Federal Reserve Bulletin, 1966-09

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

A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. The Bulletin may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C, 20551, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONTENTS VOLUME 52 ■ NUMBER 9 ■ SEPTEMBER 1966 Interest Rates in Western Europe 1281 Staff Economic Studies: Summaries 1300 Revision of Money Supply Series 1303 Treasury and Federal Reserve Foreign Exchange Operations 1316 Statement to Congress 1327 Law Department 1329 Announcements 1338 National Summary of Business Conditions 1341 Guide to Tabular Presentation 1344 Financial and Business Statistics, U.S. (Contents on p. 1345) 1346 International Financial Statistics (Contents on p. 1409) 1410 Board of Governors and Staff 1429 Open Market Committee and Staff; Federal Advisory Council 1430 Federal Reserve Banks and Branches 1431 Federal Reserve Board Publications 1432 Index to Statistical Tables 1435 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

INTEREST RATES IN WESTERN EUROPE Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1281 T NTEREST RATES in most Western European countries have risen—in some cases sharply—since the summer of 1963, when the current upward movement began. The general increase in rates over the past 3 years has been similar in intensity and prevalence to the widespread rise that occurred in 1955-57; however, the recent rise began from a higher base, and most interest rates are now at or close to their highest levels reached in this century. France and Italy are the only major European countries where interest rates as a whole are not much higher than they were 3 years ago. Most interest rates in the United States are now also at their highest levels since World War II. Over the past 3 years, interest rates in this country have advanced more than have most of the comparable rates in France, Italy, and Switzerland, but they have increased much less than have rates in West Germany, the Netherlands, Sweden, and Britain. (See the table on page 1283.) As compared with average levels in July 1963, leading short-term rates in the United States had risen, as of early September, by ap­ proximately 2% percentage points for Federal funds, 214 percent­ age points for negotiable CD’s in the New York secondary market, and 2 percentage points for 3-month Treasury bills. As of recent dates, short-term rates in Germany and the Netherlands were gen­ erally about 3 percentage points higher than 3 years before, while short-term rates in the United Kingdom showed increases of almost 3 percentage points for Treasury bills and of more than 3 percentage points for other types of 3-month money market instruments. In the long-term sphere, the rise of most European interest rates relative to U.S. rates has been even more pronounced than were the increases in short-term rates. U.S. bond yields showed only a very limited increase from mid-1963 to mid-1965, and by early September 1966, the yield on a group of 10 long-term U.S. Government bonds reached a level three-fourths of a percentage point above that of July 1963. This rise compares, for example, with increases in bond yields of more than 214 percentage points in Germany and the Netherlands; 1% to 2 percentage points in Britain and Sweden; and nearly 1 percentage point in Switzerland (where the rise of short-term rates has been less than in the United States). THE ECONOMIC BACKGROUND Western Europe (except for France and Italy in 1964-65) has experienced uninterrupted expansion since the end of the 1957-58 recession, while in the United States activity has been increasing Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1282 FEDERAL RESERVE BULLETIN ■ SEPTEMBER 1966 continuously since early 1961. This period of expansion saw labor become much scarcer in the European economies. But aggregate demand remained sufficiently strong so that, as labor markets tightened, wage rates increased much faster than productivity, especially from 1963 on. This process has had two important con­ sequences for interest rates. First, because unit labor costs have generally risen more than prices, there has been both a squeeze on business profits per unit of output and an increased demand for capital investment to effect economies in the use of labor and to curb the rise in unit labor cost. This has caused a relative diminution of the capacity of many business enterprises for self-financing and at the same time has raised business demands for outside financing, especially through borrowing. Second, some of the rapid increase in unit wage costs was shifted forward by raising prices. Throughout Western Europe, price increases accelerated rather sharply after 1962, and in consequence monetary policies in most European countries have become much more restrictive in the past 3 years. In the United Kingdom, a severe deterioration in the balance of payments resulting from excessive internal demand pressures was an additional and very important reason for official moves that contributed to higher interest rates. The need for reliance on monetary restraint in Europe would have been less compelling, and the rise in interest rates might have been less pronounced, if fiscal policy had been used more widely there to limit the expansion of aggregate monetary demand. But in every country except France, the responsibility for limiting such ex­ pansion has had to be carried almost solely by the monetary au­ thorities. In some instances, notably Germany and the Netherlands, deficits in government budgets have added to over-all credit de­ mands and reinforced the upward movement in the cost of money. From 1964 to 1966, interest rate developments in France and Italy have not conformed to the general European pattern. In those two countries, strong inflationary pressures obliged the authorities to institute rigorous stabilization programs in 1963. These programs reduced the pace of domestic demand in 1964­ 65, and the two countries found it expedient to relax their restric­ tive monetary policies during the second half of 1964 and the first half of 1965. Especially over the past year, changes in U.S. credit conditions and efforts by this country to limit capital outflows have contrib­ uted to the general upward movement in European rates. In the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN WESTERN EUROPE 1283 U.S. and European Interest Rates: July 1963 and Summer 1966 Rate in per cent Change in per­ Country and instrument centage July 1963 1966 (date) points SHORT-TERM RATES United States Federal funds................................... 3.02 5.88 (9/12) 2.86 3-month Treasury bills..................... 3.16 5.20(9/12) 2.04 3-month negotiable CD’s................. 3.39 5.88 (8/31) 2.49 France Call money...................................... 5.26 4.79 (July avg.) -0.47 Switzerland Call money...................................... 1.67 3.63 (July avg.) 1.96 3-month deposits.............................. 2,88 4.23 (July avg.) 1.35 Germany Call money...................................... 3.04 5.75 (July avg.) 2.71 3-month interbank loans.................. 3.88 6.88 (9/1-7) 3.00 Netherlands Call money...................................... 2.09 5.12 (July avg.) 3.03 3-month Treasury bills..................... 2.07 4.94 (July avg.) 2.87 Belgium 3-month Treasury bills..................... 3.40 5.30 (7/30) 1.90 4-month Fonds des Rentes certificates 3.65 5.74 (July avg.) 2.09 Sweden 3-month Treasury bills.................... 4.74 6.62 (7/31) 1.88 United Kingdom 3-month Treasury bills..................... 3.64 6.60 (9/9) 2.96 3-month hire purchase deposits........ 4.13 8.06 (9/2) 3.93 3-month local authority deposits.... 4.26 7.50 (9/2) 3.24 LONG-TERM RATES United States Government bonds1..................... 4.01 4.76 (9/12) 0.75 France Public sector bonds................. .... 2 5.24 2 6.60 (7/31) (2) Italy Treasury bonds.............................. 5.22 5.50 (July avg.) 0.28 Other bonds................................... 6.03 6.37 (July avg.) 0.34 Switzerland Confederation bonds............... .... 3.22 4.16 (July avg.) 0.94 Germany Public authority bonds.......... .... 6.10 8.40 (June avg.) 2.30 Netherlands 3 government bond issues......... .... 4.29 6.63 (June avg.) 2.34 Belgium Government bonds................. .... 5.03 5.81 (8/1) 0.78 Sweden Government bonds................. .... 4.96 6.80 (June avg.) 1.84 United Kingdom War Loan.............................. .... 5.57 7.31 (9/1) 1.74 1 Ten issues maturing in 10 or more years. 2 In calculating this composite yield, for those bonds in the group which are subject to withholding tax, the after-tax yield was used until January 31, 1965. Since then the yield before withholding tax has been used. Adjusted for better comparability, the yield appears to have increased about one-half of a percentage point between the dates shown. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1284 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 United States, short-term interest rates have been rising since 1961 —slowly at first and more rapidly since the summer of 1965— while long-term rates have been moving upward, mainly during the past year. In July 1963, the United States applied the interest equalization tax, equivalent to an interest charge of 1 per cent per annum, to purchases by U.S. residents of securities issued by borrowers in European and other developed countries. Since February 1965, the rise in U.S. bank loans to developed countries has been halted and reversed by a voluntary program of restraint, by extension of the IET to long-term bank loans, and, increasingly, by tightening domestic credit conditions. A voluntary restraint program has also been applied to the financing from U.S. sources of foreign invest­ ment by U.S. corporations. One result of this program has been a large volume of bond issues on the European market by subsidi­ aries of U.S. companies; such issues totaled over $675 million in the 15 months from June 1965 through August 1966. In response to the tightening of credit conditions in the United States, there has been a large increase in U.S. short-term liabili­ ties to banks in other countries. Such liabilities, as reported by banks in the United States, increased by $1.3 billion in the 12 months ending July 1966. Almost all of this increase reflected bidding for Euro-dollars through the foreign branches of U.S. banks. A further increase occurred in August. RATE INCREASES IN Of the continental European countries where interest rates have CONTINENTAL EUROPE undergone significant increases in the recent past, West Germany, the Netherlands, Belgium, Switzerland, and Sweden are the most important in relation to international capital movements. Labor market developments. For the first several years after the 1957-58 recession, the resumption of rapid economic growth in the industrial countries' on the Continent was accompanied by relatively easy conditions in labor markets. Rapid increases in em­ ployment were possible, because of the existence of unemployment and because industries could import labor from labor-surplus countries around the Mediterranean. In 1959-62, manufacturing employment in Germany, the Netherlands, Belgium, and Switzer­ land increased by an over-all average of nearly 3 per cent a year. Since about 1962, however, unemployment has been virtually nonexistent, and the growth of employment has slowed markedly; in 1963-65, manufacturing employment increased by an average Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN WESTERN EUROPE 1285 of less than 1 per cent a year in the four countries mentioned above. While labor grew scarcer, aggregate demand remained very buoyant, and in these circumstances employers became more will­ ing to increase labor’s rates of remuneration much faster than productivity was increasing. In the Netherlands and Belgium, a veritable wage explosion occurred that saw hourly earnings in in­ dustry rise twice as fast in 1963-65 as they had in 1959-62. Substantial speed-ups also occurred in Switzerland and Sweden. In these countries the rates of rise in labor earnings outpaced the rates of productivity by very wide margins in 1963-65. In Ger­ many, hourly earnings in industry increased in 1963-65 at about the same rate as in 1959-62, but in both periods they rose much faster than did industrial output per man-hour. In reflection of tightening labor market conditions, a gradual but cumulative squeeze on the retained earnings of business enter­ prises has characterized the Western European economies in the 1960’s. Over this period, company saving as a percentage of gross national product has fallen sharply, while at the same time the relative share of GNP used for investment has tended to be maintained at a high level. Companies have therefore sought a growing part of their investment funds from the banking system and the securities markets, and this action has been a factor in the rise of interest rates. Price increases. In the early years of the present expansion, upward pressures on prices were well contained; through 1962, increases in average wholesale prices were nil or negligible in most of the five countries being discussed. But as demand boomed, price increases began to accelerate rather markedly in 1963, and tight labor markets began to result in steeper wage rises, which had been preceded by several years of shrinking profit margins. The faster rate of increase in prices after 1962 was more evident in consumer prices than in wholesale prices, and in the past 18 months price increases at both levels have become more pro­ nounced. Comparing the two periods 1959-62 and 1963-65, the average annual rate of rise in consumer prices increased in Ger­ many from 2.0 per cent to 3.0 per cent; in the Netherlands from 2.0 per cent to 5.3 per cent; in Belgium from 1.0 to 3.4 per cent; in Switzerland from 1.7 to 3.3 per cent; and in Sweden from 2.9 to 3.7 per cent. More recently, in the first 6 months of 1966, consumer prices exceeded year-earlier levels by 4.2 per cent in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1286 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 Germany, 6.8 per cent in the Netherlands, 4.7 per cent in Belgium, and 5.2 per cent in both Switzerland and Sweden. Central bank action. Central banks in continental Europe have tightened credit largely because of the domestic implications of rising prices rather than because of any difficulties in external pay­ ments. Although surpluses in the balance of payments of Germany, Sweden, and Switzerland disappeared during 1964-65, and the Dutch balance of payments moved from a surplus in 1964 to a deficit in the first half of 1966, these shifts caused little concern because each of these countries holds large amounts of interna­ tional reserves. To limit the expansion of bank credit and money in the face of expanding demands for financing, central banks have employed a wide variety of means, but they have used three more extensively than the others. First, market forces have been subjecting banks to strains on liquidity, and monetary authorities have been able to achieve firmer credit conditions merely by refraining from offset­ ting market forces. In particular, monetary restraint has been allowed to result from the effects of rapidly rising money incomes on the demand for currency in the Netherlands and Belgium, and from the decline or disappearance of balance of payments sur­ pluses in several countries in 1964-66. The second frequently used instrument has been the discount rate. Each of these five central banks has raised its discount rate on two or more occasions since July 1963; recently, each bank raised its rate during a period of 10 weeks in May-July 1966. One direct effect of these increases was to raise, by about the same amount, the interest rates that the commercial banks charge on loans, in accordance with the customary behavior of banks in these countries. On most occasions, central banks raised their discount rates only after interest rates in the money market had already risen. Therefore, while increases in the cost of central bank credit served to underpin higher interest rates brought about by market forces, they must be considered ancillary to the other causes—market forces and policy actions—behind the general upward movement of interest rates. Among the other types of actions taken by mone­ tary authorities, the measures in effect in Germany since 1964 to discourage inflows of foreign capital, as described later, were of special importance. A third commonly employed measure of monetary control has been the use of direct quantitative limitations on bank credit ex- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN WESTERN EUROPE 1287 pansion; such limitations have been used in Switzerland, the Netherlands, and Belgium, as well as in France and the United Kingdom, for varying periods of time during the last 3 years. Restrictive monetary action has had some effect in limiting the rate of expansion of bank credit, and in 1964-65 the income velocity of money rose in all these countries, but the most striking effect has been on interest rates. Since mid-1963, rates have risen most in Germany and the Netherlands, less steeply in Belgium and Sweden, and least in Switzerland. Swiss interest rates were gen­ erally lower than those in the other important European centers before 1963, and the gaps have widened. On the other hand, the Netherlands is no longer the low interest rate country that it had been until recently. Steeper increases in short-term rates than in long-term rates have been a common characteristic of rate move­ ments since mid-1963; in Germany and Switzerland, measures to control offerings of new securities helped bring this about. West Germany. From July 1963 to early September 1966, the rate on 3-month interbank loans rose 3 percentage points to 6% per cent, and the call loan rate, also an important rate in the Ger­ man money market, rose 2.7 percentage points from July 1963 to July 1966, when it averaged 5% per cent. Interest rates ad­ vanced slowly in early 1963, continued to rise gradually until mid-1964, and then moved up rapidly. During this period, the German Federal Bank raised the dis­ count rate three times (all since the beginning of 1965), for a total of 2 percentage points. But this rise is considerably less than the in­ crease that has occurred in short-term market rates of interest, so that the whole spectrum of money market rates is now above the WEST GERMANY For notes see page 1299. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1288 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 discount rate. With tightening liquidity and rising market rates, the commercial banks have had incentives to rediscount at the central bank, and rediscounts have in fact risen severalfold. The monetary authorities have also used a number of other measures of restraint. Reserve requirements were tightened in 1964; the Federal Bank’s selling rates on Treasury bills were raised several times, amounting to a total of 2.37 percentage points on the 3-month bills; and, in 1965-66, there was a two-stage re­ duction, totaling 25 per cent, in the quotas governing banks’ rediscounts at the central bank. Until last year, these rediscount quotas were generally too high to have any deterrent effect on rediscounting. However, because of the recent increase in redis­ counting, the new and lower levels of the quotas contributed to money market tightness in 1965-66. Financial markets were also strained by a shift in the German balance of payments from a $500 million surplus in 1963 to a $600 million deficit in the year ending March 1966. This shift reflected a sharp rise in imports and, in addition, the steps taken by the German Government to discourage inflows of foreign capital in an attempt to restrain internal credit expansion and spending. In March 1964, the Federal Bank prohibited the Ger­ man commercial banks from paying interest on foreign-owned time deposits denominated in German currency. At the same time, the Government proposed, and later enacted, a coupon tax of 25 per cent to be withheld from interest paid to foreigners on German bonds. These actions tightened commercial bank reserve positions through their effect on capital inflows. They also curtailed demand from nonresidents for German domestic securities, in part because THE NETHERLANDS For notes see page 1299. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN WESTERN EUROPE 1289 foreigners shifted their holdings to purchase non-German securi­ ties denominated in German marks; these securities were exempt from the tax. The coupon tax had a shock effect on the German bond market: bond yields, which underwent almost no change in 1963 and the first 2 months of 1964, rose sharply after the announcement. To cushion the decline in bond prices, the public authorities supported their own issues in the market until May 1965. At that time, sup­ port operations were abandoned, and yields rose very swiftly. Since May 1965, to relieve pressure on the bond market, issuing of new securities by the public authorities has been suspended on three occasions for varying periods. However, despite these “issue pauses,” yields have risen rapidly, in large measure because the banks, which dominate the bond market in Germany, have ex­ perienced tightening liquidity. In June 1966, the composite yield on German public authority bonds averaged 8.4 per cent, up 2.3 percentage points from its level in the summer of 1963. Increasingly heavy borrowing by the local authorities in Ger­ many aggravated credit market pressures there. During 1963-65, the expenditures of the state and municipal governments in­ creased at an average annual rate of about 11 per cent, their receipts failed to keep pace, and their budgets showed increasingly large deficits. Borrowing by the state and municipal governments in 1965 was more than four times greater than in 1962. In con­ trast, the Federal Republic’s deficit has not widened significantly, even though income tax rates have been reduced. Netherlands and Belgium. Interest rates have risen in the Nether­ lands about as much as in Germany. In the 3-year period ending BELGIUM For notes see page 1299. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1290 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 with July 1966, the call money rate and the market rate on 3month Treasury bills advanced 3.0 and 2.9 percentage points, respectively; in July, the bill rate averaged 4.94 per cent and the call money rate 5.12 per cent. As typified by the composite yield on three issues, long-term government bond yields rose more than 2.3 percentage points, to 6.63 per cent last June. In both the Netherlands and Belgium, interest rates have risen in large meas­ ure because the upsurge of wages and prices after 1962 greatly swelled the money value of national income; as a result the demand for currency rose sharply, at a time when the monetary authorities were attempting to limit the expansion of money and credit. In the Netherlands, mostly because of the rapid inflation of Dutch prices since 1963, the average annual rise in GNP increased from 7.9 per cent in 1959-62 to 11.9 per cent in 1963-65. The exceptional magnitude of the Dutch wage explosion fol­ lowed the forced abandonment by the Government of its policy of keeping wage rates in the Netherlands at artificially low levels in relation to those in neighboring countries, Germany in partic­ ular. Monetary policy has accommodated this wage rise enough to prevent any fall in employment. However, in an attempt to limit the price effects, the authorities have been pulling on the reins of bank credit expansion hard enough to bring about a definite re­ straint on further expansion. This action has been accompanied by a sharp rise in the income velocity of money and a rise in interest rates. Restraining action has been carried out largely by allowing the swelling demand for money and adverse changes in the balance of payments in 1965-66 to impinge on bank liquidity. The Netherlands Bank has raised the discount rate three times for a total of 1.5 percentage points, but these increases have been only SWITZERLAND For notes see page 1299. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN WESTERN EUROPE 1291 about one-half as much as the rise in money market rates. Since October 1963 the Netherlands Bank has also maintained quantita­ tive ceilings on the expansion of short-term bank credits, and in June 1965 limitations were placed on the expansion of longerterm credits as well. In the Netherlands, as in Germany, developments in public fi­ nances have added substantially to the demand for funds. Public expenditures have been rising very fast: in 1963-65, the average annual increase in combined expenditures of the central and local authorities was 17 per cent. Budget deficits have widened, and in 1965 central and local government borrowing on the domestic market was three times as great as in 1962. In the Belgian money market, the rate on 3-month Treasury certificates in July 1966 was 5.30 per cent, up 2.3 percentage points from 3 years earlier; a rise of 2.1 points occurred in this period in the auction rate for 4-month certificates of the Fonds des Rentes (Securities Stabilization Fund), which averaged 5.74 per cent last July. The bond yield rise in Belgium has been much more limited: the composite yield on long-term government bonds on July 1 showed a 3-year rise of about four-fifths of a percentage point. The liquidity of the Belgian banking system has been strained by a rapid expansion of the demand for currency: price inflation raised the average annual increase in the money value of GNP from 516 per cent in 1959-62 to 8 per cent in 1963-65. As market rates have moved upward the National Bank of Belgium has raised the discount rate four times, for a total of 1% percent­ age points. Aggregate demand in Belgium increased strongly and credit SWEDEN For notes see page 1299. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1292 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 expansion was very rapid in 1963 and the first half of 1964. A cash reserve requirement of 1 per cent was imposed on banks in August 1964, and during 1964 and the first half of 1965 the National Bank, in agreement with the commercial banks, main­ tained quantitative ceilings on bank credit expansion. These actions were very effective in slowing down credit expansion. The reserve requirement and the ceilings were removed in July 1965, after the pace of demand in Belgium had slackened. The use of credit ceilings, the lack of any adverse balance of payments shift, and the slowing of demand growth in late 1964 all help to explain the more limited rise in Belgian interest rates as compared with rates in Germany and the Netherlands. Even though production has grown very little in Belgium since early 1965, increases in wage rates and in consumer prices con­ tinued to be rapid through the spring of 1966. For this reason, quantitative ceilings on bank credit expansion were reimposed at the end of April 1966. The Belgian budget has continued to show large deficits, and government borrowing has remained heavy. However, since 1963 the cash deficit has not tended to widen greatly. Switzerland and Sweden. Switzerland more than other Western European countries has felt the pull of increasingly stringent credit availability and rising interest rates in neighboring countries, because of the relatively large role played by international capital flows in Swiss financial life. In addition to developments beyond national borders, the rise in Swiss interest rates has reflected grow­ ing domestic demands for money and credit at a time when ac­ cruals of official gold and foreign exchange reserves have tended to become smaller, thereby reducing the additions to the reserve funds of the banks arising from the Swiss international payments surplus. However, because the authorities have been concerned over rising prices, they have not sought to prevent market forces from creating firmer credit conditions. Moreover, to maintain pressure on bank reserve positions, measures designed to dis­ courage inflows of foreign capital, first adopted in 1960, have been kept in effect and in some ways were made more stringent in 1964. The discount rate has also been raised twice for a total of 1.5 per­ centage points. In July 1966, the rate on new 3-month bank de­ posits, a sensitive and important rate in the Swiss money market, averaged 4.23 per cent, a level 1.35 percentage points higher than in July 1963. The Swiss authorities have taken a number of direct measures Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN WESTERN EUROPE 1293 to restrain spending, and these actions have helped to keep the rise of interest rates, especially long-term rates, within relatively narrow limits. In particular, the Government has used direct con­ trols on construction to temper the pace of demand, and since 1962, the Swiss National Bank has used quantitative ceilings to restrain the expansion of bank credit. Foreign borrowing in the Swiss bond market has been severely limited in recent years, and a system of controls over domestic bond flotations was begun in 1965. The rationing of new issues cut back the volume of flota­ tions in 1965 and again in 1966. Yields on long-term government bonds advanced about 90 basis points from June 1963 to June 1964, but they have not shown much change since and in July of this year were 4.16 per cent. The Swiss National Bank gave some support to the government bond market in 1965, and such support was stepped up in 1966. Continuing surpluses in the Swiss Con­ federation budget have been an additional factor limiting the rise of interest rates. In Sweden, inflationary pressures have been strong in the past 3 years, and monetary and credit policies have been progressively tightened in response to the economic strains inherent in a broad expansion of demand. The authorities have confirmed stringent credit conditions by raising the discount rate five times between June 1963 and June of this year, when the current rate of 6 per cent went into effect; the discount rate has been raised a total of 2 percentage points in this period. The official policy of credit restraint was intensified at an early stage when, in February 1964, the Bank of Sweden reintroduced a penalty discount rate, equal to twice the normal rate applicable to commercial bank borrowing, most of which is in the form of advances against securities rather than rediscounts. The penalty rate was applied to commercial bank borrowing in excess of one-half of an individual bank’s capital and reserves; for banks not observing the liquidity quotas recommended by the Bank of Sweden (30 per cent for the larger banks and 25 per cent for all others), this borrowing limit was reduced in April 1964 to one-quarter of the individual bank’s capital and reserves. At the end of July 1966 these borrowing restrictions were eased by eliminating the penalty rate for banks observing the liquidity ratios. Since June 1963 the Treasury bill rate has risen by nearly 2 percentage points, to 6.62 per cent in July 1966, as the Swedish National Debt Office has adjusted its selling prices for these short­ term instruments, usually in the wake of discount rate changes. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1294 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 The yield on government bonds has advanced a full 2 points, reflecting in part the adoption of progressively higher coupon rates made necessary by the general rise in interest rates through­ out this period. Long-term government bonds yielded 6.8 per cent in June 1966. RATES IN FRANCE x AND ITALY Economic developments in France and Italy since mid-1963 have been quite different from those in the other major European countries, and events in these two countries share some basic simi­ larities. Imposition of anti-inflationary policies led to a temporary cessation of expansion in France, and an actual downturn in activity in Italy, followed by recovery and further advance. But the demand fluctuations were very much wider in Italy than in France. Interest rates in France and Italy have as a general rule risen much less in the last 3 years than have those in the rest of Europe. In France, efforts to check inflation were intensified in 1963, when the year-over-year rate of advance in consumer prices reached 5 per cent. During that year a stabilization program was assembled in which fiscal policy, debt management, and ceilings on bank credit expansion all occupied important places. Other monetary measures were also adopted, however, which raised money market rates; these included a tightening of the banks’ liquid assets reserve requirement in the spring of 1963, and one-half of a percentage point rise in the discount rate in Novem­ ber. The principal rate for day-to-day money rose from an average of 4.2 per cent in the second quarter of 1963 to 5.4 per cent in the FRANCE For notes see page 1299. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN WESTERN EUROPE 1295 second quarter of 1964. (Rates are seasonally high in the second quarter.) In June 1964 French monetary policy began to ease. At that time, high money market rates had begun to attract an unwanted inflow of short-term funds, and a leveling off in economic activity (which was to persist for a year) had become apparent. Money market rates declined when reserve requirements were eased, and the Bank of France began to make more active use of open market operations to ease month-end money market tension. The discount rate was lowered one-half of a percentage point in April 1965. The day-to-day money rate fell back to an average of 4.2 per cent in April-June 1965. Ceilings on bank credit expansion were removed at the end of June 1965. Since mid-1965 economic activity in France has increased vigorously, and since the closing months of 1965 money market rates have been subject to some upward pressure from expanding demands at home and rising interest rates abroad. However, the Bank of France has been intervening to limit the rise in the Paris market. In June and July 1966, the day-to-day money rate averaged 4.8 per cent, up from 4.4 per cent a year earlier. Bond yields in France moved upward very gradually from 1963 to the spring of 1966 and were relatively insensitive to changes in short-term money market rates and the pace of credit expansion— in May 1966, yields were about one-third of a percentage point higher than in July 1963. However, in June of this year, growing difficulty in placing new bond issues of public sector institutions and enterprises led to a decision to raise the yields on new issues ITALY For notes see page 1299. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1296 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 of such bonds by one-half of a percentage point. Yields on out­ standing public sector bonds moved up nearly 20 basis points from May to July, to 6.6 per cent at the end of July. In Italy financial conditions have undergone wide swings, and Italian policies have sought to cope with alternating excesses and deficiences of demand. After the “miracle” years of exceptionally rapid but noninflationary growth from 1958 to 1961, inflationary pressures became very intense in 1962-63. Credit demands, which already reflected an investment boom and rising costs, were fur­ ther enlarged by the effects on company earnings of wage in­ creases of 15 to 20 per cent in both 1962 and 1963. But maintenance of a stimulative monetary policy until the summer of 1963 prevented more than a small increase in interest rates. Rising domestic prices, the build-up of a $1.2 billion balance of payments deficit in 1963, and the almost total absence of timely corrective fiscal action forced the Bank of Italy to adopt and maintain a stern policy of restriction on bank credit expansion in the final 4 months of 1963 and the first half of 1964. (Some selec­ tive tax increases were put into effect in 1964.) This policy was made effective principally by instructing the Italian commercial banks to halt, and if possible reverse, the rapid rise in their net for­ eign indebtedness, thereby letting the external deficit exert its full effects on bank liquidity. Credit expansion nearly stopped, and bond yields rose swiftly for a year. Yields on Treasury bonds rose almost 1 percentage point, and the composite yield on bonds of other issuers (quantitatively much more important) soared 1.6 percentage points from mid-1963 to June 1964. Economic activity in Italy slumped during 1964 because of sharp declines in business investment spending and in housing starts. Since mid-1964 Italian monetary policy has sought to promote recovery and renewal of growth, and in fact the expansion has been quite rapid during 1965 and 1966 (although residen­ tial construction remains depressed). The balance of payments has again been in heavy surplus since the spring of 1964 because of rapidly rising exports and a temporary but sharp interruption of the growth of imports. This surplus has been partially reflected in an increase in the domestic currency reserves of the banking system, as well as in an elimination of the banks’ net foreign indebt­ edness, and the banks have greatly added to their bond holdings. After reaching a peak in June 1964, bond yields came down sharply for 7 months. Since February 1965, government bond yields have risen slightly, but the composite yield on other bonds Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN WESTERN EUROPE 1297 continued to decline until early in 1966. In July 1966, yields on both categories of bonds were only 30 basis points higher than in mid-1963. Yields on government bonds in July averaged 5.50 per cent, and the composite yield on all other bonds was 6.37 per cent. RATES IN THE UNITED KINGDOM In Britain leading short-term market rates of interest at the end of August 1966 were between 3 and 4 percentage points higher than in the summer of 1963. This increase was more than the rise of short-term rates in any of the continental countries. Yields on long-term government bonds, as typified by War Loan, have risen 1.75 percentage points. Short-term rates in the United Kingdom have fluctuated widely in this period, whereas the rise in bond yields has been quite steady. Along with most continental countries, Britain has experienced stronger inflationary pressures in the past 3 years than in 1959­ 62. Through the summer of 1966, wage rate increases exceeded productivity gains by wide margins, despite official efforts to hold wage gains within guideline limits. British consumer prices, which rose an average of 2.2 per cent per year in 1959-62, increased 3.7 per cent yearly in 1963-65, and in the first half of 1966 were 4.0 per cent higher than a year earlier. The resurgence of strong internal demand pressures was a major reason why the U.K. balance of payments showed large current-account deficits in the past 2 years. Since late in 1964, British authorities have placed the heaviest emphasis on monetary policy in their attempt to cut back excess demand, although a continuing effort has been made to deal with the various deep-rooted factors bearing on Britain’s UNITED KINGDOM For notes see page 1299. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1298 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 international competitiveness. In July of this year the Government announced a far-reaching fiscal program to curtail domestic spending by both public and private sectors of the economy. This program is being supplemented by a wage-price standstill that is scheduled, with some exceptions, to remain in effect until mid- 1967. Before these recent fiscal policy measures, the principal actions to restrain demand included limits on bank loans, a tight­ ening of consumer credit regulations, and increases in the discount rate of the Bank of England. Short-term market interest rates have moved basically in accord­ ance with the discount rate, and by convention the commercial banks’ lending rates have been changed when the discount rate has been changed. The discount rate was raised from 4 to 5 per cent in February 1964, against a background of rapidly expanding domestic demand and a noticeable deterioration in the foreign trade accounts. The balance of payments continued to shift ad­ versely during 1964, mainly because imports rose strongly while exports gained very little. This, coupled with uncertainties follow­ ing the Labor Party’s election victory, led to a crisis of confidence in the pound sterling in November 1964 and a massive withdrawal of funds from the United Kingdom. The Bank of England raised its discount rate from 5 to 7 per cent on November 23 in an effort to check capital outflow. The discount rate was reduced to 6 per cent in June 1965, not because of any fundamental improvement in Britain’s economic situation, but because prolonged use of the 7 per cent discount rate, traditionally reserved for crises, could impair its future use­ fulness. In July 1966, the discount rate was again raised to 7 per cent, to stem a new speculative attack on the pound. The Treasury bill rate has consistently been about one-half of a percentage point below the discount rate, and by late August 1966 it was 3 percentage points higher than in mid-1963. Two other important short-term rates have shown bigger increases in this period: the rate paid by local authorities for 3-month deposits has risen 3.2 percentage points, and the rate for 3-month deposits with hire-purchase companies has increased 3.9 percentage points. In the long-term sphere, rising interest rates have reflected higher short-term rates and periodic weakening of confidence in sterling. In addition, the quantitative limits to which bank loan expansion in Britain has been subject since the spring of 1965 have diverted demands for funds to capital markets and thereby increased the volume of new security issues very sharply. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN WESTERN EUROPE 1299 NOTES TO CHARTS Figures shown in left panel of all charts are quarterly averages SWEDEN of monthly data; these quarterly series end with the second quarter of 1966. Figures in right panels are monthly as de­ 1. 3-month Treasury bills: rate at end of month or quarter scribed below. set by the National Debt Office. No bills were issued from April to July 1965, Source: for 1955-62, Bank of Sweden Year­ GERMANY book; for 1963-66, OECD, Main Economic Indicators. 1. Call money: midpoint of highest and lowest rates quoted in each month by banks in Frankfurt. Source: Monthly Report 2. Government bonds: of the Deutsche Bundesbank. a. 1955-60: average yield on 3 per cent government loan 2. 3-month interbank loans: of 1934. Soutte: Bank of Sweden Yearbook. a. 1955-60: midpoint of highest and lowest rates quoted b. 1961-66: composite yield at midmonth on loans with 15 in each month by banks in Frankfurt. Source: Monthly or more years left to maturity. Source: Central Bureau Report of the Deutsche Bundesbank. of Statistics Monthly Digest of Swedish Statistics. b. 1961-65: average of midpoints of highest and lowest rates quoted by Frankfurt banks in the four periods per month ending on the reporting dates: 7th, 15th, 23rd, FRANCE and final day. Source: data supplied directly by the German Federal Bank. 1. Call money: average of daily rates at opening of market. c. 1966: average of midpoints of highest and lowest rates For 1957-66, the rate shown is the rate on loans collateralized quoted each day by selected German banks, as reported by “private paper,” i.e., all money market paper except Treas­ by the Frankfurter Allgemeine Zeitung. ury bills. For 1955-56, the rate shown is the simple average of the rate against “private paper” and the rate on loans against 3. Government (public authority) bonds-, average of yields on Treasury bills. ail public authority bonds quoted on stock exchanges, weighted 2. Government (public sector) bonds: composite yield at end by amounts outstanding, as published in the Monthly Report of of month on the major bonds issued by public sector adminis­ the Deutsche Bundesbank. trations, enterprises, and credit institutions, but excluding all NETHERLANDS Treasury bonds and all other bonds indexed to the price of 1. Call money: average of daily rates. The official rate is gold, the index of share prices, etc. In calculating this com­ posite yield, for those bonds in the group which are subject to shown for 1955-59 and the market rate for 1960-66. 2. 3-month Treasury bills: average of daily rates. w 19 i 6 th 5 h . o B ld e i g n i g n ni t n a g x , w t i h th e t a h f a t t e r d -t a a t x e t y h i e e ld y ie w ld a s b e u fo se r d e w un it t h i h l o F ld e i b n r g u a ta ry x 3. Government bonds: has been used, and the composite yield shown here applies only a. January 1955 to June 1963: average yield on 214 per cent and 3 per cent perpetuals. to bonds subject to withholding. Because of this change, no b. From July 1963 on: average yield on 3 issues with average yield for the first quarter of 1965 is shown in the chart. 4^4 to 4'/i per cent coupon rates. Source: National Institute of Statistics and Economic Re­ Source: Central Bureau of Statistics. search Monthly Bulletin of Statistics. BELGIUM 1. 3-month Treasury certificates: end-of-month rates set by ITALY the National Bank of Belgium. 2. 4-month Fonds des Rentes certificates: average of weekly Monthly averages. “Other bonds” includes bonds of the spe­ auction rates. cialized public credit institutions, of the nationalized enter­ 3. Government bonds: composite yield, at beginning of prises, and of private corporations. The market value of this month, on bonds with 5 to 20 years left to maturity issued category of bonds is currently several times greater than for before December 1962. Treasury bonds. Source: Bank of Italy Bulletin. Source: National Bank of Belgium Bulletin. SWITZERLAND UNITED KINGDOM 1. Call money and 3-month deposits: average of rates paid by large banks in Zurich on the 7th, 15th, 23rd, and final day 1. 3-month Treasury bills: market rate (360-day discount of the month. basis) on the last Friday of the month. Source: Federal Re­ 2. Government bonds: composite yield on Confederation serve Bank of New York. bonds on the last Friday of the month. 2. Government bonds (War Loan): yield on the last Friday Source: Swiss National Bank Monthly Bulletin. of the month. Source: Financial Times and Bank of England. 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 LIQUIDITY CONSIDERATIONS AND MONETARY MANAGEMENT Leonall C. Andersen—Staff, Federal Reserve Bank of St. Louis Paper presented at a meeting of the Federal Reserve System Committee on Financial Analysis, at the Federal Reserve Bank of Philadelphia, on April 20, 1966 Comments on Mr. Andersen's paper were presented at the same meeting by Arthur L. Broida, Staff, Board of Governors, and by Richard G. Davis, Staff, Federal Reserve Bank of New York; these comments are included in mimeographed form with the full text of Mr. Andersen’s paper Most economists who consider liquidity as siderations affect the spending decisions of a part of the economic process would gen­ economic units. erally agree to five propositions regarding A model of consumer behavior which in­ liquidity. First, there is a demand for the corporates these aspects of liquidity was special services provided by liquidity. Next, developed and is discussed in this study. these services flow from the holding of It is in the form of a stock-flow model in certain assets. However, assets differ in the which the demand for stocks of two types amount of liquidity services provided as of liquid assets (money and an unspecified well as in other respects. Fourth, these interest-bearing short-term instrument) is assets also provide varying interest returns treated as a derived demand resulting from to their holders. And finally, liquidity con­ the demand for liquidity services. The usual 1300 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDIES 1301 assumptions of maximizing behavior on the are perfectly elastic to consumers, the stock part of consumers are implicit and the model of these assets held by the public could be is examined within a static equilibrium considered beyond direct control of mone­ framework. In the model of consumer be­ tary authorities. Consequently, there appears havior, the impact of liquidity considera­ to be little point in considering the role of tions on consumer spending for goods and the volume of these assets held by house­ services may be summarized in three cate­ holds as a factor influencing their spending gories. These are (1) factors affecting the decisions; rather, the volume held is deter­ price of liquidity services, (2) changes in mined simultaneously with other spending initial stocks of assets providing liquidity decisions. However, with regard to money, services, and (3) the adjustment of the dis­ if actions of monetary authorities cause a crepancy between desired and actual hold­ discrepancy between desired and actual ings of these assets. money balances of consumers, these actions An examination of the characteristics of will have a direct impact on consumption, the model and of the statistical results of a a major portion of aggregate demand; hence, study by Zellner and others supports the monetary management will be an effective theory that an important aspect of consumer economic stabilization measure. In contrast, behavior is the adjustment process between if actions by monetary authorities cannot desired and actual stocks of liquid assets. create such a discrepancy, these actions will Since there is a general presumption that have only an indirect effect on spending— supplies of liquid assets other than money through interest rates. THE OVERSEAS DOLLAR BOND MARKET AND RECENT U.S. BORROWING ABROAD Carl H. Stem—Staff, Board of Governors Prepared as a staff paper in August 1966 Early in the 1960’s investment bankers in promoting these international issues. At Europe—mainly in Belgium and Luxem­ the same time, announcement of the U.S. bourg—began employing a new technique interest equalization tax prompted bor­ for issuing long-term bonds for nonresident rowers subject to the tax to seek capital in borrowers: multinational syndicates of bank­ markets outside the United States. Still ers and securities dealers were organized to further impetus came in 1965 when U.S. market such bonds simultaneously in major corporations—asked to limit their direct­ financial centers in Europe. This method investment capital exports as part of a pro­ departed from the traditional procedure of gram to arrest the drain on the U.S. gold offering securities in a single national market supply—began to issue securities abroad. and inaugurated a new era of international By 1965 the annual volume of nonresident borrowing and lending. borrowing arranged through the multina­ Development of this new phase of the in­ tional offering of long-term bonds in major ternational bond market was stimulated in European financial markets had expanded to mid-1963 when major London merchant about $780 million. banks, with their worldwide contacts, began This paper surveys the growing use of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1302 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 this new method of offering international ning as it did in late 1965 when credit condi­ bond issues and related developments. tions were tightening throughout the indus­ Underwriters at first denominated these trialized world, contributed to the develop­ multinationally underwritten loans in a ment of strained conditions in the overseas variety of currencies and combinations of market for dollar bonds and resulted in a currencies. But because of the prevailing temporary reduction in flotations in April role of the U.S. dollar in international 1966. Although more normal activity has finance, dollar-denominated bonds remained since resumed, as a result of this stringency the favored vehicle for raising funds. Re­ some European financial leaders have made cently U.S. corporations have made largesuggestions for introducing an element of scale sales of long-term bonds abroad, mainly through the formation of Delaware coordination or control over new flotations and Luxembourg financial subsidiaries. The and for enlarging the scope, and hence the large volume of the U.S. borrowing, begin­ drawing power, of the market. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES The daily average series on the money FACTORS CAUSING CHANGES IN SEASONAL PATTERNS supply and on time deposits at commercial banks have been revised to reflect adjust­ Over the past few years large month-toments to benchmarks for 1965 and changes month fluctuations have developed in the in seasonal factors from late 1962 to date. In money supply series. It appears that changes addition to these revisions, which are made in the pattern of tax payments are impor­ annually, a new adjustment has been applied tant explanatory factors, and adjustments in to the currency component of the money seasonal factors have been made to smooth supply to eliminate fluctuations associated the seasonally adjusted data for months and with the changing date of Easter. This new weeks surrounding corporate payments of adjustment affects March and April move­ withheld taxes and of their own income ments in currency beginning with 1959. taxes. Revised monthly and weekly data covering Payments of employee withholdings by the period 1959 to date, together with sea­ corporations have increased as a result of sonal factors for 1966, are shown in the rising employment and income and ex­ tables on pages 1306 to 1315. panded payments under social insurance Data on U.S. Government demand de­ programs due to increases in both withhold­ posits, which are published regularly with ing rates and the base. The seasonal im­ the money supply statistics, also have been pact of these increasing payments of adjusted to 1965 benchmarks. Revised withheld taxes has been greatest in the mid­ monthly and weekly data for these deposits quarter months of February, May, August, are included in the tables without seasonal and November when large-scale employers adjustment. have been paying accruals of employee taxes for the preceding 2 months. A tendency for private demand deposits to decline in each Note.—The daily-average money supply series is of these months became noticeable in 1964, defined to include (1) demand deposits at all com­ mercial banks, other than those due to domestic com­ and it has become more obvious in data for mercial banks and the U.S. Government, less cash 1965 and the first half of 1966. items in process of collection and Federal Reserve float; (2) foreign demand balances at Federal Reserve In addition, acceleration of corporations’ Banks; and (3) currency outside the Treasury, the own income tax payments has affected Federal Reserve System, and the vaults of all commer­ cial banks. Time deposits adjusted consist of time and seasonal patterns. Acceleration of corporate savings deposits at all commercial banks other than income tax payments to a full pay-as-you-go those due to domestic commercial banks and the U.S. Government. For further information on concepts, basis by 1970 was provided for in the Rev­ coverage, and methods of measurement, see “A New enue Act of 1964. A further acceleration of Measure of the Money Supply” and “Revision of Money Supply Series” in the Federal Reserve Bul­ that schedule, to be completed in 1967, was letins for October 1960, pp. 1102-21, and August required by the Tax Adjustment Act of 1962, pp. 941-51, respectively. The revised series shown here were prepared by Ed­ 1966, enacted earlier this year. The effects ward R. Fry, Darwin L. Beck, and Mary F. Weaver of these transitional steps toward putting of the Banking Section of the Board’s Division of Re­ search and Statistics. tax payments on a more current basis ap- 1303 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1304 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 patently were not fully anticipated by cor­ March, April, May, and June present the porations in planning their cash flows or in most difficulty. On the one hand, the acceler­ their investment policies. There has been ation of corporate income tax payments be­ unusually large demand for bank credit and ginning in 1964 has been associated with demand deposits in the months most af­ large credit and demand deposit expansion fected—April and June—with subsequent in April and June and a larger decline in unusually large loan repayments and reduc­ May, presumably reflecting repayments of tions in deposits. Because part of the deposit April tax borrowing. This pattern is being expansion and contraction appeared related accentuated under this year’s acceleration to temporary and special demands associ­ program. The revised schedule for payments ated with the introduction of the speed-up of withheld taxes in the coming year further and because it is not yet clear how corpora­ increases total payments to the Treasury in tions will prepare to make regular payments April. On the other hand, the new schedule on the new basis, not all of the deposit vari­ calls for a reduction of corporate income tax ation around April and June was considered payments in March as well as reduced pay­ to be seasonal. ments of withheld taxes in May. Seasonal Determination of the appropriate sea­ factors will be changing to reflect these shifts sonal factors for demand deposits in recent in patterns of tax payments in the Marchyears was unusually complicated because of June period as well as to take account of the marked shift in the pattern of corporate changes in the seasonal importance of de­ tax payments discussed above. And it ap­ posits in other months being affected. pears that the seasonal pattern has not yet In general, until a relatively stable pattern stabilized since the shifting of corporate in­ of seasonal movements in private demand come tax payments is still in process and deposits becomes discernible, initially there since the means of financing these payments are likely to be sharp short-run changes in is still in transition (for example, the Treas­ the seasonally adjusted level of the money ury has just begun to issue April tax an­ supply. Analysis of the factors behind such ticipation bills). changes will, as always, be necessary to In addition future seasonal patterns will judge whether they represent temporary and be influenced by the new payments sched­ reversible movements—some of which may ule for withheld income and social security reflect a changing seasonal pattern that will taxes, as revised by the Treasury this year. later be smoothed out—or whether they are This schedule results in some acceleration harbingers of cyclical and other basic of payments and a more uniform distribu­ changes in the demand for money. tion of them over the year. As a result of these actions, payments to the Treasury are EFFECTS OF REVISIONS being altered in each of the 12 months. The principal effect of this revision is to Appropriate allowance in advance for smooth the unusually wide fluctuations that these changes cannot be made with certainty, had developed in the money supply series since neither the monthly amounts of tax over the past 216 years. The decline in the payments nor their relative amounts that will money supply in the middle of each quarter be met through bank credit expansion versus and the rapid increases around the year­ transfers from existing demand balances can end—reflecting mainly the changing pat­ be accurately predicted. The factors for terns of tax payments to the U.S. Treasury— Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 1305 were judged to be largely seasonal. These sonally adjusted series in February, May, fluctuations have been smoothed by modify­ and August and lowered the adjusted data ing the monthly seasonal factors.1 in January, April, September, October, and In addition, benchmark corrections re­ December. These changes in seasonal pat­ duced the average level of the money supply terns, which are most noticeable in 1965 and in 1965 by about $100 million. On the basis 1966, result in a substantial smoothing of of the revised series, expansion in the first 8 the monthly series. Weekly seasonal factors months of 1966 is estimated at an annual have been modified to reflect these changes rate of 2.2 per cent, compared with 1.5 per in. monthly factors, as well as to smooth in­ cent before revisions. Since reaching a new tramonthly fluctuations that appeared to be high in June, the money supply has declined repetitive after mid-1964. by $1.5 billion on the revised basis, com­ Revisions in the currency component of pared with the $2.0 billion decline in the the money supply are small, as usual, with old series. benchmark corrections nominal and with The revisions are largest in the demand only minor changes in seasonal factors. Sea­ deposit component of the money supply. sonal factors have been raised for January, Benchmark adjustments lowered the unad­ February, and November and lowered justed series by about $200 million at mid- slightly for six other months. 1965 and by smaller amounts at the begin­ In this revision new corrections have been ning and end of that year.2 Revisions due to made to smooth out variations in currency changes in seasonal factors raised the sea- outside banks associated with the changing date of Easter. A late Easter date tends to 1 Seasonal factors for both the monthly and weekly reduce the monthly average volume of cur­ series are reviewed each year, and are revised after benchmarks for the preceding year become available. rency held by the public in March and to Such revisions based on 1 additional year of data increase it in April; an early Easter date— usually affect only the latest 3 or 4 years. First ap­ proximations of revised monthly seasonal factors are that is, one falling in late March—tends to derived by the Census X-9 computer method, and reduce monthly average holdings in April. these are modified in some cases on the basis of pro­ cedures similar to those described in “Adjustment for These variations are associated with the re­ Seasonal Variation,” Federal Reserve Bulletin, June lationship between the date of Easter and 1941, pp. 518-28. For a summary description of the the strength of retail trade in the spring. X-9 version of Census Method II, see Business Cycle Developments, Department of Commerce, September The corrections for currency were derived 1963, p. 67. for the months of March and April, begin­ Weekly seasonal factors are derived by a computer program based on ratio-to-moving-average techniques. ning in 1959, by adjusting monthly changes Data for the latest 6 years are included in the compu­ in the seasonally adjusted data for trend and tations, and the computed weekly seasonal factors are reconciled with revised monthly factors by analy­ by interpolating correction factors for each sis of intramonthly patterns in the most recent years. year from these adjusted changes arrayed 3 Benchmark adjustments are made on the basis of according to the Easter date. Corrections semiannual condition reports of all commercial banks to correct estimated levels of deposits and cash, prin­ for 1966, reflecting the April 10 date of cipally of nonmember banks, for which current re­ Easter, were incorporated in the March and porting is not available. The current revision incorpor­ ates call report benchmarks for June 30 and December April seasonal factors shown on page 1306. 31, 1965. “Estimating Procedures Used in Daily Aver­ The March 1966 factor was reduced by a age Money Supply Series," a description of procedures for estimating components for which current data are negligible amount, and the April factor was not reported, may be obtained from the Division of raised by one-tenth of 1 percentage point. Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C., 20551. Benchmark corrections for time deposits Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1306 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 adjusted at all commercial banks had no The series for U.S. Government demand noticeable effect on the series as published. deposits has been revised downward on the Changes in seasonal factors also had only average by about $100 million in 1965 to minor effects, lowering the seasonally ad­ correct to new benchmarks. The largest re­ justed series slightly in the first 4 months vision in this series is a reduction of $200 of the year and in August and raising the million on the June 30 call report date. The level in June and July. Weekly seasonal December 31 benchmark has had the effect factors also were revised to conform with the changes in monthly patterns and to of raising the series slightly from the end of smooth intramonthly fluctuations. 1965 to the present. Seasonal Factors for 1966 (Per cent) Money supply Money supply Time Time Period C c u o n r m r e e n p n t o c ­ y D c d o e e n m m p e o n a p s t n o i d t ­ a d d e j p u o s s t i e t d s Period C c u o n r m r e e p n n o t c ­ y D c d o e e n m m p e o n p a s t n o it d ­ a d d e j p u o s s t i e t d s Monthly factors 99.8 103.9 99.7 July..................................... 100.4 98.6 100.3 Feb......................................... 98.9 100.0 100.1 Aug...................................... 100.2 97.9 100.2 Mar........................................ 99.0 99.2 100,5 Sept..................................... 100,0 99.2 99.9 Apr......................................... 99.0 100.8 100.5 Oct....................................... 100.2 100.3 99.9 May....................................... 99.2 97.7 100.6 Nov.................................... 101.3 101.0 99.2 June....................................... 99.8 98.3 100.3 Dec...................................... 102.1 103,1 98.9 Weekly factors Week ending—• Week ending— 101.2 105.5 99.5 100,8 98.1 100.3 12.............................. 100.8 104,6 99.6 13........................... 100.9 98.4 100.3 19.............................. 99.8 104.2 99.7 20........................... 100.4 98.8 100.3 26.............................. 98.9 102.6 99.8 27........................... 99.7 98.5 100.2 Feb. 2.............................. 98.7 102.6 99.8 Aug, 3........................... 99.9 99.5 100.3 9............................. 99.6 101.6 100.1 ’ 10.........1..0..0....4........... 98.6 100.2 16.............................. 99.3 100,5 100.1 17........................... 100.5 98.0 100.2 23.............................. 99.0 97.7 100.1 24........................... 100.1 96.7 100.2 31........................... 99.4 97.6 100.2 Mar. 2............................ 98.6 99,0 100.1 9.............................. 99.7 99.2 100.3 100.9 98.2 100.1 16.............................. 99.3 100.3 100.4 ’ 14.........1..0..0...3............ 99.8 100.1 23.............................. 99.2 99.0 100.4 21........................... 99.8 100.3 99.8 30.............................. 98.5 98.1 100,5 28........................... 99.2 98,5 99.8 99.4 99.4 100.6 Oct. 5........................... 99.8 99.4 99.9 13.............................. 100.0 100.6 100.6 12........................... 100.8 99.7 100.0 20.............................. 99.2 102.3 100.4 19........................... 100.5 100.4 99.9 27....................... 98.3 101.0 100.4 26........................... 99,9 100.6 99.8 100,2 100,5 98.7 Nov. 2....................... 99.9 101.7 99.8 ' 11........................ 99.7 99.0 100.6 9.........1..0..1....4........... 101.2 99,6 18.............................. 99.3 97.5 100,5 16........................... 101.4 101.5 99.3 25.............................. 98.9 96.0 100.6 23........................... 101.5 100.4 98.9 30........................... 101.4 100,6 98.8 99.2 96.7 100.6 8.............................. 100.2 97.9 100.4 Dec. 7........................... 102.3 101,6 98.9 15.............................. 99.9 99.4 100.4 14........................... 102.2 103.1 98.9 22............................. 99.8 98.8 100.2 21........................... 102.4 104,1 98.8 29.............................. 99.2 97.4 100.2 28........................... 102.3 102,9 99.0 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 1307 Money Supply and Related Data, 1959-66 (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Month Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t c D o d m e e m p p o o a s n n i e t d n t jus a t d ed ­ 1 Total c C om ur p re o n n c e y n t c D o d m e e m p p o o a s n n i e t d n t jus a t d ed ­ 1 d d e e p m os a i n ts d 1 1959—jan........................................ 141.6 28.6 112.9 66.0 144,9 28.6 116.3 65,6 3.2 Feb......................................... 142.0 28.7 113.2 66,0 142,0 28.4 113.6 65.8 4.3 Mar...................................... 142.5 28.8 113.7 66.2 141,3 28.5 112.8 66.2 3.7 Apr. . ................................. 142.7 28.8 113.9 66.5 142,3 28.5 113.8 66,7 4.6 May ................................. 143.2 29.0 114.2 66.6 141.2 28.7 112.5 67.0 5.2 Tone . ............................ 143.4 29.0 114.3 67.0 141.9 28.9 113.0 67,4 4.0 July........................................ 144.1 29.0 115.1 67.1 142.7 29,1 113.5 67.5 4.9 Ans................................... 143.6 29.1 114.5 67.2 142,2 29,1 113.0 67.4 5.1 Sept ............................... 143.3 29.0 114.3 67,3 142.7 29.1 113.6 67.5 5.2 Oct......................................... 142.9 29.0 113.9 67.3 143.0 29.0 113.9 67.4 4.9 Nov........................................ 142.7 28.9 113.8 67.3 144.0 29.2 114.8 66,8 4.7 Dec ................................. 141.9 28,9 113.1 67.4 145.6 29.5 116.1 66.6 4.9 1960—Jan..,................................... 141.7 29.0 112.7 67.2 145.0 28.9 116.1 66,8 4.1 Feb......................................... 141.3 29.0 112.4 66.9 141,2 28.6 112.6 66,6 4.1 Mar. ..................................... 140.9 29.0 111.9 67,0 139.7 28.7 111.0 67.0 4.3 Apr ............................... 140.8 29.0 111.8 67.3 140,7 28.8 111.9 67.5 3.6 May , ................................. 140.3 29.0 111.3 67,4 138.4 28,8 109.6 67.8 6.4 June ................................. 140.1 29.0 111.1 67.9 138,6 28.9 109.7 68.3 6 3 July........................................ 140.4 29.0 111.5 68.7 139.1 29.1 109.9 69.1 6,7 Aus....................................... 140.9 29.0 112.0 69.7 139.6 29.1 110,5 70.0 6.1 Sept ................................. 141.1 29.0 112.1 70,5 140.5 29,1 111,4 70.7 5,4 Oct, ,................................. 141.1 29.0 112.1 71.3 141,3 29,1 112.2 71.4 5.6 Nov ................................... 140.8 29.0 111.8 72.1 142.1 29.3 112.8 71.5 5.8 Dec ................................. 141.1 28.9 112.1 72.9 144.7 29.6 115,2 72,1 4.7 1961 Jan....................................... 141.2 29.0 112,3 73.6 144.5 28.8 115.6 73.2 4.1 Feb ................................. 141.7 28.9 112.8 74.9 141.6 28.6 113.0 74.6 4.8 Mar ................................... 142.0 28.9 113.1 75.5 140.8 28.6 112.2 75.5 4.7 Apr,................................ 142.3 29.0 113,4 76.2 142.5 28.7 113.8 76.5 2.8 May....................................... 142.7 28.9 113.8 77.2 140,8 28.7 112.1 77.7 4.7 June ................................. 143.0 28.9 114.0 78.1 141.3 28.9 112.4 78.6 4.5 July........................................ 143.0 29.0 114,0 79.1 141.6 29.2 112.4 79.5 4.3 Aug ............................... 143.3 29.1 114,3 79.9 141,6 29.2 112.4 80,2 5.5 Sept .............................. 143.9 29.2 114,7 80.7 143.1 29.3 113.8 80.9 5.2 Opt ................................. 144.3 29.3 115,0 81.5 144.5 29.4 115.1 81.5 6.4 Nov. ..................................... 145.0 29.4 115,5 82.2 146,3 29.7 116.6 81.5 5,8 Dec ................................... 145.5 29.6 116,0 82.7 149.4 30.2 119.2 81.8 4.9 1962—Jan............................. 145.5 29.6 115.8 84.1 149.0 29.5 119.4 83.6 3.8 Feb......................................... 145.8 29.7 116.1 86.0 145.6 29,3 116.3 85,6 4.7 Mar.. ......................... 146.0 29.8 116.2 87,6 144.8 29.5 115.3 87.7 5.0 Apr .................... 146.5 30.0 116.5 88.8 146.8 29.7 117.1 89.2 3.8 May ................. 146.1 30.0 116,1 89.5 144.1 29.7 114.4 90.0 7.0 Tune, ........... 146.2 30.1 116.1 90.6 144.4 30.0 114.4 91.1 7.2 July. ................... 146.1 30.1 115.9 91,7 144.6 30.3 114.3 92,2 7.0 Aug. ............................... 146.0 30.2 115,8 92.6 144,0 30.3 113.7 92.9 7.8 Sept ................................ 145.8 30.3 115,6 93.7 145.0 30.3 114.6 93,8 7.2 Oct ................................. 146.4 30.3 116.0 95.0 146,5 30.4 116.2 95.0 7.3 Nov........................................ 146.8 30.4 116,3 96.2 148.2 30.8 117.5 95.5 6.0 Dec ................................. 147.5 30.6 116,9 97.8 151,6 31.2 120.3 96.7 5.6 1963—.Jan . ................................. 148.0 30.7 117,4 99.0 151.8 30.5 121.2 98.6 4.8 Feb ................................. 148.6 30.9 117.7 100.3 148.4 30.5 117.9 100.1 5.7 Mar. ............... 148.8 31.0 117,8 101.5 147.6 30.7 116,9 101,9 6.0 Apr........................................ 149.3 31.1 118,2 102.6 149.8 30.9 118.9 103,1 4.2 May....................................... 149.8 31.3 118,5 103.6 147.5 31.0 116.5 104.3 7.1 June....................................... 150.4 31.5 118,9 104,7 148.3 31.4 116,9 105.2 7.5 July....................................... 151.0 31.6 119,4 105,9 149.5 31.8 117.7 106.2 7.8 Aug....................................... 151.2 31.8 119.5 107.2 149.2 31.9 117.3 107,5 6.3 Sept........................................ 151.5 31.9 119.6 108.4 150.6 32,0 118.6 108,3 6.6 Oct......................................... 152.3 32.0 120,3 109.6 152.5 32,1 120.4 109,5 5.3 Nov....................................... 153.2 32.3 120.9 111.1 154.8 32.6 122.1 110.2 4.4 Dec....................................... 153.1 32.5 120.6 112.2 157.3 33.1 124.1 111.0 5.1 1964—Jan.......................................... 153.6 32.6 121.0 113.4 157.7 32.4 125.2 113,0 4.1 Feb......................................... 154.0 32.8 121.2 114,4 153.7 32.3 121.3 114.5 4.8 Mar........................................ 154.1 32.9 121.2 115.2 152.9 32.6 120.2 115,7 6.0 Apr ........... 154.5 33.1 121.4 116.1 154.9 32.8 122.2 116.7 4.2 May....................................... 155.0 33.3 121.7 117.3 152.2 33.1 119.2 118,0 6.8 June...................................... 155.6 33.5 122.1 118,6 153.4 33.4 120.0 119,1 7.6 July....................................... 156.6 33.6 123.0 119,7 155.0 33.7 121.3 120.0 6.9 Aug....................................... 157.2 33.8 123,5 120,9 155.0 33.9 121.1 121.1 6.3 Sept........................................ 158.2 33.9 124.3 122.1 157.1 33.9 123.2 122.0 6.5 Oct......................................... 158.8 34.0 124,8 123.5 159.0 34.1 124.9 123.4 5.5 Nov.,.................... 159.0 34.1 124.8 125,1 160.7 34,6 126.1 124.1 | 5.8 Dec........................................ 159.7 34.2 125,4 126.6 164.0 35,0 129.1 125.2 5.5 For notes, see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1308 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 Money Supply and Related Data, 1959-66—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Month Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t D d e e m po a s n it d jus a t d ed ­ 1 Total c C om ur p re o n n c e y n t D d e e m po a s n it d jus a t d ed ­ 1 d d e e p m os a i n ts d 1 component component 1965—Jan......................................... 159.7 34.5 125.3 128.7 164.4 34.4 130,1 128,3 4.2 Feb......................................... 159.8 34.6 125,2 130.7 159.5 34.2 125.2 130.8 5.7 Mar....................................... 160.3 34.7 125.6 132,0 158.9 34.4 124.6 132.7 6.6 Apr......................................... 161,0 34.8 126.2 133.3 161,5 34.5 127.1 134,0 5.5 May....................................... 160.7 34.9 125,8 134.6 157,5 34.6 122.9 135,4 9.5 161.7 35.0 126.7 136,2 159,5 34.9 124,5 136.6 9.1 July......................................... 162.4 35.3 127,2 137.9 160,8 35.4 125,4 138.3 9.0 Aug....................................... 163.0 35.5 127,5 140.0 160,3 35.5 124,8 140.2 7.3 Sept........................................ 164.1 35.7 128,5 141.6 163,1 35.7 127.5 141,4 5.5 Oct......................................... 165.2 36.0 129,3 143.7 165.7 36.0 129.7 143.5 5.0 Nov....................................... 165.6 36.1 129,5 145.5 167.3 36.5 130,8 144,3 4.1 Dec......................................... 167.2 36.3 130.9 146.9 172.0 37.1 134,9 145.2 4.6 1%6—Jan.......................................... 168.0 36.6 131.4 147,8 173,0 36.5 136,5 147,3 3.8 Feb......................................... 168.2 36.8 131.4 148.5 167.8 36.4 131.4 148.7 5.2 Mar,.................................... 169.3 36.9 132.3 149.5 167,8 36.6 131,3 150,2 4.6 Apr......................................... 170.9 37.1 133.7 151.4 171.6 36.8 134,8 152.2 3.1 May................................. 170.2 37.3 132.9 153.0 166.9 37.0 129,9 153.9 7.2 June...................................... 171.1 37.4 133.7 153,7 168.8 37.3 131,5 154.1 6.3 July................................ 169.6 37.7 132.0 155.3 167.9 37.8 130,1 155.8 8.1 Aug.”..................................... 169.6 37.8 131.8 156.6 166.9 37.9 129,0 157,0 5.2 For notes, see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 1309 Money Supply and Related Data, 1959-66—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending— Time Time U.S. Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t a d d e ju p s o t s e i d ts 1 Total c C om ur p re o n n c e y n t co D d m e ep m p o o a s n n i e t d n t a d d e ju p s o t s e i d ts 1 d d e G e p m o o s v a it n t s , d 1 1959 Jan 7................................. 141.5 28.7 112,8 65.9 145.4 29.0 116,4 65.5 3.9 14................................. 141.5 28.6 112.8 66.0 145.5 28.7 116.8 65.6 2.3 21................................. 141.6 28.7 112.9 66.1 145.3 28.5 116,8 65.6 1.7 28................................. 141.7 28.7 113,0 66.0 144.0 28.3 115.7 65.7 4.3 141.6 28.7 112,9 66.0 143.3 28.3 115.0 65,7 4.7 It................................. 141.8 28,7 113,1 66,0 142.7 28.5 114.2 65,7 4.0 18................................. 142.1 28.7 113,3 66,0 142.2 28.4 113.8 65,7 4,3 25................................. 142.2 28.8 113,5 66.0 140.7 28,3 112.4 65.8 4.3 142.2 28.7 113,5 66.0 141.1 28.4 112.7 65,9 4.1 11................................. 142.2 28.8 113,5 66.1 141.3 28.6 112.7 66.1 3.0 18................................. 142.4 28.8 113.7 66.2 142.6 28.6 114.1 66.2 3.0 25................................. 142.6 28.8 113.8 66.2 140.5 28.4 112.0 66.2 5.1 142.7 28.8 113.9 66.3 140.6 28.4 112,2 66.4 3.6 ' 8.......1..4..2...7................2..8...8 113,9 66.4 141.1 28.7 112,4 66.5 6,2 15................................. 142.6 28.8 113,9 66.5 142.7 28.6 114.1 66.7 4.6 22................................. 142.7 28.9 113,9 66.5 143.2 28.5 114.7 66.7 4.0 29................................. 142.8 28.9 113.9 66.5 142.5 28.4 114.1 66.8 3.9 142.8 28.9 113.9 66.6 141.9 28.7 113,2 66.9 4.9 * 13................................. 142.9 28.9 114,0 66.6 141.6 28,8 112.8 67,0 4.9 20................................. 143.3 28.9 114,3 66.6 141.0 28.7 112.3 67.0 5.9 27................................ 143.5 29.0 114.5 66.7 140.5 28.6 111.9 67,1 5.4 143.4 29,0 114.4 66,8 141.1 28.8 112.3 67.2 4.7 10................................. 143.3 29.0 114.3 66.9 141.5 29.1 112,4 67.3 3.5 17................................. 143.4 29.0 114.4 67.0 143.3 28.9 114,3 67.4 3.3 24................................. 143.4 29.0 114.4 67.0 141.8 28.9 112,9 67,4 4.7 July 1................................. 143.6 29.0 114.6 67.1 141,4 28.9 112.6 67,6 4.5 " 8................................. 143.8 29.0 114.7 67.1 142,1 29.4 112,6 67.5 3.8 15................................. 143.9 29.0 114.9 67.0 142.9 29.2 113,6 67.5 4.9 22................................. 144.1 29.0 115.1 67.1 142.7 29.2 113,6 67.5 6.0 29................................. 144.3 29.0 115,2 67.1 143.0 28.9 114.0 67.4 5.0 143.8 29.0 114.8 67.0 143,1 29.1 114.0 67.4 5.0 ~ 12................................. 143.9 29.1 114,8 67.1 143.2 29.3 113.9 67.4 3.8 19................................. 143.7 29.0 114.7 67.1 142.0 29.2 112.8 67,4 4.8 26................................ 143.6 29.0 114.5 67.2 141.0 29,0 112,0 67.5 6.1 143.2 29.0 114.3 67.3 141.9 29.0 113.0 67.5 5.9 ' 9.......1..4..3....0...............2..9...0 114.1 67.3 142.2 29.4 112.8 67.5 5.0 16......................... 143.2 29.0 114.2 67.3 144,1 29.2 114.9 67.5 4.0 23.............................. 143.3 29.0 114.3 67.3 142.8 29.0 113.8 67.5 5.5 30................................. 143.5 29.0 114.5 67.3 141.8 28,8 113,0 67.5 6.0 Oct 7................................. 143.3 29.0 114.3 67.3 142.3 29,2 113.2 67.5 5.5 14................................. 143.2 29.0 114.3 67.3 143.5 29,2 114,3 67.4 3.7 21................................. 142.9 29.0 114.0 67.2 143.2 29.1 114,1 67.4 4,4 28................................. 142.4 29.0 113.4 67.3 142.8 28.9 113,9 67.3 5.6 142.2 28.9 113.3 67.4 143.6 29.0 114.6 67,3 5.6 11................................. 142.5 28.9 113.7 67.4 144,1 29.3 114.8 67.2 4.6 18................................ 142.8 28.9 113.9 67.3 144.4 29.2 115.2 66,7 4.7 25................................. 143.0 28.9 114.1 67.3 143.6 29.2 114.5 66,5 4.6 142.6 28.9 113.7 67.3 144,2 29.3 114.9 66.4 4.3 9.......1..4..2...3................2..8...9 113.4 67.3 144.6 29,6 115.0 66.5 5.2 16................................. 142.2 28.9 113.3 67.3 146.6 29,4 117.2 66.5 4.2 23................................. 141.6 28.9 112.7 67.4 145,8 29.5 116.2 66.7 5.4 30................................. 141.7 28.9 112.8 67.5 146.0 29.6 116.4 66.8 5.0 141.3 28.9 112.4 67,5 145.8 29,3 116.5 67.1 4.8 13................................. 141.7 28.9 112.8 67.4 145.7 29,0 116.7 66,9 4.4 20................................. 141.8 28.9 112.8 67,1 145.4 28,8 116.6 i 66,7 3.8 27................................. 141.7 29.0 112.7 66.9 143.9 28.5 115.4 66,6 3.4 Feb. 3................................. 141.7 29.0 112.6 66.9 143.2 28,5 114.7 66,7 4.1 10................................. 141.4 28.9 112.4 66.9 142.3 28.7 113,6 66,6 3.7 17................................. 141.4 28.9 112.5 67.0 141,8 28,6 113,2 66.6 3.8 24................................. 141.2 28.9 112.3 66.9 139.7 28.6 111.1 66.7 4.6 For notes, see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1310 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 Money Supply and Related Data, 1959-66—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending— Time Time U.S. Total c C om ur p re o n n c e y n t c D o d m e e m p p o o a s n n i e t d n t a d d e ju p s o t s e i d ts 1 Total c C om ur p re o n n c e y n t c D o d m e e m p p o o a s n n i e t d n t ad d j e u p s o t s e i d ts 1 d d e e G p m o o s a v i n t t s , d 1 1960 Mar 2................................ 141.3 29.0 112.3 66.8 140.0 28 5 111 5 66.6 4 5 9................................. 141.1 29.0 112.1 66.9 140,1 28.8 111 2 66.8 4 0 16................................. 141.0 29.0 111.9 67.0 140,9 28.8 112 2 67,0 3 3 23.................................. 140.8 29.0 111.8 67.1 139,3 28.7 110 6 67.1 52 30................................. 140.7 29.0 111.7 67.1 138,5 28.5 110 0 67.2 4' 7 140.7 29.0 111.7 67,1 138,6 28.9 109 7 67.3 4 1 ' 13.................................. 140,7 29 0 111.7 67.3 140.2 29.0 111 3 67.5 23 20.................................. 140,8 29.0 111.8 67.3 142.3 28.8 113 4 67.4 36 27................................. 140.8 29.0 111.8 67.3 141.3 28.5 112 8 67.5 4' 1 140.6 29.0 111.6 67,4 140.2 28.6 111.6 67.6 5 4 ' ................................. 140.5 29,0 111.5 67.4 139,4 28.9 110.5 67.7 5 8 18................................. 140.3 29.0 111.3 67.4 138,5 28.8 109 7 67.8 6*4 25................................. 140.1 29.0 111.1 67.4 137.1 28,7 108 4 67.9 69 140.0 29.0 111.1 67,5 137.5 28.8 108 7 67.9 6 9 8................................. 139.8 28.9 110.9 67.6 137,9 29.0 108 9 68.1 6 4 15................................. 139.9 29.0 110.9 67.8 139,6 28.9 110.6 68.2 5* 1 22. 140.1 29.0 111.0 68.0 138.9 28.9 110.6 68,3 70 29................................. 140.7 29.0 111.7 68.2 138.1 28.7 109.4 68.6 6 6 140.0 29.0 110.9 68.4 137.9 29.3 108.6 68.9 7 2 ’ 13................................. 140.4 29.0 111.4 68.6 138.9 29.3 109.6 69.0 5 6 20................................. 140.8 28.9 111.8 68.7 139.6 29.1 110.6 69.1 76 27................................. 141.0 28 9 112,1 68.8 139,7 28.9 110 8 69.2 6.6 140.9 28 9 112.0 69 1 140.3 29.0 111.3 69.4 6 5 * 10................................. 141.0 28.9 112.0 69,3 140.4 29.3 111,2 69.6 6 0 17 141.0 29.0 112.0 69.6 139.8 29.1 110 7 69.9 6* I 24................................. 140.8 29^0 111.9 69.9 138.6 29.0 109.5 70.2 6 5 31................................. 140.8 29.0 111,8 70.1 139.1 28.8 116,3 70.4 55 140.9 29.0 111.9 70,3 139.8 29.3 110,5 70.4 5 1 * 14................................. 140.8 29.0 111.9 70,4 141.4 29.2 112,2 70.7 3 6 21.......................... 141.4 29.0 112.4 70.5 141.8 29.1 112.8 70.8 4 9 28................................. 141.2 29’6 112.1 70.6 139.2 28,8 116.4 70,9 73 141.2 29.0 112.2 70.9 139.8 29.0 110,7 71.1 7 5 12................................. 141.1 29.0 112,1 71.1 140.6 29,3 111,3 71.3 5 5 19................................. 141.1 29.0 112.1 71.3 141.6 29.2 112,5 71.4 4* 3 26.................................. 141.2 29.0 112.2 71.5 141.8 29.0 112,8 71.6 5 4 140.9 29,0 111.9 71,7 142.4 28.9 113.5 71.7 6 2 9................................. 140.5 29.0 111.6 71.9 142.0 29.3 112,7 71.7 6 0 16................................. 140.8 29,0 111.8 72.1 142.8 29.3 113.5 71.6 5 4 23................................. 140.8 29.0 111.8 72.1 141.5 29.3 112.1 71.4 6 0 30................................. 141.0 29.0 112.0 72,2 142.0 29.3 112 8 71.4 5 6 141.0 29.0 112.0 72.4 143.0 29.5 113.5 71,6 4 9 14................................. 141.2 29.0 112.2 72.6 145.1 29.5 115.5 71.8 3 2 21................................. 141.2 29.0 112.3 72.9 146.1 29.6 116.5 72.1 4 2 28................................. 141.1 28.9 112.1 73.3 144.6 29 7 114 9 72.4 5 9 1961 Jan 4................................. 140.8 28.9 111,8 73.4 145.1 29.3 115 9 72.9 5 9 11.................................. 140.8 28.9 111,8 73,6 144.6 29.2 115,5 72.9 4 7 18................................. 141,0 28.9 112.1 73,5 144,8 28.8 116.0 73.1 3 5 25................................. 141,8 28.9 112.9 73,6 144.3 28.6 115 7 73.3 3 3 Feb. 1................................. 141.8 28.9 112,9 73.9 143.7 28.4 115,3 73,6 3 8 8................................ 141.7 28.9 112,7 74,7 143.0 28.7 114.3 74.4 43 15................................. 141.7 28.9 112.7 74.8 142.4 28.7 113,7 74.6 3 7 22................. 141.8 28.9 112.8 75,1 140.5 28.6 111.9 74.8 58 141.8 28.9 112.9 75,1 140.3 28.4 111.9 74,9 5 7 8................................. 141.6 28.9 112.6 75.3 140.5 28.8 111,7 75 2 53 15................................. 141.8 28.9 112.9 75.5 141.5 28.7 112 8 75 5 3 6 22........................... 142.3 28.9 113.3 75.6 141.4 28.7 112^7 75^5 5 3 29................................. 142,5 29,0 113.5 75.5 140.2 28.5 111.7 75 7 4 6 142.4 29.0 113,5 75,7 140,6 28.8 111.8 76 0 4 5 12.................................. 142.4 28.9 113,4 76,0 142.1 28.8 113 3 76 3 3 2 19................................. 141.8 28.9 112.9 76,3 143.4 28.7 114.7 76'5 2 1 26................................. 142,2 28.9 113.3 76.5 143.1 28.5 114.6 76^6 1.9 For notes, see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 1311 Money Supply and Related Data, 1959-66—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending—• Time Time U.S. Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t a d d e j p u o s s t i e t d s 1 Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t a d d e ju p s o t s e i d ts i d d e G e p m o o s v a i n t t , s d 1 142.5 29,0 113.6 76.7 142.5 28.6 113.9 77.0 3.2 ' ' id................................. 142.6 28.9 113.7 77.1 141.8 28.9 112.9 77.4 3.9 17................................. 142.7 28,9 113.8 77.1 141.1 28.8 112,4 77.6 4 5 24................................. 142,8 28.9 113.9 77.2 139,7 28.7 111.0 77.9 5.8 31................................. 142.9 28.9 114,0 77.5 140.0 28.6 111,4 78,1 5.0 143.0 28.9 114.0 77.7 140.9 29.0 111.9 78.3 4.0 14................................. 143.0 29,0 114.1 78.0 142.6 29.0 113.6 78.4 2.2 21................................. 143.0 29,0 114,0 78.3 141.9 28.9 113.0 78.6 5.7 28................................. 142.9 29.0 113.9 78.5 140.1 28.7 111.4 78.8 5.7 142.9 29.0 113.9 78.7 140.5 29.2 111.3 79.3 6.1 ’ 12................................. 143,0 29.0 114,0 78,9 141.3 29.4 111.9 79.3 4.5 19............................... 143.0 29.0 114.0 79.0 141.9 29.2 112.7 79.5 3.1 26................................. 143,1 29.0 114.1 79.2 141.8 29.0 112.8 79.7 2.8 143.1 29.0 114.1 79.5 142,4 29.0 113.5 79.9 6.0 ” 9 143.0 29.0 114,0 79.6 142.4 29,4 113,0 80.0 5.1 16................................. 143.6 29. 1 114,5 79.8 142.4 29.3 113,1 80.2 4.8 23................................. 143.6 29.2 114.4 80.1 140,5 29.2 111.3 80,3 6.1 30................................. 143.5 29.2 114.4 80.2 140.9 29.0 112.0 80.4 5.6 143.6 29.2 114.4 80.3 142.0 29.4 112.6 80.6 5.4 ' 13................................. 143.7 29.2 114.5 80.5 143.7 29.4 114.2 80.8 3.6 20................................. 144,0 29.2 114,7 80.7 144,6 29.3 115.3 80.9 4.4 27................................. 144.0 29.2 114,8 80.9 142,4 29,1 113.3 81.0 5.9 144.1 29.2 114,8 81.1 142,6 29.2 113.4 81.3 8.1 11................................. 144.3 29.3 115,0 81.3 143.6 29.6 114.0 81.5 6.2 18................................. 144.4 29.3 115.1 81.5 145,0 29.5 115.5 81.5 6.9 25................................ 144.4 29.3 115,1 81.6 145,1 29,3 115.7 81.6 6.2 144.5 29.4 115.2 81.8 145.8 29,2 116.6 81.7 5.6 8................................. 144.6 29.4 115.2 82.0 146.1 29.7 116.3 81.7 5.8 15................................. 145.2 29.4 115.8 82.2 147.2 29.7 117,5 81.7 4,8 22................................. 145.1 29.5 115,5 82.3 145.9 29.8 116.1 81.3 6,5 29................................. 145.1 29.5 115,6 82.4 146,0 29.8 116.2 81.4 6.1 145.2 29.5 115,7 82.5 147,3 30.0 117.3 81.6 5.4 13................................. 145.2 29.5 115.7 82.6 148.9 30.2 118.7 81.7 3,5 20................................. 145.6 29.5 116,1 82,8 150.7 30.2 120.6 81,7 4.1 27................................. 145.7 29.6 116.1 82.9 149,6 30.4 119,1 81.9 6.1 1962 Jan. 3................................. 145.8 29.7 116,1 83.0 150.7 30.0 120.8 82.3 6.0 10................................. 145.6 29.7 116,0 83.4 149,8 29.9 119.8 82.8 4.6 17................................. 145.5 29.6 115.8 84.0 149.7 29.6 120.1 83.6 3.1 24................................. 145.4 29.7 115.7 84.4 148.3 29,3 119.0 84,0 2.9 31................................. 145.3 29.6 115,7 84.9 147.2 29.0 118.2 84,4 3.8 Feb, 7................................. 145.7 29.7 116.0 85,3 147.3 29,4 117.9 84.9 4,7 14................................. 145.8 29.7 116.1 85,7 146.7 29.4 117.2 85.5 3.7 21................................. 145.9 29.8 116.1 86.3 144,5 29.4 115.2 85.8 5.1 28................................. 145.9 29.8 116.1 86,5 144.1 29.2 114.9 86.2 5.1 146.0 29.8 116,1 86,9 144,9 29.6 115.3 86,9 5.0 14 ............................... 146,0 29.8 116,2 87.2 145.6 29.6 115.9 87.5 3.2 21................................. 146,1 29.8 116,3 87.8 145.6 29.6 116,0 87,8 4.8 28................................. 146,2 29.9 116.3 88.0 143.5 29.4 114,0 88.3 6.7 146,2 29.9 116.3 88.2 144,3 29.6 114.7 88.7 6.1 11................................. 146.4 29.9 116,5 88.6 146,2 30.0 116.2 89.2 3.7 18................................. 146,5 29.9 116,5 89.0 148.0 29.8 118.2 89.2 2.5 25................................. 146.6 30,0 116,6 89,1 147.8 29.6 118.2 89,3 3.4 146.3 30.0 116.3 89.0 146.4 29.5 117.0 89.4 4.8 9................................. 146.2 30.0 116.3 89.2 145.7 30.0 115.7 89,6 6.2 16................................. 146.3 30.0 116.3 89.4 145.1 29.8 115,3 89.9 6.4 23................................. 145.7 30.0 115.7 89.6 142.5 29.8 112.7 90.2 8.0 30................................. 145.9 30.0 115.8 89.8 142.6 29.6 113.0 90.5 7.5 146.0 30,0 116,0 90.0 144,0 30,0 114,0 90.7 7.1 13 146.0 30.1 116,0 90.4 145.2 30.1 115.1 91.0 5,3 20................................. 146.1 30,1 116,0 90.7 145.4 30,0 115,4 91.1 6.7 27................................. 146.2 30.1 116,1 90.8 143.2 29.8 113,3 91.4 8.6 For notes, see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1312 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 Money Supply and Related Data, 1959-66—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply V/eek ending— Time Time U.S. Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t a d d e ju p s o t s e i d ts i Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t a d d e ju p s o t s e i d ts 1 d d e G e p m o o s v a i t n t , s d 1 1962—July 4................................. 146.2 30.1 116.1 91.1 143.6 30.2 113 4 91 9 9 4 11.,............................. 146.2 30.0 116.1 91.6 144.3 30,6 113^7 92.0 s' 1 18................................. 146.1 30.1 116.0 91.7 145.0 30.4 114.7 92.2 6 6 25................................. 145.9 30.1 115.8 91.8 144.6 30.2 114.5 92.3 60 Aug 1................................. 146.1 30.2 115.9 92.1 145.2 30,0 115 2 92.4 5 R 8................................. 146.0 30.2 115.8 92.2 145.5 30.5 115 0 92.6 5 6 15................................. 146.2 30.2 116.0 92.5 145,1 30,4 114.7 92.8 5 0 22................................. 146.0 30.2 115.8 92,8 142,7 30.4 112.3 93.0 8 4 29................................. 145.9 30.2 115.6 92.9 142.7 30.1 112.7 93.2 7.9 Sept. 5................................. 145.7 30.2 115.5 93.2 143.9 30.4 113 5 93,5 7 8 12................................. 145.8 30.3 115.6 93.4 145.5 30.5 115.0 93,6 6 1 19................................. 145.6 30.2 115.3 93,7 146.0 30.3 115.8 93,8 6 3 26................................. 145.8 30.3 115.5 94,0 144.1 30.1 114,0 94,0 8.1 Oct. 3.............................. 146.1 30.3 115.9 94.2 144.8 30.2 114.7 94,3 8 2 10................................. 146.1 30,3 115.8 94.6 145.5 30.6 114,8 94,7 8 9 17................................. 146.2 30.3 115.9 94.9 146.9 30.5 116,3 94,9 7.4 24................................. 146.3 30.3 116.0 95.2 146.8 30.4 116.4 95,2 6 9 31................................. 146.6 30.4 116.2 95.4 147.7 30.2 117.6 95,4 5 9 7,.............................. 146.6 30,4 116,2 95.8 148.2 30.7 117.5 95.5 6.1 14................................. 146.7 30.5 116.2 96.1 148.7 30.8 117.9 95.6 4.8 21................................. 146.8 30.5 116.3 96.3 148.0 30.9 117.1 95.2 6.7 28................................. 146.8 30.4 116.4 96.5 147.8 30.7 117.1 95.4 6.6 5................................. 146.9 30.4 116.5 96.7 149.0 31.0 118,1 95,8 6.3 12................................. 147.3 30.5 116.9 97.3 150.6 31.3 119.4 96.3 4.5 19................................. 147.3 30.5 116.8 97.9 152.5 31.2 121.3 96,7 4.6 26................................. 147.7 30.5 117.1 98,3 152,1 31.4 120.7 97.1 6.5 1963—Jan. 2................................. 148.1 30.6 117.5 98.5 153.3 30.9 122.4 97.6 6.9 9................................. 148.0 30.7 117.3 98,7 152.4 31.0 121.4 98.1 6.1 16................................. 148.1 30.7 117.5 98.9 152.7 30.6 122,1 98,5 4.3 23................................. 148.1 30.7 117,4 99.2 151.5 30.4 121.1 98.9 4.2 30................................. 148.1 30.7 117.4 99,5 150.2 30.2 120,0 99.2 4.1 Feb. 6................................. 148.5 30.8 117.7 99.8 150.4 30.5 119.9 99.5 4.9 13................................. 148.6 30.9 117.7 100, 1 149.7 30.6 119.1 99.9 4.9 20................................. 148,7 30.9 117.8 100.4 147.7 30.5 117.2 100.2 6.2 27................................. 148.7 31.0 117.7 100.7 146.4 30.4 116.0 100,5 6.7 6................................ 148.7 31.0 177.7 100.9 147.5 30.7 116.8 101.0 6.5 13................................. 148.8 31.0 117.8 101.2 148.2 30.8 117.4 101.6 4.6 20.......................... 148.9 31.0 117.9 101.6 148.7 30.8 117.9 102.0 5.0 27................................. 148.9 31.0 117,9 101.8 146.4 30.6 115.7 102.3 7.3 Apr. 3................................. 149.1 31,1 118.0 102.1 147,1 30,8 116,3 102.7 7.0 10........................... 149.0 31.1 117.9 102,3 148.6 31.2 117.4 103.0 4.6 17................................. 149.7 31.1 118.6 102.4 151.3 31.0 120.3 103.0 3.2 24................................. 149.2 31.1 118.0 102.8 150.5 30.8 119,8 103.1 3.6 May 1................................. 149.7 31.2 118.5 103.0 149,8 30.6 119.2 103.4 4.7 8................................. 148.9 31.3 117.7 103,2 148.3 31.2 117,1 103.7 6.7 15................................. 149.7 31.3 118.4 103.5 148.5 31.1 117.4 104.1 6.3 22................................ 149.9 31.4 118.5 103.8 146.1 31.1 115.0 104,5 8.2 29................................. 150.1 31.4 118.7 104,0 146.4 30.9 115.5 104,7 7.6 5................................. 150.0 31.4 118.7 104.3 147.5 31,3 116.2 104,9 6.8 12................................. 150.2 31.4 118.8 104.5 148.9 31.5 117.3 105.1 4.7 19................................. 150.2 31.5 118.8 104.7 149.4 31.4 118.0 105.2 5.9 26................................. 150.3 31,5 118,8 104.9 147.1 31.2 115.9 105,3 10.5 July 3................................. 150.7 31.5 119.2 105,2 148.1 31.6 116.6 105.8 10.9 10................................. 150.6 31,5 119.1 105.5 148.6 32.1 116.5 105.9 9.5 17................................. 151.1 31.5 119.6 105,8 150,0 31.8 118,2 106.1 7.7 24................................. 151.1 31.5 119.5 106.1 149.7 31.7 118.1 106.4 6.7 31................................. 151.0 31.6 119.5 106.4 150.0 31.5 118.5 106.7 6.0 Aug. .......1.51.1 31.6 119.5 106.7 150,7 31,9 118.8 107,0 6.4 14................................. 151.3 31.7 119.5 107.0 150.3 32.0 118,3 107,3 5.4 21................................. 151.2 31,8 119.4 107,3 148.0 31.9 116.1 107.6 6.9 28................................. 151.3 31.9 119.4 107.5 147.8 31.7 116.1 107,8 6.6 For notes, see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 1313 Money Supply and Related Data, 1959-66—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending— Time Time U.S. Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t a d d e ju p s o t s e i d ts 1 Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t a d d e ju p s o t s e i d ts 1 d d e G e p m o o s v a i n t t , s d 1 1963 Sept 4................................. 151.3 31.9 119.4 107,9 149.4 31,9 117,5 108.1 6.1 ‘ 11................................. 151.5 31.9 119.6 108.2 150.8 32,2 118.6 108.2 5.1 18................................. 151.6 31.9 119.7 108,4 152.1 32,0 120.2 108.4 5.1 25 ......................... 151 .7 31.9 119.8 108,6 149.9 31.8 118.1 108.3 8.1 Oct. 2................................. 152.0 31.9 120.0 108.9 150.1 31,7 118.4 108.7 8.8 9 ....1.5..2....1...............3...2....0 120.2 109,1 151.3 32.3 119.0 109,1 7.7 16................................. 152.3 32.0 120.3 109.4 152,8 32,2 120.6 109.3 5.4 23................................. 152.2 32.1 120.1 109.8 152.6 32.2 120.5 109.6 4.1 30................................. 152.5 32.2 120.3 110,2 153,3 31.9 121.4 110.1 3.1 15X1 32.1 121.0 110.5 155,0 32.3 122.7 110.2 4.2 13................................. 153.1 32.2 120.9 110,7 155,2 32.7 122.6 110.2 3.6 20................................. 153.1 32.2 120.8 111.2 154,4 32.6 121.8 110.1 4.7 27................................. 153,1 32.4 120.7 111.6 153,8 32.6 121.2 110,4 4.9 153.3 32.5 120.8 111.7 155.5 33.0 122.5 110.5 4.5 11................................. 153.2 32.4 120.7 112.1 156,4 33.3 123.1 110.8 3.8 18................................. 153.1 32.5 120.6 112.2 158.2 33,1 125.1 111,0 4.2 25................................. 153.2 32.4 120.8 112,3 157,5 33.3 124.3 111.0 6.6 1964_Jan. 1.................................. 153.4 32.4 120.9 112.6 158,8 32.8 126,0 111.5 6.5 ......1..5..3....5...............3..2....5.. 121.0 112.8 158,7 32.9 125,8 112.3 6.4 15 ......................... 153.6 32.6 120.9 113.2 158,4 32.6 125.8 112.9 4.2 22 ............................... 153.7 32.7 121 .0 113.6 158,0 32.5 125.5 113.2 3.1 29 ............................... 153.7 32.7 121 .0 113.8 156.0 32.1 124.0 113.6 2.8 Feb. 5 ........................... 153.7 32.6 121,1 113,9 156,0 32,2 123,8 113.9 3.5 12 ......................... 153.8 32.7 121.1 114.2 155,4 32.5 122.9 114.4 3.6 19................................. 153.9 32.8 121.2 114.5 153.1 32.3 120.8 114.6 5.2 26................................. 153.9 32.8 121.1 114.7 151.4 32,2 119,2 114.8 5.9 154.0 32.8 121.2 114.9 152.3 32.3 120.0 115.2 5.6 It............................... 154.0 32.9 121.1 115,0 153.0 32.8 120.3 115,5 4.5 18................................. 154.0 32.9 121.1 115.1 154.3 32.7 121.6 115.8 4.6 25................................. 154.2 32.9 121.2 115.3 151,8 32.6 119.2 115.9 7.7 154.5 33.0 121.5 115,5 152,5 32.5 120.0 116,2 7.8 ' 8 ........................... 154.5 33.0 121.5 115.7 153.6 33,0 120.7 116,4 5.9 15................................. 154.5 33. 1 121.4 116.0 155.4 32.9 122.5 116.6 5.0 22. .............................. 154.7 33.2 121.5 116.1 156.5 32,8 123,7 116,6 2.3 29 ........................... 154.6 33.2 121.4 116,6 154.6 32.5 122.1 117.1 2.9 154.8 33.2 121.6 116,7 154,3 33,0 121.3 117.3 5.5 ' 13................................. 154.9 33.3 121.7 117.0 153,3 33.1 120.2 117.8 6.0 20................................. 155.0 33.3 121.7 117,3 151.3 33,0 118.3 118,1 7.4 27................................. 155.2 33.4 121,8 117,7 150.4 32.9 117.5 118,4 7.5 155.3 33.4 121.9 118,1 152,2 33.2 119.0 118,8 7.1 16................................. 155,4 33.4 122.0 118,5 153,0 33.6 119.4 119.1 6.1 17............................... 155.5 33.4 122.1 118,6 155, 1 33,4 121.7 119,2 6.2 24................... 155.5 33.5 122.1 118,7 153.2 33.3 119.9 119.1 8.8 July 1........................... 155.6 33.5 122.1 118,8 152,7 33.3 119.5 119,3 10.0 " 8.......1..5..6....2...............3..3...5 122.7 119,1 154.3 34.0 120.2 119.6 9.5 15................................. 156.6 33.7 122.9 119,5 155,3 33.9 121.5 119,9 8.1 22................................ 156.6 33.6 123.0 119,8 155,4 33.8 121.6 120.2 5.4 29................................. 156,8 33.7 123.1 120,1 155.1 33.5 121,6 120,4 4.6 156.9 33.7 123.3 120,2 156,3 33.7 122.5 120.6 5.8 12................................. 157,1 33.7 123.4 120.6 156.0 34.0 122.0 120.9 5.4 19................................. 157.2 33.7 123.5 120.9 154.4 33,9 120.6 121.1 6.8 26................................. 157,4 33.7 123,7 121.2 153.6 33.7 119.9 121,4 7.2 157.5 33.8 123.8 121.4 155.2 33.6 121.6 121,7 5.9 * 9................................. 157.7 33.8 123.9 121,8 156.4 34.3 122.1 121.9 5.6 16................................. 157.8 33.8 124.0 122.0 158,8 34.0 124.8 122.1 4.0 23................................. 158.2 33.9 124.2 121.9 157,3 33.8 123.5 121.8 7.5 30................................. 158.4 34.0 124.4 122,5 155,9 33.6 122.3 122.2 9.1 Oct. 7................................. 158.4 33.9 124.5 122,9 157,8 34.1 123.7 122.8 8.2 14................................. 158.5 34.0 124.5 123,4 159,1 34.2 124.9 123,3 5.5 21................................. 158,7 34.0 124.7 123,6 159,1 34,1 125.0 123,4 4.5 28................................. 158.7 34.1 124.7 124,0 159,3 33.9 125.4 123.8 4.1 For notes, see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1314 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 Money Supply and Related Data, 1959-66—Continued (Tn billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending— Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e d t n t jus a t d ed ­ * Total c C om ur p re o n n c e y n t c D o d m e e m p p o o a s n n i e t d n t jus a t d ed ­ 1 d d e e p m os a i n ts d 1 158.9 34.1 124.8 124.4 160,8 34.1 126.7 124.0 5 1 11................................. 159.0 34.1 124.9 124.7 161.1 34.6 126.5 124 1 4 5 18................................. 159.0 34.1 124.9 125.1 161.1 34.6 126,5 124 1 5'3 25................................. 159.1 34.1 124.9 125.6 159.6 34,6 125.0 124.2 6.9 159.1 34.2 124.9 125.9 161.1 34,7 126.4 124.4 7 1 9 ............................... 159.2 34.2 124.9 126.1 162.1 35.0 127,1 124.7 5 5 16................................ 159.2 34.3 125.1 126.5 165,0 34.9 130.1 125.1 3 6 23................................. 159.6 34.3 125.3 126.8 165.0 35.0 130.0 125.3 57 30................................ 159.6 34.3 125.3 127.0 164.2 35,1 129.1 125.7 6 6 1965 Jan 6,........................... 159.9 34.3 125.5 127.4 166.9 34.8 132.1 126.7 6 4 13 ............................. 159.7 34.4 125.4 128.2 165.1 34,6 130,6 127.7 4 0 20................................. 159.7 34.4 125.3 128.9 164.5 34,2 130.3 128.5 2.9 27................................. 159.6 34.5 125.1 129.5 162.4 34.0 128.4 129,3 3 8 Feb. 3................................. 159,6 34.5 125.1 129.9 162.5 34.0 128.4 129.7 4 6 10............... 159,8 34.6 125,2 130.3 161.4 34.4 127.0 130,4 47 17................................. 159.6 34.6 125.1 130.7 159,6 34.2 125.4 130.9 5.2 24 ............................... 158.8 34.6 125.2 131,2 156,6 34.1 122.4 131.3 7.1 160.2 34.6 125.6 131.4 158,9 34,1 124.8 131,6 6.6 10................................. 160,1 34.7 125.5 131.6 159.1 34,6 124.6 132.3 5.2 17................................. 160,5 34.7 125.8 132,0 160.9 34,4 126,4 132.7 4.6 24 ............................... 160,1 34.7 125.4 132.1 157.8 34.4 123.4 132, 8 8 2 31................................. 160.3 34.7 125.5 132,5 157.7 34.1 123.5 133,3 8 4 160.7 34.9 125.8 133.0 160,0 34,7 125,3 133,6 7 1 * 14................................. 160.9 34.9 126.0 133,1 161.8 34.7 127.1 133.9 4.6 21 ................................. 161.4 34.8 126.6 133.3 164,0 34.6 129.4 133.9 4.4 28................................. 