8 138.7 139.3 139.1 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 INDUSTRIAL PRODUCTION: S.A. 1033 INDUSTRY GROUPINGS (1957-59=100) 1957-59 * 1965 1965 1966 Grouping p p r o o r ­ ­ aver­ tion age May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. ’ Apr.r May Total index......................................... 100.00 143.3 141.6 142.7 144.2 144.5 143.5 145.1 146.4 148.7 150.2 151.9 153.4 153.7 155.0 Manufacturing* total............................. 86.45 144.9 143.1 144.1 145.7 146,0 145.2 146.7 148.2 150.6 152.4 154 1 155,6 156 4 157.7 Durable.............................................. 48.07 148.4 146.4 148,1 150,0 150.5 148.2 150.3 151,3 155.0 157.6 159.7 161,7 162.7 164.3 Nondurable........................................ 38.38 140.7 138.8 139.0 140.4 140.4 141.3 142.1 144.2 145,1 146.0 147 0 147.9 148.4 149.5 Mining....................................................• 8.23 114.4 114.0 115,3 116.0 117.0 112.6 115.8 116,0 117.9 117.2 117 7 120,2 115.8 118.1 Utilities.................... 5.32 161.0 ''159.7 161.9 ’•161.2 ’161.6 165.3 ’165.8 ’165.3 ’165.7 164,9 168.9 168.8 168.3 169,0 Durable manufactures primary anti fabricated metals........... 12.32 142.0 142.7 144.5 148.4 146.9 138.1 135.6 134.3 139.5 142.2 145 4 150.1 150 4 153.3 Primary metals...................................... 6.95 137.5 140.2 143,0 148.7 146,5 131,2 123.7 119.4 126.5 130.8 133^6 141,4 142,4 146.3 Iron and steel.................................... 5.45 133.6 139.7 143,3 152.1 143.3 125.0 115.8 110.5 118.2 122.9 128.7 136,1 137,0 142,1 Nonferrous metals and products.. 1.50 152.1 153.4 146.1 138.4 149.0 152.3 155.0 158.8 162.1 159,1 164.0 168.4 167.1 160.4 Fabricated metal products................. 5.37 147.8 146.0 146.4 148.0 147.5 147.0 150.9 153.6 156,3 157.0 160 7 161,4 160,7 162.3 Structural metal parts..................... 2.86 145.4 142,7 144,3 145.5 145,0 144.7 148.2 152,6 154.0 154.2 158 9 158.9 159,1 158 5 Machinery and related products. .... 27.98 154.3 151.2 153.4 154.8 155.8 155.8 160.0 161,8 164.9 168.2 169.9 170.7 172.3 173.9 Machinery,............................................ 14.80 160.4 156.9 159,0 160,6 161.4 162,3 166.0 167,5 170,7 174.3 176.7 176.0 178.4 181.0 Nonelectrical machinery................. 8.43 160.3 157.0 159.4 161.7 162.4 162.4 165.8 166.9 169.2 171.9 174 4 174.0 174.5 177.9 Flectrical machinery......................... 6.37 160.6 156.8 158.4 159,2 160.1 162.1 166.2 168,4 172.8 177.6 179 8 178.8 183.6 185.0 Transportation equipment................. 10.19 149.2 147.3 149.5 149.8 151.5 149.4 155,0 157.3 160,7 163.1 163 2 165.8 166 0 165 7 Motor vehicles and parts............... 4.68 175.2 175.5 178,0 177.4 177,5 175,2 177,1 178,0 179,2 176.7 175 5 178.1 176.8 170.6 Aircraft and other equipment.... 5.26 125.3 121,7 123.3 124.1 127.3 125.6 134.4 138.0 143,4 130.1 151.6 154.3 156.4 161 .4 Instruments and related products. .. 1.71 151.4 147.0 149.8 152,1 152,6 155.7 158.0 159.0 162.2 166.0 169,4 171.9 174.6 176.9 Ordnance and accessories................... 1.28 Clay, glass and lumber........................ 4.72 127.6 125.5 124.7 126.3 127.5 127.3 128.5 129.5 133.1 134.3 135.9 138.0 137 9 135 4 Clay, glass^ and stone products......... 2.99 133.5 130,3 131,6 132.6 133,5 133.8 134.4 135.5 137,6 139.4 141.4 143,0 142.1 140.9 Lumber and products.......................... 1.73 117.4 117.1 112.8 115.4 117.2 116.2 118.3 119.1 125,4 125.6 126,5 129,3 130.7 125.9 Furniture and miscellaneous....... .. 3.05 151.7 150.1 150.3 149.7 151.5 152.0 155.1 157.8 159.9 158.4 161.1 162.9 163.1 165.0 Furniture and fixtures......................... 1.54 157.4 156.5 156,8 155,8 156,3 156.8 159.7 162.6 164.3 165.4 166,8 168.8 169.6 172.2 Miscellaneous manufactures.............. 1.51 146.0 143.6 143,6 143.5 146.6 147.1 150.4 153.0 155,5 151.2 155,3 156,8 156.4 157.7 Nondurable manufactures Textiles* apparel, and leather....... 7.60 135.7 135.0 134.5 134.7 134.1 135.5 137.3 138.8 140.3 139,1 139.8 139.5 141.6 141 9 Textile mill products............................ 2.90 134.8 131.6 132.2 133.8 134.8 135,7 137,7 139.4 140.3 140.1 140 1 140.7 141 5 142 3 Apparel products.................................. 3.59 145.0 145,3 145,4 143.8 141.9 143.8 145.7 147.2 148,5 146.9 148.3 147.3 149 5 Leather and products.......................... 1.11 107.8 110,9 105,1 107.7 107.0 108.2 109,3 110.1 113.9 111,7 110.1 111.4 116.2 Paper and printing. . ................ 8.17 135.3 134.2 134.0 135.9 136.4 135.4 136.4 139.2 139.9 141.1 142.5 143.7 143.3 146.7 Paper and products............................. 3.43 142.3 140.9 139.4 142,1 141.1 143.9 143.6 147.4 147,7 148.4 148,5 150,2 150,2 152,7 Printing and publishing....................... 4.74 130.3 129,3 130,0 131.3 133.0 129.3 131.1 133.2 134,2 135,7 138.2 139.0 138'4 142 4 Newspapers........................................ 1.53 124.2 121.5 124.7 126.2 129.7 120.1 125.1 127.2 129.5 130.2 130 4 130.7 127 7 133 8 Chemicals, petroleum, and rubber.... 11.54 164.6 161.2 161.6 164.1 164.9 166.9 167.7 170.1 171.7 173.6 174.1 175.8 177.5 179.3 Chemicals and products. .......... 7.58 173.3 169.3 169.9 172.8 174,2 176,6 177.1 178.5 180.6 181,9 184.3 186,2 187 7 191.2 Industrial chemicals......................... 3.84 196.1 191 .7 192.9 194.9 195.7 199.9 200,9 202,9 206.3 206.3 209 4 212.2 214 1 Petroleum products.............................. 1.97 123.4 122.9 121.8 124.5 125.8 125,1 124.0 126.1 127.8 130,5 125 5 125.6 127 8 126,6 Rubber and plastics products........... 1.99 172.2 168.2 169,1 170.2 168.1 171.2 175.5 181.6 181,3 184.6 183.3 185.7 187 8 Fands, beverages, and tobacco............ 11.07 123.1 121.5 122.3 122.9 122.3 123.1 123.0 124.5 124.7 125.5 127.0 127.6 126 6 125 6 Foods and beverages........................... 10.25 123.3 121.9 122.3 123/1 122.4 123.2 123.6 125,0 125.3 126,0 127 0 127.7 127 5 126 4 Food manufactures.......................... 8.64 122.4 120.6 121.2 122,6 121.9 121.8 122.1 123.5 123.6 124.6 125.5 125.7 126 0 124 5 Beverages............................................ 1.61 128.4 129.0 128.5 125.9 125.0 131.0 131.8 133.0 134.3 133.2 135,1 138.3 135^6 Tobacco products............................. .82 120.5 116.5 121.8 119.9 120.7 120.6 114,5 118,9 117,1 119.6 126.7 126.8 115.8 Mining Coal, oil, and gas................................... 6.80 112.2 112.1 113.3 113.7 114.4 109.9 114.5 114.1 115.2 113.6 114,3 116.9 111.8 116 0 Coal......................................................... 1.16 111.8 113.0 117,1 117.1 115.2 106.7 116,8 115.7 118,5 114.4 111.2 117.7 85,3 116 9 Crude oil and natural gas.................. 5.64 112.3 111,9 112.5 113,0 114.2 110.6 114.0 113.8 114.5 113.4 115.0 116.7 117 2 115 8 Oil and gas extraction..................... 4.91 116.0 115.6 116.9 117.0 117.6 113.4 118.1 118.3 119.8 118.1 119.6 121.2 122 2 121 5 Crude oil................. 4.25 111.8 111,3 112,2 112.1 113.4 108.5 114.0 114.5 116.0 114,1 115.1 117.0 117:2 116:6 Gas and gas liquids..................... .66 142.8 143.1 146.5 147.9 144.6 144.8 144.5 142.6 143.9 143.3 148,4 148.1 Oil and gas drilling.......................... .73 87.1 87.4 82.9 86,0 91.2 91.3 86.4 83.5 78.8 81.9 83.8 86.2 83.6 77 0 Metal, stone, and earth minerals........ 1.43 124.8 122.9 124.9 126.9 129.6 125.3 121.7 125.1 130.7 134.6 133.6 136.0 134.8 128.4 Metal mining....................,................. .61 122.6 121.6 123,7 126.4 130.2 122.4 116,5 114,2 120.6 133.4 130.8 134.5 140.1 129 5 Stone and earth minerals................... .82 126.5 123.9 125.8 127.3 129.1 127.4 125,5 133.2 138.2 135,5 135.6 137.1 130.9 127 5 Utilities Electric.................................................. 4.04 165.5 164.3 167.1 165.8 166.2 170.9 171.3 170.5 170.9 169.7 174.7 174.2 173.6 Gas................................................... 1,28 147.0 144.9 145.6 146.8 147.2 147.7 148.5 148.9 149.3 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

1034 INDUSTRIAL PRODUCTION: N.S.A. JULY 1966 MARKET GROUPINGS (1957-59=100) 19 p 5 r 7 o - - 59 *1965 1965 1966 Grouping p ti o o r n ­ age May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.r Apr.r May Total index........................................ 100.00 143,3 142,6 145,2 139,3 143.2 145.9 149.9 148.1 146.6 148.3 152.0 154.6 154.5 155 8 Final prnductvt total..................,,.... 47.35 142.4 139.8 143.2 138.3 141.1 145.7 151.4 148.7 146.4 148.5 151.6 153.2 152.2 153.0 Consumer goods............................... 32.31 140.2 137.8 141.6 135.2 138.9 143.8 150.1 145.2 140.0 142.2 145.6 146.4 144.9 144.8 Equipment, including defense.. .. 15.04 146.9 144.2 146.8 144.9 145.9 149,7 154.2 156,1 160,3 162,1 164.6 167,8 167,9 170,5 Materials.............................................. • 52.65 144.1 145.0 147.0 140.3 145,1 146.2 148.6 147,6 146.8 148,1 152.4 155.7 156.7 158.4 Consumer goods Automotive products................ 3.21 167.1 178.8 180.3 158.5 106.8 129.4 185,3 184.7 172,4 178.1 177.7 180.9 178.6 171 0 Autos .................................................... 1.82 182.6 203,4 208.6 171,7 72.8 114.0 206.4 211.7 191,5 198.3 195.6 202.2 196.8 184.3 Auto parts and allied products......... 1.39 146.8 146.5 143.1 141,2 151.7 149.8 157.5 149.0 147.3 151.4 154.1 153.0 154.8 153.5 Home gand^ and apparel............... 10.00 143.7 142.6 145.2 129.9 142.1 148.9 155.8 149.8 144.0 144.9 154.1 155.0 153.4 153 6 Home goods........................................... 4.59 154.7 153.0 155.6 138,9 145,6 161.7 167.6 165,4 166.0 159.9 165.8 166.7 167.9 167 5 Appliances TV end radios. ..... 1.81 152.4 154.7 158.1 126.5 129.2 158.1 166.0 162.0 160.9 160.1 168.2 166.4 174.2 169^3 Appliances................... 1.33 153.3 161.8 165.4 130.2 123.9 154.3 157.3 155.3 157.6 159.6 170.7 165,2 179.9 174 5 TV and home radios............ .47 149.8 134.7 137.5 115.9 144.2 168.7 190.6 181.0 170,4 161 5 161.1 170 0 158.4 154.8 Furniture and rugs.......................... 1.26 154,2 148.5 151.7 145.8 156.1 158.5 163.0 163.2 167.0 159.7 162.0 163.5 161.6 163.1 Miscellaneous home goods....... 1.52 158.0 154.7 155.7 148.2 156.4 168.7 173.2 171.4 171 3 159.8 166,1 169.6 165.7 169.1 Apparel, knit goods, and shoes......... 5.41 134,3 133,8 136.5 122.3 139.2 138.0 145.9 136.5 125.3 132.3 144,2 145.2 141.1 Consumer staples................................... 19.10 133,9 128.4 133.1 134.0 142.6 143.6 141.2 136.2 132,5 134.7 135.7 136.1 134.7 135 8 Processed foods............. ...................... 8.43 122.2 114,4 118.8 122.4 133.5 137.7 136.7 128.6 119.8 116.9 116.9 116.8 117.1 117.8 Beverages and tobacco........................ 2.43 125.7 133.6 144.4 127.6 134.8 131 .2 129.4 123.0 108.9 112.7 120.4 130.7 131.6 Drugs soap, and toiletries................. 2.97 157.0 152,1 156.3 153.9 163.6 162.9 162.4 161 .7 159.4 165.6 165.5 166,7 167.3 172 7 Newspapers’ magazines, and books. 1.47 127.1 125.6 124.6 126.1 129,7 129.6 128.1 127.6 130,1 130.7 133,1 136,2 134.6 137^4 Consumer fuel and lighting............... 3.6^ 149.8 138,5 142.8 151.9 156.5 155.1 146.7 144.8 156,2 165.5 165.2 158,5 150.1 Fuel oil and gasoline....................... 1.2u 122.4 115.9 121.4 125.1 126.7 122.6 121.6 125.8 129,4 130.3 127.3 123.9 121.7 122 9 Residential utilities........................... 2.46 163.2 Electricity............................... 1.72 171.6 151.5 156,7 172.6 181.6 182.8 165.5 158.5 180,2 199.7 200.7 188,3 171.9 Gas................... .74 144.0 Equipment /justness equipment.... ............ 11.63 156.6 154.4 157.3 153.9 154.9 159,8 163.8 164.9 169.7 170.9 173,9 177. 7 177.6 180.1 Industrial equipment. ................. 6.85 153.1 150.8 153.3 153,5 153,3 156.7 158.4 159.7 163.4 162.9 165.3 167,6 167.3 169.2 Commercial equipment...................... 2.42 164.4 160,4 164.6 162.9 165.5 168.9 172.6 174.8 179 7 177.7 179.5 182,5 182.9 188.3 Freight and passenger equipment. .. 1.76 162.4 161.8 164,1 148.8 157,1 164.2 178.7 176.8 184.2 194.9 198.9 207.9 209.4 212.6 Farm equipment................................... .61 148,1 149.2 152,8 137.9 125.4 145.5 146.1 149.2 159.8 164.1 176.3 185.1 179.9 Defense equipment........................ 3.41 Materials 26.73 144.2 146.9 149.5 142.9 144.5 146.6 147.6 145.4 145.9 147.4 151.7 155,8 158.6 160.4 Consumer durable................................ 3.43 166.8 168,8 171.6 158.1 144,4 165.4 171.2 173,2 176.7 176.0 176.2 174,2 174.1 171 3 Equipment............................................. 7.84 151.9 149.7 151 .5 148.5 150.1 152.7 157.9 160.2 165.6 167.3 171.5 173,8 175 5 178.4 Construction................................. 9.17 133.8 136.0 141.2 139.3 144,0 142.6 142.7 136.9 131.9 129.0 132.1 137,5 143.5 146 8 Metal materials n.e.c............................ 6.29 137.6 147,4 146.9 133.1 138,3 134.5 129.2 124.2 124.8 133.9 142.0 150.2 151.0 152 0 Nondurable materials............................ 25.92 144.0 143.1 144.5 137.5 145.7 145.8 149.7 149.9 147. 7 148.7 153,1 155.6 154.7 156 3 Business supplies.................................. 9.11 136.5 136.3 137.0 128.4 137.2 139.8 144.1 143,5 137.5 137.9 143.5 149,0 149.9 151^0 Containers......................................... 3.03 136.6 133.3 138.6 130.7 145.3 143,1 144.8 140.6 127.8 133.8 141.7 145.9 148.3 149.1 General business supplies........ 6.07 136.5 137,9 136.2 127.2 133,2 138,1 143.7 144.9 142.4 140.0 144,4 150.5 150.7 152 0 Nondurable materials n.e.c......... 7.40 173.9 173.0 173.7 163.9 174,8 176.5 180.4 182.7 180.1 183.9 190.8 190 7 192.6 193 1 Business fuel and power..................... 9.41 127.6 126.0 128.8 125.7 131.2 127.5 130.9 130.2 132.1 131 .5 132.7 134.4 129.6 132 4 Mineral fuels...................................... 6.07 115.2 113,9 114.9 109.3 115.7 110.9 118.8 119.3 121.3 119.4 121.6 123.2 116.5 119.4 Nonresidential utilities............ 2.86 159.2 Electricity.................................. 2.32 161.0 156.3 164.8 168.9 174.8 171.9 165.1 160.4 162,5 163.7 162.1 164 8 164.1 General industrial........... 1.03 157.7 156,8 161.2 158.5 164.5 163.1 161.9 162,0 161.4 162.9 159.6 164.8 166.0 Commercial and other............ 1.21 169.8 161.5 174.1 184.2 190.3 186.0 174,0 164.9 169.5 170.7 170.4 171.2 168.9 Gas........................... .54 151.2 Supplementary groups of consumer goods Automotive and home goods............ 7.80 159.9 163.6 165.8 147.0 129.6 148,4 174.9 173.4 168.7 167.4 170.7 172.5 172,3 169.0 Apparel and staples............................. 24.51 134.0 129.6 133,6 131.4 141,8 142.3 142.2 136.2 130.9 134.1 137.6 138,1 136,2 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 INDUSTRIAL PRODUCTION: N.S.A. 1035 INDUSTRY GROUPINGS (1957-59=100) 1957-59 *1965 1965 1966 Grouping pro­ aver­ p ti o o r n ­ age May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.r Apr.r May Total index........................................ 100.00 143.3 142.6 145.2 139.3 143.2 145.9 149.9 148,1 146.6 148.3 152.0 154.6 154.5 155,8 86.45 144.9 144.6 147.2 140.3 143.9 147.5 152.3 150.5 148,3 J-49.9 154.1 157,1 157.7 159.0 Durable.............................................. 48.07 148.4 149.0 151.7 144.9 143.3 148.3 154,6 154.5 155.4 136.3 160.2 163.9 164.8 166.3 Nondurable........................................ 38.38 140.7 139.0 141 .5 134,6 144.7 146.5 149.4 145.5 139.3 141.9 146,5 148,5 148.8 150,0 Mining.................................................... 8.23 114.4 114.4 115.9 112.3 118.2 114.2 118.4 117.2 117,4 115.6 116.9 118,7 115,6 118.6 Utilities................................................... 5.32 161.0 Durable manufactures Primary and fabricated metals........... 12.32 142.0 146.0 147.4 138.7 143.1 141.1 139.0 136.7 137.0 141 3 147.4 153.4 153,9 155.1 Primary metals. .................................... 6.95 137.5 146.6 145.9 133.1 137.4 131.1 126.2 121.8 122.7 132.1 141,2 150.2 150,5 150.1 Iron and steel.................................... 5.45 133.6 142.5 143.3 135.4 134,7 125,0 117.5 111.6 115.2 125.4 134.2 142.9 143,9 144.9 Nonferrous metals and products.. 1.50 152.1 161.5 155.2 124.6 147.5 153.4 157.9 158.8 149.8 156.4 166.5 176.8 174,5 168.9 Fabricated metal products........... 5.37 147.8 145.3 149.3 145,8 150.4 154.1 155.4 156.1 155.5 153.2 155.4 157,5 158,3 161.5 Structural metal parts..................... 2.86 145.4 142.0 147.2 145.5 148.6 150.5 152.6 154.9 155.5 151.1 152.5 152,7 154,3 157,7 Machinery and related products......... 27.98 154.3 153,7 156,5 149.4 142.5 152.0 163.3 165.6 168.1 169.5 172.2 174.4 175.0 176.1 Machinery............................................. 14,80 160.4 158.6 161.7 155.0 155.3 163,3 167.8 169.2 173.7 173.4 177.8 179,2 180.8 182.6 Nonelectrical machinery................. 8.43 160.3 160.9 163.2 159,3 154.8 160.3 162.8 165.1 171.2 171.9 176.1 178.9 179,7 182.3 Electrical machinery........................ 6.37 160.6 155.7 159.8 149.2 156.0 167,3 174,3 174.6 177.1 175.5 180.1 179,6 182.4 183.0 Transportation equipment. ........ 10.19 149.2 151.9 153.9 144.0 123.8 137,3 160.9 164,6 164 6 168.0 168.0 171.3 170.6 169.6 Motor vehicles and parts............... 4.68 175,2 185,0 189.0 168.5 120.2 149.5 189.4 191.8 184.9 186.6 184.1 187.2 185.0 178.7 Aircraft and other equipment.... 5.26 125.3 121.2 121.6 121.1 125.0 125.1 135.1 140.1 146.3 151.6 153.4 156.6 157,2 160,8 Instruments and related products. .. 1.71 151.4 145.5 151.3 150.6 153.8 157.4 159.7 161.9 164.1 164.8 168.6 171.0 170.2 175,1 Ordnance and accessories................... 1.28 Tiny, glasst and lumber. . .................... 4.72 127.6 130.6 135.5 133.0 139.8 138.0 138.0 130. J 123.6 120.0 125.1 131.6 136,5 139.6 Clay,’ glassj and stone products..... 2.99 133.5 136.2 142,1 141 .9 146.2 143.2 144,5 138.2 131.7 125.5 127,3 136.6 141,4 145.1 lumber and products............. 1.73 117.4 121.0 124.1 117.7 128.9 129.0 126.6 116.1 109,7 110.5 121,4 122.8 128.1 130.1 Furniture and miscellaneous................ 3.05 151.7 146.7 150.5 146.4 156.3 159.0 163.4 163.1 162.4 152.2 156.4 159.9 159.2 162.9 Furniture and fixtures......................... 1.54 157.4 151.8 156.5 154,2 161.5 162.8 165.8 165 5 169.2 162.1 163.5 166.8 165,0 168,8 Miscellaneous manufactures.............. 1.51 146.0 141.4 144.3 138,5 151.0 155.2 160.9 160.6 155,5 142.1 149.1 152,9 153,3 156.9 Nondurable manufactures Textiles, apparel, and leather. ...... 7.60 135.7 136.5 137.4 121.9 138.4 137.4 144.8 138.7 128.8 137.1 146.5 146.6 144.2 145,1 Textile mill products........................... 2.90 134.8 137.5 136,8 121,5 138.2 136.4 141.8 140.1 130.5 139,4 143.5 143.5 145,7 148.0 Apparel products....................... ' 3.59 145.0 145.3 147.6 130.1 146.2 146.7 157.4 147.2 134,4 143,2 157.9 158,4 152.5 Leather and products.......................... i .ii 107.8 105.9 106.2 96.4 114.0 109.8 112.0 107,9 106,3 111.1 117.7 117,0 113,9 Paper and printing................................. 8.17 135.3 135.2 134.7 127.3 135.6 137.8 142.8 142,1 137.3 137.5 142.6 145.9 146.5 147.9 Paper and products.............................. 3.43 142.3 141.6 142.2 130.7 144,2 146.8 152.9 148.1 137.4 146.2 152,2 153.2 154.7 153.5 Printing and publishing...................... 4.74 130.3 130.5 129.3 124.8 129.3 131.4 135,4 137.8 137.3 131.2 135.7 140,7 140.5 143.8 Newspapers....................................... 1.53 124.2 129.5 125.3 109.8 117.4 120.9 134.2 139.9 132.7 119.3 126,1 135 1 136,8 142.6 Chemicals, petroleum, and rubber.... 11.54 164.6 162.9 165.4 159.1 166.3 168.9 170.7 169,2 168.3 172.5 176.4 178.4 180,5 180.8 Chemicals and products.................... 7.58 173.3 171.7 174.1 168.6 176.0 178.1 178.3 178.1 177.8 180.8 187.0 189.4 192.1 193.1 Industrial chemicals......................... 3.84 196.1 192.8 195.8 190.0 196.7 20! .9 201.9 204.5 207.3 205.3 215.7 216.4 218,4 Petroleum products............................. 1.97 123.4 121.1 125.5 130.1 132.1 127.6 125.2 124.5 124.7 126,6 123.0 121.2 122,7 125,3 Rubber and plastics products........... 1.99 172.2 170.7 171.6 151.5 163,1 175.1 186.9 179.8 175.0 186.4 188.8 193.3 193.6 Foods, beverages, and tobacco....... 11.07 123.1 118.8 124.4 123.2 133.3 135.9 135.1 127.8 118.0 116.6 118.3 120.4 120,5 122.7 Foods and beverages........................... 10.25 123.3 118.6 123.9 124.6 133.5 136.7 136.0 128.3 119.8 116.5 117.7 120.0 120,9 123 0 Food manufactures.......................... 8.64 122,4 114.6 118.7 122.0 132.9 137.2 136.8 129.1 120.5 117.7 117.7 117.5 117,4 118'3 Beverages............................................ 1 .61 128.4 140.1 151.6 138.5 136.9 134.3 131.8 123.8 115.8 109,9 117.4 133.6 139.7 Tobacco products,................................ .82 120.5 120.7 130.3 106.1 130.6 125.3 124.7 121.3 95.3 118.3 126.1 124.9 115,6 Mining Coal oil. and gas.................................. 6.80 112.2 110.6 111.3 106.9 113.3 109.0 115.6 115. 7 117.2 115,5 117.4 118.6 112,5 114.5 Coal .. / ....“...................................... 1.16 111.8 114.1 116.6 90,2 121.2 112.9 127.3 120,4 116.4 112.1 112,5 118.6 85.9 118.1 Crude oil and natural gas.................. 5.64 112.3 109.9 110.2 110.3 111.7 108.2 113.1 114 7 117.3 116.2 118,4 118.6 118.0 113.7 Oil and gas extraction..................... 4.91 116,0 113.8 114.5 113.8 114.4 110.4 116.8 1 19.0 122.5 121 1 123.8 124.3 123,7 119.7 Crude oil................... 4.25 111.8 110.2 111.1 109.9 111.1 106.3 112.9 114.5 117.2 115 8 118.6 119.3 119.1 115.4 Gas and gas liquids.................... .66 142.8 137.5 136.4 139.0 135.8 136.7 141 .5 147.9 155.8 155,1 156,9 156.1 Oil and gas drilling......................... .73 87.1 83.6 81.2 86.6 93.3 93.2 88.6 85.6 82,6 83.1 81 .8 79.9 79,3 73.6 Metal, stone, and earth minerals........ 1.43 124.8 132.4 138.0 138.1 141.8 138.7 132.0 124.4 118.5 115.8 114.6 119.3 130.7 138.3 Metal mining......................................... .61 122.6 133.8 139.8 135.2 140,6 138,3 124.7 110.8 108.5 117.4 117,7 119.7 130.3 142,5 Stone and earth minerals.................... .82 126.5 131.3 136.7 140.2 142.7 138.9 137,4 134.5 125,8 114,6 112.4 119.0 130.9 135,2 Utilities Electric.................................................... 4.04 165,5 154.2 161.4 170.5 177.7 176.6 165.3 159.6 170.0 179.1 178.6 174,8 167.4 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

1036 BUSINESS ACTIVITY; CONSTRUCTION JULY 1966 SELECTED BUSINESS INDEXES (1957-59=100) Industrial production fac M tu a r n in u g ­ 2 Prices 4 Nonag- Period Total M F a in jo a r l m pr a o r d k u e c t t g s roupings Ma g j r o o r u i p n i d n u g s s try s t C c t r t i r o a o o u c n n n t c ­ s ­ ­ m r p t e i u e l c m o r n u a y t ­ l l — - ­ p E lo m y ­ ­ Pay­ F l c i o r n a e a g i r d g s ­ h ­ t s T r a e o l t t e a a s il l 3 Con­ W sa h l o e l e­ Mate­ Total 1 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 it t ie il s ­ modity 1950....................... 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.1 99.4 68.9 117.1 72 83.8 86.8 1951....................... 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.1 106.1 80.2 121.5 76 90.5 96.7 1952....................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 93.0 106.1 84.5 115.0 79 92.5 94.0 1953....................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.6 111.6 93.6 116.6 83 93.2 92.7 1954....................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104.6 82 93.6 92.9 1955....................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.5 105.5 94.8 115.3 89 93.3 93.2 1956....................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96.2 1957....................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108.2 97 98.0 99.0 1958....................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959....................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.5 100.1 105.1 97.9 105 101.5 100.6 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-—May.......... 141.6 140.2 138.6 143.7 142.6 143.1 114.0 160.4 145 114.3 105.2 133.8 100.5 136 109.6 102.1 June.......... 142.7 140.7 138.7 144.9 144.5 144.1 115.3 162.5 139 114.8 105.9 134.5 93.8 ’136 110.1 102.8 July........... 144.2 141.7 139.3 147.0 146.4 145.7 116.0 161,3 149 115.2 106,4 135,3 95.1 138 110,2 102.9 144.5 142.3 139.5 148.4 146.1 146.0 117.0 161.4 139 115.4 106.7 135.7 94.3 138 110.0 102,9 Sept........... 143.5 143.3 140.7 149.0 143.7 145,2 112.6 165.3 147 115.7 106.8 136.7 93,5 139 110.2 103.0 Oct............ 145.1 145.7 141.7 154.3 144.3 146,7 115,8 165.7 147 116.1 107,2 138.6 93.4 142 110.4 103,1 Nov. 146.4 147.4 142.8 157.3 145.6 148.2 116.0 165,1 141 117,0 108.3 140.7 97.9 144 110.6 103,5 Dec............ 148.7 148.8 144.1 158.8 148.7 150.6 117.9 165,5 153 117.8 109.0 142,5 102.4 145 111.0 104,1 1966—Jan............. 150.2 149.5 144.1 161.3 150.4 152.4 117.2 164.9 152 118.3 109.6 144.6 99.3 146 111.0 104.6 Feb............ 151.9 151.4 145.5 164.1 152.0 154.1 117.7 168,9 157 119.0 110.6 146.9 97,2 148 111,6 105.4 ’*153.4 ’•152.4 ’146.0 166.2 ’154.3 155.6 ’120.2 168.8 158 119.8 111,2 147.5 100.2 149 112.0 105,4 Apr............ ’■153.7 ’152.7 ’146.0 ’166.9 ’154.6 ’156.4 ’115,8 ’168.3 161 119,8 Hl.6 148.2 97.0 146 112.5 105,5 May.......... 155.0 153.5 145.8 170.0 156.0 157.7 118.1 169.0 156 120.1 ’112.0 ’148.4 100,0 ’144 112,6 ’105,6 June”........ 155.8 154.5 146.6 171.4 156.8 158.5 118,4 169.5 ........... 120.7 112,6 148,8 95,7 145 ............1.05.7 1 Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 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 car loadings: 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total construction............................... 47,330 49,272 4,864 4,625 4,795 4,265 4,141 4,356 3,745 3,698 3,374 3,270 4,737 5,098 5,132 By type of ownership: 15,371 16,302 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 3,348 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 2,074 2,080 1,952 1,971 1,743 1,897 1,696 1,446 1,290 1,299 2,004 2,081 1,970 Nonresidential building................ 15,522 17,219 1,775 1,551 1,691 1,507 1,464 1,582 1,328 1,433 1,177 1,259 1,726 1,883 1,826 Nonbuilding.................................... 11,244 10,805 1,015 993 1,151 788 934 877 721 819 906 712 1,007 1,134 1,335 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

JULY 1966 CONSTRUCTION 1037 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f r e a e n o r s t m n i i ­ a ­ l Total In tr d ia u B l s u ­ sin m e C s e s o r m cia ­ l P u u ti b li l t i y c O n d r t c t o e i h a s n n i e l - - - r Total M tar il y i­ H w i a g y h­ d C v e m o a v n t & e e i s n o l e o t n r p ­ ­ Other t 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 I960.. 53,941 38,078 21,706 11,652 2,851 4,180 4,621 4,720 15,863 1,366 5,437 1,175 7,885 1961 , 55,447 38,299 21,680 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 1,266 6,365 1,524 8,714 1963 1 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--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..................... 78,140 55,066 27,279 20,154 7,073 7,672 5,409 7,633 23,074 1,009 7,409 2,417 12,239 Apr.’’.................. 75,839 53,342 27,447 18,800 6,400 6,942 5,458 7,095 22,497 7,360 2,221 May’’......... 76,234 53,584 27,820 5,474 22,650 7,309 ............... 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 Non­ Private Metro­ Total N fa o rm n­ politan p m o e li t t r a o n ­ Total fam 1- i ly fam 2- i ly M fam ul i t l i y ­ Public Total FHA VA 1955 1,646 1,627 19 670 277 393 1956 1,349 1,325 24 465 195 271 1957 1,224 1'175 49 322 193 128 1958 1,382 1,314 68 439 337 102 1959 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 1960 1,296 889 407 1,252 995 44 213 44 336 261 75 1961 1,365 948 417 1,313 975 44 295 52 328 244 83 1962 1,492 1,054 439 1,463 992 49 422 30 339 261 78 1963 1,641 1,151 490 1,609 1,021 53 535 32 292 221 71 1964. 1,591 1,119 472 1,557 972 54 532 33 264 205 59 1965 1,543 1,068 475 1,505 962 50 493 38 249 197 53 1965-—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..................... l',473 1,447 144 95 49 141 94 5 43 3 22 17 5 Aug..................... 1,427 I ^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 1^80 136 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..................... 1'569 1'538 131 91 40 126 81 5 41 5 23 19 3 Apr................. ?!,499 *1,478 *149 107 42 *147 95 5 47 *2 22 18 3 May.................... *1,306 *1',275 *138 90 48 *134 89 4 40 *4 18 14 4 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

1038 EMPLOYMENT JULY 1966 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Total non- Total Unemploy­ Period i p n o s N t p it u .S u la t .A i t o i . o n n al l N ab N o o t . r S i n . f A o t r . h c e e l f a S o b . r A o ce r . Total Employed1 Unem­ (pe m r r a e t c e n e 2 t n t) Total In c n ul o t n u a r g al r i- In ployed S.A. industries agriculture 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............................. 13O;O81 55',400 74^681 71'854 67,846 62,657 5*190 4*007 5 6 1963............................. 132,125 56,412 75,712 721975 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—-June................ 136,160 55,477 78,332 75,652 72,085 67,434 4 651 3 567 4 7 July................. 136,252 55 J 02 78,747 76^054 72,618 67 J979 4 639 3 436 4* 5 Aug................. 136^473 56,310 78,465 75,772 72'387 67,815 4 572 3 385 4* 5 Sept................. 136^670 58'626 78',3 34 751611 72'297 67’879 4 418 3 314 4 4 Oct.................. 136,862 58 J49 78,606 75'846 72^61 68,010 4 551 3 285 3 Nov................. 137j043 58345 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 May................ 138,100 58,349 79,313 76,268 73^31 69’155 4’,076 3,037 4 0 June................. 138,275 55,575 80,185 77,086 73,997 69,759 4,238 3,'089 4.0 i 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 NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g ac­ Mining c C o o n t n i s o t t n r r a u c c t ­ T t l i r i o c a n n u s & t p i l o i p t r i u t e b a s ­ ­ Trade Finance Service G m ov e e n r t n­ I960............................................................... 54,203 16.796 712 2,885 4,004 11,391 2,669 7,392 8 353 1961............................................................... 53,989 16,326 672 2,816 3j 903 11,337 2,731 7,610 8,594 1962............................................................... 55',515 161853 650 2; 902 3; 906 11,566 2,800 71947 8 890 1963 ............................................................. 56;602 16,995 635 2,963 3; 903 11,778 21877 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—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 31049 8,929 10 054 Aug................................................... 60;621 18,072 627 3,189 4; 049 12,600 31053 81946 10 085 Sept.................................................. 60,756 18,098 617 3,186 4,067 12,641 31061 8,967 10,119 Oct.................................................... 61 ,001 18,163 622 3,202 4,071 12,684 3,069 9,019 10 171 Nov................................................. 61;472 18,321 627 3; 267 4,079 12,754 3,074 9,081 10 269 Dec................................................... 61,884 18,429 630 3,386 4,079 12,822 3,082 9,128 10 328 1966—Jan.................................................... 62,148 18,522 632 3,383 4,090 12,909 3,080 9,142 10,390 Feb.................................................... 62,501 18,691 631 3,374 4,104 12,942 3,082 91205 10,472 Mar.................................................. 62,918 18,780 632 3,462 4,107 13,015 3,100 9,251 10,571 Apr.. .................................. 62,935 18,860 591 3; 370 4,112 13,004 31101 9,261 10’636 May® ........................................... 63;060 18,939 624 3;275 4J23 13,016 3JO5 9,283 10 695 June®................................................ 63; 384 19,047 630 3,332 4J28 13,060 3,115 9,303 10,769 NOT SEASONALLY ADJUSTED 1965 June ................................................. 60,848 18,027 640 3,412 4,070 12,596 3,062 9,008 10,033 July.................................................. 60;694 18,016 641 3,476 4,083 12,583 31098 91081 9,716 Aug................................................... 60;960 18,211 640 3,575 4,098 12,574 3',102 9,062 9,698 Sept.................................................. 61,515 18,428 627 3,495 4,112 12,639 31073 91039 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 91054 10,413 Dec................................................... 62,660 18,415 628 3,203 4,087 13,638 3,064 91046 10,579 1966—Jan.................................................... 61,041 18,274 617 2,974 4,025 12,716 3,049 8,959 10,427 Feb.................................................... 61,212 18,457 613 2,851 4,034 12,617 3,054 91030 101556 Mar,............................................ 61,826 18,588 615 3,015 4,054 12,700 3,075 9,112 10,667 Apr.................................................... 62,500 18,709 585 3,191 4,075 12,883 3,089 91242 10,726 May®................................................ 63,028 18,843 626 3,311 4,111 12,918 3,102 9 ,’348 10 ,’769 June®............................................... 63,966 19,135 644 3,559 4,165 13,076 31137 91461 10,789 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

JULY 1966 EMPLOYMENT AND EARNINGS 1039 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1965 1966 1965 1966 June Apr. May” June” June Apr. May” June” Total ................................................................................. 13,340 14,054 14,105 14,187 13,412 13,917 14,030 14,263 Durably goods,............................................................... 7,662 8,214 8,247 8,294 7,750 8,191 8,267 8,336 Ordnance and accessories...................................... 100 '123 127 129 99 '122 126 128 J umber and wood products..................................... 527 550 542 539 553 535 543 565 Furniture and fixtures........................ 356 374 379 379 355 371 372 379 Stone clay and glass products.............................. 490 516 509 509 507 508 515 526 Primary metal industries........................................... 1,068 1,062 1,066 1,083 1,085 1,077 1,082 1,100 Fabricated metal products................................ '973 1,041 1,038 1,042 '984 1,033 1,038 1 054 Machinery except electrical...................................... 1,192 1,270 1.283 1 ,'298 1,206 1,285 1,296 1,312 Electrical machinery................................................... 1,142 1,306 1,320 1,338 1'136 1.290 1,304 1^330 Transportation equipment......................................... 1 ',237 1'348 1,354 1,351 1,244 1,357 1,368 1 359 Instruments and related products........................... 245 269 272 273 245 267 270 274 Miscellaneous manufacturing industries................. 332 355 357 353 336 346 353 359 Nondurable goods................................................................ 5,678 5,840 5,858 5,893 5,662 5,726 5,763 5,877 Fond and kindred products...................... 1134 1,150 1,140 1,132 1 J24 1 '075 1 ,’080 1 122 Tobacco manufactures................................................ 75 ' 72 71 72 ' 63 62 60 ’ 61 Textile-mill products................................................ 818 846 848 849 826 844 848 857 Apparel and other finished textiles............. 1,221 1,238 1,256 1,278 1,208 1,223 1,241 1 264 Paper and allied products............................ 494 '515 515 '520 499 '511 '512 525 printing publishing, and allied industries............. 616 643 646 651 616 642 643 651 Chemicals and allied products...................... 542 556 560 565 545 563 566 568 Products of petroleum and coal.............................. 110 110 111 113 112 109 Hl 115 Rubber products........................................................ 359 387 388 395 358 383 386 394 Leather and leather products.................................... 309 323 323 318 311 314 316 320 Note.—Bureau of Labor Statistics; data cover production and related the pay period that includes the 12th of the month, workers only (full- and part-time) who worked during, or received pay for HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked Average weekly earnings Average hourly earnings (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1965 1966 1965 1966 1965 1966 June Apr. May” June” June Apr. May” June” June Apr. May” June” Total......................................................................... 41.0 41.5 41.4 41.2 107.79 111.24 112.05 112.05 2.61 2.70 2.70 2.70 Durable goods.......................................................... 41.8 42.4 42.2 41.9 117.74 121.54 121.82 121.82 2.79 2.88 2.88 2.88 Ordnance and accessories.......... 41.8 42.3 42.3 42.7 129.58 132.62 133.35 135.79 3.10 3.15 3.16 3.18 J umber and wood products........................ 39.9 41.3 41.3 40.3 88.73 92.06 94.24 93.30 2.18 2.24 2.26 2.27 Furniture and fixtures................................... 41.4 41.6 42.3 41.9 86.94 88.75 91.10 91.76 2.10 2.17 2.19 2.19 Stone clav, and glass products.................. 41.6 42.1 41.8 41.9 110.40 114.09 115.06 115.87 2.61 2.71 2.72 2.72 primary metal industries.............................. 42.1 41.9 42.2 42.1 135.89 138.74 139.07 140.15 3.19 3.28 3.28 3.29 Fabricated metal products............................ 42.0 42.4 42.4 42.1 117.02 119.99 121.84 120.70 2.76 2.85 2.86 2.84 Machinery except electrical.......................... 43.0 43.7 43.8 43.6 128.03 134.03 135.83 135.52 2.95 3.06 3.08 3.08 Electrical machinery...................................... 41.0 41.4 41.4 41.2 106.04 108.09 108.62 108.62 2.58 2.63 2.63 2.63 Transportation equipment........................... 42.9 43.4 42.1 42.0 137.49 141.47 138.74 138.42 3.19 3.29 3.28 3.28 Instruments and related products............... 41.4 42.1 42.5 42.1 108.99 112.02 114.06 114.21 2,62 2.68 2.69 2.70 Miscellaneous manufacturing industries... 39.6 40.0 40.1 39.9 84.96 87.74 88.40 88.40 2.14 2.21 2.21 2.21 Nondurable goods.................................................. 39.9 40.4 40.3 40.1 94.47 96.96 97.93 98.58 2.35 2.43 2.43 2.44 Food and kindred products......................... 41.0 41.1 40.9 41.2 100.53 102.21 103.48 105.16 2.44 2.53 2.53 2.54 Tobacco manufactures.................................. 37.2 39.2 38.5 38.3 83.16 86.87 87.32 89.86 2.20 2.28 2.28 2.31 Textile-mill products...................................... 41.4 41.9 42.1 41.6 77.52 79.90 81.45 82.94 1.85 1.93 1.93 1.97 Apparel and other finished textiles....... 36.5 36.5 36.5 36.7 66.61 67.15 68.26 68.82 1.82 1.86 1.87 1.87 Paper and allied products........................ 43.0 43.7 43.7 43.2 114.31 117.50 119.03 119.19 2,64 2.72 2.73 2.74 Printing, publishing, and allied industries. 38.5 38.7 38.8 38.8 117.43 120.51 122.22 121.83 3.05 3.13 3.15 3.14 Chemicals and allied products.................... 41.7 42.2 42.0 42.1 120.96 124.66 124.49 126.35 2.88 2.94 2.95 2.98 Products of petroleum and coal. ............... 41.9 42.6 42.6 42.5 137.38 145.69 145.95 146.63 3.24 3.42 3 41 3.41 Rubber products........................................... 41.8 42.1 42.1 41.7 109.46 110.35 111.57 11i.72 2.60 2,64 2.65 2.66 Leather and leather products...................... 37.8 39.1 39.0 38.5 72.19 72.95 74.88 75.85 1.88 1.93 1.94 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