160.8 34.7 126.1 133.8 160.8 34,1 126.7 134.3 5.7 160.8 34.8 126.1 134,1 160,2 34,4 125.8 134.7 8.4 ' 12................................. 160,8 34.9 125.9 134.3 158.8 34.8 124.0 135.1 8.3 19 ............................. 160.7 34.9 125.8 134.6 156.5 34.6 121.9 135.4 10 1 26................................. 160.7 34.9 125.9 134.8 155.9 34.5 121.1 135.7 10.6 160.8 35.0 125.9 135.3 157.4 34.8 122,7 136,1 9,5 9................................. 161.3 35,0 126.3 135.8 158.7 35.1 123.6 136.4 7.9 16.............. 161,9 35.0 126.9 136.2 161.1 35.0 126.1 136.7 7.0 23................................. 161.9 35.0 126.9 136.4 160.1 34.9 125.2 136.6 10.0 30................................. 161.8 35.0 126.8 136,7 158.3 34.7 123.6 137,0 11,3 July 7................................. 162.3 35,3 127.1 137.1 160.3 35.6 124.6 137.5 11.8 14................................. 162.6 35,3 127.3 137.5 161.2 35.5 125.7 137.9 9.1 21 162.6 35.3 127.3 137.9 160.9 35.4 125.5 138.4 8.2 28................................. 162.4 35.3 127.2 138.5 160.4 35.2 125.2 138.9 7.5 162,7 35.3 127.4 139.0 162.0 35.3 126.7 139.3 7.3 11................................. 162.9 35.5 127.4 139,5 161.3 35.7 125,5 139.8 6.6 18................................. 163.0 35.5 127,5 139.9 160,2 35.6 124.6 140.2 7.5 25................................. 163.0 35.4 127.5 140.3 158.7 35.4 123.2 140.5 8.0 Sept. 1................................. 163.2 35.4 127.8 140.8 160,3 35.2 125.1 141.0 6.9 8................................. 163,6 35.6 128.0 141.2 161,5 36.0 125,6 141,4 5.5 15................................. 164.0 35.6 128,4 141.5 164,2 35.7 128,5 141.5 2.9 22............................... 164.5 35,8 128,8 141.5 164.7 35.6 129.1 141,0 5,7 29................................. 164.7 35.9 128.8 142,1 162.2 35,5 126,7 141,7 7.6 Oct. 6........................... 165.1 35.9 129.2 142.7 164,3 35,9 128,4 142,5 6.2 13................................. 165.3 36,0 129.3 143,3 165,3 36.2 129.1 143.3 4.1 20................................. 165.4 35,9 129.5 143,8 165.9 36.1 129,9 143,6 5.7 27.................................. 165,4 35,9 129.5 144,1 166.0 35,9 130,1 144,0 4.8 Nov. 3................................. 165,6 36,0 129.6 144.8 167.6 36.0 131.7 144,2 4.3 10................................. 165,5 36,0 129,5 144.8 167.6 36,5 131.0 144,3 3.1 17................................. 165,7 36,1 129.6 145,4 167,8 36.5 131.3 144,2 3,3 24................................. 165,6 36.1 129.5 146,0 166.5 36.6 129.9 144.4 4.1 Dec. 1 .................. 165,7 36.1 129.6 146.4 167.3 36.6 130,7 144.6 5.7 8................................. 166.6 36.3 130,3 146.6 169.4 37.1 132.3 145,0 4.8 15................................. 166,9 36,3 130,5 146.9 171,9 37.0 134,8 145.2 2,6 22 167.7 36,4 131.3 146.9 173,7 37.2 136,5 145,1 4.5 29................................. 167.7 36,4 131.3 147,1 172,7 37.2 135,5 145.6 6.0 For notes, see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 1315 Money Supply and Related Data, 1959-66—Continued (fn billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending— Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t jus a t d ed ­ 1 Total c C om ur p re o n n c e y n t c D o d m e e m p p o o a s n n i e t d n t jus a t d ed ­ i d d e e p m os a i n ts d 1 167.9 36.4 131.5 147.2 175.6 36.9 138.7 146.5 5.3 12................................. 167.9 36.6 131.3 147,3 174.3 36.9 137,4 146.8 3.8 19................................. 168,0 36.6 131.4 147,8 173.3 36.5 136,8 147.4 2.5 26................................. 168.0 36.5 131.5 148.1 171.0 36.2 134.9 147.9 3.8 Feb 2.......1..6..8....0...............3..6...6 131.4 148,4 171.0 36. 1 134.9 148.1 4.3 9.......1..6..8....1...............3..6...8 131.4 148.1 170.1 36.6 133.5 148.3 4.4 16................................. 168.1 36.7 131.4 148.5 168.5 36.4 132.1 148.7 4.6 23............................... 168.3 36.7 131.6 148.7 164.9 36.3 128.6 148.9 6.3 168.6 37.1 131.5 149.0 166.8 36.6 130.3 149.2 5.6 9.......1..6..8....5...............3..6...9 131 .7 149.3 167.4 36.8 130.6 149.8 4.1 16................................. 169.3 36.9 132.4 149.4 169.4 36.6 132.8 150.1 2.6 23................................. 169.5 37.0 132.5 149.6 167.9 36.6 131.2 150.3 5.6 30................................. 169.7 36.9 132.7 150.2 166.6 36.4 130.2 151.0 5.8 170.0 37. 1 133.0 150.6 169.0 36.8 132,1 151.5 4.8 13................................. 171.1 37.2 133.9 151,0 171.9 37.2 134.8 152.0 2.4 20................................ 171.1 37. 1 134.0 151.6 173.9 36.7 137.1 152,1 1 .4 27...................... 171.0 37.t 133.8 152.1 171.7 36.5 135.2 152.7 2.9 170.4 37.2 133.2 152.4 170.2 36.7 133.5 153.1 5.9 ' 11.......1..7..0....3...............3..7...3 133,0 152,5 168.8 37.2 131.6 153.5 6.5 18................................. 170.5 37.3 133.1 153.1 166.8 37.1 129.8 153.9 7.8 25................................. 170.3 37.3 133.1 153.2 164.6 36.9 127.8 154.2 7.8 170.2 37,3 132.9 153,7 165.5 37.0 128.5 154.6 7.3 8.......1..7..0....6.............3..7...4 133,2 154.1 167,8 37.5 130.4 154,8 5.8 15................................. 170.7 37.5 133,3 153,2 169.8 37.4 132.4 153.8 3.2 22................................. 172.7 37.5 135.3 153,3 171,0 37.4 133.6 153.5 5.4 29................................. 170.5 37.4 133.1 153.9 166.7 37.1 129.6 154.2 10.0 170.9 37.6 133,3 154.4 168.6 37.9 130.7 154.9 10.9 ' 13................................. 169.6 37.7 132.0 155,0 167,9 38,0 129.9 155.5 9.1 20................................. 169.8 37.7 132,1 155.4 168.4 37.9 130.6 156.0 6.9 27................................. 168.9 37.7 131.2 155,9 166,7 37.6 129.2 156.3 7.2 169.2 37.7 131.6 155.9 168.6 37.6 130.9 156.3 6.0 “ 10................................. 168.7 37.8 130.9 156.3 167,2 38,1 129.0 156.6 6.0 17................................. 169.7 37.8 131.9 156.8 167.3 38,0 129.3 157.1 4.8 24p............. 169.9 37.8 132.1 156.9 165.6 37.8 127.8 157.2 4.4 31*............................... 170.0 37.8 132.2 157.0 166.7 37.6 129.1 157.3 5.3 p Preliminary. mercial banks. Time deposits adjusted are time deposits at all 1 At all commercial banks. commercial banks other than those due to domestic commercial Note.—All figures are averages and are based on daily figures. banks and the U.S. Govt. Money supply consists of (1) demand deposits at all commercial Effective June 9, 1966, balances accumulated for payment of per­ banks, other than those due to domestic commercial banks and sonal loans were reclassified for reserve purposes and are excluded the U.S. Govt., less cash items in process of collection and F.R. from time deposits reported by member banks. The estimated float; (2) foreign demand balances at F.R. Banks; and (3) cur­ amount of such deposits at all commercial banks (51,140 million) is rency outside the Treasury, the FRS, and the vaults of all com- excluded from time deposits adjusted thereafter. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS This ninth joint interim report reflects This report was prepared by Charles A. the Treasury-Federal Reserve policy of Coombs, Vice President in charge of the making available additional information on Foreign Department of the Federal Reserve Bank of New York, and Special Manager, foreign exchange operations from time to System Open Market Account. It covers the time. The Federal Reserve Bank of Flew period March through early September. Pre­ York acts as agent for both the Treasury and vious reports were published in the Bul­ the Federal Open Market Committee of the letins for September 1962, March and Federal Reserve System in the conduct of September of 1963, 1964, 1965, and March foreign exchange operations. 1966. During the past 6 months, the interna­ well above the size of any routine drawings tional financial system was again subjected that might reasonably be expected and thus to considerable buffeting, particularly dur­ to create a broad margin of safety against ing the first 3 weeks of July when specula­ any unforeseeable threats to international tion against sterling reached major propor­ currency stability. As a result of these nego­ tions. The impact of these pressures was tiations, the Federal Reserve swap network cushioned, however, by use of the Federal has been enlarged from $2.8 billion to $4.5 Reserve reciprocal currency network and billion (see announcement on page 1339). other central bank credit arrangements Partly due to the backwash of the specu­ which, in the case of sterling, provided the lative pressures on sterling and partly re­ time needed by the British Government to flecting seasonal payments patterns, the plan and put into effect the sweeping correc­ Federal Reserve made several drawings on tive program announced on July 20. By late the reciprocal currency lines during July August the sterling and other exchange and August in order to absorb flows of dol­ markets had settled down to reasonably well lars to certain continental European central balanced and orderly trading but in an at­ banks. A total of $150 million equivalent of mosphere of continuing anxiety. Swiss francs was drawn in July under the Against this background of market un­ arrangements with the Swiss National Bank certainty, the Federal Reserve broadened and the Bank for International Settlements earlier discussions of increases in several (BIS); drawings also were made under the of the swap lines to negotiation of a general arrangements with the Netherlands Bank in expansion of virtually the entire network. the amount of $65 million equivalent, with The general objective of these negotiations the National Bank of Belgium for $30 mil­ was to increase the reciprocal credit facili­ lion equivalent, and with the Bank of Italy ties available, both to the Federal Reserve for $225 million equivalent. In late August and to its central bank partners, to levels the entire drawing on the Bank of Italy was 1316 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 1317 Federal Reserve Reciprocal Currency In April and May, before the exchange Arrangements and Commitments markets became disturbed by flows of vola­ (In millions of dollars equivalent) tile funds, the U.S. Treasury also made further substantial progress in retiring out­ Total facility System commit­ Institution ments, standing obligations in the foreign currency Feb. 28, Sept. 15, Aug. 31, 1966 1966 1966 series. In the summer of 1965 a good start had been made in repaying German mark- Austrian National Bank............. 50 100 National Bank of Belgium......... 100 150 20 denominated obligations of the Treasury as Bank of Canada.......................... 250 500 Bank of England......................... 750 1,350 the West German balance of payments Bank of France........................... 100 100 German Federal Bank................ 250 400 moved into deficit, and further progress con­ Bank of Italy............................... 450 600 Bank of Japan............................. 250 450 tinued through July 1 by which time the Netherlands Bank....................... 100 150 65 Bank of Sweden.......................... 50 100 total mark obligations outstanding had been Swiss National Bank................... 150 200 75 Bank for International Settle­ reduced from a peak of $679 million to ments.................................... 1300 1400 75 $350 million. In addition, opportunities Total........................................ 2,800 4,500 235 appeared to acquire Swiss francs and Aus­ i Half is available in Swiss francs and half in other European trian schillings, and repayments of $46 mil­ currencies. lion of Swiss franc securities and $50 mil­ lion of Austrian schilling securities were repaid from a U.S. drawing of lire from the effected. As a result, such Treasury foreign IMF, and a repayment of $10 million was currency obligations were reduced on bal­ made on the drawing from the National ance by $400.2 million equivalent from the Bank of Belgium. As of August 31, there­ peak of $1,259.1 million in July 1965 to fore, the total outstanding drawings by the $858.9 million equivalent on September 6, Federal Reserve amounted to $235 million. 1966. Since the Treasury regards such for­ During the course of the late spring and eign currency obligations only as a means of summer months, the Bank of England drew financing temporary balance of payments on the swap line with the Federal Reserve, deficits, it naturally takes advantage of every and $300 million remained outstanding as market opportunity to retire such obliga­ of August 31. With the increase in the tions at maturity or, in certain circum­ Federal Reserve-Bank of England facility stances, to effect repayment in advance of to $1,350 million, there thus remains avail­ maturity. able to Britain somewhat more than $1 bil­ During the period under review, the lion of unused credit facilities under the Bank of Italy continued its cooperative arrangement. Moreover, on September 13 efforts to minimize the impact on world the Bank of England announced the nego­ financial markets of Italy’s heavy balance of tiation of new facilities with other central payments surplus. As previously noted, the banks. Apart from the new facilities the Federal Reserve made drawings of $225 Bank of England still has at its disposal im­ million in Italian lire on the swap line of portant unused facilities arranged pre­ viously. Finally, in August the BIS drew $75 the Bank of Italy in July and early August, million from the Federal Reserve under the and this swap drawing was liquidated later reciprocal credit facility that provides for in August. The lire needed to repay the drawings against European currencies other Bank of Italy were acquired by a U.S. than Swiss francs. Treasury drawing of $250 million equiva- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1318 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 U.S. Treasury Securities Denominated in again, and by July the pressures had reached Foreign Currencies, 1966 crisis proportions. Indeed, even when the (In millions of dollars equivalent) British Government reacted to the massive Issues, or redemptions (—) attack on the pound by announcing on July Out­ Out­ 20 a profound and far-reaching austerity Issued to— standing Quarters standing Jan. 1 July- Aug. program, the exchange markets were so de­ Aug. 31 I II moralized after 2 years of almost con­ tinuous tension that there was no imme­ Austrian National Bank.. 100.7 -25.2 175.5 National Bank of diate recovery in sterling. To be sure, the Belgium............. 30.2 30.2 German Federal intense selling wave was stemmed, but Bank.................. 602.1 -100.6 -100.6 -50.3 349,5 Bank of Italy........ 124.8 124,8 market sentiment remained extremely cau­ Swiss National Bank.................. 257.3 -23.2 -23.0 211.1 tious and after a brief upward surge the Bank for Inter­ national Settle­ sterling rate again declined. By early Sep­ ments 2......... 92.6 92.6 tember, however, there was evidence that Total.............. 1,207.8 -100.6 -148.9 -73.3 883.8 the British Government’s determination to i $25.2 equivalent redeemed on Sept. 6. defend sterling would receive broad public 2 Denominated in Swiss francs. Note.—Discrepancies in amounts are due to valuation adjustments support and that the program was already and rounding. beginning to show results. lent of lire from the IMF. In order to insure At the end of February the sterling rate that the Fund’s supply of lire would be ade­ moved below par for the first time since quate to finance such a U.S. drawing, the September 1965, as the exchange markets IMF, whose lire holdings were at a low became more cautious in view of the dis­ level, arranged to borrow from Italy the lire appointing January trade results and the needed for the U.S. drawing. This transac­ impending British general election sched­ tion was of material benefit to the United uled for late March. These uncertainties States and Italy, and it demonstrates the were reflected particularly in a reduced flexible manner in which the Fund can assist volume of trading in sterling and an in­ reserve currency countries as well as other creased vulnerability of the spot rate to any countries in financing their balance of pay­ downward pressures. When the sterling rate ments surpluses and deficits. dropped very sharply on March 9 to STERLING $2.7930, the Federal Reserve entered the market with heavy bids for sterling. This Sterling enjoyed a 6-month period of recov­ reminder of continued U.S. official support ery, following the announcement of new in­ ternational support for the pound on Sep­ quickly reassured the market, and sterling tember 10, 1965. As dollars flowed back to rebounded to about $2.7960 on the follow­ the Bank of England between September ing day. Over succeeding weeks, however, and February 1966, the Bank repaid in its the pound again eased as the uncertainties entirety $890 million in short-term credit generated by the approaching election were received from the Federal Reserve and the reinforced by an increasing stringency in the U.S. Treasury and, in addition, succeeded in Euro-dollar market—a development that liquidating a substantial part of its forward was to intensify in coming months and exchange commitments. In late February, exert recurrent pressure on sterling as funds however, sterling began to weaken once flowed from London. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 1319 The Labor Party’s decisive victory at the consequent outflows of funds from London polls on March 30 produced little reaction in late June. While spot sterling came under in the exchange markets since this result pressure, forward sterling quotations nar­ had long been anticipated. Indeed, the mar­ rowed and a sizable arbitrage incentive in kets remained relatively quiet throughout favor of the United Kingdom developed in April, awaiting Chancellor Callaghan’s new relation to short-term instruments in the budget. When the budget was announced, New York market. Consequently, the however, the market interpreted it as being Federal Reserve Bank of New York, with only moderately restrictive, with the prin­ the agreement of the Bank of England, cipal provisions not taking effect until the undertook market swap transactions in fall, and initially there was some selling of which, for System and Treasury accounts, it sterling. With support from both the Bank bought a total of $66.6 million equivalent of England and the Treasury of the United of sterling spot and sold it for delivery 1 States, the market soon regained its equilib­ month forward. This operation reduced the rium, but it remained vulnerable to any new arbitrage incentive to shift funds from New setbacks. York and at the same time eased exchange In this atmosphere the outbreak of the market pressures and bolstered spot British seamen’s strike in mid-May was a sterling quotations. devastating blow. Sterling quickly declined As the maritime strike continued and the to about $2.7900 in heavy trading, and as situation in Rhodesia remained unresolved, the strike dragged on, the market became market sentiment steadily deteriorated. De­ increasingly apprehensive. The announce­ spite a 9 per cent rise in exports in the 5 ment of a large reserve decline in May months prior to the outbreak of the strike, heightened the general tension, and the first the United Kingdom’s trade account had of a series of intensive and prolonged selling not improved significantly over the corre­ waves began on June 3. Relief from these sponding months of 1965 as import de­ pressures was provided temporarily by the mand had remained abnormally high. More­ announcement in mid-June that the short­ over, the figures released at the end of June term credits from European central banks indicated that in the preceding 4 months, which had formed part of the September British reserves had declined by $372 mil­ 1965 arrangements in support of the pound lion, even after recourse to central bank had now been placed on a continuing basis, assistance. In addition, uneasiness was this time including French participation. heightened by evidence of dispute within the The Federal Reserve and U.S. Treasury par­ Labor Party over the proposed tightening of ticipation in the September 1965 arrange­ the incomes policy, an important element ments continues to be available to the in the long-term resolution of Great Britain’s United Kingdom alongside these other payments difficulties. The resignation from facilities. the government of Mr. Frank Cousins, a The respite for sterling provided by the veteran trade union leader, proved particu­ announcement of this arrangement was larly disturbing to market confidence. short-lived, however, as increasing strin­ Selling pressures on sterling intensified, gency in the Euro-dollar market left British reaching very heavy proportions in mid­ interest rates not fully competitive, with July. In the face of these sales, the Bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1320 FEDERALRESERVEBULLETIN • SEPTEMBER 1966 of England continued to provide firm sup­ as the market waited to see whether the port for the pound in both spot and forward British Government would succeed in carry­ markets, and on July 14 raised its discount ing through so drastic a program. Indeed, rate from 6 per cent to 7 per cent and sterling remained vulnerable to downward doubled the special deposits required of the pressures throughout the month of August, London and Scottish banks. The market, and as yields on dollar-denominated invest­ however, shrugged off the discount rate in­ ments rose rapidly, exerting a strong pull on crease as merely a technical adjustment to funds from London, the spot sterling rate rising interest rate levels abroad. That same declined to $2.7880 while forward sterling afternoon Prime Minister Wilson, in speak­ discounts narrowed very sharply to under 1 ing to Parliament, confirmed that Britain per cent. Nevertheless, there is already evi­ was faced with a new financial crisis and dence that the British Government’s new warned that additional measures would be program has begun to take hold at the same taken by the Government. As tension time that the measures introduced in the mounted, sterling was heavily sold in both April budget are also taking effect. Even the spot and forward markets, but deter­ before the full effect of these corrective mined resistance by the Bank of England measures is felt, the technical position of prevented the market situation from getting sterling, which has been grossly oversold in out of hand. recent months, should bring about a strong Against this background, the British recovery of the sterling rate. In the mean­ Government on July 20 introduced a mas­ while, with the reinforcement of the Bank sive austerity program that called for a wage of England’s credit lines that has now taken freeze, restraint on prices and dividends, place with the Federal Reserve and other additional taxes, reduced travel allowances, central banks, the Bank clearly has ample and further curbs on public expenditures resources to deal with any temporary specu­ both at home and overseas. The new pro­ lative flurries that might otherwise impede gram clearly strikes at the problem of the progress of recovery. excessive domestic demand and, given ade­ quate time, should prove effective. Reflect­ SWISS FRANC ing the confidence of the U.S. Government The Swiss franc declined steadily during the that the British program could accomplish first quarter of 1966 as a result of seasonal its objectives, the Federal Reserve moved influences and sizable outflows of capital into the sterling market shortly after the induced by easy monetary conditions in the British Government’s announcement on Swiss market, rising Euro-dollar rates, and July 20 in order to stem, and if possible attractive yields on offshore U.S. corporate reverse, the drain on the Bank of England’s issues. In early March, when the Swiss franc reserves. By July 22 the sterling rate had fell to $0.230414, the Swiss National Bank recovered from $2.7866 immediately before sold dollars to moderate the rate of decline announcement of the new program to a and replenished its dollar holdings by selling level above $2.7900. Swiss francs to the Federal Reserve and U.S. In the final week of July and the begin­ Treasury. ning of August, the sterling rate held fairly From February through early April, the steady, but no vigorous recovery developed U.S. authorities bought a total of $118 mil- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 1321 lion equivalent of Swiss francs. With these Swiss commercial banks to help provide for francs, the Federal Reserve System fully re­ their temporary midyear requirements. paid its $40 million equivalent German By July, uncertainties generated by the mark-Swiss franc swap with the BIS, while pressures on sterling again dominated the the U.S. Treasury liquidated a similar swap foreign exchange markets, and the usual re­ for $15 million equivalent (see Federal flux of funds from Switzerland following the Reserve Bulletin for March 1966). The midyear window-dressing date was sharply System temporarily added $46 million reduced. As some additional funds gravi­ equivalent to its Swiss franc balances, simul­ tated to the country, the franc remained at taneously selling these Swiss francs forward or close to its ceiling. Accordingly, in July to the Treasury for delivery on May 16 and the Federal Reserve reactivated its swap July 20, on which dates the Treasury repaid facilities with the Swiss National Bank and at maturity two Swiss franc-denominated se­ with the BIS—drawing $75 million of curities issued to the Swiss National Bank as francs from each bank to absorb uncovered fiscal agent for the Swiss Confederation. dollars from the Swiss National Bank. In (These repayments reduced the amount of addition, the Swiss authorities purchased such commitments from $349.9 million to $20 million of gold from the U.S. Treasury. $303.7 million equivalent.) At the same Thereafter, however, pressures on sterling time the Treasury added $17 million equiv­ subsided somewhat, and with yields on dol­ alent to its Swiss franc balances. In addi­ lar investments moving higher during late tion, the Treasury purchased $18 million in July and August, funds once more began to gold from the Swiss authorities. flow out of Switzerland, and the franc eased During April monetary conditions in to levels well below its ceiling. Switzerland tightened and the Swiss franc began to strengthen. When the rate reached GERMAN MARK its effective ceiling of $0.23171^ in early The deficit that had emerged in the West May, the Swiss National Bank entered the German balance of payments during 1965 market as a buyer of dollars for the first continued at a reduced rate in early 1966. time since the beginning of the year. The In the first 5 months of this year official franc remained at the ceiling in subsequent German reserves declined by $310 million weeks as the Swiss banking community be­ (exclusive of a payment on its increased gan to repatriate funds to meet midyear IMF quota), reflecting short-term outflows liquidity needs and as foreigners who had of funds attracted by higher Luro-dollar previously borrowed Swiss francs switched rates and rising net overseas expenditures to less costly Euro-currencies, purchasing for services. Consequently, during this Swiss francs to pay off their borrowings. At period the mark was generally on offer at the same time mounting pressures on ster­ rates somewhat below the parity of $0.2500. ling added further to the demand for Swiss The ready availability of German marks francs. Consequently, during May and June enabled U.S. monetary authorities to con­ the Swiss National Bank took in $200 mil­ tinue purchasing marks—as they had since lion through outright purchases and an addi­ June 1965—in order to repay medium-term tional $82 million in short-term swaps with mark-denominated U.S. Treasury indebted- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1322 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 ness to the German Federal Bank. By ITALIAN LIRA March 1, 1966, some $175 million equiva­ Italy continued to register a substantial lent of such bonds had been repaid (see balance of payments surplus during the first Federal Reserve Bulletin for March 8 months of 1966. The surplus was smaller 1966). In the next 4 months a total of $117 than a year earlier, however, partly because million equivalent of marks was purchased of a wider trade deficit but mainly because for Treasury account, mostly in the New of a sizable outflow of long-term capital at­ York market. The Treasury used these tracted by the high yields available in the marks, together with balances on hand, to international bond market. In addition, redeem at their respective maturities on Italian commercial banks once again began April 1, June 1, and July 1 an additional supplying fairly important amounts of short­ $150 million equivalent of mark-denomi­ term funds to the Euro-dollar market in the nated bonds held by the German Federal early months of the year. These short-term Bank. Thus in the course of 12 months outflows offset the over-all surplus, and ended in mid-1966, the Treasury had re­ Italian official reserves changed little during duced its mark-denominated bond indebted­ the first half of 1966. ness by $326 million, to $350 million At the beginning of 1966 the Federal equivalent. Reserve had outstanding a drawing of $100 The German Federal Bank had been pur­ million under its swap arrangement with the suing a generally more restrictive monetary Bank of Italy. In February it liquidated this policy throughout 1966, and on May 26, in drawing—using $50 million equivalent of line with this policy, it announced an in­ lire purchased in a special transaction with crease in its discount rate to 5 per cent from a foreign central bank, and $50 million ac­ 4 per cent. With large tax payments also fall­ quired through a sterling-lira swap with the ing due in June, the German money market BIS. In March and May there were occa­ tightened toward midyear. This factor, to­ sionally small offerings of lire in the New gether with increasing pressures on sterling, York market, and the Federal Reserve pur­ the usual midyear window-dressing opera­ chased a total of $10 million equivalent. tions, and the beginnings of a recovery in These lire were used on May 25 to reduce the German trade position following a sharp the third-currency swap with the BIS from deterioration in 1965, contributed to re­ $50 million to $40 million equivalent. newed demand for marks. By late June the In June demand for lire began to rise as spot mark had risen to parity. The further Italy’s tourist season moved into full swing. worsening in the sterling situation and the By this time, moreover, most Italian banks continued improvement in Germany’s trade had already eliminated any net liability posi­ account imparted additional strength to the tion vis-a-vis foreigners, and in these cir­ mark in July, and by the end of that month cumstances the Bank of Italy was no longer official German reserves were $391 million prepared to shift dollars abroad through higher than at the end of May. More bal­ short-term swaps with those commercial anced conditions emerged in the exchanges banks at preferential rates. As a result, the in August, however, and mark quotations Italian payments surplus was increasingly steadied at about $0.2506. reflected in the growth of official reserves, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 1323 which rose rapidly during the summer Federal Reserve in August reactivated the months. $50 million standby portion of its $100 mil­ Accordingly, the Federal Reserve drew lion swap facility with the Belgian National on its $450 million swap facility with the Bank and purchased a total of $30 million Bank of Italy in July and early August, from the Belgian authorities. Later in absorbing a total of $225 million from the August, however, the Belgian money market Italian authorities. These drawings under eased and funds once again began flowing the swap arrangement were liquidated abroad in response to higher dollar invest­ through a U.S. drawing of $250 million ment rates. The National Bank then began equivalent of lire from the IMF on August to supply foreign exchange to the market 22. The lire drawn from the Fund were sold and to cover these losses by purchasing dol­ by the U.S. Treasury to the Federal Reserve, lars from the Federal Reserve. Thus, by the which in turn used $225 million equivalent end of the month the System was able to re­ to repay in full its swap commitment to the duce its short position in Belgian francs to Bank of Italy. The remaining $25 million $20 million equivalent. equivalent, plus $1 million of existing lira DUTCH GUILDER balances, was used to reduce to $14 million The Dutch guilder was generally on offer the sterling-lira swap with the BIS. Techni­ during the first 4 months of the year, as both cal forward commitments in Italian lire un­ seasonal weakness and some special factors dertaken by the Federal Reserve and the contributed to a widening in the Netherlands Treasury in 1965 remained unchanged dur­ trade deficit. Occasionally, tight money ing the period covered by this report. market conditions in Amsterdam induced BELGIAN FRANC inflows of short-term funds which tempo­ The Belgian franc traded below its ceiling rarily offset the downward pressure on the during the first half of 1966, as the sizable guilder rate, but on balance, quotations current-account surplus of the previous year eased noticeably. As early as January the gave way to a small deficit. In the late guilder was quoted below par, and by late spring, however, as credit policy in Belgium April it had reached the lowest level since tightened and the money market firmed, the the revaluation of March 1961. spot franc rate began to strengthen. The Effective May 2 the Netherlands Bank National Bank of Belgium moved to rein­ raised its discount rate to 5 per cent from force its existing measures of restraint by 414 per cent in order to curb the growth of raising its discount rate by ¥2 percentage domestic bank credit and stem the deteriora­ point to 514 per cent on June 2. Neverthe­ tion of the Dutch balance of payments. The less, official reserve gains remained small guilder immediately rallied and then con­ until July, when funds were repatriated as a tinued to rise, reaching par by early June. result of both the domestic liquidity squeeze After midyear, increasingly tight money and the speculative pressure on sterling. market conditions in Amsterdam and grow­ The spot franc rate moved to its ceiling in ing tensions in the sterling market led to a late July, and the National Bank began pur­ sizable inflow of funds. As a result, Dutch chasing fairly sizable amounts of dollars. reserves increased by $94 million in July In order to absorb some of the rapid in­ and rose further in early August, and the crease in Belgium’s holdings of dollars, the Federal Reserve reactivated its $100 million Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1324 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 swap facility with the Netherlands Bank—■ lion of U.S. holdings of Canadian Govern­ drawing a total of $65 million of guilders ment debt resulted in a decline of $323 mil­ and using them, together with $2.5 million lion in Canada’s official gold and dollar re­ of guilder balances, to absorb an equivalent serves during the first half of the year (after amount of dollars. By mid-August, however, payment of $47 million to the IMF in con­ the Dutch money market had eased and, as nection with its quota increase). increasingly attractive interest rates on dol­ About mid-June, however, the return of lar investments were exerting a pull on seasonal strength in Canada’s external ac­ Dutch funds, there was no further need for counts, announcements of some fairly siza­ System operations in guilders. ble new securities sales in New York, and conversions of sterling by Canadian export­ AUSTRIAN SCHILLING ers as the pound came under increased pres­ Austria’s international reserves decreased in sure led to a firming of the Canadian dollar late 1965 and early 1966, as a consequence rate. Moreover, the announcement on June of a weakening in the Austrian balance of 20 of a new Canadian-Soviet wheat agree­ payments. In order to meet this develop­ ment, providing for shipments to the ment, the Austrian National Bank in April U.S.S.R. of $740 million of wheat over 3 sold to the U.S. Treasury $25 million of years, helped to sustain market demand. Of­ Austrian schillings, and the Treasury used ficial reserves nevertheless declined once these schillings to repay at maturity an Aus­ again because of additional official pur­ trian schilling-denominated Treasury bond. chases on July 2 of $31 million of U.S.-held Austria’s over-all payments position then Canadian Treasury securities. improved, and through the early summer Canadian dollars also were actively months the Austrian National Bank was sought in the forward market during much able to add somewhat to its reserves. In late of the period as a result of covered conver­ August, however, there was again an out­ sions by Canadian banks of domestic time flow of funds from Austria, and official re­ deposits into U.S. dollar investments. In serves declined. Once again, this provided early summer this demand was reinforced an opportunity for the Treasury to acquire by intermittent buying by grain interests and Austrian schillings, and on September 6 the by exporters hedging future sterling receipts. Treasury paid off another $25 million equiv­ The latter activity subsided in August, how­ alent Austrian schilling-denominated bond, ever, when an easier tone also reappeared in thereby reducing its total schilling-denomi­ the spot market, with quotations fluctuating nated indebtedness to $50 million equiva­ narrowly just below $0.9300. There were lent. no Federal Reserve or Treasury operations CANADIAN DOLLAR in Canadian dollars during the period ex­ Movements in the Canadian dollar rate dur­ cept for those relating to IMF transactions ing the early months of the year were signif­ described below. icantly influenced by fluctuations in the volume of new Canadian securities offered OTHER CURRENCIES in New York. At the same time, seasonal There have been no official U.S. transac­ weakness in the trade account and Canadian tions in French francs, Japanese yen, or Government purchases of about $110 mil­ Swedish kronor this year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 1325 INTERNATIONAL MONETARY FUND another significant step in the evolution of During the period under review the United the Fund’s credit machinery. States made two types of drawings on the U.S. drawings from the Fund between IMF. The first, designated “technical,” ex­ February 1964 and August 1966 totaled tended the practice initiated in February $1,532 million. At the same time, other 1964 of obtaining currencies from the IMF countries have drawn dollars from the Fund, for sale to other countries making repay­ thereby reducing the Fund’s holdings of dol­ ments to the Fund (see Federal Reserve lars in excess of 75 per cent of the U.S. Bulletin for September 1965, pages 1235­ quota and thus reducing this country’s re­ 36, for detailed explanation of this type of payment obligation to the Fund. Conse­ operation). The U.S. Treasury arranged be­ quently, at the end of August 1966 net U.S. tween March and August for drawings indebtedness to the Fund was only $893 totaling $300 million equivalent of Cana­ million. dian dollars. Whereas earlier the facilities The vital role that the IMF plays in the were drawn on in their entirety at their in­ international financial mechanism was ception, under current arrangements draw­ greatly reinforced last February when a ings are made periodically, as needed. general Fund quota increase of 25 per cent The second type of drawing was of the or more, adopted in 1964 by the governors more conventional type in which member of the Fund, became effective for 58 mem­ countries obtain currencies for use directly bers who had accepted the proposal and in the financing of their international pay­ whose combined quotas as of February 23, ments deficits. The United States first had 1965, constituted the requisite two-thirds recourse to the Fund in this manner in July majority for approval. By August 31 an ad­ 1965 when it made a multicurrency drawing ditional 32 members had submitted their equivalent to $300 million and used most of ratification, and Fund resources had been the drawing to fund earlier short-term cred­ increased from $16 billion to $20.6 billion, its. On August 22, 1966, the Treasury again or close to the ultimate $21 billion target went to the Fund for this purpose, drawing for the Fund’s entire 104-nation member­ $250 million equivalent of Italian lire and ship. The quota increases must be paid to subsequently selling the lire to the Federal the Fund partly in a member’s own cur­ Reserve for liquidation of its $225 million rency and partly in gold. Such gold pay­ equivalent swap commitment to the Bank of ments, however, have entailed gold losses Italy and a partial repayment of a sterling­ for the two key currency countries, the lira swap with the BIS. The Fund, whose United States and the United Kingdom, as lira balances were at a low level, borrowed other members have converted dollars and the required lire from the Italian Govern­ sterling into gold for payment of their gold ment under an agreement lying outside the subscription. In order to compensate for $6 billion General Arrangements to Borrow these losses, the quota increase arrangement (GAB). This was the first occasion on provides that the Fund will deposit a total of which the IMF had employed its authority up to $350 million of gold with the Federal under the articles of agreement to borrow Reserve Bank of New York and the Bank of needed currency from a member country England. Insofar as the United States is con­ other than under the GAB, and it marked cerned, these compensating operations began Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1326 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 U.S. Net Monetary Gold Transactions supply/demand relationship in the market With Foreign Countries and has been quite different this year, however, International Institutions January-June 1966 1 from the same period a year ago when simi­ lar price pressures prevailed. Private demand (In millions of dollars at S35 per fine troy ounce; U.S. net sales ( —) net purchases (+)) for gold this year has remained well below last year’s levels, no doubt reflecting in part Quarters the much more attractive interest yields this Country year as a result of tightening credit condi­ tions in many countries. On the other hand, Canada......................................................... -f-100.0 + 50.0 C Fr o a lo n m ce b .. i . a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . ........ + -1 02 7 . . 8 0 -220 .’7 the supply of gold coming on the market has L Sw eb it a z n e o rl n a . n .. d ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . + - 1 7 0 . . 0 8 also been considerably reduced from last United Kingdom.............................................. - 19.0 All other........................................................... - 15.6 year, primarily because of the shift in South Net sales....................................................... - 34.0 -167.3 Africa’s balance of payments position. Whereas during the first 7 months of 1965 1 Not reflected in this table are U.S. monetary gold transactions with foreign countries mitigated through special deposits by the IMF. South African gold reserves declined by Note.—-Because of rounding, figures do not necessarily add to $213 million, adding roughly that much to totals. the supplies available from new production in September 1965, and as of August 31, for sale in London, during the same period 1966, the Federal Reserve Bank of New this year South African gold reserves in­ York held for U.S. Treasury account $202.7 creased by $250 million, with consequent million of gold so deposited by the IMF. The reduction of the amount of new production gold is reflected in the Federal Reserve’s available for sale. As a result of this swing statement of condition under “other assets” in South Africa’s payments position and re­ and the deposit liability under “other de­ serves, therefore, there has been a temporary posits.” decline of about $500 million in gold com­ ing on the London market from this source. GOLD MARKET DEVELOPMENTS Moreover, there were no Soviet sales of The price of gold in the London market has gold during the first 8 months of this year. ranged between $35.11 and $35.1940 dur­ Over coming months there is a reasonable ing the first 8 months of this year, with up­ likelihood that the flow of gold to the Lon­ ward pressures on the price predominating don market will return to more normal during much of the period. The underlying levels. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS The Board of Governors of the Federal mit higher rates on large deposits than on Reserve System endorses the legislative pro­ small are in many ways distasteful, it may posals placed before this committee which be the best way of working out of a difficult would provide: —but, I hope, a temporary—situation. (a) flexible authority for all Federal However, it is important that regulatory supervisory agencies to set maximum actions to moderate extreme credit pressures rates on deposit-type accounts; be not only effective but also equitable as (b) expansion of the permissible range among the major financial sectors involved. of reserve requirements on time de­ This is why the Board of Governors has posits in member banks; and urged the provision of the same kind of in­ (c) authority for the Federal Reserve Sys­ terest rate regulation for thrift institutions tem to buy and sell obligations of all as for commercial banks. Federal agencies. Our views with respect to this proposed All of these changes would be helpful in legislation have not changed since my testi­ permitting actions that could (1) moderate mony before this committee on August 4, the uneven impact of credit pressures upon 1966. However, the bill was amended in the different sectors of the economy, and (2) House of Representatives in two respects: smooth adjustments to changing economic (1) a “sense of Congress” provision with and financial conditions. respect to reduction in interest rates This committee is already abundantly was incorporated in section 1; and aware of the kinds of sharp changes in sav­ (2) section 7 was added to limit the ings flows and credit market conditions that effectiveness of the new legislation to can develop. The Board of Governors is a 1-year period beginning with the concerned about the heavy impact of these date of enactment, at the end of changes which time the law would revert to (a) on housing; its status immediately prior to the (b) on the liquidity of financial institu­ enactment of the bill. tions; and Treating with these amendments in re­ (c) on the effectiveness of monetary verse order, let me say, on behalf of the policy in curbing the expansion of Board of Governors, that we doubt the bank credit. wisdom of limiting the effectiveness of this This proposed legislation would enable legislation to a 1-year period. In our view, us to establish different ceiling rates of in­ the expanded basis for setting reserve re­ terest on the basis of size of deposit or other­ quirements on time deposits in member wise. Although regulations that would per- banks should be permanent, and this is likewise true with respect to the purchase Note.—Statement of J. L. Robertson, Vice Chair­ and sale of “agency” issues. The limiting of man, Board of Governors of the Federal Reserve the effective period of the legislation might System, before the Senate Banking and Currency Committee, on H.R. 14026, Sept. 13, 1966. thwart the effective use of the new authority. 1327 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1328 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 For example, the Board of Governors might ity of the Federal Home Loan Bank Board be reluctant to raise reserve requirements on and the Federal Deposit Insurance Corpora­ time deposits if it knew that those increases tion to set maximum rates of interest or would automatically be reversed at the end dividends on deposit-type savings of thrift of a year, when conditions might be such institutions should be permanent rather than that a reduction in reserve requirements on temporary. time deposits would be undesirable. For these reasons, we urge that section It could also be that ceiling rates on cer­ 7 of H.R. 14026 be deleted. tain time deposits, fixed under the authority With respect to the “sense of Congress” of this proposed law, would automatically amendment, contained in section 1, the be altered or reversed, contrary to the cur­ Board of Governors offers no comment rent needs of the economy, simply by virtue other than that this is the only provision of of section 7 of the proposal rather than the the bill as to which a 1-year limitation may prevailing economic conditions. In addition, be appropriate. It is doubtful that the Con­ the authority of the Federal Reserve to pur­ gress would wish to incorporate a “sense of chase and sell all Agency issues—rather Congress” provision of this nature in per­ than just a selected few—is desirable as a manent legislation, since it is obviously permanent measure. I can think of no valid reason for limiting this expanded authority aimed at present conditions in which the to 1 year. strength of credit demands has lifted in­ Furthermore, we believe that the author­ terest rates to exceptionally high levels. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations, new regulations, and similar material Reserves of Member Banks pany affiliate provisions from the Federal banking laws, including section 2(c) of the Banking Act of The Board of Governors has amended section 1933, which defined the term “holding company 204.5 of Regulation D, so as to increase from 5 to affiliates.” Although section 2(c) was repealed, 6 per cent the reserve requirements against certifi­ section 2(b) was amended by adding a new sub­ cates and other forms of time deposits (other than division “(4)” which now defines the term “affili­ savings deposits) in excess of $5 million at each ate” as including corporations, business trusts, member bank. The text of the amended section is affiliates, or other similar organizations, formerly as follows: defined as holding company affiliates, but the Board’s authority under section 2(c) to exempt SUPPLEMENT TO REGULATION D such organizations from the holding company af­ filiate category was not continued. Accordingly, all Section 204.5—Supplement organizations coming within the definition of af­ Effective as to member banks in reserve cities at filiate contained in section 2(b) (4) of the Banking the opening of business on September 8, 1966, and Act of 1933 are now subject to the appropriate as to all other member banks at the opening of provisions of the Federal banking laws with re­ business on September 15, 1966. spect to reports of affiliates. The Board of Gov- (a) Reserve percentages. Pursuant to the provi­ nors, effective August 31, 1966, amended its sions of section 19 of the Federal Reserve Act and “Waiver of Reports of Affiliates” by eliminating § 204.2(a) and subject to paragraph (b) of this sec­ reference to section 2(c). The Board also amended tion, the Board of Governors of the Federal Reserve System hereby prescribes the following reserve bal­ Regulation H, entitled “Membership of State ances which each member bank of the Federal Re­ Banking Institutions in the Federal Reserve Sys­ serve System is required to maintain on deposit with tem,” by adding a new subsection 208.9(c) which the Federal Reserve bank of its district: incorporates the waiver. The amendment reads as (1) If not in a reserve city— follows: (i) 4 per cent of its savings deposits, plus (ii) 4 per cent of its other time deposits up to $5 million and 6 per cent of such de­ AMENDMENT TO REGULATION H posits in excess of $5 million, plus (iii) 12 per cent of its net demand deposits. (12 CFR Part 208) (2) If in a reserve city (except as to any bank lo­ cated in such a city which is permitted by the Board Effective August 31, 1966, section 208.9 is ot Governors of the Federal Reserve System, pursu­ amended by adding the following subsection: ant to § 204.2(a)(2), to maintain the reserves speci­ fied in subparagraph (1) of this paragraph)— Section 208.9 Publcation of Reports of Member Banks and Their Affiliates (i) 4 per cent of its savings deposits, plus (ii) 4 per cent of its other time deposits up to >{<*** * $5 million and 6 per cent of such de­ posits in excess of $5 million, plus (c) Waiver of reports of affiliates. (1) Pursuant to (iii) 16*/2 per cent of its net demand deposits, section 21 of the Federal Reserve Act (12 U.S.C. 486), the Board of Governors of the Federal Reserve (b) Counting of currency and coin. The amount of System waives the requirement for the submission of a member bank’s currency and coin shall be counted reports of affiliates of State bank members of the as reserves in determining compliance with the reserve Federal Reserve System, except: requirements of paragraph (or) of this section. (i) When indebtedness, if any, of the affiliate to the member bank has been carried for more than 6 Waiver of Reports of Affiliates months in the 12 months preceding the report date as an asset on the bank’s books at a value in excess of Recent legislation amending the Bank Holding $5,000 or 1 per cent of the bank’s capital and surplus, Company Act of 1956 (July 1966 Federal Reserve whichever is the greater, regardless of whether the af­ Bulletin, p. 966) also eliminated the holding com­ filiate is so indebted on the report date: Provided, 1329 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1330 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 That any indebtedness of the affiliate to the member Order Extending Period of Time Prescribed bank fully secured by direct obligations of the United States Government or by obligations fully guaranteed by Proviso in Order of Approval by the United States Government may be disregarded in determining whether or not the indebtedness of the Whereas, by Order dated June 21, 1966, the affiliate is in excess of the limitations prescribed Board of Governors, pursuant to section 3(a)(2) herein. of the Bank Holding Company Act of 1956 (12 (ii) When, on the report date, the affiliate is in­ debted to the member bank, or the member bank U.S.C. 1842(a)(2)) and section 222.4(a)(2) of owns obligations of, or stock or other evidences of Federal Reserve Regulation Y (12 CFR 222.4(a) ownership in, the affiliate, and the aggregate amount (2)), approved the acquisition by Barnett National of such indebtedness, obligations, stock, or other evi­ dences of ownership is carried as an asset on the Securities Corporation, Jacksonville, Florida, a bank’s books at a value in excess of $5,000 or 1 per registered bank holding company, of 80 per cent cent of the member bank's capital and surplus, which­ or more of the outstanding voting shares of The ever is the greater: Provided, That any indebtedness of the affiliate to the member bank fully secured by First Bank & Trust Company of Pensacola, Pen­ direct obligations of the United States Government or sacola, Florida; and said Order was made subject by obligations fully guaranteed by the United States Government may be disregarded in determining to the proviso “that the acquisition so approved whether or not the indebtedness of the affiliate is in shall not be consummated . . . (b) later than three excess of the limitations prescribed herein. months after said date [of Order]”; and (2) The Board of Governors of the Federal Re­ serve System also waives the requirement for the sub­ Whereas, Barnett National Securities Corpora­ mission of reports of affiliates in all cases (i) where tion has applied to the Board for an extension of the affiliate relationship is based solely on ownership time within which the approved acquisition may or control of any voting shares of the affiliate by a member bank as executor, administrator, trustee, re­ be consummated, and it appearing to the Board ceiver, agent, depositary, or in any other fiduciary that reasonable cause has been shown for the ex­ capacity, except where such shares are held for the benefit of all or a majority of the stockholders of tension of time requested,, and that such extension such member bank, and (ii) where the affiliate rela­ would not be inconsistent with the public interest; tionship is based solely on the fact that a majority of It is hereby ordered, that the Board’s Order of the affiliate’s directors, trustees, or other persons ex­ ercising similar functions are directors of any one June 21, 1966, as published in the Federal Register member bank, except where they constitute more than on June 28, 1966 (31 Federal Register 8930), be, one-fourth of the directors of the member bank. and it hereby is, amended so that the proviso re­ (3) The above provisions with respect to the waiv­ ing of the requirement for submission of reports of lating to the date by which the acquisition ap­ affiliates are subject to change whenever deemed ad­ proved shall be consummated shall read “(b) later visable by the Board of Governors of the Federal than November 4, 1966.” Reserve System in order to require the submission of reports which are necessary to disclose fully relations Dated at Washington, D. C., this 9th day of between member banks and their affiliates and the September, 1966. effect thereof upon the affairs of member banks. By Order of the Board of Governors. Orders under Section 3 of (Signed) Merritt Sherman, Bank Holding Company Act Secretary. The Board of Governors issued the following [seal] Order extending the period of time within which a bank holding company may acquire voting shares THE FIRST VIRGINIA CORPORATION, of a bank, and Order and Statement approving an ARLINGTON, VIRGINIA application by a bank holding company for the In the matter of the application of The First acquisition of voting shares of a bank. Virginia Corporation, Arlington, Virginia, for ap­ BARNETT NATIONAL SECURITIES proval of the acquisition of voting shares of The CORPORATION, JACKSONVILLE, FLORIDA Staunton Industrial Bank, Staunton, Virginia. In the matter of the application of Barnett Order Approving Application Under National Securities Corporation, Jacksonville, Bank Holding Company Act Florida, for approval of the acquisition of voting There has come before the Board of Governors, shares of The First Bank & Trust Company of pursuant to section 3(a) of the Bank Holding Pensacola, Pensacola, Florida. Company Act of 1956 (12 U.S.C. 1842(a), as Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1331 amended by Public Law 89-485), and section banks at December 31, 1965,1 and it obtained per­ 222.4(a) of Federal Reserve Regulation Y (12 mission to acquire control of First Valley Na­ CFR 222.4(a)), an application by The First Vir­ tional Bank, Rich Creek, Virginia, on July 11, ginia Corporation, Arlington, Virginia, a registered 1966. The eleven banks had total deposits of about bank holding company, for the Board’s prior ap­ $271 million and operated 62 offices in the State. proval of the acquisition of 80 per cent or more Applicant also controls two insurance agencies, a of the voting shares of The Staunton Industrial bank premises company, a bank servicing cor­ Bank, Staunton, Virginia. poration, and an advertising agency. As required by section 3(b) of the Act, the Bank, which was organized in 1930 as an indus­ Board notified the Virginia Commissioner of Bank­ trial loan corporation, converted to a State-char­ ing of receipt of the application and requested his tered commercial bank in January 1963. Bank, views and recommendation. The Commissioner with deposits of nearly $6 million, has obtained expressed no objection to approval of the appli­ authority from the State Corporation Commission cation. to establish its first branch in a new shopping area Notice of receipt of the application was pub­ located about four miles south of its main office. lished in the Federal Register on July 19, 1966 (31 Bank’s primary service area, with an estimated Federal Register 9763), which provided an oppor­ population of 31,200, encompasses the independ­ tunity for submission of comments and views re­ ent City of Staunton (the county seat of Augusta garding the proposed transaction. Time for filing County) and the surrounding agricultural area such views and comments has expired and all those extending approximately four and one-half miles filed with the Board have been considered by it. to the north and south and approximately two It is hereby ordered, for the reasons set forth in miles to the east and west. Approximately 75 per the Board’s Statement of this date, that said appli­ cent of the amount of Bank’s deposits of indivi­ cation be and hereby is approved, provided that duals, partnerships, and corporations (“IPC de­ the acquisition so approved shall not be con­ posits”) originate in its primary service area, while summated (a) before the thirtieth calendar day about 97 per cent of such deposits are derived following the date of this Order or (b) later than from Augusta County and the independent cities three months after said date. of Staunton and Waynesboro. Views and recommendation of supervisory Dated at Washington, D. C., this 1st day of Sep­ authority. As required by section 3(b) of the Act, tember, 1966. notice of receipt of the application was given to, By Order of the Board of Governors. and views and recommendation requested of, the Voting for this action: Vice Chairman Robertson, and State Commissioner of Banking. The Commis­ Governors Shepardson, Mitchell, Daane, and Brim­ mer. Absent and not voting: Chairman Martin and sioner expressed no objection to approval of the Governor Maisel. application. (Signed) Kenneth A. Kenyon, Statutory considerations. The Act prohibits Board approval of any proposed acquisition which Assistant Secretary. would result in a monopoly, or further any com­ [seal] bination, conspiracy, or attempt to monopolize the business of banking in any relevant area. Nor may Statement approval be given where the Board finds that the The First Virginia Corporation, Arlington, Vir­ effect of a proposal may be substantially to lessen ginia (“Applicant”), a registered bank holding competition, or in any other manner be in restraint company, has filed with the Board, pursuant to of trade, unless such anti-competitive effects are section 3(a) of the Bank Holding Company Act clearly outweighed by the probable effect of the of 1956, as amended (“the Act”), an application transaction in meeting the convenience and needs for approval of the acquisition of 80 per cent or of the area to be served. In every case, the Board more of the voting shares of The Staunton Indus­ considers the latter factor, as well as the financial trial Bank, Staunton, Virginia (“Bank”). Applicant, one of four bank holding company ’ Unless otherwise indicated, all banking data noted groups operating in Virginia, had ten subsidiary are as of this date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1332 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 and managerial resources and future prospects of make unlikely any meaningful future competition the bank holding company and the banks con­ between these banks were Applicant’s proposal not cerned. to be consummated. Applicant states further that Competitive effects of proposed acquisition. Bank does not derive any business from the service Applicant controls about 5 per cent of the de­ areas of Applicant’s other subsidiary banks, and posits of all banks in Virginia, and is the third that they derive no business from Bank’s service largest bank holding company group and the sixth area. There appearing nothing to the contrary in largest banking organization in the State. In terms the record before the Board, it is concluded that of deposits controlled, the two largest banking or­ consummation of Applicant’s proposal will neither ganizations in the State are more than twice the eliminate existing competition between Bank and size of Applicant, and the third largest such or­ Applicant’s subsidiary banks nor foreclose signifi­ ganization is nearly twice Applicant’s size. Ac­ cant potential competition between them. quisition of Bank would increase Applicant’s con­ Located in Bank’s primary service area are two trol over all deposits in the State by only about offices of First & Merchants National Bank, Rich­ one-tenth of 1 per cent. mond (deposits, $500 million), and two offices of At June 30, 1964 (the latest date for which a Virginia National Bank, Norfolk (deposits, $489 compilation of deposits by counties is available), million), the two largest banks in Virginia; two 10 banks operated a total of 17 banking offices in offices of Planters Bank and Trust Company, Augusta County and the independent cities of Staunton, a $7.5 million institution; the sole Staunton and Waynesboro. Those 17 offices held, office of National Valley Bank, Staunton, with de­ in the aggregate, deposits of about $75 million, posits of about $19 million; and one office of with Bank’s deposits of about $5 million repre­ Rockingham National Bank, Harrisonburg, a $28 senting 7 per cent of such total. Bank’s time IPC million institution. The Board concludes that the deposits and demand IPC deposits represented, re­ competitive force and position of these competing spectively, 13 per cent and 1 per cent of such banks will not be adversely affected as a result of deposits of the 17 offices in the county. At the Bank’s acquisition by Applicant. On the contrary, same date, six banks operated a total of nine it may reasonably be assumed that Bank’s affilia­ banking offices within Bank’s designated primary tion with Applicant will better position Bank to service area. Bank controlled about 11 per cent compete with the banks operating in its trade area. of the total deposits in this area, and was fifth Consummation of the proposed acquisition will not largest in terms of area deposits held by each of affect the number of alternative banking sources the six banks. available in the area and, since Applicant does not Inasmuch as consummation of the proposed ac­ control a major correspondent bank in Virginia, quisition would represent the initial entry of a the proposal is not likely to have any measurable bank holding company into Augusta County, and effect on the use by Bank’s competitors of corre­ in view of the relatively small concentration of spondent banks. banking deposits under Bank’s control in the areas It is the Board’s judgment, based on the fore­ earlier mentioned, it is the Board’s judgment that going considerations, that Applicant’s acquisition the transaction proposed would not result in a of Bank will not create a monopoly, will not tend monopoly, nor does it appear to be in furtherance substantially to lessen competition, nor will it be of any combination or conspiracy to monopolize in any other manner in restraint of trade. or to attempt to monopolize the business of bank­ Financial and managerial resources and fu­ ing in any relevant area. ture prospects. Applicant’s financial resources Applicant’s present subsidiary bank located and prospects, and those of its subsidiary banks, nearest to Bank is in Mount Jackson, approxi­ are regarded as satisfactory. Although Applicant mately 50 miles northeast of Staunton. Applicant has a substantial long-term debt, it appears reason­ states its Mount Jackson subsidiary, with less than ably susceptible of being serviced without undue $5 million of deposits, does not presently compete burden on its subsidiaries. Applicant’s banks have in Bank’s primary service area, and the Mount sound operating and deposit growth records, and Jackson bank’s size and distance from Staunton its nonbanking subsidiaries, favorable earnings reasonably support this statement. These facts also records. Applicant has followed a rather conserva- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1333 tive policy with respect to dividend withdrawals with approval of the acquisition and provide some from subsidiaries. Assuming, as the Board believes support therefor. is warranted, the continuation of sound and Convenience and needs of the area to be served. profitable subsidiary operations and Applicant’s Augusta County, located at the northern end of the readiness, as proposed, to issue convertible pre­ Shenandoah Valley, is one of Virginia’s most pros­ ferred stock or a mixture of common and pre­ perous agricultural counties, with more than half ferred stock to meet any necessary debt and capital of its total land area devoted to farming. How­ requirements of its system, the Board views the ever, the principal income-producing activities prospects of Applicant and its subsidiary banks as within the county are industry oriented, with such to be consistent with approval of the appli­ manufacturing accounting for over 30 per cent of cation. the total employment in the Staunton-Waynesboro Bank’s financial condition, and its prospects area. Waynesboro is located about 12 miles east either as an independent institution or as a sub­ of Staunton. Principal industries in the area in­ sidiary of Applicant’s holding company system, clude plants of E. I. du Pont de Nemours & Com­ are also considered to be satisfactory. Its deposit pany, Inc., General Electric Company, Westing­ growth in the past fifteen years—from about $3 house Electric Corporation, and Geneseo, Inc. million at year-end 1950 to its present $6 million Also important to the economy are the numerous —has been relatively slow and reflects the opera­ retail, wholesale, and service trade outlets centered tional limitations to which it was subject as an in the Staunton-Waynesboro area. The Shenan­ industrial loan corporation. Bank’s loan portfolio doah National Park and the Blue Ridge Parkway is weighted substantially toward consumer loans, draw a substantial number of tourists to the area, with but minor attention given to obtaining a as do the Staunton Military Academy and Mary reasonable share of available commercial and in­ Baldwin College for Women, both located in dustrial loans, The imbalance reflected in Bank’s Staunton. deposit and loan structures stems primarily from a The record indicates that the principal banking lack of experience in full-scale commercial bank needs within Bank’s service area are being satisfied operations. Applicant’s experience in commercial by the nine banking offices presently located there. bank operations offers, in the Board’s judgment, a Inasmuch as the area’s available banking outlets source of guidance and assistance reasonably cal­ include branches of the State’s two largest com­ culated to enhance Bank’s ability to offer more mercial banks, Applicant’s acquisition of Bank immediately a broader range of services, thus cannot be expected to improve measurably the enhancing its growth and competitive potential. scope or nature of the banking services now avail­ Present managements of Applicant, its sub­ able. However, assuming the establishment of sidiaries, and Bank are considered satisfactory. Bank’s proposed suburban office, Applicant’s pro­ Applicant states that it does not contemplate posal to make available at Bank’s main and branch making any changes within Bank’s officer staff offices additional types of credit such as inventory following its acquisition of control, but it does pro­ and accounts receivable financing, floor plan loans pose to assist Bank in staffing its proposed new and construction loans, and its proposed expansion branch office at the time that office opens for of Bank’s demand deposit structure represent for business. In addition, since Bank’s management certain of Bank’s customers a sufficiently more has gained most of its experience in operating convenient source of full banking service over Bank as an industrial loan corporation, the Board that presently being offered as to support approval finds reasonable Applicant’s assertion that it will of Applicant’s acquisition of Bank. provide beneficial assistance to Bank’s management Summary and conclusion. For the reasons in expanding the operations of Bank, and thus aforestated, the Board concludes that consumma­ make available to Bank’s customers a broader tion of Applicant’s proposal will not have signifi­ range of commercial bank services. cantly adverse competitive consequences, and that Considerations relating to the financial and considerations relating to the financial and mana­ managerial resources and prospects of Applicant gerial resources and prospects of Applicant and and Bank are, in the Board’s judgment, consistent Bank, and to the convenience and needs of the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1334 FEDERAL RESERVE BULLETIN ■ SEPTEMBER 1966 area to be served, are consistent with, and in cer­ that said acquisition of assets and assumption of tain respects affirmatively support, approval of the deposit liabilities and establishment of the branch application. shall not be consummated (a) before the thirtieth In the light of the factors set forth in the Bank calendar day following the date of this Order, or Holding Company Act, and on the basis of the (b) later than three months after said date. relevant facts of record, it is the Board’s judgment Dated at Washington, D. C., this 15th day of that the proposed acquisition is in the public August, 1966. interest and that the application should be ap­ By order of the Board of Governors. proved. Voting for this action: Governors Robertson, Shep- Orders Under Bank Merger Act ardson, Mitchell, Daane, and Brimmer. Absent and not voting: Chairman Martin and Governor Maisel. The following Orders and Statements were (Signed) Merritt Sherman, issued by the Board of Governors in connection Secretary. with actions with respect to applications for ap­ [seal] proval of the acquisition of a bank’s assets and for the merger of banks: Statement CENTRAL STATE BANK, ELKADER, IOWA The Central State Bank, Elkader, Iowa (“Cen­ tral Bank”), with total deposits of about $6.9 In the matter of the application of Central State million, has applied, pursuant to the Bank Merger Bank for approval of acquisition of assets of Act, as amended (12 U.S.C. 1828(c), Public Law Volga State Bank. 89-356), for the Board’s prior approval of its Order Approving Acquisition of acquisition of the assets and assumption of the Bank’s Assets liabilities of Volga State Bank, Volga, Iowa (“Volga Bank”), which has total deposits of There has come before the Board of Governors, $640,000.! As an incident to the transaction, the pursuant to the Bank Merger Act, as amended sole office of Volga Bank would become a branch (12 U.S.C. 1828(c), Public Law 89-356), an of Central Bank, increasing the number of its application by Central State Bank, Elkader, Iowa, offices to three. a State member bank of the Federal Reserve Sys­ Competition. The head office of Central Bank tem, for the Board’s prior approval of its acquisi­ is in Elkader, a town with a population of about tion of assets and assumption of deposit liabilities 1,600, which is the seat of Clayton County. The of Volga State Bank, Volga, Iowa, and, as an bank operates a branch about seven miles north incident thereto, Central State Bank has applied, of Elkader at St. Olaf, a community with a popula­ under section 9 of the Federal Reserve Act, for tion of less than 200. The sole office of Volga the Board’s prior approval of the establishment by Bank is in Volga, a community with a population that bank of a branch at the location of the sole of about 360, which is about 12 miles southwest office of Volga State Bank. Notice of the proposed of Elkader. acquisition of assets and assumption of deposit The relevant area for considering the competi­ liabilities, in form approved by the Board, has tive effects of the proposal consists of the central been published pursuant to said Act. and southern portions of Clayton County and a Upon consideration of all relevant material in narrow portion of eastern Fayette County. In this the light of the factors set forth in said Act, in­ area, eight offices of six banks compete in varying cluding reports furnished by the Comptroller of degrees with Central Bank, or with both Central the Currency, the Federal Deposit Insurance Cor­ Bank and Volga Bank. The total of 11 offices, poration, and the Attorney General on the com­ operated by eight banks, altogether hold deposits petitive factors involved in the proposed transac­ of about $23 million and total loans of approxi­ tion, mately $10 million. Central Bank, with about 27 It is hereby ordered, for the reasons set forth in the Board’s Statement of this date, that said applications be and hereby are approved, provided 1 Figures are as of April 5, 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1335 per cent of the deposits and about 24 per cent of Convenience and needs of the communities. The the loans, is the largest bank in the area. Volga banking convenience and needs of Elkader and St. Bank, with about 3 per cent of the deposits and Olaf would not be appreciably affected by the about 1 per cent of the loans, is the smallest bank proposed acquisition. The principal effect would in the area. The second, third, and fourth largest be in Volga, where a small unit bank would be banks hold approximately 23 per cent, 14 per cent, replaced by a branch office of a larger and more and 13 per cent, respectively, of area deposits. progressive institution. The resulting benefit from The banking offices in the relevant area, because these features for the banking convenience and of their size and their location in an agricultural needs of the community may be offset to some region, tend to draw the preponderance of their extent by local restrictions on branch bank opera­ business from the communities in which they are tions. Under State law, branch offices are confined situated. It does not appear that any of these to accepting deposits and paying checks, and are offices would be adversely affected by the proposed required to refer loan applications to the head transaction, which would not materially alter the office. However, in view of the prospects for Volga structure of banking competition in the area. Bank and for the community it serves, and in the There is some competition between Central light of the bank’s management succession prob­ Bank and Volga Bank. This competition is facili­ lem, there is a considerable question as to how tated by the location of Elkader as the nearest long Volga Bank can realistically be expected to trading center to Volga, and by the fact that a continue as a unit bank. Thus, the proposal would number of Volga residents commute to work in have the advantage of assuring the continuance of Elkader. The extent of the competition is limited a banking facility for the Volga community. by the size and nonaggressive policies of Volga Summary and conclusion. In the judgment of Bank. Further, as discussed hereinafter under the the Board, the proposed transaction would benefit banking factors, it is unlikely that Volga Bank, if the banking convenience and needs of the Volga it remains an independent institution, will become area, and would not result in any significantly a more effective competitive force because its loca­ adverse consequences for banking competition. tion limits its earnings prospects and growth poten­ Accordingly, the Board concludes that the tial. application should be approved. The effect of the proposed transaction on com­ petition would not be adverse. WACHOVIA BANK AND TRUST COMPANY, Financial and managerial resources and future WINSTON-SALEM, NORTH CAROLINA prospects. The financial condition of Volga Bank In the matter of the application of Wachovia is satisfactory and its capital position is relatively Bank and Trust Company for approval of merger strong. However, the bank’s earnings record is with Bank of Ahoskie. below average, partly as a result of its operating policies and partly because of the economy of the Volga community. In recent years Volga has ex­ Order Approving Merger of Banks perienced a marked decline in population relative There has come before the Board of Governors, to the over-all experience for Clayton County. The pursuant to the Bank Merger Act, as amended community is not a trading or marketing center, (12 U.S.C. 1828(c), Public Law 89-356), an and its prospects for growth appear limited. These application by Wachovia Bank and Trust Com­ circumstances restrict the opportunity for Volga pany, Winston-Salem, North Carolina, a State Bank to grow and, in turn, make it improbable member bank of the Federal Reserve System, for that a capable successor can be found for the the Board’s prior approval of the merger of that bank’s chief operating officer, who is well past bank and Bank of Ahoskie, Ahoskie, North Caro­ the normal retirement age. The prospects for lina, under the charter and title of Wachovia Bank Volga Bank are not favorable. and Trust Company. As an incident to the merger, The banking factors, as they relate to Central the four offices of Bank of Ahoskie would become Bank, are satisfactory and would not be adversely branches of the resulting bank. Notice of the pro­ affected by the proposed acquisition of Volga posed merger, in form approved by the Board, has Bank. been published pursuant to said Act. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1336 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 Upon consideration of all relevant material in A majority interest in Ahoskie Bank was ac­ the light of the factors set forth in said Act, in­ quired prior to enactment of the Bank Merger Act cluding reports furnished by the Comptroller of of 1960 by Wachovia when it merged with the Currency, the Federal Deposit Insurance Cor­ Guaranty Bank & Trust Company, Greenville, poration, and the Attorney General on the com­ North Carolina (a nonmember bank), which had petitive factors involved in the proposed merger, owned more than 50 per cent of the shares of It is hereby ordered, for the reasons set forth Ahoskie Bank since the 1930’s. One of Wachovia’s in the Board’s Statement of this date, that said senior officers is also Chairman of the Board of application be and hereby is approved, provided Ahoskie Bank and three of the latter bank’s offi­ that said merger shall not be consummated (a) cers formerly served with Wachovia, with which before the thirtieth calendar day following the Ahoskie Bank has close operating relationships. date of this Order or (b) later than three months Three offices of Ahoskie Bank are in Ahoskie after said date. (population 4,600), the largest city in Hertford County (population 22,700), situated near the Dated at Washington, D. C., this 30th day of August, 1966. eastern end of the Virginia-North Carolina border. The bank’s fourth office is in Aulander (popula­ By order of the Board of Governors. tion 1,100), 8 miles southwest of Ahoskie in Voting for this action: Vice Chairman Robertson, and Bertie County (population 24,400). Ahoskie is Governors Shepardson, Mitchell, Daane, and Brim­ mer. Absent and not voting; Chairman Martin, and centrally located in the two-county area and Governor Maisel. serves as the trade center for both counties. (Signed) Kenneth A. Kenyon, Wachovia operates 95 offices situated in 32 Assistant Secretary. communities in 21 of North Carolina’s 100 coun­ [seal] ties. The nearest office of Wachovia to Ahoskie Bank is at Williamston, in Martin County 34 miles south of Aulander. The next nearest office Statement of Wachovia is 46 miles south of Aulander. The Wachovia Bank and Trust Company, Winston- service area 3 of Ahoskie Bank surrounds its two Salem, North Carolina (“Wachovia”), with total locations and, roughly, forms an egg-shaped pat­ deposits of approximately $977 million, has ap­ tern about 25 miles by 15 miles in dimension bi­ plied, pursuant to the Bank Merger Act, as sected latitudinally by the Hertford-Bertie county amended (12 U.S.C. 1828(c), Public Law 89­ line. This service area does not overlap that of any 356), for the Board’s prior approval of the merger Wachovia office. The Bank of Windsor, slightly of that bank and Bank of Ahoskie, Ahoskie, North smaller than Ahoskie Bank, is located at Windsor Carolina (“Ahoskie Bank”), with total deposits of in southern Bertie County about midway between about $10.5 million.1 The banks would merge Aulander and Williamston. Because of the loca­ under the charter and title of Wachovia, which is tions of Wachovia and Ahoskie Bank, consumma­ a member of the Federal Reserve System. As an tion of the merger would eliminate little, if any, incident to the merger, the four offices of Ahoskie competition even if the close relationship of the Bank would become offices of Wachovia, increas­ two banks did not exist. ing the number of its authorized offices to 103.2 The relevant area for considering the remaining Competition. Wachovia, in terms of deposits, is competitive effects of the proposal encompasses North Carolina’s largest commercial bank, having the southern two-thirds of Hertford County, the 21.8 per cent of the total deposits of the 142 northern third of Bertie County, and the south­ banks in the State. The second and third largest of eastern tip of adjacent Northampton County. the State’s banks hold 16.6 and 11.5 per cent of Ahoskie Bank’s service area lies within the rele­ such deposits, respectively. vant area in which are located the offices of eight banks, including Ahoskie Bank. Aulander is served 1 Deposit figures herein are as of December 31, 1965. ' “The area from which a bank derives 75 per cent “This includes four offices which are not yet in or more of its deposits of individuals, partnerships, operation. and corporations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1337 only by Ahoskie Bank, while Ahoskie is served convenience and needs of the areas served by also by a branch of The Planters National Bank Ahoskie Bank, which frequently has referred cus­ and Trust Company, Rocky Mount, North Caro­ tomers to Wachovia for banking accommodations lina, having total deposits of $56 million at its 20 which the smaller bank could not supply. offices. Because of the close relationship that has Historically, the economy of Hertford and developed between Wachovia and Ahoskie Bank, Bertie Counties has been based on agriculture. and since the smaller banks in the relevant area In recent years manufacturing has become in­ serve chiefly their own communities, the Board creasingly important in Ahoskie. The lending limit has concluded that consummation of the pro­ at offices of Ahoskie Bank would be increased posal would not be expected to have adverse from $100,000 to over $7,000,000 following con­ effects on any of the banks in the area which com­ summation of the proposal. Even though Wacho­ pete with Ahoskie Bank. via has been supplementing Ahoskie Bank’s serv­ If the proposal were consummated, Wachovia, ices, the operation of Ahoskie’s offices as branches instead of Ahoskie Bank, would operate about 28 of Wachovia would make the full range of com­ per cent of the banking offices and would hold plete banking services of the larger bank more about 29 per cent of the deposits in the relevant conveniently available to bank customers in area. Wachovia’s share of deposits held by all Ahoskie and Aulander. commercial banks in North Carolina would be in­ Summary and conclusion. Consummation of the creased by only .2 per cent to 22 per cent. proposal, which would formalize the close re­ The Board concludes that the proposal would lationship between Wachovia and Ahoskie Bank not have any adverse competitive effects. based on common control, would not have adverse Financial and managerial resources and future competitive effects. This is especially true in view prospects. The financial and managerial resources of the distance between the nearest offices of the and future prospects of Wachovia are satisfactory two banks. The proposal, if effected, would pro­ and would not be adversely affected by effectua­ vide a broad range of banking services on a more tion of the proposal. With respect to Ahoskie Bank, it is significant that Wachova has sold loans convenient basis in the area now served by to Ahoskie Bank to help improve its earnings. Ahoskie Bank. Convenience and needs of the communities. Accordingly, the Board concludes that the pro­ Effectuation of the proposal would affect only the posed merger should be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS MAXIMUM INTEREST RATE ON CERTAIN creases in the reserves that member banks must TIME DEPOSITS maintain against some of their time deposits and, On September 21, 1966, the Board of Governors more recently, a statement to member banks con­ of the Federal Reserve System reduced to 5 per cerning the need to adopt lending policies that will cent from 5!^ per cent the maximum rate of in­ result in slowing the growth of business loans. terest that the System’s member banks may pay on any time deposit under $100,000. The Board’s BANK CREDIT EXPANSION action, to become effective September 26, 1966, On September 1, 1966, the Board of Governors was taken under the new authority granted in the of the Federal Reserve System released a letter law signed by the President on the 21st, providing sent to all member banks by the Presidents of the increased flexibility for establishing ceiling rates 12 Federal Reserve Banks regarding growth in on time deposits and savings accounts at com­ over-all bank credit, the increase in business loan mercial banks and other depository institutions. demand, and administration of Federal Reserve The purpose of the Board’s action is to limit credit assistance to member banks through the further escalation of interest rates paid in com­ System’s discount facilities. The text of the letter petition for consumer savings. The action will also follows: help to keep the growth of commercial bank credit “It is the view of the Federal Reserve System to a moderate pace. that orderly bank credit expansion is appropriate The reduction in maximum rates on time de­ in today’s economy. However, that expansion posits of less than $100,000 does not, by itself, should be moderate enough to help insure that require any change in interest paid on certificates spending—-and particularly that financed by bank of deposit and other time deposits outstanding on credit—does not exceed the bounds that can be the effective date. If a member bank has agreed to accommodated by the nation’s growing physical pay a specified rate of interest on such a deposit, resources. An excessive expansion of bank credits without any right to modify its obligation, it may would aggravate inflationary pressures that are continue to pay the contract rate to maturity. If already visible. the deposit is then renewed, the rate of interest “While the growth of total bank credit and total may not exceed the new ceiling. bank lending has moderated somewhat as com­ The Board’s action does not change the maxi­ pared with last year, total bank loans plus invest­ mum rate payable by member banks on savings ments have grown at an annual rate of over 8 accounts, which remains at 4 per cent. The max­ per cent during the first 8 months of this year, imum rates payable on multiple-maturity time and total bank loans at a rate of over 12 per cent. deposits, which are 4 per cent or 5 per cent de­ Meanwhile, bank lending to business has increased at an annual rate of about 20 per cent. pending on maturity, are also unchanged. The “It is recognized that business demands for ceiling rate on single-maturity time deposits of bank credit have been particularly intense. While over $100,000 remains at the present level of such credit requests often appear justifiable when 51A per cent. looked at individually, the aggregate total of credit- This action is one of a series of measures taken financed business spending has tended towards by the Federal Reserve System in recent months unsustainable levels and has added appreciably to to temper the aggressive competition for funds current inflationary pressures. Furthermore, such among commercial banks and other financial in­ exceedingly rapid business loan expansion is being stitutions, and at the same time to assure an or­ financed in part by liquidation of other banking derly and moderate rate of growth in bank credit assets and by curtailment of other lending in ways in order to restrain inflationary pressures. Earlier that could contribute to disorderly conditions in actions included a lowering of interest rate ceilings other credit markets. on time deposits with multiple maturities, two in­ “The System believes that the national economic 1338 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 1339 interest would be better served by a slower rate of of the Federal Reserve System issued the following expansion of bank loans to business within the statement: context of moderate over-all money and credit The program and proposals announced by the growth. Further substantial adjustments through President today are directed toward curbing some bank liquidation of municipal securities or other of the extraordinary demands for goods, services, investments would add to pressures on financial and credit that have been pressing up prices and markets. Hence, the System believes that a greater interest rates alike. share of member bank adjustments should take the The Federal Reserve, in the succession of actions form of moderation in the rate of expansion of it has taken, including its action last week with loans, and particularly business loans. respect to discount operations, has been directing “Accordingly, this objective will be kept in mind its efforts to the same purposes. But the Federal by the Federal Reserve Banks in their extensions Reserve’s powers are limited to restraining the of credit to member banks through the discount growth of spending that is financed by borrowed window. Member banks will be expected to co­ money. operate in the System’s efforts to hold down the The contemplated fiscal policy measures, af­ rate of business loan expansion—apart from nor­ fecting both government and private expenditures, mal seasonal needs—and to use the discount facil­ should operate along with the Federal Reserve’s ities of the Reserve Banks in a manner consistent actions in the monetary sphere to combat in­ with these efforts. It is recognized that banks flation and to foster sustained, healthy economic adjusting their positions through loan curtailment growth. may at times need a longer period of discount To the extent that Presidential and congressional accommodation than would be required for the actions of this character serve to moderate over­ disposition of securities. all demand in the economy, strains on credit and “This program is in conformity with the provi­ financial resources, which have been a major sion in Section 201.0, par. (e) of the Board’s factor in the recent rise in interest rates, will be Regulation A governing lending to member banks: lessened. The Federal Reserve will continue to be alert to any easing of inflationary pressures in ‘In considering a request for credit accom­ modation, each Federal Reserve Bank gives order that monetary policy can be adjusted accord­ due regard to the purpose of the credit and to ingly. its probable effects upon the maintenance of sound credit conditions, both as to the individual RESIGNATION OF DIRECTORS institution and the economy generally. . . .’ Mr. John R. Newell, who had served as a Class “Federal Reserve credit assistance to member B director of the Federal Reserve Bank of Boston banks to meet appropriate seasonal or emergency since January 1, 1963, resigned effective October needs, including those resulting from shrinkages 1, 1966. He is Vice Chairman of Bath Iron Works of deposits or of other sources of funds, will con­ Corporation, Bath, Maine. tinue to be available as in the past. Mr. Carl G. McCraw, who had served as a “A slower rate of business loan expansion is in director of the Charlotte Branch of the Federal the interest of the entire banking system and of Reserve Bank of Richmond since January 1, 1965, the economy as a whole. All banks should be resigned effective August 11, 1966. He was aware of this consideration, whether or not they formerly Chairman of the Board of First Union need to borrow from the Federal Reserve. Man­ National Bank of North Carolina, Charlotte, agement of bank resources in accordance with the North Carolina. principles outlined above can make a constructive contribution to sustained economic prosperity, and RECIPROCAL CURRENCY ARRANGEMENTS the Federal Reserve System is confident that the The Open Market Committee of the Federal banks will give their whole-hearted support to this Reserve System announced on September 13, effort.” 1966, that the Federal Reserve’s reciprocal credit or “currency swap” network with 11 central banks STATEMENT ON CURBING EXCESS DEMANDS and the Bank for International Settlements has On September 8, 1966, the Board of Governors been enlarged to $4.5 billion from $2.8 billion. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1340 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 The Bank of England also announced that it The swap network was established in 1962 soon had arranged additional credit facilities with other after the Treasury and Federal Reserve System central banks. Among the increased facilities resumed foreign exchange operations. At first available to the Bank of England is a $600 million reciprocal agreements totaling $700 million were increase in the swap line between it and the negotiated between the Federal Reserve and seven Federal Reserve raising the total line to $1,350 central banks and the Bank for International million, of which $300 million was being used at Settlements. Four more central banks were the end of August. brought into the network the same year, raising Charles A. Coombs, Special Manager for the total standby agreements to $1.1 billion. Foreign Currency Operations of the Open Market In 1963 the swap lines were enlarged to total Committee Account and Vice President of the $1.55 billion and the following year they were ex­ Federal Reserve Bank of New York, explained panded again to total $2.05 billion. The last pre­ that the swap network was expanded to increase vious increase had been to the $2.8 billion level the reciprocal credit facilities available, both to the last year when lines with Italy, Japan, and the Federal Reserve and to its central bank partners, Bank for International Settlements were broad­ thus providing a broader margin of safety for the ened. stability of the international monetary system. The credit line with the Bank of England was A swap line is a reciprocal and renewable agree­ one of the original facilities established in 1962. ment between central banks to exchange their cur­ It totaled $50 million at that time. The total was rencies on request. The agreement specifies a increased to $500 million in May 1963 and then maximum amount and a time limit. Foreign cur­ to $750 million in November 1964. rency obtained as a result of the cross credits is ERRATUM usually used by the drawing partner to strengthen On page 1140 of the Bulletin for August 1966, its own currency. the date in the seventh line from the bottom of The Open Market Committee also announced the first column should be 1961 instead of 1959. these additional changes in swap lines: ADMISSION OF STATE BANK TO MEMBERSHIP IN Increase New amount THE FEDERAL RESERVE SYSTEM (bi millions of dollars) The following bank was admitted to membership Austrian National Bank 50 100 National Bank of Belgium 50 150 in the Federal Reserve System during the period Bank of Canada 250 500 German Federal Bank 150 400 August 15 to September 15, 1966: Bank of Italy 150 600 Bank of Japan 200 450 Minnesota Netherlands Bank 50 150 Bank of Sweden 50 100 Richfield.... Summit State Bank of Richfield­ Swiss National Bank 50 200 Bank for International Settlements 100 400 Bloomington Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Released for publication September 16 Industrial production, retail sales, and nonfarm production of most other materials increased employment rose further in August, and the unem­ further. ployment rate was unchanged. Bank credit in­ creased, and the money supply declined while time Employment and savings deposits continued to increase. Be­ Nonfarm employment continued to increase tween mid-August and mid-September yields on quite vigorously in August. In manufacturing, private and public bonds rose further and Treasury gains were concentrated in the defense and capital bill rates increased sharply. Common stock prices goods oriented industries. Employment continued declined further in late August but recovered to rise in government but declined in construction somewhat in mid-September. and was unchanged in trade. The average work­ week of manufacturing production workers rose Industrial Production 0.2 hour to 41.3, but was slightly below the peak Industrial production rose in August to 158.3 level of 41.5 hours reached in February this year. per cent of the 1957-59 average, compared to The unemployment rate was unchanged again in 157.4 per cent in July and 144.5 per cent a year August at 3.9 per cent. earlier. Output of business equipment, materials, and consumer goods other than autos increased. Distribution Auto assemblies, after allowance for the model The dollar volume of retail sales increased 1.5 changeover, declined 7 per cent further. Schedules per cent in August and was nearly 10 per cent for September indicate a rise in production. Out­ above a year earlier, according to advance esti­ put of television sets recovered partially from the mates. Sales at durable goods stores rose 2 per reduced July level and production of most other cent, as dealer deliveries of new domestic autos consumer goods, durable and nondurable, in­ increased to an annual rate of 8.5 million units. creased further. Output of industrial and commer­ Sales at other durable goods stores changed little cial equipment continued to advance. Production following increases in June and July. At non­ of iron and steel declined slightly and output of durable goods stores, sales were up 1.3 per cent, construction materials changed little. However, about the same as in July. Agriculture INDUSTRIAL PRODUCTION Favorable weather during August improved pastures and raised crop prospects in nearly all areas except the Middle Atlantic coast. Soybeans, corn, and sorghum grain were among the crops showing marked gains. The September 1 crop out­ put index, however, at 112 was 4 per cent below last year’s record with smaller output in prospect for most of the major commodity groups. The 27 per cent decline in cotton reflected acreage cuts under the cotton acreage diversion program. August red meat production was 2 per cent above a year earlier and poultry 10 per cent. Milk and egg production continued below a year ago. Commodity Prices The wholesale price index for industrial com- 1341 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1342 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 modities declined slightly from mid-July to mid­ in June and July, loan growth in August was August when market prices of raw cotton fell a small, reflecting large loan repayments by busi­ fourth as a result of the new Federal program nesses and finance companies. for this year’s crop. There also were decreases for The daily average money supply declined about hides, lumber, and scrap metals but increases for $500 million from the July level, or less than half certain steel products, machinery, and fuels. Since the decline in the preceding month. Treasury de­ mid-August, hides and scrap metals have declined posits in banks also fell much more than sea­ further, but increases have been announced for sonally. Time and savings deposits expanded at a many chemicals, paper and glass containers, furni­ pace comparable to the July rate. ture, appliances, color television, and machinery. Total and required reserves, seasonally adjusted, Wholesale prices of foodstuffs rose about 2 per dropped sharply in August. Over the five statement cent further between mid-July and mid-August, weeks ending August 31, member banks’ excess reflecting widespread increases. Since mid-August, reserves averaged slightly less than over the previ­ however, the average has decreased somewhat as ous four weeks, while their borrowings from the prices of livestock and meats have declined in re­ Reserve Banks showed little change. sponse to expansion in marketings of hogs. Security Markets Bank Credit, Money Supply, and Reserves Yields advanced sharply in all sectors of the Commercial bank credit in August rose by $1.6 bond market in the latter half of August, but part billion, a little more than half the large July in­ of this advance was eliminated by the market turn­ crease. A substantial expansion of bank holdings around early in September. Treasury bill rates rose of U.S. Government securities, associated with the through most of this period, with the 3-month bill August 26 delivery of new tax anticipation bills, bid at nearly 5.50 per cent in mid-September com­ was offset in part by a sizable reduction in bank pared with 5.00 per cent a month earlier. Common portfolios of municipal issues and participation stock prices declined further in late August but certificates. Following exceptionally large increases recovered somewhat in mid-September. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

GUIDE TO TABULAR PRESENTATION SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not c Corrected adjusted for seasonal variation IPC Individuals, partnerships, and corpora­ p Preliminary tions r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets i, n, L Liabilities HI, 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....................................................... Aug. 1966 123 8-47 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.................. Aug. 1966 1248 Flow of funds (assets and liabilities)......... Nov. 1965 1618-27 On, and not on, Federal Reserve Par List number of............................. Aug. 1966 1249 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, 1965. ..................................... Aug. 1966 1250 balances...................................................... Sept. 1966 1408 1344 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........ 1346 Reserve Bank discount rates; margin requirements; reserve requirements ................. 1351 Open market transactions; Federal Reserve Banks......................................................... 1353 Bank debits; currency in circulation ................................................................................ 1356 Money supply; banks and the monetary system ............................................................. 1358 Commercial and mutual savings banks, by classes ......................................................... 1360 Commercial banks, by classes ........................................................................................... 1364 Weekly reporting banks....................................................................................................... 1366 Business loans .................................................................................................................... 1370 Interest rates ........................................................................................................................ 1371 Security prices; stock market credit .................................................................................. 1372 Open market paper; savings institutions ....................................................................... 1373 Federally sponsored credit agencies.................................................................................. 1375 Federal finance...................................................................................................................... 1376 U.S, Government securities................................................................................................. 1378 Security issues........................................................................................................................ 1382 Business finance ................................................................................................................ 1384 Real estate credit ................................................................................................................ 1386 Consumer credit .................................................................................................................. 1390 Industrial production ....................................................................................................... 1394 Business activity; construction ....................................................................................... 1398 Employment and earnings ............................................................................................... 1400 Wholesale and consumer prices ....................................................................................... 1402 National product and income series ................................................................................ 1404 Flow of funds .................. 1406 Stock market credit ............................................................................................................. 1408 Guide to tabular presentation ............................................................................................. 1344 Index to statistical tables ................................................................................................... 1435 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). 1345 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1346 BANK RESERVES AND RELATED ITEMS SEPTEMBER 1966 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F. R. Bank credit outstanding Deposits, other Period Tr u e r a y s ­ Cur­ Treas­ than m re e se m rv b e e s r , bank Me r m es b e e rv r e b s ank d o a r te U.S. Govt, securities Dis­ Gold r c e u nc r­ y re i n n c y c u a r s y h with F.R. Banks O F t . h R e . r Total B r o o ig u u h t g ­ t ht R m c a e h g e p a r n e s u t e e s r ­ ­ v c a o a a n u n d c n d ­ e t s s Float • t T al o ­ 2 stock s o t in a u n g t­ d­ c t c u io i l r n a ­ ­ h in o g ld s ­ T u re r a y s­ F ei o g r n ­ Other 1 co a u c n ­ ts B W F a . n R it k h . s c r C e o a n n i u n c d r y ­ 3 Total Averages of dolly figures 1929_ June..... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933 June........ 1,933 1,933 250 12 2,208 4,030 2,295 5755 272 81 164 350 2,211 2^211 1939_ Dec......... 2,510 2,'51O 8 83 2,612 17,518 2,'956 7,609 2,402 616 739 248 11;473 11,473 1941 Dec......... 219 2,219 5 170 2,404 22759 3,239 10785 2,189 592 1,531 292 121812 12’812 1945 Dec...... 23,708 23,708 381 65224,744 20;047 4722 28 752 2,269 625 1 ’247 493 16,027 16,027 1950—Dec......... 20’345 20i336 9 142 1,1’17 21,606 22 779 4,629 27,806 1,290 615 920 353 739 17391 17,391 1955_ Dec.......... 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec.......... 24,765 24,498 267 706 1,63327,156 21742 5,064 3L775 772 463 372 247 998 19335 19335 1957—Dec......... 23,982 23,615 367 716 1,443 26,186 22,769 5,144 31,932 768 385 345 186 1,063 19320 19,420 1958—Dec......... 26,312 26,216 96 564 1,49628,412 20763 5,230 32,371 691 470 262 337 1,174 18 ,’899 18,899 1959—Dec......... 27,036 26,993 43 911 1,426 29,435 19,482 5,311 32,775 396 524 361 348 1,195 18328 304 18,932 I960—Dec......... 27,248 27,170 78 94 1,665 29,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec......... 29’098 29^61 37 152 1^21 31,217 16729 5787 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 2^3436,610 15762 5 783 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Dec......... 37,126 36,895 231 266 2,423 39,873 15,388 5,401 39,698 595 944 181 186 1,093 17,964 3,645 21,609 1965—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 40747 809 978 210 195 287 18,111 3,629 21,740 Oct...... 39,60! 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 4OJ28 40,127 1 485 1,965 42,649 13,845 5,537 41,372 801 930 174 224 296 18,235 3,723 21,958 Dec......... 40,885 40,772 113 490 2,34943,853 13,799 5,565 42,206 808 683 154 231 389 18,747 3,972 22,719 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 13700 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 &fay........ 41,129 41,012 117 743 1,877 43,891 13,565 5,838 41,858 968 670 138 386 512 18,762 3,725 22,487 June 41,672 41,653 19 685 1,93644,498 13,500 5,916 42,296 1,033 824 152 394 535 18,679 3,855 22,534 July......... 42,221 42,210 11 767 2,62445,737 13,415 ’5,971 '42,825 n,066 1,059 196 419 338 19,220 3,870 23,090 Aug......... 42,280 42,130 150 730 2,29045,348 13,311 6,019 42,883 1,068 1,107 135 409 316 18,759”3,892”22,651 Week ending— 196$ 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 M8041,786 13758 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 13758 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 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 1,552 41,586 13,858 5,462 40,307 807 898 243 179 389 18,082 3,329 21,411 15............ 39,088 39;088 564 1'821 41,508 13757 5,470 40788 809 987 212 191 312 17,836 3,749 21,585 22............. 38i708 38,621 87 635 2;53941'918 13758 5 770 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 5 774 40,286 811 961 199 199 222 18,232 3,679 21,911 Oct. 6.............. 39,850 39,850 547 1,721 42,196 13,857 5,478 40792 794 1,048 187 221 233 18,557 3,495 22,052 13.............. 39,779 39,749 30 507 r,7i742', 061 13757 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 13757 5,504 40729 803 975 161 196 81 18,058 3,782 21,840 Nov. 3.............. 39,829 39,829 533 1,635 42,082 13758 5,512 40.817 786 927 154 214 176 18,377 3,734 22,111 10.............. 40,253 40,249 4 369 1,92542', 616 13758 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 13759 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 13 743 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 2,053 43,571 13,808 5,556 42,260 803 637 158 225 410 18,442 4,021 22,463 22.............. 40,824 40,802 22 247 2^7644,066 13,809 5,572 42,367 802 720 146 230 359 18,822 3,982 22,804 29.............. 40,852 40,631 221 592 2,71344,289 13,786 5,585 42,348 817 687 159 226 349 19,074 4,006 23,080 1966 41,030 40,607 423 600 2,36644,181 13733 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 13734 5,597 41,963 804 681 178 232 490 19,291 3,941 23,232 19............. 40,333 40,333 242 2,441 43,128 13,733 5,609 41,618 827 708 136 242 479 18,459 4,008 22,469 26.............. 40,210 40,210 374 2,085 42,'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 13734 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 For notes see opposite page, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 BANK RESERVES ANDRELATED ITEMS 1347 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other P d e o a ri r t o e d U.S. Go B v o t u , g s h e t c u R c ri e h t p i a e s u s e r ­ c D o a a u n d is n d ­ ­ t s Float1 t T al o ­ * s G to o c ld k T r s c o r e t u e a u n u r a n r c y t ­ s ­ y d ­ ­ r c C t e c u i i n u o i n l r c a r n ­ y ­ ­ T h c i r u o n a e r g l s a y d h s s ­ ­ T t r h w e a a i n s th ­ m F r e F e .R m s o e . r b r ­ v B e e r a s n b , k a s nk c O F o a t . u c h R n ­ e . t r s With M e r m e r C s e b e n u e r c v r r y ­ e b s ank Total r o ig u h t' t a m g e re n e ts ­ vances ing ury eign Other 1 B F a . n R k . s co an in d 3 Total Averages of daily figures Week ending— 1966 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 1,779 42,987 13,733 5,677 41,319 829 429 157 241 868 18,553 3,492 22,045 16............. 40,399 40,352 47 556 1,741 42,848 13,733 5,685 41,480 822 346 180 247 813 18,378 3,743 22,121 23 40,311 40,311 623 2,087 43,193 13,704 5,709 41,459 863 506 140 303 679 18,656 3,740 22,396 30 . . 40,505 40,505 528 1,741 42,916 13,632 5,734 41,348 936 560 135 376 610 18,316 3,860 22,176 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 1,869 43,431 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 Il.............. 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 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 18,518 3,812 22,330 22.............. 41,528 41,528 697 2,25444,665 13,505 5,931 42,327 1,052 799 155 394 499 18,876 3,843 22,719 29 .. . . 41,795 41,795 776 1,97944,783 13,432 5,933 42,251 1,076 855 152 390 472 18,952 3,984 22,936 July 6............. 42,585 42,581 4 832 2,00645,659 13,434 5,965 42,637 1,065 710 208 428 454 19,554 3,619 23,173 13............. 42,656 42,653 3 818 2,43046,085 13,435 5,972 43,019 1,066 1,022 147 418 437 19,383 3,869 23,252 20............. 41,684 41,684 631 3,225 45,615 13,434 5,966 42,921 1,062 1,156 160 433 332 18,951 3,984 22,935 27............. 41,873 41,873 682 2,775 45,396 13,406 5,969 42,747 1,076 1,216 144 400 270 18,916 4,031 22,947 Aug. 3............. 42,445 42,287 158 778 2,43945,713 13,332 5,993 42,752 1,052 1,286 319 420 168 19,042 3,945 22,987 10............. 42,583 42,231 352 786 2,32445,743 13,333 6,003 42,908 1,047 1.105 139 404 283 19,194 3,684 22,878 17............. 42,003 41,809 194 731 2,52445,305 13,332 6,014 43,000 1,069 1 ,065 131 414 265 18,708 3,898 22,606 24............. 41,813 41,813 720 2,541 45,121 13,312 6,030 42,894 1,081 1,056 126 401 386 18,519 *3,928 *22,447 31.............. 42;597 42,597 .......... 693 1,775 45,114*13,258 *6,040*42,767 Pl,082 1,083 138 412 352 18,578*4,057 *22,635 End of month 1966 42,169 42,169 292 1,95744,656 13,434 5,978 42,554 1,049 766 313 437 379 18,567 4,433 23,000 July.................... 42,380 42,287 93 877 2,50845,816 13,331 5,997 42,708 1,038 1,232 548 419 46 19,155 3,574 22,729 Aug..................... 42,518 42,518 386 1,485 44,437 *13,259 *6,047 *42,882 *1,059 1,614 170 395 224 17,399 ”4,470*21,869 Wednesday 1966 July 6............. 42,733 42,707 26 265 2,08645,337 13,434 5,974 42,974 1,071 693 193 398 459 18,956 •3,859 ’■22,815 13., 42,398 42,398 385 2,54445,483 13,434 5,968 43,074 1,063 1,138 150 418 337 18,706 4,407 23,113 20............. 41,956 41 '956 250 2,741 45,018 13,434 5,965 42,898 1,068 772 157 425 352 18,746 4,381 23,127 27............. 41,983 41,983 970 2,21245,219 13,334 5,971 42,769 1,089 1,338 149 397 319 18,463 4,449 22,912 Aug. 3............. 42,645 42,287 358 1 ,002 2,01445,709 13,334 5,997 42,853 1,048 1,519 139 393 278 18,810*4,107 *22,917 10............. 42,448 42,106 342 526 2,03045,052 13,334 6,009 43,053 1,066 990 124 410 264 18,488*4,169 *22,657 17............. 41,633 41,633 310 2,60244,593 13,334 6,021 43,011 1,072 970 133 412 393 17,957*4,202 *22,159 24............. 41,671 41,671 812 1 ,745 44,276 13,259 6,034 42,877 1,090 969 130 422 363 17,718*4,336*22,054 31.............. 42,518 42,518 .......... 386 1>8544,437•43,259*6,047 *42,882*1,059 1,614 170 395 224 17,399*4,470■■21,869 t 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