1040 PRICES JULY 1966 CONSUMER PRICES (1957-59- 100) Housing Health and recreation Period it A em ll s Food Total Rent H ow s o h n m ip e e r - ­ F c a o o u n i a e d l l l t e r G a l i n e c a i c d s t ­ y o n F p i a n i e n u s g r h d r s a ­ ­ ­ A u p p a p k n a e d e r p el T p t o r i a r o t n n a s ­ ­ Total M c i a c e a r d e l ­ s P c 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 r h v d d e ­ r s tion tion ices 1929............................ 59,7 55.6 85.4 1933............................ 45.1 35.3 60.8 1941............................ 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47.6 57.3 58,2 1945............................ 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63,6 75.0 67.3 1957............................ 98.0 97.8 98.5 98.3 98.2 100,8 96.9 99.4 99.5 96,5 97,0 95.5 97.1 96.9 98,5 1958............................ 100.7 101.9 100.2 100,1 100.4 99.0 100.3 99,9 99.8 99.7 100.3 100.1 100.4 100.8 99.8 1959............................ 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102,8 104.4 102,4 102,4 101.8 I960............................ 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103,8 105,4 108.1 104.1 104.9 103.8 1961............................ 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101 .4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962............................ 105.4 103.6 104.8 105.7 105.6 102,1 107.9 101 .5 103,6 107,2 109.4 114,2 106.5 109.6 105.3 1963 ............................ 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104,8 107,8 111.4 117.0 107.9 111,5 107.1 1964............................ 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109,3 113,6 119.4 109.2 114.1 108,8 1965............................ 109.9 108.8 108.5 108.9 111.4 105,6 107.8 103.1 106,8 111,1 115.6 122.3 109.9 115.2 111,4 1965—May............... 109.6 107.9 108.2 108.8 110.8 104,6 107.7 103.1 106,8 111,4 115,6 121.8 111.0 115.9 110,6 June............... 110.1 110.1 108.2 108.8 111,0 103,4 107.8 103.1 106,9 111,2 115.7 122.2 111.0 115.7 111.0 July................. 110.2 110.9 108.3 108.9 111.2 103,2 106.9 102.9 106.1 111,5 115,3 122.7 108.7 114,6 111,5 Aug......... 110.0 110.1 108.2 109.0 111,4 103,5 107.7 102.9 106.4 111.0 115.6 122,8 109.0 114,3 112,6 Sept................ 110.2 109.7 108.6 109.1 111.6 104.3 107.9 103.1 107.2 111.0 115,8 122.8 109.2 114.8 112.7 Oct................. 110.4 109.7 109.0 109.2 112.1 106.9 107.9 103.3 107.8 111.2 116.2 123.0 109.2 115.2 113,3 Nov................ 110.6 109.7 109.2 109,3 112.5 107.2 108.0 103.3 108.1 111,5 116.4 123.4 109.6 115.4 113.3 Dec................. 111.0 110.6 109.4 109.5 112.9 108.6 108.0 103.6 108.1 111.6 116.6 123.7 110.0 115.4 113,4 1966-—Jan.................. lll.O 111.4 109.2 109.7 113.1 108.9 107.9 103.6 107.3 111,2 116.9 124,2 110.4 115,7 113.4 Feb................. 111.6 113.1 109.4 109.8 113.3 109.0 108.2 103.8 107.6 111.1 117.1 124.5 110.8 115.9 113.6 Mar......... 112.0 1 13.9 109.6 109.9 113.5 108.9 108.2 104.0 108.2 111,4 117,6 125.3 111.0 116,6 113,8 Apr................. 112.5 114.0 110.3 110.1 114.3 108.5 108.3 104.4 108.7 112.0 118.1 125.8 111.6 116.8 114,3 May............... 112.6 113.5 110.7 110.2 115,2 108.0 108.2 104.6 109,3 112.0 118.4 126.3 112.0 116,8 114.7 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- 100) Other commodities Period m c t o A i o e m l d s l i ­ ­ p F u r a c o r t d m s ­ P f e o s r o s o e d c d s ­ Total T t e il t e e c x s . ­ , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m s . , ­ R b et e u c r b . , ­ L b e u t e c m r . , ­ P e a t p c e . r, M e a t l e c s t . , ­ c M e h r i a y n ­ ­ F t e u u t r r c e n . , i ­ 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 l i u a s­ ­ s erals 1957, 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96,6 1958 100.4 103.6 102.9 99.5 98.9 96,0 98.7 100,4 100.1 97,4 100.1 99.1 100,1 100.2 99.9 99.7 101,5 1959. 100.6 97.2 99.2 101.3 100.4 109,1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101,9 1960. 100.7 96.9 100.0 101.3 101.5 105,2 99.6 100.2 99.9 100,4 101.8 101.3 102.4 100.1 101.4 102.5 99.3 1961 100.3 96,0 100.7 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1962. 100.6 97.7 101.2 100.8 100.6 107,4 100.2 97.5 93.3 96,5 100.0 100.0 102.3 98.8 101.8 104.1 107.3 1963. 100.3 95.7 101.1 100.7 100,5 104,2 99.8 96.3 93.8 98.6 99.2 100.1 102.2 98.1 101.3 106.1 110.4 1964, 100.5 94,3 101.0 101.2 101,2 104,6 97,1 96.7 92.5 100,6 99.0 102,8 102,9 98.5 101.5 107,4 109,2 1965. 102.5 98.4 105.1 102.5 101.8 109,2 98.9 97.4 92.9 101.1 99.9 105.7 103,7 98.0 101.7 107.7 111.0 1965-—May................... 102.1 98.4 103.3 102,3 101.6 107,4 98,4 97.6 92.9 100,4 100.0 105.7 103.7 98,0 101.9 108.1 108,9 June 102,8 100.3 106,1 102,5 101.9 107,7 98.7 97.4 93.1 100.3 100.0 105,9 103.8 98.0 102.0 107.6 111.0 July..................... 102.9 100.0 106.6 102.5 101.9 108,8 98.7 97.4 93.0 100.5 99.9 105,8 103.7 97.8 101.7 107.6 112.6 Aug.................... 102.9 99.1 106.7 102,7 101.9 112,2 99.0 97.1 93.2 101.8 99.9 106.2 103.8 97.7 101.6 107.6 111.5 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 98.2 101.6 107.9 112.5 966-—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................... 105.4 106.8 111.5 104,0 102,1 118,7 99,9 97.6 94.3 105,6 101.8 108,0 105.0 98.4 102.1 109,2 113.1 Apr..................... 105.5 106.4 ’•110.6 104.3 102,2 ’■120,8 100,0 r97.6 95.4 108,4 102.3 ’•108.2 105.2 r98.6 '102,3 109,4 113.0 May........... 105.5 104.5 110.5 104.7 102.2 122,8 100.5 97.7 95.4 109.7 102.6 108,4 105.7 98.9 102,4 109.4 115.1 See next page for composition of other commodities. 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JULY 1966 PRICES 1041 WHOLESALE PRICES: DETAIL (1957-59- 100) 1965 1966 1965 1966 Group Group May Mar. Apr. May May Mar, Apr. May Farm products: Pulp, paper, and allied products: Fresh and dried produce....................... 118.5 101.3 '110.3 102.7 Woodpulp................................................. 98,1 98.0 98.0 98.0 Grains...................................................... 9 9 1 6 , . 0 2 1 9 1 0 4 , . 8 2 1 9 1 1 2 . . 2 4 1 9 1 3 0 . . 6 4 W Pa a p s e t r e . p .. a .. p ... e .. r .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 0 0 0 4 . . 3 0 1 1 0 0 8 5 . . 7 4 '1 1 0 1 6 0 . . 0 3 1 1 1 07 2 , , 1 0 Plant and animal fibers.......................... 91.8 89.7 89.9 90.3 Paper board............................................... 96.3 97.0 '97.1 97.2 E H Fl g a u g y id s a .. n m .. d .. i . l . s k .. e . .. . e . . . . d . . . . s . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7 0 1 9 0 5 . . . 0 2 4 1 1 1 1 1 1 3 8 5 . . . 3 5 6 1 1 1 1 1 0 1 6 1 . . . 9 9 8 1 1 8 1 2 6 0 0 . . . 9 9 2 B C u o i n ld v i e n r g te 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 .. . . .. . .. . . . . 9 9 9 2 . . 5 7 1 9 0 2 1 . . 7 6 1 9 0 2 2 . . 6 2 1 9 0 2 2 . . 5 2 Other farm products.............................. 94.8 102.1 '102.5 101.4 Metals and metal products: Processed foods: Iron and steel........................................... 101,5 102.3 102.0 101,8 Cereal and bakery products................ 108.3 112.2 112.6 113.0 Nonferrous metals.................................. 115,2 120.8 '122.1 122.6 Meat, poultry, and fish......................... 97.7 113.3 '110.9 110.9 Metal containers...................................... 108.3 109.8 '110.0 110,1 Dairy products and ice cream.............. 106.8 '115.0 '114.8 114.9 Hardware................................................... 105.8 108.3 '108.4 109.6 Canned and frozen fruits and veg- Plumbing equipment.............................. 104.2 107,5 '108.9 109.7 etables................................................... 100 4 '104.8 '104.8 105.4 Heating equipment................................. 91,6 91.8 92.1 92.1 Sugar and confectionery............ 108.7 '109.7 109.3 109.3 Fabricated* structural metal products. 101.2 103.1 103.4 103.5 Packaged beverage materials............... 93.5 93 5 93 5 93.5 Fabricated nonstructural metal prod­ Animal fats and oils.............................. 107.4 121.8 '115.2 107.7 ucts.................................................... 109.2 110.9 110.9 110.9 Crude vegetable oils.............................. 96,9 104.3 '106,7 105.6 Refined vegetable oils............................ 93.7 112.0 111.3 108.5 Machinery and motive products: Vegetable oil end products................... 102.3 103.0 '102,5 101.5 Miscellaneous processed foods............ 112.2 114,4 114,0 113.1 Agricultural machinery and equip.... 114.7 118,0 118.1 118.1 Textile products and apparel: C M o e n ta st l r w u o c r t k io in n g m m a a ch ch in in er e y r y a a n n d d e e q q u u ip ip .. . . . 1 1 1 1 5 6 . . 1 2 1 12 1 1 7 , . 1 9 '1 1 1 2 8 1 . . 5 2 1 1 2 1 2 8 . .7 4 Cotton products...................................... 99.9 101.8 102.3 102.6 General purpose machinery and W Ma o n o - l m p a r d o e d u fi c b t e s r . .. t . e .. x .. t .. i . l . e .. .. p .. r .. o .. d .. u ... c .. t . s .. . . . . .. . .. . .. . . 1 9 0 6 3 . . 0 8 1 9 0 0 6 . . 8 0 1 9 0 0 6 . . 5 3 1 8 0 9 6 . .5 9 S M p i e s c c i e a l l l an i e n o d u u s s m try a ch m in a e c r h y i .. n .. e .. r .. y .. ... and 1 1 0 0 4 5 . , 7 4 1 10 0 5 7 . . 8 3 '1 1 0 0 8 5 , . 5 7 1 1 0 0 5 9 . .2 9 S A O i t p lk h 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 3 2 0 5 1 3 , . , 1 7 2 1 1 1 5 2 0 1 6 4 . . . 3 4 7 '1 1 1 0 2 5 4 5 1 . . , 1 7 6 1 1 1 4 0 2 0 4 4. . . 7 9 8 E M le e o c q t t o u r r i i p c v a m e l h e m n ic a t l c e ( h J s i a . n . n .. e . . r .. y . 1 . 9 .. a 6 .. n 1 .. * d .. = . . e . 1 . q .. 0 u ... i 0 . p .. ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 9 0 0 7 7 0 . . . 1 8 8 1 1 9 0 0 8 9 0 , . . 2 9 3 '1 1 '9 0 1 8 0 0 . . . 4 0 2 1 1 9 0 1 8 1 0 . . . 8 0 6 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....................................... 105.9 147.8 148.8 163,0 Leather................................................ 104.2 123.3 122,4 125,i Furniture and other household durables: Footwear,...................................,............ 109.7 115.3 '118.6 119.2 Other leather products........................ 104.9 112.5 114.4 114.8 Household furniture............................... 106.0 107,2 '108.3 108,8 Commercial furniture............................ 103.7 104,1 104.1 105,4 Fuels and related products, and power: Floor coverings....................................... 97.7 97,5 97.5 97,5 Household appliances........................... 89.2 89.1 '89.3 89,4 Coal............................................................ 94.6 97.5 '94.9 96.9 Television, radios, and phonographs.. 85,9 '83,5 '83.5 83,5 Coke........................................................ 107.3 107.3 107.3 107.3 Other household durable goods.......... 105.2 106.9 '106.7 106.7 Gas fuels (Jan. 1958= 100)................... 122.2 128.2 '129.2 128.3 E Pe le tr c o tr le ic 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 5 0 . .8 4 1 9 0 7 0 . . 2 4 1 9 0 7 0 . .3 7 1 9 0 8 0 . . 4 2 Nonmetallic mineral products: Chemicals and allied products: Flat glass................................................... 101.7 99.2 '99.5 100.5 Concrete ingredients.............................. 103,2 103.8 103.8 103.6 94.8 95.2 95,6 95.8 Concrete products................................... 101.3 102,2 102.7 102.7 1 9 0 0 5 . . 1 7 1 8 0 9 5 . . 8 9 '1 9 0 0 6 . . 4 2 1 9 0 0 6 . . 2 2 S G t y ru p c su tu m ra p l r c o la d y u p ct r s o .. d ... u .. c .. t .. s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 10 0 8 4 , , 1 9 1 1 0 0 5 1 . . 9 4 1 1 0 0 6 1 , . 0 4 1 1 0 0 6 2 . , 3 2 Drugs and pharmaceuticals......... 95.0 94.4 '94.1 94.1 Asphalt roofing........................................ 92.1 94.8 94.8 94,4 116.7 106.4 '104.0 102,5 Other nonmetallic minerals.................. 101.6 102.1 102.0 102,2 Mixed fertilizers....................................... 104.9 105.4 105.8 105.8 Fertilizer materials.................................. 104.3 104.7 105.5 106.6 Tobacco products and bottled beverages: Other chemicals and products............. 99.8 100.2 r100.0 100.0 Rubber and products: T A o lc b o a h c o c l o i c p b r e o v d e u r c a t g s e .. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 10 0 0 7 . . 8 4 1 1 0 0 9 1 . . 8 0 1 1 1 0 0 1. . 0 2 1 1 1 0 0 1 , , 3 0 Crude rubber........................................... 91.8 91.2 90.0 90,0 Nonalcoholic beverages........................ 128,1 128.5 128.5 128,5 Tires and tubes....................................... 89.7 91.1 94,4 94.4 Miscellaneous rubber products............ 96.8 98.7 98.7 98.7 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms .... 102.5 103.3 '103.7 103,7 Manufactured animal feeds................. 112.9 119.6 119.2 123.0 Lumber...................................................... 101.0 107.4 '110.9 113.1 Notions and accessories. .................. 99.1 99.8 99.8 100.6 Millwork.................................................... 107.9 109.3 '109,6 110.4 Jewelry, watches, photo equipment... 103.8 105.1 105.1 105.1 Plywood................................................ .. 91.3 97.7 '102.4 101.1 Other miscellaneous products.. . , 102,8 104.7 '105.0 105.2 Note.—Bureau of Labor Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1042 NATIONAL PRODUCT AND INCOME JULY 1966 GROSS NATIONAL PRODUCT (In billions of dollars) 1965' 1966 Item 1929 1933 1941 1950 1961 1962 1963’- 1964' 1965' II III IV I' IIP Groiis national product.................................. 103.1 55.6 124.5 284.8 520.1 560.3 590.5 631.7 681.2 672.9 686.5 704.4 721.2 732.0 Final purchases < ............................................... 101.4 57.2 120.1 278.0 518.1 554.3 584.6 627.0 672.1 665.3 677.8 694.0 712.3 720.0 Personal consumption expenditures................... 77.2 45.8 80.6 191.0 335.2 355.1 375.0 401.4 431 5 426.8 435.0 445.2 455.6 458.9 Durable goods ................................................. 9.2 3.5 9.6 30.5 44.2 49.5 53.9 59.4 66.1 64.4 66.7 68.0 70,3 66.8 Nondurable goods............................................ 37.7 22.3 42.9 98,1 155.9 162.6 168.6 178.9 190.6 189.4 191 4 197.0 201.9 204.7 Services.............................................................. 30.3 20.1 28,1 62.4 135.1 143.0 152.4 163.1 174.8 173.0 176.9 180.2 183.4 187.4 Gross private domestic investment..................... 16.2 1.4 17.9 54.1 71.7 83.0 87.1 93.0 106.6 103.7 106.7 111.9 114.5 118,4 Sliced investment............................................... 14.5 3.0 13.4 47,3 69.7 77.0 81.3 88.3 97.5 96.0 98.0 101 5 105,6 106.4 Nnnrp$(denfial........................ 10.6 2.4 9.5 27.9 47.0 51.7 54.3 60.7 69.7 67.9 70.2 73.9 77.0 78.3 Structures............................ 5.0 .9 2.9 9.2 18.4 19.2 19.5 21.0 24.9 24.6 24.4 26.8 28.5 28,0 producers’ durable equipment.............. 5.6 1.5 6.6 18.7 28.6 32.5 34.8 39.7 44.8 43.3 45.8 47 1 48,5 50.3 R^-sWentisl structures.................................. 4.0 .6 3.9 19.4 22.6 25.3 27.0 27.6 27.8 28.1 27.8 27’6 28.6 28.1 Nonfarm.................................................... 3.8 .5 3.7 18.6 22.0 24.8 26.4 27.0 27.2 27.5 27.3 27.0 28.0 27.6 Change in business inventories..................... 1.7 -1.6 4.5 6.8 2.0 6.0 5.9 4.7 9.1 7 6 8.7 10.4 8.9 12.0 Nonfarm........................................................ 1.8 -1.4 4.0 6.0 1.7 5.3 5.1 5.3 8.1 67 7.2 9.0 8 5 11.8 Net exports nf grinds and services..................... 1.1 .4 1.3 1.8 5.6 5.1 5.9 8.5 7.0 8.2 7.1 6.1 6.0 5.3 Exports............................................................... 7.0 2.4 5.9 13.8 28.6 30.3 32.3 37.0 39.0 40.5 40.1 40,3 41 7 42.3 Imports.................. • 5.9 2.0 4.6 12,0 22.9 25.1 26.4 28.5 32.0 32.3 33.0 34.2 35'6 37.0 Government purchases of goods and services. . 8.5 8.0 24.8 37.9 107.6 117.1 122.5 128.9 136.2 134.3 137.3 141.2 145.0 149.4 Federal............................................................... 1.3 2.0 16.9 18,4 57.4 63.4 64.2 65.2 66.8 65.6 67.5 69.8 71 9 74.6 National defense.......................................... 13.8 14.1 47.8 51.6 50.8 50.0 50.1 49.1 50.7 52.5 54.6 57.0 Other . ................................................ 3.1 4.3 9.6 11.8 13.5 15,2 16.7 16.5 16.8 17,3 17.4 17,6 State and local................................................... 7.2 6.0 7.9 19.5 50.2 53.7 58.2 63.7 69.4 68.7 70.2 71 4 73.1 74.8 Gross national product in constant (1958) dollars................................................................ 203.6 141.5 263.7 355.3 497.3 '529.8 551.0 580.0 614.4 607.8 618.2 631.2 640.5 644.2 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 Item 1929 1933 1941 1950 1961 1962 1963' 1964' 1965' II III IV I' II* National income..................................................... 86.8 40.3 104.2 241.1 427.3 457.7 481.9 517.3 559.0 552.2 562.7 577.8 595.7 .... Compensation of employees............................... 51.1 29.5 64.8 154.6 302.6 323.6 341.0 365.7 392.9 387.8 395.6 406.5 419.6 427 7 Wages and salaries........................................... 50.4 29.0 62.1 146.8 278.1 296.1 311.1 333.6 358.4 353.7 360.8 370.8 380.0 387 2 Private............................................................ 45.5 23.9 51.9 124.4 225.9 240,1 251.6 269.3 289,1 285.8 291.1 298.5 305.9 311 3 Military........................................................ .3 .3 1.9 5.0 10.2 10,8 10.8 11.7 12.1 11.7 12.0 13.0 13.6 14 1 Government civilian............................... 4.6 4.9 8.3 17.4 42.0 45,2 48.6 52.6 57.1 56.3 57.7 59.3 60.4 61 8 Supplements to wages and salaries................ .7 .5 2.7 7.8 24.6 27.5 29.9 32.0 34.5 34.1 34.8 35.7 39.6 40 5 Employer contributions for social insurance....................................................... .1 .1 2.0 4.0 11.8 13.7 15.0 15.4 16.0 15.9 16.0 16.3 19.6 19 9 Other labor income...................................... . 6 .4 .7 3.8 12.7 13.9 14,9 16.6 18.5 18.2 18,8 19.4 20.0 20 6 Proprietors’ income.............................................. 15.1 5.9 17.5 37.5 48.4 50.1 51.0 51.9 55.7 55.9 56.7 57.1 58.4 57 9 Business and professional.............................. 9.0 3.3 11.1 24.0 35.6 37.1 37.9 39.9 40.7 40.4 40.7 41.1 41.4 41 6 Farm............................................. • • .............. 6.2 2.6 6.4 13.5 12.8 13.0 13.1 12.0 15.1 15.5 16.0 16.0 17.0 16 3 Rental income of persons.............................. 5.4 2.0 3.5 9.4 16.0 16.7 17.1 17.7 18.3 18.3 18,4 18.5 18.7 18 8 Corporate profits and inventory valuation adjustment........................................................ 10.5 -1.2 15.2 37.7 50.3 55.7 58.9 66.6 74.2 72.7 74.0 76.9 80.0 .... Profits before tax.............................................. 10.0 1.0 17.7 42.6 50.3 55.4 59.4 67.0 75.7 74.5 75.0 78.7 82.7 Profits tax liability....................................... 1.4 .5 7.6 17.8 23.1 24.2 26.3 28.4 31.2 30.7 30.9 32,4 34.1 Profits after tax........................ 8.6 .4 10.1 24.9 27.2 31,2 33.1 38.7 44.5 43.8 44,1 46.3 48.7 Dividends.................................................. 5.8 2.0 4.4 8.8 13.S 15.2 16.5 17.3 19.2 18.8 19.5 20.2 20.9 21 1 Undistributed profits................................ 2.8 -1.6 5.7 16.0 13.5 16.0 16.6 21.3 25.3 25,0 24.6 26,1 27.8 .... Inventory valuation adjustment................... .5 -2.1 -2.5 -5.0 -.1 .3 -.5 -.4 -1.5 -1.8 -1.0 -1.8 -2.8 -2 0 Net interest............................................................ 4.7 4.1 3.2 2.0 10.0 11.6 13.8 15.5 17.8 17.5 18.1 18.7 19.1 19 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