1348 BANK RESERVES AND RELATED ITEMS SEPTEMBER 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 i e re ­ d Excess B r F i o n a a . n w g R t s k ­ . 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 o a n a . n R g w t k s . ­ s s F e r r r e v e ­ e e s T h o e t ld al qu R i e re ­ d Excess B r F i o a n a . n w g R t k s . ­ s s F e r r r e v e ­ e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June 1 2,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939-Dec. 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec. 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec. 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950—Dec. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1955—Dec. 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 1,164 2 85 -83 1956—Dec. 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec. 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958—Dec. 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 7 39 -31 1959—Dec. 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 1,038 104 -104 1960—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 1965—Aug. 21,617 21,187 430 564 -134 4,097 4,026 71 103 -32 1,077 1,075 2 38 -36 Sept. 21,740 21,356 384 528 -144 4,095 4,079 16 62 -46 1,091 1,088 3 46 -43 Oct.. 21,958 21,614 344 490 -146 4,112 4,104 8 36 -28 1,090 1,085 5 85 -80 Nov. 21,958 21,589 369 452 -83 4,002 3,992 10 87 -77 1,086 1,084 2 32 -30 Dec. 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 -8 1966—Jan.. 22,750 22,392 358 402 -44 4,313 4,278 35 109 -74 1,112 1,116 -4 45 -49 Feb. 22,233 21,862 371 478 -107 4,168 4,150 18 93 -75 1,092 1,088 4 30 -26 Mar. 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 N^y 22,487 22,117 370 722 -352 4,276 4,230 46 86 -40 1,149 1,144 5 8 -3 June 22,534 22,212 322 674 -352 4,257 4,290 -33 110 -143 1,116 1,118 -2 10 -12 July. 23,090 22,686 404 766 -362 4,437 4,350 87 93 -6 1,142 1,130 12 66 -54 Aug. »22,651 *22,321 *330 728 *-398 *4,224 *4,210 *14 40 *-26 *1,098 *1,094 *4 28 ?-24 Week ending— 1965—Aug. 4. ... 21,783 21,397 386 544 -158 4,176 4,158 18 135 -117 1,113 1,102 II 21 -10 11.... 21,600 21,177 423 616 -193 4,031 4,022 9 175 -166 1,070 1,066 4 22 -18 18. ... 21,514 21,185 329 491 -162 4,028 4,009 19 7 12 1,069 1,070 -1 68 -69 25.... 21,521 21,110 411 545 -134 4,003 3,995 8 61 -53 1,073 1,068 5 57 -52 1966—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 21,758 363 536 -173 4,246 4,161 85 29 56 1,091 1,088 3 49 -46 23.... 22,396 22,025 371 602 -231 4,225 4,216 10 118 -109 1,118 1,115 3 120 -117 30.... 22,176 21,888 288 508 -220 4,227 4,218 10 21 -11 1,101 1,099 2 47 -46 Apr. 6. ... 22,358 22,025 333 623 -290 4,302 4,283 19 59 -40 1,094 1,095 -I 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 1 41 -40 27.... 22,615 22,235 380 642 -262 4,385 4,307 78 117 -39 1,164 1,148 16 10 6 May 4.... 22,735 22,449 286 617 -331 4,456 4,441 15 115 -100 1,194 1,189 5 3 2 11.... 22,593 22,253 340 680 -340 4,282 4,253 29 82 -53 1,154 1,148 6 7 -2 18.... 22,475 22,156 319 663 -344 4,225 4,218 7 73 -66 1,151 1,151 13 -13 25... . 22,241 21,927 314 653 -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.... 22,330 21,865 465 788 -323 4,194 4,164 30 107 -77 1,086 1,073 13 17 -4 22. 22,719 22,437 282 691 -409 4,438 4,387 51 185 -134 1,147 1,148 -1 12 -13 29.... 22,936 22,477 459 771 -312 4,386 4,375 11 150 -140 1,142 1,142 ............5 -5 July 6.... 23,173 22,823 350 827 -477 4,596 4,482 114 167 -54 1,175 1,167 8 107 -100 13. ... 23,252 22,528 724 818 -94 4,291 4,259 31 120 -89 1,126 1,118 8 129 -121 20.... 22,935 22,764 171 631 -460 4,465 4,360 105 104 1 1,140 1,128 12 30 -18 27.... 22,947 22,678 269 680 -411 4,324 4,327 -3 16 -19 1,113 1,119 -6 16 -22 Aug. 3.... 22,987 22,638 349 778 -429 4,347 4,333 14 20 -6 1,129 1,117 12 27 -15 10.... 22,878 22,426 452 782 -330 4,239 4,230 9 133 -124 1,097 1,089 8 25 -17 17.... 22,606 22,336 270 730 -460 4,224 4,185 39 39 1,101 1,094 7 20 -13 24.... *22,447 *22,090 *357 719 *362 *4,143 *4,137 *6 2 *4 *1,084 *1,083 *1 29 *-28 31.... »22,635*22,273 *362 691 *-329 *4,266 *4.220 *46 ..........*..46 *1,097 *1,093 *5 31 fl-26 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 BANK RESERVES AND RELATED ITEMS 1349 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow­ Reserves Borrow­ ings at Free ings at Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t l a d l Required Excess B F a . n R k . s reserves 1929 June............................. 761 749 12 409 -397 632 610 22 327 -305 1933__June............................. 648 528 120 58 62 441 344 96 126 -30 1939 Dec............................. 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941 Dec.............................. 4,317 3,014 1,303 1 1,302 2'210 1,406 804 4 800 1945 Dec.............................. 6^394 51976 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 61458 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 71983 96 300 -203 5,859 5,371 488 144 344 1957 Dec............................. 8,042 71956 86 314 -228 5,906 5,457 449 172 277 1958_ Dec.............................. 7,940 71883 57 254 -198 5,849 5^19 430 162 268 1959 Dec.............................. 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 I960—Dec.............................. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961 Dec.............................. 8/367 81308 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 81713 22 125 -103 7,'707 7,337 370 55 315 1965 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 81640 43 286 -243 7,873 7,549 324 134 190 bet... .......................... 8.814 81776 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 bee.............................. 9,056 81989 67 228 -161 8,219 7,889 330 92 238 9,033 9,010 23 164 -141 8,291 7,988 303 84 219 Feb............................... 8',827 8,771 56 204 -148 8,146 7,852 294 151 143 Mar.............................. 8^768 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............................. 8,913 8,878 35 258 -223 8,249 7,926 323 296 27 July.............................. 9’203 91140 63 375 -312 8,308 8,067 241 232 9 Aug.............................. *9,040 *9,018 *21 300 *-279 *8,289 *7,'999 *290 360 p-70 Week ending— 1965__Aug. 4....................... 8,710 8.676 34 238 -204 7,784 7,460 324 150 174 ’ 11....................... 8^650 81611 39 274 -235 7,851 7,478 373 145 228 18....................... 8,671 8,637 34 251 -217 7,746 7,469 277 165 112 25....................... 8,636 81597 39 265 -226 7,810 7,451 359 162 197 1966 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 81690 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 81755 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 ' Il....................... 8'950 81908 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....................... 8,873 81805 68 177 -110 8,021 7,891 130 341 -211 15....................... 8'786 8,744 42 303 -261 8,264 7,884 379 361 18 22....................... 8'992 81944 48 223 -175 8,142 7,957 185 271 -86 29...................... 9^033 81991 42 382 -340 8,376 7; 970 406 234 172 July 6....................... 9,211 9,135 76 285 -209 8,192 8,039 152 268 -115 13....................... 91101 91046 56 393 -337 8^734 8,104 630 176 454 20 91269 91214 55 333 -278 8,062 8,062 164 -164 27....................... 9,201 91157 44 417 -373 8,309 8^73 236 231 5 Aug. 3 ............... 9,169 9,151 18 386 -368 8,341 8,039 302 345 -43 “ 10....................... 91108 91055 53 311 -258 8; 433 8^052 381 313 68 17....................... 9,'058 9,'028 30 344 -314 8,223 8,029 194 327 -133 24........................ *81946 *81921 *26 312 *-286 *8,274 *7348 *326 376 p-50 31....................... *9,086 *9,008 *78 218 *-140 *8,186 *7,953 *233 442 *-209 1 This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. All 1965 figures final; they 1959; thereafter on closing figures for balances with F.R. Banks and open­ may not agree with those previously published in the Bulletin. ing figures for allowable cash; sec 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 arc 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

1350 MAJOR RESERVE CITY BANKS SEPTEMBER 1966 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r v c e e e ­ s s s t r a o t B w F o in . r R ­ g . s F i b e n N a d t n e e e k t r r a ­ l S d u e r o f p i r c l u it s P re e a q r v o u c g f i e . r n ed 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 a n s y l ­ s 2 b c o P u h f y a u n s i r n e e ­ s g t s o S e f a l l l n i e n e s g t d L e o a a t l o e n r s s 3 de B f r i r a o n o o l w g e m r s ­ r ­ s4 lo N a e n t s Banks f tr u a n n d s s . reserves banks banks Total—46 banks 1966—July 6...........1.37 391 1,650 -1,904 18.4 2,999 1,349 1,188 1,810 160 813 190 623 13............ 60 477 1,892 -2,310 23.1 3,121 1,229 1,025 2,096 204 669 155 514 20............ 128 341 1,742 -1,955 19.2 3,127 1,384 1,185 1 ,942 199 761 164 597 27............ 66 268 1,159 -1,360 13.4 2,675 1,516 1 ,011 1,664 506 455 174 281 Aug. 3............ 19 223 1,163 -1,367 13.4 2,801 1,638 1,184 1,617 454 526 191 335 10............ 40 259 1,135 -1,354 13.6 2,795 1,660 1 ,256 1,539 403 418 229 189 17............ 62 231 1,269 -1,438 14.5 2,879 1,610 1,276 1,603 334 446 218 229 24............ 11 101 714 -803 8.2 2,591 1,877 1,184 1 ,406 693 296 232 64 31............ 84 61 437 -413 4.1 2,599 2,162 1,514 1,085 647 702 209 492 8 in New York City 93 161 962 -1,030 24.5 1,426 464 464 962 641 167 474 13............ 22 116 1,105 -1,199 30.1 1,512 407 407 1,105 483 100 383 20............ 86 104 705 -722 17.7 1,429 724 604 825 120 394 109 285 27............ 49 16 310 -276 6.8 1,136 826 502 634 324 307 120 187 . 18 482 -464 11.5 1,245 763 553 691 210 366 137 230 ~ 10............8 120 339 -452 11.4 1,114 775 628 486 147 332 147 185 17............ 35 39 531 -535 13.7 1,228 697 586 642 111 319 148 171 24............ -4 1 -111 5 .1 920 931 557 363 374 226 155 70 31............38 - 32 171 4.3 912 1,045 644 268 401 421 140 281 38 outside New York City 1966—July 6............4.4 230 688 -874 14.3 1,573 885 725 848 160 172 23 149 13............ 38 362 787 -1,111 18.5 1,609 822 618 991 204 186 55 131 20............ 42 237 1,038 -1,233 20.1 1,698 660 581 1,117 79 366 55 312 27............ 17 252 849 -1,084 17.7 1,539 690 509 1,030 181 148 55 94 Aug, 3............ 1 223 681 -904 14.8 1,556 875 631 926 244 159 55 105 10............ 32 139 796 -902 15.0 1,681 885 628 1,053 256 86 82 4 17............ 28 193 738 -903 15.0 1,651 913 690 961 223 127 70 58 24............ 16 100 724 -808 13.6 1,670 946 627 1,043 319 70 77 -7 31............ 46 61 570 -584 9.7 1,687 1,117 870 816 247 281 70 211 5 in City of Chicago 6 106 228 -328 31.3 447 219 216 230 2 22 22 13............ 7 129 331 -453 45.3 478 147 127 351 20 11 11 20............ 10 30 243 -263 26.1 451 208 176 275 31 9 9 27............ -7 16 265 -288 28.8 418 153 142 276 11 5 5 Aug. 3............ 4 27 225 -249 24.9 411 186 183 228 3 9 9 10............ 7 11 299 -302 31.2 502 203 190 312 14 7 7 17............ 8 10 252 -254 26.0 458 207 179 279 27 1 1 24............ I 14 227 -240 24.8 478 251 205 273 46 4 4 31............ 4 16 172 -185 18.9 457 285 277 181 9 36 36 33 others 1966—July 6............37 124 460 -546 10.7 1,127 667 509 617 157 150 23 127 13............ 31 233 455 -658 13.1 1,131 675 491 640 184 175 55 120 20............ 32 208 794 -970 19.0 1,247 453 405 842 48 358 55 303 27............ 24 236 583 -796 15.6 1,121 537 367 754 171 143 55 89 Aug. 3............ -2 196 456 -655 12.8 1,145 689 447 698 241 150 55 96 10........... 25 127 498 -600 11.9 1,179 682 439 740 243 79 82 -3 17............ 20 182 487 -649 12.9 1,193 706 511 682 195 127 70 57 24............ 15 86 497 -568 11.4 1,193 695 422 771 273 66 77 -11 31............ 43 45 397 -399 7.9 1,229 832 594 635 238 245 70 175 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

SEPTEMBER 1966 DISCOUNT RATES 1351 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under last par. Sec. 133 Advances and discounts under Advances under Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Aug. 31 date rate Aug. 31 date rate Aug. 31 date rate Boston............................................. Dec. 8,1965 4 5 Dec. 8, 1965 4ft 5 Nov. 24. 1964 44 New York........................... Dec. 6, 1965 4 5 Dec. 6, 1965 5ft Dec. 6, 1965 5 Philadelphia.................................... 44 Dec. 10,1965 4 5 Dec. 10, 1965 4ft 5ft Dec. 10, 1965 5 Cleveland........................................ 414 Dec. 10, 1965 4 5 Dec. 10,1965 4*4 6 Dec. 10,1965 5'4 Richmond................................... 414 Dec. 10, 1965 4 5 Dec. 10,1965 4ft 5’4 Dec. 10, 1965 5 Atlanta............................................ 4'4 Dec. 8, 1965 4 5 Dec. 8,1965 4ft Dec. 8, 1965 6 Chicago........................................... % Dec. 6, 1965 4 5 Dec. 6,1965 4*4 54 Dec. 6, 1965 5 St. Louis,...................................... 44 Dec. 10, 1965 4 5 Dec. 10, 1965 44 54 Dec. 10, 1965 5 Minneapolis.................................... 414 Dec. 10, 1965 4 5 Dec. 10, 1965 4ft 54 Dec. 10, 1965 5 Kansas City................................... 4’4 Dec. 13, 1965 4 5 Dec. 13, 1965 44 54 Dec. 13, 1965 5 Dallas.............................................. 4‘A Dec. 10, 1965 4 5 Dec. 10, 1965 44 54 Dec. 10, 1965 5 San Francisco................................. 4'4 Dec. 10, 1965 4 5 Dec, 10,1965 4'4 54 Dec. 10,1965 5 i 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 (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks In effect Dec. 31, 1941 1 -1'4 1 Apr. 1 1 4 5 . . . . . . . . 1 . . . . 9 . . 5 . . . . 5 . . . . . . . . . . . . . . . . . . . . . ......... if IS Mar. 6. 1959 2,f 16, O A c p t r . . 3 1 1 0 5 1 . . . . . . . . . . . . . . . . . . . . . 1 . . . . . . 9 . . . . . . 4 . . . . . 2 . . . l^1 t 1 1 4 A S M e u a p g y t . . 1 2 4 9 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 ‘ M -2( s 4 2 2 1 0 S J M u e n a p y e t. 2 1 1 1 9 1 8 2 , . , 3 3 '4 4 3 - - '4 4 3 '4 13............................. 2*4 1946 Nov. 18............................. 2'4-2'4 24 1960 Apr. 25.............. t '^-1 1 23............................. 2'4 24 May 10............. 1 June 3.......... 1956 10......... Apr. 13............................. 2'4-3 ^ 14........... 1948 20............................. Aug. 12., 3 Jan. 12............. 1 -1'4 Aug, 24............................. 3 Sept. 9......... 3 19.............. 1^'4 31............................. 3 3 Aug. 13.............. }^ 23.............. 1'4 1957 1963 1950 A N u o g v . . 2 1 9 3 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 -34 1 3 * July 2 1 6 7 . . . . . . . . . . . . . . . . . .. 3 31 - 4 34 Aug. 21.............. 1’^ Dec. 2................ 3 3 25.............. 1964 1958 Jan. 22............................. 234-3 3 Nov. 24......... 314-4 4 Jan. 16.... 1 .. 9 .. 5 . 3 . i^-2 2 Mar. 2 7 4. . .. . .. . .. . . . .. . .. . .. . .. . . . .. . ..... 22r^-23% 30......... 4 4 23........... 2 13................... 21............................. 2M« 1965 Apr. 18............................. Dec. 6......... 4 -414 1954 May 9............................. 13......... 4'4 Feb. 5........... ii Aug. 15............................. 15........... Sept. 12............................. Apr. 1 1 6 4 . . . . . . . . . . . . . . . . . . . . . . Oct. 2 2 4 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 -2>4 2 2 1966 May 21....... 14 Nov. 7............................ 2ft 24 In effect Aug. 31 414 4& t Preferential rate of >4 of 1 per cent for advances secured by U.S. against U.S. Govt, obligations was the same as its discount rate except Govt, obligations maturing in 1 year or less. The rate of 1 per cent was in the following periods (rates in percentages): 1955—May 4-6, 1.65; continued for discounts of and advances secured by eligible paper. Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50: I960—Oct. 31-Nov. 17. Dec. 28-29, Note.—Discount rates under Secs. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1942, see Banking and Monetary Statistics, 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, 1943, pp. 439-42. 2.75; 1962—Mar. 20-21, 2,75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, The rate charged by the F.R. Bank of N.Y. on repurchase contracts 28, 30, 31, 3.875; 1965—Jan. 4-8,3.875. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1352 RESERVE REQUIREMENTS SEPTEMBER 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 36 . 1 Ja 9 1 n 5 , 7 . 1 Ja 9 1 n 6 , 2 . 1 J 1 u 9 7 6 ly . 3 N 1 2 9 o 4 6 v , 4 . D 19 6 e 6 , c 5 . Effective date1 C re e c s n i e t r t y r v a e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s ­ r re e a s s n e e r r d v v e e C ba t o r n u y k n s ­ banks3 city banks3 Savings deposits: 1 year or more................. 2ft 3 4 4 4 4 Less than 1 year.............. 2ft 3 3ft 3ft 4 4 In effect Dec. 31,1948.. 26 22 16 7ft 7ft Other time deposits: 1 1 year or more................. 3 4 4 4ft 5ft 1949—May 1,5.......... 24 21 15 7 7 6 months-1 year.............. 3 3ft 4 4ft 5ft June 30, July 1.. 20 14 6 6 90 days-6 months............ 2 2ft 2ft 4 4ft 5ft Aug. 1,11........ 1^ !^ 13 5 Less than 90 days Aug. 16, 18........ 12 5 (30-89 days)........ I 1 1 1 4 5ft Aug. 25.............. 1^ i^ Sept. 1........ 1951—Jah. 11,16........ 23 19 13 6 6 1 Effective July 20, 1966, the Board reduced the maximum rate that Jan. 25, Feb. 1.. 24 20 14 member banks may pay from 5*A to 5 per cent on new multiple-maturity 1953—July 1,9.......... 22 19 13 deposits of 90 days or more and from 5*4 to 4 per cent on new multiple­ 1954—June 16’24........ 21 5 5 maturity deposits of less than 90 days. See Federal Reserve Bulletin July 29* Aug. 1. 20 18 12 for July, p. 963. Announcement of changes effective Sept. 26, 1966, ap­ 1958—Feb. 27, Mar. 1. 1^ 17’4 11* pears on p. 1338 of this BULLETIN. Mar. 20, Apr. 1.. 17 For exceptions with respect to foreign time deposits, see Oct. 1962 Apr. 17.............. 18^ Bulletin, p. 1279, and Aug. 1965 Bulletin, p. 1084. Apr. 24.. 18 16ft Note.—Maximum rates that may be paid by member banks as estab­ I960—Sept. 1.............. 17ft lished by the Board of Governors under provisions of Regulation Q. Nov. 24.............. 12 Under this regulation the rate payable by a member bank may not in Dec. 1. 16ft any event exceed the maximum rate payable by State banks or trust cos. on like deposits under the laws of the State in which the member bank 1962—Oct. 25, Nov. 1. 4 4 is located. Effective Feb. 1, 1936, maximum rates that may be paid by insured nonmember commercial banks, as established by the FDIC, 1966—July 14,21........ (4) (4) have been the same as those in effect for member banks. For rates for postal savings deposits, see Board’s Annual Reports. In effect Sept. 1, 1966 5. 16ft 12 (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, 1935,214. Present legal requirement: Minimum............................... 10 7 3 3 MARGIN REQUIREMENTS Maximum................................... 22 14 6 6 (Per cent of market value) 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.) Effective date records changes at central reserve and reserve city banks. 2 Demand deposits subject to reserve requirements are gross demand Regulation deposits minus cash items in process of collection and demand balances July 28, July 10, Nov. 6, due from domestic banks. 1960 1962 1963 3 Authority of the Board of Governors to classify or reclassify cities as central reserve cities was terminated effective July 28, 1962. 4 On savings deposits—4 per cent; on other time deposits up to $5 Regulation T: million—4 per cent; on other time deposits in excess of $5 million— For extensions of credit by brokers and 5 per cent. dealers on listed securities................. 70 50 70 5 For changes in requirements on time deposits effective in September For short sales........................................... 70 50 70 1966, see Aug. 1966 Bulletin, p. 1172. Regulation U: For loans by banks on stocks.................. 70 50 70 Note.—All required reserves were held on deposit with F.R. Banks, June 21, 1917, until late 1959. Since then, member banks have been allowed to count vault cash also as reserves, as follows: country banks—• Note.—Regulations T and U, prescribed in accordance with Securities in excess of 4 and 2*4 per cent of net demand deposits effective Dec. 1, Exchange Act of 1934, limit the amount of credit that may be extended on 1959, and Aug. 25, 1960, respectively; central reserve city and reserve city a security by prescribing a maximum loan value, which is a specified banks—in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1, percentage of its market value at the time of extension; margin require­ 1960, respectively; all member banks were allowed to count all vault cash ments are the difference between the market value (100 per cent) and the as reserves effective Nov. 24, 1960. maximum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All Country All Country Item member New City banks Item member New City banks banks York of Other banks York of Other City Chicago City Chicago Four weeks ending June 22, 1966 Four weeks ending July 20, 1966 Gross demand—Total.. . 143,694 27,971 6,759 52,939 56,026 Gross demand—Total.. . 149,268 29,549 6,968 55,092 57,660 Interbank.................... 15,234 4,952 1,234 7,160 1,889 Interbank.................. 16,225 5,350 1,300 7,544 2,031 U.S. Govt..................... 4,688 919 257 1,799 1,712 U.S. Govt................. 8,149 1,767 533 3,265 2,585 Other............................. 123,774 22,100 5,269 43,980 52,425 Other......................... 124,895 22,432 5,137 44,282 53,044 Net demand 1.................. 115,885 20,893 5,481 41,827 47,684 Net demand 1. . ............. 119,021 21,490 5,599 43,091 48,842 Time................................. 127,062 19,571 5,192 48,079 54,220 Time................................. 127,875 19,684 5,221 48,401 54,568 Demand balances due Demand balances due from dom. banks......... 7,577 188 157 1,970 5,263 from dom. banks..,.., 7,973 181 201 2,055 5,538 Currency and coin........... 3,786 300 78 1,150 2,258 Currency and coin.......... 3,864 302 78 1,176 2,307 Balances with F.R. Balances with F.R. Banks............................ 18,620 3,972 1,038 7,717 5,894 Banks............................ 19,210 4,132 1,068 7,978 6,034 Total reserves held.......... 22,406 4,272 1,116 8,867 8,152 Total reserves held.......... 23,074 4,434 1,146 9,154 8,341 Required....................... 22,058 4,231 1,112 8,824 7,891 Required.................... 22,648 4,370 1,139 9,097 8,044 Excess........................... 348 41 4 43 261 Excess............... 426 64 7 57 297 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

SEPTEMBER 1966 OPEN MARKET ACCOUNT 1353 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury bills Others within 1 year Month Exch., maturity Gross Gross Redemp­ Gross Gross Redemp­ Gross Gross shifts, purchases sales tions purchases sales tions purchases sales or redemp­ tions 1965—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 June................................................ 1,448 650 110 1,296 650 110 55 108 July.................................................. 2,607 2,489 2,526 2,489 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-J A u u ly g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6i” .................. "-Mii” 35" ...”....”..-..i..i..6..." id” • \.............. .............. Sept.................................................. 107 40 4 5,582 • • .............. 1966- Feb................................................... ii ................. -957 Mar.................................................. 9 144 .........-.1...4..4... ................. 25 May................................................. 34 ................. 281 June............................ 88 -108 8 July.................................................. 29 39 12 .................. Repurchase agreements Bankers’ acceptances (U.S. Govt, securities) Net change Net change in U.S. in U.S. Govt, Month Govt, Under securities and Gross Gross securities Outright, repurchase acceptances purchases sales net agreements, net 1965—July.................................................. 2,734 2,549 106 -6 -12 88 Aug...................................... 1,552 1,955 -157 1 19 -137 Sept.................................. 450 450 725 3 4 732 Oct.................................................. 352 352 -117 21 -94 Nov............................................. 24 24 918 8 16 941 Dec......................... 1,661 1,372 193 25 52 270 1966—Jan...............1..,.5..9..5.. .......................1..,.5. 45 -203 -2 -75 -280 Feb..................2..7..2.. ............... 611 -376 12 -365 Mar.....................2.2..2.. ......... 222 545 3 1 549 Apr...................... • 682 682 -20 4 30 14 May................................................ 421 421 766 -1 20 786 June................................................ 185 185 689 2 58 748 July.................................................. 120 26 212 -30 -157 24 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

1354 FEDERAL RESERVE BANKS SEPTEMBER 1966 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1966 1966 1965 Aug. 31 Aug. 24 Aug. 17 Aug. 10 Aug. 3 Aug. July Aug. Assets Gold certificate account................................................. 10,983 10,969 11,045 11,050 11,078 10,983 11,078 11,955 Redemption fund for F.R, notes.................................. 1,805 1,803 1,813 1,815 1,809 1,805 1,812 1,641 Total gold certificate reserves........................................ 12,788 12,772 12,858 12,865 12,887 12,788 12,890 13,596 Cash................................................................................. 306 298 288 281 285 306 281 109 Discounts and advances: Member bank borrowings..................................... 384 805 310 526 1,002 384 877 237 2 7 2 Acceptances: Bought outright.......................................................... 48 48 48 48 48 48 51 36 19 U.S. Govt, securities: " B°B,5ilt oulri8ht: 10,701 9,854 9,816 10,289 10,470 10,701 10,470 7,823 4,366 4,366 4,366 15 15 4,366 15 Notes.................................................. 21,013 21,013 21,013 25,326 25,326 21,013 25,326 24,759 Bonds....................................................................... 6,438 6,438 6,438 6,476 6,476 6,438 6,476 6,467 Total bought outright................... ................. 42,518 41,671 41,633 42,106 42,287 42,518 42,287 39,049 Held under repurchase agreements 342 358 93 Total U.S. Govt, securities............... 42,518 41,671 41,633 42,448 42,645 42,518 42,380 39,049 Total loans and securities.............................................. 42,952 42,531 41,991 43,022 43,695 42,952 43,308 39,341 Cash items in process of collection............................... 6,351 6,516 8,454 7,053 7,408 6,351 6,887 5,163 Bank premises................................................................. 104 104 104 104 104 104 104 102 Other assets: Denominated in foreign currencies....................... 687 511 478 478 479 687 702 884 IMF gold deposited*............................................ 203 203 201 201 184 203 184 All other..................................................................... 286 260 231 472 446 286 435 243 Total assets..................................................................... 63,677 63,195 64,605 64,476 65,488 63,677 64,791 59,438 Liabilities F.R. notes....................................................................... 37,729 37,744 37,874 37,922 37,742 37,729 37,587 35,340 Deposits: Member bank reserves............................................... 17,399 17,718 17,957 18,488 18,810 17,399 19,155 17,191 U.S. Treasurer—General account............................. 1,614 969 970 990 1,519 1,614 1,232 916 Foreign...................................................................... 170 130 133 124 139 170 548 356 Other: 203 203 201 201 184 203 184 All other................................................................ 192 219 211 209 209 192 235 182 Total deposits................................................................. 19,578 19,239 19,472 20,012 20,861 19,578 21,354 18,645 Deferred availability cash items.................................... 4,866 4,771 5,852 5,023 5,394 4,866 4,379 3,885 Other liabilities and accrued dividends ...................... 231 202 202 208 213 231 203 368 Total liabilities................................................................ 62,404 61,956 63,400 63,165 64,210 62,404 63,523 58,238 Capital Accounts Capital paid in................................................................ 565 565 565 564 564 565 564 544 Surplus........................................................................... 551 551 551 551 551 551 551 524 Other capital accounts.................................................. 157 123 89 196 163 157 153 132 Total liabilities and capital accounts............................ 63,677 63,195 64,605 64,476 65,488 63,677 64,791 59,438 Contingent liability on acceptances purchased for foreign correspondents........................................... 272 278 271 269 262 272 257 145 U.S. Govt, securities held in custody for foreign account............................................................... 7,042 7,170 7,473 7,498 7,418 7,042 7,307 7,264 FederalReserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)...................... 41,492 41,558 41,641 41,624 41,692 41,492 41,719 38,112 Collateral held against notes outstanding: Gold certificate account......................................... 6,627 6,672 6,662 6,662 6,662 6,627 6,682 6,350 Eligible paper.......................................................... 27 36 37 36 128 27 28 39 U.S. Govt, securities.............................................. 36,426 35,978 35,988 35,998 35,998 36,426 35,998 32,855 Total collateral....................................................... 43,080 42,686 42,687 42,696 42,788 43,080 42,708 39,244 1 See note 2 to table at bottom of page 1412. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 FEDERAL RESERVE BANKS 1355 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1966 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l ­ a a­ C l l a e n v d e­ m 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 C s a a it n s y ­ Dallas F c S i r s a a c n n o ­ Assets Gold certificate account...................... 10,983 720 2,075 644 983 1,051 635 2,298 402 192 502 260 1,221 Redemption fund for F.R. notes....... 1,805 101 429 95 151 154 102 330 64 33 70 61 215 Total gold certificate reserves............. 12,788 821 2,504 739 1,134 1,205 737 2,628 466 225 572 321 1,436 F.R. notes of other Banks.................. 931 83 216 82 67 82 99 74 32 46 39 40 71 Other cash............................................ 306 14 35 11 44 18 26 49 32 8 13 17 39 Discounts and advances: Secured by U.S.’Govt, securities... 369 32 78 9 4 22 64 77 21 5 42 15 Other................................................ 17 * 1 * ♦ * 3 6 * 1 1 5 * Acceptances: Bought outright............................... 48 48 Held under repurchase agreements. U.S. Govt, securities: Bought outright........................... 42,518 2,208 10,385 2,180 3,438 3,019 2,272 7,011 1,512 905 1,665 1,772 6,151 Held under repurchase agreements. Total loans and securities................... 42,952 2,240 10,512 2,189 3,442 3,041 2,339 7,094 1,533 911 1,708 1,792 6,151 Cash items in process of collection... 8,085 539 1,436 504 594 635 667 1,318 377 266 521 423 805 Bank premises...................................... 104 3 9 3 5 5 20 20 8 3 8 10 10 Other assets: Denominated in foreign currencies. 687 33 1 180 37 62 35 41 98 24 17 30 40 90 IMF gold deposited^ ..................... 203 203 All other........................................... 286 14 71 16 23 19 16 45 10 5 14 12 41 Total assets.......................................... 66,342 3,747 15,166 3,581 5,371 5,040 3,945 11,326 2,482 1,481 2,905 2,655 8,643 Liabilities F.R. notes............................................ 38,660 2,307 8,831 2,209 3,219 3,484 2,233 7,017 1,428 707 1,470 1,247 4,508 Deposits: Member bank reserves................ 17,399 727 4,194 716 1,323 816 970 2,784 625 458 855 918 3,013 U.S. Treasurer—General account.. 1,614 115 268 135 164 110 115 179 69 52 112 70 225 Foreign............................................. 170 9 ’ 37 10 16 9 11 26 6 4 8 10 24 Other: IMF gold deposit 2...................... 203 203 All other....................................... 205 14 126 • 1 5 1 1 i 1 3 1 51 Total deposits...................................... 19,591 865 4,828 861 1,504 940 1,097 2,990 701 515 978 999 3,313 Deferred availability cash items......... 6,587 501 1,119 432 517 532 526 1.093 301 224 393 328 621 Other liabilities and accrued dividends. 231 12 57 12 18 16 12 38 8 5 9 10 34 Total liabilities..................................... 65,069 3,685 14,835 3,514 5,258 4,972 3,868 11,138 2,438 1,451 2,850 2,584 8,476 Capital Accounts Capital paid in..................................... 565 27 147 30 51 29 35 81 20 14 25 33 73 Surplus.................................................. 551 27 144 30 50 28 33 79 19 13 24 32 72 Other capital accounts....................... 157 8 40 7 12 11 9 28 5 3 6 6 22 Total liabilities and capital accounts.. 66,342 3,747 15,166 3,581 5,371 5,040 3,945 11,326 2,482 1,481 2,905 2,655 8,643 Ratio of gold certificate reserves to F.R. note liability (per cent): Aug. 31, 1966............................ 33.1 35.6 28.4 33.5 35.2 34.6 33.0 37.5 32,6 31.8 38.9 25,7 31.9 July 31, 1966............................ 33.4 31.2 35.0 34.8 31.3 35,4 33.6 30.7 38.9 32.0 32.6 37.8 32.4 Aug. 3i; 1965............................ 37.7 37.6 41.6 35.7 39.0 39.1 37.0 36.9 33.2 33.9 39.3 28.2 35.3 Contingent liability on acceptances purchased for foreign correspond­ ents................................................ 272 13 <71 15 24 14 16 39 9 7 12 16 36 Federal Reserve Notes—Federal Reserve Agent’s Accounts F.R. notes outstanding (issued to Bank)............................................... 41,492 2,463 9,416 2,340 3,522 3,689 2,447 7,482 1,529 758 1,578 1,366 4,902 Collateral held against notes out­ standing: Gold certificate account.................. 6,627 500 1,000 500 600 895 450 1,100 315 127 225 180 735 27 6 21 (jJ. Govt, 'securities....................... 36,426 2,016 8,700 2,000 3,000 2,940 2,075 6,500 1,310 655 1,400 1,230 4,600 Total collateral............................. 43,080 2,516 9,700 2,506 3,600 3,835 2,525 7,600 1,646 782 1,625 1,410 5,335 i After deducting $507 million participations of other F.R. Banks, 3 After deducting $133 million participations of other F.R. Banks. 2 See note 2 testable at bottom of page 1412. * After deducting $201 million participations of other F,R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1356 FEDERAL RESERVE BANKS; BANK DEBITS SEPTEMBER 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 Aug. 31 Aug. 24 Aug. 17 Aug. 10 Aug. 3 Aug. July Aug. Discounts and advances—'Total.................................. 386 812 310 526 1,002 386 877 237 Within 15 days............................................................ 373 798 298 512 ’985 373 857 227 16 days to 90 days..................................................... 13 12 12 14 17 13 20 10 91 days to 1 year........................................................ 2 Acceptances—Total...................................................... 48 48 48 48 48 48 51 55 Within 15 days.......................................................... 12 10 7 14 19 12 17 30 16 days to 90 days.................................................. 36 38 41 34 29 36 34 25 U.S. Government securities—'Total............................. 42,518 41,671 41,633 42,448 42,645 42,518 42,380 39,049 Within 15 days 1........................................................ 1'347 1'592 1,612 7,486 7,595 1,347 6^874 '717 16 days to 90 days...................................................... 5^222 4^880 4,889 4’793 4,822 5,222 5,014 10,409 91 days to 1 year....................................................... 20^661 19,911 19;844 14'798 14i 857 20,661 15,121 17'756 Over 1 year to 5 years............................................. 13'699 13’699 13,699 13’622 13,622 13,699 13,622 8'378 Over 5 years to 10 years............................................ 1'192 1'192 1,192 1’352 1,352 1 J92 1,352 1,408 Over 10 years............................................................. 397 ■397 397 '397 '397 '397 397 381 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 fr e a lg n i c a s n C d a o n l a la d r i s an F fr r a e n n c c s h G m e a rm rk a s n It l a i l r i e an Jap y a e n n ese g N u la e i n l t d h d e e s r r s ­ f S ra w n is c s s 1965—Aug................ 884 819 47 2 1 11 2 1 3 Sept............ 867 802 47 2 1 11 2 1 3 • Oct.............................. 820 750 52 2 1 10 2 1 3 Nov ............................. 671 600 52 2 1 11 2 1 3 • Dec............................... 629 534 53 2 1 34 1 1 3 * 1966__Jan............................... 398 303 53 2 I 34 1 1 3 Feb............................... 166 51 53 2 1 44 1 3 10 Mar. 218 51 53 2 1 74 9 1 3 24 Apr............................... 299 103 53 2 1 81 9 1 3 47 May............................. 364 163 53 2 1 116 2 1 3 24 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (In billions or dollars) Period S T M 2 o 2 S t 5 A a l ’ s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T c o N ( e t e n a . x Y t l c e l . 2 r . ) s 2 4 S o M 2 th S 18 e A r ’ s SM T 2 o 2 S t 5 A a l ’s N Le .Y ad . ing S 6 M o S th A e ’s rs2 T S o N M ( e te . x S Y l c A . l 2 ) . 2 ’s 4 SM o 2 th S 1 e 8 A r ’s 1965^—June.................... 5,327.8 2,308.4 1,146.8 3,019.4 1,872.6 50.9 107.0 45.5 36.3 32.2 July.............................. 5,302.6 2,281.6 1,149.5 3,021.0 1,871.5 49.3 104.9 44.4 35.1 31.1 Aug.............................. 5,146.8 2,128.0 1,141.0 3,018.8 1,877.8 48.4 99.4 44.9 35.5 31.7 Sept.............................. 5,126.9 2,104.3 1,142.9 3,022.6 1,879.7 47.2 95.4 44.1 35.3 31.4 Oct............................... 5,129.9 2,061.0 1,165.4 3,068.9 1,903.5 47.4 96.3 43.8 35.1 31.4 Nov.............................. 5,408.3 2,229.4 1,215.0 3J78.9 U963.9 50.5 104.7 47.6 37.0 32.1 Dec............................... 5,523.1 2,273.5 1,234.5 3,249.6 2,015.1 50.6 102.2 47.7 37.5 33.3 1966—Jan............................... 5,509.6 2,311.5 1,218.4 3,198.1 1,979.7 50.7 104.5 47.3 37.0 32.7 Feb............................... 5^605.6 2^41.7 1,251.2 3,263.9 2^12.7 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 July.............................. 5,989.1 2,480.6 1,366.1 3,508.5 2,142.4 53.1 108.3 51.1 38.9 33,8 Aug.............................. 6,149.9 2,676.1 1,348.5 3,473.8 2,125.3 54.4 112.7 52.2 39.3 34.1 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

SEPTEMBER 1966 U.S. CURRENCY 1357 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir­ End of period cula­ tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 .................. 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 .................. 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945..................... 28'515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 ................. 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950..................... 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 ..................... 31'158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958...................... 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959...................... 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960...................... 32^869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961...................... 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962...................... 35'338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963 ................. 37,'692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 1964..................... 39,619 28,100 3,405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 1965 July........... 39,897 28,311 3,689 1,748 116 2,431 7,493 12,833 11,586 3,376 7,674 243 287 3 4 40'165 28,506 3,751 1,761 118 2,442 7,513 12,921 11,659 3,389 7,735 243 286 3 4 40s443 28'724 3,808 1,783 120 2,474 7,599 12,941 11,719 3,392 7,792 243 286 3 4 Oct........ 40,754 28,926 3,856 1,807 121 2,489 7,624 13,029 11,828 3,411 7,883 243 285 3 4 Nov........... 41'824 29,829 3,956 1,858 124 2,571 7,882 13,439 11,994 3,469 7,990 243 286 3 4 Dec........... 42,056 29,842 4,027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 1966—Jan............. 41,092 28,982 4,060 1,818 127 2,489 7,514 12,974 12,110 3,482 8,092 243 286 3 4 Feb............ 41,252 29,149 4,096 1,818 128 2,495 7,586 13,027 12,103 3,470 8,098 243 286 3 4 Mar........... 41 469 29,323 4,152 1,824 129 2,496 7,607 13,11612,147 3,478 8,136 242 285 3 4 Apr............ 41,538 29.373 4,192 1,838 130 2,502 7,585 13,125 12,166 3,485 8,148 242 285 3 4 42,102 29,868 4,231 1,876 133 2,555 7,732 13,342 12,234 3,507 8,196 241 284 3 4 June.......... 42'554 30,228 4,264 1,884 135 2,570 7,805 13,569 12,326 3,542 8,254 241 283 3 4 July........... 42^708 30,311 4,285 1,880 136 2,550 7,770 13,690 12,397 3,560 8,307 240 283 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; SI silver coins reported under coin, overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Held by Kind of currency T s J t o a u t n l a y d l i 3 o n 1 u g , t , ­ As a g s a e i c n u s r t i ty Treasury F F . o R r . B F a a . n n R d k . s 1966 1965 1966 c g e o r s t l i i d l f v i c e a a r n t d es cash A B a g a n e n d n k t s s Agents July 31 June 30 July 31 Gold................................................................................. 13,331 (12,890) 2 442 Gold certificates............................................................. (12,890) 312,889 I F.R. notes....................................................................... 41,719 131 4,131 37,457 37,315 35,016 Treasury currency—Total.............................................. 5,997 (595) 465 280 5,251 5,239 4,881 Standard silver dollars............................................... 485 3 ♦ 482 482 482 Silver bullion.............................................................. 869 592 277 Stiver certificates......................................................... (595) 3 ..............1..7.. 575 582 785 Fractional coin 4........................................................ 4,229 178 248 3,803 3,782 3,208 United States notes.................................................... 323 8 14 300 303 299 In process of retirement 5.......................................... 92 ♦ * 91 91 107 Total—July 31,1966.................................................... 6 61,047 (13,485) 1,038 12,889 4,413 42,708 June 30, 1966.................................................... ‘60,362 (13,595) 1,049 12,992 3,768 42,554 July 31,1965.................................................... ‘57,174 (14,438) 786 13,590 2,901 39,897 i Outside Treasury and F.R. Banks. Includes any paper currency held 3 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. 1347, for other items; gold certificates are secured by gold, and silver certificates 2 Includes $156 million reserve against United States notes and $184 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 and other data furnished by the Treasury. For explanation of currency "^Through Dec. 31, 1965, shown separately as Subsidiary silver coin reserves and security features, see the Circulation Statement or the Aug. and Minor coin. For this breakdown see earlier Bulletins, 1961 Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1358 MONEY SUPPLY SEPTEMBER 1966 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t jus a te d d ­ i Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t jus a t d ed ­ 1 d d e e p m os a i n ts d 1 1957—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 29.5 116.2 66.6 4.9 I960—Dec.................................................. 141.1 28.9 112.1 72.9 144.7 29.6 115.2 72.1 4.7 1961—.Dec.................................................. 145.5 29.6 116.0 82,5 149.4 30.2 119.2 81,8 4.9 1962—Dec ................................................ 147.5 30.6 116.9 97.8 151.6 31.2 120,3 96.7 5.6 1963—Dec................................................... 153.1 32.5 120.6 112.2 157.3 33.1 124,1 111.0 5.1 159.7 34.2 125.4 126.6 164.0 35,0 129.1 125.2 5.5 1965_ July................................................... 162.4 35.3 127.2 137.9 160.8 35.4 125.4 138.3 9.0 163.0 35.5 127.5 140.0 160.3 35.5 124.8 140,2 7.3 Sept................................................. 164.1 35.7 128.5 141.6 163.1 35.7 127.5 141.4 5.5 Oct.................................................. 165.2 36.0 129.3 143.7 165.7 36.0 129.7 143.5 5.0 Nov.................................................. 165.6 36.1 129.5 145.5 167.3 36.5 130.8 144.3 4.1 Dec.................... 167.2 36.3 130.9 146.9 172.0 37.1 134.9 145.2 4.6 1966—Jan .................................................. 168.0 36.6 131.4 147.8 173.0 36.5 136.5 147.3 3.8 168.2 36.8 131.4 148.5 167.8 36.4 131.4 148.7 5.2 169.3 36.9 132.3 149.5 167.8 36.6 131.3 150.2 4.6 170.9 37.1 133.7 151,4 171.6 36.8 134.8 152.2 3.1 M&y ............................................. 170.2 37.3 132,9 153,0 166.9 37.0 129.9 153,9 7.2 171.1 37.4 133.7 153.7 2 168,8 37.3 131.5 154.1 * 6.3 July. 169.6 37.7 132.0 155,3 167.9 37,8 130,1 155.8 8.2 169.5 37.8 131.8 156.7 166.8 37,9 129,0 157.0 5.2 Week ending— Feb 2............................................ 168.0 36.6 131.4 148.4 171.0 36,1 134.9 148.1 4.3 9............................................ 168.1 36.8 131.4 148.1 170.1 36,6 133.5 148,3 4.4 16............................................ 168.1 36.7 131.4 148.5 168,5 36.4 132.1 148.7 4.6 23........................................... 168.3 36.7 131.6 148.7 164.9 36.3 129.6 148.9 6.3 168.6 37.1 131.5 149.0 166.8 36.6 130.3 149.2 5.6 9............................................ 168.5 36.9 131.7 149.3 167.4 36.8 130.6 149,8 4.1 16............................................ 169.3 36.9 132.4 149.4 169.4 36.6 132,8 150.1 2.6 23.......................................... 169.5 37.0 ' 132.5 149.6 167.9 36.6 131.2 150.3 5.6 30............................................ 169.7 36.9 132.7 150.2 166.6 36.4 130.2 151.0 5.8 Apr. 6............................................ 170.0 37.1 133,0 150,6 169.0 36.8 132,1 161.5 4.8 ' 13............................................ 171.1 37.2 133.9 151.0 171.9 37.2 134.8 152.0 2.4 20............................................ 171.1 37.1 134.0 151.6 173.9 36.7 137,1 152.1 1.4 27,......................................... 171.0 37.1 133.8 152.1 171.7 36.5 135.2 152,7 2.9 170.4 37.2 133.2 152.4 170.2 36.7 133.5 153,1 5.9 " 11............................................ 170.3 37.3 133.0 152.5 168.8 37.2 131.6 153,5 6.5 18............................................ 170.5 37.3 133.1 153,1 166.8 37.1 129.8 153.9 7.8 25............................................ 170.3 37.3 133,1 153,2 164,6 36,9 127,8 154.2 7.8 170.2 37.3 132.9 153.7 165.5 37.0 128,5 154.6 7.3 8............................................ 170.6 37.4 132.2 154.1 167,8 37.5 130.4 154.8 5.8 15............................................ 170.7 37.5 133.3 153.2 2 169.8 37.4 132.4 153.8 2 3.2 22. 172,7 37.5 135.3 153.3 171.0 37.4 133,6 153.5 5.4 29............................................ 170.5 37.4 133,1 153.9 166.7 37.1 129.6 154.2 10.0 170.9 37.6 133.3 154.4 168.6 37.9 130.7 154.9 10.9 " 13............................................ 169.6 37.7 132.0 155,0 167.9 38.0 129.9 155.5 9.1 20........................................... 169,8 37.7 132.1 155.4 168.4 37.9 130,6 156.0 6.9 27........................................... 168.9 37.7 131.2 155.9 166.7 37.6 129,2 156.3 7.2 169.2 37.7 131.6 155.9 168.6 37.6 130.9 156.3 6.0 ° ib............................................ 168.7 37.8 130.9 156,3 167.2 38.1 129.0 156.6 6.0 .........1..6..9....7....... 37.8 131.9 156.8 167,3 38.0 129.3 157.1 4.8 24?.......................................... 169.9 37.8 132.1 156.9 165,6 37.8 127.8 157.2 4.4 31?.......................................... 170.0 37.8 132.2 157,0 166,7 37.6 129,1 157.3 5.3 * At all commercial banks. Averages of daily figures. Money supply consists of (I) 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 tn process of collection Joans were reclassified for reserve purposes and arc 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 thereafter. 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 Sept. 1966 Bulletin, pp. 1303-15; 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