JULY 1966 NATIONAL PRODUCT AND INCOME 1043 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' II III IV I' IIP Gross national product........................................ 103.1 55.6 124.5 284.8 520.1 560.3 590.5 631.7 681.2 672.9 686.5 704.4 721.2 732.0 Less.' Capital consumption allowances.......... 7.9 7.0 8.2 18.3 45.2 50.0 52.6 56.0 59.6 59.1 60.2 60.8 61.6 62.5 Indirect business tax and nontax lia­ bility. ........................................ 7.0 7.1 11.3 23.3 47.7 51.5 54.7 58.5 62.7 62.2 62.7 63.6 63.0 64.8 Business transfer payments.................... .6 .7 .5 .8 2.0 2.1 2.3 2.5 2.6 2,5 2.5 2.6 2.6 2.6 Statistical discrepancy............................. .7 .6 .4 1.5 -.7 .5 -.3 -1.4 -1.6 -2.1 -.8 .4 — .8 Plus; Subsidies less current surplus of gov­ ernment enterprises............. -.1 . 1 .2 1.4 1.4 .8 1.3 1.0 1.0 .9 .9 .8 1.0 Equals: National income...................................... 86.8 40.3 104.2 241.1 427.3 457.7 481.9 517.3 559.0 552.2 562.7 577.8 595.7 Less: Corporate profits and inventory valu­ ation adjustment.................. 10.5 -1.2 15.2 37.7 50.3 55.7 58.9 66.6 74.2 72.7 74.0 76.9 80.0 Contributions for social insurance. ... .2 .3 2.8 6.9 21.4 24.0 26.9 28.0 29.2 29.0 29.2 29.8 36.5 37.0 Excess of wage accruals over disburse­ ments ................................................... Plus: Government transfer payments............. .9 1.3 2.6 14.3 30.4 31.2 33.0 34.2 37.1 35.2 39.4 37.9 40.0 40.1 Net interest paid by government and consumer............................................ 2.5 1.6 2.2 7.2 15.0 16.1 17.6 19.1 20.6 20.5 20.9 21.0 21.9 22.5 Dividends................................................... 5.8 2.0 4.4 8.8 13.8 15.2 16.5 17.3 19.2 18.8 19.5 20.2 20.9 21.1 Business transfer payments.................... .6 .7 .5 .8 2.0 2.1 2.3 2.5 2.6 2.5 2.5 2.6 2.6 2.6 Equals: Personal income...................................... 85.9 47.0 96.0 227.6 416.8 442.6 465.5 496.0 535.1 527.6 541.9 552.8 564.6 573.3 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 52.4 37.4 60.9 59.4 66.0 66.6 65.7 66.7 69.5 73.6 Equals: Disposable personal income................ 83.3 45.5 92.7 206.9 364.4 385.3 404.6 436.6 469.1 461.0 476.2 486.1 495.1 499.7 Less: Personal outlays....................................... 79.1 46.5 81.7 193.9 343.2 363.7 384.7 412.1 443.4 438.6 447.1 457.6 468.4 472.1 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 335.2 355.1 375 0 401.4 431.5 426.8 435.0 445.2 455.6 458.9 Consumer interest payments............ 1.5 .5 .9 2.4 7.6 8.1 9.1 10.1 11.3 11.2 11.5 11.8 12.1 12.6 Personal transfer payments to for­ eigners ............................................ .3 .2 .2 .4 .5 .5 .6 .6 .6 .6 .6 .6 .6 .7 Equals: Personal saving..................................... 4.2 -.9 11.0 13.1 21.2 21.6 19.9 24.5 25.7 22.4 29.0 28.5 26.9 27.6 Disposable personal income in constant (1958) dollars............................................................. 150.6 112.2 190.3 249.6 350.7 '367.3 381.3 406.5 430.8 423.7 436.8 443.9 448.4 447.7 Note.*—Dept, of Commerce seasonally adjusted quarterly totals at annual rates. See also Note to tabic at top of previous page. PERSONAL INCOME (In billions of dollars) 1965' 1966 Item 1964' 1965' June July Aug. Sept. Oct. Nov. Dec. Jan. f Feb.' Mar.' Apr.' May' June? Total personal income........................... 496.0 535.1 532.2 535.4 537.8 552.5 547.2 553.2 558.2 560.2 564.7 569.0 570.5 573.0 576.4 Wage and salary disbursements...... 333.6 358.4 356.1 358.3 360.6 363.5 366.9 371.4 374.1 376.8 380.1 382.9 384.7 387.0 389.7 Commodity-producing industries... 134.0 144.3 143.8 144.0 145.0 145.2 146.9 149.2 150.7 152.1 153.9 155.4 156.0 156.8 157.7 Manufacturing only................. 107.2 115.5 114.9 115.6 116.3 116.5 117.9 119.6 120.3 121.8 123.3 124.0 125.2 125.9 126.5 Distributive industries....................... 81.2 86.7 86.3 86.8 87.1 87.6 88.4 89.'2 89.7 90.1 90.9 91.4 91.5 91.9 92.5 Service industries................................ 54.1 58.1 57.7 58.6 59.1 59.8 60.0 60.6 60.9 61.1 61.2 61.7 62.0 62.5 62.9 Government......................................... 64.3 69.2 68.3 68.8 69.5 70.9 71.6 72.4 72.9 73.6 74.1 74.5 75.2 75.9 76.6 Other labor income................................ 16.6 18.5 18.4 18.6 18.8 19.0 19.2 19.4 19.6 19.8 20.0 20.2 20.4 20.6 20.7 Proprietors’ income................................ 51.9 55.8 57.3 57.0 56.5 56.6 56.6 57.1 57.5 58.1 58.3 58.8 58.2 57.9 57.6 Business and professional................. 39.9 40.7 40.4 40.7 40.6 40.7 40.8 41.1 41.3 41.3 41.3 41.5 41.5 41.6 41.7 Farm...................................................... 12.0 15.1 16.9 16.3 15.9 15.9 15.8 16.0 16.2 16.8 17.0 17.3 16.7 16.3 15.9 Rental income........................................ 17.7 18.3 18.3 18.4 18.4 18.5 18.5 18.6 18.6 18.6 18.7 18.7 18.7 18.8 18.8 Dividends................................................. 17.3 19.2 19.3 19.3 19.5 19.8 20.0 20.2 20.5 20.8 21.0 20.9 21.0 21.2 21.2 Personal interest income........................ 34.6 38.4 38.4 38.7 38.9 39.2 39.4 39.7 40.0 40.5 41.0 41.4 41.8 42.1 42.4 Transfer payments.................................. 36.8 39.7 37.5 38.4 38.3 49.2 39.8 40.3 41.4 42.3 42.6 42.9 42.6 42.5 43.1 Less: Personal contributions for social insurance.............................. 12.5 13.2 13.2 13.2 13.2 13.2 13.3 13.5 13.6 16.8 16.9 16.9 17.0 17.1 17.2 Nonagricultural income.......................... 479.7 515.6 510.8 514.6 517.6 532.3 526.9 532.6 537.2 538.8 543.0 547.0 549.1 551.9 555.7 Agriculture income.................................. 16.3 19.5 21.4 20.8 20.2 20.2 20.3 20,6 21.0 21.4 21.7 22.0 21.4 21.0 20.7 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

1044 FLOW OF FUNDS JULY 1966 SAVINGS, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1963 1964 1965 Transa o c t t io se n c t c o a r tegory, 1961 1962 1963 1964 1965 IV I II HI 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 । 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. i — 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 g 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 io 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 io i 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 □ 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 Id 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 10 T.ong-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 J nan 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 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 28 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 7- to 4-famllv mortgages............ 11.4 13.0 15.2 15.8 15.4 15.2 15.6 16.3 15.8 15,4 15.4 15.1 15.2 16 0 35 36 Other mortgages........................... 5.1 7.9 9.0 10.1 10.1 9.4 8.9 10.9 9.9 10.6 9.4 10 3 10 6 10.1 36 37 Net sources of credit (“17)............... 44.3 54.3 58.2 67.1 72.3 63.0 58.7 75.1 63.9 70.5 76.8 73.2 55^0 83 7 37 38 Chg. in U.S. Govt, cash balance.. 1.3 -.3 .2 -1.2 -.8 3.6 -.9 -1.1 -.9 5.3 1.4 -12.9 1.3 38 30 U.S. Govt, lending.......................... 2.8 3.5 2.7 3.8 4.5 4.1 3.4 4.9 3.4 3.6 4.9 6.7 3.1 3 2 39 40 Foreign funds................................... 2.5 2.8 2.3 2.4 1.8 .3 1.7 3.3 1.0 3.8 3.6 4.4 — .8 1 40 41 Pvt. insur. & pension reserves.... 8.7 9.0 10.2 11.2 10.9 9.7 11.0 12.1 10.2 11.6 10.8 11.4 10.7 10.8 41 42 Sources n.e.c..................................... 3.7 3.2 4.2 5.4 5.3 1.2 4.1 6.4 4.2 6.8 9.3 5.5 — .8 7.3 42 43 Pvt. domestic nonfin. sectors........ 26.6 34.5 39.2 44.1 50.9 48.5 35.0 49.4 46.3 45.6 42.8 43.8 55.7 61.1 43 44 Liquid assets................................ 24.9 31.5 37.3 33.0 43.4 48.3 27.5 29.3 31.5 43.6 38.0 35.2 43.3 57 1 44 45 Deposits.................. 24.0 30.1 34.2 35.4 40.6 42.3 25.3 31.9 38.1 46.2 34.2 31.1 42.4 54.7 45 46 Demand dep. and currency 3.8 2.1 5.7 6.5 8.0 11.9 -1.0 5.6 9.1 12.5 -.8 3.7 7.1 22.1 46 47 Time and svgs. accounts... 20.2 28.1 28.5 28.8 32.6 30.4 26.2 26.3 29.0 33.7 35.0 27.4 35.3 32.6 47 48 At commercial banks.... 9.0 15.0 13.4 13.1 19.5 15.4 11.5 10.6 12.2 18.1 21.9 15.2 22.2 18.5 48 49 At savings instit............... 11.2 13.0 15.1 15.7 13.1 15.0 14.7 15,7 16.8 15.6 13.1 12.1 13 1 14 1 49 50 Short-term U.S. Govt. sec... 1.0 1.4 3.1 -2.4 2.8 6.0 2.2 —2.6 -6.6 -2.6 3.8 4.1 .9 2.4 50 51 Other U.S. Govt, securities. .. . -1.3 .5 1.6 3.3 .5 .3 2.4 6.8 6.6 -2.5 .1 3.2 -.7 -.7 51 52 Pvt. credit mkt. instruments . . . 4.2 2.3 2.2 7.7 7.7 2.7 5.2 13.1 6.7 5.5 4.9 4.8 12.0 8.8 52 53 J ess 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 HI, Direct lending in credit markets 55 Total Binds 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 Ta 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 -L6 6i 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 J ess chg. in U.S. Govt. cash... 1.2 -.6 -1.2 -.3 3.8 -1.4 -1.5 -1.1 4.9 2.0 -14.6 2 8 64 65 Security issues.......................... .2 .1 .3 .6 .8 .9 .9 .5 .6 .4 .5 2.0 4 65 66 Nonbank finance, net..................... 21.3 24.0 28.1 29.2 26.2 26.2 27.6 28.2 31.4 29.7 27.6 24.7 26.3 26.3 66 67 Total............................................. 23.7 28.7 34.5 33.6 31.9 31.1 32.2 38.4 32.9 31.0 35.0 36,0 22.9 33.6 67 68 I,ess 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 -1.1 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