SEPTEMBER 1966 BANKS AND THE MONETARY SYSTEM 1359 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date c u u ry r­ U.S Government securities li i a ti b e i s l ­ Total Ca a p n i d ta l Gold s r t o e i a n n u n g c t d ­ y ­ Total L n o e a t n 1 s, Total s C a a v o n i m n d g l . s R Fe e d se e r r v a e l Other O s ri e t t c i h e u e s ­ r ca a n p n e it d t a l, c d u e r a p r n o e d n s i c t y s c m o n a u i e c s n t ­ c ts . , 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 33^52 '653 40:497 354:371 323,251 31,118 1^64—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 13,934 5,413 378,834 228,721 102,318 62,606 39,100 612 47,795 398,181 362,370 35,814 Aug. 25................... 13'900 5,500 378*700 228,100 101'500 61 J00 39,200 1,000 49,100 398:000 361 J00 37,000 Sept. 29................... 13,900 5,500 383,500 231'600 102,300 6i;700 39:600 i;ooo 49,500 402,800 365,900 36:900 Oct. 27................... 13'900 5'500 385'900 231,900 104,300 64'000 39^00 1,000 49^00 405,200 368,300 361900 Nov. 24................... 13,800 5,500 389,100 234,300 105,500 64,400 40,100 r,ioo 49*, 300 408',500 370', 500 38', 000 Dec. 31................... 13'733 5,575 399,779 242' 706 106,716 65,016 40:768 '932 50^57 419'087 383,727 35’359 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 40i000 900 50,700 413,300 374,900 38,400 Mar. 30................... 13,600 5,700 397,700 244,100 102,500 61,000 40,500 1,000 51,100 417,100 379,400 37,800 Apr. 27 p................. 13'600 5’800 401,200 246'800 102,300 60'700 40,700 900 52:100 420:600 383:300 37,300 Way 25 p................. 13'500 5,900 402,100 248,500 101,000 58'800 41 J00 1,100 52^00 421,500 382^00 38^00 June 29p................. 13'400 6,000 406,600 253'100 100*600 57^600 41:800 1 J00 53^00 426,000 387:800 38,200 July 27 rp............... 13;300 6,000 405,800 251,400 100,400 57,600 42,000 ■900 54,100 425,100 387,300 37,800 Aug. 31p................. 13,300 6,000 407,800 252,100 101,900 58,600 42,500 800 53,900 427,100 387,200 40,000 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 2 Not seasonally adjusted Time U.S. Government Date For­ Total o b r u C e a t n n u s c i k r d y ­ s e d ju m e D s p a t a o d e e n s d ­ ­ d i t s 3 Total o b r u C e a t n u n s c i k r d y ­ s e d ju m e s D p a t a o d e e n s d ­ ­ d i t s 3 Total b m C a e n o r k c m s ia ­ l i b M sa a v n u i k t n u s g a s l 4 S P a S t o e v y s m i s t n a ­ g l s n e e ig t n 5 , T h c i r u o n a e r l g s a y d h s s ­ ­ s b c a a o a 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—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 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. 27a.. 169,200 36,200 133,000 169,300 35,900 133,400 205,800 152,400 53,100 300 1,700 900 5,300 300 May 25 p... 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 36,600 128,800 207,800 154,100 53,500 200 1,800 1,100 10,900 800 July 27'A. 166,800 36,800 130,000 166,600 36,900 129,700 209,900 156,000 53,700 200 1,800 1,100 6,600 1,300 Aug. 31p. .. 168,200 36,800 131,400 166,700 37,000 129,700 210,800 156,700 53,900 200 1,900 1,100 5,100 1,600 i Beginning with data for June 29, 1966, about $1.1 billion in “Deposits central banks in May 1961 reduced this item by $1,900 million ($1,500 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. * Reclassification of deposits of foreign Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1360 COMMERCIAL AND MUTUAL SAVINGS BANKS SEPTEMBER 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets—• Cla a s n s d o d f a b te ank Total Loans U S .S ec . urit O ie t s her a C ss a e s t h s i c b T a i a l a l p o i i n c a t i t i d t ­ a ­ e a l s l Total t D In e t ­ erba T n im k1 e Dema O nd ther Time 3 r B i o n o w g r s ­ ­ c c T a o a o p u c i t n ­ t a a t l s l N ba b u o n e m f k r s ­ Govt. counts 2 mand U.S. Other Govt. AU banks 1941—Dec. 31.. 61,126 26,615 25,511 8,99927,344 90,908 81,816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31.. 140,227 30,361 101,288 8,577 35,415 177,332 165,612 14 065 105,935 45,613 227 10,542 14,553 1947—Dec. 31 4, 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53,105 66 11,948 14,714 1964—Dec. 31.. 329,739 216,674 68,77944,287 61,493401,161 356,308 17,938 821 6,517 155,248 175,785 2,70032,196 14,266 1965—Aug. 25, 343,120232,710 61,32049,09051,460404,900354,340 14,900 1,010 7,230 139,340 191,860 5,06034,020 14,293 Sept. 29. 347,070235,830 61,72049,52053,780411,570361,320 15,850 1,040 7,370 143,440 193,620 4,40034,280 14,297 Oct. 27. 351,010237,290 64,04049,68053,870415,530363,760 15.710 1,030 4,120 147,050 195,850 5.78034.510 14,303 Nov. 24. 353,070239,370 64,37049,33055,940419,650366,700 15,770 1,030 5,440 148,020 196,440 5,97034,720 14,309 Dec. 31 362,320246,946 65,01650,35761,916435,483 385,196 18,426 I ,009 5,532 160,847 199,381 4,56434,935 14,309 1966—Jan. 26. , 358,890243,740 65,18049,97055,420425,520372,85015,410 1,050 3,930 151,780200,680 6,17034,910 14,299 Feb. 23. , 358,990245,440 62,90050,65056,560426,640372,700 15,830 1,060 5,440 148,730201,640 6,75035,020 14,299 Mar. 30. , 361,710249,580 61,03051,10055,030428,100374,580 15,240 1,070 5,120 148,470204,680 6,16035,180 14,306 Apr. 27p. 364,070251,280 60,74052,05057,490432,790380,280 15,560 1,090 5,030 152,890205,710 4,94035,380 14,307 May 25p. 365,000253,590 58,79052,62055,580431,960377,630 14,920 1,080 7,780 146,560207,290 5,61035,550 14,307 June 29p. 369,920259,330 57,62052,97058,310440,150384,390 16,150 1,060 10,660 148,680207,840 7,10035,690 14,307 July 27 rP, 369,210257,570 57,56054,08057,980439,230382,200 15,390 1 ,090 6,350 149,430209,940 7,23035,760 14,305 Aug.3J p. . 371,260258,780 58,58053,90057,130440,090382,570 15,840 1,130 4,850 149,890210,860 7,15036,050 14,303 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. 3M 116,284 38,057 69,221 9,00637,502 155,377 144,103 12,792 240 1,343 94,36? 35,360 65 10,059 14,181 1964—Dec. 31 . 277,376 175,589 62,991 38,79660,489 346,921 307,170 17,938 819 6,510 155,184 126,720 2,679 27,795 13,761 1965—Aug. 25. 287,840 (88,900 55,51043,43050,510347,720303,030 14,900 1,010 7,230 139,280 140,610 5,06029,410 13,789 Sept. 29, 291,470 191,690 55,93043,85052,830 354,060309,640 15,850 1 ,040 7,370 143,380 142.000 4,400 29,630 13,793 Oct. 27, 295,330 192,800 58,45044,08052,890 357,920311,860 15,710 1,030 4,120 147.000 144,000 5,78029,890 13,799 Nov. 24, 297,140 194,560 58,82043,76055,040361,840 314,690 15,770 1,030 5,440 147,970 144,480 5,97030,060 13,805 Dec. 31 306,060201,658 59,54744,85560,899 377,264332,436 18,426 1,008 5,525 160,780 146,697 4,47230,272 13,804 1966—Jan. 26. 302,190 198,130 59,63044,43054,500366,930319,970 15,410 1,050 3,930 151,730 147,850 6,17030,240 13,794 Feb. 23, 302,030 199,610 57,31045,11055,640367,790 319,670 15,830 1,060 5,440 148,680 148,660 6,75030,310 13,794 Mar. 30. 304,350203,490 55,43045,43054,130368,840321,090 15,240 1,070 5,120148,420 151,240 6,16030,440 13,801 Apr. 27”, 306,900205,080 55,40046,42056,640373,780327,120 15,560 1,090 5,030 152,840 152,600 4,94030,670 13,802 May 25p 307,570207,130 53,45046,99054,730372,710324,360 14,920 1,080 7,780 146,510 154,070 5,61030,790 13,802 June 29p 312,490212,740 52,46047,29057,340 380,740330,880 16,150 1,060 10,660 148,630 154,380 7,100 30,930 13,802 July 27 p 311,350210,590 52,45048,31057,120379,460328,480 15,390 1,090 6,350 149,380 156,270 7,23031,020 13,801 Aug. 31 p, 313,000211,400 53,47048,13056,270379,920328,600 15,840 1,130 4,850 149,840 156,940 7,15031,260 13,799 Member banks: 1941—Dec. 31. 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31. 107,183 22,775 78,338 6,07029,845 138,304 129,670 13,576 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 48,717 32,089 52,737 289,142 255,724 17,007 664 5,838 128,539 103,676 2,481 22,901 6,225 1965—Aug. 25 237,093 158,885 42,064 36,14443,951 289,232251.232 14,073 825 6,565 114,426 115,343 4,73224,279 6,227 Sept. 29 240,078 161,336 42,29436,44846,087294,704256,981 14,991 861 6,805 117,924 116,400 4,148 24,432 6,223 Oct. 27, 243,144 162,156 44,43836,55046,119297,674258,443 14,815 848 3,760 120,904 118,116 5,46224,654 6,223 Nov. 24, 244,260163,597 44,55236,111 48,110300,784260,63014,875 850 4,927 121,503 118,475 5,691 24,768 6,225 Dec. 31 251,577 169,800 44,99236,785 52,814313,384275,517 17,454 840 4,890132,131 120,202 4,23424,926 6,221 1966—Jan. 26. 247,921 166,717 44,809 36,39547,366304,163264,155 14,606 879 3,387 124,179 121,104 5,873 24,896 6,212 Feb. 23. 247,810 168,112 42,73236,96648,453 305,117 264,032 15,054 895 4,691 121,740 121,652 6,361 24,955 6,208 Mar. 30. 249,847 171,495 41,23037,12246,883 305,819 265,256 14,477 897 4,431 121,558 123,893 5,757 25,050 6,203 Apr. 27. 252,103 172,702 41,37038,031 49,323 310,342270,866 14,795 918 4,617 125,479 125,057 4,55425,239 6,199 May 25. 252,528 174,354 39,68638,48847,548 309,186268,286 14,198 916 6,858 120,016 126,298 5,11425,345 6,198 June 29p 257,305 179,604 39,031 38,67049,721 316,497274,069 15,291 891 9,430 121,879 126,578 6,61425,451 6,194 July 27. 255,819 177,210 39,07239,53749,749315,068271,464 14,630 923 5,523 122,416 127,972 6,805 25,531 6,184 Aug. 31 p 257,359 178,067 39,98539,30748,753 315,332 271,53615,044 963 4,224122,874128,431 6,63325,734 6,174 Mutual savings banks: 1941—Dec. 31. 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31. 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15'371 7 1,592 542 1947—Dec. 314 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—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 5 2',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 29r 57,430 46,590 5,160 5,680 970 59,410 53,510 50 53,460 4'760 505 July 27 r. 57,860 46,980 5,110 5,770 860 59,770 53,720 50 53^670 4’740 504 Aug. 31 p 58,260 47,380 5,110 5,770 860 60,170 53,970 50 53,920 4,790 504 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 1361 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 1 Other Cla a s n s d o d f a b te ank Total Loans G U o . v S t . . Other a C ss a e s t h s 1 c b c o a i a l a l u p i i n c a t i n i d ­ ­ t e t a s s l 2 Total 1 m D a e n ­ d Time U. D S. emand Time r B i o n o w g r s ­ ­ c c T a o a o p u c t i n ­ a ta t l s l N ba b u o n e m f k r s ­ Other Govt. Reserve city member banks New York City: 5< 6 1941—Dec. 31.....1..2..,.8..9.6 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31.................. 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31................. 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1964—Dec. 31................. 39,507 27,301 6,178 6,028 11,820 53,867 45,191 5,088 436 1,486 23,896 14,285 1,224 4,471 13 1965—Aug. 25................. 41,207 29,896 4,566 6,745 9,233 53,106 42,890 4,123 534 1,287 19,557 17,389 1,586 5,114 12 Sept. 29.................. 41,876 30,680 4,366 6,830 9,851 54,511 44,942 4,669 563 1,971 20,449 17,290 993 5,106 12 Oct. 27................. 42,411 30,518 5,239 6,654 9,508 54,477 44,034 4,286 553 836 20,546 17,813 1,808 5,137 12 Nov. 24................. 41,922 30,840 4,897 6,185 10,098 54,647 43,957 4,370 546 789 20,434 17,818 2,072 5,142 12 Dec. 31.............. 44,763 33,125 5,203 6,435 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 17,868 2,304 5,115 12 Mar. 30.................. 44,003 33,737 4,271 5,995 10,490 57,483 46,426 4,526 607 980 21,756 18,557 2,169 5,096 12 Apr. 27.................. 44,238 33,427 4,426 6,385 10,952 58,020 48,131 4,804 621 1,401 22,475 18,830 1,200 5,126 12 May 25.................. 44,233 34,316 3,942 5,975 10,733 57,972 47,202 4,564 626 1,400 21,613 18,999 1,708 5,148 12 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 July 27.................. 44,996 34,789 4,087 6,120 11,436 59,272 46,875 4,813 580 1,008 21,439 19,035 2,574 5,161 12 Aug. 31 p................ 45,740 35,287 4,430 6,023 10,574 59,392 46,869 4,647 568 857 21,955 18,842 2,071 5,250 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—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. 3!................. 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 1,570 2,172 13,900 11,570 1,182 35 203 5,035 5,115 619 1,123 11 Apr. 27.................. 11,260 8,161 1,470 1,629 2,568 14,289 12,319 1,222 32 530 5,412 5,123 367 1,131 11 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 II July 27.................. 11,400 8,331 1,363 1,706 2,447 14,371 11,959 1,160 31 310 5,224 5,234 637 1,146 11 Aug. 31p............... 11,495 8,364 1,475 1,656 2,382 14,297 11,876 1,201 29 248 5,157 5,241 886 1,165 II Other reserve city:3- 6 1941—Dec. 31............. 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31................. 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31................. 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1964—Dec. 31................. 84,670 57,555 16,326 10,78921,607 109,053 97,145 8,289 134 2,195 46,883 39,645 841 8,488 182 1963—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 666110,410 96,468 7,159 208 2,462 42,37444,265 2,081 8,798 177 Oct. 27................. 89,706 63,161 14,037 12,508 18,790 111,469 97,290 7,299 205 1,472 43,62044,694 2,388 8,892 176 Nov. 24................ 90,081 63,471 14,198 12,412 19,810 112,849 98,151 7,274 208 2,077 43,74944,843 2,562 8.928 172 Dec. 31................. 91,997 65,117 14,35412,52621,147116,350 103,034 8,422 206 1,773 47,09245,541 1,548 9,007 171 1966—Jan. 26................. 90,687 64,146 14,029 12,512 19,313113,025 98,559 6,992 210 1,368 44,251 45,738 2,537 9,015 171 Feb. 23................. 90,857 65,012 13,15912,686 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 13,709 19,656 117,020102,066 6,841 203 3,775 43,13548,112 2,568 9,260 170 July 27.................. 93,519 67,738 11,791 13,99020,070 116,873 101,489 6,795 238 2,242 43,71648,498 2,744 9,291 170 Aug. 31 J3................ 94,038 68,146 12,085 13,807 19,694 116,719 101,587 7,260 292 1,579 43,71448,742 2,600 9,328 170 Country member banks:3- 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—Aug. 25................. 97,462 59,680 22,60015,182 14,995114,744 102,475 1,847 71 2,174 49.02549,358 650 9,301 6,027 Sept. 29................. 98,669 60,344 22,915 15,410 15,369 116,399 104,123 1,918 71 1,840 50,311 49,983 508 9,421 6,023 Oct. 27................. 100,156 60,922 23,543 15,691 15,478 118,109 105,572 1,994 71 1,184 51,70750,616 643 9,511 6,024 Nov. 24................ 101,199 61,562 23,806 15,831 15,829119,433 106,688 1,991 71 1,509 52,34250,775 597 9,581 6,030 Dec. 31................. 103,362 63,338 23,735 16,288 17,366123,227 110,738 2,371 74 1,501 55,11851,675 343 9,673 6,027 1966—Jan. 26.................. 102,848 62,445 24,175 16,228 15,638121,086108,484 1,971 71 1,280 52,96452,198 594 9,655 6,018 Feb. 23 102,846 62,621 23,78016,445 '5,733120,993 108,224 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 17,18415,402122,678 109,125 1,763 71 2,177 50,951 54,163 988 9,854 6,005 June 29................. 105,209 65,878 21,91217,419 16,325 124,270 110,757 2,098 74 2,905 51,443 54,237 979 9,906 6,001 July 27.................. 105,904 66,352 21,831 17,721 15,796 124,552 111,141 1,862 74 1,963 52,037 55,205 850 9,933 5,991 Aug. 31”................ 106,086 66,270 21,995 17,821 16,103 124,924111,204 1,936 74 1,540 52,04855,606 1,076 9,991 5,981 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1362 COMMERCIAL AND MUTUAL SAVINGS BANKS SEPTEMBER 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 1 Other b C a l n a k ss a o n f d as C s a e s ts h 1 bi l l i i a ti ­ es r B o o w r­ ­ c T a a o p c t i ­ a ta l l N b o u e f m r ­ call date Total Loans ca a p n i d ta l Total 1 Demand ings countsbanks G U o . v S t . . Other ac­ m D a e n ­ d Time Time 3 counts 2 U.S. Other Govt. Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10.654 1,762 41,298 15,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,73413,398 1963—Dec. 20.. 252,579 155.261 62,723 34,594 50,337 310,730 273,657 15,077 443 6,712 140,702110,723 3,57125,27713,284 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664 733 6,487 154,043 126,185 2,58027,37713,486 1965—June 30.. 285,375 187,207 56.42641.742 56,555 351,544 309,61215,920 928 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 5,508 159,659 146,084 4,32529,82713,540 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6 786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,83661,288 1,70413,548 4,615 1964—Dec. 31.. 151,406 96,688 33,405 21,312 34,064 190,289 169,615 10,521 211 3,604 84,53470,746 1,10915,048 4,773 1965—June 30.. 156,989 103,377 30,23023,382 31,595 193,748 171,528 9,096 313 6,721 79,00976,389 1,68515,853 4,803 Dec. 31.. 176,605 118,537 32,34725,720 36,880 219,744 193,860 12,064 458 3,284 92,53385,522 2,62717,434 4,815 State member banks: 1941—Dec. 31., 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 I 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 41.068 36.265 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 t,271 6,478 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,14019,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,50422,509 99 4,488 7,262 1965—June 30.. 48,058 28,375 13,039 6,644 6,357 55,507 49,869 565 78 955 24,12824,144 108 4,739 7,294 Dec. 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 I,291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 31 4 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1963—Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—Dec. 31.. 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—June 30.. 2,336 1,434 418 484 508 2,997 2,020 252 104 34 1,061 568 120 417 262 Dec. 31.. 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1963—Dec. 20.. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,97220,134 165 4,623 7,458 1964—Dec. 31.. 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,64523,043 198 4,894 7,536 1965—June 30.. 50,394 29,809 13,457 7,128 6,865 58,503 51,889 817 181 989 25,18924,713 228 5,156 7.556 Dec. 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 banks: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31.. 10,846 3,081 7,160 606 429 11,424 10,363 1 2 10,351 1 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 .......... 1 2 12 12,192 1,252 194 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

SEPTEMBER 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 1363 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank1 Other C an la d s s c a o l f l b d a a n le k Total Loans G U o .S vt . . Other a C ss a e s t h s 1 c c b o a i a l a l u p i i n c a t i n d i ­ ­ t e a t s s l 2 Total1 m D a e n . d Time U. D S. e ma O n t d her Ti me 3 r B i o n o w g r s ­ ­ c c T a o a o p u c t i n ­ a ta t l s l N ba b o u n e m f k r s ­ Govt. Noninsured mutual savings banks: 1941—Dec. 31.................. 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31.................. 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec. 31 4............... 5,957 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 HI 7,195 6,387 6 6,381 670 178 7,385 5,126 1,778 481 110 7,576 6,686 1 20 6,666 1 688 177 7,526 5,325 1,710 491 113 7,720 6,874 1 8 6,865 706 177 t See note 1 on p. 1359. $530 million and total deposits of $576 million were reclassified as country i Reciprocal balances excluded beginning with 1942, banks. 2 Includes other assets and liabilities not shown separately, Note.—Data are for all commercial and mutual savings banks in the 3 Figures for mutual savings banks include relatively small amounts United States (including Alaska and Hawaii, beginning with 1959). For of demand deposits. Beginning with June 1961, also includes certain definition of ’‘commercial banks” as used in this table, and for other accounts previously classified as other liabilities. banks that are included under member banks, see Note p. 643, May 1964 4 Beginning with Dec. 31, 1947, the series was revised; for description, Bulletin. see note 4, p. 587 May 1964 Bulletin. Comparability of figures for classes of banks is affected somewhat by 5 Regarding reclassification of New York City and Chicago as reserve changes in F.R. membership, deposit insurance status, and the reserve cities, see Aug, 1962 Bulletin, p. 993. For various changes between classifications of cities and individual banks, and by mergers, etc. reserve city and country status in 1960-63, see note 6, p. 5 87, May 1964 Data for Dec. 31, 1964 and June 30, 1965 for national banks have been Bulletin. adjusted to make them comparable with State bank data. (Dec. 20,1963, 6 Beginning with May 18, 1964, one New York City country bank with data also adjusted to lesser extent.) loans and investments of $1 ,034 million and total deposits of $982 million Figures are partly estimated except on call dates. was reclassified as a reserve city bank. Beginning with May 13 1965 For revisions in series before June 3 0, 1947, see July 1947 Bulletin, (Toledo, Ohio), reserve city banks with total loans and investments of pp. 870-71. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total1 Loans1 Total 1 Loans1 G U o . v S t . . Other G U o .S vt . . Other 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 38.8 281.7 181.4 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 44.1 291.5 189.8 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 44.9 297.4 194.5 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 p.............................................................. 304.3 202,0 55.0 47.2 301.9 201,4 53.5 47.0 2 305.4 2 203.7 54.5 47.1 23O7.8 2 207.6 52.9 47.3 July 27”.............................................................. 308.2 4 205.9 54.1 4 48.2 306.1 4 205.3 52.5 448.3 Aug. 31p.............................................................. 309,8 206.1 55.1 47,8 306.7 205.1 53.5 48.1 i Adjusted to exclude interbank loans. Note.—Data are for last Wed. of month except for June 30 and Dec. 2 Beginning June 9, about $1.1 billion of balances accumulated for pay­ 31; data are partly or wholly estimated except when June 30 and Dec. 31 ment of personal loans were deducted as a result of a change in Federal are call dates. Seasonally adjusted data in this table are revised. For Reserve regulations. back data, including revisions, sec pp. 952-55. For description of sea­ 3 June 30, 1966 estimated. sonally adjusted series, see July 1962 Bulletin, pp. 797-802. 4 Beginning July 13, 1966, Commodity Credit Corp, certificates of in­ terest and Export-Import Bank portfolio fund participation certificates totaling an estimated $1 billion are included in “Other securities” rather than “Other loans.” Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1364 COMMERCIAL BANKS SEPTEMBER 1966 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For To Total o p r u r c c a h r a ry si i n n g g financial U.S s . e G cu o r v it e ie rn s m 3 ent Class of loans 1 Fed­ Com­ securities institutions Other, 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 al 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 i­ Notes Bonds rities deal­ cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,22C 115 9,393 5,723 94769,221 9,982 6,03-1 53,205 5,2763,729 1963—Dec. 20.. 254,162 156,00652,9477,4705,353 2,509 3,605 9,47939,05634,55€ 4,03463,196 12,71722,41528,065 29,7865,173 1964—Dec. 31.. 277,376 175,58960,2177,5055,5422,843 3,491 10,913 43,67539,805 5,15262,991 13,371 19,039 30,57433,533 5,263 1965—June 30.. 287,723 188,641 65,5468,0686,0662,912 3,788 11,46346,22343,0565,14856,853 8,92014,678 33,255 36,541 5,688 Dec. 31.. 306,060 2,103 199,555 71,4378,2125,2583,231 2,158 13,291 49,30045,4685,21559,547 n.a. n.a. n.a. 38,6556,201 All insured 1941—Dec. 31., 49,290 21,259 9,2141,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,361 1,13288,91221,52616,04551,342 3,873 3,258 1947—Dec. 31., 114,274 .......... 37,583 18,012 1,610 823 1,190 114 .......... 9,266 5,654 91467,941 9,676 5,91852,347 5,1293,621 1963—Dec. 20.. 252,579 155,261 52,7437,4445,321 2,476 3,594 9,41538,861 34,3834,01562,72312,60122,31627,80629,5595,035 1964—Dec. 31.. 275,053 174,23459,7467,4825,355 2,794 3,419 10,81243,43639,6275,11262,499 13,27518,93930,285 33,2945,026 1965—June 30.. 285,375 187,20765,053 8,0475,925 2,860 3,680 11,34245,951 42,8795,09256,426 8,84914,603 32,97436,295 5,447 Dec. 31., 303,593 2,064198,04570,887 8,191 5,088 3,172 2,093 13,14849,02645,2905,15559,12013,13413,233 33,85838,4195,945 Member, total 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 8553,133 3,378 47 3,455 1,900 1,05778,338 19,26014,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 .......... 32,628 16,9621,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,1993,105 1963—Dec. 20.. 210,127 131,71247,4034,6595,1242,136 3,439 8,875 31,00927,9083,76549,342 9,33918,07221,93225,2103,864 1964—Dec. 31.. 228,497 147,69053,7174,6435,1422,411 3,250 10,17934,58732,0244,82448,717 9,93215,23823,54828,3743,715 1965—June 30.. 237,328 158,83258,6404,9695,7292,442 3,516 10,735 36,577 34,5824,78343,396 6,26011,43025,70631,0364,064 Dec. 31.. 251,577 1,861 167,93963,9795,0994,915 2,714 2,008 12,47538,988 36,4184,83244,992 9,44110,10626,36932,5884,198 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 ........ 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1963—Dec. 20.. 34,827 23,577 12,332 262,677 569 1,007 2,247 1,968 2,257 1,068 6,154 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 30,973 16,082 163,657 561 1,212 2,977 2,866 2,832 1,419 4,907 1,036 1,120 2,752 5,799 543 Dec. 31.. 44,763 412 32,713 18,075 202,866 665 1,010 3,471 3,139 2,928 1,340 5,203 1,538 987 2,876 5,879 556 City of Chicago: 1941—Dec. 31.. 2,760 954 732 6 48 52 1 22 95 1,430 256 153 1,022 182 193 1945—Dec, 31.. 5,931 1,333 760 2 211 233 36 51 40 4,213 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 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 38729,552 8,016 5,65315,883 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 18,862 1,2191,243 891 1,224 4,286 12,525 11,1061,46216,686 2,697 6,600 7,390 8,810 981 1964—Dec. 31.. 84,670 57,55521,102 1,095 1,060 986 1,134 4,887 13,611 12,8021,977 16,326 3,200 5,662 7,463 9,871 918 1965—Jun© 30.. 87,225 61,07922,817 1,214 978 1,034 1,241 5,076 14,213 13,636 1,981 14,030 1,819 4,161 8,050 11,108 1,008 Dec, 31.. 91,997 471 64,64624,7841,206 9541,108 635 5,82015,05614,305 1,99914,354 2,972 3,281 8,43211,504 1,022 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,2221,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 35926,999 5,732 4,54416,722 1,3421,067 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 2,0061,262 1963—Dec. 20.. 87,316 50,023 12,831 3,374 708 496 966 1,591 16,11413,951 91724,797 4,395 8,531 11,871 10,3852,111 1964—Dec. 31.. 93,759 55,733 14,5563,493 830 599 710 1,73017,96415,899 1,04724,341 4,209 7,20612,925 [1,531 2,154 1965—Juno 30.. 97,043 59,411 15,641 3,713 629 616 796 1,675 18,984 17,413 1,07422,697 2,932 5,849 13,915 12,6372,299 Dec. 31.. 103,362 905 62,433 16,4783,840 630 698 174 1,98320,217 18,423 1,17723,735 4,389 5,56514,09813,8052,483 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 4,5761,309 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 5,5041,624 Dec. 31.. 54,483 242 31,616 7,458 3,113 343 516 151 81710,312 9,050 383 14,555 n.a. n.a. n.a. 6,067 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

SEPTEMBER 1966 COMMERCIAL BANKS 1365 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 d f B s F w e R a r . n i R v e t k h e ­ . s s r C c e a o n n u i c d r n y ­ b m a a w d n e n c i o s k t e t h ­ s i s ' c * j p u m o a s d a t s d e e n i ­ ­ t d d s 3 D In o t ­ erba F nk or­ G U o .S vt . . S l a o t n c a d a te l C c o a f e e i f n e r f r d d i s t ­ i ’ ­ IPC I b n a t n e k r­ G P U a o o n . s v S d t t a . , l W S lo t c a d a te l IPC r B i o n o g w r s ­ ­ c C o a t a u a c p n l ­ i t ­ s mestic4 eign6 govt. checks, Sav­ govt. ings etc, Total: 2 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 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 27810,573126,5163,68229,479 Dec. 31.... 17,992 4,851 15,300 140,936 16,794 1,632 5,525 14,244 5,978 140,558 1,008 263 12,186134,2474,47230,272 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31... . 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1963—Dec. 20.... 17,150 4,033 11,984125,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853102,6003,571 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 12,599 125,471 14,532 1,387 11,761 13,199 5,906 125,100 928 278 10,522125,998 3,56229,051 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 62t950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1963—Dec. 20.... 17,150 3,131 7,359 102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,3263,49921,054 1964—Dec. 31.... 17,581 3,490 9,057 108,324 15,604 1,403 5,838 10,293 5,368 112,878 664 239 8,012 95,4252,481 22,901 1965—June 30.... 17,842 3,853 7,831 101,733 14,009 1,346 10,806 10,127 5,449 104,502 851 247 8,592103,8143,45524,323 Dec. 31.... 17,992 3,757 8,957 112,569 15,977 1,477 4,890 10,840 5,386 115,905 840 23610,041109,925 4,23424,926 New York City: 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31. ... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1963—Dec. 20.... 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 76 449 10,920 1,438 3,984 1964—Dec. 31.... 3,730 278 180 17,729 4,112 976 1,486 441 2,940 20,515 436 74 677 13,5341,224 4,471 1965—June 30.... 4,274 314 199 16,430 4,115 950 2,561 561 3,270 18,549 579 87 682 15,969 1,423 5,094 Dec. 31.... 3,788 310 122 18,190 4,191 1,034 1,271 620 2,937 20,708 522 84 807 17,097 1,987 5,114 City of Chicago: 1941—Dec. 31.... 1,021 43 298 2,215 1,027 S 127 233 34 2,152 476 288 1945—Dec. 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31.... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1963—Dec. 20.... 1,019 49 98 4,144 1,169 43 395 275 112 4,500 17 6 185 3,595 255 996 1964—Dec. 31.... 1,006 55 150 4,294 1,389 59 396 312 122 4,929 22 5 213 4,361 204 1,056 1965—June 30. ... 1,028 64 97 3,881 1,237 60 699 276 109 4,542 27 5 181 4,563 438 1,096 Dec. 31.... 1,042 73 151 4,571 1,377 59 345 328 126 5,202 39 4 210 4,785 355 1,132 Other reserve city: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1963—Dec. 20.... 7,587 935 2,105 35,859 6,958 267 2,212 3,144 1,034 39,281 95 72 2,950 31,9821,416 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 t,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 40,5101,548 9,007 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31. . . . 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1963—Dec. 20.... 4,919 1,884 5,060 46,049 1,764 29 1,960 5,590 790 41,877 56 86 2,778 37,829 390 8,377 1964—Dec. 31.... 5,165 2,092 6,295 49,253 2,141 41 1,760 6,031 1,068 45,298 71 83 3,282 41,803 213 8,886 1965—June 30.... 5,267 2,326 5,333 47,143 1,784 41 3,222 6,010 979 42,810 71 81 3,566 44,739 323 9,359 Dec. 31.... 5,463 2,235 6,344 52,104 2,317 54 1,501 6,360 1,143 47,615 74 77 4,064 47,534 343 9,673 Nonmember:2 1947—Dec. 31.... ............ 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1963—Dec. 20.... 917 4,953 23,763 671 78 743 2,880 438 20,654 144 29 1,545 18,560 165 4,623 1964—Dec. 31.... 1,042 6,054 26,348 765 166 672 3,227 602 22,816 156 33 1,800 21,210 198 4,894 1965—June 30.... 1,125 5,192 24,982 686 130 989 3,164 552 21,473 181 30 1,981 22,702 228 5,156 Dec. 31.... 1,093 6,343 28,367 817 155 635 3,404 592 24,653 168 27 2,145 24,322 238 5,345 4 Beginning with 1942, excludes reciprocal bank balances. that are Included under member banks, see Note, p. 589, May 1964 5 Through 1960, demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt,, less cash items in process of collection: beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt, less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and « 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

1366 WEEKLY REPORTING BANKS SEPTEMBER 1966 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans2 For purchasing or carrying securities To financial institutions Loans 1 Wednesday m i T l n o a e v o n a n e t n d t a s s s t l ­ 1 v s n e t a e r i r l o e t v u n ­ e o a s f ­ i C n m t a c r d o n i i e a u a m d r l l s ­ ­ ­ A t c u g u ra r l­ i l ­ G c U a T t s u i o n e e . o r S v ­ d s i . t ­ b , d r e o O a c k l t s u e t e i e h e r r r ­ s s i e s ­ r G c U t s u i T o e e . r S v o s ­ i t ­ . , o th O c e t s u t i r e e h s r ­ s i e ­ r F ei o g r n B ­ ank c m m D s o ti e e o m c s r ­ ­ ­ ­ f P s c i a a n o e n N l a r s e d s n . o s , , . n ba O n t k her e R st e a a t l e s i C m n u s m o e t n a n e l ­ t r ­ g F e o i o v g r t n s ­ . o A th l e l r V se ti r a r o e v lu n ­ e a s ­ cial etc. Total— 1965 Aug. 4......... 172,230 120,384 48,930 1,694 624 3,249 73 2,054 1 ,638 2,675 5,418 4,647 24,349 27,481 2,448 11.......... 171'591 119,880 49,041 1,702 512 3,171 72 2,052 1,636 2,361 5,186 4,655 24’445 27,494 2,447 18......... 172331 120,792 49'344 1,702 786 3,159 72 2,044 1 ,656 2,434 5,226 4,681 24,573 27'560 2'445 25.......... 171366120*500 49^242 1^00 688 3J58 73 2,074 1,616 2,209 5^10 4,709 24 ,’645 27,518 2,442 1966 186,761 136,299 58,595 1,765 534 3,953 90 2,241 1,516 2,934 7,257 4,895 26,675 15,999 1,113 11,502 2,770 ' 13......... 186,261 135'941 58'732 1,776 413 3,689 114 2,223 1 ,476 3,585 6,709 4,845 26'742 15,984 1,108 11,315 2,770 20.......... 184,945 134'576 58’814 1,787 389 3,538 125 2,217 1,472 2,470 6'498 4,778 26^812 15,985 1,117 11 345 2’771 27......... 184,507 134,198 58’693 1,816 337 3'350 116 2,203 1,485 2'665 6,383 4,743 26,840 15,871 1,092 11,372 2’768 184,906 135,115 59,008 1,825 389 3,421 113 2,216 1,524 2,734 6,614 4,735 26,868 15,937 1 173 11 329 2,771 " 10......... 184,482 135'018 58’984 1'829 333 3’150 113 2'229 1'522 3'165 6'440 4; 717 26,945 15,935 1,165 11 260 2^769 17.......... 184,370 134,’852 58,925 1 '815 368 3'199 117 2,219 1,499 3,215 5,856 4 ,'697 27,015 15,951 1,163 11,583 2,770 24......... 183,453 133'995 58'620 1,811 240 3,172 114 2,219 1,499 3; 268 5,660 4,703 27'068 15^971 1,158 11,262 2,770 31.......... 185’,701 134^827 58^52 1'809 947 3^232 115 2^202 1388 3,589 5,738 4^716 27,137 15,978 1,150 11,244 2,770 New York City 1965 39,650 28,793 15,575 18 271 1,868 17 531 787 787 1 ,783 1,028 2,659 4,079 610 ” 11.......... 39'506 28,689 15,645 17 225 1'819 17 530 791 815 1,655 1,027 2,683 4,075 610 18......... 39,693 29,003 15,720 17 455 1'822 17 527 818 750 1'630 1 '042 2,714 4,101 610 25.......... 39,646 28^869 15'756 16 381 C824 17 549 788 554 1325 i;O59 2; 727 4,083 610 1966 44,499 34,554 19,400 15 238 2,627 11 642 874 683 2,383 1,270 3,154 1,274 771 1,981 769 ’ 13.......... 43’947 34’279 19'449 14 155 2^293 31 630 841 1,207 2,075 1 '236 3'166 1 '275 772 1,903 768 20.......... 42’999 33'441 19’459 14 147 2’ 100 29 629 832 640 2’033 1,216 3,148 1 ’, 271 772 1,919 768 27.......... 43,189 33*531 19,’466 14 138 1 ,’977 30 628 837 834 2,092 1,202 3,’ 144 1,276 766 1,895 768 43,468 34,111 19,555 13 231 2,025 30 625 855 960 2,246 1,201 3,155 1,303 766 1,914 768 ” 10.......... 43,279 33,903 19'499 12 191 1 '849 31 619 862 1,081 2,168 1 J 99 3,180 1,305 770 1 '905 768 17.......... 43,073 33’655 19,509 12 108 1,879 34 618 839 1,071 1,782 1,191 3 173 1 '290 764 2 153 768 24.......... 42^788 33,312 19,340 1 3 104 1,888 34 619 836 1 ’ 179 1,735 H 185 3 190 1,286 761 1 910 768 31.......... 43,982 34'094 19,188 13 563 1,881 34 611 833 1,614 1,778 1,197 3,196 1,283 753 1 918 768 Total—• Outside New York City 1965 Aug. 4.......... 132,580 91,591 33,355 1,676 353 1,381 56 1 ,523 851 1,888 3,635 3,619 21,690 23,402 1,838 “ 11.......... 132,085 91 J91 33’396 1,685 287 1 352 55 1 '522 845 1'546 3,531 3,628 21'762 23,419 1'837 18.......... 132,638 91'789 33'624 1,685 331 1 337 55 1'517 838 1'684 3'596 3,639 21'859 23,459 1,835 25.......... 132,320 91,631 33,486 1,684 307 1,334 56 1,525 828 1,655 3,585 3,650 21,918 23,435 1,832 1966 142,262 101,745 39,195 1,750 296 1,326 79 1,599 642 2,251 4,874 3,625 23,521 14,725 342 9,521 2 001 ' 13.......... 142,314101,662 39,283 1,762 258 1'396 83 1 593 635 2'378 4 634 3 609 23 576 14 709 336 9 412 2 002 20.......... 141,946101,135 39'355 1 '773 242 1,438 96 1 588 640 1'830 4 465 3 562 23 664 14 714 345 9 426 2 003 27.......... 141,318 100’667 39'227 1,802 199 1,373 86 1^575 648 11831 4,291 3,541 23 696 14 595 326 9 477 2,000 141,438 101,004 39,453 1,812 158 1,396 83 1 591 669 1,774 4 368 3 534 23 713 14 634 407 9 41 5 2 003 “ 10 141,203 101’115 39^485 1'817 142 1,301 82 1,610 660 2’084 4,272 3,518 23 765 14,630 395 9 355 2*001 17 141,297 101'197 39,416 1'803 260 1 '320 83 1’601 660 2 144 4'074 3 506 23,842 14,661 399 9 430 2 002 24.......... 1401665 100', 683 39'280 1’798 136 1,284 80 1,600 663 2'089 3,925 3,518 23 878 14,685 397 9 352 2 002 31’........ 141,7191OO;733 39;064 i;796 384 MSI 81 1,591 655 i;975 3,960 3'519 23;941 14,695 397 9,326 2,002 For notes see p. 1369. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 WEEKLY REPORTING BANKS 1367 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments Cash assets U.S. Government securities Other securities Balances with: Obligations Notes and bonds of a S n t d a tes O co th rp e a r . n s t b d o o c n k d s s , i C te a m sh s Cur­ se R rv e e ­ s o A th U e r Wednesday Cer­ maturing— p s o u l b it d i i c v a . l securities Total pro in c ess Do­ For­ re a n n c d y w F. i R th . assets Total Bills c t a if t i e ­ s c o o f l. m ba e n s k ti s c b e a i n g k n s coin Banks W 1 i i n y t r h . ­ 5 1 y t r o s. A 5 y ft r e s r . r w a T n a a t x r s ­ 3 o A th l e l r p p C a a e r t o r i t f t o i i c f n i . ­ 4 O s ri e t t c h ie u e s ­ r Total 1965 26,011 3,245 4,061 10,879 7,826 25,835 35,754 15,702 3,768 207 2,103 13,974 6,915 Aug. 4 25,761 2,963 4,042 10,918 7,838 25,950 34,394 15,264 3,595 218 2,239 13,078 6,866 11 25,484 2 734 4,268 10^850 7'632 26,055 35,012 15,647 3,720 229 2,250 13,166 6,730 18 25 319 2 681 4'344 10,720 7'574 26,147 33,676 14,191 3,570 204 2,318 13,393 6,735 25 1966 22,581 2,392 598 3,156 9,825 6,610 2,725 21,316 1,348 2,492 43,427 22,245 4,479 189 2,342 14,172 7,610 July 6 22,525 2,252 601 3,151 9,741 6,780 2,729 21,364 1,307 2,395 41,968 21,180 4,175 215 2,555 13,843 7,616 13 22,583 2,305 599 3,173 9,739 6,767 2,716 21,467 1,256 2,347 41,643 19,982 4,381 190 2,498 14,592 7,630 20 22,575 2,296 607 3,266 9,651 6,755 2,791 21,369 1 ,246 2,328 38,769 17,831 3,907 203 2,546 14,282 7,625 27 22,287 2,132 562 3,099 9,713 6,781 2,872 21,285 1 ,070 2,277 39,052 18,282 3,993 195 2,342 14,240 7,808 Aug. 3 22,135 1,990 565 3,189 9,610 6,781 2,841 21,160 1,067 2,261 37,355 17,139 3,737 196 2,420 13,863 7,737 10 22,140 2,128 758 3,164 9,461 6,629 2,863 21,220 1,058 2,237 38,279 18,207 3,949 188 2,437 13,498 7,643 17 22,179 2,217 732 3,177 9,469 6,584 2,847 21,104 994 2,334 36,007 16,256 3,609 187 2,49613,459 7,564 24 23,474 3,491 735 3,193 9,445 6,610 2,973 21,125 1,002 2,300 37,570 18,053 3,872 196 2,49412,955 7,910 31 New York City 1965 4,645 823 724 1 ,512 1,586 6,212 9,605 4,883 132 93 284 4,213 2,599 Aug. 4 4,614 752 737 1 '531 1,594 6,203 8,926 4,708 141 104 296 3,677 2,580 11 4,436 692 650 1 '565 029 6,254 9,332 4,895 144 114 285 3,894 2,591 18 4,417 699 676 1 '543 1,499 6,360 9,092 4,665 88 93 298 3,948 2,598 25 1966 4,004 835 188 397 1,258 1,326 693 4,294 327 627 12,632 8,192 234 80 311 3,815 2,816 July 6 3,844 728 194 374 1,223 1,325 718 4,266 322 518 11,783 7,792 163 97 318 3,413 2,816 13 3,810 700 193 390 1,212 1,315 693 4,257 315 483 12,343 7,633 140 75 301 4,194 2,863 20 3,947 791 193 417 1,238 1,308 698 4,205 322 486 11,256 6,746 116 95 312 3,987 2,770 27 3,736 555 191 427 1,243 1,320 735 4,116 275 495 10,377 6,350 121 82 301 3,523 2,943 Aug. 3 3,795 566 191 458 1,254 1,326 768 4,052 272 489 10,265 6,309 118 81 316 3,441 2,947 10 3,804 634 211 497 1,142 1,320 758 4,107 271 478 10,204 6,051 144 78 302 3,629 2,952 17 3,936 761 215 512 1,130 1,318 747 4,025 272 496 10,112 5,897 183 74 313 3,645 2,912 24 4,271 1,114 205 523 1,098 1,331 811 4,009 272 525 10,355 6,723 194 82 310 3,046 3,003 31 Total Outside New York City 1965 21,366 2,422 3,337 9,367 6,240 19,623 26,149 10,819 3,636 114 1,819 9,761 4,316 Aug. 4 21 147 2’211 3,305 9'387 6,244 19,747 25,468 10,556 3,454 114 1,943 9,401 4,286 11 21 '048 2 042 3,618 9,285 6,103 19,801 25,680 10,752 3,576 115 1,965 9,272 4,139 18 20,902 1 982 3'668 9’177 6,075 19,787 24,584 9,526 3,482 111 2,020 9,445 4,137 25 1966 18,577 1,557 410 2,759 8,567 5,284 2,032 17,022 1,021 1,865 30,795 14,053 4,245 109 2,031 10,357 4,794 July 6 18,681 1,524 407 2,777 8,518 5,455 2,011 17,098 985 1,877 30,185 13,388 4,012 118 2,237 10,430 4,800 13 18,773 1,605 406 2,783 8,527 5,452 2,023 17,210 941 1,86^ 29,300 12,349 4,241 115 2,197 10,398 4,767 20 18,628 1,505 414 2,849 8,413 5,447 2,093 17,164 924 1,842 27,513 11,085 3,791 108 2,234 10,295 4,855 27 18,551 1,577 371 2,672 8,470 5,461 2,137 17,169 795 1 ,782 28,675 11,932 3,872 113 2,041 10,717 4,865 Aug. 3 18,340 1 ,424 374 2,731 8,356 5,455 2,073 17,108 795 1 ,772 27,090 10,830 3,619 115 2,104 10,422 4,790 10 18,336 1,494 547 2,667 8,319 5,309 2,105 17,113 787 1 ,759 28,075 12,156 3,805 110 2,135 9,869 4,691 17 18,243 1,456 517 2,665 8,339 5,266 2,100 17,079 722 1,838 25,895 10,359 3,426 113 2,183 9,814 4,652 24 19,203 2,377 530 2,670 8,347 5,279 2,162 17,116 730 1,775 27,215 11,330 3,678 114 2,184 9,909 4,907 31 For notes see p. 1369. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1368 WEEKLY REPORTING BANKS SEPTEMBER 1966 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time Total Wednesday unad­ States Do­ Foreign IPC States Foreign justed and mes­ and Do­ polit­ tic polit­ mes­ Total3 IPC ical U.S. com­ Com­ Total’ ical tic Com­ d su iv b i ­ ­ Govt. m ci e a r l ­ G et o c v .6 t, m ci e a r l ­ S in a g v s ­ Other d su iv b i ­ ­ i b n a t n er k ­ G e o tc v . t, m ci e a r l ­ sions banks banks sions banks Total_ 1965—Aug. 4........ 184,419102,654 72,860 5,798 5,695 12,162 687 1,309 81,765 48,756 21,448 6,487 561 4,108 212 11........ 182,708 100,647 72,615 5,274 5,222 11,524 700 1,310 82,061 48,869 21,490 6,609 556 4,130 215 18........ 183,346 101,075 72,027 5,125 6,344 11,750 655 1,294 82,271 48,955 21,633 6,608 567 4,099 217 25........ 182,062 99,454 71,856 5,186 5,450 11,268 645 1,257 82,608 49,014 21,809 6,670 587 4,103 235 1966—July 6........ 204,754114,477 78,098 6,027 7,819 14,034 776 1,520 90,277 48,021 29,320 7,600 656 4,286 224 13........ 200,917 110,078 78,354 5,482 5,337 13,042 696 1,407 90,839 47,681 30,080 7,742 655 4,280 228 20........ 200,531 109,542 77,877 5,428 5,608 12,776 762 1,486 90,989 47,561 30,381 7,752 651 4,246 224 27........ 195,944105,000 76,394 5,555 4,433 11,619 644 1,466 90,944 47,453 30,550 7,771 653 4,127 233 Aug. 3........ 196,533 105,515 75,920 5,986 4,308 12,271 670 1 ,471 91,018 47,386 30,625 7,811 661 4,144 233 10........ 194,131 102,967 74,549 5,607 3,678 12,246 635 1,503 91,164 47,364 30,771 7,842 660 4,135 233 17........ 194,927103,487 76,994 5,415 2,445 12,346 698 1,376 91,440 47,341 30,943 7,946 669 4,124 258 24........ 191,161 99,660 73,882 5,440 2,462 11,426 680 1,385 91,501 47,295 31,047 7,980 659 4,098 259 31........ 195,763104,508 76,596 5,738 3,177 12,058 677 1,407 91,255 47,228 30,859 7,974 655 4,103 272 New York City 1965—Auk. 4.... - 41,842 25,231 16,333 266 1,549 3,251 535 891 16,611 5,150 7,309 617 399 2,925 120 11........ 41,144 24,444 16,030 336 1,374 2,950 541 886 16,700 5,164 7,327 681 394 2,915 128 18........ 41,362 24,611 16,083 286 1,559 3,053 505 869 16,751 5,174 7,404 663 398 2,894 128 25........ 41,386 24,507 16,319 320 1,280 2,989 504 844 16,879 5,181 7,494 669 406 2,913 126 1966—July 6........ 48,703 30,281 18,120 383 2,107 3,982 637 1,052 18,422 4,838 9,223 663 443 3,042 145 13........ 46,593 28,037 17,458 293 1,344 3,676 553 963 18,556 4,796 9,332 727 437 3,048 145 20........ 47,052 28,586 17,702 272 1,445 3,843 609 1,021 18,466 4,758 9,268 766 432 3,030 142 27........ 45,080 26,781 17,381 256 998 3,499 514 987 18,299 4,736 9,254 756 434 2,905 146 Aug. 3........ 44,747 26,517 17,187 259 1,044 3,452 555 1,026 18,230 4,726 9,184 754 438 2,911 149 10........ 44,022 25,830 16,689 222 844 3,534 507 1 ,066 18,192 4,723 9,134 780 438 2,900 146 17........ 43,967 25,647 17,548 311 454 3,390 543 947 18,320 4,707 9,213 829 435 2,912 152 24........ 43,285 25,020 16,863 408 463 3,080 530 942 18,265 4,684 9,210 828 420 2,893 153 31........ 45,050 26,954 17,892 347 831 3,361 512 980 18,096 4,676 9,061 816 403 2,897 165 Total Outside New York City 1965—Auk. 4.......1.42,577 77,423 56,527 5,532 4,146 8,911 152 418 65,154 43,606 14,139 5,870 162 1,183 92 11........ 141,564 76,203 56,585 4,938 3,848 8,574 159 424 65,361 43,705 14,163 5,928 162 1,215 87 18........ 141,984 76,464 55,944 4,839 4,785 8,697 150 425 65,520 43,781 14,229 5,945 169 1,205 89 25........ 140,676 74,947 55,537 4,866 4,170 8,279 141 413 65,729 43,833 14,315 6,001 181 1,190 109 1966—July 6........ 156,051 84,196 59,978 5,644 5,712 10,052 139 468 71,855 43,183 20,097 6,937 213 1,244 79 13........ 154,324 82,041 60,896 5,189 3,993 9,366 143 444 72,283 42,885 20,748 7,015 218 1,232 83 20........ 153,479 80,956 60,175 5,156 4,163 8,933 153 465 72,523 42,803 21,113 6,986 219 1,216 82 27........ 150,864 78,219 59,013 5,299 3,435 8,120 130 479 72,645 42,717 21,296 7,015 219 1,222 87 Aug. 3........ 151,786 78,998 58,733 5,727 3,264 8,819 115 445 72,788 42,660 21,441 7,057 223 1,233 84 10........ 150,109 77,137 57,860 5,385 2,834 8,712 128 437 72,972 42,641 21,637 7,062 222 1,235 87 17........ 150,960 77,840 59,446 5,104 1,991 8,956 155 429 73,120 42,634 21,730 7,117 234 1,212 106 24........ 147,876 74,640 57,019 5,032 1,999 8,346 150 443 73,236 42,611 21,837 7,152 239 1,205 106 31........ 150,713 77,554 58,704 5,391 2,346 8,697 165 427 73,159 42,552 21,798 7,158 252 1,206 107 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 WEEKLY REPORTING BANKS 1369 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued [In millions of dollars] Borrowings Memoranda Total assets— B F F a r . o n R m k . s o F t r h o e m rs lia O b t i h li e ti r e s a C cc a o p u it n a t l s l a i c c a T c a b a o o p i n l u i t i d t a t n a i l e t l s s ad T ( l j o n u o a e s t n t t a e ) s l , d 8 a a d T l ( n j o n u d o a e s t n t t a i ) e s n , l d ­ , a D d d e e ju p m o st a s e i n d t d s 9 Total La o r f g e d I s e c s p e u r o e t d s if i i t c 1 a 0 tes Issued Wednesday vestments 8 issued to IPOs to others Total— 354 4,701 7,383 18,042 214,899 117,709 169,555 69,095 16,133 1965—Aug. 4 199 4 380 7,517 18,047 212,851 117,519 169,230 68,637 16,403 11 240 4,730 7,745 18;oi2 214^73 118,358 169,897 67,334 16,384 18 341 4,215 7,728 18,031 212,377 118,291 169,757 68',545 16,566 25 89 5,534 8,608 18,813 237,798 133,365 183,827 70,379 ' 18,138 13,102 5,036 1966—July 6 260 6,802 9,063 18,803 235,845 132,356 182,676 70,519 18,339 13,262 5,077 13 133 5,349 9,439 18,766 234,218 132,106 182,475 71,176 18,272 13,167 5,105 20 778 5,593 9,795 18,791 230,901 131,533 181,842 71,117 18,265 13,209 5,056 27 799 5,763 9,775 18,896 231,766 132,381 182,172 70,654 18,241 13,117 5,124 Aug. 3 361 6,349 9,826 18,907 229,574 131,853 181,317 69,904 18,385 13,104 5,281 10 162 6,242 10,074 18,887 230,292 131,637 181,155 70,489 18,558 13,189 5,369 17 603 6,290 10,089 18,881 227,024 130,727 180,185 69,516 18,305 12,924 5,381 24 180 5,966 10,279 18,993 231,181 131,238 182,112 71,220 18,169 12,817 5,352 31 New York City 110 1,698 3,216 4,988 51,854 28,006 38,863 15,548 6,622 1965—Aug. 4 47 1,609 3,222 4,990 51,012 27,874 38,691 15,412 6,734 11 1,821 3,452 4,981 51 '616 28,253 38,943 15,104 6,766 18 109 1,421 3,445 4,975 5^336 28,315 39,092 15,573 6,847 25 2,299 3,912 5,033 59,947 33,871 43,816 16,000 ' 7,345 5,430 1,915 1966—July 6 2,683 4,247 5,023 58,546 33,072 42,740 15,225 7,416 5,472 1,944 13 1,798 4,340 5,015 58,205 32,801 42,359 15,665 7,365 5,429 1,936 20 110 2,426 4,582 5,017 57,215 32,697 42,355 15,538 7,327 5,407 1,920 27 2,255 4,728 5,058 56,788 33,151 42,508 15,671 7,242 5,331 1,911 Aug. 3 35 2,616 4,757 5,061 56,491 32,822 42,198 15,143 7,252 5,264 1,988 10 10 2,198 4,987 5,067 56,229 32,584 42,002 15,752 7,340 5,333 2,007 17 30 2,437 4,995 5,065 55,812 32,133 41,609 15,580 7,296 5,310 1,986 24 2,067 5,118 5,105 57,340 32,480 42,368 16,039 7,064 5,080 1,984 31 Total Outside New York City 244 3,003 4,167 13,054 163,045 89,703 130,692 53,547 9,511 1965—Aug. 4 152 2,771 4,295 13 057 161,839 89,645 130,539 53,225 9,669 11 240 2,909 4,293 13,031 162,457 90,105 130,954 52,230 9,618 18 232 2,794 4,283 13,056 161,041 89,976 130,665 52,972 9,719 25 89 3,235 4,696 13,780 177,851 99,494 140,011 54,379 ' 10,793 7,672 3,121 1966—July 6 260 4,119 4,816 13,780 177,299 99,284 139,936 55,294 10,923 7,790 3,133 13 133 3,551 5,099 13,751 176,013 99,305 140,116 55,511 10,907 7,738 3,169 20 668 3,167 5,213 13,774 173,686 98,836 139,487 55,579 10,938 7,802 3,136 27 799 3,508 5,047 13,838 174,978 99.230 139,664 54,983 10,999 7,786 3,213 Aug. 3 326 3,733 5,069 13,846 173,083 99,031 139,119 54,761 11,133 7,840 3,293 10 152 4,044 5,087 13,820 174,063 99,053 139,153 54,737 11,218 7,856 3,362 17 573 3,853 5,094 13,816 171,212 98,594 138,576 53,936 11,009 7,614 3,395 24 180 3,899 5,161 13,888 173,841 98,758 139,744 55,181 11,105 7,737 3,368 1 31 1 After deduction of valuation reserves, 7 Includes U.S. Government and postal savings, not shown separately. 2 Individual items shown gross. 8 Exclusive of loans to domestic commercial banks. J Includes short-teim notes and bills (less than one year to maturity) ? All demand deposits except U.S. Government and domestic com­ issued by States and political subdivisions. mercial banks, less cash items in process of collection. 4 Federal agencies only. 10 Certificates of deposit issued in denominations of $100,000 or more. s Includes certified and officers’ checks, not shown separately. 6 Deposits of foreign governments and official institutions, central banks, and international institutions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1370 BUSINESS LOANS OF BANKS SEPTEMBER 1966 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING BANKS (In millions of dollars) Outstanding Net change during— Industry 1966 1966 1966 1965 1966 1965 A 3 u 1 g. A 2 u 4 g. A 1 u 7 g. A 1 u 0 g. Au 3 g. Aug. July June r II I IV r h 1 a s l t f 2 h n a d lf Durable goods manufacturing: Primary metals............................. 1,085 1,085 1,072 1,065 1,062 18 -18 38 80 153 11 233 17 Machinery....................................... 3,662 3,758 3,762 3,739 3,728 -16 135 430 467 213 85 680 121 Transportation equipment.............. 1,7(4 1,696 1,717 1,654 1,574 142 45 166 233 125 -50 358 130 Other fabricated metal products . .. 1,647 1,658 1,681 1,682 1,669 -14 59 127 169 96 -39 265 70 Other durable goods........................ 1,950 1,983 1,981 1,967 1,954 -1 48 143 234 156 -35 390 83 Nondurable goods manufacturing: Food, liquor, and tobacco......... 2,177 2,172 2,189 2,107 2,104 55 -111 69 -117 -39 657 -156 760 Textiles, apparel, and leather.......... 2,258 2,231 2,235 2,209 2,167 111 48 157 225 325 -336 550 -164 Petroleum refining........................... 1,776 1,777 1,769 1,769 1,790 -15 -76 -33 107 149 157 256 259 Chemicals and rubber..................... 2,110 2,125 2,114 2,121 2,090 19 -44 114 23 330 92 353 83 Other nondurable goods................. 1,564 1,566 1,561 1,540 1 ,529 34 65 117 216 93 -46 309 62 Mining, including crude petroleum and natural gas..................... 3,867 3,885 3,902 3,912 3,935 -72 138 181 226 118 242 344 243 Trade: Commodity dealers................. 1,209 1,235 1,255 1,288 1,286 32 29 -39 -222 -100 374 -322 436 Other wholesale....................... 2,819 2,806 2,846 2,868 2,881 -44 35 99 155 6 139 161 183 Retail..................................... 3,312 3,394 3,499 3,649 3,680 -164 -44 166 466 -11 -58 455 -77 Transportation, communication, and other public utilities............. 6,407 6,415 6,476 6,475 6,515 -98 165 525 343 -123 628 220 961 Construction....................................... 2,691 2,718 2,716 2,693 2,705 -27 8 72 153 36 -3 189 26 All other: 1 Bankers’ acceptances....................... 349 387 378 406 419 -61 -54 -219 -231 -1 5 -232 -186 All other types of business, mainly services...................................... 6,679 6,728 6,680 6,743 6,737 -85 -4 65 226 243 287 469 381 Total classified loans........................... 47,276 47,619 47,833 47,887 47,825 -186 424 2,178 2,753 1,769 2,110 4,522 3,388 Commercial and industrial loans— all weekly reporting banks......... 58,252 58,620 58,925 58,984 59,008 -441 447 2,338 3,152 2,011 2,512 5,163 3,782 1 Beginning December 31, 1963, bankers’ acceptances for the creation Note,—About 200 of the weekly reporting member banks are included of dollar exchange are excluded from commercial and industrial loans in this series; these banks classify, by industry, commercial and industrial and those relating to commercial transactions are shown in a separate loans amounting to about 85 per cent of such loans held by all weekly category, Current figures are therefore not strictly comparable with reporting member banks, and about 60 per cent of those held by all figures previously reported, but differences are relatively small. commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan Size of loan (thousands of dollars) (thousands of dollars) Area All Area All and loans and loans period 1­ 10­ 100­ 200 period 1­ 10­ 100­ 200 10 100 200 and over 10 100 200 and over Year: 19 large cities: Quarter—cont.:1 New York City: 1956........................... 4.2 5.2 4.8 4.4 4.0 1965—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 Dec........................ 5.27 5.96 5.74 5.51 5.11 Sept.............. 5.31 6.02 5.73 5.45 5.03 Dec............... 5.46 6.07 5.80 5.59 5.23 1966—Mar....................... 5.55 6.13 5.96 5.76 5.41 1966—Mar.............. 5.70 6.23 6.01 5.77 5.50 June....................... 5.82 6.39 6.25 6.03 5.68 June............. 6,00 6.52 6.28 6.08 5.84 i Based on new loans and renewals for first 15 days of month. in per cent): 1955—Aug. 4, 3^; Oct. 14,3^; 1956—Apr. 13, 3’4; Aug. 21, 4; (957—Aug. 6, 4^; 1958—Jan. 22, 4; Apr. 21, 3^; Sept. H, 4; Note.—Weighted averages. For description see Mar. 1949 Bulletin, 1959—May 18, 414; Sept. 1, 5; I960—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*4; June 29, 5%; and Aug, 17, 6. Changes thereafter occurred on the following dates (new levels shown Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 INTEREST RATES 1371 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime coml. paper bankers’ Federal 3-month bills 5 6-month bills 5 9- to 12-month issues Period placed accept­ funds months 1 m d 3 i o - r n e to c th t l s 6 y - , 2 90 a n d c a e y s s , 1 rate 3 on R is s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et ( y m i B e a i l l d r ls k ) e 3 t Other 6 i 3 s - s y u t e o e a s r 5 7 - 1965............................ 4.38 4.27 4.22 4.07 3.954 3.95 4.055 4.05 4.06 4.09 4.22 1965—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 July................. 5.63 5.51 5.58 5.30 4.855 4.78 4.982 4.93 4.94 5.17 5.22 Aug................. 5.85 5.63 5.67 5.53 4.932 4.95 5.189 5.27 5.34 5.52 5.58 Week ending— 1966—Aug. 6.......... 5.75 5,63 5.63 5.63 4.834 4.81 4.969 4.99 5.04 5.27 5.32 ~ 13.........5..88 5.63 5.63 5.75 4.826 4.87 5.050 5.13 5.13 5.36 5.40 20........5...88 5,63 5.63 5.34 5.048 5.06 5.315 5.37 5.35 5.57 5.60 27........5...88 5.63 5.75 5.71 5.020 5.01 5.410 5.40 5.58 5.71 5.79 Sept. 3.......... 5.88 5.63 5.75 5.34 5.087 5.07 5.566 5.58 5.73 5,83 5.83 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 Certificate and 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 ’ (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-—Aug. 4,19 3.32 3.16 3.55 4,65 4.49 4.88 4.63 4.73 4.60 4.34 3.06 Sept. 4.25 3.41 3.25 3.61 4.69 4.52 4.91 4,65 4.77 4.64 4,32 2.98 5.85 Oct.. 4.27 3.46 3.31 3.65 4.72 4.56 4.93 4.67 4.81 4.67 4.38 2.91 Nov, 4.34 3.50 3.34 3.70 4,75 4.60 4.95 4.71 4.83 4.71 4.41 2.96 Dec. 4.43 3.56 3.39 3.78 4.84 4.68 5.02 4.79 4.91 4.82 4.47 3.06 5.68 1966-—Jan.. 4.43 3.56 3.40 3.79 4,89 4.74 5.06 4.84 4,97 4.85 4.51 3.02 Feb. 4.61 3.66 3.48 3.93 4,94 4.78 5.12 4.91 5,02 4.90 4.63 3.06 Mar. 4.63 3.78 3.55 4.11 5,10 4.92 5.32 5.06 5,18 5.08 4.83 3.23 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 J M un ay e 4 4. . 6 5 3 7 3 3 . . 7 8 6 4 3 3 . . 5 6 3 0 4 4 . . 1 1 3 6 5 5 . . 1 2 8 8 4 5 . . 9 0 8 7 5 5 . . 4 5 8 8 5 5. . 2 1 5 2 5 5 . . 2 2 0 6 5 5 . . 2 3 3 2 4 4 . . 8 9 3 3 3 3 . . 3 3 6 0 .................. July. 4.74 4.01 3.77 4.31 5.36 5.16 5.68 5.33 5.37 5.39 5.00 3.37 Aug. 4,80 4.16 3.91 4.46 5.50 5.31 5.83 5.49 5.48 5.54 5.18 3.60 .................. Week ending— 1966—-Aug. 6.......................... 4.73 4.03 3.79 4.34 5.43 5.24 5,75 5.41 5.44 5.46 5.03 3.48 13............................. 4,73 4.14 3.91 4.46 5,45 5.25 5.78 5.43 5.45 5.49 5.07 3.49 20............................. 4.81 4.20 3.94 4.50 5.50 5.31 5.85 5.48 5.48 5.53 5.15 3.57 27............................. 4.87 4.28 4.04 4.55 5.56 5.37 5.90 5.56 5.53 5.59 5.29 3.67 Sept. 3............................. 4.87 4.26 4.02 4.54 5.63 5.43 5.99 5.64 5.58 5.68 5.34 3.77 .................. Number of issues......................... 10-11 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep­ Thurs. figures. Corp, bonds: Averages of daily figures. Both of these arately. Because of a limited number of suitable issues, the number series are from Moody’s Investors Service series. of corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor’s Corp, series. Dividend/price ratios are based on Wed. figures; earn Ings/price ratios are as of end of period. Note.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt, bonds: callable issues—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

1372 SECURITY MARKETS SEPTEMBER 1966 MORTGAGES: NEW AND EXISTING HOMES SECURITY PRICES (Per cent) Bond prices Co ( m 19 m 4 o 1 n -4 s 3 t = o . c k io ) prices Vol­ Contract interest rate on ume Period o i n n Y s F i u e H r l e d A d - F c H o A nv s e e n r t i i e o s nal first F m H o L r B tg B a g s e e s ries Period ( G U lo o . n S v g t . , ­ S l a o t n c a d a te l C p a o o te r r ­ ­ Total d t I r u n ia s ­ l ­ R ro a a i d l­ P u l u t i i c b l ­ ­ ( s t h t h r i a o n a o r g f d u e s s ­ ) . term) AAA ity New New Existing New Existing 1964............. 84.46 111.5 95.1 81.37 86,19 45.46 69.91 4,888 1965............. 83,76 110,6 93.9 88.17 93.48 46.78 76.08 6,174 1961................. 5.69 5.97 6.04 1962................. 5.60 5.93 5.99 1965—Aug.. 84.00 111.0 93.5 86.49 91.68 46.13 74.71 4,962 1963................. 5.46 5.81 5.87 5.84 5.98 Sept.. 83.27 109.3 92.8 89.38 94.93 46,96 76,10 7,403 1964................. 5.45 5.80 5,85 5.78 5.92 Oct... 82 97 108.4 92.7 91.39 97.20 48.46 76.69 7,809 1965................. 5.47 5.83 5.89 5.76 5.89 Nov.. 82.22 107.7 92,3 92.15 98.02 50.23 76,72 7,360 Dec.., 81.21 106.3 91,1 91.73 97.66 51.03 75.39 8,690 1965—July....... 5.44 5.80 5.85 5.77 5.86 Aug....... 5.45 5.80 5.90 5.76 5.86 1966—Jan... 81.15 106,9 90.5 93.32 99,56 53.68 74.50 8,935 Sept....... 5.46 5.80 5.90 5.75 5.89 Feb... 79.32 105.2 89.5 92.69 99.11 54.78 71.87 8,753 Oct........ 5.49 5.85 5.90 5.75 5.87 Mar.. 78.92 103.9 87.9 88.88 95.21 51,52 69.21 8,327 Nov....... 5.51 5.90 5.95 5.80 5.91 Apr... 79.75 105.9 87.6 91.60 98.17 52.33 70.06 9,310 Dec........ 5.62 6.00 6.05 5.78 5.91 May.. 79.56 104.5 87.6 86.78 92.85 47.00 68.49 8,165 June.. 78.93 103.2 86.9 86.06 92.14 46.35 67.51 6,393 1966—Jan........ 5.70 6.00 6.05 5.81 5.97 July.. 77.62 100.9 86.0 85.84 91.95 45.50 67.30 5,997 Feb........ 6.05 6.10 5.85 5.97 Aug. . 77.02 97.7 84.1 80.65 86.40 42.12 63.41 7,064 Mar....... 6.00 6.15 6.20 5.90 6.01 6.25 6.30 5.99 6,09 Week M*ay.... 6.32 6.30 6.35 6.02 6.16 ending— June.... 6.45 6.40 6.50 6.07 6,18 July....... 6.51 6.45 6.55 6.12 6.24 Aug. 6....... 77.77 99.9 85.3 83.14 89.00 43,89 65.72 6,045 13....... 77,77 98.1 85.1 83.31 89.26 43.62 65.31 5,673 20........ 76.96 97.3 84.1 81.07 86.89 42.08 63.51 6,503 Note.—Annual data are averages of monthly figures. The 27 76,29 96.7 83.3 77,98 83.54 40.37 61.39 8,107 FHA data are based on opinion reports submitted by field offices Sept. 3....... 76.29 96.5 82.6 76.52 81.94 39.78 60.47 8,633 on prevailing conditions in their localities as of the first of the succeeding month. The yields are derived from weighted aver­ ages of private secondary market prices for Sec. 203, 30-year Note.—Annual data are averages of monthly figures. Monthly and weekly mortgages with minimum downpayments and an assumed pre­ data are averages of daily figures unless otherwise noted and are computed as payment at the end of 15 years. Gaps in the data are due to follows: U.S, Govt, bonds, derived from average market yields in preceding table periods of adjustment to changes in maximum permissible con­ on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds, tract interest rates. The FHA series on average interest rates derived from average yields as computed by Standard and Poor’s Corp., on basis on conventional first mortgages are unweighted and are rounded of a 4 per cent, 20-year bond; Wed. closing prices. Common stacks. Standard to the nearest five basis points. For FHLBB series, see footnote and Poor’s index. Volume of trading, average daily trading in stocks on the to table on Conventional First Mortgages, page 1389. N.Y. Stock Exchange for a S^-hour trading day. 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 tomers’ Month Total net securities 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 th ri e ti r e s se G c U u o r . v i S t t i . , e s se O cu th ri e ti r e s se G c U u o . r S v it . t i , e s Total C co u l s l t a o te m ra e l r co O ll t a h te e r r a l c a b r n e a c d l e ­ i s t 1963—Dec....... 7,242 26 5,515 140 1,727 32 4,449 3,852 597 1.210 1964—Dec....... 7,053 21 5,079 72 1,974 222 3,910 3,393 517 1'169 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 June.... >■8,001 29 r5,77O 87 2,231 126 >3,683 2,977 '706 '1,658 July.... 7,871 34 5,668 116 2,203 55 3,731 3,127 604 1,597 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 tree 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

SEPTEMBER 1966 OPEN MARKET PAPER; SAVINGS INSTITUTIONS 1373 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 t r o t ­ s p f E r o o x r m t ­ s D e o x ll ­ ar shi p p o p i e n d t s b i e n tw — een dealers 1 ly2 Total O bi w lls n bo B u il g ls h t O ac w ct n . c F e o i o g r r r n . ­ U S n ta i t t e e s d U St n a i t t e e s d change U S n ta i t t e e s 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 Jvf ay.......... 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 <,794 782 949 11 16 1,580 Aug........... 10’358 2,117 8,241 3,299 1,321 1,078 243 55 145 1,779 797 933 It 12 1,547 Sept........... 9; 692 2,194 7,498 3,314 1,311 1,114 198 63 152 1,787 820 942 17 20 1,516 Oct........ 10,554 2,250 8,304 3,310 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........... 10,275 1,828 8,447 3,313 1,294 1,177 117 122 135 1,762 738 920 35 22 1,600 Mar........... 10,649 2,066 8,583 3,388 1,266 1,037 229 126 129 1,867 775 887 36 21 1,668 Apr........... 11,142 2,253 8,889 3,464 1,284 1,060 224 159 137 1,884 829 875 34 20 1,706 May.......... 11,335 2,113 9,222 3,418 1,269 1,034 235 180 159 1,810 834 847 39 20 1,679 June.......... 10^675 2,090 8,585 3,420 1,061 927 134 238 252 1,869 881 833 34 24 1,648 July 12,094 2,361 9,723 3,369 1,005 912 93 51 257 2,056 911 790 54 23 1,591 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—• Total Mortgage loan End of period M ga o g r e t­ Other G U o .S vt . . S l g a o o t n c a v d a t t e l . C ot r o a h a n r e t p d e r o ­ 1 Cash O as t s h e e ts r g r l e i e a a s t n i b e n e e i r d s l r v i a * e l D i e ts p o 2 s­ l O ia t t i b h e i s e li r ­ G r c e o e s a u e n c r n e ­ v r t e s a l commitments * accts. Number Amount 1041 4 787 89 3,592 1,786 829 689 11,772 10,503 38 1,231 1945 - - • 4^202 62 10,650 M57 606 185 16,962 15,332 48 1,582 1959 4........................... 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 58,350 1,200 1961............................. 28,902 475 6,160 667 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962............................. 32,056 602 6,107 527 5,177 956 695 46,12t 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—June................. 42,187 849 5,821 360 5,199 1,019 946 56,382 50,623 1,226 4,533 141,299 3,094 July................... 42;600 807 5,791 356 5,284 946 955 56,739 50,844 1,350 4,545 151,885 2,947 Aug................... 42;964 872 5,814 349 5,299 941 951 57,191 51,063 1,502 4,626 136,180 2,928 Sept................... 43,305 842 5,795 349 5,263 960 958 57,470 51,506 1,326 4,639 132,029 2,897 Oct.................... 43,680 813 5,585 338 5,265 897 974 57,552 51,663 1,283 4,607 127,757 2,859 Nov................... 44,031 888 5,515 333 5,243 885 966 57,863 51,826 1,366 4,672 124,097 2,824 Dec............ 44,433 862 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 52,689 1,230 4,669 116,124 2,590 Feb.................... 44,952 925 5,289 313 5,623 932 965 58,999 52,907 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 52,959 1,343 4,707 115,845 2,580 May.......... 45'529 991 5,353 297 5,311 854 995 59,330 53,075 1,480 4,774 116,497 2,637 June.................. 45,675 919 5,394 290 5,156 967 1,009 59,410 53,307 1,337 4,766 115,006 2,464 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. 1359. 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

1374 SAVINGS INSTITUTIONS SEPTEMBER 1966 LIFE INSURANCE COMPANIES (Xn millions of dollars) Government securities Business securities End of period T as o s t e a ts l Total U St n a i t t e e s d Sta lo te c a a l nd Foreign1 Total Bonds Stocks M ga o ge rt s ­ e R st e a a t l e P lo o a li n c s y O as t s h e e ts r 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 I960......................................... 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961......................................... 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962......................................... 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963......................................... 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964......................................... 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965......................................... 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 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—JunC........................... 153,654 12,094 5,358 3,687 3,049 63,866 57,154 6,712 57,396 4,630 7,420 8,248 July.............................. 154,418 12,018 5,311 3,652 3,055 64,356 57,608 6,748 57,663 4,640 7,464 8,277 Aug............................ 155,186 11,982 5,321 3,606 3,055 64,629 57,834 6,795 58,017 4,653 7,510 8,395 Sept.............................. 156,040 11,897 5,259 3,584 3,054 64,899 57,944 6,955 58,411 4,677 7,552 8,604 Oct............................... 156,891 11,758 5,163 3,544 3,051 65,530 58,342 7,074 58,824 4,682 7,589 8,622 Nov.............................. 157,641 11,677 5,110 3,523 3,044 65,672 58,539 7,133 59,276 4,695 7,623 8,698 Dec.............................. 158,702 11,597 5,064 3,507 3,026 65,520 58,377 7,243 60,021 4,681 7,674 9,109 1966—Jan............................... 159,628 11,631 5,132 3,472 3,027 66,158 58,867 7,291 60,518 4,694 7,722 8,905 Feb.............................. 160,234 11,624 5,159 3,444 3,021 66,323 59,03! 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 M.ay............................. 162,036 11,260 4,983 3,260 3,017 67,234 59,923 7,311 62,101 4,735 8,051 8,655 June. ............................ 162,511 10,950 4,803 3,192 2,955 67,476 60,147 7,329 62,547 4,744 8,163 8,631 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f M ga o ge rt s ­ s G e U c o . u S v r t . i , ­ Cash Other 1 a li s a T s b e o i t l t s i a t 2 i l — e s S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n c s e s i s n Other c m o l m o e a n m n ts i t 4 ­ ties profits 1941.................... 4,578 107 344 775 6,049 4,682 475 256 6 1945.................... 5^376 2,420 450 356 8,747 7,365 644 336 402 1959.................... 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1.285 I960.................... 60’070 4,595 2,680 4,131 71,476 62,142 4,'983 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—June........ 105,849 7,228 3,702 7,749 124,528 106,077 8,310 5,892 2,459 1,790 3,266 July.......... 106,668 7,173 3,258 7,584 124,683 105,645 8,329 6,091 2,433 2,185 3,195 Aug.......... 107,513 7,160 3,300 7,670 125,643 106,199 8,341 6,140 2^382 2,617 3,124 Sept.......... 108,255 7,170 3,398 7,795 126,618 107,239 8,345 6,169 2,329 2,536 3,076 Oct........... 108,922 7,300 3,442 7,861 127,525 107,821 8,350 6,167 2,276 2,911 2,993 Nov......... 109,507 7,439 3,539 8,101 128,586 108,628 8,357 6,071 2,217 3,313 2,911 Dec.......... 110,202 7,405 3,899 7,936 129,442 110,271 8,708 6,440 2,189 1,834 2,745 1966—Jan........... 110.700 7,694 3,321 7,799 129,514 110,194 8,713 6,262 2,107 2,238 2,808 Feb.......... 111,246 7,842 3,391 7,868 130,347 110,722 8,730 6,102 2; 104 2'689 2,937 Mar......... 112,00! 7'850 3^249 8,018 131.118 111,560 8,721 6,070 2,223 2,544 31281 112^736 7,637 3'096 8329 131,598 110,787 8,720 6,949 2'289 2’853 3’200 N^ayr.... 113,249 7,632 3; 179 8,542 132,602 111,174 8,726 7,139 2,278 3; 285 927 June........ 113,669 7,340 3,369 8,421 132,799 112,359 9,002 7,345 2,161 1,932 2,568 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 1934 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 ana 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

SEPTEMBER 1966 FEDERALLY SPONSORED CREDIT AGENCIES 1375 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks F M ed o e rt r g al a g N e a A tio ss n n a , l B f a o n r k s int F er e m de e r d a i l a te Fe la d n e d ra l Assets Liabilities and capital ^sec o o p n e d r a a r t y i o m n a s) rket cooperatives credit banks banks End of period v m b a A n t e e o d m c r s ­ e ­ s I m nv e e n s ts t­ p C a o d a n s e s i d ­ t h s B n a o o n t n e d d s s M po b d e s e e m i r ­ t s ­ C s a to p c it k al M l g o ( a A a o g n r ) e t s ­ D n t e a u ( o L b n r t e e e d ) s s n ­ c L a o t ( o o i t A v a o p e n ) e s s r ­ D t e u (L b re ) e s n­ c L o a d ( o A u n i a s n d n ) ­ t s s D t e u (L b re e ) s n­ M l g o ( a A a o g n r ) e t s ­ B ( o L n ) ds 1957............. 1,265 908 63 825 653 685 1,562 1,315 454 222 932 886 919 1,599 1958............. L298 999 75 714 819 769 1,323 1,100 510 252 1,157 1,116 2,089 1,743 1959............. 2,134 1,093 103 1,774 589 866 1,967 1,640 622 364 1,391 1,356 2,360 1,986 1960............. 1,981 1,233 90 1,266 938 989 2,788 2,523 649 407 1,501 1,454 2,564 2,210 196!............. ^2,662 1,153 159 1,571 1,180 1,107 2,770 2,453 697 435 1,650 1,585 2,828 2,431 1962............. 3^479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963............. 4,784 1,906 159 4,363 1,151 1,171 2,000 1,788 840 589 2,099 1,952 3,310 2,834 1964............. 5^25 1,523 141 4,369 1,199 1,227 1,940 1,601 958 686 2,247 2,112 3,718 3,169 1965—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 t,574 75 5,018 965 1,272 2,169 1,845 1,009 744 2,617 2,501 4,204 3,671 Nov.,, 5j 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 June.. 6,783 1,953 160 6,309 1,025 1,339 3,611 3,269 1,105 844 3,066 2,853 4,725 4,105 July.. 7,342 1,445 68 6,594 • 711 1,356 3,801 3,058 1,167 844 3,159 2,935 4,788 4,212 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 table below. Loans are gross sheet items are capital accounts of all agencies, except for stock of home of valuation reserves and represent cost for FNMA and unpaid principal loan banks. Bonds, debentures and notes are valued at par. They in­ for other agencies. clude only publicly offered securities (excluding, for the home loan banks, OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, JULY 31, 1966 Amount Amount Amount Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions of dollars) of dollars) of dollars) Federal home loan banks FNMA—sec. mkt. operations Federal land banks—cent. Notes: —cent. Bonds: Aug. 25, 1966..................4.95 369 Debentures: Feb. 15, 1967-72................4ft 72 Sept. 26, 1966......................4.60 500 Sept. 10, 1970......................4ft Feb. 20, 1967......................4ft 126 Oct. 25, 1966......................5.15 506 Aug. 10, 1971.....................4ft Feb. 20, 1967....................5.60 125 Nov. 25, 1966......................5.30 325 Sept. 10, 1971....................4ft May 22, 1967......................4 180 Jan. 25, 1967......................5.65 250 Feb. 10, 1972.....................5ft Aug. 21, 1967......................4ft 179 Feb. 27, 1967......................5.40 543 June 12, 1972.....................4ft Oct. 1, 1967-70................4ft 75 Mar. 27, 1967..................... 5.40 575 June 12, 1973.....................4ft Oct. 23, 1967......................4ft 174 Apr. 25, 1967......................5.55 656 Feb. 10, 1977....................4ft Oct. 23, 1967......................5ft ISO Jan. 22, 1968......................5ft 130 Bonds: Mar. 20, 1968......................4ft 111 Aug. 15, 1966....................414 200 Banks for cooperatives May 20, 1968......................5ft 242 Nov. 15, 1966........................4ft 275 June 20, 1968......................4 186 Jan. 25, 1967.......................414 375 Debentures: Aug. 20, 1968......................4ft 160 June 26, 1967........................514 500 Aug. 1, 1966....................4.95 Mar. 20, 1969......................4ft 100 July 26,1967.......................5M 535 Oct. 3,1966...................5.30 July 15, 1969......................4ft 130 Sept. 15, 1967.......................414 185 Nov. 1, 1966....................5ft July 15, 1969......................4ft 60 Mar. 1, 1968.......................4% 250 Dec. 1, 1966....................5.40 Oct. 20, 1969......................4ft 209 Mar. 1, 1968.......................4% 250 Feb. 20, 1970......................5ft 82 Mar. 25. 1969........................5ft 300 Fe D de e r b a e l n in tu te r r e m s: e diate credit banks A Ju p ly r. 20 1 , , 1 1 9 9 7 7 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 5 f f t t 8 8 3 5 Federal National Mortgage Associa­ Aug. 1, 1966...................4.45 May 1,1971......................3ft 60 tion—secondary market opera­ Sept. 1, 1966...................4.60 Sept. 15, 1972......................3ft 109 tions Oct. 3, 1966...................4.90 Feb. 20, 1973-78................4ft 148 Nov. 1,1966...................5.00 Feb. 20, 1974......................4ft 155 Discount notes................................ 878 Dec. 1, 1966...................5.15 Apr. 21, 1975......................4ft 200 Jan. 3,1967...................5.35 Feb. 24, 1976......................5 123 Debentures: Feb. 1,1967...................5.35 July 20, 1976......................5ft 150 Dec. 12, 1966.....................4ft 93 Mar. 1,1967...................5.60 Apr. 20, 1978......................5ft 150 Feb. 10, 1967.....................5 150 Apr. 3,1967...................5.60 May 10, 1967 ..................... 5Mo 250 Tennessee Valley Authority June 12, 1967....................5Ho 400 Short-term notes..................... 140 Oct. 11, 1967.....................4ft 150 Federal land banks Bonds: Mar. 11, 1968.....................3ft 87 Bonds: Nov. 15, 1985.................4.40 50 Apr. 10, 1969.....................4ft 88 Sept. 20, 1966...................4.55 July 1, 1986...................4ft 50 Apr. 10, 1970....................4ft 142 Dec. 20, 1966...................4ft Feb. 1, 1987...................4ft 45 Note.—These securities are not guaranteed by the U.S. Govt.; see also Non to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1376 FEDERAL FINANCE SEPTEMBER 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 rects. Bu n d e g t et T f P u r l n u u d s s s : t g I L n o e t v s r t a s . : - l E r T e q c o u t t a s a l . l s 2 : Budget f T P un r lu u d s s s : t 3 A m L d e e j n s u t s s s : t 4 ­ E p T q a o u y t a t a s l l . s : pa o y r t s. C (d d h i e i a r n b n e t c g t e a I g n L e v b e n e y s . s s t : & , L N c e a o s s n s h : ­ Eq N u e a t ls: & agen.) trusts debt Cai. 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—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 1966®.... 104,631 34,852 4,451 134,382 106,917 34,788 4,114 137,592 -3,210 6,711 3,571 530 2,610 Half year.' 1964—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—J an.- 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,on 4,226 -1,464 401 5,289 1966—Jan.-June®... 61,521 20,700 2,379 79,358 53,953 19,088 2,486 70,557 8,801 2,485 5,035 129 '-2,679 Month: 1965—July............... 3,807 1,417 233 4,981 7,240 2,418 -37 9,696 -4,714 '■-677 -1,045 50 318 Aug............... 7,350 4,572 314 11,595 8,990 2,349 -960 12,299 -705 2,131 2,515 -383 Sept............... 10,999 1,954 328 12,599 9,452 3,142 1,504 11,090 1,509 -1,542 -1,210 46 -378 Oct................ 3,295 1,262 238 4,283 8,750 2,447 679 10,518 -6,234 2,187 -1,308 125 3,370 Nov............... 8,106 3,012 358 10,728 9,105 2,707 -500 12,312 -1,584 2,978 519 75 2,385 Dec............ 9,553 1,935 602 10,838 9,426 2,636 942 11,121 -283 -852 -935 107 -24 1966—Jan................. 6,453 951 253 7,091 8,809 3,048 624 11,233 -4,142 1,364 -1,897 84 3,177 Feb................ 8,335 4,181 68 12,400 8,156 2,621 -486 11,264 1,136 1,568 1,749 74 -255 Mar............... 11,297 2,745 166 13,804 10,193 2,996 1,103 12,086 1,718 -1,971 2 -50 -1,924 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 June®............ 17,054 4,795 1,413 ^20,294 9,378 3,455 1,006 11,827 8,466 -1,638 2,327 -45 -3,921 July.............. 5,702 2,837 416 8,103 10,263 3,642 978 12,927 -4,824 -330 -333 65 -63 Effects of operations on Treasurer’s account Net operating transactions Net financing transactions ca C sh h a b n a g la e n c in e s Tre ( a e s n u d r e o r’ f s p a e c r c io o d u ) nt Period Agencies & trusts Change Operating bal. s B d u u e r o f d p i r g c l u i e t s t f T u r n u d s s t 3 C ac l c e o a u ri n n t g s i M s s su e a o a c r f k n . 3 c e e t i I n G s n e v o U c e v . , s t S 3 t , , . p d g d u i r e i r b o n e b l s c t i s c t T o r H u e t a e s s l i d u d r e y a T c u c r r e o e a r u s ’ n s ­ t Balance b F a . n R k . s a l T a c o n c a a t d x n s . O as n t s h e e e t t s r Fiscal year—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 .249 1966®.. . . -2,286 63 -868 4,078 -3,571 2,633 253 -203 12,407 766 10,050 1,591 Half year: 1964—July-Dec..... -8,589 -508 -1,256 258 494 6,228 367 -3,741 7,295 820 5,377 .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 1966—Jan.-June®... . 7,567 1,611 -23 3,482 -5,035 -997 781 5,825 12,407 766 10,050 ,591 Month: 1965—July............ -3,434 -1,001 -320 15 1,045 -692 -263 -4,124 8,486 947 6,333 ,206 Aug................ -1,640 2,223 -1,273 473 -2,515 1,658 -215 -858 7,627 916 5,548 ,163 Sept................ 1,548 -1,189 1,130 -49 1,210 -1,493 148 1,010 8,637 1,002 6,394 ,241 Oct................. -5,455 -1,186 317 33 1,308 2,154 24 -2,852 5,786 1,053 3,534 ,199 Nov........ -999 305 -932 168 -519 2,810 -141 974 6,759 719 4,872 .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 ,323 Feb................. 179 1,560 -629 260 -1,749 1 ,308 -44 973 6,479 805 4,399 ,275 Mar................ 1,104 -251 987 341 -2 -2,312 90 -224 6,255 521 4,444 ,290 Apr................. 1,567 -1,120 148 732 1,170 -1,416 627 453 6,708 512 4,491 ,705 May............... -603 2,180 -454 1,070 -4,023 2,777 -423 1,370 8,077 902 6,003 ,172 June®............. 7,676 1,340 -362 814 -2,327 -2,452 359 4,330 12,407 766 10,050 ,591 July................ -4,561 -805 497 297 333 -627 -253 -4,613 7,794 1,232 5,147 ,415 1 Primarily interest payments by Treasury to trust accounts and accumu­ * Primarily (1) intragovt, transactions, (2) noncash debt, (3) clearing lations to U.S. employee trust funds. accounts. 2 Includes small adjustments not shown separately. a Includes technical adjustments not allocated by functions. 3 Includes net transactions of Govt.-sponsored enterprises. Note.—Based on Treasury Dept, and Bureau of the Budget data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 FEDERAL FINANCE 1377 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Total Individual C r o a r t p e o­ Total a L n ia d u t o o r ­ H w i a g y h­ Total F a I n C d A e U m n p - l . E a g s n t i a f d t t e t C o u m s s ­ r m e a I p e n n n a t d . t y s ­ fu R n e d ­ s Other With­ bacco R.R. held Other Fiscal year—1963... 109,739 38,719 14,269 22,336 13,410 5,521 3,405 19,729 15,128 4,107 2,187 1,241 1,815 6,571 2,604 1964... 115,530 39,259 15,331 24,301 13,950 5,630 3,646 21,936 17,405 4,037 2,416 1,284 1,702 7,148 2,499 1965... 119,699 36,840 16,820 26,131 14,793 5,921 3,782 22,138 17,833 3,817 2,746 1,478 2,097 6,030 2,686 1966?.. 134,382 42,76918,486 30,835 13,407 n.a. 4,037 25,528 21,241 3,773 3,089 1,811 2,273 7,252 3,436 Half year: 1964—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 1966—Jan.-June?. 79,358 22,805 14,680 19,943 6,361 n.a. 1,969 15,927 13,498 2,166 1,815 913 977 6,190 2,127 Month: 1965 -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 1,104 480 363 5,124 4,153 930 328 158 167 1,321 216 June?........ 20,294 4,683 2,569 8,252 1,158 n.a. 361 2,836 2,734 59 224 172 174 536 762 July........... 8,103 3,374 351 878 971 n.a. 357 1,912 1,726 142 215 158 179 221 286 Cash payments to the public Period Total s t f i N e o d n n e a s ­ a ­ e l af I f n ai t r i s , s S e p r a e a r c ­ c e h A t c u g u r r e l i ­ ­ so N u u r r r e a a c ­ t l e ­ s t m C ra a o e n n r m s d c p e ­ . & H d e i o c n v o u g e m s l. ­ . l H w ab e e a l o f l r a t h r & e , E t d i u o c n a­ e V ra e n t­ s In e t s e t r­ G g e o r e v a n l t ­ . Fiscal year—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 1966’.... 137,592 58,391 4,112 5,933 4,495 3,075 6,787 3,327 33,336 2,771 5,616 9,295 2,401 Half year: 1964—July-Dec....... 61,511 24,569 1,818 2,333 3,642 1,547 4,288 534 13,722 639 2,947 4,230 1,142 1965—Jan.-June.. .. 60,885 26,219 2,766 2,761 1,712 1,270 3,131 '375 14,562 852 '3,134 4,376 1,203 July-Dec.....6..7,035 27,085 2,225 2,838 3,369 1,694 3,955 1,142 16,373 705 2,587 4,403 1,257 1966—Jan.-June?... 70,556 31,309 1,896 3,094 1,127 1,382 2,834 2,192 16,957 2,066 3,031 4,898 1,146 Month: 1965—July............... 9,696 3,855 48 427 '535 '271 586 281 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 June?. 11,827 6,342 26 571 137 212 281 -42 2,885 364 417 630 139 July... 12,927 4,959 303 494 588 314 642 1,236 2,853 270 505 347 231 1964 1965 1966 1964 1965 1966 Item HI IV I II III IV I II? III IV I II III IV I II? Seasonally adjusted Not seasonally adjusted dash budget: Receipts......................... 28.4 28.8 29.7 32,6 30.6 30.7 33.7 39.6 27.0 24,3 30,7 37.7 29.2 25.8 33.3 46.1 Payments....................... 30.0 29.8 30.2 32.4 32.1 33.1 36.9 35.8 30.9 30.6 28.3 32.6 33.1 34.0 34.6 36.0 Net................................. -1.6 -1.0 -.4 .3 -1.5 -2.4 -3.2 3.8 -3.9 -6.3 2.4 5.1 -3.9 -8.1 -1.3 10.1 For notes, see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1378 U.S. GOVERNMENT SECURITIES SEPTEMBER 1966 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 Total End of period d T g e r o b o t t s a s l 1 d d g e i r r b o e t s c s t 2 Total Marketable C ve o r n t­ ­ Nonmarketable i S ss p u e e c s ia l * Total Bills C c e a r t t e i s fi­ Notes Bonds 4 bo ib n le d s Total 3 S in a g v s ­ bonds 1941_ Dec..................................... 64.3 57,9 50,5 41.6 2.0 6.0 33.6 8,9 6.1 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—Dec.................................... 318.7 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 1965—Aug........................... 318.7 318.2 264.1 208.4 53.7 50.4 104,3 2,9 52.8 50.2 49.8 Sept.................................... 317.3 316.7 264.3 208.4 53.7 50.4 104,3 2.9 53,0 50.2 48.1 Oct..............,..................... 319.4 318.9 267.6 212.1 57.7 50.2 104,3 2,8 52.7 50,3 47,0 Nov.................................. 322.2 321.7 270,3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 47.1 Dec.................................... 321.4 320.9 270,3 214.6 60.2 50.2 104.2 2.8 52.9 50,3 46,3 1966—-Jan..................................... 322.4 322,0 273,2 217.7 61.6 1.7 50.2 104.2 2.8 52.8 50,3 44.4 Feb.................................... 323.7 323,3 273,1 217.7 62.0 1.7 50.9 103.2 2.8 52.7 50,3 45.8 321.5 321 .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 July................................... 319.8 319.2 264.2 209.1 54,9 1.7 50.7 101.9 2,7 52.4 50.6 50.7 Aug..................... 324.9 324.4 266.5 211.4 57.9 7.0 45.9 100.6 2.7 52.4 50,6 53,2 1 Includes non-interest-bearing debt (of which $266 million, on Aug, 31 5 Includes (not shown separately): depositary bonds, retirement plan 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 $15,585 million on July 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 Total U.S. E pe n r d i o o d f g d r e o b s t s ag G t e a r o n u n v c d s i t t e , s B F a . n R k . s Total m C b e a o r n c m k ia s ­ l 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 n s m c u ie e r ­ s ­ r c O a o t t i r h o p e n o r s ­ g S l a o o t n v c a d t a t s e l . Savi I n n g d s i vidu O al t s her n F a i o t n a i r t o n e e d n i r g ­ a n l 1 i O m t n o v t i r h s e s 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 U.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—July............... 317,1 62.3 39.2 215.6 57,3 5.7 10.6 15.9 24.0 49.3 22.5 15.7 14,6 318.7 64.8 39.0 214.9 56.5 5.7 10.6 16,1 23.6 49.4 22.4 15,9 14.7 Sept............... 317.3 63.6 39.8 213.9 57.5 5.7 10.6 14.7 23.0 49,4 22.8 16,3 14.0 Oct................ 319.4 62.3 39.7 217.5 59.7 5.5 10.5 15.6 23.0 49,4 22,8 16.3 14.5 322.2 62.8 40.6 218.8 60,0 5.4 10.4 16.7 22,7 49,5 22,7 16.5 14.9 Dec................ 321.4 61.9 40.8 218.7 60.9 5.4 10.4 15.5 22.8 49.6 22.7 16.7 14.7 1966—Jan................. 322.4 60.0 40.6 221.9 61.0 5.5 10.4 16.5 23.5 49.6 23.7 16,4 15.4 Feb................ 323.7 61.7 40.2 221.9 58.7 5.5 10.3 17.4 24.3 49,7 24.3 16.2 15,6 321.5 61.7 40.7 219.0 56.9 5.5 10.2 15.7 24.0 49.7 25.4 16.0 15.7 320.1 60.5 40.7 218.9 56.8 5.3 10.1 15.7 24.6 49.7 25.2 15.7 15.6 &fay.............. 322,8 64.5 41.5 216.9 54.9 5.2 10.0 16.5 24.7 49.7 24.8 15.6 15,3 320,4 66.7 42,2 211.5 54.5 5.1 9.7 14,4 23.9 49.8 24.4 15.4 14,3 July............... 319.8 66.4 42.4 211.0 53,2 5.0 9.7 14.8 24,2 49,9 24.5 15.1 14.5 i 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. a 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

SEPTEMBER 1966 U.S. GOVERNMENT SECURITIES 1379 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total 1-5 5-10 10-20 Over years years years 20 years Total Bills Other All holders: 1963—Dec. 31........................................................ 207,571 89,403 51,539 37,864 58,487 35,682 8,357 15,642 1964—Dec. 31........................................................ 212,454 88,451 56,476 31,974 64,007 36,421 6,108 17,467 1965—Dec. 31........................................................ 214,604 93,396 60,177 33,219 60,602 35,013 8,445 17,148 1966—June 30........................................................ 209,127 89,136 54,929 34,207 60,933 33,596 8,439 17,023 July 31....................................................... 209,108 89,138 54,931 34,207 60,932 33,592 8,439 17,007 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—June 30................................................ 13,393 1,532 607 925 3,186 3,134 2,075 3,466 July 31 ................................................ 13,481 1,539 611 928 3,248 3,134 2,080 3,479 Federal Reserve Banks: 1963—Dec. 31................................................ 33,593 22,580 4,146 18,434 8,658 2,136 88 131 1964—Dec. 31................................................ 37,044 21,388 6,487 14,901 13,564 1,797 58 237 1965—Dec. 31................................................ 40,768 24,842 9,346 15,496 14,092 1,449 147 238 1966—June 30................................................ 42,169 26,878 10,432 16,446 13,593 1,312 147 238 July 31................................................ 42,380 27,009 10,470 16,539 13,622 1,352 153 244 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—June 30................................................ 153,565 60,726 43,890 16,836 44,154 29,150 6,217 13,319 July 31................................................ 153,247 60,590 43,851 16,739 44,061 29,106 6,205 13,284 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—June 30......................................... 45,120 13,360 6,084 7,276 19,633 11,259 391 477 July 31......................................... 43,953 12,273 4,958 7,315 19,563 11,248 399 470 Mutual savings banks: 1963—Dec. 31......................................... 5,502 690 268 422 1,211 2,009 377 1,215 1964—Dec. 31......................................... 5,434 608 344 263 1,536 1,765 260 1,266 1965—Dec. 31......................................... 5,241 768 445 323 1,386 1,602 335 1,151 1966—June 30......................................... 4,904 707 355 352 1,361 1,471 305 1,061 July 31......................................... 4,851 693 329 364 1,357 1,448 301 1,051 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—June 30......................................... 8,229 570 227 343 1,980 1,870 1,094 2,715 July 31......................................... 8,185 560 238 322 1,973 1,844 1,098 2,709 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—June 30......................................... 6,327 4,619 2,834 1,785 1 ,411 200 26 70 July 31......................................... 6,650 4,903 3,081 1,822 1,428 219 27 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—June 30...................................... 3,616 531 327 204 1,023 1,345 256 461 July 31......................................... 3,595 529 292 237 985 1,355 261 466 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—June 30......................................... 16,671 6,599 5,599 1,000 2,002 1,782 1,957 4,332 July 31......................................... 16,900 6,758 5,777 981 2,036 1,775 1,963 4,368 All others: 1963—Dec. 31......................................... 66,320 33,719 25,637 8,082 14,301 12,144 2,389 3,767 1964—Dec. 31......................................... 67,341 33,111 27,542 5,570 15,863 12,678 1,637 4,052 1965—Dec. 31......................................... 68,675 35,356 29,089 6,267 15,784 11,386 2,187 3,962 1966—June 30......................................... 68,699 34,341 28,463 5,878 16,743 11,223 2,188 4,204 July 31......................................... 69,114 34,874 29,176 5,698 16,719 11,219 2,156 4,146 Note.—Direct public issues only. Based on Treasury Survey of banks, and 766 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 5,926 commercial banks, 504 mutual savings Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1380 U.S. GOVERNMENT SECURITIES SEPTEMBER 1966 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt, Period agency Total Dealers and brokers securities. W 1 y it e h a in r y 1 e - a 5 rs y 5 e - a 1 r 0 s 10 O y v e e a r rs m C e o rc m ia ­ l o A th l e l r U.S. Govt, Other banks securities 1965—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 1^691 286 166 44 637 55 1,000 495 146 1966—Jan............................... 2,129 1,660 261 164 43 600 59 970 501 130 Feb............................... 2,285 IJ53 374 127 31 662 59 944 621 161 Mar.............................. 2,100 1,650 231 180 38 683 69 851 495 188 Apr............................... G823 1,550 156 91 26 515 51 740 517 218 May............................. 1'882 1,564 202 86 30 514 78 746 543 221 June............................. 1,927 1,614 186 94 33 646 69 729 483 278 July.............................. 1,820 1,560 155 76 29 607 64 726 423 284 Week ending— 1966—Julv 6....................... 2,247 1,930 179 101 37 671 85 903 589 216 ' 13....................... 1,749 1,476 160 81 33 540 75 719 415 319 20....................... 1,694 11479 126 64 26 548 55 696 395 275 27....................... 1'768 1,559 122 64 23 672 58 650 389 319 Aug. 3....................... 1,938 1,575 263 75 23 615 78 799 446 215 10....................... 1,499 1,255 167 52 26 478 49 586 386 151 17....................... 1,424 1,184 138 64 38 436 68 592 330 229 24....................... 2,140 1,864 178 59 39 688 81 922 450 179 31....................... 1^64 1,606 233 66 60 647 101 749 466 147 Note.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. Govt, securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U.S, Govt, securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi­ DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity U.S. Commercial banks Period mat A ur ll i ties W 1 y it e h a in r y 1 e - a 5 r s 5 O y v e e a r r s se a G c g u e o r n v i c t t i y , e s Period so A ur l c l es Y N o e r w k w E h ls e e r ­ e C t o io r n p s o r 1 a­ o A th l e l r City 1965—July...... 4,180 3,472 100 608 455 3,548 2’907 222 419 375 1965—July........... 4,459 1,293 1,009 1,468 688 2'858 2,622 75 161 298 3'815 967 '650 1 584 614 Oct........... 2,562 2,381 68 112 289 Sept........... 3,050 807 643 1,284 316 Nov,..... 3'198 2; 928 176 94 302 Oct........ 2^579 823 605 871 279 Dec.......... 3 J 049 2,856 187 5 280 Nov........... 3,016 829 519 1.451 217 Dec............ 3,275 1,014 531 1,389 340 1966—Jan........... 2,651 2,725 -58 -16 244 Feb.......... 1,927 1,937 8 -20 316 1966—Jan............. 2,708 767 652 906 383 Mar......... 1,963 2,045 -101 20 356 Feb............ 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 June........ 1,548 1,353 92 102 665 May.......... 2,787 '744 602 1,067 375 July......... 1,681 1,587 49 45 408 June.......... 2.065 523 476 796 270 July....... 2,127 623 481 737 287 Week ending— Week ending— 1966—June 1.. 2,049 1,828 159 61 732 8.. 1,514 1,350 91 74 634 1966—June 1... 2,484 607 590 1,043 245 15.. 1,556 1,406 62 89 677 8. 2,198 371 497 1,097 234 22.. 1,352 1,148 105 98 729 15... 2,133 552 462 822 297 29.. 1,672 1,409 104 160 637 22. 2,017 575 509 685 249 29... 1,815 511 423 572 309 July 6., 1,558 1,424 58 77 515 13.. 1,600 1,492 42 66 478 July 6. .. 2,002 703 383 626 292 20.. 1,607 1,545 29 34 389 13. 2,057 626 441 725 265 27. . 1,751 1,656 65 30 342 20... 2,393 756 592 781 264 27... 2,059 509 473 782 295 Note.—The figures include all securities sold by dealers under repur­ chase contracts regardless of the maturity date of the contract unless the 1 All business corps, except commercial banks and insurance cos. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of Note.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than note to the opposite table on this page. dealer trading positions. Average of daily figures based on number of trading days in the period. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 GOVERNMENT SECURITIES 1381 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, AUGUST 31, 1966 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Sept 1, 1966 ............ 2,302 Feb. 2, 1967............. 1,001 Nov, 15, 1967..........4% 8,135 Oct. 1, 1969..........4 6,257 Sept. 8, 1966................. 2,301 Feb. 9’ 1967................. 1,000 Apr. 1,1968...........1W 212 Feb. 15, 1970..........4 4,381 Sept 15^ 1966................. 2,302 Feb. 16' 1967................. 1,001 Oct. 1,1968...........DA 115 Aug. 15, 1970..........4 4,129 Sept. 22,' 1966................. 2,301 Feb. 23’ 1967................. 1,003 Apr. 1, 1969...........DA 61 Aug. 15, 1971..........4 2,806 Sept. 29’, 1966................. 2,300 Feb. 28' 1967................. 1,000 Oct. 1, 1969...........BA 159 Nov. 15, 1971...........3% 2,760 1,000 Mar. 22' 1967................. 2,006 Apr. 1, 1970...........1U 88 Feb. 15, 1972..........4 2,344 Oct. 6,1966................. 2,304 Mar. 31' 1967................. 1,000 Oct. 1,1970......... 113 Aug. 15, 1972..........4 2,579 Oct. 13J966................. 2,303 Apr. 21,' 1967................. 1,003 Nov. 15, 1970..........5’ 7,675 Aug. 15, 1973..........4 3,894 Oct. 20' 1966................. 2,302 Apr. 30' 1967................. 1,001 Apr. 1, 1971...... 1*4 22 Nov. 15, 1973..........4% 4,356 Oct. 271 1966................. 2; 301 May 3L 1967................. 1,001 May 15, 1971..........5M 4,267 Feb. 15, 1974..........4% 3,130 Oct. 3 L 1966................. 1,000 June 30' 1967................. 1,001 May 15, 1974..........4(4 3,593 Nov. 3’ 1966................. 2,290 July 31' 1967................. 995 Treasury bonds Nov. 15, 1974..........3% 2,243 Nov. 10’ 1966................. 2,303 31’1967.......1..,.0..0..0... June 15, 1962-67.. .214 1,430 May 25, 1975-85.. .4(4 1,217 N N D N e o o o c v v v . . . . 2 3 1 5 0 7 L ^ ' ’ 1 1 1 1 9 9 9 9 6 6 6 6 6 6 6 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 1 , ; , , 3 0 0 3 0 0 0 0 1 1 2 1 Ce A N rt u o if g v ic . . a 1 1 te 5 5 s , , 1 19 9 6 6 6 7 .. . . . . ... ■ 4’4 5 1 , , 8 1 7 3 1 5 J D D M u e e n a c c r e . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 5 3 4 4 - - - - 6 7 6 6 8 0 9 9 . . . . . . . . . . . . 2 2 2 2 ( W U U 4 2 2 2 1 , , , , 3 4 5 7 0 9 4 9 7 5 0 6 J F N M u e o n a b v y e . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 8 8 7 8 5 0 8 0 . . . - . . . . 8 . . . . . . 3 . . . . . . . . . . . . . . . . . 3 4 3 3 1 % % 4 2 1 1 1 , , , , 9 6 5 1 1 0 7 2 1 9 6 4 Dec. 8’ 1966................. 1.001 Treasury notes Nov. 15, 1966..........3% 1,269 Aug. 15, 1987-92...4t4 3,818 Dec. 15j 1966................. 1 ,002 Oct. 1, 1966.... ■l^ 357 Mar. 15, 1966-71.. .21/ 1,396 Feb. 15, 1988-93...4 250 Dec. 22^ 1966................. 1,000 Nov. 15; 1966.........4 1,668 June 15, 1967-72... 21/ 1,270 May 15, 1989-94.. .4% 1,560 Dec. 29' 1966................. 1,000 Feb. 15, 1967........• 3% 2,358 Sept. 15, 1967-72...2>/i 1,952 Feb. 15, 1990..........3>/i 4,896 Dec. 3 L 1966................. 1,001 Feb. 15, 1967....... .4 5,151 Nov. 15, 1967..........3% 2,019 Feb. 15, 1995...........3 2,062 Jan. 5’ 1967................. 1,001 Apr. 1, 1967.........PA 270 Dec. 15, 1967-72...2U 2,663 Nov. 15, 1998...........3t/i 4,401 Jan. 12, 1967................. 1,001 May 15, 1967.........4(4 9,748 May 15, 1968..........3% 2,460 Jan. 19' 1967................. 1,001 Aug. 15, 1967........• 3% 2,929 Aug. 15, 1968.......... 3,747 Convertible bonds Jan. 26'1967................. 1'002 Aug. 15, 1967.........4% 2,117 Nov. 15, 1968..........3 7/8 1,591 Investment Series B Jan. 3 L 1967................. i;ooi Oct. 1, 1967........ 457 Feb. 15, 1969..........4 3,728 Apr. 1, 1975-80... 2 >4 2,684 Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds amount Period deliv­ Special Total G g o a e b t a n i l l o i e ­ n r­ s R n e u v e e­ PHAi G l U o o a .S v n t s . , State d a i s a s u t n t a t r h d t i , c . t Other2 ered3 Total c E at d i u o ­ n R br a o i n a d d d g s e s i U tie ti s l ­ 4 H in o g u * s­ V a a e n i t d s e ’ r ­ O p p o t u s h e r e s ­ r I960................. 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................. 81845 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 51855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1964................. 101847 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 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 50 522 733 373 224 132 4 38 271 425 1,004 648 191 51 113 139 155 1,008 770 224 14 337 280 390 761 966 203 194 116 3 451 844 477 343 24 193 320 332 965 794 197 79 109 87 322 1,043 836 191 17 241 271 531 926 1,021 383 74 289 13 * 260 764 365 283 90 25 67 367 330 1,100 '754 216 137 164 91 145 I 218 889 304 25 471 286 462 1,183 387 230 152 2 412 Feb ‘910 651 246 13 191 192 527 n.a. '900 209 68 156 467 878 554 201 96 28 151 311 416 n.a. 868 380 25 159 99 205 1,203 816 341 46 454 365 384 n.a. 1,186 329 105 134 2 616 919 431 471 16 114 337 468 n.a. '918 247 134 279 2 255 June.... 1,094 558 377 110 49 274 414 405 n.a. 1,094 487 117 194 110 .........1.8..5 i Only bonds sold pursuant to 1949 Housing Act; secured by contract 3 Includes urban redevelopment loans. requiring the Public Housing Administration to make annual contributions to the local authority. Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale. Investment Bankers Assn, data; par amounts of long-term issues * Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1382 SECURITY ISSUES SEPTEMBER 1966 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 o y e . v S n 3 t . ­ , l S o U a c t n a . a S d t l e . 4 Other 3 Total Total o P f l f i u c e l r b y e ­ d p v l P a a t r c e i e l ­ y d f P er r r e e ­ d C m o o m n ­ Total Total m N on e e w y 7 O p p o t u s h r e e ­ s r s m r e it o e c ie f n u s t ­ 1958................... 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959................... 31'074 12,322 707 7,’681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 I960................... 27,541 7; 906 1,672 7,230 579 10,154 8^081 4,806 3’275 409 1’664 9; 924 9^53 8,758 895 271 1961................... 35,527 12,253 1 ,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,7(5 1,302 868 1962................... 29;956 8; 590 1 ;i88 8^58 915 10,705 8; 969 4,440 4; 529 422 1,314 10,501 9; 747 8; 240 1 ;5O7 754 1963................... 31,616 7,213 1,168 10,107 891 12^237 10,872 4; 714 61158 342 1,022 12'081 1O;553 8,993 1,561 1,528 1964................... 37,122 10,656 i;205 101544 760 13,957 101865 3,623 7; 243 412 2,679 13^92 13;O38 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—June....... 4,297 362 775 1,000 122 2,038 1,729 748 980 155 154 2,018 1,946 1,665 281 72 July........ 2,936 388 1,055 49 1,443 1,322 542 780 44 78 1,427 1,290 1,168 122 137 Aug........ 2,354 371 239 718 95 '930 '837 369 468 15 78 '919 '850 760 91 69 Sept........ 3,029 342 150 984 14 1,538 1,370 664 706 92 76 1,523 1,392 1,249 143 130 Oct...... 2,661 369 375 867 65 986 861 287 574 8 116 973 924 834 90 49 Nov,.... 6,340 3,463 375 1,018 86 1,398 1,142 613 529 92 165 1,377 1,325 1,183 143 52 Dec......... 2,948 331 179 768 25 1,646 1,487 326 1,161 8? 72 1,632 1,496 1,279 217 136 3,021 475 1,176 30 1,339 1,152 460 692 119 68 1,325 1.302 1,214 88 22 Feb......... 3,008 345 503 '845 42 M73 1,143 560 583 75 55 h259 1,237 C068 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......... r3,668 426 392 1,181 '86 ■1,582 '1,372 628 '743 28 '182 '1,559 ■•1,553 '1,399 '154 '7 May....... ^3,182 412 699 *■877 '88 rl,106 ■•1,037 481 '556 ■13 56 ■•1,095 ■1,058 '1,000 '58 '38 June....... 5,072 397 1,030 1,118 100 2,427 1,616 832 784 74 737 2,391 2,364 2,245 119 27 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Period Retire­ Retire­ Retire­ Retire­ Retire­ Retire­ New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ rities rities rities rities rities rities 1958.............................................. 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959.............................................. 1.941 70 812 28 942 15 3,189 15 707 1,801 6 I960.............................................. 1,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1961.............................................. 3,691 287 1,109 36 651 35 2,883 106 1,435 382 2,248 22 1962.............................................. 2,958 228 803 32 543 16 2,341 444 1,276 11 1,825 23 1963.............................................. 3,312 190 774 55 873 83 1,935 699 726 356 2,933 144 1964.............................................. 2,772 243 1,024 82 941 32 2,445 280 2,133 36 3,723 80 1965.............................................. 5,015 338 1,302 79 967 36 2,546 357 847 92 4,128 93 1965—-June.................. 441 41 151 15 44 1 184 8 98 1,028 7 July.................................. 399 50 265 4 124 3 202 24 102 51 197 4 Aug.................................... 307 54 51 2 42 * 297 5 25 4 129 4 Sept,................................. 414 16 117 8 65 * 287 74 196 5 313 27 Oct..................................... 273 10 77 5 53 13 158 9 92 3 272 8 Nov.................................. 402 17 44 94 209 28 43 4 433 3 470 18 192 24 130 243 62 43 17 418 16 353 14 114 3 155 388 5 141 151 ♦ Feb.................................... 530 6 100 8 94 « 241 4 160 i 111 2 Tvfartt................................ 977 7 160 373 340 301 294 '692 '4 '154 2 '148 '364 76 '119 i .......'.3..7..6..............'1..2....... '137 '22 '75 '274 ■40 4 '156 June.................................. 1,137 14 145 6 207 3 322 4 276 276 2 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

SEPTEMBER 1966 SECURITY ISSUES 1383 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 Newissues Retirements Net change New Retire­ Net New Retire­ Net issues ments change issues ments change I c n o v s e . s i t, Other I C n O ve S s .I t. Other I c n o ve s s .1 t, Other I960....................... 13,503 4,962 8,541 8,072 3,078 4,994 2,706 2,725 855 1,029 1,851 1,696 1961....................... 17,515 6,999 10^15 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 I ,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....................... 21^415 10^025 11,390 12'747 4,649 8'098 5,463 3,205 2'134 3'242 3,329 — 37 1965—I................. 4,209 2,078 2,130 2,272 987 1,285 1,326 611 485 606 841 4 ii................ 6,333 21529 3^803 4'007 1,252 2,755 1,243 1,083 515 762 728 321 5,064 2,570 2,494 3'207 1'232 1'975 1'124 733 477 861 647 -128 IV............... 5,809 2,847 2,962 3 ,'261 1,178 2,084 1’770 778 657 1,012 1,113 -235 1966—1................. 7,850 3,158 4,692 4,568 1,335 3,233 2,272 1,010 671 1,152 1,601 -142 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & B n o o nd te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks I960....................... 399 462 261 -46 173 -42 1,689 635 901 356 1,572 2,182 1961....................... 2,012 415 516 -447 71 -7 1'648 704 149 1,457 775 3,224 1962....................... 1,355 -242 294 -201 -85 -25 1,295 479 1,172 357 833 2,619 1963....................... 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 1,696 1964....................... 1,303 -516 507 -483 317 -30 1,408 476 458 1,699 2,644 2,694 1965....................... 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 3,319 1965-,1.................. 554 -256 -5 -5 39 9 281 97 64 100 351 901 II................ 814 138 234 -36 57 -28 293 116 201 139 1,156 719 Hi............... 625 -210 223 -19 37 21 554 72 255 149 282 506 612 -243 163 -10 52 -3 215 -189 124 130 918 1,193 1966—1................. 1,440 -543 169 49 348 28 756 166 249 168 270 1,591 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. 1382. actions only. As contrasted with data shown on p. 1381, new issues exclude OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales 1 Re 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—July... 332 147 185 30,749 1,616 29,133 1956.............. 1,347 433 914 9,046 492 8,554 Aug... 272 142 129 31,762 1,815 29,947 1957.............. 1,391 406 984 8,714 523 8,191 Sept... 381 183 199 32,824 1,787 31,037 1958.............. 1,620 511 1,109 13,242 634 12,608 Oct.... 394 173 220 33,921 1,758 32,163 Nov... 360 163 197 34,533 1,847 32,686 1959.............. 2,280 786 1,494 15,818 860 14,958 Dec... 475 176 299 35,220 1,803 33,417 1960.............. 2,097 842 1,255 17,026 973 16,053 1961.............. 2,951 1,160 1,791 22,789 980 21,809 1966—Jan.... 507 191 316 36,213 2,009 34,204 1962.............. 2,699 1,123 1,576 21,271 1,315 19,956 Feb... 440 229 211 36,178 2,094 34,084 Mar.. 592 244 348 36,173 2,040 34,133 1963.............. 2,460 1,504 952 25,214 1,341 23,873 Apr... 538 255 284 37,136 2,107 35,029 1964.............. 3,404 1,875 1,528 29,116 1,329 27,787 May,. 478 216 261 35,453 2,278 33,175 1965.............. 4; 359 1,962 2,395 35,220 1,803 33,417 June,. 380 194 186 35,429 2,337 33,092 July... 363 153 210 35,082 2,472 32,610 1 Includes contractual and regular single purchase sales, voluntary Note.—Investment Co. Institute data based on reports of members, and contractual accumulation plan sales, and reinvestment of invest­ which comprise substantially all open-end investment cos. registered with ment income dividends; excludes reinvestment of realized capital gains the Securities and Exchange Commission. Data reflect newly formed dividends. 2 Market value at end of period less current liabilities. cos. after their initial offering of securities. 3 Cash and deposits receivables, all U.S Govt, securities, and other short-term debt securities, less current liabilities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1384 BUSINESS FINANCE SEPTEMBER 1966 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: Operating revenue............................... 9,189 9,440 9,560 9,778 10,208 2,467 2,506 2,385 2,582 2,575 2,668 Profits before taxes..................................... 625 729 816 829 980 204 208 145 259 248 328 Profits after taxes........................................ 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