JULY 1966 FLOW OF FUNDS 1045 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1963 1964 1965 Transa o c r t i s o e n c t c o a r tegory, 1961 1962 1963 1964 1965 IV I II in IV 1 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 1 2 U.S. Govt, deposits......................... 1.3 -.3 .2 -1.2 -.8 3.6 -.9 -1.1 -.9 5.3 1.4 -12.9 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 -l.C 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 . 1 .3 .4 .3 .4 -.1 .7 .2 -.4 32 33 Foreign.............................................. .4 1.2 .6 .4 -.1 .3 -1.8 1.0 -.2 2.7 -2.8 1.1 -1.8 3.1 33 34 Short-term.................................... -.7 2.0 -.7 .2 -.4 -.9 -1.6 .7 -1.1 2.8 -2.8 . 1 -2.5 3.4 34 35 Pvt. domestic nonfinan. sectors... -.3 1.9 4.7 .9 3.3 6.3 4.6 4.2 -5.0 3.9 7.3 .2 1.7 35 36 Short-term direct................... .2 1.0 1.9 -3.3 2.2 4.8 1.4 -3.6 -7.5 -3.6 3.0 3.7 .4 1.6 36 37 Other direct............................ -1.6 -.1 .9 2.9 -1.1 -1.6 2.9 5.2 5.7 -2.3 .3 -.4 -2.8 -1.6 37 38 Nonguaranteed............................ .3 .6 .8 .4 1.6 1.9 -.5 1.5 .8 -.2 -.2 3.5 2.0 .9 38 39 Savings bonds—Households... .8 .4 1.2 .9 .6 1.2 .8 .9 .8 1.0 .8 .4 .5 .8 39 IV. Other securities 40 Total net issues, by sector.................. 13.6 11.6 13.1 14.6 16.7 12.1 13.4 17.3 13.9 13.9 15.1 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 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 2S.0 24.3 26.8 25.4 25.7 24.8 25.6 25.6 25.9 57 58 1- to 4-family.................................... H.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‘.•12I 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 1.9 1.0 1,7 2.8 2.9 -1.2 .4 -.5 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see May 1966 Bulletin, p. 727. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1046 INSURED COMMERCIAL BANKS JULY 1966 INCOME, EXPENSES, AND DIVIDENDS (Amounts in thousands of dollars) All insured Banks not members of FRS Item 1962 1963 1964 1965 1962 1963 1964 1965 Revenue.................................................................. 12,218,959 13,509,713 15,024,487 16,817,187 2,074,638 2,349,875 2,648,846 2,986,220 Interest and dividends on securities: U.S. Govt................................................. 2,093,207 2,176,454 2,240,389 2,224,711 406,759 451,250 499,259 538,670 Other.............................................................. 759,030 921,060 1,085,334 1,285,287 129,996 147,981 174,153 206,488 Interest and discount on loans.................... 7,578,200 8,516,837 9,612,079 10,999,867 1,258,459 1,444,059 1,641,269 1,872,547 Other charges on loans.................................. 139,645 155,478 173,159 204,996 24,445 28,444 32,729 37,220 Service charges on deposits.......................... 681,243 728,857 781,405 842,775 148,834 161,175 174,212 189,542 Other charges, fees, etc.................................. 237,446 248,362 280,289 304,276 62,194 68,092 73,105 80,366 Trust department............................................ 543,916 573,252 629,694 689,628 23,041 25,772 28,339 32,037 Other current revenue................................ 186,272 189,413 222,138 265,647 20,910 23,102 25,780 29,350 Expenses................................................................ 8,589,177 9,714,980 10,897,460 12,486,120 1,553,750 1,790,227 2,009,419 2,286,531 Salaries—Officers............................................ 1,098,146 1,183,264 1,284,140 1,392,765 268,992 291,885 316,988 346,855 Salaries and wages—Others......................... 1,975,406 2,101,111 2,234,922 2,369,259 306,195 334,927 365,104 394,881 Officer and employee benefits...................... 419,098 457,033 490,732 525,692 56,162 64,488 71,303 78,048 Directors’ fees, etc.......................................... 63,236 67,469 72,176 77,093 22,559 24,254 26,336 28,498 Interest on time deposits............................... 2,845,283 3,464,308 4,088,061 5,070,781 487,151 606,708 704,537 856,637 Interest on borrowed money....................... 64,325 106,517 127,277 189,519 1,765 2,443 5,223 5,824 Net occupancy expense.................................. 555,670 608,462 670,243 731,573 97,316 108,192 120,778 133,755 Furniture and equipment.............................. 267,885 311,518 362,301 411,889 50,244 56,733 65,784 78,326 Other current expenses.................................. 1,300,128 1,415,298 1,567,608 1,717,549 263,366 300,597 333,366 363,707 Net current earnings before income taxes.... 3,629,782 3,794,733 4,127,027 4,331,067 520,888 559,648 639,427 699,689 Recoveries, transfers from reserves, and profits................................................... 467,061 468,450 322,104 390,368 70,947 59,433 47,338 60,466 On securities: Profits........................................................ 256,987 167,445 74,723 84,619 40,818 27,130 16,430 17,163 Recoveries..................................................... 6,241 4,046 6,633 7,114 1,864 1,144 1,160 1,981 Transfers from reserves............................. 56,761 60,516 57,284 97,435 6,614 3,811 3,306 6,481 On loans: Recoveries................................................ 16,902 17,913 17,383 17,962 6,867 7,362 7,014 7,438 Transfers from reserves............................. 56,610 131,235 62,313 84,001 .4,751 6,874 5,928 10,896 All other........................................................... 73,560 87,295 103,768 99,237 10,033 13,112 13,500 16,507 Losses, charge-offs, and transfers to re­ serves..................................................... 836,665 883,637 1,017,299 1,177,540 132,939 146,122 172,086 195,167 On securities: Sold................................................................ 58,939 49,887 88,397 85,045 7,820 6,961 8,712 15,067 Charge-offs prior to sale........................... 12,603 12,827 11,256 9,224 3,373 2,910 2,878 4,374 Transfers to reserves.................................. 95,039 63,530 72,213 63,370 10,407 7,084 6,953 9,194 On loans: Losses and charge-offs.......................... 30,107 29,588 32,385 36,188 13,282 13,423 15,540 16,886 Transfers to reserves.................................. 528,710 609,059 666,040 846,877 77,184 92,611 114,244 122,880 All other.......................................................... 111,267 118,746 147,008 136,836 20,873 23,133 23,759 26,766 Net income before related taxes....................... 3,260,178 3,379,546 3,431,832 3,543,895 458,896 472,959 514,679 564,988 Taxes on net income........................................... 1,256,382 1,226,783 1,148,203 1,029,162 148,397 149,865 152,458 151,213 Federal.............................................................. 1,159,725 1,130,629 1,050,624 927,423 139,505 141,162 142,312 140,435 State.................................................................. 96,657 96,154 97,579 101,739 8,892 8,703 10,146 10,778 Net income............................................................ 2,003,796 2,152,763 2,283,629 2,514,733 310,499 323,094 362,221 413,775 Cash dividends declared.................................... 941,189 993,374 1,088,310 1,202,349 110,701 117,051 128,990 146,762 On preferred stock 1...................................... 1,763 3,335 25,749 56,163 699 757 1,479 3,915 On common stock.......................................... 939,426 990,039 1,062,561 1,146,186 110,002 116,294 127,511 142,847 Memoranda items Recoveries credited to reserves 2 On securities............................................ 4,714 6,216 4,515 4,158 1,173 492 379 455 On loans....................................................... 84,863 96,897 157,791 124,062 12,921 15,293 18,378 23,786 Losses charged to reserves 3 On securities............................................ 16,305 17,314 43,683 25,761 4,355 2,454 1,653 4,423 On loans....................................................... 238,825 323,475 394,181 429,490 42,003 50,036 74,275 83,290 Assets, deposits, and capital accounts: Loans............................................................. 127,789,110 145,028,233 164,816,703 187,661,591 19,244,426 22,296,505 25,466,529 28,887,583 U.S. Govt, securities...................................... 64,519,914 64,058,431 61,439,390 59,419,551 12,183,097 13,025,134 13,350,548 13,726,920 Other securities......................................... 25,761,084 31,421,875 36,360,062 41,540,772 4,434,993 5,103,896 5,892,023 6,884,790 Cash assets...................................................... 49,438,670 50,997,566 54,449,343 59,013,596 5,891,680 6,030,031 6,483,176 7,097,723 Other assets...................................................... 6,712,000 7,434,673 8,425,128 9,578,899 735,619 841,842 962,019 1,104,760 Total assets....................................................... 274,220,778298,940,778325,490,626357,214,409 42,489,815 47,297,408 52,154,295 57,701,776 Time deposits................................................... 89,470,056 104,507,516 119,606,438137,554,173 16,383,648 19,002,579 21,536,090 24,591,831 Total deposits................................................... 243,319,550264,069,489287,988,560315,643,533 38,300,790 42,590,786 46,937,686 51,982,404 Total capital accounts.................................... 22,703,808 24,283,900 26,391,374 28,820,861 3,642,459 4,029,246 4,397,383 4,782,103 Number of officers.............................................. 112,200 117,147 *•123,996 130,042 33,895 35,206 37,025 38,753 Number of employees........................................ 512,739 531,820 '546,771 569,276 92,419 99,088 103,297 109,958 Number of banks................................................ 13,124 13,291 13,493 13,547 7,079 7,184 7,269 7,327 1 Includes interest on capital notes and debentures. panies; figures for these companies have been included with State mem­ 2 Not included in recoveries above. ber bank figures published in the June 1966 Bulletin, pp. 892-94. 3 Not included in losses above. The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and end of each Note,—Includes all insured commercial banks in the United States year (except that in 1963 the March 18 call was also included). The num­ and possessions. Excludes 1 or 2 noninsured nondeposit trust com­ ber of officers, employees, and banks are as of the end of each year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL STATISTICS ★ INTERNATIONAL ★ Reported gold reserves of central banks and governments............................................. 1048 Gold production ................................................................................................................. 1049 Net gold transactions and gold stock of the United States ............................................. 1050 Foreign gold reserves and dollar holdings .................................................................... 1051 International capital transactions of the United States ................................................. 1052 U.S. balance of payments.................................................................................................... 1062 Foreign trade ....................................................................................................................... 1063 Money rates in foreign countries ....................................................................................... 1064 Arbitrage on Treasury bills ................................................................................................ 1065 Foreign exchange rates ...................................................................................................... 1066 Guide to tabular presentation ............................................................................................ 984 Index to statistical tables .................................................................................................... 1074 The figures on international capital transactions piled largely from regularly published sources are collected by the F.R. Banks from reports such as central bank statements and official made on Treasury foreign exchange forms col­ statistical bulletins. For some of the series, back lected by the F.R. Banks in accordance with data are available in Banking and Monetary Executive Orders No. 6560, dated Jan. 15, 1934, Statistics and its Supplements (see list of publi­ and No. 10033, dated Feb. 8, 1949, and Treas­ cations at the end of the Bulletin). ury regulations thereunder. Other data are com­ 1047 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1048 GOLD RESERVES JULY 1966 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ End of mated Mone­ United mated Afghan­ Argen­ Aus­ Aus­ Bel­ period total tary States rest of istan tina tralia tria gium Brazil Burma Canada Chile world 1 Fund2 world 1959. 40,195 2,407 19,507 18,280 n.a. 56 154 292 1,134 327 960 43 I960. 40,540 2,439 17,804 20,295 n.a. 104 147 293 1,170 287 885 45 1961 41,140 2,077 16,947 22,115 36 190 162 303 1,248 285 946 48 1962. 41,470 2,194 16,057 23,220 36 61 190 454 1,365 225 42 708 43 1963. 42,310 2,312 15,596 24,400 36 78 208 536 1,371 150 42 817 43 1964. 43,060 2,179 15,471 25,410 36 71 226 600 1,451 92 84 ,026 43 1965--May............... 1,822 14,362 36 68 230 650 1,532 62 84 ,081 42 June................ 3 43,025 1,832 14,049 26,885 36 68 230 663 1,563 62 84 ,089 42 July................. 1,847 13,969 36 68 231 675 1,564 63 84 ,096 44 Aug................. 1,856 13,916 36 67 231 688 1,573 63 84 ,104 44 Sept................. 3 43,005 1,865 13,925 26,945 36 67 222 700 1,554 63 84 >112 44 Oct................ 1,865 13,937 35 67 223 700 1,558 63 84 .124 44 Nov................. 1,868 13,879 35 66 224 700 1,558 63 84 ,138 43 Dec................. <•3 43,300 1,869 13,806 <•27,355 35 66 223 700 1,558 63 84 ,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 63 84 ,076 43 Mar................ ^43,380 2,358 13,738 ^27,285 35 65 223 700 1,556 63 84 1,086 43 Apr................. 2,369 13,668 35 65 224 700 1,556 84 1,096 44 May............... 2,559 13,582 35 223 700 1,556 .............8..4 1,061 44 Ger- E p n er d i o o d f lo C m o b ­ ia D ma 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 taly Japan Rep. of 1959. 71 57 38 1,290 2,637 26 247 33 140 84 2 1,749 244 I960. 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--May............... 36 97 85 4,400 4,378 80 281 141 122 56 1,384 June............... 31 97 85 4,433 4,378 84 281 141 122 56 2,384 327 July................. 33 97 85 4,471 4,383 81 281 141 122 56 2,388 Aug................. 33 97 85 4,500 4,382 77 281 141 122 56 2,383 Sept................. 33 97 85 4,556 4,390 78 281 141 122 56 2,390 327 Oct.................. 34 97 85 4,604 4,404 78 281 140 122 56 2,403 Nov................ 34 97 85 4,638 4,406 78 281 146 122 56 2,404 Dec.............. 35 97 84 4,706 4,410 78 281 146 122 56 2,404 328 1966--Jan.................. 36 97 84 4,740 4,410 78 281 146 122 56 2,404 Feb................. 29 97 84 4,774 4,406 108 243 145 122 56 2,404 Mar................. 23 102 58 4,806 4,402 108 243 H32 122 46 2,369 328 x——I 24 108 55 4,874 4,402 98 243 132 122 46 2,369 108 55 4,953 4,311 243 122 46 2,370 ............... E pe n r d i o o d f Kuwait a L n e o b n - M ic e o x- Mo c r o oc- N l e a t n h d e s r- Nigeria N w o a r y - P s a ta k n i- Peru P p h in il e i s p- Po g r a l l u- A S r a a u b d i i a A So fr u i t c h a 1959. n.a. 102 142 23 1,132 30 50 28 9 548 18 238 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--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................. 55 193 157 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................. 58 193 21 1,756 20 31 53 65 43 600 73 557 May............... 58 21 1,730 20 18 53 65 44 .............7..3 581 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 GOLD RESERVES AND PRODUCTION 1049 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 it n z d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t) . U K d n i o i n t m 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 i l k . e­ E F p u u ea r n o n d ­ ments 4 1959 68 191 1,934 41 104 133 174 2,514 180 652 10 -134 40 1960 178 170 2,185 41 104 134 174 2,800 180 401 4 -19 55 1961 316 180 2,560 43 104 139 174 2,268 180 401 6 115 56 1962 446 181 2,667 43 104 140 174 2,582 180 401 4 -50 56 1963 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 47 1964, 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 43 1965—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 2,653 54 96 116 139 171 401 18 -92 Aug. 810 202 2,653 54 96 116 139 171 401 19 -199 Sept. 810 202 2,656 54 96 116 139 2,139 171 401 18 -145 54 Oct.. 810 202 2,660 54 96 116 139 171 401 18 -141 59 Nov. 810 202 2,660 54 96 116 139 155 401 19 -247 59 Dec. 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 64 1966—Jan.. 810 202 2,661 55 96 116 139 155 401 19 -105 64 Feb. 810 202 2,661 55 96 116 139 155 401 19 -120 59 Mar. 785 202 2,652 55 92 116 139 2,036 155 401 20 -30 Apr. 785 202 2,647 55 92 116 139 155 401 20 -80 May 785 203 2,630 ............... 92 116 139 ...........1..5..5 401 -36 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas; for regional organizations, central banks and govts, of countries listed in most of these countries the increased quotas became effective in 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. + 5259; 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 i A So fr u i t c h a R de h si o a ­ Ghana ( p L o e ld o ­ ­ U S n ta it te 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 38.1 54.5 I960.. 1,175.0 748.4 19 6 30 8 58.8 162.0 10 5 7.0 15.2 5 6 14 4 38.0 53.6 1961.. 1,215.0 803.1 20 29 2 8.1 54.8 156,6 9 4 7.9 14.0 5 5 14 8 37.7 53.8 1962.. 1,290.0 892.2 19 4 31 7.1 54,5 146.2 8 3 7.8 13.9 5 7 14 8 37.4 51,6 1963.. 1,350.0 960.1 19 8 32 2 7.5 51.4 139,0 8 3 7.2 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 1965P. 1,069.4 2.3 125.6 H.2 4 6 15 4 30.7 1965—Apr., 88.0 7 2 2 11,3 7 .8 4 2 2.5 May, 89.2 6 2 3 10.4 5 1.0 3 3 r2.5 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 24 3 10.2 4 1.0 4 3 2.3 Oct.. 90.4 10.5 1.0 2.6 Nov. 91.6 10.4 .8 2.3 Dec., 89.3 10.2 .7 31 0 2.6 1966—Jan.. 91.2 9.8 1.0 2.5 Feb., 87.8 9.6 .9 Mar. 90.5 10.1 Apr. 90.8 10,1 i Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Data for Aug. and Sept. countries and Bureau of Mines. Data for the United States are from 3 Quarterly data. ' the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1050 U.S. GOLD JULY 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 I II III IV I Western Europe: Austria.................................. -84 -83 -1 -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 1 -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: B A r r a g z e i n l. t . i . n ... a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . ........ 75 67 -ii - - 5 2 0 -9 -2 0 5 85 7 -3 7 0 2 54 25 -i 28 -1 -1 Colombia. ............................. —6 38 10 29 30 -1 7 Venezuela.............................. 65 -25 -25 Other...................................... 6 2 -35 -42 -17 -5 -11 -9 -13 -7 ♦ -3 -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 -1 -36 -7 -16 -1 -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 .....«...-.2...5.9 78 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. ... . 5 Payment to the IMF of $259 million increase in U.S. gold subscription 3 Payment 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). « 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 ? 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 ld re in n g cy s Total T g o o t l a d l Total h cu ol r d r i e n n g c s y 4 Total T g o o t ld al Total 3 Treasury Total3 Treasury 1953 ......... 22,091 22,091 22,030 -1,161 -1,161 1965—June.. . 14,595 14,049 13,934 546 84 « -313 1954......... 21,793 21,793 21,713 -298 -298 July.... 14,697 13,969 13,857 728 102 -80 1955 ......... 21,753 21,753 21,690 -40 -40 Aug.... 14,953 13,916 13,857 1,037 256 -53 1956......... 22,058 22,058 21,949 305 305 Sept.... 14.884 13,925 13.858 959 -69 9 1957......... 22,857 22,857 22,781 799 799 Oct.. . . 14,795 13,937 13,857 858 -89 12 Nov.... 14,686 13,879 13,805 807 -109 -58 1958......... 20,582 20,582 20,534 -2,275 -2,275 Dec.. .. 14,587 13,806 13,733 781 -99 -73 1959......... 19,507 19,507 19,456 -1,075 5 -1,075 1960......... 17,804 17,804 17,767 -1,703 -1,703 1966—Jan.....1..4,450 13,811 13,732 639 -137 5 1961......... 17,063 16,947 16,889 116 -741 -857 Feb.... 14,188 13,811 13,730 377 -262 1962......... 16,156 16,057 15,978 99 -907 -890 Mar,... 14,297 13,738 13,634 559 109 -73 1963 ......... 15,808 15,596 15,513 212 -348 -461 14,190 13,668 13,632 522 -107 -70 1964......... 15,903 15,471 15,388 432 95 -125 May^ ^ .’ 14,210 13,582 13,532 628 20 -86 1965......... 14,587 13,806 13,733 781 -1,316 6 -1,665 June... 14,251 13,529 13,433 722 41 -53 1 Includes gold sold to the United States by the International Mone­ 4 For holdings of F.R. Banks only, see pp. 994 and 996, tary Fund with the right of repurchase, which amounted to $800 million 5 Includes payment of $344 million increase in U.S. gold subscription on June 30, 1966. Also includes gold deposit of IMF; see note 2. to the IMF. 2 Beginning Sept. 1965 includes gold deposited by the IMF to mitigate 6 Includes payment of $259 million increase in U.S. gold subscription the impact on the U.S. gold stock of purchases by foreign countries for to the IMF. gold subscriptions on increased IMF quotas. Amount outstanding was Note.—See Table 11 on p, 1059 for gold held under earmark at F.R. $183 million on June 30, 1966. The United States has a corresponding Banks for foreign and international accounts. Gold under earmark is gold liability to the IMF. not included in the gold stock of the United States. 3 Includes gold in Exchange Stabilization Fund. See also Note to table on gold reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 GOLD RESERVES AND DOLLAR HOLDINGS 1051 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 1 201 1 189 1 179 1 192 1 153 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 5,918 1 5,753 1 5,839 1 5',822 1 Greece. J............................................................. 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 5,257 564 Other1................................................................. 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 34,079 806 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 1 200 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 1 120 1 135 1 Peru .......*......................................................... 273 1 334 1 330 323 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 4,722 5 Asia; India...................................................................... 306 * 342 • 353 ♦ 357 ♦ 365 321 ♦ 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 7,030 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 G47 16 373 16 Total............................................................. 1,067 16 1,027 16 958 16 916 16 '992 16 1,137 16 Other countries: Australia........................................................... 402 411 433 421 477 455 All other......................................................... 382 26 428 31 425 28 386 28 379 29 434 31 Total............................................................ 784 26 839 31 858 28 807 28 856 29 889 31 Total foreign countries2............................... 49,302 1,501 49,214 1,516 49,810 1,594 50,722 1,632 r51,419 1,577 51,251 1,592 International and regional,............... 7,161 904 7,280 798 46,689 799 *6,999 795 *■6,878 752 7,659 556 Grand total2............................... 56,463 2,405 56,494 2,314 56,499 2,393 57,721 2,427 *■58,297 2,329 58,910 2,148 i 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.” nonmarketable 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 1058. See also Note to table on gold reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1052 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 1966 1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS (Amounts outstanding; in millions of dollars) End of period G t r o a 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 r s o t p e e rn 2 Canada A re m L p e u a r t b i i l c n i a c n s Asia Africa co O un th tr e i r e s 1963................................................ 19,505 5,855 13,650 7,867 1,664 1,058 2,731 154 176 1964................................................ 20,221 5^876 14,345 8,266 1,483 1,238 3^020 160 178 1965 May.................................... 18,741 5,660 13,081 6,818 1,304 1 ,389 3,178 191 201 June................................... 18,973 5,646 13,327 7,196 1,275 1,295 3,173 193 195 July.................................... 18,818 5,944 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 s410 1,347 3,188 187 211 Nov.. ................................ 19,520 5,836 13,684 7,192 1,440 1'343 3'297 187 225 Dec..................................... '19,922 "5,751 14,171 7,532 1,403 1 '497 3^300 194 245 1966—Jan...................................... 49,783 ’•5,839 13,944 7,264 1 ,339 1,480 3,421 209 231 Feb................................... 49,390 ’•5,816 13,574 6,912 1,364 1 '425 3,439 210 224 Mar.................................... 19,423 5,848 13,575 7,037 1 ,308 1 ‘,359 3,410 218 243 Apr.J*................................. 19,428 5,784 13,644 6'988 1,262 1,415 3'515 229 235 Mayp................................. 19,560 5,633 13,927 7,258 1,239 1,438 3,532 235 225 1 Includes international organizations, and Latin American and Euro­ as reported by banks in the United States, and estimated foreign official pean regional organizations, except the Bank for International Settlements holdings of marketable U.S. Govt, securities with an original maturity and the European Fund, which are included in Western Europe. of more than 1 year. Data exclude nonnegotiable, non-interest-bearing 2 Includes Bank for International Settlements and European Fund. special notes held by the Inter-American Development Bank and the International Development Association, and also nonmarketable U.S. Note.—Data represent short-term liabilities to the official institutions Treasury notes and bonds, payable in dollars and in foreign currencies. of foreign countries and to official international and regional organizations, 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional 1 Foreign E p n er 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 ­ n o l ­ 2 g L i r o . e n A ­ a . l Total c O ia ff l i­ 3 Other Europe Canada Am La e t r i i n c a Asia Africa O c t o r t u h ie n e s r ­ 1961 . ........... <22,533 3,752 3,695 57 4 18,781 10,940 <7,841 10,322 2,758 2.340 < 2,974 283 104 1962................... 25^019 3,145 4,938 34 173 19;874 11,963 7i911 10,162 3; 349 2’448 3^44 319 152 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—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..... "29,072 "5,000 "4,882 10 "107 "24,072 13,066 11,006 11,627 2,574 4,027 5,286 280 278 1966—Jan......... ’■29,277 "5,095 "4,967 9 "119 "24,182 12,844 11,338 11,672 2,561 4,043 5,326 312 268 Feb........ *■29,154 "5,210 "5,083 10 117 23,944 12,474 11,470 11,358 2,589 4,055 5,356 335 253 Mar....... 29,266 5,292 5,177 12 103 23,974 12,475 11,499 11,680 2,308 4,026 5,359 330 272 Apr.P... 29,514 5,297 5,180 10 106 24,217 12,544 11,673 11,542 2,460 4,099 5,522 328 266 Mayp... 29,719 5,196 5,083 12 101 24,523 12,827 11,696 11,878 2,359 4,146 5,541 336 263 2a. Europe Ger­ End of period Total Austria Belgium D m e a n rk ­ F la 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—May.... 10,747 206 463 255 113 1,174 1 ,711 144 1,357 285 205 246 197 748 June.... 11,305 222 420 271 104 1,213 1,540 147 1,440 278 232 248 231 719 July.... 10,766 248 425 269 104 1,089 1,363 144 1,314 308 214 241 234 724 Aug....... 11,310 263 444 242 100 1,181 1,233 148 1,486 316 224 256 271 707 Sept.... 11,554 259 418 238 94 1,111 1,363 150 1,368 330 231 277 254 704 Oct........ 11,576 261 411 260 113 1,036 1,385 143 1,328 356 240 280 229 699 Nov.... 11,461 263 404 275 105 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,.... 11,680 2H 370 341 95 1,071 1,420 144 1,326 271 254 294 118 651 Apr.P... 11,542 203 380 347 91 1,024 1,409 142 1,378 242 284 295 120 661 Mayp... 11,878 208 379 323 86 1,068 1,479 144 1,409 272 311 281 132 671 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 1NTL. CAPITAL TRANSACTIONS OF THE U.S. 1053 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2a. Europe—Continued 2b. Latin America End of period Sw la it n z d er­ Turkey U K d n i o i n t m g ed ­ Y sla u v g i o a ­ W E O u e t r s h t o e e p r r n e 6 U.S.S.R. E E O a u s t r h t o e e p r r n e Total A t r i g n e a n­ Brazil Chile Co b l i o a m­ Cuba Mexico 1961................... 875 26 2,227 12 325 5 16 2,340 235 228 105 147 43 495 1962................... 908 25 1,609 11 351 3 19 2:448 210 204 135 148 7 15 531 1963................. 906 21 1,483 16 465 2 24 3,137 375 179 143 169 11 669 1964................... 1,370 36 1,884 32 358 3 19 3,563 291 258 176 209 12 735 1965—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 1 25 3,793 354 410 184 171 10 622 Sept..... 1,383 24 2,962 57 303 2 27 3,804 382 412 205 167 10 642 Oct........ 1,333 30 3,146 49 245 2 29 3,827 414 356 195 191 10 611 Nov....... 1,268 27 3,032 48 287 3 27 3,836 397 382 188 201 10 644 Dec....... 1,369 34 2,714 36 369 4 30 4,027 432 383 219 214 10 703 1966—Jan........ 1,331 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 11 742 Mar....... 1,456 39 3,221 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 May?... 1,575 28 3,137 16 330 3 27 4,146 518 337 205 193 9 717 2b. Latin America—Continued 2c. Asia E pe n r d i o o d f Panama Peru g U u r a u y ­ V zu e e n l e a ­ O L re t . h p A e . . r B B e a r h m & a u m d a a s 8 A S n u N t r i e i l n t le h a s . m & Am O L e a t r h 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 s o i ­ ­ a Israel 1961................... 87 84 57 418 226 111 89 15 4 2,974 35 56 78 76 63 1962................... 98 105 101 405 267 123 97 10 3'444 36 65 41 28 81 1963................... 129 158 113 591 355 136 93 15 4^001 35 66 51 48 112 1964................... 99 206 111 734 416 189 114 14 4^687 35 95 59 38 133 1965—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....... 116 244 129 715 501 177 111 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....... 135 252 157 701 546 186 127 24 5,359 34 112 78 37 125 Apr.?... 145 240 161 787 547 175 127 16 5,522 35 119 159 52 135 Mayp... 146 233 167 762 529 183 125 19 5,541 35 117 141 55 128 2c. Asia—Continued 2d. Africa 2e. Other countries E p n er 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 li r 8 1961..................... * 1,672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962................ 2495 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—May......... 2,803 91 248 227 494 776 283 31 16 54 27 154 221 198 23 June......... 2,843 88 250 229 496 747 277 30 18 49 22 158 228 203 25 July...... 2,830 88 280 226 501 804 262 18 17 52 24 151 219 195 24 Aug...... 2', 897 92 265 228 503 764 283 17 16 61 24 164 218 196 22 Sept.......... 2,947 101 278 227 502 712 271 14 22 58 20 157 223 199 24 Oct....... 2^972 103 283 228 506 718 272 12 31 53 19 157 244 222 22 Nov......... 3,020 110 290 220 513 762 274 11 30 57 19 158 257 235 22 Dec.......... 3,014 108 304 212 542 718 280 12 17 51 30 170 278 254 24 1966—Jan............ 2,965 118 295 215 577 768 312 11 19 72 18 191 268 244 24 Feb........... 2,964 117 302 213 604 760 335 11 19 95 18 192 253 226 27 Mar...... 2,966 116 310 215 627 738 330 14 19 89 16 192 272 232 40 Apr.’.... 2,959 121 313 218 580 832 328 11 20 89 17 192 266 231 35 May?.... 2,933 114 320 222 585 891 336 8 20 95 15 197 263 234 29 i International Bank for Reconstruction and Development, Inter­ 5 Includes revisions arising from changes in reporting coverage as national Monetary Fund, International Finance Corp., International follows (in millions of dollars); Total +50; Foreign other +50; Europe Development Assn., 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. » 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

1054 INTL. CAPITAL TRANSACTIONS OF THE U.S JULY 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 *; (end of period) 1964 1965 1966 1964 1965 1966 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia (Cont.): Iceland.............................................. 5.2 7.1 5.8 4.0 Iran.................................................. 23.4 62.0 66.9 79.2 Ireland, Rep. of.............................. 8.7 6.3 6.2 6.6 Iraq................................................... 21.6 65.4 12.0 n.a. Luxembourg.................................... 17.4 20.1 21.1 28.2 Jordan............................................. 2.7 7.9 16,0 16.0 Monaco............................................ 4.1 3.6 3.7 4.0 Kuwait............................................. 56.4 52.0 35.5 24.6 Laos................................................. 5.0 5.0 3.2 5.7 Other Latin American republics: Lebanon.......................................... 84.2 113.2 99.7 92.0 Bolivia.............................................. 43.2 53.1 67.4 64.4 Malaysia......................................... 22.2 36.3 25.9 31.2 Costa Rica....................................... 31.5 28,6 34.2 32.9 Pakistan........................................... 23.1 24.8 19.4 21.0 Dominican Republic..................... 55.8 47.3 72.3 54.3 Ryukyu Islands (incl, Okinawa). 25,6 32.7 24,0 39.5 Ecuador............................................. 67.1 65.2 69.6 62.3 Saudi Arabia.................................. 197.2 288.0 283.6 291.0 El Salvador...................................... 56.0 71.7 67.0 78.3 Syria................................................. 7.6 3.2 4.0 4.8 Guatemala........................................ 48.7 71.6 68.1 86.9 Vietnam........................................... 19,0 19.7 39.0 123.8 Haiti................................................... 14.3 15.4 16.3 16.7 Honduras.......................................... 26.0 33.0 31.4 43.2 Jamaica............................................. 7.0 7.8 8.6 11.5 Other Africa: Nicaragua........................................ 42.4 67.4 67.0 75.0 Algeria............................................ 1.5 2.1 7.6 13.6 T P r a i r n a i g d u ad a y & ... .. T ... o .. b .. a ... g .. o .. . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7 1 . . 4 4 1 8 2. . 1 6 1 3 3 . . 6 8 1 6 5 . . 3 0 E L G t i h b h a e io r n p i a a i . a . . . . , . . . . . . ( . . . i . . n . . . . . c . . . l . . . . . . . . . E . . . . . . r . . . . i . . t . . . r . . . . e . . . . a . . . . ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 5 0 3 . . . 0 6 7 4 1 5 5 7 . . . 1 2 6 4 1 2 4 7 . . . 1 9 6 5 1 2 8 9 . . . 7 9 9 Other Latin America: Libya.............................................. 28.9 26.8 34.8 26.7 British West Indies......................... 8.0 16.0 11.5 8.9 Mozambique.................................. 2.5 1.6 1.6 1.7 French West Indies & French Nigeria............................................ 15.7 20.3 21.7 n.a. Guiana.......................................... 1.1 1.4 2.2 1.5 S S o o u m th al e i r n R e R p h u o b d li e c s .. i . a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103. . 4 5 2. .8 6 3. . 3 8 3. . 5 9 Other Asia: Sudan...................................... 2.2 2.2 3.7 3.3 Afghanistan..................................... 5.5 6.3 5.6 8.0 Tunisia............................................. .9 1.0 1.8 1.0 Burma.............................................. 32.5 35.9 49.1 n.a. Zambia............................................ (>0) .9 7.2 n.a. Cambodia.............................. 1.5 1.7 2.7 n.a. Ceylon.............................................. 2.4 2.7 2.4 3.3 All other: New Zealand................................. 12.0 19.7 18.7 27.1 » 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 10 Includes data reported for Malawi (formerly Nyasaland) and ment Assn, and the Inter-American Development Bank. For data on Zambia (formerly Northern Rhodesia). long-term liabilities, see Table 6. For back figures and further descrip­ tion of the data in this and the following tables on international capital Note.—Short-term liabilities are principally deposits (demand and transactions of the United States, see “International Finance,” Section time) and U.S. Govt, securities maturing in not more than 1 year from 15 of Supplement to Banking and Monetary Statistics, 1962. 3. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks and official institutions To all other foreigners Payable End of period Total in foreign Total Deposits T bi r l U e ls a . S s a u . n r d y n S o p U t e . e c S s i . a 2 l Other 3 Total Deposits b T i r ll U e s a . s S a u . n r d y Other 3 currencies Demand Time 1 certificates Demand Time 1 certificates 1961....................... 22,450 19,944 8,544 7,363 2,388 1,549 2,356 1/ ?76 149 231 150 1961 4..................... 22,533 20',025 707 7,363 2,388 1367 2,358 1.)77 149 232 150 1962........................ 25,019 22:311 8,528 9:214 3:012 1357 2,565 2.096 116 352 143 1963 ....................... 25'967 22,787 5,629 3,673 8,571 3,036 1 378 3,047 1,493 966 119 469 134 1964 5..................... 28,873 25 ,'406 6,731 3,990 8,727 3,308 2,650 3,377 1 ,531 1,271 72 503 90 1965—May........... 27,459 23,929 6,105 3,929 7,690 3,167 3,038 3,440 1 ,516 1,400 79 445 90 June........... 27,781 24^08 6,486 3',907 7,640 3,167 3:008 3,473 1:522 1,418 86 446 101 July............. 27,862 24:282 6,556 3,958 7,205 3,462 3J01 3,484 1:536 1:423 87 438 97 Aug............ 28'540 24^42 7,080 4^03 7,319 3,434 3JO6 3,485 1:480 1 371 88 447 113 Sept............ 28'912 25^91 6,977 3,926 ?:?09 3,494 3J85 3,503 1 ',504 1,492 81 426 118 Oct............. 29:234 25,587 7,048 4,073 7,819 3,489 3,158 3,546 1:515 L529 91 410 101 Nov....... 29:171 25,481 6,810 4,005 8,078 3,470 3,118 3,591 1:55i 1J 562 91 387 98 Dec............. ’■29,072 '25,426 6^69 3,963 8,269 3,470 *■3,155 3,587 1,574 1:594 87 332 59 1966—Jan.............. '29,277 '25,319 6,871 4,043 7,848 3,558 '2,999 3,592 1,563 1,627 94 308 365 Feb............. r29J54 '24:108 6,795 3,991 7,822 3,548 '2,952 3,658 1 ,586 1'636 95 341 388 Mar............ 29^66 25:208 7,117 3,823 7,643 3,592 3^33 3,676 1 ,530 1,703 89 354 381 Apr.p......... 29^14 25^97 7,077 3,894 7,548 3,597 3,281 3,712 1,578 1,693 106 336 406 MayP......... 29,719 25,588 7,293 3,770 7,464 3,627 3,433 3,695 1,531 1,718 88 358 437 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 +50; foreign banks, etc. +55; Bank, which amounted to $200 million on May 31, 1966. other foreigners +23; payable in foreign currencies —28. 3 Principally bankers’ acceptances, commercial paper, and negotiable Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1055 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 r t a a 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 1 cou O n t t h r e i r e s 2 1961......................................................................................... 3 4,820 767 556 1,522 31,891 85 1962......................................................................................... 163 877 526 1,606 2,017 137 1963......................................................................................... 5,975 1 939 638 1,742 2,493 104 58 1964....................................................................................... 7,469 1 1.217 725 2,212 3,137 120 58 19644....................................................................................... 7,957 * 1,230 1,004 2,235 3'294 131 64 1965—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............................................................................. 570 1 1,126 786 2,116 3’,329 151 62 Aug............................................................................. 7,541 * 1,121 758 2,124 3337 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............................................................. 7386 1,169 685 2,175 3'253 134 69 Dec.................................................................. 7^632 1,201 593 2,288 3,343 139 67 Dec 5........................................................................ 7'728 ♦ 1,208 669 2,293 3,351 139 67 1966—Jan.............................................................................. 7,553 ♦ 1,207 625 2,212 r3,292 142 76 Feb.............................................................................. 7,468 1 1,145 631 2,190 3,294 132 76 Mar............................................................................. 7,584 1 1,176 647 2,199 3*360 135 66 Apr.*......................................................................... 7,467 1 1,166 603 2,151 3'352 137 58 May*.......................................................................... 7,551 1 1,217 607 2,210 3,312 142 63 4a. Europa 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 a r y ­ 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 May..................... 1,173 9 43 23 75 83 184 14 116 44 51 36 46 38 June....................... 1,164 9 40 19 74 86 167 11 113 46 50 34 38 42 July........................ 1,126 8 37 20 71 72 174 11 113 40 44 32 52 40 Auc. 1,121 10 34 20 71 81 169 12 108 38 45 27 46 39 Sept....................... l',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.L.......... 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......................... 1,145 8 54 36 89 66 184 14 109 40 49 29 55 54 Mar,.............. 1,176 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 May*..................... 1,217 11 66 36 87 70 174 14 96 39 57 32 73 58 4a. Europe—Continued 4b. Latin America End of period S l w a e n r it ­ d z­ T k u e r y ­ U K d n o i i n m t g ed ­ Y sla u v g i o a ­ W E O u e r t s h o te e p r r e n 6 U.S.S.R. E E O u as t r h t o e e p r r n e 7 Total A t r i g n e a n­ Brazil Chile l C o b m i o a ­ - Cuba M ic e o x­ 1961.................................... 105 16 181 9 9 8 1,522 192 186 127 125 19 425 1962.................................... 75 42 221 6 19 8 1,606 181 171 186 131 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—May....................... 95 17 216 28 25 30 2,191 208 112 135 294 16 691 J une....................... 99 31 223 29 26 1 28 2,172 204 112 144 285 16 693 July........................ 87 42 195 32 26 2 27 2,116 208 113 139 276 16 671 Aug........................ 82 42 201 39 28 3 29 2,124 219 111 135 265 16 672 Sept............ 89 36 282 36 25 3 31 2,136 220 104 143 248 16 677 Oct.................. 85 40 218 32 27 3 27 2,156 220 91 152 266 16 655 Nov............ 81 26 240 28 28 5 26 2,175 234 84 157 262 16 665 Dec........................ 73 42 210 28 28 6 27 2,288 232 94 174 270 16 669 Dec. 5..................... 73 42 216 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 2! 196 25 27 4 31 2,199 221 97 173 225 16 718 Apr.*..................... 74 18 198 23 31 4 30 2,151 206 82 165 235 16 713 May*..................... 83 30 200 23 32 5 32 2,210 199 95 168 235 17 732 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1056 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 1966 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 4b, Latin America—Continued 4c. Asia E pe n r d i o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ r O l e 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 t r m l h i l ­ e . s A O L ic m a t a h t e i e n r 9 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 13 20 ♦ 37 1963................... 35 99 65 114 135 42 9 16 2,493 2 11 17 22 1964................... 41 102 76 165 222 58 18 20 3*137 2 26 22 7 44 1964<................. 49 108 78 168 224 65 18 21 3 294 2 28 21 7 1965—May.... 51 119 78 173 216 58 19 19 3,367 I 27 28 4 55 June,... 50 117 72 167 213 59 19 18 3,409 34 26 1 54 July.... 47 115 67 164 208 56 17 20 3,329 1 32 21 1 54 Aug....... 48 122 68 172 210 52 13 21 3,337 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 I 27 19 2 67 Nov....... 55 147 50 181 234 52 14 22 3,253 1 28 16 1 76 Dec....... 59 170 45 220 250 53 14 23 3,343 1 29 17 2 86 Dec. 5... 59 170 45 220 250 53 14 23 3,351 1 29 17 2 86 1966—Jan......... 59 172 49 185 237 51 13 23 3,292 1 24 22 2 86 Feb........ 63 162 56 174 224 41 13 24 3,294 1 26 26 2 82 Mar....... 62 167 44 171 217 45 13 27 3,360 29 28 2 91 Apr.”... 66 169 42 174 206 42 11 23 3,352 1 32 28 2 84 May”... 64 175 56 174 200 57 16 22 3,312 1 33 28 1 81 4c. Asia—Continued 4d. Africa 4e. Other countries Congo End of period Japan Korea P p h in il e ip s ­ w Ta a i n ­ T la h n a d i­ O A t s h i e a r Total 1 ( p v L i o l e l 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 a1 Total z A t l r i u a a s ­ ­ ot A h H er 10 1961............................ 3 1,528 4 114 10 34 145 6 10 13 85 29 27 1962............................ 11740 3 70 9 41 80 2 10 26 137 41 57 1963............................ 2,171 25 113 8 52 71 104 1 1 15 28 59 58 48 9 1964............................ 2,653 21 202 9 64 88 120 1 2 19 42 56 58 48 10 1964“.......................... 2*810 21 203 9 65 82 131 1 2 20 42 67 64 48 16 1965—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 1 2 31 36 72 59 46 14 Sept................ 2,755 20 212 9 72 93 146 1 2 36 38 69 59 45 14 Oct.................. 2,656 20 219 9 70 98 146 1 2 36 35 71 66 52 15 Nov................ 2*683 20 240 11 71 104 134 1 2 33 32 67 69 55 14 Dec................. 2^51 22 231 15 82 108 139 1 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 2',777 24 206 15 72 115 135 1 3 35 42 55 66 59 7 Apr.”....... 2,777 24 202 16 73 113 137 1 39 43 53 58 50 8 May”............. 2',754 14 205 15 70 110 142 * 2 50 39 50 63 52 11 1 Not reported separately until 1963. 9 Until 1963 includes also the following Latin American republics: 2 Includes Africa until 1963. Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, 3 Includes $58 million reported by banks initially included as of Dec. and Trinidad and Tobago. 1961, of which $52 million reported for Japan. 1 0 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

JULY 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1057 5. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies Loans to— Accept­ Foreign End of period Total C t o io ll n e s c ­ a m n a c d e e s Deposits g c o u v r t it , ie s s e , ­ Total Official out­ for acct, Other 3 Total with for­ coml. Other* Total i t n i s o t n it s u 1 ­ Banks Others st i a n n g d­ e o ig f n f e o r r s ­ 2 eigners p a n n a a p d n e c f r e i ­ 2 1961 .......................... 4,762 4,177 1,646 329 699 618 694 1,837 586 385 200 1961s.............................. 4,'820 4,234 L660 329 709 622 700 1,874 586 386 200 1962................................ 5J63 4'606 1'954 359 953 642 686 1,967 557 371 186 1963................................ 5’,975 5344 1,915 186 955 774 832 2,214 384 631 432 157 42 1964................................ 7.469 6; 810 2,652 223 1,374 1,055 1,007 2,600 552 659 400 182 77 19646.............................. 7,957 7'333 2,773 221 1,403 1 J50 1,135 2,621 803 624 336 187 102 (965—May................... 7,775 7,200 2,818 213 1,461 1,144 1,099 2,607 676 575 330 147 98 June................... 7,’758 7'191 2^854 231 1'476 1'147 1,131 2,605 601 566 328 141 98 July..................... 7l 570 7'037 2,803 241 M22 1 J39 1,136 2,531 566 533 308 141 84 Aug.................... 7,541 7,032 2,821 233 1,458 1,129 1,158 2,509 544 509 298 125 87 Sept..................... 7,498 6'965 2,813 239 1,468 1,106 1,189 2,454 510 533 364 78 90 Oct...................... 7,392 6; 895 2,806 265 1,440 1,101 1,191 2,422 476 496 321 82 93 Nov,................... 7,486 6^983 2,887 251 1,535 1,101 1,207 2,411 477 503 325 75 103 Dec..................... 7,632 7J58 2’967 271 1,566 1,130 1,214 2,554 422 474 325 54 95 Dec. ?................. 7’,728 7’,236 2’967 271 l',567 I’,129 1,272 2,501 495 492 329 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 ;o9i 1,264 2,478 476 436 260 61 115 Mar..................... 7,584 7,139 2'864 233 l,'508 1,123 1,287 2,539 449 445 286 53 106 Aor.p 7; 467 7^062 2,717 224 1,425 1,068 1,302 2,573 469 405 252 60 94 May»................. 7,551 7,137 2^828 225 1 ,520 1,083 1,298 2,537 473 415 247 62 106 1 Includes central banks. 6 Differs from December data in line above because of the exclusion 2 Not reported separately until 1963. as of Dec. 31, 1964, of $58 million of short-term U,S. Govt, claims 3 Until 1963 includes acceptances made for account of foreigners. previously included; and because of the addition of $546 million of short­ * Until 1963 includes foreign government securities, commercial and term claims arising from the inclusion of claims previously held but first finance paper. reported as of Dec. 31, 1964, and revision of preliminary data. 5 These figures reflect the inclusion of data for banks initially included 7 Differs from December data in line above because of the addition as of Dec. 31, 1961. of short-term claims held in custody for domestic customers, but reported by banks for the first time as of Dec. 31, 1965. 6. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Claims Type Country or area Total End of period liabili­ ties Total Payable in dollars Payable claims All fo c r u i e n r i g ­ n U K d n i o i n m t g ed ­ E O u t r h o e p r e Canada A L m a e t r in ic a Japan O A t s h i e a r Africa * ot A he ll r 2 Loans* other 1 rencies * (961 ,, ..........2..........2.. 034 11 482 274 931 24 146 166 1%2 • ................. 7 2 160 25 552 304 886 74 148 171 1963................................ 69 3 3,030 2,811 217 2 38 3 1,063 290 3 1,015 3 249 3 194 113 68 ] 964................................ 306 3^971 3'777 195 77 1 ,611 273 1,162 385 238 123 104 19644.............................. 310 4^285 3,995 288 1 87 1,632 327 1,275 430 255 156 122 1965 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..................... '514 4,'516 4,211 296 9 86 1,517 346 1,296 445 391 208 228 1966—Jan.................... '515 4,441 4,148 286 6 85 1,488 336 1,255 438 393 201 246 Feb...................... '511 4,418 4,124 287 7 86 1,448 335 1,245 441 403 211 250 Mar..................... 569 4^389 4,094 289 7 86 1,418 330 1,265 434 410 192 255 Apr.p.................. 726 4'415 4j 126 282 8 85 1,408 326 1,292 430 411 192 271 May?................. 842 4,430 4,152 270 7 85 1,412 308 1,318 425 406 200 276 i Not reported separately until 1963. this amount are claims on: Europe $5 million, Latin America $134 2 Includes Africa until 1963. million, and Asia $54 million. 3 Includes claims previously held, but reported for the first time as of 4 Differs from Dec. data in line above because of the 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

1058 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 1966 7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate U.S. Govt, bonds and notes 1 securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d i, Foreign c P ha u s r e ­ s Sales c N ha s e a s t e l 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 e l e p s s u o r r ­ c P ha u s r e ­ s Sales c N h s a e a s t l e e p s s u o r r ­ 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—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 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 -4 659 544 115 243 352 -109 100 101 Apr.p, -66 -68 2 2 574 562 12 106 230 -125 88 105 -17 Mayp, -60 -51 _9 -9 716 576 141 152 156 -3 94 55 39 1 Excludes nonmarketable U.S. Treasury bonds and notes held by Note.—Statistics include transactions of international and regional official institutions of foreign countries; see Table 8. organizations. 2 Includes State and local govt, securities, and securities of U.S. Govt, See also Note to Table 2. agencies and corporations that arc 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 2 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—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 Apr............................. 713 75 30 301 125 182 524 299 200 25 May........................... 640 75 30 251 125 158 517 299 193 25 June............................ 589 75 30 200 125 158 512 299 188 25 1 Includes bonds payable in Swiss francs to the Bank for International with transactions under the Columbia River treaty. Amounts out­ Settlements. Amounts outstanding were S70 million May 1964-June standing were $204 million Sept. 1964-Oct. 1965, and $174 million for 1965 and $93 million July-Dec. 1965. Nov. 1965-June 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

JULY 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1059 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 i n t m g ed ­ E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e in r­ Asia Africa 1 O c t o r t i u h e n e s r 2 ­ re I g a n i n o t d i n , al 1962............... 60 111 -51 4 129 -33 24 124 -43 -20 -18 1 17 1963............... 207 198 9 — 8 -14 206 16 199 -47 14 17 1 22 1964............... -173 -349 176 -37 -200 -4 14 -228 3 25 10 ♦ -1 18 1965............... -461 -499 38 14 -63 -522 47 -523 37 -15 24 -4 -1 21 1965—May.. 3 -42 44 3 -5 -9 -1 -12 10 3 1 * * 2 June.. -236 -65 -172 6 -41 -220 -7 -262 29 -3 -2 * ♦ 2 July.. -112 -96 -16 -4 -22 -90 -1 -117 11 -7 2 -3 * 3 Aug... -100 -93 -8 -8 -82 -2 -92 -13 -1 4 * * 1 S O e c p t t ., . .. . -2 -6 8 -3 -6 8 - 1 1 1 4 4 2 1 0 0 - - 2 5 1 6 -4 -3 -7 6 - - 3 4 1 * 7 4 ♦ « * 2 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... 115 -41 156 9 17 -35 24 15 23 5 1 ♦ * 71 12 -22 34 20 -55 3 -30 23 8 7 3 MayP. 141 -9 150 H 31 -68 9 -18 52 13 -8 * • 101 i Not reported separately until May 1963. Note.—Statistics include State and local govt, securities, and securities 2 Yearly figures through 1963 include Africa. of U.S. Govt, agencies and corporations 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) Period Total g I a r i n o n e t n d ­ i, a l c T e f o o i o u g t r n a n ­ l ­ r E o u p ­ e C a a d n a ­ A L i m a c t a e in r ­ Asia r A ic f a - i c O tr o t i u e h s n e 2 r ­ E pe n r d i o o d f Deposits U.S. A G ss o e v ts t , i n c E u a st r o m d a y rked tries securities * 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..................... — 953 -164 -788 108 -659 -55 -131 3 -54 1965—June.. 179 7,599 12,951 1965—May........ -28 3 -31 14 -31 7 ♦ -21 July... 147 7,221 13,108 June........ -124 9 -133 -41 -67 -6 -23 1 3 Aug... 356 7,264 13,065 July......... -49 -13 -36 33 -48 -4 -2 1 -15 Sept... 213 7,805 12,923 Aug......... -23 1 -23 18 -46 5 -1 1 Oct... 144 7,974 12,905 Sept......... -108 -17 -92 27 -117 -5 12 4 -12 Nov... 149 8,171 12,824 Oct...... -101 6 -107 -9 -101 3 -2 3 Dec.., 150 8,272 12,896 Nov......... -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.......... -191 7 -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 June.. 313 7,517 12,955 Apr.’.... -142 -31 -111 -8 -137 36 -3 2 Mayp.... 36 -22 58 75 -8 -14 4 * 1 1 U.S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign 1 Not reported separately until May 1963. currencies. 2 Yearly figures through 1963 include Africa. Note.—Excludes deposits and U.S. Govt, securities held for international organizations. Earmarked gold is gold held for foreign and international accounts (for back figures, see “Gold,” Section 14 of Supplement to Banking and Monetary Statistics, 1962). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1060 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 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. DecJ Mar. June Sept. Dec. Dec. DecJ 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 Pinland ,....••..•••••........... 1 1 1 1 1 1 7 7 6 6 6 6 Prance.................................. 31 31 35 47 51 51 61 61 69 71 81 82 Ciermany Fed. Bep. of. ..... 63 63 69 73 59 71 140 140 114 118 105 112 Dreece......-.--••••••••••• 4 4 5 6 7 3 10 10 7 8 10 13 Italy, ...........••••••••••• 26 26 16 16 18 18 95 95 84 81 76 77 Netherlands............. 33 33 40 50 45 55 31 31 29 31 30 41 Nnrwav. 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 39 22 22 29 41 40 27 Turkey .....■••■••••••••■•• 6 6 7 7 4 4 9 9 12 8 8 8 United Kingdom........................ 102 104 102 100 132 139 329 330 365 294 310 312 Yugoslavia.. .........■<.... 1 1 1 1 1 3 3 6 5 5 2 Other Western Europe............. 5 5 6 5 6 3 9 9 7 8 8 8 Eastern Europe........................... 1 1 1 ♦ * 2 2 2 4 2 3 3 Total................... 350 353 360 386 431 451 822 824 838 778 797 828 Oanada ,......................................... 77 79 77 82 84 94 1,057 1,126 904 774 753 685 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 31 Colombia ....... ...................... 10 10 12 13 13 9 25 25 26 22 21 20 Outa T........................................ * 4 4 4 4 4 3 Mexico................................... 6 7 6 6 4 5 69 76 75 76 71 82 Panama........................................ 28 28 25 21 12 11 12 12 11 9 12 13 Pern ............................................ 7 7 7 5 6 6 26 26 21 27 26 29 Uruguay..................................... 1 1 1 2 1 10 10 9 11 11 8 Venezuela.................................... 16 16 19 19 20 22 46 46 40 43 47 50 father L A republics................. 15 15 13 15 15 16 51 51 49 53 53 59 Bahamas and Bermuda............ 2 1 2 2 2 2 11 11 8 9 5 8 Neth. Antilles & Surinam........ 6 6 5 6 8 7 4 4 3 3 5 4 Other Latin America................ 6 6 1 1 2 2 10 10 9 9 10 9 Total - - ........................... • • 115 115 107 108 105 102 468 475 426 416 422 442 Asia: EJong Kong.......................... 2 2 2 2 2 2 9 9 9 8 8 7 India,.................................. 21 21 22 24 26 25 41 41 45 41 36 37 Indonesia............................. 4 4 6 7 9 9 4 4 5 6 4 3 Israel............................................ 1 1 2 2 3 3 7 7 6 7 5 6 Japan,.......................................... 28 28 22 30 28 32 180 180 181 172 168 170 Korea -,..................................... 1 1 * 1 4 4 5 6 14 13 Philippines. ................................ 5 5 6 6 6 6 11 11 15 14 14 17 Taiwan............................... 3 3 2 1 1 1 5 5 5 7 5 6 Thailand....................... 1 1 1 1 2 5 5 7 7 7 6 Other Asia............................. 22 22 25 24 32 32 60 60 62 66 68 67 Total..................................... 88 88 87 98 109 113 327 327 339 332 328 331 Africa: , rV»non /T eonnldvillel............... 4 4 ♦ ♦ 6 6 2 3 1 2 South Africa. - • • ...................... 14 14 22 22 16 11 11 11 19 24 23 20 LIAR fERVDt) 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 Tnlom a♦« ah a 1 and regional.......... * ♦ * ♦ ♦ • ♦ * * ♦ * * (Jrand total........................ 695 700 695 740 779 809 2,776 2,853 2,612 2,411 2,406 22,397 1 Includes data from firms reporting for the first time. Note.—Reported by exporters, importers, and industrial and com­ 2 Includes $103 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