SEPTEMBER 1966 BUSINESS FINANCE 1385 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e a ro f x o f e i r s t e s c ta o I x n m e ­ s e P t a a r f o x t f e e i r s t s d C d e i a n v s d i h ­ s tr U p i r b n o u d f t i i e t s s d ­ co c a n a l t l i s p o o u i w n t m a ­ l p ­ Quarter P b t e a ro f x o f e i r s t e s c ta o I x n m e ­ e s P t a r a f o x t f e e i s r ts d C d e i a n v s d i h ­ s tr U p i r b n o u d f t i i t e s s d ­ co c a n a t l i l s p o o u i w n t m a ­ l p ­ ances 1 ances 1 1958 .............. 41,4 19.0 22.3 11,6 10.8 22.0 1964—IV... 67.7 28.6 39.0 17.7 21.4 34,8 1959.............. 52.1 23.7 28.5 12.6 15.9 23,5 I960.............. 49.7 23,0 26.7 13.4 13.2 24.9 1965—I.... 74.5 30.7 43.8 18.1 25.7 35.2 IL... 74.5 30.7 43.8 18.8 25.0 36.0 1961.............. 50,3 23.1 27.2 13,8 13,5 26.2 III... 75.0 30.9 44.1 19.5 24.6 36.8 1962.............. 55,4 24,2 31.2 15,2 16.0 30.1 IV... 78,7 32.4 46.3 20.2 26.1 37.2 1963.............. 59.4 26.3 33.1 16,5 16,6 31.8 1964.............. 67,0 28,4 38.7 17.3 21.3 33.9 1966—I.... 82.7 34.1 48.7 20.9 27,8 37.7 1965.............. 75.7 31,2 44.5 19.2 25.3 36.3 IP... 82.9 34,2 48.7 21.1 27.7 38.5 i Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages, adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working u. s. receivable payable Accrued capital Total Cash s G ec o u v r t i , ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o . v S t . .1 Other taxes 1958............................. 118.7 255.3 37,4 18.8 2.8 106.9 81.9 7.5 136,6 1.7 88.7 12.9 33.3 1959............................. 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99.3 15.0 37.0 I960............................. 128.6 289.0 37.2 20.1 3.1 126.1 91.8 10.6 160.4 1.8 105.0 13.5 40.1 1961............................. 135.6 306,8 41.1 20.0 3.4 135.8 95,2 11.4 171,2 1.8 112.8 14.1 42.5 1962............................. 142.8 326.7 42.9 20.2 3.7 146.7 100.9 12.4 184,0 2.0 121.2 15.0 45.7 1963............................ 151.2 349.9 44,5 20.6 3.6 159.7 107.3 14.3 198.8 2.5 131.8 16.3 48.2 1964............................. 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 in..................... 169.1 393.5 43,6 16.0 3.6 188.3 123.4 18.6 224.4 3.1 150.2 17.0 54.1 IV..................... 171.7 405.8 47.1 17.0 3.9 193.0 126.6 18.3 234.1 3.1 157.4 19.0 54.6 1966—I........................ 174.7 411.5 44.8 17.1 3.9 195.7 130.5 19. 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 bl ­ e Mining Railroad Other u P t u il b it l i i e c s n C i o ca m ti m on u s ­ Other I a ( r n S a n . t A u e) a . l 1958........................................ 30.53 5.47 5.96 .94 .75 1.50 6.09 2.62 7,20 1959........................................ 32.54 5.77 6.29 .99 .92 2,02 5.67 2.67 8,21 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 19662?..................................... 60.86 13.96 13.11 1.46 1.96 3.62 8.16 18.60 1964—IV................................. 12.84 2.83 2.76 .33 .35 .64 1.76 1.17 3.01 47.75 1965—I.................................. 10.79 2.25 2.28 .29 .39 .58 1.32 1.08 2.59 49,00 12.81 2.76 2,70 .33 .44 .77 1.71 1.24 2.85 50.35 Ill.......................... 13.41 2.91 2.82 .32 .44 .72 1.88 1,22 3.10 52.75 IV................................. 14.95 3.48 3.24 .35 .46 .73 2.04 1.41 3,25 55.35 1966—I................................... 12.77 2.87 2.74 .33 .40 .75 1.60 1.26 2.83 58.00 II................................. 15.29 3.51 3.27 .40 .55 1,00 2.09 1.42 3.06 60.10 hpr........................... 15.64 3,54 3.30 .36 .47 .90 2.22 4.84 61.60 IV”........................ 17.16 4.04 3,80 .37 .54 .97 2.25 5.19 63.55 i 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

1386 REAL ESTATE CREDIT SEPTEMBER 1966 MORTGAGE DEBT OUTSTANDING (In billions of dollars) AU properties Farm Nonfarm Other Multifamily and Mortgage holders 2 1- to 4-family houses commercial properties4 type 5 E pe n r d i o o d f h A e o r l l s d l ­ t F u i t i n c i n i o s a a t n l i n ­ s ­ i a U c g i . e e S n s . ­ v o I i a t d n h n u d e d a i r ­ l s s h A e o r l l s d l ­ tu F i t i n c i n o i s a a t n l i n s ­ ­ 1 O h e o t r h l s d e 3 r ­ h A e o r l l s d l ­ Total tu F i t n i i n o s a t n i n ­ s , 1 O h e o t r h l s d e ­ r Total tu F i t n i i n o s a t n i n ­ s , i O h e o t r h l s d e ­ r w u F n V r H i d A t A e te - r - n ­ t C i v o e o n n n a ­ ­ l 1941........... 37,6 20,7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945........... 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1960........... 206.8 157.6 11.2 38.0 12.8 4.7 8.2 194.0 141.3 117.9 23.4 52.7 35.0 17.7 62.3 131.7 1961........... 226.3 172.6 11.8 41.9 13.9 5.0 8.9 212,4 153.1 128.2 24.9 59.3 39.4 19.9 65.5 146,9 1962........... 251.6 192.5 12.2 47.0 15.2 5.5 9.7 236.4 166,5 140.4 26.0 69.9 46.6 23.4 69.4 167.0 1963........... 281.2 217.1 11.2 52.9 16.8 6.2 10.7 264.4 182.2 156.0 26.2 82.2 54.9 27.3 73.4 190.9 1964........... 311.6 241.0 11.4 59.2 18.9 7.0 11.9 292.7 197.6 170.4 27.2 95.1 63.6 31.4 77.2 215.6 1965*......... 341.7 264.5 12.4 64.8 21.2 7.8 13.4 320.6 213.5 185.0 28.5 107.0 71.7 35.3 81.2 239.4 1963—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 '234.9 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.... 317.7 245.8 11.6 60.3 19.5 7.2 12.3 298.3 200,7 173.4 27.4 97.5 65.3 32.2 77.9 220.4 II... 325.9 252.2 11.7 62,0 20.2 7.4 12.8 305.7 205.2 177.4 27,7 100.5 67.4 33.1 78.7 227.0 IIP. 333.9 258.6 11.9 63.4 20.7 7.6 13.1 313.2 209.5 181.5 28.0 103.7 69.5 34.2 80.0 233.2 IV".. 341.7 264.5 12.4 64.8 21.2 7.8 13.4 320.6 213.5 185.0 28.5 107.0 71.7 35.3 81.2 239.4 1966—P... 348.1 269.2 13.5 65.4 21.8 8.0 13.7 326.4 216.7 187.8 29.0 109.6 73.4 36.2 82.1 244.3 IP.. 355.2 274.1 14.4 66.7 22.5 8.3 14.2 332.7 220.4 190.6 29.7 112,3 75.2 37.1 82.7 250.0 1 Commercial banks (including nondeposit trust cos. but not trust savings and loan assns. depts,), mutual savings banks, life insurance cos., and savings and loan, 5 Data by type of mortgage on nonfarm 1- to 4-family properties alone assns. t are shown on second page following. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Note.—Based on data from Federal Deposit Insurance Corp., Federal Other U.S agencies (amounts small or current separate data not readily Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul­ available) included with “individuals and others.” ture and Commerce, Federal National Mortgage Assn., Federal Housing 3 Derived figures; includes debt held by Federal land banks and farm Admin„ Public Housing Admin,, Veterans Admin,, and Comptroller debt held by Farmers Home Admin. of the currency. * Derived figures; includes small amounts of farm loans held by Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other 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 ­ ­ n fa o r n m ­ 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 8,045 9,267 9,029 2,753 51 1962............................... 34.476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963.............................. 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964............................... 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965............................... 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 1963—IV....................... 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964—i......................... 40,200 26,894 7,110 2,824 16,960 10,894 2,412 37,155 33,506 11,004 10,639 11,863 3,597 52 II........................ 41,648 27,750 7,158 2,793 17,799 11,340 2,558 38,199 34,407 11,376 10,826 12,205 3,739 53 in...................... 42,948 28,432 7,250 2,786 18,396 11,896 2,620 39,381 35,449 11,826 10,977 12,646 3,879 S3 IV.................. 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 S3 1965—1.......................... 44,799 29,388 7,329 2,722 19,337 12,723 2,688 41,521 37,357 12,664 11,228 13,465 4,112 52 II.................. 46,548 30,383 7,469 2,712 20,202 13,371 2,794 42,467 38,214 13,036 11,322 13,856 4,202 51 48,353 31,574 7,641 2,700 21,233 13,926 2,853 43,539 39,153 13,412 11,368 14,373 4,334 52 IV....................... 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 1966__P .. 50,575 45,361 IP 52,024 45,875 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 fot 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

SEPTEMBER 1966 REAL ESTATE CREDIT 1387 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total VA- Farm 1 Total VA- Farm Total in F s H u A re - d a g n u te a e r d ­ Other 1 Total in F s H ur A e - d a g n u te a e r­ d Other 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. 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 1965. 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1965--June.................................. 926 827 142 39 646 99 57,396 52,813 11,844 6,383 34,586 4,583 July................................... 834 759 121 40 598 75 57,663 53,041 11,866 6,361 34,814 4,622 Aug................... 867 798 144 41 613 69 58,017 53,359 11,914 6,340 35,105 4,658 Sept................................... 932 868 142 45 681 64 58,411 53,723 11,950 6,326 35,447 4,688 Oct................................ 932 868 161 44 663 64 58,824 54,103 12,010 6,316 35,777 4,721 Nov................................... 959 890 149 41 700 69 59,276 54,525 12,063 6,307 36,155 4,751 Dec.................................... 1,248 1,079 154 42 883 169 60,021 55,197 12,094 6,292 36,811 4,824 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 May.................................. 816 709 93 31 585 107 62,101 56,980 12,310 6,244 38,426 5,121 June.................................. 908 830 107 34 689 78 62,547 57,381 12,330 6,225 38,826 5,166 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) New Period Ad­ Repay­ Members Period Total ‘ h s c t o r o m u n c ­ e ­ H c p h o u a m r s ­ e e Total 2 F su H in r A e ­ d - a g V n u t A e a e r - ­ d t C v io e o n n n a ­ ­ l vances ments Total t S e h rm or t­ 1 t L e o rm ng ­ 2 deposits 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 2320 2,662 1,447 1,216 1,180 1961............ 17'364 5,081 7; 207 68,834 4; 167 7,152 57,515 1962....................... 4,111 3394 3; 479 2;005 1,474 1,213 1962........... 20,754 5,979 8; 524 78,770 4376 7,010 67384 1963....................... 5301 4396 4384 2363 1,921 1,151 1963............ 24;735 7,039 9; 920 90,944 4.696 6,960 79,288 1964....................... 5365 5,025 5,325 2346 2,479 1,199 1964............ 24,505 6,515 10,397 101,333 4,894 6,683 89,756 1965....................... 5,007 4335 5,997 3,074 2,923 1,043 1965............ 23,847 5,922 10,697 110,202 5,141 6,391 98,670 1965—July........... 613 406 5,793 3,176 2,617 912 1965—July.. 2,186 520 1,063 106,668 5,020 6,544 95,104 Aug........... 355 378 5,’77O 2,951 2;«19 902 Aug.. 2,187 511 1,099 107,513 5,047 6,504 95,962 3’10 278 5,802 2; 908 2,894 942 Sept.. 2,079 490 1,015 108,255 5,079 6,477 96,699 337 312 5,826 2324 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 5 397 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 99,176 171 330 5r,739 2,837 2,901 795 Feb.. 1,554 307 645 111,246 5,177 6,361 99,708 Mar............ 214 266 5,687 2,598 3,089 823 Mar.. 1,998 454 814 112,001 5,195 6,331 100,475 Apr, 967 138 6,516 3,343 3.173 811 Apr.. 1,888 430 798 112,736 5,212 6,311 101,213 339 152 6304 3,691 3,012 840 May. 1,696 390 773 113,249 5,236 6,293 101,720 171 92 6383 3; 865 2,918 972 June. 1,629 340 823 113,669 5,245 6,279102,145 July............ 838 279 7,342 4,471 21871 710 July”. 1,237 270 640 113,723 5,236 6,252102,235 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

1388 REAL ESTATE CREDIT SEPTEMBER 1966 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (Tn millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total h N o M m ew e o s rtga h i g o s E e t m i x s n ­ e g s e P c r t o s j­ 1 m p P r e i e r o m r o n t v y t p ­ e s ­ ­ 2 Total 3 h N o M m ew e o s rtga h i g s o E e t m i x s n ­ e g s E pe n r d io o d f Total Total s F u i H n re ­ A d - a g n V u te A a e r - d ­ 1 t C i v o e o n n n a ­ ­ l 1945............... 18.6 4.3 4.1 .2 14.3 1945 .......................... 665 257 217 20 171 192 1957............... 107.6 47.2 16.5 30.7 60.4 I960............................ 6,293 2,197 2,403 711 982 1,985 1,554 428 1958............... 117.7 50.1 19.7 30.4 67.6 1961............................ 6,546 1,783 2,982 926 855 1,829 1 J70 656 1959................ 130.9 53.8 23.8 30.0 77.0 1962............................ 7,184 1,849 3,421 1,079 834 2,652 1,357 1,292 1960............... 141.3 56.4 26.7 29.7 84.8 1963............................ 7,216 1,664 3^905 843 804 3^045 1'272 11770 1964............................ 8'130 1,608 4,965 895 663 2,846 1,023 1,821 1961............... 153.1 59.1 29.5 29.6 93.9 1965........................... 8,689 1,705 5,760 591 634 2,652 876 11774 1962................ 166.5 62.2 32.3 29.9 104.3 1963............... 182.2 65.9 35.0 30.9 116.3 1965--July.................. 776 140 506 71 58 217 65 152 1964............... 197.6 69.2 38.3 30.9 128.3 Aug................. 875 163 594 51 67 245 78 167 1965*.............. 213.5 73.1 42.0 31.1 140.4 860 159 597 42 62 254 78 177 Oct............. 811 161 554 45 52 245 81 163 1963—IV........ 182.2 65.9 35.0 30.9 116.3 Nov................. 824 156 550 61 57 243 79 163 Dec.................. 780 165 533 38 43 228 77 151 1964—I.......... 185.4 66.6 35.7 31.0 118.8 II......... 189.8 67.3 36.3 30.9 122.5 1966—Jan................... 800 180 547 42 30 236 80 156 Ill........ 193.9 68.4 37.4 31.1 125.4 Feb.................. 639 134 378 96 32 190 69 121 IV........ 197.6 69.2 38.3 30.9 128.3 Mar................. 753 160 447 68 78 163 59 104 Apr........... 636 139 376 66 54 132 51 81 1965—1.......... 200.7 70.1 39.0 31.1 130.7 May.......... 608 137 361 56 55 167 62 104 II......... 205.2 70.7 39.7 31.0 134.4 June,................ 685 152 405 69 60 205 71 134 III*... . 209.5 72.0 40.9 31.i 137.4 July.................. 604 136 368 42 58 219 72 147 iv*.... 213.5 73.1 42.0 31.1 140.4 1966—1*........ 216.7 74.1 43.0 31.1 142.6 i Monthly figures do not reflect mortgage amendments included in annual totals. II*........ 220.4 74.6 43.7 30.9 145.8 2 Not ordinarily secured by mortgages. J 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 F su H in re A ­ d - a g n V u t A e a e r - d ­ Pur­ Sales bu d u r i n s s ­ e ­ d Total i F ns H u A re - d C ti o o n n v a e l n­ chases 1945 ............................... 17.0 12.2 12.2 4.8 1960.......................... 6,159 3,356 2,803 1,248 357 576 1957............................... 48.9 38.5 4.4 34.1 10.4 1958 ............................... 54.1 43.0 5.1 37.9 11.1 1961........................... 6,093 3,490 2,603 815 541 631 1959............................... 60.0 47.9 5.4 42.5 12,1 1962........................... 5'923 3,571 2,353 740 498 355 1960............................... 65.5 52.7 5.9 46.8 12.8 1963.......................... 4,650 3,017 1,634 290 1,114 191 1964.......................... 4,412 2,996 1,416 424 251 313 1961............................... 73.2 59.3 6.4 52.9 13.9 1965.......................... 4,731 3,404 1,327 913 200 793 1962............................... 85.1 69.9 7.2 62.7 15.2 1963 ............................... 99.0 82,2 7.5 74.7 16.8 1965—July................ 4,309 3,012 1,297 49 9 376 1964............................... 114.0 95.1 7.9 87.2 18.9 Aug......... 4'332 3,039 1 '293 '55 418 1965*............................. 128.2 107.0 8.0 99.0 21.2 4 372 3,083 I ’289 78 443 Oct................. 4,436 3,145 L290 96 559 1963—11........................ 91.7 75.5 7.4 68.1 16.2 Nov......... 4359 3’255 1,304 155 674 in............. 95.2 78.6 7.5 71.2 16.6 Dec................ 4,731 3,404 1,327 205 793 IV....................... 99.0 82.2 7.5 74.7 16.8 1966—Jan........ 4,948 3,588 1,360 246 62 923 1964—1........................ 101.9 84.6 7.6 77.0 17.3 5’215 3,811 1,404 295 829 ri......................... 105.8 8L7 7.7 80.0 18.1 Mar......... 5,528 4,077 r,45i 344 750 in 109.7 91.2 7.8 83.5 18.5 Apr................ 5,744 4,268 1,476 250 691 IV....................... 114.0 95.1 7.9 87.2 18.9 May............... 5,922 4,430 1,492 209 650 June............... 6'082 4'581 1,501 194 625 1965—1......................... 117.0 97.5 7.9 89.6 19.5 July................ 6,319 4^787 1,532 265 ........5..1..1 II......................... 120.7 100.5 8.0 92.5 20.2 HI*..................... 124.4 103.7 8.0 95.7 20.7 IV*......... 128,2 107.0 8.0 99.0 21.2 Note.—Federal National Mortgage Assn, data including mortgages subject to participation pool of Government Mortgage Liquidation 1966—1.......................... 131.4 109.6 8.0 101.6 21.8 Trust, but excluding conventional mortgage loans acquired by FNMA II......................... 134.8 112.3 8.0 104.3 22.5 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

SEPTEMBER 1966 REAL ESTATE CREDIT 1389 CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a o a n e t c n e t r ) t ­ c F c h ( e e a p e n r e s t g r ) e & i s M (y a e t a u r r s i ) ty L c p r ( a e o p r n t i a e i c t o n r e ) / (t d h c o p o P h l r u l u i a a c s s r r e . e ­ s o ) f o ( f a m m L d i o l o o l l a i u l o n a n n r t s s ) C c t ( r r e p a o a n e t c n e t r ) t ­ c F c h ( e e a p e n r e s g t r ) e & i s M (y a e t a u r r s i ) ty L c r p ( a e o p r t n i a e i c t o r n ) e / (t d h c o p o P h l r u l u a i a s c s r r . e e ­ s o ) f o ( a m f m L d i o l o o l l a i l u o n a n n r t s s ) 1963. 5.84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1964 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965. 5.76 .54 24.8 74.1 24.7 18.1 5.89 .50 20,4 72 0 19.7 14 1 1965-—July............ 5.77 .55 25.0 75.0 24.7 18.3 5.86 .49 20.6 72.5 20.2 14.5 Aug............ 5.76 .50 24.5 73.8 24.9 18.2 5.86 .46 20.4 72.1 19.7 14.1 Sept............ 5.75 .56 24.9 73.7 24.9 18.1 5.89 .47 20.1 71.6 19.2 13.7 Oct............. 5.75 .53 24.8 73.8 25.1 18.3 5.87 .48 19.9 71.3 19.6 13.9 Nov........ 5.80 .54 25.0 74.9 25.1 18.5 5.91 .50 20.4 72.0 1 9.4 13.9 Dec............. 5.78 .58 24.8 74.0 25.2 18.4 5.91 .51 20.6 72 4 20.2 14.5 5.81 .51 24.6 73.4 24.7 18.0 5.97 .49 20.6 72.6 19.9 14.3 Feb............. 5.85 .55 24.6 73.2 25.9 18.8 5.97 .51 20.3 72.0 20.2 14.4 Mar............ 5,90 .56 24.7 74.3 25.8 18.9 6.01 .53 20.9 72.5 20.3 14.7 Apr............. 5.99 .57 24.6 73.9 25.1 18.2 6.09 .54 20.6 72.2 20.3 1 4.5 May....... 6.02 .57 24.7 73.4 26.5 19.2 6.16 .56 20.6 71.8 20.6 14.7 June............ 6.07 .57 24.8 74.4 26.7 19.7 6.18 .47 20.0 70.6 21.0 c14.7 July............ 6.12 .67 24.2 72.1 27.1 19.3 6,24 .52 19.9 70.5 20.5 14.3 i Fees and charges—related to principal mortgage amount—include originated by major institutional lender groups (including mortgage loan commissions, fees, discounts, and other charges which provide companies) for purchase of single-family homes. Data exclude loans for added income to the lender and are paid by the borrower. They exclude refinancing, reconditioning, or modernization; construction loans to any closing costs related solely to transfer of property ownership. home-builders; and permanent loans that are coupled with construction Note.—Compiled by Federal Home Loan Bank Board in cooperation loans to owner-builders. See also the table on Mortgages; New and with Federal Deposit Insurance Corporation. Data are weighted averages Existing Homes, p. 1372. based on probability sample survey of characteristics of mortgages delinquency rates on home mortgages NONFARM MORTGAGE FORECLOSURES (Per 100 mortgages held or serviced) Rate Period Number (per cent of Loans not in foreclosure (thousands) mortgaged but delinquent for: Loans in structures) End of period fore­ closure Total 30 days 60 days o 9 r 0 m da o y r s e 1 1 9 9 6 6 1 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 3 6 . . 1 4 . . 3 4 7 2 1963......................................... 98.2 .45 1964........................................ 108,6 .48 1961......................... 3.10 2.27 .50 .33 .29 1965......................................... 116,7 .49 1962......................... 3.04 2.26 .50 .29 .30 1963......................... 3.30 2.32 .60 .38 .34 1965—1................................... 27,9 .48 1964......................... 3.21 2,35 .55 .31 .38 II................................. 30.1 .52 1965......................... 3.29 2,40 .55 .34 .40 Ill................................ 29.1 .50 IV................................ 29.6 .50 1965—1..................... 2.94 2.06 .54 .34 .37 ........3.....0..0..... 2.18 .52 .30 .38 1966—1.............................. 28.8 .48 HI................. 3.20 2.30 .56 .34 .38 IV.................. 3.29 2.40 .55 .34 .40 Note.—Federal Home Loan Bank Board estimates of number 1966—i..................... 3.02 2,13 .55 .34 .38 of nonfarm mortgaged structures at end of period and of non­ II................... 2.95 2.16 .49 .30 .38 farm properties acquired during period through foreclosure proceedings (excluding voluntary deeds in lieu of foreclosure and defaults on real estate contracts). Data exclude Alaska and Note.—Mortgage Bankers Association of America data from reports on 1 - Hawaii. to 4-family FHA-insured, VA-guaranteed and conventional mortgages held by more than 400 respondents, including mortgage bankers (chiefly), commercial banks, savings banks, and savings and loan associations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1390 CONSUMER CREDIT SEPTEMBER 1966 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A p o a u p b t e i o l r ­ e co O g p n o a s t o h p u d e e m r r s e r e a r n R n l d o i e z a p m a n a t s o i i o r d 1 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 ts S c e r r e v d ic it e 1939......................................... 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941......................................... 9,172 6,085 2,458 1^29 376 1322 3,087 845 1,645 597 1945......................................... 5^665 2,462 455 816 182 1 '009 3,203 746 1,612 845 I960......................................... 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961......................................... 57378 43,527 17,223 (1,857 3,191 11,256 14,151 5,136 5,324 3,691 1962......................................... 63,164 48,034 19,540 12,605 3,246 12,643 15,130 5,456 5,684 3,990 1963........................................ 70,461 54,158 22,433 13,856 3,405 14,464 16,303 6,117 5,871 4,315 1964......................................... 78,442 60,548 25,195 15,593 3,532 16,228 17,894 6,954 6,300 4,640 1965......................................... 87,884 68,565 28,843 17,693 3,675 18,354 19,319 7,682 6,746 4,891 1965—July.............................. 82,539 64,704 27,779 15,818 3,604 17,503 17,835 7,539 5,534 4,762 Aug............................. 83,319 65,508 28,111 15,996 3,648 17',753 17,811 7,575 5,498 4,738 Sept.............................. 83301 65,979 28,175 16,229 3,664 17,911 17,822 7,600 5,496 4,726 Oct............................... 84,465 66,511 28,393 16,492 3,676 17,950 17,954 7,624 5,645 4', 685 Nov.............................. 85,291 67,168 28,612 16,797 3,689 18,070 18,123 7,648 5,740 4,735 Dec............................. 87’884 68,565 28,843 17,693 3,675 18,354 19,319 7,682 6,746 4,891 1966—Jan............................... 87,027 68,314 28,789 17,566 3,634 18,325 18,713 7,666 6,107 4’, 940 Feb............................... 86^565 68,279 28,894 17,386 3,603 18,396 18,286 7,731 5,505 5,050 Mar.............................. 87,059 68,827 29,248 17,450 3,597 18,532 18,232 7,795 5,393 5,044 Apr............................... 88,184 69,543 29,597 17,597 3,602 18,747 18,641 7,836 5,670 5,135 89,092 70,209 29,908 17,732 3; 642 18,927 18,883 7,925 5,860 5'098 June............................. 90,070 71,194 30,402 17,959 3,677 19,156 18,876 7,901 5,908 5,067 July.. .......................... 90,650 71,862 30,680 18,165 3,711 19,306 18,788 7,844 5,888 5,056 1 Holdings of financial institutions; holdings of retail outlets are in- hold, family, and other personal expenditures, except real estate mortgage eluded 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 rc m ia ­ l fi S n a a l n e c s e u C n r i e o d n i s t s C um on e ­ r Other 1 Total D m ep en ar t t­ F t u u r r n e i ­ A a p n p ce li ­ m A o u b to il ­ e Other banks cos. finance1 stores 2 stores stores dealers3 1939 .............................. 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 ....................... 6'085 4,480 1,726 i;797 198 759 1^05 320 496 206 188 395 1945 ........................... 2,462 1 '776 745 '300 102 629 686 131 240 17 28 270 1960.............................. 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 37^35 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 29,173 16,138 7,512 5,606 1,844 8,292 4,488 1,235 302 447 1 ;820 1965__July................... 64,704 57,537 27,705 15,565 7,124 5,334 1,809 7,167 3,811 1,090 284 425 1,557 Aug................... 65,508 58;296 28,107 15,721 7,235 5,387 1,846 7,212 3,847 1J03 287 431 1^544 Sept................... 65,979 58,'703 28,343 15,802 7,310 5,410 1,838 7,276 3,910 1,117 289 433 1,527 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 67;168 59,567 28,855 15,963 7,436 5,465 1,848 7,601 4,101 1,167 297 443 1,593 Dec.................... 68;565 60,273 29,173 16,138 7,512 5,606 1,844 8,292 4,488 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 I6;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. 70 ,’209 62,178 30,507 16,263 7,839 5,695 1,874 8,031 n.a. n.a. n.a. 472 n.a. June................. 71,194 63,097 31,013 16,454 8,009 5,742 1,879 8,097 n.a. n.a. n.a. 480 n.a. July................... 71,862 63,745 31,398 16,585 8,093 5,791 1,878 8,H7 n.a. n.a. n.a. 485 n.a. 1 Consumer finance cos. included with “other” financial institutions 3 Automobile paper only; other instalment credit held by automobile until 1950. dealers is included with “other” retail outlets. 2 Includes mail-order houses. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 CONSUMER CREDIT 1391 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) End of period Total ch P A a u s u r e ­ t p d o a m pe o D r b i i r l e e c t s g O p c u o a o t m o p h n d e e e ­ s r r r e R l m r t o a e n i n a o o p i n z d n a d s a i ­ r ­ l s P o o a e n n r a ­ s l End of period Total m A pa o u p b t e o il r ­ e s O g p c u o a o t m o p h n d e e e ­ r s r r m R i l z o a o e a a n p d ti n d a e o s i r n r n ­ l s P o o a e n n r a ­ s l 1939................................ 1,197 878 115 148 56 1939......................... 1,079 237 178 166 135 363 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 I960........................ 16,672 5,316 2,820 2,759 2,200 3,577 1961................................ 11,273 6*811 3 100 161 1 201 1961......................... 17,008 5,391 2,860 2,761 2,198 3,798 1962.............................. 12,194 7,449 3 123 170 1,452 1962......................... 19,005 6,'184 3,451 2,824 2,261 4,285 1963................................ 13'523 8 228 3 383 158 [754 1963......................... 22,023 7,381 4,102 3,213 2,377 4,950 1964................................ 14,762 8 701 3 889 142 2 030 1964......................... 25,094 8,691 4,734 3,670 2,457 5,542 1965 ............................... 16,138 9,241 4 429 123 2,345 1965......................... 29,173 10,310 5,721 4,266 2,543 6,333 1965—July..................... 15,565 9,174 4,067 133 2,191 1965---July.............. 27,705 9,761 5,449 3,917 2,497 6,081 15’,721 9,235 4 125 131 2,230 Aug.............. 28,107 9,909 5,521 3,984 2^24 6,169 Sept..................... 15*802 9,196 4 204 129 2,273 Sept.............. 28,343 9'985 5,516 4,062 2,539 6,241 Oct....................... 15,876 9,201 4*269 128 2,278 Oct............... 28,618 10,119 5,570 4,125 2,550 6,254 15,963 9,210 4 332 126 23?5 Nov............. 28^855 10.220 5,645 4,172 2,553 6,265 Dec..................... 16,138 9,241 4,429 123 2345 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 10J61 5^785 4,311 2,484 6,371 16 J06 9 214 4 422 116 2,354 Mar.............. 29^684 10,533 5,885 4^351 2,476 6,439 Apr..................... 16,191 9361 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 30,507 10352 6,037 4,491 2,502 6,625 16,454 9,395 4338 111 2,410 June........ 31,013 11,075 6,124 4,581 2,529 6,704 July.................... 16385 9,457 4,579 112 2,437 July.............. 31,398 11,219 6,157 4,713 2,555 6,754 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 Service 1 1 1 9 9 9 4 3 4 1 9 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 7 73 5 8 1 7 9 12 8 5 1 2 4 2 2 36 0 4 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 t n t i i s h a o a t e n l i n ­ r ­ s s m p t D o a e r e r n e t ­ ­ s t 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 I960................................ 9,074 1,665 771 800 5,837 1961................................. 9,654 1*819 743 832 6,257 1939............. 2,719 625 162 236 1,178 518 1962................................. 10,583 2,111 751 815 6,906 1941............. 087 693 152 275 1,370 597 1963................................ 11359 2394 835 870 7,760 1945............. 3363 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 I960............. 13,196 3,884 623 941 3 952 436 3 360 1961............. 14,151 4*413 723 948 3,907 469 3,691 1965—July.................... 14,267 2,970 1,092 974 9,231 1962............. 15,130 4,690 766 927 4352 505 3,990 Aug. ............... 14,468 3,015 1,106 993 9,354 1963............. 16,303 5305 912 895 4.456 520 4,315 Sept...................... 14,558 3'045 1,120 996 9,397 1964............. 17'894 5,950 1,004 909 4,756 635 4,640 Oct....................... 14,611 3,065 1,130 998 9,418 1965 ............. 19,319 6*587 1,095 968 5',055 723 4,891 Nov............ 14349 3*094 1,135 1,010 9,510 Dec...................... 14,962 3,124 1,153 1,009 9,676 1965—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...................... 14^47 3; 110 1,155 1,002 9,680 Oct... 17,954 6,546 1,078 682 4,221 742 4,685 Mar.............. 15,073 31157 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 3 358 1,203 1,027 9,920 June............... 15,630 3 328 1323 1337 10,042 1966—Jan... 18,713 6,574 1,092 855 4,509 743 4,940 July..................... 15,762 3,362 1341 1,044 10,115 Feb... 18,286 6,630 1,101 n.a. n.a. 746 5,050 Mar... 18,232 6,676 1,119 n.a. n.a. 755 5,044 Apr... 18,641 6,717 1,119 n.a. n.a. 765 5,135 Note.—Institutions represented are consumer finance companies, credit May.. 18,883 6,784 1,141 n.a. n.a. 788 5,098 unions, industrial loan companies, mutual savings banks, savings and June.. 18,876 6,767 1,134 n.a. n.a. 824 5,067 loan assns., and other lending institutions holding consumer instalment July... 18,788 6,720 1,124 n.a. n.a. 861 5,056 loans. See also Note to first table on previous page. 1 Includes mail-order houses. 2 Service station and misc. credit-card accounts and home-heating oil accounts. See also Note to first table on previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1392 CONSUMER CREDIT SEPTEMBER 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.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 49,560 17,654 14,470 2,213 15,223 1961......................................... 48,396 16,007 14,578 2,068 15,744 1962......................................... 55,126 19,796 15,685 2; 051 17,594 (963......................................... 61,295 22,292 17,102 2,198 19,’703 (964......................................... 67,505 24,435 19,473 2,204 21,393 ............ 75,508 27,914 21,454 2^38 23,902 1965--July.............................. 6,383 6,537 2,355 2,524 1,818 1,777 180 201 2,030 2,035 Aug.............................. 6,385 6,493 2,372 2,401 1,816 1,789 194 226 2,003 2,077 Sept.............................. 6,434 6,085 2,385 2,088 1 ,859 1,849 176 189 2,014 1,959 Oct................. 6,425 6,247 2'338 2,318 1,907 1,899 179 183 2,001 1,847 Nov.............................. 6',530 6,608 2^480 2,410 L873 2,004 185 189 1,992 2,005 Dec.............................. 6,489 7,519 2,443 2,328 1,862 2,657 185 163 1,999 2,371 1966-—Jan................. 6,544 5,586 2,340 2,001 1,983 1,684 176 130 2,045 1,771 Feb............................. 6,492 5,517 2,340 2,084 1,957 1,527 171 130 2,024 1,776 Mar.............................. 6'673 6,865 2^479 2,676 1 ,959 1 ,890 183 174 2,052 2,125 Apr............................. 6,505 6,658 2’302 2,486 1,958 1,874 180 178 2,065 2,120 May............................. 6,472 6; 694 2,298 2,526 1,933 1,898 186 215 2,055 2,055 June............................ 6^675 7,236 2,419 2,746 1 ,944 2,013 189 215 2,123 2,262 July.............................. 6,732 6,670 2,'383 2,466 2,050 1,945 189 203 2,110 2,056 Repayments 1QAA 45,972 16,384 13,574 1,883 14,130 (961 ....................................... 47,700 16,472 14,246 2,015 14,967 IQA7 ................................. 50,620 17,478 14,939 1,996 16,206 1963. 55,171 19,400 15,850 2,038 17,883 61,121 21,676 17,737 2,078 19,630 ....... 67,495 24,267 19,355 2,096 21,777 1965--July.............................. 5,659 5,682 2,007 2,025 1 ,608 1,607 171 173 1,873 1,877 Aug............................. 5,729 5,688 2,068 2,068 1,662 1 ,611 180 182 1,819 1,827 Sept.............................. 5,748 5,616 2,056 2,024 1,638 1 ,617 171 173 1,883 1,802 Oct................. 5,805 5,714 2,080 2,099 1,670 1,636 171 171 1,884 1,808 Nov.............................. 5,831 5,955 2^148 2,193 1,683 1,700 176 177 1,824 1,885 Dec............................... 5,855 6,120 2,107 2,097 1,720 1,760 175 176 1,853 2,087 1966-—Jan................................ 5,947 5,837 2,115 2,055 1,778 1,811 176 171 1,878 1,800 Feb............................... 5,954 5,552 2,135 1,979 1,781 1,707 174 161 1,864 1,705 Mar............................. 6,024 6,317 2,216 2,322 1 ,708 1,826 176 180 1,924 1,989 Apr............................... 5,974 5,942 2,145 2,137 1,729 1,727 175 173 1,925 1,905 May................ 5^979 6,028 2,159 2,215 1,784 1,763 172 175 1,864 1,875 June............................ 6,126 6^251 2,211 2,252 1,767 1,786 176 180 1,972 2,033 July.............................. 6,168 6; 002 2^238 2,188 1,803 1,739 174 169 1,953 1,906 Net change in credit outstanding 2 1960. 3,588 1,270 896 330 1,093 IGAI 696 -465 332 53 777 1962 4,506 2,318 746 55 1,388 1963 6,124 2,892 1 ,252 160 1,820 1964 6,384 2,759 1,736 126 1,763 1QAS 8,013 3,647 2,099 142 2,125 1965--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 June............................. 549 985 208 494 177 227 13 35 151 229 July.............................. 564 668 145 278 247 206 15 34 157 150 i 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

SEPTEMBER 1966 CONSUMER CREDIT 1393 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a in n a i n es ce Ot i h n e st r i t f u in ti a o n n c s ial Retail outlets Period S.AJ N.S.A. S.A.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 121282 7336 1962......................................... 55,126 20,474 11,999 131525 9,128 1963.. . . ........... 61,295 23,344 12,664 14,894 10,393 1964......................................... 67'505 25350 14,020 16,'25I 11,284 1965 . ....................... 75,508 29,738 15,075 18,120 12,575 1965—July.............................. 6,383 6,537 2,516 2,648 1,253 1,318 1,538 1,557 1,076 1,014 6,385 6,493 2,575 2,608 1,256 1,293 1,514 1,576 1,040 1,016 Sept............................ 6'434 6,085 2,567 2,386 1,311 1,228 1,514 1,440 1,042 1 ,031 Oct .............................. 6,425 6,247 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 1,512 1,574 1,092 1,224 Dec............................. 6389 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............................. 6392 5,517 2,517 2,243 1,230 1,057 1,559 1,338 1,186 879 Mar........................... ■ 6,673 6,865 2,619 2,784 1,273 1,318 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 1,118 J une............................. 6'675 7,236 2,619 2,912 1,260 1,383 1,643 1,772 1,153 1,169 July.............................. 6,732 6,670 2,673 2,717 1,255 1,265 1,593 1,577 1,2(1 1,111 Repayments I960 ............ 45,972 16,832 10,442 11,022 7,676 1961.. ....................... 47,700 18,294 10,943 11,715 6,749 1962 . ....................... 50,620 18,468 11,434 12,593 8,125 1 %3 ....................... 55,171 20,326 12,211 13,618 9^016 1964..,. . ......................... 61,121 22,971 13,161 14,825 10J64 1965 ........... 67,495 25^663 13,699 16'443 11,690 1965—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 1966—Jan............................... 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 5,979 6,028 2,270 2,342 1,164 1,182 1,414 1,413 1,131 1,091 June........................... • 6,126 6,251 2,348 2,406 1,172 1,192 1,501 1,550 1,105 1,103 July.............................. 6,168 6,002 2,382 2,332 1,180 1,134 1 ,476 1,445 1,130 1,091 Net change in credit outstanding 2 1960 . ....................... 3,588 1,446 1,152 1,051 -61 1961........................................ '696 335 -199 578 -20 1962........................................ 4,506 1,997 921 932 656 1963........................................ 6,124 3,018 1,329 1,276 501 1964........................................ 6,384 3,065 1,239 1,426 654 1965........................................ 8,013 4,075 1,376 1,677 885 1965—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 16 531 716 246 443 97 85 117 148 71 40 ............4..9..3............. 666 277 380 64 72 133 187 19 27 June........................... 549 985 271 506 88 191 142 222 48 66 July............................. 564 668 291 385 75 131 117 132 81 20 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 Tn 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

1394 INDUSTRIAL PRODUCTION: S.A. SEPTEMBER 1966 MARKET GROUPING (1957-59=100) 1957-59 »1965 1965 1966 pro- Grouping por­ age tion July Aug. Sept. Oct, Nov. Dec. Jan, Feb. Mar. Apr. Mayr Juner Julyr Total index..................................... 100.00 143.3 144,2 144.5 143.5 145.1 146.4 148.7 150,2 151.9 153.4 153.8 155,2 156.5 157,4 Final product^ total............... 47.35 142.4 141.7 142,3 143,3 145.7 147.4 148.8 149.5 151.4 152.4 152.8 153.7 155.2 156.1 Consumer goods............... 32.31 140.2 139.3 139.5 140.7 141.7 142.8 144. 1 144.1 145.5 146.0 146.2 146.1 147.1 147.2 Equipment, including defense.... 15.04 146.9 147.0 148.4 149.0 154,3 157.3 158.8 161.3 164.1 166,2 166.9 170.1 172.6 175.1 Materials............................................. 52.65 144.1 146,4 146.1 143.7 144.3 145.6 148.7 150.4 152.0 154.3 154.6 156.6 158.1 158.9 Consumer goods Automotive products............... 3.21 167.1 167.8 169.8 166.5 168.6 168.8 169.4 168,5 167.6 171.6 168.8 160.7 162.3 153.9 Autos................................................ 1.82 182,6 184.6 184.3 178.1 181.1 182,5 182.4 180,3 177.8 183.8 180.6 166.0 167.8 151.5 Auto parts and allied products........ 1.39 146.8 145,8 150.7 151,2 152.0 150,8 152.4 153.1 154.3 155.5 153.3 153.6 155,2 157.2 Home goods and apparel. .......... 10.00 143.7 140.9 140.1 142.7 145.1 146.8 150.6 149,9 150.9 150,5 153.1 153.1 154.1 153.6 Home goods....................................... 4.59 154.7 151.2 149.8 153,0 156.9 159.0 164,8 165.7 166.2 164.1 168.2 169.5 168.8 167.0 Appliances, TV, and radios.......... 1,81 152.4 146.5 145.2 149.1 154.0 155.2 161.3 165.0 162.7 155.7 167.5 166,2 165.5 164.1 Appliances................................. 1.33 153,3 148.4 146.4 151.0 156,6 156.5 162.0 163,2 163.1 150.6 167.9 165.5 165,2 169.2 TV and home radios................. .47 149.8 141.3 141.9 143,6 146,6 151.5 159.3 170,0 161.7 170.0 166.1 168.0 166,3 149.8 Furniture and rugs....................... 1.26 154.2 154,0 152.3 152.0 154.9 157.4 161,0 163.3 164.0 165.5 166.3 169.1 170,1 165.5 Miscellaneous home goods........... 1.52 158.0 154.4 153.3 158.4 161.9 164,8 172.2 168.6 171,2 173.1 170,6 173.9 171,6 171.7 Apparel knit goods, and shoes........ 5.41 134.3 132.2 131.9 134.0 135.1 136.5 138.5 136.4 138,0 138.9 140,3 139,1 141.6 Consumer staples ................. 19.10 133.9 134.1 134.1 135.3 135.4 136,4 136.5 136.9 138.9 139.4 138.7 139.5 140.8 142. 7 Processed foods.................................. 8.43 122.2 122.4 121,6 121,6 122,2 123. 1 123.1 123,7 124.6 125.2 125.1 123.9 125.2 127,0 Beverages and tobacco..................... 2.43 125,7 123,9 123,6 127,5 126.0 128,2 128.5 128.6 132,3 134.4 128.9 129.8 131.1 Drugs, soap, and toiletries......... 2.97 157.0 157.0 160,1 161.3 159.2 161.2 162.7 164,0 166,0 165.9 167.3 171.6 173,0 174.6 Newspapers’ magazines, and books. 1.47 127.1 128.0 128.0 126.1 126.3 127.6 129.6 132,0 134,0 136.5 135.7 137.6 139.0 139.0 Consumer fuel and lighting............. 3.67 149,8 151.2 150.6 154.2 156.0 155.2 153.9 151.9 155.8 154.6 154,1 156.0 157.4 Fuel oil and gasoline..................... 1.20 122,4 123.1 123.1 122.6 124,8 126.6 126.4 125,1 124.0 125.2 128,4 128.7 128,6 128.0 Residential utilities........................ 2.46 163.2 164.9 164,0 169.7 171.1 169.2 167,4 165.0 171,2 168.9 166,7 169.3 171,5 Electricity.................................... 1.72 171.6 172,6 171.3 181.0 182.9 180.1 177.5 174.3 182.8 179.0 175.4 179.0 181.9 Gas.............................................. .74 144.0 Equipment .Business equipment.. >...................... 11.63 156.6 156.4 157.8 159,0 164.3 167.2 168.9 170.5 173. 175.4 175.9 178.6 181.4 183.8 Industrial equipment......................... 6.85 153.1 155.1 153.8 155.3 159.4 162,0 162,4 162.6 166.1 167.4 167.3 168,5 173.0 175,8 Commercial equipment............. 2.42 164.4 165.2 165.2 166.4 169,7 172.7 174.5 177.5 178.6 184.2 186,4 190.1 191.0 190.7 Freight and passenger equipment. .. 1.76 162,4 155.0 163.6 164.2 178.7 180,4 188.0 194.9 198,9 198.9 201.3 204.9 205.7 208.9 Farm equipment................................ .61 148.1 145.3 157.1 155.4 155,7 165.8 163.9 161.2 158.0 163,0 157.6 164.7 168,2 Defenveequipment................ 3.41 Materials Durable goods materials..................... 26.73 144.2 148,4 147.3 142.8 142.2 143.0 146.7 150.1 152.0 155.6 156.9 156.2 158,0 158,5 Consumer durable............................. 3.43 166.8 171.8 167.9 165.4 167.0 168.2 168,3 170.0 173,6 169.1 169.0 166.0 165.2 157 5 Equipment........................................ 7,84 151.9 153.3 154,7 154.2 158,4 160.0 163.2 165,8 170.0 171 .9 173,6 177.1 179.1 183,4 Construction....................................... 9,17 133.8 132.7 134.6 134.5 135.3 137,2 138.8 142.9 143,6 146.3 144.9 140.4 142.3 140.8 Metal materials n.e.c......................... 6.29 137.6 146,3 142.4 130.6 126,2 123.2 130.5 137,5 140.7 146.7 145.1 144.7 147.5 148.4 Nondurable materials,........................ 25.92 144.0 145.0 144.8 144.5 146,4 148.1 150.7 150.6 152.0 153.1 152.3 156.4 158.2 159 3 Business supplies............................... 9.11 136.5 137.6 135,1 135.9 136.8 140,3 143,4 143.4 144.5 146.0 146.0 147.8 149.5 150,0 Containers....................................... 3.03 136.6 136.1 132,1 134.4 136,6 144,9 146.9 142.3 144.6 145.9 143.9 146.1 144,0 144.4 General business supplies.............. 6.07 136.5 138.3 136.6 136.7 136,9 138,0 141.7 144.0 144,4 146.1 147,1 148,6 152.3 152.8 Nondurable materials n.e.c,........ 7.40 173,9 174,7 176.6 178,3 179,5 180,9 183.8 184.8 187. 1 186,0 187.4 192,0 194.6 197 3 Business fuel and power................. . 9.41 127.6 128.9 129.2 126.3 129.7 129,9 131 .7 130.6 131.7 134,0 130.9 136,8 138.0 138.5 Mineral fuels.................................. 6.07 115.2 117.0 117.2 112.1 117.9 117.8 119.5 117.4 118.0 120.5 115.1 123,8 125,0 124.7 Nonresidential utilities............ 2.86 159.2 158.8 160.1 161.5 160.9 161.7 163.8 164.9 166.9 168.7 170.3 170,8 171.7 Electricity 2.32 161.0 160.8 162.3 163.5 162.7 163.4 166.0 166.4 168.7 170.7 172,2 172.8 173.8 General industrial................... 1.03 157.7 159.3 161,3 160,7 158.4 162,0 163.0 163.7 163.9 166,5 168,2 170,0 170.1 Commercial and other.......... 1.21 169.8 167.9 169.2 171.9 172.3 170,7 174.7 175.1 179.4 181.0 182,6 182.0 184.1 Gas.,............ .54 151.2 Supplementary groups of consumer goods Automotive and home goods............ 7.80 159.9 158.1 158,1 158.5 161.7 163.0 166.7 166.9 166.8 167.6 168.4 165.9 166,1 161.6 Apparel and staples........................... 24.51 134.0 133.7 133,6 135.0 135,4 136,4 137.0 136.8 138.7 139.3 139.1 139.4 141,0 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 INDUSTRIAL PRODUCTION: S.A. 1395 INDUSTRY GROUPINGS (1957-59=100) Grouping 19 p p 5 r o 7 o r - ­ ­ 59 p a a 1 v g 9 e e 6 r 5 ­ 1965 1966 tion July Aug. Sept. Oct. Nov. Dec. Jan. Feb, Mar. Apr. May r Juner July Total index..................................... 100.00 143.3 144.2 144.5 143.5 145.1 146.4 148,7 150.2 151.9 153.4 153,8 155.2 156.5 157.4 Manufacturing, total.................. 86.45 144.9 145.7 146.0 145.2 146.7 148.2 150.6 152. 4 154.1 155.6 156.5 157.6 158.9 159. 7 Durable........................................... 48.07 148.4 150.0 150.5 148,2 150.3 151.3 155,0 157.6 159.7 161.7 162.8 164.2 165.5 165.9 Nondurable................................... 38.38 140.7 140,4 140.4 141.3 142.1 144,2 145,1 146.0 147.0 147,9 148,5 149.3 150,7 151.9 Mining.................................... 8.23 114.4 116.0 117.0 112.6 115.8 116.0 117.9 117.2 117,7 120,2 115.8 120.8 122.0 122.3 Utilities............................................ 5.32 161.0 *•161.2 ■•161.6 165.3 ■■165.8 ■165.3 ■165.7 164.9 168.9 168,8 168.6 170.1 171.6 174.0 Durable manufactures Primarv and fabricated metals......... 12.32 142.0 148.4 146.9 138.1 135.6 134.3 139.5 142.2 145.4 150.1 150.6 153.4 153.9 154. 7 Primary metals................................... 6,95 137,5 148.7 146.5 131.2 123.7 119.4 126.5 130,8 133,6 141,4 142,3 146,5 147.5 149 5 Iron and steel................................. 5.45 133.6 152,1 143.3 125.0 115.8 110,5 118,2 122.9 128.7 136,1 137.0 141.1 141.9 144.6 Nonferrous metals and products.. 1.50 152.1 138,4 149.0 152.3 155.0 158,8 162.1 159.1 164.0 168,4 166.9 165.0 164.6 161.9 Fabricated metal products................ 5.37 147.8 148,0 147.5 147.0 150.9 153,6 156.3 157.0 160.7 161.4 161.4 162.3 162.2 161 5 Structural metal parts........... 2.86 145.4 145,5 145.0 144.7 148.2 152.6 154.0 154.2 158.9 158.9 159,1 158.4 158,8 158^0 Machinery and related products........ 27.98 154.3 154.8 155.8 155.8 160.0 161.8 164.9 168.2 169.9 170.7 172.3 173.7 175.6 176.6 Machinery........................................... 14.80 160.4 160.6 161.4 162.3 166.0 167.5 170.7 174,3 176.7 176,0 178.4 180.6 182,9 185,6 Nonelectrical machinery................ 8,43 160.3 161.7 162.4 162.4 165.8 166,9 169.2 171.9 174.4 174,0 174,5 177.7 180.2 183,7 Electrical machinery...................... 6,37 160.6 159,2 160.1 162.1 166.2 168,4 172,8 177.6 179,8 178.8 183.6 184.5 186,5 188,0 Transportation equipment................ 10.19 149.2 149.8 151.5 149,4 155.0 157.3 160.7 163.1 163.2 165.8 166.0 165,8 167.1 165,6 Motor vehicles and parts.............. 4,68 175.2 177.4 177.5 175.2 177,1 178.0 179.2 176.7 175,5 178.1 176.8 169.9 169.4 162 1 Aircraft and other equipment.... 5.26 125.3 124.1 127.3 125.6 134.4 138,0 143.4 150.1 151.6 154.3 156.4 161.9 164.7 168 J Instruments and related products. .. 1.71 151.4 152.1 152.6 155,7 158,0 159.0 162,2 166.0 169.4 171.9 174,6 176.4 176.5 176,3 Ordnance and accessories............... . 1.28 Clay, glass, and lumber............ 4.72 127.6 126.3 127.5 127.3 128.5 129.5 133.1 134.3 135.9 138.0 137.9 133.8 134. 7 132.6 Clay, glass, and stone products........ 2.99 133.5 132.6 133.5 133,8 134.4 135.5 137.6 139,4 141,4 143.0 142.0 140.3 141.5 139.9 Lumber and products....................... 1 .73 117.4 115.4 117.2 116.2 118.3 119.1 125.4 125,6 126.5 129,3 130.7 122.7 122.9 120,0 furniture and miscellaneous.......... 3.05 151. 7 149.7 151.5 152.0 155.1 157.8 159.9 158.4 161.1 162.9 163.1 166.7 167,0 164.0 Furniture and fixtures....................... 1.54 157.4 155.8 156.3 156,8 159.7 162.6 164 3 165.4 166,8 168,8 169.6 173,8 174.6 169,9 Miscellaneous manufactures............. 1.51 146.0 143.5 146.6 147.1 150.4 153,0 155.5 151,2 155.3 156.8 156.4 159.5 159.3 157.9 Nondurable manufactures textiles, apparel, and leather....... 7.60 135.7 134.7 134,1 135,5 137.3 138.8 140.3 139.1 139.8 139.5 141.5 141.9 143.5 143 9 Textile milt products......................... 2.90 134.8 133,8 134,8 135.7 137.7 139.4 140.3 140,1 140.7 140.7 141,7 143,4 144,4 145,2 Apparel products............................... 3.59 145.0 143.8 141.9 143.8 145.7 147.2 148,5 146.9 148,3 147,3 149.7 149.9 151,9 Leather and products........................ 1.11 107.8 107.7 107.0 108.2 109.3 110.1 113,9 111.7 110,1 111.4 114,7 112.1 114.4 Paper and printing................ 8,17 135.3 135.9 136.4 135.4 136.4 139.2 139.9 141.1 142.5 143.7 143.3 146.6 148.3 149 2 Paper and products........................... 3.43 142.3 142.1 141.1 143,9 143.6 147.4 147.7 148.4 148,5 150.2 150,2 153,0 154 1 1557 Printing and publishing................ 4.74 130.3 131,3 133.0 129.3 131,1 133.2 134.2 135.7 138.2 139,0 138.4 142.1 144.1 144^5 Newspapers................................... 1.53 124.2 126.2 129.7 120.1 125,1 127,2 129.5 130.2 130,4 130.7 127.7 133.8 135,4 136,3 Chemicals, petroleum, and rubber.... 11,54 164.6 164.1 164.9 166.9 167.7 170.1 171.7 173.6 174.1 175.8 177.8 178.9 180.1 181.7 Chemicals and products.................... 7,58 173.3 172.8 174,2 176.6 177.1 178.5 180.6 181.9 184.3 186,2 188.1 190.9 192,6 195 6 Industrial chemicals....................... 3.84 196.1 194.9 195.7 199.9 200,9 202.9 206.3 206.3 209.4 212.2 214.9 218.5 220.8 Petroleum products........................... 1.97 123.4 124,5 125.8 125.1 124.0 126.1 127.8 130.5 125,5 125,6 127.7 127.4 127.7 126,3 Rubber and plastics products.......... 1.99 172.2 170.2 168,1 171.2 175,5 181.6 181.3 184.6 183,3 185.7 188.2 Poods, beverages, and tobacco....... 11.07 123.1 122.9 122.3 123.1 123.0 124.5 124. 7 125.5 127.0 127.6 126.6 125.6 126,7 128.3 Foods and beverages......................... 10.25 123.3 123,1 122.4 123.2 123.6 125.0 125,3 126.0 127.0 127.7 127.5 126.2 127.1 128.8 Food manufactures....................... 8.64 122.4 122.6 121.9 121.8 122.1 123.5 123.6 124.6 125,5 125.7 126.0 124.4 125,5 126.6 Beverages........................................ 1.61 128,4 125.9 125.0 131.0 131.8 133.0 134,3 133.2 135.1 138.3 135.6 135.9 135.4 Tobacco products.............................. .82 120.5 119.9 120.7 120.6 114.5 118.9 117,1 119.6 126.7 126.8 115,8 117.9 122.7 Mining Coal, oil, and gas...................... 6.80 112.2 113.7 114.4 109.9 114.5 114.1 115.2 113.6 114.3 116.9 111.8 118.8 119.6 119.6 Coal............................ 1.16 111.8 117.1 115.2 106.7 116.8 115.7 118.5 114.4 111.2 117,7 85.3 116. 9 120.7 120.8 Crude oil and natural gas.......... 5.64 112.3 113.0 114,2 110.6 114.0 113.8 114.5 113.4 115,0 116,7 117,2 119.2 119.4 119.3 Oil and gas extraction.................. 4.91 116,0 117.0 117.6 113,4 118,1 118.3 119.8 118.1 119.6 121.2 122.2 125 5 126.0 125,6 Crude oil..................................... 4.25 111.8 112.1 113.4 108,5 114.0 114.5 116.0 114.1 115.1 117.0 117,2 121’3 121.4 120,9 Gas and gas liquids................... .66 142.8 147.9 144.6 144.8 144.5 142.6 143.9 143.3 148,4 148.1 154,0 Oil and gas drilling.............. .73 87,1 86.0 91.2 91.3 86.4 83.5 78.8 81.9 83.8 86.2 83.6 77.0 74.6 76.4 Metal, stone, and earth minerals..... 1.43 124.8 126.9 129.6 125.3 121.7 125.1 130.7 134.6 133.6 136.0 134.8 130.1 133.7 1'35.4 Metal mining...................................... .61 122,6 126.4 130.2 122.4 116.5 114.2 120.6 133.4 130,8 134,5 140.0 133,6 134,2 137.8 Stone and earth minerals.................. .82 126.5 127.3 129.1 127.4 125.5 133,2 138.2 135.5 135,6 137.1 130.9 127.5 133,3 133.6 Utilities Electric.............................................. 4.04 165.5 165.8 166.2 170.9 171.3 170.5 170.9 169.7 174.7 174.2 173.6 175.5 177.2 Gas...................................................... 1.28 147.0 146.8 147.2 147.7 148.5 148.9 149.3 Note.—Published groupings include some series and subtotals not Industrial Production 1937-59 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