JULY 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1061 13. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Payable Total P d a o y l i l n a a b r l s e cu fo rr r i e e n n i g c n ie s Total P d a o y l i l n a a b r l s e b D a 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 1962—Mar........................................................................................... 675 577 98 1,780 1,461 144 175 June.......................................................................................... 616 518 99 1,776 1,449 178 149 June 1......................................................................................... 665 551 114 1,974 11598 208 168 Sept........................................................................................... 678 554 123 27136 1,685 197 254 Dec............................................................................................ 637 508 129 2'051 1,625 214 212 Dec i......................................................................................... 644 513 130 2^098 1^668 217 212 1963—Mar........................................................................................... 614 470 144 2.113 1.712 201 200 Mar. 1............................................................................... 616 472 144 2,162 1,758 204 200 June........................................................................................... 674 529 146 2,282 1'877 222 183 Sept........................................................................................... 691 552 139 2.257 1,830 225 202 Dec............................................................................................ 626 478 148 2,131 1,739 201 191 Dec. 2......................................................................................... 626 479 148 2'188 1 ^778 199 211 1964—Mar........................................................................................... 631 475 156 2,407 1,887 239 282 June........................................................................................... 622 471 151 2,482 2,000 220 262 June3........................................................................................ 585 441 144 2,430 1,952 219 260 Sept........................................................................................... 650 498 152 2'719 2,168 249 302 Dec............................................................................................ 695 553 141 2,776 2,306 189 281 Dec.1......................................................................................... 700 556 144 2,853 2^38 205 310 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............................................................................................ 809 602 207 4 2,397 2,000 167 229 1 Includes data from firms reporting for the first time. of claims; for previous series the exemption level was $100,000. 2 Includes data from firms reporting for the first time and claims pre­ * Includes $103 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 lia T b o il t i a ti l e s Total K U in n g it d e o d m E O u t r h o e p r e Canada Brazil Mexico A O L m t a e h t r i e n i r c a Japan O A t s h i e a r Africa1 ot A he U r * 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 DecJ....................... 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 Sent. 112 832 64 102 90 68 74 142 90 96 93 13 Dec........................... 107 962 51 109 95 215 72 135 89 95 88 14 Dec.5,...................... 107 1,081 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........................... 136 «1,169 31 112 233 209 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 <> Includes $30 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 * 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

1062 U.S. BALANCE OF PAYMENTS JULY 1966 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1964 1965 1966 Item 1963' 1964' 1965' IV r I' IP III' IV' I* Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total1........................ 32,339 36,958 38,993 9,537 8,776 10,136 10,016 10,065 10,416 Merchandise.................................................................. 22,071 25,297 26,276 6,660 5,625 6,798 6,826 7,027 7,121 Military sales................................................................. 657 747 844 201 200 229 199 216 194 Transportation.............................................................. 2,115 2,324 2,415 587 546 620 617 632 662 Travel............................................................................. 934 1,095 1,212 287 282 295 305 330 316 Investment income receipts, private........................ 4,156 4,932 5,389 1,191 1,422 1,470 1,321 1,176 1,383 Investment income receipts, Govt............................ 498 460 512 62 139 146 149 78 149 Other services................................................................ 1,908 2,103 2,345 549 562 578 599 606 591 Imports of goods and services—Total........................... -26,442 -28,468 -32,036 -7,390 -7,164 -8,087 -8,245 -8,540 -8,908 Merchandise.................................................................. -16,992 -18,621 -21,488 -4,901 -4,656 -5,481 -5,595 -5,756 -6,003 Military expenditures................................................... -2,936 -2,834 -2,881 -683 -664 -701 -745 -771 -837 Transportation.............................................................. -2,316 -2,462 -2,691 -620 -638 -686 -661 -706 -734 Travel............................................................................... -2,090 -2,201 -2,400 -575 -597 -586 -603 -614 -647 Investment income payments.................................... -1,271 -1,404 -1,646 -372 -373 -404 -411 -458 -435 Other services................................................................ -837 -946 -930 -239 -236 -229 -230 -235 -252 Balance on goods and services1...................................... 5,897 8,490 6,957 2,147 1,612 2,049 1,771 1,525 1,508 Remittances and pensions................................................ -867 -879 -994 -230 -227 -288 -244 -235 -239 1. Balance on goods, services, remittances and pensions................................................................. 5,030 7,611 5,963 1,917 1,385 1,761 1,527 1,290 1,269 2. U.S. Govt, grants and capital flow, net................... -3,581 -3,560 -3,375 -1,059 -802 -949 -743 -881 -955 Grants 2, loans and net change in foreign currency holdings and short-term claims............ -4,551 -4,263 -4,277 -1,162 -989 -1,141 -1,117 -1,030 -1,163 Scheduled repayments on U.S. Govt, Joans,. . 644 580 681 96 177 187 191 126 205 Nonscheduled repayments and selloffs............... 326 123 221 7 10 5 183 23 3 3. U.S. private capital flow, net.... f......................... -4,456 -6,523 -3,690 -2,189 -1,605 -3,346 -827 -912 -888 Direct investments................................................... -1,976 -2,416 -3,371 -779 -1,212 -859 -569 -731 -630 Foreign securities..................................................... -1,104 -677 -758 -498 -202 -62 -285 -209 -325 Other long-term claims: Reported by banks.............................................. -754 -941 -231 -327 -468 169 -58 126 123 Reported by others............................................. 163 -343 -91 12 6 -6 -20 -71 -42 Short-term claims: Reported by banks.............................................. -781 -1,523 325 -428 21 144 51 109 137 Reported by others............................................. -4 -623 436 -169 250 268 54 -136 -151 4. Foreign capital flow, net, excluding change in liquid assets in U.S................................................... 689 685 176 310 325 -131 -251 233 239 Long-term investments........................................... 326 109 -167 80 285 -309 -235 92 241 Short-term claims..................................................... -23 113 146 24 -5 68 39 44 46 Nonliquid claims on U.S. Govt, associated with: Military contracts................................................ 347 228 314 158 51 130 -16 149 71 U.S. Govt, grants and capital.......................... 94 50 -85 18 -8 -25 -34 -18 -64 Other specific transactions................................ 1 208 -25 1 2 6 -5 -28 -2 Other nonconvertible, nonmarketable, me­ dium-term U.S. Govt, securities3.............. -56 -23 -7 29 -1 ♦ -6 -53 -352 -1,011 -429 -360 -109 -240 -80 -228 Balances A. Balance on liquidity basis Seasonally adjusted (= 1+2H-3+4+5)... -2,670 -2,798 -1,355 -1,381 -697 226 -534 -350 -563 Less: Net seasonal adjustments............... -12 -512 37 472 3 -485 Before seasonal adjustment......................... -2,670 -2,798 -1,355 -1,369 -185 189 -1,006 -353 -78 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted........................... -2,670 -2,798 -1,355 -1,381 -697 226 -534 -350 -563 Plus: Seasonally adjusted change in liquid assets in the U.S. of: Commercial banks abroad...................... 470 1,454 116 529 -15 -30 707 -546 236 Other private residents of foreign countries.. 385 345 306 130 135 56 65 50 141 International and regional organizations other than IMF..................-.2...3...6.............-245 -272 -32 — 64 -29 -24 -155 -30 Less: Change in certain nonliquid liabilities to foreign central banks and govts................. -7 302 97 91 -23 -15 -22 157 29 Balance B, seasonally adjusted............................. -2,044 -1,546 -1,302 -845 -618 238 236 -1,158 -245 [.<>$$' Net seasonal adjustments.......................... -36 -659 184 508 — 33 -625 Before seasonal adjustment.................................... 2,044 -1,546 -1,302 -809 41 54 -272 -1,125 380 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JULY 1966 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 1063 U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1964 196J 1966 Item 1963 ' 1964' 1965'' IV I' IK IIP IV I* Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis................... 2,670 2,798 1,355 1,369 185 -189 1,006 353 78 Change in U.S. official reserve assets (increase, —)............................................................ 378 171 1,222 -131 842 68 41 271 424 Gold...................................................................... 461 125 1,665 m 832 4 590 124 119 68 Convertible currencies...................................... -113 -220 -349 -205 -58 -56 -413 178 222 IMF gold tranche position.............................. 30 266 -94 -118 68 4 -466 330 -26 134 Change in liquid liabilities to all foreign accounts 2,292 2,627 133 1,520 -657 -257 965 82 -346 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities 5................................................... 703 375 123 50 51 122 -50 -365 Marketable U.S. Govt, bonds and notes 5. 466 -59 -20 -54 16 -15 -2 -19 -5 Deposits, short-term U.S. Govt, securities, etc....................................................... 504 757 -154 873 -927 -92 125 740 -594 IMF (gold deposits)......................................... 34 8 26 131 Commercial banks abroad.............................. 470 1,454 116 517 164 -206 697 -539 408 Other private residents of foreign countries. 385 345 306 128 104 82 72 48 112 International and regional organizations other than IMF............................................... -236 -245 -272 6 -65 -26 -57 -124 -33 B. Official reserve transactions....................................... 2,044 1,546 1,302 809 -41 -54 272 1,125 -380 Change in U.S. official reserve assets (increase, —)............................................................ 378 171 1,222 -151 842 68 41 271 424 Change in liquid liabilities to foreign central banks and govts, and IMF (see detail above under A.).............................................................. 1,673 1,073 -17 869 -860 -107 253 697 -833 Change in certain nonliquid liabilities to foreign central banks and govts.: Of U.S. private organizations..................... 9 148 -41 64 -21 -28 -20 28 47 06 U.S. Govt................................................... -16 154 138 27 -2 13 -2 129 -18 1 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 1 Imports 2 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 31,100 1,418 31,193 1,936 3 -114 622 3 22 313 Feb....................... 3 2,124 2,058 31,599 2,335 31,510 1,459 31,600 1,993 3 614 599 3 -1 342 Mar...................... 3 1,958 2,075 32,755 2,594 31,485 1,518 31,861 2,073 3 473 557 3 894 522 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 2,364 1,416 1,530 31,789 2,070 479 517 3 471 294 June..................... 1,803 2,077 ’2,230 1,431 1,514 3 1,830 372 563 3 400 July...................... 1,841 2,119 2,256 1,450 1,573 41,663 391 546 4 593 Aug............ 1,922 2,100 2,333 1,497 1,608 31,764 425 492 3 569 Sept...................... 1,958 2,261 2,324 1 ,443 1,563 31,807 515 698 3 517 Oct....................... 1,967 2,156 2,342 1,455 1,551 3 2,006 512 605 3 336 Nov...................... 1,966 2,206 2,408 1,466 1,698 31,903 500 3 508 3 505 Dec....................... 2,091 2,426 2,356 1 ,480 1 ,642 2,035 611 3 784 321 Quarter: I........................... 3 5,068 6,173 35,569 7,178 3 4,095 4,395 3 4,654 6,002 3 973 1,778 3915 1,177 II.......................... 3 5,612 6,185 3 6,870 3 4,262 4,581 3 5,452 3 1,350 1,604 31,418 Ill......................... 5,721 6,480 6,913 4,390 4,744 45,234 1,331 1,736 41,679 IV....................... 6,024 3 6,788 7,106 4,401 3 4,891 3 5,944 1,623 3 1,897 31,162 Year 3.................... 22,424 25,671 26,567 17,142 18,684 21,366 5,282 6,987 5,201 3 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

1064 MONEY RATES JULY 1966 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of t.'in inrc Rate Country 1965 1966 Ju a n s e o 3 f 0 , Per Month 1966 cent effective July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Aro*ntinfl ......... 6.0 Dec. 1957 6.0 Austria ............... 4.5 Juno 1963 4.5 R0Co1l(o1iUnUmI • । *. .•..•..•..,..........•..«.....•..*..• 4.75 July 1964 5.25 5.25 Brazil - • - ...................... 12.0 Jan. 1965 12.0 Burma .............................. 4.0 Feb. 1962 4.0 C.n n a d a 1 ................. 4.25 Nov. 1964 4.75 5.25 5.25 ^yjnn t ........... 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 frosts Rica,,., ■. ............... 3.0 Apr. 1939 3.0 Dftnmark ............... 6.5 June 1964 6.5 Pfumdor ...... 5.0 Nov. 1956 5.0 Fl Salvador ................. 4.0 Aug. 1964 4.0 Finland ,................... 7.0 Apr. 1962 7.0 Prance ., ...... 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 T^nndpras 3 . . ......... 3.0 Jan. 1962 3.0 Iceland ....................... 8.0 Jan. 1965 9.0 9.0 Tndja • . 6.0 Feb. 1965 6.0 jndonesia - r ........... 9.0 Aug. 1963 9.0 Tran . ............. 4.0 Oct. 1963 4.0 Ireland..................................... 5.92 June 1965 6.00 5.81 5.84 5.08 •.....5....8.8 5.75 .....5....9..1. 5.94 5.87 ........... 5.87 Israel ....................... 6.0 Feb. 1955 6.0 Italy ■ n t •,....................... 3.5 June 1958 3.5 Jamaica ........................... . 5.0 Nov. 1964 5.0 Tanan ..... 5.48 June 1965 5.48 Rnrea .......................... 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 Z^.qjflnd ............... 7.0 Mar. 1961 7.0 Nicaragua ......................... 6.0 Apr. 1954 6.0 Norway * ■ , -,............. 3.5 Feb. 1955 3.5 Pakistan,.................................. 5.0 June 1965 5.0 Peru .................................. 9.5 Nov. 1959 9.5 Philippine Republic 4 ... 6.0 Jan. 1962 4.75 4.75 Portugal, -.......................... . . 2.0 Jan. 1944 2.5 2.5 S^llfh Africa... .......... 5.0 Mar. 1965 5.0 Spain, ............... 4.0 June 1961 4.0 Sweden .............................. 5.5 Apr. 1965 6.0 6.0 Switzerland ............. 2.5 July 1964 2.5 Taiwan 5.,,,................... 14.04 July 1963 14.04 Thailand ............. 5.0 Oct. 1959 5.0 Tunisia, , ............................ 4.0 Oct. 1962 4.0 Turkey ............................. 7.5 May 1961 7.5 United Arab Rep. (Egypt).. 5.0 May 1962 5.0 United Kingdom.................... 6.0 June 1965 6.0 Venezuela................................ 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some continue to be .25 of 1 per cent above latest weekly Treasury bill tender of these countries follow: average rate but will not be more than the bank rate. Argentina—3 and 5 per cent for certain rural and industrial paper, de­ 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis­ BrazilS per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia—5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent occur. for rediscounts in excess of an individual bank’s quota; 3 Rate shown is for advances only. Costa Rica—5 per cent for paper related to commercial transactions 4 Beginning with June 1, 1962, the rediscount rate for commercial (rate shown is for agricultural and industrial paper); bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for commercial purposes; under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Indonesia—various rates depending on type of paper, collateral, com­ 1962, the rediscount rate for commercial bank financing of 9 categories modity involved, etc.; of development loans was reduced from 6 to 3 per cent. Japan—penalty rates (exceeding the basic rate shown) for borrowings s 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 >IOTE#—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

JULY 1966 MONEY RATES; ARBITRAGE 1065 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la i n tz d er­ Month 3 T m r b e o i a l n s ls u t , h ry s 1 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 p e s t r t h . ­ s s ’ 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e t o y ­ a B d ll a e o n p w o k o n a e s n r it s c s * e D m a o d y n a - e y t y o 3 ­ T 6 r d b e 0 a i a - y l s l 9 s s u 0 * , r y D m a o d y n a - e y t y o 5 ­ 3 T m r b e i o a l n l s 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 u e 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—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 3.88 344 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 4.34 4.00 5.19 4.50 4.33 3.50 May............. 3.10 5.04 5.97 5.65 4.96 4,00 5.00 5,06 4,87 4,90 3.50 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. Note—For description and back data, see “International Finance,” 4 Rate in effect at end of month. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Date United P d ( r i + s e c m ) o i u o u n r m t inc N en e t t i ve Canada P d / r + is e c m ) o i u o u n r m t inc N en e t t i ve q K ( u i a b n o U d a t g j . s a S d . i t s . o t i ) o o m n U S n ta it te e s d L S ( o f p n a o r v d e f o a o d r n ) f ( p o - r o ) w u a n o r d n d L ( o f n a o v d f o o r n ) qu A i o n t s e d qu A o U d t j . a . S t . i t o o n U S n ta i t t e e s d C S ( a f p a n o r v a e f o d a r d a ) C f d o a r o n w l a la d a o r r i n a s d 4 n C ( a f n a o v a f o d r a ) Canada basis 1966 Feb. 4................ 5.39 4.61 .78 -.86 -.08 4.65 4.53 4.61 -.08 -.49 -.57 11................ 5.42 4.63 .79 -.87 -.08 4.66 4.54 4.63 -.09 -.45 -.54 18................ 5.54 4.63 .91 -.92 -.01 4.65 4.53 4.63 -.10 -.37 -.47 25................ 5.45 4.64 .81 -.97 -.16 4.66 4.54 4.64 -.10 -.50 -.60 Mar. 4................ 5.45 4.57 .88 -l.H -.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 Apr. 1................ 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 May 6................ 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 10............... 5.55 4.54 1.01 -.79 + .22 5.07 4.94 4.54 + .40 -.17 + .23 17............... 5,55 4.47 1.08 -.62 + .46 5.06 4.93 4.47 + .46 -.22 + .24 24............... 5,61 4.31 1.30 -.61 + .69 5.01 4,88 4.31 + .57 .00 + .57 30................ 5.61 4.43 1.18 -.59 + .59 5.00 4.87 4.43 + .44 -.11 + .33 July 8............... 5.67 4.63 1.04 -.72 + .32 5.07 4.94 4.63 + .31 .00 + .31 Mote.—Treasury bills'. All 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

1066 FOREIGN EXCHANGE RATES JULY 1966 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period Ar ( g p e e n so ti ) na (poun A d) ustral ( i d a ollar) (s A ch u i s l t l r in ia g) B ( e fr lg a i n u c m ) C (d a o n ll a a d r a ) C (r e u y p l e o e n ) D ( e k n r m on a e r ) k ( F m i a n r la k n k d a) F (f r r a a n n c c e ) I960. 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961. 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962. .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963. .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 1 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--June... .5805 222.49 3.8713 2.0147 92.381 20.939 14,429 31.062 20.405 July. . . .5802 222.39 3.8726 2.0145 92.280 20.935 14.418 31.061 20.405 Aug.... .5806 222.37 3.8724 2.0146 92.714 20.934 14.405 31.061 20.403 Sept.... .5632 222.84 3.8721 2.0140 92.888 20.952 14.457 31.060 20.400 Oct.. . . .5542 223.35 3.8707 2.0130 92,999 20.989 14.502 31,059 20.393 Nov.... .5546 223.40 3.8700 2.0145 93.009 21.008 14,506 31,061 20.403 Dec... . .5322 223,27 ................... 3.8680 2.0141 92.939 21.003 14,520 31,061 20.402 1966—Jan.... .5291 223.42 3.8673 2.0115 93.035 21.012 14.518 31.060 20.399 Feb... . .5284 3 223.38 4111,62 3.8669 2.0107 92.895 21.005 14.496 31.059 20.401 Mar.... .5290 111,36 3.8676 2.0087 92,901 20.959 14,491 31.059 20.402 Apr.... .5292 111.29 3.8677 2.0054 92.836 20.945 14.485 31.064 20.403 May... .5268 111.25 3.8681 2.0089 92.863 20.941 14.459 31.060 20.402 June... .4926 111.15 3.8694 2.0079 92.876 20.926 14.458 31.062 20.403 Period ( G d m e e r u a m t r s k a c ) h n e y (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 ra ly ) J ( a y p en a ) n ( M do s a l i l l a a a y r) ­ M (p e e x s i o c ) o ( e g N r u la i e l t n d h d e ­ r s ) Z (p e N o a u e la n w n d d ) 1960. 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961. 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962. 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1963. 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 277.22 1964. 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 276.45 1965. 25.036 20.938 279.59 .16004 .27662 32,609 8.0056 27.774 276.82 1965--June... 25.003 20.924 279.23 .16003 .27638 32.583 8.0056 27.735 276.46 July... 24.960 20.914 279.10 .16005 .27599 32.579 8.0056 27.761 276.33 Aug.. . 24.923 20.913 279.08 .16005 .27598 32.565 8.0056 27.791 276.32 Sept.. . 24.934 20.943 279,67 .16005 .27597 32.621 8.0056 27.781 276.90 Oct.... 24.968 20.978 280.31 .16003 .27602 32.694 8.0056 27.772 277.53 Nov... 24.997 20.990 280.37 .16003 .27661 32.679 8.0056 27.756 277.59 Dec.... 24.992 20.994 280.21 .16004 .27689 32.666 8.0056 27.724 277.43 1966—Jan.... 24.926 21.005 280.39 .16002 .27695 32.678 8.0056 27.659 277.61 Feb.... 24.904 20.998 280.25 .16003 .27631 32.671 8,0056 27.603 277.48 Mar.. . 24.914 20.949 279.52 .16003 .27615 32.600 8,0056 27.618 276.75 Apr.... 24.902 20.936 279,34 .16011 .27591 32.588 8.0056 27.538 276.58 May... 24.894 20.928 279.23 .16010 .27603 32.588 8.0056 27.547 276.47 24.963 314.393 278.98 .16017 .27584 32.545 8,0056 27.645 276.22 Period N (k o r r o w n a e) y R P ( e p p h p e i i u n s li b o e p ) l ­ ic (e P s o c g r u a 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 i n 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 1.6664 19.272 23.139 280.00 1964. 13.972 3.4800 139.09 1.6663 19.414 23.152 279.21 1965. 13.985 3.4829 139.27 1.6662 19.386 23.106 279.59 1965--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 13.999 ................... 3.4922 .................1..39.58 1,6663 19.327 23.162 280.21 1966-—Jan.. . . 13.998 3,4932 139.67 1,6661 19.339 23.102 280.39 Feb..., 13.992 3,4921 139.60 1.6660 19.346 23.077 280.25 Mar... 13.981 3.4867 139.24 1.6659 19.384 23.040 279.52 Apr.... 13.976 3.4834 139.15 1.6659 19.385 23.102 279.34 May... 13.971 3.4829 139,09 1.6660 19.398 23.167 279.23 13.971 ................... 3.4806 .................1..38.97 1.6658 19.383 23.169 278.98 1 A new markka, equal to 100 old markkaa, was introduced on Jan. 5 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to 1, 1963. , 7.5 rupees per U. S, dollar. Quotations are not available for June 6 2 Effective Jan. 1, 1963, the franc again became the French monetary and 7. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960. 3 Based on quotations through Feb. 11, 1966. Note.—Averages of certified noon buying rates in New York for 4 Effective Feb. 14. 1966, Australia adopted the decimal currency cable transfers. For description of rates and back data, see “International system. The new unit, the dollar, replaces the pound and consists of Finance,” Section 15 of Supplement to Banking and Monetary Statistics, 100 cents, equivalent to 10 shillings or one-half the former pound. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WKi. McC. Martin, Jr., Chairman J. L. Robertson, Vice Chairman Chas. N. Shepardson J. Dewey Daane Sherman J. Maisel George W. Mitchell Andrew F. Brimmer Ralph A. Young, Senior Adviser to the Board Robert C. Holland, Adviser to the Board Robert Solomon, Adviser to the Board Charles Molony, Assistant to the Board Robert L. Cardon, Legislative Counsel Clarke L. Fauver, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS Merritt Sherman, Secretary John R. Farrell, Director Kenneth A^ Kenyon, Assistant Secretary M. B. Daniels, Assistant Director Elizabeth L. Carmichael, Assistant Secretary John N. Kiley, Jr., Assistant Director Arthur L. Broida, Assistant Secretary Karl E. Bakke, Assistant Secretary DIVISION OF EXAMINATIONS LEGAL DIVISION Frederic Solomon, Director Glenn M. Goodman, Assistant Director Howard H. Hackley, General Counsel Brenton C. Leavitt, Assistant Director David B. Hexter, Associate General Counsel James C. Smith, Assistant Director Thomas J. O’Connell, Assistant General Andrew N. Thompson, Assistant Director Counsel Lloyd M. Schaeffer, Chief Federal Reserve Jerome W. Shay, Assistant General Counsel Examiner Wilson L. Hooff, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS Daniel H. Brill, Director Edwin J. Johnson, Director Albert R. Koch, Deputy Director John J. Hart, Assistant Director J. Charles Partee, Associate Director Frank R. GArfield, Adviser DIVISION OF ADMINISTRATIVE SERVICES Kenneth B. Williams, Adviser Joseph E. Kelleher, Director Stephen H. Axilrod, Associate Adviser Harry E. Kern, Assistant Director Lyle E. Gramley, Associate Adviser Stanley J. Sigel, Associate Adviser Tynan Smith, Associate Adviser OFFICE OF THE CONTROLLER John Kak alec, Controller DIVISION OF INTERNATIONAL FINANCE Ralph A. Young, Director OFFICE OF DEFENSE PLANNING Robert L. Sammons, Associate Director Innis D. Harris, Coordinator A. B, Hersey, Adviser > Reed J. Irvine, Adviser . Samuel I. Katz, Adviser DIVISION OF DATA PROCESSING JoRn E. Reynolds, Adviser Lawrence H. Byrne, Jr., Director Ralph C. Wood, Adviser Lee W. Langham, Assistant Director 1068^ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 1069 FEDERAL OPEN MARKET COMMITTEE Wm. McC. Martin, Jr., Chairman Alfred Hayes, Vice Chairman Karl R. Bopp J. Dewey Daane George W. Mitchell Andrew F. Brimmer W. Braddock Hickman J. L. Robertson George H. Clay Watrous H. Irons Chas. N. Shepardson Sherman J. Maisel Robert C. Holland, Secretary Merritt Sherman, Assistant Secretary George Garvy, Associate Economist Kenneth A. Kenyon, Assistant Secretary Ralph T. Green, Associate Economist Arthur L. Broida, Assistant Secretary Albert R. Koch, Associate Economist Charles Molony, Assistant Secretary Maurice Mann, Associate Economist Howard H. Hackley, General Counsel J. Charles Partee, Associate Economist David B. Hexter, Assistant General Counsel Robert Solomon, Associate Economist Daniel H. Brill, Economist Clarence W. Tow, Associate Economist David P. Eastburn, Associate Economist Ralph A. Young, Associate Economist Alan R. Holmes, Manager, System Open Market Account Charles A. Coombs, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL John A. Moorhead, ninth federal reserve district, President Ransom M. Cook, twelfth federal reserve district, Vice President John Simmen, first federal reserve Sam M. Fleming, sixth federal reserve district district William H. Moore, second federal Henry T. Bodman, seventh federal reserve district reserve district William L. Day, third federal reserve A..M-.Brinkley, Jr., eighth federal district reserve district Leland A. Stoner, fourth federal Roger D. Knight, Jr., tenth federal reserve district reserve district John F. Watlington, Jr., fifth federal Robert H. Stewart, III, eleventh federal reserve district reserve district Herbert V. Prochnow, Secretary William J. Korsvik, Assistant Secretary Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1070 FEDERAL RESERVE BULLETIN • JULY 1966 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President Deputy Chairman First Vice President in charge of branch Zip code Boston........................02106 Erwin D. Canham George H. Ellis William Webster Earle O. Latham New York..................10045 Everett N. Case Alfred Hayes Kenneth H. Hannan William F. Treiber Buffalo............... ...14240 Thomas E. LaMont Insley B. Smith Philadelphia........... ...19101 Willis J. Winn Karl R. Bopp Bayard L. England Robert N. Hilkert Cleveland................ ...44101 Joseph B. Hall W. Braddock Hickman Logan T. Johnston Walter H. MacDonald Cincinnati......... ...45201 Walter C. Langsam Fred O. Kiel Pittsburgh......... ...15230 F. L. Byrom 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 Paul W. Cavan 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. For a more complete list, including periodic releases, see pp. 931-934 of the June 1966 Bulletin. (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. 11 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. Sec. 15. International Finance. 1962. 92 pp. per annum or $.50 each. Elsewhere, $7.00 per 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 Rules of Organization and Procedure—Board sent to one address, $.85 each. 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. Trading in Federal Funds. 1965. 116 pp. $1.00 All-Bank Statistics, 1896-1955. 1959. 1,299 a copy; 10 or more sent to one address, $.85 pp. $4.00. each. 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. 1071 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1072 FEDERAL RESERVE BULLETIN • JULY 1966 STAFF ECONOMIC STUDIES Cyclical Determinants of Capital Expendi­ Studies and papers on economic and financial sub­ tures: A Regression Study of the United jects that are of general interest in the field of States Steel Industry, by James P. Bennett. July 1966. economic research. The European Economic Community’s Com­ Summaries only printed in the Federal Reserve mon Agricultural Policy and Its Impact Bulletin. on U.S. Exports, by Thomas M. Klein. July (Limited supply of mimeographed copies of 1966. full text available upon request for single copies.) Printed in full in the Federal Reserve Bulletin. Statistical Refinement of the Concept of In­ flation—Monetary and Liquidity Aspects, (Reprints available as shown in following list.) by Guy E. Noyes. Oct. 1965. The Demand for Money—Speed of Adjust­ REPRINTS ment, Interest Rates, and Wealth, by (From Federal Reserve Bulletin unless preceded Frank de Leeuw. Oct. 1965. by an asterisk.) Price Analysis and Economic Developments, The History of Reserve Requirements for by Murray Altmann. Oct. 1965. Banks in the United States. Nov. 1938. A Study of Factors Affecting the Money 20 pp. Stock: Phase One, by Leonall C. Andersen. Adjustment for Seasonal Variation. Descrip­ Oct. 1965. tion of method used by Board in adjusting eco­ The Postwar Boom in Hotels and Motels, by nomic data for seasonal variation. June 1941. Royal Shipp and Robert Moore Fisher. Dec. 11 PP- 1965. The Private Demand for Gold, 1931-53. Sept. Manufacturers’ Inventory Investment and 1954. 10 pp. Monetary Policy, by Jimmie F. Monhollon. Jan. 1966. Bankers’ Acceptance Financing in the United States. May 1955. 13 pp. Some Fiscal Implications of Expansion of the Social Security System, by Nancy H. Teeters. Seasonal Factors Affecting Bank Reserves. Jan. 1966. Feb. 1958. 12 pp. The Demand for Currency, by George G. Open Market Operations in Long-Term Secu­ Kaufman. Feb. 1966. rities. Nov. 1958. 15 pp. The Demand for Money: A Review of the *Part I, All-Bank Statistics, 1896-1955. Re­ print of the U.S. Summary containing a descrip­ Empirical Literature, by David M. Jones. tion of revised statistics for all banks in the Feb. 1966. United States, by class of bank, together with The Demand for Money: Speed of Adjust­ revised statistics. Apr. 1959. 94 pp. ment, Interest Rates, and Wealth—A Statistics on the Government Securities Sequel, by Patric H. Hendershott. Mar. 1966. Market. Apr. 1961. 8 pp. The Process of Inflation: A Review of the Survey of Finance Companies, Mid-1960. Oct. Literature and Some Comparisons of Cy­ 1961. 21 pp. clical Performance, 1953-65, by Glenn H. Miller, Jr. Apr. 1966. Liquidity and Public Policy, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. The Federal Reserve System and World Monetary Problems, by Robert Solomon. Revised Indexes of Freight Carloadings. Dec. 1961. 3 pp. May 1966. The Spanish “Miracle”: Growth and Change Seasonally Adjusted Series for Bank Credit. July 1962. 6 pp. in the Spanish Economy, 1959 to Mid-1965, by Rodney H. Mills, Jr. May 1966. Interest Rates and Monetary Policy, Staff Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. Consumer Credit Regulation: A Review and Response, by Jerome W. Shay. June 1966. Industrial Production—1957-59 Base. Oct. 1962. 10 pp. Empirical Aspects of Cost vs. Demand in Commodity Pricing, by Addison T. Cutler. Flow of Funds Seasonally Adjusted. Nov. June 1966. 1962. 15 pp. A Model of Federal Reserve Behavior, by A Sectoral Analysis of Velocity, Staff Paper John H. Wood. June 1966. by Paul F. McGouldrick. Dec. 1962. 14 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1073 A New Look at the Farm Debt Picture. Dec. Ministerial Statement of the Group of Ten 1962. 18 pp. and Annex Prepared by Deputies, Aug. 1964. 25 pp. Farm Debt as Related to Value of Sales. Feb. 1963. 9 pp. Yield Differentials in Treasury Bills, 1959­ Changes in Structure of the Federal Debt. 64, Staff Paper by Samuel I. Katz. Oct. 1964. Mar. 1963. 10 pp. 20 pp. Negotiable Time Certificates of Deposit. Research into Banking Structure and Com­ Apr. 1963. 11 pp. petition. Nov. 1964. 17 pp. New Foreign Bond Issues in the U.S. Market, Bank Credits to Foreigners. Mar. 1965. 10 pp. Staff Paper by Robert F. Gemmill. May 1963. 13 pp. Revision of Bank Debits and Deposit Turn­ Recent Changes in Liquidity, Staff Paper by over Series. Mar. 1965. 4 pp. Daniel H. Brill. June 1963. 10 pp. Revision of the Money Supply Series. July Interest Rates on Time Deposits, Mid-Febru- 1965.11 pp. ' ary 1963. June 1963. 7 pp. Interest Rates in Capital Markets. Aug. Measures of Member Bank Reserves. July 1965. 13 pp. 1963. 14 pp. Measures of Banking Structure and Competi­ Bank Loans Secured by Stocks and Bonds. July tion. Sept. 1965. 11 pp. 1963. 19 pp. U.S. International Payments. Oct. 1965. 9 pp. A Bank Examiner Looks at Agricultural Lending, Staff Paper by Brenton C. Leavitt. Time Deposits in Monetary Analysis, Staff July 1963. 8 pp. Economic Study by Lyle E. Gramley and Sam­ uel B. Chase, Jr. Oct. 1965. 25 pp. Measuring and Analyzing Economic Growth, Staff Paper by Clayton Gehman. Aug. 1963. Fiscal Policy and Debt Management. Nov. 14 pp. 1965. 11 pp. Changes in Banking Structure, 1953-62. Sept. Cycles and Cyclical Imbalances in a Chang­ 1963. 8 pp. ing World, Staff Paper by Frank R. Garfield. Nov. 1965. 15 pp. Economic Change and Economic Analysis, Staff Paper by Frank R. Garfield. Sept. 1963. Balance of Payments Program: Guidelines 17 pp. for Banks and Nonbank Financial Institu­ Bank and PCA Lending to Farmers. Sept. 1963. tions. Dec. 1965. 9 pp. 11 PP- Bank Credit and Monetary Developments in 1965. Feb. 1966. The Open Market Policy Process. Oct. 1963. 11 PP- Treasury and Federal Reserve Foreign Ex­ Survey of Financial Characteristics of Con­ change Operations. Mar. 1966. 14 pp. sumers. Mar. 1964. 9 pp. Research on Banking Structure and Per­ Flows Through Financial Intermediaries. formance, Staff Economic Study by Tynan Smith. Apr. 1966. 11 pp. May 1964. 9 pp. Recent Changes in U.S. Trade and Payments. Revision of the Money Supply Series. June Apr. 1966. 11 pp. 1964. 14 pp. Revision of Bank Credit Series. June 1964. Time and Savings Deposits, Late 1965 and 5 pp. Early 1966. Apr. 1966. 20 pp. Recent Monetary and Credit Developments. Banking and Monetary Statistics, 1965. Se­ July 1964. 9 pp. lected series of banking and monetary statistics for 1965 only. Mar. and June 1966. 15 pp. Federal Reserve Security Transactions, 1954­ 63, Staff Paper by Stephen H. Axilrod and Recent Credit and Monetary Developments. Janice Krummack. July 1964. 16 pp. July 1966. 12 pp. New Series on Federal Funds. Aug. 1964. Revision of Bank Credit Series. July 1966. 31 pp. 6 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 page 984.) Acceptances, bankers’, 993, 1010, 1012 Demand deposits—Continued Agricultural loans of commercial banks, 1004, 1006 Type of holder, at commercial banks, 1005 Arbitrage, 1065 Deposits (See also specific types of deposits): Assets and liabilities (See also Foreign liabilities and Adjusted, and currency, 999 claims): Banks, by classes, 992, 1000, 1005, 1008, 1012 Banks and the monetary system, consolidated Federal Reserve Banks, 994, 1059 statement, 999 Postal savings, 992, 999 Corporate, current, 1024 Discount rates, 991, 1064 Domestic banks, by classes, 1000, 1004, Discounts and advances by Federal Reserve Banks. 1006, 1012 986, 994,996 Federal Reserve Banks, 994 Dividends, corporate, 1023, 1024 Automobiles: Dollar assets, foreign, 1051, 1059 Consumer instalment credit, 1028, 1029, 1030 Production index, 1032, 1033 Earnings and hours, manufacturing industries, 1039 Employment, 1036, 1038, 1039 Balance of payments (See U.S. balance of payments) Bankers’ balances, 1005,1007 Farm mortgage loans, 1025, 1026, 1027 (See also Foreign liabilities and claims) Federal finance: Banks and the monetary system, consolidated state­ Cash transactions, 1014 Receipts and expenditures, 1015 ment, 999 Treasurer’s balance, 1014 Banks for cooperatives, 989, 1020 Bonds (See also U.S. Govt, securities): Federal funds, 990,1004 Federal home loan banks, 1019, 1020, 1026 New issues, 1020, 1021, 1022 Prices and yields, 1010, 1011 Federal Housing Administration, 1011, 1025, Brokers and dealers in securities, bank loans to, 1026, 1027 Federal intermediate credit banks, 1019, 1020 1004, 1006 Business expenditures on new plant and Federal land banks, 1019, 1020 equipment, 1024 Federal National Mortgage Assn., 1019, 1020, 1027 Business indexes, 1036 Federal Reserve Banks: Business loans (See Commercial and industrial loans) Condition statement, 994 U.S. Govt, securities held by, 986, 994, 996, 1016, 1017 Capital accounts: Federal Reserve credit, 986, 994, 996 Banks, by classes, 1000, 1005, 1008 Federal Reserve notes, 994, 997 Federal Reserve Banks, 994 Federally sponsored credit agencies, 1019, 1020 Carloadings, 1036 Finance company paper, 1010, 1012 Central banks, foreign, 1048, 1064 Financial institutions, loans to, 1004, 1006 Certificates of deposit, 1008 Float, 986 Coins, circulation of, 997 Flow of funds, 1044 Commercial and industrial loans: Foreign central banks, 1048, 1064 Commercial banks, 1004 Foreign currency operations, 994, 996, 1050, 1058 Weekly reporting member banks, 1006, 1009 Foreign deposits in U.S. banks, 986, 994, 999, Commercial banks: 1005, 1008, 1059 Assets and liabilities, 1000, 1003, 1004 Foreign exchange rates, 1066 Consumer loans held, by type, 1029 Foreign liabilities and claims: Number, by classes, 1000 Banks, 1052, 1054, 1055, 1057, 1059 Real estate mortgages held, by type, 1025 Nonfinancial concerns, 1060 Commercial paper, 1010, 1012 Condition statements (See Assets and liabilities) Foreign trade, 1063 Construction, 1036, 1037 Gold: Consumer credit: Certificates, 994, 997 Instalment credit, 1028, 1029, 1030, 1031 Earmarked, 1059 Noninstalment credit, by holder, 1029 Net purchases by U.S., 1050 Consumer price indexes, 1036, 1040 Production, 1049 Consumption expenditures, 1042, 1043 Reserves of central banks and govts., 1048 Corporations: Reserves of foreign countries and international Sales, profits, taxes, and dividends, 1023, 1024 organizations, 1051 Security issues, 1021,1022 Stock, 986, 999, 1050 Security prices and yields, 1010, 1011 Gross national product, 1042, 1043 Cost of living (See Consumer price indexes) Currency in circulation, 986, 997, 998 Hours and earnings, manufacturing industries, 1039 Customer credit, stock market, 1011 Housing starts, 1037 Debits to deposit accounts, 996 Income and expenses: Debt (See specific types of debt or securities) Insured commercial banks, 1046 Demand deposits: Income, national and personal, 1042 Adjusted, banks and the monetary system, 999 Industrial production index, 1032, 1036 Adjusted, commercial banks, 996, 998, 1005 Instalment loans, 1028, 1029, 1030, 1031 Banks, by classes, 992, 1000, 1008 Insurance companies, 1013, 1016, 1017, 1026 Turnover of, 996 Insured commercial banks, 1002, 1004, 1046 1074 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 1075 Interbank deposits, 992, 1000, 1005 Reserves—Continued Interest rates: Commercial banks, 1005 Bond yields, 1010 Federal Reserve Banks, 994 Business loans by banks, 1009 Foreign countries and international Federal Reserve Bank discount rates, 991 organizations, 1051 Foreign countries, 1064, 1065 Member banks, 986, 988, 992, 1005, 1007 Money market rates, 1010, 1065 Residential mortgage loans, 1025, 1026, 1027 Mortgage yields, 1011 Retail credit, 1028 Stock yields, 1010 Retail sales, 1036 Time deposits, maximum rates, 992 International capital transactions of the U.S., 1052 Sales finance companies, consumer loans of, 1028, 1029, 1031 International institutions, 1048, 1050, 1051 Saving: Inventories, 1042 Flow of funds series, 1044 Investment companies, new issues, 1022 Investments {See also specific types of investments): National income series, 1043 Savings and loan assns., 1013, 1017, 1026 Banks, by classes, 1000, 1004, 1007, 1012 Savings deposits (See Time deposits) Commercial banks, 1003 Savings institutions, principal assets, 1012, 1013 Federal Reserve Banks, 994, 996 Securities (See also U.S. Govt, securities): Life insurance companies, 1013 Federally sponsored agencies, 1019 Savings and loan assns., 1013 International transactions, 1058, 1059 Labor force, 1038 New issues, 1020, 1021, 1022 Loans {See also specific types of loans) : Silver coin and silver certificates, 997 Banks, by classes, 1000, 1004, 1006, 1012 State and local govts.: Commercial banks, 1003 Deposits of, 1005, 1008 Federal Reserve Banks, 986, 994, 996 Holdings of U.S. Govt, securities, 1016, 1017 Insurance companies, 1013, 1026 New security issues, 1020, 1021 Insured or guaranteed by U.S., 1025, 1026, 1027 Ownership of obligations of, 1004, 1012, 1013 Savings and loan assns., 1013, 1026 Prices and yields of securities, 1010, 1011 Manufactures, production index, 1033, 1036 State member banks, 1002 Stock market credit, 1011 Margin requirements, 992 Stocks: Member banks: Assets and liabilities, by classes, 1000, 1004 New issues, 1021, 1022 Borrowings at Federal Reserve Banks, 988, Prices and yields, 1010, 1011 994, 1008 Tax receipts, Federal, 1015 Deposits, by classes, 992 Time deposits, 992, 998, 999, 1000, 1005, 1008 Number, by classes, 1001 Treasurer’s account balance, 1014 Reserve position, basic, 990 Treasury cash, 986, 997, 999 Reserve requirements, 992 Treasury currency, 986, 997, 999 Reserves and related items, 986 Treasury deposits, 986, 994, 1014 Weekly reporting series, 1006 Turnover, deposit, 996 Mining, production index, 1033, 1036 Money rates {See Interest rates) Unemployment, 1038 Money supply and related data, 998 U.S. balance of payments, 1062 Mortgages (See Real estate loans) U.S. Govt, balances: Mutual funds (See Investment companies) Commercial bank holdings, by classes, Mutual savings banks, 999, 1000, 1002, 1012, 1016, 1005, 1008 1017, 1025 Consolidated monetary statement, 999 Treasury deposits at Federal Reserve Banks, National banks, 1002 986, 994,1014 National income, 1042, 1043 U.S. Govt, securities: National security expenditures, 1015, 1042 Bank holdings, 999, 1000, 1004, 1007, 1012, Nonmember banks, 1002, 1004, 1005, 1046 1016, 1017 Open market transactions, 993 Dealer transactions, positions, and financing, 1018 Federal Reserve Bank holdings, 986, 994, 996, Payrolls, manufacturing, index, 1036 1016, 1017 Personal income, 1043 Foreign and international holdings, 994, Postal Savings System, 992, 999 1051, 1059 Prices * International transactions, 1058 Consumer, 1036, 1040 New issues, gross proceeds, 1021 Security, 1011 Open market transactions, 993 Wholesale commodity, 1036, 1040 Outstanding, by type of security, 1016, 1017, 1019 Production, 1032, 1036 Ownership of, 1016, 1017 Profits, corporate, 1023, 1024 Prices and yields, 1010, 1011, 1065 Real estate loans: United States notes, outstanding and in Banks, by classes, 1004, 1006, 1012, 1025 circulation, 997 Mortgage yields, 1011 Utilities, production index, 1033, 1036 Type of holder, 1025, 1026, 1027 Type of property mortgaged, 1025, 1026, 1027 Vault cash, 986, 992, 1005 Veterans Administration, 1025, 1026, 1027 Reserve position, basic, member banks, 990 Reserve requirements, member banks, 992 Weekly reporting member banks, 1006 Reserves: Central banks and govts., 1048 Yields (See Interest rates) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

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