1396 INDUSTRIAL PRODUCTION: N.S.A. SEPTEMBER 1966 MARKET GROUPINGS (1957-59=100) Grouping 19 p p 5 r o 7 o r - ­ ­ 59 P a a l v 9 g e 6 e r 5 ­ 1965 1966 tion July Aug. Sept. Oct. Nov, Dec. Jan. Feb. Mar. Apr. May r Juner July Total index..................................... 100.00 143.3 139.3 143.2 145.9 149.9 148 1 146.6 148 3 152.0 154.6 154.6 155 9 159 4 151 5 Final products, total............... 47.35 142.4 138.3 141.1 145,7 151.4 148 7 146 4 148 5 151.6 153.2 152.3 152 9 157 8 150 8 Consumer goods............................ 32.31 140.2 135.2 138 9 143,8 150.1 145.2 140 0 142 2 145.6 146.4 145.0 144 8 150'1 140 6 Equipment, including defense. . . . 15.04 146,9 144.9 145.9 149.7 154.2 156.1 160.3 162.1 164,6 167.8 167.9 170.3 174.5 172.7 Materials.......... 52.65 144.1 140.3 145.1 146,2 148.6 147.6 146.8 148.1 152.4 155.7 156.7 158.7 160,8 152.2 Consumer goods Automotive products........................... 3.21 167.1 158.5 106.8 129.4 185.3 184,7 172.4 178.1 177.7 180.9 178.6 170.9 174.2 126 9 Autos.................................................. 1.82 182.6 171.7 72.8 114,0 206.4 211.7 191 .5 198.3 195.6 202,2 196.8 184,3 190 4 112.1 Auto parts and allied products........ 1.39 146.8 141.2 151.7 149,8 157.5 149.0 147.3 151.4 154,1 153.0 154.8 153,3 152,8 146.3 Home goods and apparel................... 10.00 143.7 129.9 142.1 148.9 155.8 149. 8 144.0 144.9 154.1 155.0 153. 7 152,9 156 6 140 4 Home goods....................................... 4.59 154.7 138.9 145.6 161.7 167.6 165 4 166 0 159 9 165 8 166.7 168.7 168 5 171 0 152 6 Appliances, TV, and radios...... 1.81 152.4 126.5 129.2 158.1 166.0 162.0 160.9 160.1 168,2 166.4 174.2 169 4 1717 139 6 Appliances.................................. 1.33 153.3 130.2 123.9 154.3 157.3 155.3 157 6 159.6 170.7 165.2 179 9 174 5 177 2 148 9 TV and home radios................. .47 149,8 115.9 144,2 168.7 190.6 181.0 170.4 161.5 161.1 170.0 158,3 154.7 156 3 113 4 Furniture and rugs......................... 1.26 154.2 145.8 156.1 158.5 163,0 163 2 167 0 159 7 162,0 163.5 161.6 162 7 167 2 157 6 Miscellaneous home goods........... 1.52 158.0 148.2 156.4 168,7 173.2 171.4 171.3 159.8 166.1 169.6 168.0 172.2 173*3 164 0 Apparel, knit goods, and shoes........ 5.41 134.3 122.3 139.2 138.0 145,9 136,5 125.3 132.3 144.2 145.2 141.0 139.8 144,4 Consumer staples......................... 19.10 133.9 134.0 142.6 143.6 141.2 136.2 132 5 134.7 135.7 136,1 134.8 136,1 142 6 143 0 Processed foods................................ 8.43 122.2 122.4 133.5 137,7 136.7 128.6 119.8 116.9 116.9 116.8 117.1 111 7 123 9 126.4 Beverages and tobacco...................... 2.43 125.7 127.6 134,8 131.2 129,4 123 0 108.9 112.7 120.4 130.7 131.6 139 0 150 2 Drugs, soap, and toiletries............... 2,97 157.0 153.9 163,6 162.9 162.4 161 7 159.4 165.6 165.5 166.7 167 3 171 8 180 8 167 6 Newspapers,' magazines, and books. 1.47 127.1 126.1 129.7 129.6 128.1 127.6 130.1 130.7 133,1 136.2 134,6 136.5 137^9 136.9 Consumer fuel and lighting.............. 3.67 149.8 151.9 156,5 155.1 146.7 144 8 156,2 165 5 165.2 158.5 150.3 146 6 151 0 Fuel oil and gasoline..................... 1.20 122.4 125.1 126.7 122,6 121.6 125,8 129.4 130.3 127.3 123.9 121.7 124.4 127 J 130,2 Residential utilities........................ 2.46 163.2 Electricity........................... 1,72 171.6 172,6 181.6 182.8 165.5 158.5 180.2 199.7 200.7 188,3 171.9 162.0 169,2 Gas.............................................. .74 144.0 Equipment Business equipment.............. 11.63 156.6 153.9 154.9 159.8 163.8 164 9 169 7 170 9 173.9 177. 7 177 6 179 3 184 3 181 2 Industrial equipment,....................... 6.85 153.1 153.5 153.3 156.7 158.4 159 7 163 4 162 9 165.3 167.6 167 3 168 7 1746 1740 Commercial equipment..................... 2.42 164.4 162.9 165,5 168.9 172,6 174 8 179 7 177.7 179,5 182.5 182 9 1878 191 6 188 0 Freight and passenger equipment... 1.76 162.4 148.8 157,1 164.2 178.7 176.8 184.2 194.9 198.9 207.9 209’4 21U0 213^9 208^9 Farm equipment................................ .61 148.1 137.9 125.4 145.5 146.1 149.2 159,8 164.1 176.3 185.1 179.9 173.6 179.3 Defense equipment............................. 3.41 Materials Durable goods materials............ 26.73 144.2 142.9 144.5 146.6 147.6 145.4 145 9 147 4 151 7 155 8 158 5 160 0 162 3 152 2 Consumer durable............................. 3.43 166.8 158.1 144.4 165.4 171.2 173 2 176 7 1760 176 2 174.2 174*1 171 0 166'9 141 0 Equipment.......................................... 7.84 151.9 148.5 150.1 152.7 157,9 160.2 165 6 167 3 171 5 173 8 175 5 178 3 180 9 177 7 Construction.............. 9.17 133.8 139.3 144 0 142.6 142.7 136 9 131 9 129 0 132 I 137 5 143 5 145 3 151*6 146 4 Metal materials n.e.c.......................... 6.29 137.6 133.1 138.3 134,5 129.2 124.2 124^8 133 9 142^0 1502 150 9 152 7 1522 135 6 Nondurable materials......................... 25.92 144.0 137.5 145.7 145.8 149.7 149 9 147 7 148 7 153 1 155 6 154 9 117 4 1^9 3 152 2 Business supplies............................... 9.11 136.5 128.4 137.2 139.8 144.1 143 5 137,5 137 9 143 5 149 0 149 9 150 3 1519 141 6 Containers...................................... 3.03 136.6 130.7 145.3 143.1 144.8 140 6 127 8 133 8 141 7 145.9 148 2 147 6 151*2 143 7 General business supplies............. 6.07 136,5 127.2 133.2 138.1 143.7 144 9 142.4 140 0 144 4 150 5 150 8 isi 6 152* 3 140 6 Nondurable materials n.e.c,........ 7.40 173.9 163.9 174.8 176.5 180.4 182 7 180 1 183 9 190 8 190 7 193 0 194 9 196 5 186 1 Business fuel and power................... 9.41 127.6 125.7 131.2 127.5 130.9 130 2 132 1 131 5 132 7 134 4 129 7 134 7 137 1 135 6 Mineral fuels.................................. 6,07 115.2 109.3 115.7 110.9 118.8 119.3 121.3 119.4 121.6 123.2 116.5 122^6 122^8 116 7 Nonresidential utilities.................. 2.86 159.2 Electricity.................................... 2.32 161.0 168.9 174,8 171.9 165.1 160.4 162 5 163 7 162 1 164 8 164.1 167 8 176 8 General industrial.................. 1.03 157.7 158.5 164.5 163.1 161.9 162.0 161.4 162.9 159.6 164.8 166.0 170 0 173*5 Commercial and other........... 1.21 169.8 184.2 190,3 186.0 174.0 164.9 169.5 170.7 170.4 171.2 168.9 172.4 186.9 Gas.............................................. .54 151.2 Supplementary groups of consumer goods Automotive and home goods........... 7.80 159.9 147.0 129.6 148.4 174.9 173 4 168.7 167.4 170,7 172 5 172 8 169 5 172 3 142.0 Apparel and staples.. .7................... 24.51 134.0 131.4 141,8 142.3 142,2 136.2 130.9 134.1 137.6 138,1 136.2 136^9 143^0 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 INDUSTRIAL PRODUCTION: N.S.A. 1397 INDUSTRY GROUPINGS (1957-59=100) 19 p 5 r 7 o - - 59 *1965 1965 1966 Grouping por­ tion age July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Mayr Juner July Total index..................................... 100.00 143.3 139.3 143.2 145.9 149.9 148,1 146.6 148.3 152.0 154.6 154.6 155.9 159.4 151.5 Manufacturing total. ..................8..6....45 144.9 140.3 143.9 147.5 152.3 150.5 148.3 149.9 154.1 157.1 157,8 158.8 162.3 152.7 Durable ........................................ 48.07 148.4 144.9 143.3 148.3 154.6 154,5 155.4 156.3 160.2 163.9 164.9 166.1 169.0 158.4 Nondurable.................................... 38.38 140.7 134,6 144.7 146.5 149.4 145.5 139,3 141,9 146.5 148.5 148.9 149.8 153.9 145.6 Mining................................................ 8.23 114.4 112,3 118.2 114.2 118.4 117.2 117.4 115,6 116.9 118.7 115,6 121.3 122.7 118.5 Utilities ................. 5.32 161.0 Durable manufactures Primary and fabricated metals...... 12.32 142.0 138.7 143.1 141.1 139,0 136.7 137.0 141.3 147.4 153.4 154.2 155.2 156.2 144.0 Primary metals................................... 6.95 137.5 133.1 137.4 131.1 126.2 121.8 122.7 132.1 141.2 150,2 150.4 150.3 149.0 132.3 Iron and steel................................. 5.45 133.6 135.4 134.7 125.0 117.5 111.6 115.2 125.4 134.2 142.9 143.9 143.9 141.9 128.7 Nonferrous metals and products.. 1.50 152.1 124.6 147.5 153.4 157.9 158.8 149.8 156.4 166.5 176.8 174.2 173,7 174.8 145.7 Fabricated metal products................ 5.37 147.8 145.8 150.4 154.1 155.4 156.1 155.5 153.2 155.4 157.5 159,0 161.5 165.4 159.1 Structural metal parts................... 2.86 145.4 145.5 148.6 150,5 152.6 154.9 155.5 151.1 152.5 152.7 154.3 157.6 162.0 158,0 Machinery and related products........ 27.98 154.3 149.4 142.5 152.0 163.3 165.6 168.1 169.5 172.2 174.4 175.0 175.9 179.1 168.0 Machinery...................................... • • 14.80 160.4 155.0 155.3 163.3 167.8 169.2 173.7 173.4 177.8 179.2 180,8 182.2 186.4 178,8 Nonelectrical machinerv. ........ 8.43 160.3 159.3 154.8 160,3 162.8 165.1 171,2 171.9 176.1 178.9 179.7 182.1 184.5 180.9 Electrical machinery...................... 6.37 160.6 149.2 156.0 167.3 174.3 174.6 177.1 175.5 180.1 179.6 182.4 182.5 189.0 176.1 Transportation equipment........... 10.19 149.2 144.0 123.8 137,3 160.9 164.6 164.6 168.0 168.0 171.3 170.6 169.7 171.4 152.5 Motor vehicles and parts.............. 4.68 175.2 168.5 120.2 149.5 189.4 191.8 184.9 186.6 184.1 187.2 185,0 178.5 180.9 138,3 Aircraft and other equipment. . . . 5.26 125.3 121.1 125.0 125.1 135.1 140.1 146,3 151.6 153.4 156.6 157,2 161.3 162.4 164.3 Instruments and related products... 1.71 151.4 150,6 153.8 157.4 159,7 161,9 164,1 164.8 168.6 171.0 170,2 174.6 178.3 174,5 Ordnnnrp ^nd accessories,, ............ 1.28 Clay, glow and lumber...................4...72 127.6 133.0 139.8 138.0 138.0 130.1 123.6 120.0 125.1 131,6 136.5 138,0 143.7 138.2 Clay, glass,’ and stone products....... 2.99 133.5 141.9 146.2 143.2 144,5 138.2 131.7 125,5 127.3 136,6 141,3 144.5 151.4 148,7 Lumber and products............. 1.73 117.4 117,7 128,9 129.0 126.6 116.1 109.7 110,5 121.4 122,8 128,1 126,7 130.3 120.0 Furniture nnd miscellaneous......... 3.05 151.7 146.4 156.3 159.0 163.4 163.1 162.4 152.2 156.4 159.9 159.2 162.9 167,3 159.6 Furniture and fixtures. . ..................1...54 157.4 154,2 161-.5 162,8 165.8 165.5 169.2 162.1 163,5 166.8 165,0 168.6 174.3 167.4 Miscellaneous manufactures............. 1.51 146.0 138,5 151.0 155.2 160.9 160.6 155.5 142.1 149.1 152.9 153,3 157,1 160.1 151,6 Nondurable manufactures Textiles, apparel, and leather. . ..... 7.60 135.7 121.9 138.4 137.4 144,8 138.7 128.8 137,1 146.5 146.6 144.2 143.7 145.9 130,4 Textile mill products........................ 2.90 134.8 121.5 138.2 136.4 141.8 140.1 130.5 139.4 143.5 143.5 145,9 148.4 148,0 131.8 Apparel products ............................. 3.59 145.0 130.1 146,2 146,7 157.4 147.2 134.4 143,2 157,9 158.4 152.7 149.9 154,2 Leather and products. . .................... 1.11 107.8 96.4 114.0 109.8 112,0 107.9 106,3 111,1 117.7 117.0 112.4 111.5 113,3 Paper and printing........................... • 8.17 135.3 127.3 135.6 137.8 142.8 142.1 137.3 137.5 142.6 145.9 146,5 147.9 148.2 140,5 Paper and products......... 3.43 142.3 130.7 144.2 146.8 152.9 148.1 137,4 146,2 152.2 153.2 154.7 153.8 154.9 144.8 Printing and publishing..................... 4.74 130.3 124.8 129,3 131.4 135.4 137.8 137.3 131.2 135,7 140,7 140,5 143.5 143.3 137,3 Newspapers.................................... 1.53 124,2 109.8 117.4 120.9 134.2 139.9 132,7 119.3 126.1 135,1 136,8 142.6 136.1 118,6 Chemicals, petroleum, and rubber.... 11.54 164.6 159.1 166.3 168.9 170.7 169.2 168.3 172.5 176.4 178.4 180.8 181.1 186,4 175,3 Chemicals and products.................. 7.58 173.3 168.6 176.0 178,1 178.3 178,1 177,8 180.8 187.0 189,4 192,5 193.8 198,8 188,4 Industrial chemicals..................... 3.84 196.1 190.0 196.7 201,9 201.9 204.5 207.3 205,3 215.7 216,4 219.2 220,7 224,1 Petroleum products............... 1.97 123.4 130.1 132.1 127.6 125.2 124.5 124,7 126,6 123.0 121,2 122,6 126.1 131,5 133,0 Rubber and plastics products........... 1.99 172.2 151.5 163.1 175.1 186.9 179,8 175,0 186.4 188.8 193,3 194,0 Foods, beverages and tobacco........... 11.07 123.1 123.2 133.3 135.9 135,1 127.8 118.0 116.6 118.3 120,4 120.5 122.8 129.8 128,9 Foods and beverages......................... 10.25 123,3 124.6 133.5 136.7 136,0 128.3 119,8 116.5 117.7 120,0 120.9 122.8 129.7 130.5 Food manufactures....................... 8.64 122.4 122.0 132,9 137,2 136.8 129.1 120,5 117,7 117.7 117.5 117,4 118,2 124.1 126.0 Beverages ...................................... 1.61 128.4 138.5 136,9 134.3 131.8 123.8 115,8 109,9 117.4 133.6 139,7 147.6 159,8 Tobacco products ...,........>■■■ .82 120.5 106.1 130.6 125.3 124.7 121.3 95.3 118,3 126.1 124.9 115.6 122,1 131.3 Mining Coal, oil, and gas................. 6.80 112.2 106.9 113.3 109.0 115.6 115.7 117.2 115.5 117.4 118.6 112.5 117,3 117.5 112.4 Coal’... ’............................................ 1.16 111.8 90.2 121.2 112.9 127.3 120.4 116,4 112.1 112.5 118.6 85.9 118,1 120,0 93.1 Crude oil and natural gas................. 5.64 112.3 110.3 111,7 108.2 113.1 114.7 117,3 116.2 118.4 118.6 118.0 117,2 117.0 116.4 Oil and gas extraction................... 4.91 116.0 113.8 114.4 110.4 116.8 119.0 122.5 121.1 123.8 124,3 123.7 123.7 123.5 122,3 Crude oil................................... 4.25 111,8 109,9 111.1 106.3 112.9 114,5 117,2 115.8 118.6 119.3 119.1 120.1 120.2 118.5 Gas and gas liquids.................. .66 142,8 139,0 135,8 136.7 141.5 147.9 155,8 155,1 156.9 156.1 153.2 146.3 Oil and gas drilling....................... .73 87.1 86.6 93,3 93.2 88.6 85.6 82.6 83,1 81.8 79,9 79,3 73.6 73.0 76,9 Metal, stone, and earth minerals....... 1.43 124.8 138.1 141,8 138.7 132.0 124.4 118.5 115,8 114,6 119.3 130.6 140.2 147.7 147.2 Metal mining..................................... .61 122,6 135.2 140,6 138.3 124.7 110.8 108,5 117.4 117.7 119.7 130.2 147.0 151.6 147.4 Stone and earth minerals................. .82 126.5 140.2 142.7 138.9 137,4 134,5 125.8 114.6 112.4 119.0 130.9 135.1 144.9 147.1 Utilities Electric................................................ 4.04 165.5 170.5 177.7 176.6 165.3 159.6 170.0 179.1 178.6 174.8 167.4 165.3 173.5 Gas.... ,......... 1.28 147.0 Note.—Published groupings include some series and subtotals not Industrial Production—1957-19 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

1398 BUSINESS ACTIVITY; CONSTRUCTION SEPTEMBER 1966 SELECTED BUSINESS INDEXES (1957-59= 100) Industrial production fac M tu a r n in u g ­ 2 Prices 4 Nonag- Major market groupings Con­ ricul- Period Total Final products Ma g j r o o r u i p n i d n u g s s try s t c t r t i r a o o u c n n c t ­ s ­ m p t e u l e m o r n a y t ­ l ­ — p E lo m y ­ - Pay­ F l c i o r n e a a g i r d g s - ­ ht s T r a e o l t e a ta s il l 3 Con­ W sa h l o e l e­ Mate­ Total i ment rolls sumer com­ Con­ Equip­ rials Min­ Util­ modity Total g s o u o m d e s r ment Mfg. ing ities 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. I 84.5 115.0 79 92.5 94.0 1953..................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.6 111.6 93.6 116.6 83 93.2 92.7 1954..................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104.6 82 93.6 92.9 1955..................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.5 105.5 94.8 115.3 89 93.3 93.2 1956..................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96.2 1957..................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108.2 97 98.0 99.0 1958.................. 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959..................... 105.6 105.7 106.6 104. 1 105.4 106.0 99.7 108.0 105 101.5 100. 1 105. 1 97.9 105 101.5 100.6 1960..................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.2 99.9 106.7 95.3 106 103.1 100.7 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—July.......... 144.2 141.7 139.3 147.0 146.4 145,7 116.0 161,3 149 115.2 106.4 135.3 95.1 138 110.2 102.9 Aug.......... 144.5 142.3 139.5 148.4 146.1 146.0 117.0 161.4 139 115.4 106.7 135.7 94.3 138 110,0 102.9 Sept.......... 143.5 143,3 140.7 149.0 143.7 145.2 112.6 165.3 147 115.7 106.8 136.7 93.5 139 110.2 103.0 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 1 17.2 164.9 152 118.3 109.6 144.6 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 Mar.......... 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.......... 153.8 152.8 146.2 166.9 154.6 156.5 1 15,8 168.6 161 119.8 111.6 148.2 97.0 146 112,5 105.5 May........ 155.2 '153.7 '146.1 '170.1 156.6 '157.6 '120.8 '170.1 156 '120.0 '111.9 '148.3 100.0 143 112.6 105.6 June........ '156.5 *■155.2 '147.1 '172.6 '158.1 '158.9 122.0 '171.6 147 '121.8 '113.4 '150.1 95.1 148 112.9 105.7 July.......... '157,4 rl56.1 '147.2 '175.1 '158.9 '159.7 '122.3 '174.0 147 '122.0 'H2.9 149. 1 93.6 149 113,3 106,4 Aug......... 158.3 156.9 147.4 177.2 160.0 160.7 122.4 174,5 122.4 131.9 151.0 97.0 151 106,8 1 Employees only; excludes personnel in the armed forces, value of total construction contracts, including residential, nonresidential, * Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 F.R. index based on Census Bureau figures. . Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Note.—Data are seasonally adjusted unless otherwise noted. Freight carloadings: Based on data from Association of American Construction contracts: F. W. Dodge Co. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1965 1966 Ty ty p p e e o o f f o c w on ne st r r s u h c ip ti o a n nd 1964 1965 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total construction............................. 47,330 49,272 4,795 4,265 4,141 4,356 3,745 3,698 3,374 3,270 4,737 5,098 5,132 4,854 4,774 By type of ownership: Public............................................ 15,371 16,302 1,750 1,313 1,332 1,294 1,163 1,304 1,125 1,066 1,463 1,574 1 ,902 1,937 Private.......................................... 31,959 32,970 3,045 2,952 2,809 3,061 2,582 2,395 2,249 2,204 3,274 3,524 3,230 2,916 .......... By type of construction: Residential building..................... 20,565 21,247 1,952 1,971 1,743 1,897 1,696 1,446 1,290 1,299 2,004 2,081 1,970 1,828 1.461 Nonresidential building................ 15,522 17,219 1,691 1,507 1,464 1,582 1,328 1,433 1,177 1,259 1,726 1,883 1,826 1,885 1.813 Nonbuilding................................. 11,244 10,805 1,151 788 934 877 721 819 906 712 1,007 1,134 1,335 1,140 1,499 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

SEPTEMBER 1966 CONSTRUCTION 1399 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Business Other Conser­ Period Total Total d N f e r a e n o r s t m n i i ­ a ­ l Total In tr d ia u l s­ m C e o rc m ia ­ l P u u ti b li l t i y c n d r t e o e ia s n n i l - - - Total M ta i r l y i­ H w i a g y h­ d v e m a v t e & e i n o l o t n p­ Other 1 1956............................. 47,601 34,869 20,178 11,076 3,084 3,631 4,361 3,615 12,732 1,360 4,415 826 6,131 1957............................. 49,139 35,080 19,006 12,029 3,557 3,564 4,908 4,045 14,059 1,287 4,934 971 6,867 1958............................. 50,153 34,696 19,789 10,659 2,382 3,589 4,688 4,248 15,457 1,402 5,545 1,019 7,491 1959 2.......................... 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 1 ,465 5,761 1,121 7,723 1960.............................. 53,941 38,078 21,706 11,652 2,851 4,180 4,621 4,720 15,863 1,366 5,437 1,175 7,885 1961............................. 55,447 38,299 21,680 II,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 I ,524 8,714 1963 4 .......................... 62,968 43,642 25,843 12,497 2,906 4,995 4,596 5,302 19,326 1,227 7,091 1,690 9,318 1964............................. 66,221 45,914 26,507 13,828 3,572 5,406 4,850 5,579 20,307 968 7,(44 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—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 N&y.................. 7 7 6 5 , , 8 7 4 9 4 0 5 5 4 2 , , 3 2 4 8 7 4 2 2 7 7 , , 0 4 2 3 3 7 1 18 9 , , 2 7 8 3 3 0 7 6 , , 1 8 7 5 5 6 7 6 , , 0 1 9 2 7 6 5 5 , ,3 4 0 5 1 8 7 6 , , 1 9 8 7 0 8 2 2 2 3 , , 4 5 9 0 7 6 8 6 8 5 7 0 7 7 , , 3 8 6 5 0 3 2 1 , , 2 9 1 H 9 1 1 2 3 , , 0 0 3 9 1 2 June”,............. 75,239 51,711 25,996 19,131 7,116 6,398 5,617 6,584 23,528 7,801 1 ,918 July”................. 74,656 51,045 25,500 5,498 23,611 7,750 ........ i 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 Total N fa o rm n­ p M o e li t t r a o n ­ m po 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 [959............................. 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960............................. 1,296 889 407 1,252 '995 44 213 44 336 261 75 1961............................. 1,365 948 417 1,313 r974 44 295 52 328 244 83 1962............................. 1,492 1,054 439 1,463 r99l 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—July................... 1,473 1,447 144 95 49 141 94 5 43 3 22 17 5 Aug................... 1,427 1,409 138 95 43 135 88 5 42 3 22 18 5 Sept................... 1,453 1,436 126 88 38 124 80 4 40 2 21 17 4 Oct............ 1,411 I ,'380 136 95 41 134 87 4 43 2 22 18 4 Nov.............. 1,547 1’531 118 79 39 116 71 4 41 2 20 16 4 Dec................... 1'769 1,735 103 76 27 102 60 3 39 I 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................... 1,502 1 '481 149 107 42 147 95 5 47 2 22 18 3 May.................. 1,318 1,287 139 92 48 135 88 4 43 4 18 14 3 June.................. p1,273 PL 249 Pl 30 86 43 ”126 83 4 39 3 19 15 4 July................... ”1,064 ”1,044 ”103 68 35 ”102 73 4 25 1 17 13 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

1400 EMPLOYMENT SEPTEMBER 1966 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period i p T n o s o N t p t i a t u . u S l l t a . n i A t o o i . o n n n a - l l N ab N o o t . r S i n . f A o t , r h c e e T l f S a o o b . r A t c o a e . r l Total E In m n p o l n o a y g e r d i- 1 In U pl n o e y m ed ­ U (p n e e m r S r a m . e A t c n e p e . t l 2 n o t y ) ­ Total cultural agriculture industries I960.......................... 125,368 52,242 73,126 70,612 66,681 60,958 5,723 3,931 5.6 1961.......................... 127,852 53;677 74', 175 71,603 66,796 6L333 5; 463 4 ,'806 6.7 1962.......................... 130,081 55,400 74;681 71; 854 67;846 62,657 5; 190 4',007 5.6 1963.......................... 132,125 56,412 75;712 72^75 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 57^84 78;357 75;635 72,179 67;594 4; 585 3356 4.6 ] 965—Aug.............. 136,473 56,310 78,465 75,772 72,387 67,815 4,572 3,385 4.5 Sept................ 136,670 58;626 78;334 75;611 72,297 67;879 4;418 3 J 314 4.4 Oct................. 136,862 58J49 78;606 75;846 72,561 68;010 4,551 3,285 4.3 Nov............... 137,’043 58,445 78,906 76,111 72,914 68;641 4,273 3,197 4.2 Dec................ 137,226 58;749 79,408 76;567 73;441 68;955 4; 486 3,126 4.1 1966—Jan.......... 137,394 59,985 79,644 76,754 73,715 69,286 4,429 3,039 4.0 Feb................ 137'565 59 ,'930 79,279 76,'355 73^21 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,,........ 1371908 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;231 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 July......... 138;444 55,673 80,233 7?;098 74,072 69,928 4,144 3; 026 3.9 Aug................ 138;648 56,180 80,549 77,371 74;338 70,180 4,158 3;033 3.9 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 NON AGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Manufac­ Contract Transporta­ Govern­ Period Total turing Mining con ti s o t n ruc­ ti l o ic n u & til i p ti u e b s ­ Trade Finance Service ment 1960......................................................... 54,203 16,796 712 2,885 4,004 11,391 2,669 7,392 8,353 1961......................................................... 53,989 16,326 672 2,816 3; 903 11,337 2,731 7,610 8,594 1962......................................................... 55,515 16,853 650 2;902 3; 906 11,566 800 7,947 8; 890 1963 ........................................................ 56,602 16,995 635 2,963 3,903 11,778 2,877 8,226 9,225 1964 ........................................................ 58,156 17,259 633 3,'056 3,947 12,132 2,964 8 ,’569 9,595 1965......................................................... 60,444 17,984 628 3,211 4,031 12,588 3,044 8,907 10,051 SEASONALLY ADJUSTED 1965-Aug............................................... 60,621 18,072 627 3,189 4,049 12,600 3,053 8,946 10,085 Sept. I.................,...................... 60;756 18,098 617 3,186 4^067 12,641 3 ;061 8,967 10.119 Oct................................................ 61,001 18,163 622 3,202 4,071 12,684 3,069 9,019 10,171 Nov,............................................. 61,472 18,321 627 3,267 4,079 12;754 3,074 9,081 10,269 Dec............................................... 61,884 18,429 630 3,386 4,079 12,822 3,082 9,128 10,328 1966—Jan................................................ 62,148 18,522 632 3,383 4,090 12,909 3,080 9,142 10,390 Feb.............................................. 62,501 18,691 631 3,374 4,104 12;942 3,082 9,205 10,472 Mar.............................................. 62,918 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 3; 101 9.261 10,636 May................................ 63,050 18,930 623 3,274 4,125 13;021 3; 106 9,283 10,688 June.............................................. 63,983 19,167 632 3,300 4,143 13,217 3,090 9,549 10,885 July?............................................. 64,089 19,138 634 3,289 4,121 13,252 3,094 9,604 10,957 Aug.?........................................... 64,299 19,287 633 3,246 4,107 13,254 3,100 9,633 11,039 NOT SEASONALLY ADJUSTED 1965—Aug............................................... 60,960 18,211 640 3,575 4,098 12,574 3,102 9,062 9,698 Sept............................................... 61,515 18,428 627 3,495 4,112 12,639 3; 073 9,039 10,102 Oct................................................ 61,786 18,412 629 3,465 4,104 12,736 3,066 9,073 10,301 Nov............................................... 62,029 18,443 631 3,375 4,091 12,960 3,062 9,054 10,413 Dec,............................................ 62,660 18,415 628 3,203 4,087 13,638 3,064 9,046 10,579 1966—Jan................................................ 61,041 18,274 617 2,974 4,025 12,716 3,049 8,959 10,427 Feb,. 61,212 18,457 613 2,851 4,034 12,617 3,054 9,030 10,556 Mar............................................... 611826 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 9,242 10,726 May......................................... 63,023 18,839 625 3,310 4,113 12,923 3,103 9; 348 10,762 June.............................................. 64^63 19,258 645 3,521 4; 180 13,239 3,112 9; 702 10,906 July*............................................. 64,293 19,136 643 3,615 4,170 13,221 3,147 9,777 10,584 Aug.”........................................... 64,580 19,415 646 3,635 4,156 13,214 3,147 9,758 10,609 Note.—Bureau of Labor Statistics; data include all full- and part- domestic servants, unpaid family workers, and members of the armed time employees who worked during, or received pay for, the pay period forces are excluded. that includes the 12th of the month, Proprietors, self-employed persons, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 EMPLOYMENT AND EARNINGS 1401 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1965 1966 1965 1966 Aug. June July'1 Aug.1* Aug. June July? Aug.p 13,487 14,281 14,226 14,350 13,578 14,351 14,183 14,433 Durable goods................................................................. 7,776 8,328 8,296 8,414 7,692 8,419 8,278 8,319 Ordnance and accessories...................................... 97 120 123 123 96 119 121 121 Lumber and wood products.................................. 534 550 544 548 562 574 570 576 Furniture and fixtures............................................ 354 381 379 381 359 381 375 387 Stone, clay, and glass products............................. 501 515 517 514 522 530 535 536 Primary metal industries........................................ 1,078 1,086 1,090 1,107 1,078 1,108 1,102 1,107 Fabricated metal products.................................... 987 1,048 1,044 1,055 985 1,061 1,036 1,053 Machinery except electrical................................... 1,217 1,312 1,334 1,335 1,205 1,326 1,327 1,322 Electrical machinery....................*........................ 1,148 1,327 1,327 1,352 1,141 1,322 1,308 1,344 Transportation equipment..................................... 1,272 1,358 1,311 1,374 1,142 1,363 1,285 1,234 Instruments and related products......................... 250 276 276 275 251 277 274 276 Miscellaneous manufacturing industries............... 338 355 351 350 351 358 345 363 Nondurable goods........................................................... 5,711 5,953 5,930 5,936 5,886 5,932 5,905 6,114 Food and kindred products.................................. 1,147 1,166 1,173 1,161 1,265 1,152 1,208 1,282 Tobacco manufactures........................................... 72 74 73 70 80 62 62 78 Textile-mill products.............................................. 825 854 854 852 832 862 848 859 Apparel and other finished textiles. ...................... 1,201 1,268 1,238 1,247 1,226 1,258 1,205 1,273 Paper and allied products. ...............,................ 500 525 530 527 505 530 528 532 Printing, publishing, and allied industries....... 625 654 655 659 624 653 652 658 Chemicals and allied products.............................. 552 578 579 583 554 580 580 584 Products of petroleum and coal........................... 113 115 115 116 116 117 118 119 Rubber products.................................................... 369 403 403 407 369 400 395 407 Leather and leather products................................ 307 316 310 314 315 318 309 322 ■N0TEi—Bureau of Labor Statistics; data cover production and related the pay period that includes the 1 2th 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 Aug. June Julyp Aug.® Aug. June Julyp Aug.p Aug. June JulyP Aug.p Total 41.1 41.3 41.1 41.3 106.45 112.74 111.38 111.10 2.59 2.71 2.71 2.69 Durable goods.........4..1....8.........4...2....0.........4..1....8........42.0 115.51 121.82 119.81 120.25 2.77 2.88 2.88 2.87 Ordnance and accessories........................ 42.1 42.1 42.8 42.7 131.88 134.20 134.20 136.32 3.14 3.18 3.18 3.20 Lumber and wood products................... 40.7 40.5 40.6 40.7 91.49 93.94 93.25 94.81 2.21 2.28 2.28 2.29 Furniture and fixtures.............................. 41.4 41.8 40.9 41.3 89.46 91.96 88.91 92.60 2.13 2.20 2.19 2.21 Stone, clay, and glass products............... 41.9 41.9 41.6 42.0 111.35 115.60 114.51 116.30 2.62 2.72 2.72 2.73 Primary metal industries......................... 42. 1 42.0 41.7 42.2 132.51 139.50 137.61 137.85 3.17 3.29 3.30 3.29 Fabricated metal products....................... 41.9 42.3 42. 1 42.2 115.35 121.70 119.42 121.26 2.74 2.85 2.85 2.86 Machinery except electrical.................... 42.8 43.8 43.4 43.7 124.95 135.83 132.19 132.80 2.94 3.08 3.06 3.06 Electrical machinery................................ 40.8 41.2 40.9 40.9 104.60 108.62 106.52 107.30 2.57 2.63 2.63 2.63 Transportation equipment....................... 42.5 42.3 42.2 42.5 130.82 140.25 138.27 135.79 3.16 3.30 3.30 3.28 Instruments and related products........... 41.4 42.0 41.6 42.0 108.05 113.94 111.64 112.98 2.61 2.70 2.69 2.69 Miscellaneous manufacturing industries.. 40.0 40.1 39.7 40.0 85.01 88.62 86.63 88.22 2.12 2.21 2.21 2.20 Nondurable goods............................................... 40.0 40.3 40.1 40.1 95.11 99.23 98.74 98.58 2.36 2.45 2.45 2.44 Food and kindred products....................... 41.1 41.0 41.3 41.1 99.60 104.24 105.17 102.92 2.40 2.53 2.51 2.48 Tobacco manufactures.............................. 37.7 38.0 37.7 38.3 77.90 88.55 86.02 81.83 2.05 2.30 2.30 2. 12 Textile-mill products................................. 41.8 42.2 41.8 41.9 79. 19 84.35 81.95 83.16 1.89 1.98 1.97 1.98 Apparel and other finished textiles........... 36.2 36.5 36.3 36.2 67.34 68.63 68.07 69.55 1.83 1.87 1.87 1.89 Paper and allied products......................... 43.0 43.4 43.4 43.3 115.18 120.18 120.50 120.77 2.66 2.75 2.77 2.77 Printing, publishing, and allied industries. 38.6 39.0 38.9 39.0 118.81 122.54 121.91 123.17 3.07 3.15 3.15 3.15 Chemicals and allied products.................. 41.8 42.0 41.9 41.9 120.93 125.76 125.70 125.40 2.90 2.98 3.00 3.00 Products of petroleum and coal............... 42.5 42.5 42.5 41.7 138.78 145.95 147.40 141.62 3.25 3.41 3.42 3.38 Rubber products........................................ 42.0 41.7 41.6 41.6 110.30 111.30 110.12 111.34 2.62 2.65 2.66 2.67 Leather and leather products.................... 37.9 38.7 38.3 38.3 72.19 76.05 74.88 75.27 1.88 1.94 1.92 1.94 Note,—Bureau of Labor Statistics; data are for production and related workers only. 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1402 PRICES SEPTEMBER 1966 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em U s Food Total Rent o H w s o h n m i e p e r - ­ F c a o o u n i a e l d l l t e r G a i l n c e a i c d s t ­ y o n F p i a n i n e u s g h r d r s a ­ ­ ­ A up p a k p n e a d e r e p l T p t o r i a o r n t n a s ­ ­ Total M c ic a 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 e d d a ­ ­ g O s a o e t n o r h v d d e ­ s r tion tion ices 1929.......................... 59.7 55,6 85.4 1933.......................... 45.1 35.3 60.8 1941.......................... 51.3 44.2 61.4 64.3 ............45,2 88.3 ............ 51.2 ............50.6 47.6 57.3 58.2 1945....................... 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75.0 67.3 1957.......................... 98.0 97.8 98.5 98.3 98.2 100,8 96.9 99.4 99.5 96.5 97.0 95.5 97.1 96.9 98.5 1958.......................... 100.7 101.9 100.2 100.1 100.4 99.0 100.3 99.9 99,8 99.7 100.3 100.1 100.4 100.8 99.8 1959.......................... 101.5 100.3 101,3 101.6 101.4 100.2 102.8 100.7 100,6 103.8 102.8 104.4 102.4 102.4 101.8 I960......................... 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101,5 102,2 103.8 105.4 108,1 104.1 104.9 103,8 1961......................... 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962......................... 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105.3 1963.......................... 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1964.......................... 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114.1 108.8 1965......................... 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103.1 106.8 111.1 115.6 122.3 109,9 115.2 111,4 1965—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................ 111.0 111.4 109.2 109.7 113.1 108.9 107.9 103,6 107.3 111.2 116.9 124,2 110,4 115.7 113.4 Feb............... 111.6 113,1 109.4 109.8 113.3 109.0 108.2 103.8 107,6 111.1 117.1 124.5 110.8 115.9 113.6 Mar............... 112.0 113.9 109.6 109,9 113.5 108.9 108.2 104.0 108,2 111,4 117.6 125.3 111,0 116.6 113,8 Apr............... 112.5 114.0 110.3 110.1 114,3 108.5 (08.3 104.4 108.7 112.0 118,1 125.8 111.6 116.8 114,3 May.............. 112.6 113.5 110.7 110.2 115,0 108.0 108.2 104.6 109,3 112.0 118,4 126.3 112.0 116.8 114,7 June.............. 112.9 113.9 111.1 110.2 115.8 107.0 108.1 104.8 109.4 (12.2 118.7 127.0 112.2 117.0 114.9 July............... 113.3 114.3 111.3 IIO.3 116.2 107.0 108.1 105.1 109.2 113.5 119.1 127.7 112.5 117.2 115.3 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with Jan. 1964. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities All Farm Proc­ Period m c t o i o e m d s i ­ ­ p u r c o t d s ­ f e o s o se d d s Total T t e il e t e c x s . ­ , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m s . , ­ R b e u t e 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 tu e u t r r c e n . , i ­ N t m m a o l i l e n n i ­ c ­ - b T a e c t o c c ­ . o, n c M e e l o i l s u a ­ ­ s erals 1957............................. 99,0 99.2 97.9 99.2 100.8 94,9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 {958............................. 100,4 103.6 102,9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99,9 99,7 101.5 1959............................. 100.6 97.2 99.2 101.3 100,4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 I960............................. 100.7 96,9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100,4 101.8 101.3 102.4 100.1 101.4 102.5 99.3 1961............................. 100.3 96.0 100.7 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1962............................. 100.6 97.7 101,2 100.8 100,6 107,4 100.2 97.5 93.3 96.5 100.0 100.0 102.3 98.8 101.8 104.1 107.3 1963............................. 100.3 95.7 101.1 100.7 100.5 104.2 99.8 96,3 93.8 98.6 99.2 100.1 102.2 98.1 101.3 106.1 110.4 1964............................. 100.5 94,3 101,0 101.2 101.2 104,6 97.1 96.7 92.5 100.6 99.0 102.8 102.9 98.5 101.5 107.4 109.2 1965............................. 102.5 98.4 105.1 102.5 101.8 109.2 98.9 97.4 92.9 101.1 99,9 105,7 103.7 98.0 101.7 107.7 111,0 1965—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,................ 1033 100.3 107.6 103.2 101.9 113.6 100.3 97.5 93.5 101.6 100.8 106,7 104.1 98.0 101.6 107.7 113.2 Dec................... 104.1 103.0 109.4 103,2 102.0 114.6 100,6 97.6 93.5 101.9 100.9 106.6 104.2 98.2 101.6 107.9 112,5 1966—Jan.................... 104.6 104.5 110.3 103.5 101.9 116,0 100,5 97,6 93.7 102,8 101,2 107.0 104.4 98.3 102.0 108.1 114.3 Feb................... 105.4 107.4 111.8 103.8 102.0 117.8 100,3 97.6 94.1 103.7 101.3 107.5 104.7 98.4 102.1 108.0 116,0 Mar................... 105.4 106.8 111.5 104.0 102.1 118,7 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 97.6 95.4 108.4 102.3 108.2 105.2 98.6 102.3 109.4 113.0 May.................. 105.6 104,5 110.5 104.7 102,2 122.9 100.4 97.7 95.4 109.6 102.7 108.4 105.8 98.9 102.4 109.4 115.1 June................. 105.7 *•104.2 r110.6 104.9 102.2 123.1 101.5 '97.6 95.4 r107,7 103,0 108,7 105.9 98.9 '102.5 109.8 rl15.7 July................... 106,4 107.6 111.7 105.1 102,4 122.8 101.4 97.8 95.1 106.7 103.2 108.7 106.0 99.1 102.7 110.0 120.5 See next page for composition of other commodities. 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SEPTEMBER 1966 PRICES 1403 WHOLESALE PRICES: DETAIL (1957-59= 100) 1965 1966 1965 1966 Group Group July May June July July May June July Farm products: Pulp, paper, and allied products: E F P H G L F r l l r i a r u a e v r a y n s i e s m d h s t a t s a n o m a n d c n i d k d l s k . e . a a d . . . e n n . r . . d . d i i . . . e m . s . . d . p . . . a . . . . o . l . . p . . . . u . . r f . . . . o . i . l . . b . t . . d . . r . e . . . u . y . . r . . . . c s . . . . . . . . . e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 9 8 8 1 0 0 0 1 4 8 3 5 3 2 , . . . . . . 8 7 4 8 0 9 4 1 1 1 1 9 9 8 0 2 1 1 0 6 3 3 0 1 0 . . , , . . . 3 9 0 3 2 6 4 H 1 1 9 9 9 9 0 2 1 0 0 9 4 8 2 2 . . . . . , , 9 3 5 7 9 6 6 1 1 1 1 1 9 9 0 0 3 1 0 8 0 3 7 5 7 7 . . . . . , . 5 1 1 5 7 2 0 C W B W P Pa o a u o a p p i n l s o e v d e t d r e i r e n b . p r p . g t o . u a e . . a p d l p . p . r e a . d . . p r p . . . . . . a . e . . . . . . . p r . . . . . . . . e . . . . a . . . . r . . . . n . . . . a . . . . d . . . . n . . . . . . . . d . . b . . . . . . . . . . o . . . . p . . . . a . . . . a . . . . r . . . . p d . . . . . . . . e . . . . . . . . . . r . . . . . b . . . . . . . . . . o . . . . . . . . . . a . . . . . . . . . . r . . . . . . . . . . d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 9 9 9 9 0 6 9 8 3 8 4 . . . , 1 3 3 2 3 1 1 1 1 9 9 9 0 0 1 7 7 2 8 2 2 , . , . 6 0 0 2 2 I 1 1 1 9 0 9 1 0 8 2 8 2 2 . . . . 6 0 7 4 0 1 1 1 9 A 9 0 1 f 2 8 2 3 t . . . . 9 0 2 6 9 9 Other farm products............ 95.4 101.4 101.1 101.3 Metals and metal products: Processed foods: Iron and steel...................................... 101 5 101 8 102 0 1A9 9 Cereal and bakery products................ 109,3 113.0 rl 14.0 115,3 Nonferrous metals.............................. 115^5 122.5 123.2 122.9 Meat poultry, and fish....................... 106.3 110.9 109.9 110,0 Metal containers.................................. 108 3 110 1 Dairy products and ice cream............ 107.8 114.9 117.0 120.3 Hardware............................................. 106 1 109 6 t no ivy. o Canned and frozen fruits and veg- Plumbing equipment........................... 102.6 107,9 108.5 110.0 efahles ............................................ 101.8 105.4 H04.9 104,6 Heating equipment.............................. 91 7 92 1 Sugar and confectionery..................... 109.1 109.3 109.4 109.8 Fabricated structural metal products. 101.4 103,8 r104.1 104.3 Packaged beverage materials.............. 93,5 93.5 93.5 93.5 Fabricated nonstructural metal prod- Animal fats and oils............................ 115.9 107.7 HO5.8 105.5 ucts.................................................... 109.1 110.9 111.2 111 .0 Crude vegetable oils............................ 91.3 105.6 105.6 113.0 Refined vegetable oils......................... 89.4 108.5 104,7 109.8 Machinery and motive products: Vegetable oil end products.................. 101.2 101.9 101.9 103.8 Miscellaneous processed foods..... .. 113.4 113.1 112.5 114,0 Agricultural machinery and equip... . 114.9 118.2 G18.4 118.4 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 c c h h in in e e ry ry a a n n d d e e q q u u ip ip .. . . . 1 1 1 1 6 5 . . 5 3 1 12 1 2 8 . . 5 9 1 12 1 3 8 . . 5 9 1 1 2 1 3 8 . . 5 9 C S O W M A i o t l p o a h k t p o n t e a o p ] - r r m n r e p t o e ! a r p d x o d r u t e . d o i . c l . u d . e t f . s c . u i p . b . t . c . e . s r . . t . r . o . s . . . . . . d . t . . . . e . . . u . . . . x . . . . c . . t . . . . i . t . . . . l . s . . . e . . . . . . . . . . . . . . . . p . . . . . . . . . . r . . . . . . . . o . . . . . . . . . . . . d . . . . . . . . . . u . . . . . . . . . . . c . . . . . . . . . . t . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 9 0 2 0 2 0 5 0 0 3 7 4 . . , , . . 7 3 7 6 8 4 1 1 1 1 1 2 8 0 0 0 4 4 9 2 4 6 0 . . . . . . 7 9 6 9 4 9 1 1 1 1 1 r9 4 2 0 0 0 0 4 3 6 2 4 . . . , . . 1 0 5 8 8 8 1 1 1 1 1 9 5 2 0 0 0 0 2 3 6 3 5 . . . . , . 1 1 3 7 0 0 S E G M M p l e e e e i o e s n c q q c t c e t o i u u r e a r r i i l i a l c p l p l v a a m m n l e i e h e e m p n o n i n u d c u a t t l r u c s . e ( p . s h J . s o m t . a i . . r . n s . . n y . a . e e . . . c . . r . . h y . 1 . . . m i . 9 m . . n a . 6 . . n . a e . a 1 . . c d . r . c = . . y h . h . . . e i . i . . 1 n . n . q . . . . 0 e . . e u . . . . 0 r . r . . i y . . . y ) p . . . . . . . . . . . . . . . . . . . . . . . . . . a a . . . . . . . . . n . n . . . . . . . . . d . d . . . . . . . . . . . 1 1 9 0 0 5 7 7 .0 9 2 1 1 9 0 1 5 0 8 .7 9 8 rl 1 1 r n h 9 1 o a 8 f .8 n f B t t 1 1 I A A 9 1 1A 9 f 8 n i .9 A 7 9 1 Transportation equip., R.R. rolling 1 UU. / Hides, skins, leather, and products: stock (Jan. 1961= 100).................... 101.0 101.0 101.0 101 .0 Hides and skins................................... 117.4 163.0 161.0 156.4 I.eather................................................. 105.9 125.1 f126.6 126.0 Furniture and other household durables: Footwear...................... 110.0 ’•119.3 r119.3 119.4 Other leather products........................ 105.2 115.4 ’■115.7 116.0 Household furniture. ... .................. 108 9 1 Aft Q 1 AQ A Commercial furniture......................... 103,7 105.3 105.3 105.9 Fuels and related products, and power: Floor coverings................................... 7 1 oyfoi . ay Household appliances........................ ov. Coal................................................. 95.2 96.9 r97,2 97.4 Television, radios, and phonographs., 84.6 83.5 83,5 83.5 Coke......................................... 107.3 107.3 109.4 112,0 Other household durable goods......... 105.2 106.7 106.7 107.4 Gas fuels (Jan. 1958= 100)................. 122.5 128.3 r128.5 128.5 E Pe le tr c o tr l i e c u m po w pr e o r d ( u J c a t n s . , 1 re 9 f 5 i 8 n = e * d 1 .. 0 .. 0 .. ) .. . . . . . . .. . . . . . . 1 9 0 6 0 , . 0 7 1 9 0 8 0 . . 4 2 1 1 0 0 0 0 . . 2 2 1 9 0 9 0 . . 9 2 Nonmetallic mineral products: Chemicals and allied products: Flat glass............................................. 100.2 100,2 100.2 100.2 Concrete ingredients........................... 103,1 103.7 103.6 103.6 Industrial chemicals............................. 95.0 96.0 95.8 95.9 Concrete products............................... 101.7 102,7 H03.0 103,0 Prepared paint..................................... 105.7 106.2 106,8 106,8 Structural clay products............... 104.9 106,3 106.5 106.5 Paint materials..................................... 89.6 90.2 89.9 90.4 Gypsum products........................ m? ? r J A? 7 1 AT 7 Drugs and pharmaceuticals................ 94.0 94,1 r94.3 94.3 Asphalt roofing................................... Fats and oils inedible................... 110.3 102.5 H01.6 106,6 Other nonmetallic minerals................ 101.4 102.2 101.8 102.2 Mixed fertilizers................................. 104.8 105,5 105.5 105.5 Fertilizer materials............................... 103.3 106.6 104.8 104,2 Tobacco products and bottled beverages: Other chemicals and products........... 99.8 100.0 100.0 100,1 Rubber and products: T A o lc b o a h c o c l o i c p b ro ev d e u r c a t g s e . s .. . . . . . . . . . . . . . . . . . . .. . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 A 1 1 in i Crude rubber....................................... 89.1 90.0 89.5 89.2 Nonalcoholic beverages...................... 128.1 128,5 ’131,0 131.8 Tires and tubes.................................. 90.2 94.4 94.4 93.9 Miscellaneous rubber products.......... 97.4 98.7 98.9 98.9 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, .. . 102,9 103,7 103,7 104.5 Manufactured animal feeds. . ....... 118.8 123.1 r124.1 132,6 umber................................. 101.2 113,1 Hl 1,8 110.4 Notions and accessories.............. 99.1 100,6 101.1 101.1 Millwork.............................................. 107.8 110.4 110.6 110.7 Jewelry, watches, photo equipment... 105.1 105,1 105,2 105.3 Plywood,............................................ 91.0 100.3 r92.7 92.0 Other miscellaneous products........... 104.6 105.2 105.2 105.4 Note.—Bureau of Labor Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1404 NATIONAL PRODUCT AND INCOME SEPTEMBER 1966 GROSS NATIONAL PRODUCT (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965 II III IV I II’ Gros” national product..................................... 103.1 55.6 124.5 284.8 520.1 560.3 590.5 631.7 681.2 672.9 686.5 704,4 721.2 732.3 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 80.6 191.0 335.2 355.1 375.0 401.4 431.5 426.8 435.0 445,2 455.6 460.1 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 67.1 Nondurable goods....................................... 37.7 22.3 42.9 98.1 155.9 162,6 168.6 178.9 190.6 189.4 191.4 197,0 201.9 205.6 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 Grow private domestic investment................... 16.2 1.4 17.9 54.1 71.7 83.0 87.1 93.0 106.6 103.7 106.7 111.9 114.5 118.5 Fixed Investment........................................... 14,5 3.0 13.4 47.3 69.7 77.0 81.3 88,3 97.5 96.0 98.0 101.5 105.6 106.2 Nonresidentlal........................ 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 78.2 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 27.9 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 Residential 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 28.0 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 27.4 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 12.3 Nonfarm................................................... 1.8 -1.4 4.0 6.0 1.7 5.3 5.1 5.3 8.1 6.7 7.2 9.0 8.5 12.1 Net exports of goods 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 4.7 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 41.9 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 37.3 Government purchases of goods and services.. 8.S 8.0 24.8 37.9 107.6 117.1 122.5 128.9 136.2 134.3 137.3 141.2 145.0 149.0 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 74.0 National defense ..................................... 13.8 14.1 47.8 51.6 50.8 50,0 50.1 49.1 50,7 52,5 54,6 57.1 Other ...................................................... 3.1 4.3 9.6 11.8 13.5 15,2 16.7 16.5 16.8 17,3 17.4 16.9 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 75.0 Gross national product in constant (1958) dollars........................................................ 203.6 141.5 263.7 355.3 497.3 529.8 551.0 580.0 614.4 607.8 618.2 631.2 640.5 643.5 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For back data and explanation of series see the Aug. 1965 and July 1966 Survey of Current Business. 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 40.3 104.2 241.1 427.3 457.7 481.9 517.3 559.0 552.2 562.7 577.8 595.7 604.3 Compensation of employees............................. 51.1 29.5 64.8 154.6 302.6 323.6 341.0 365.7 392.9 387.8 395.6 406.5 419.6 427.9 Images and salaries....................................... 50.4 29.0 62.1 146,8 278.1 296.1 311.1 333,6 358.4 353.7 360.8 370.8 380.0 387.4 Private........................................................ 45.5 23.9 51.9 124.4 225.9 240,1 251.6 269,3 289.1 285.8 291.1 298,5 305.9 311.5 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 in­ surance ............................................... .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........................................... 1511 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 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 82.9 Profit, 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 34.2 Profit! 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 48.7 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 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 27.7 Inventory valuation adjustment.................. .5 -2.1 -2.5 -5.0 -.1 .3 -.5 -.4 -1.5 -1.8 -1.0 -1.8 -2.8 -2.9 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 estimates. Quarterly data are seasonally adjusted totals at annual rates. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 NATIONAL PRODUCT AND INCOME 1405 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 HI IV I n» 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 2 732.3 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 62.7 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 64.7 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 -1.1 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 .9 Equals* National income................................. 86.8 40.3 104.2 241.1 427.3 457.7 481.9 517.3 559.0 552.2 562.7 577.8 595.7 604.3 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 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...........................*................. Pft/s' Government transfer payments........... .9 1.5 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 96.0 227.6 416.8 442.6 465.5 496.0 535.1 527.6 541.9 552.8 564.6 573.5 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 52.4 57.4 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 ress' Personal outlays............................ 79.1 46.5 81.7 193.9 343.2 363.7 384.7 412.1 443.4 438.6 447.1 457.6 468.4 473.3 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 335.2 355.1 375 0 401.4 431.5 426.8 435.0 445.2 455.6 460. 1 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 12.5 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 26.7 26.6 Disposable personal income in constant (1958) dollars.................................... 150.6 112.2 190.3 249.6 350.7 367.3 381.3 406.5 430.8 423.7 436.8 443.9 448.4 447.9 Note.—'Dept, of Commerce estimates. Quarterly data are seasonally adjusted quarterly totals at annual rates. See also Note to table oppo­ site. PERSONAL INCOME (In billions of dollars) 1965 1966 Item 1964 1965 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.p Total personal income......................... 496.0 535.1 537.81552.5 547.2 553.2 558.2 560.2 564.7 569.0 570.5 573.0 577.2 580.0 585.0 Wage and salary disbursements.......... 333.6 358.4 360.6 363.5 366.9 371.4 374.1 376.8 380.1 382.9 384.7 387.0 390.5 393.7 396.8 Commodity-producing industries... 134.0 144.3 145.0 145.2 146.9 149.2 150.7 152.1 153.9 155.4 156.0 156.8 158.1 158.2 159.5 Manufacturing onlv. .................... 107.2 115.5 116.3 116.5 117.9 119.6 120.3 121.8 123.3 124.0 125.2 125.9 127.0 127.1 128. 7 Distributive industries.................... 81.2 86.7 87.1 87.6 88.4 89.2 89.7 90.1 90.9 91.4 91.5 91.9 92.8 93.6 94.0 Service industries................ 54.1 58.1 59.1 59.8 60.0 60.6 60.9 61.1 61.2 61.7 62.0 62.5 63.0 64.0 64.5 Government..................................... 64.3 69.2 69.5 70.9 71.6 72.4 72.9 73.6 74.1 74.5 75.2 75.9 76.6 78.0 78.9 Other labor income............................. 16.6 18.5 18.8 19.0 19.2 19.4 19.6 19.8 20.0 20.2 20.4 20.6 20.7 20.9 21.1 proprietors’ income............................. 51.9 55.8 56.5 56.6 56.6 57.1 57.5 58.1 58.3 58.8 58.2 57.9 57.6 57.3 57.1 Business and professional............... 39.9 40.7 40.6 40.7 40.8 41.1 41.3 41.3 41.3 41.5 41.5 41.6 41.7 41.8 41.9 Farm................................................. 12.0 15.1 15.9 15.9 15.8 16.0 16.2 16.8 17.0 17.3 16.7 16.3 15.9 15.5 15.2 Rental income...................................... 17.7 18.3 18.4 18.5 18.5 18.6 18.6 18.6 18.7 18.7 18.7 18.8 18.8 18.9 18.9 Dividends............................................. 17.3 19.2 19.5 19.8 20.0 20.2 20.5 20.8 21,0 20.9 21.0 21.2 21.1 21.1 21.0 Personal interest income............... 34.6 38.4 38.9 39.2 39.4 39.7 40.0 40.5 41.0 41.4 41.8 42.1 42.3 42.6 43.0 Transfer payments............................... 36.8 39.7 38.3 149.2 39.8 40.3 41.4 42.3 42.6 42.9 42.6 42.5 43.2 43.5 45.0 Less: Personal contributions for social insurance................................ 12.5 13.2 13.2 13.2 13.3 13.5 13.6 16.8 16.9 16.9 17.0 17.1 17.2 17.9 18.0 Noqagricultural income. ...................... 479.7 515.6 517.6 1532.3 526.9 532.6 537.2 538.8 543.0 547.0 549.1 551.9 556.5 559.8 565.1 Agriculture income.................. 16.3 19.5 20.2 20.2 20.3 20.6 21.0 21.4 21.7 22.0 21.4 21.0 20.7 20.2 19.8 1 Includes retroactive lump-sum payment of social security benefits Note.—Dept, of Commerce estimates. Quarterly data are seasonally in the amount of $10.6 billion. adjusted totals at annual rates. See also Note to table opposite. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SAVINGS, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) Transaction category, 1964 1965 1966 or sector 1961 1962 1963 1964 1965 I II III IV I II III IV I I. Saving and investment 1 Gross national saving........................ 119.6 134.5 146.2 159.6 177.8 154.2 157.7 161 5 165 0 176 7 175 0 177.3 182,2 C 1 2 Households.................................... 75.8 82.1 87.6 97.2 106.5 92.4 99.4 97'7 99.3 102J 101.9 111.0 111.1 112.3 2 3 Farm and noncorp, business....... 12.6 13.1 13.6 14.4 14.4 14.2 14.5 14.4 14.5 14.2 14.7 14.2 14.7 15.4 3 4 Corporate nonfin. business.......... 35.6 41.8 44.0 51.0 55.4 50.0 50.9 52.0 51.3 55.6 54.4 55.2 56.3 57.5 4 5 U.S. Government.......................... -4.8 -4.8 -.7 -4.3 .1 -3.3 -8.0 -4.1 -1.7 3.3 2.6 -4.1 -1.2 1.5 5 6 State and local govt...................... -2.9 -1.4 -1.5 -1.7 -2.5 -2.0 -2.0 -1.5 -1.2 -2. 1 -2.5 -2.8 -2.6 -2.1 6 7 Financial sectors........................... 3.3 3.8 3.2 2.9 3.8 2.8 2.9 3.0 2.8 3.5 3.9 3.9 3.9 3.9 7 8 Gross national investment.................. 117.9 133.8 143.8 157.0 176.2 152.4 155.6 158.9 161.1 172.4 172.6 176.8 182.9 186.3 8 9 Consumer durable goods............. 44.2 49.5 53.9 59.4 66.1 57.6 59.8 61.1 58.9 65.1 64.4 66.7 68.0 70.3 9 10 Business inventories...................... 2.0 6.0 5.9 4.7 9.0 3.2 4.1 3.8 7.6 9.4 7.6 8.7 10.4 9.0 10 11 Gross pvt. fixed investment.......... 69.7 77.0 81.2 88.3 97.5 86.7 87.6 88.9 90.0 94.5 96.0 98.0 101.4 105.5 11 12 Households................................ 20.9 22.2 22.6 23.5 23.8 23.8 23.7 23.6 23.0 22.8 24.3 24.3 23.7 24.0 12 13 Nonfin. business....................... 48.1 54.2 57.7 63.9 72.8 62.0 63.0 64.4 66.1 70.8 70.8 72.9 76.9 81.2 13 14 Financial sectors....................... .7 .6 1.0 .9 .8 .9 .9 .9 .8 .9 .9 .8 .8 .3 14 15 Net financial investment.............. 2.0 1.3 2.8 4.7 3.6 4.9 4.2 5.1 4.6 3.5 4.6 3.4 3.0 1.4 15 16 Discrepancy (1-8)............................. 1.7 .7 2.5 2.6 1.6 1.8 2.1 2.6 3.9 4.2 2.4 .5 -.7 2.2 16 II. Financial flows—Summary 17 Net funds raised—Nonfin. sector.... 44.3 54.3 58.2 67.1 72.3 58.8 75.1 63.9 70.5 76.8 73.2 55.0 83.7 83.7 17 18 Loans and short-term securities.... 16.4 15.5 18.8 27.1 32.1 24’3 28.6 15.6 39.7 45.2 32.1 10.4 40.6 34.1 18 19 Long-term securities and mtgs......... 27.9 38.8 39.3 40.0 40.1 34.5 46.5 48.4 30.7 31.6 41.1 44.6 43.1 49.5 19 By sector 20 U.S. Government............................. 7.6 7.8 5.0 6.7 3.6 7.6 5.6 8.7 5.0 7.5 2.7 -6.7 10,9 14.3 20 21 Short-term direct mkt................... 8.8 .5 1.4 4.0 3.5 9.1 -1.0 -3.7 il.4 13.9 2.4 -12.8 10.5 9.5 21 22 Other securities............................. -1.4 6.8 3.8 2.2 .6 -.5 4.9 11.4 -7.0 -6.2 .6 5.2 2.7 3.6 22 23 C.C.C. and Ex-Import Ctfs.......... .3 .5 -.2 .5 -.5 -1.1 1.7 .9 .6 -.2 -.3 .9 -2.3 1.2 23 24 Foreign borrowers................... 2.8 2.3 3.3 4.6 2.9 3.9 4.9 2.6 7.1 6.0 1.9 .9 2.5 2.6 24 25 Loans............................................ 2.0 1.2 2.2 3.9 1.9 3.9 4.0 2.6 5.0 4.7 1.0 .2 1.8 .9 25 26 Securities,....................................... .8 1.0 1.0 .7 .9 .9 2.0 1.3 1.0 .7 .8 1.7 26 27 Pvt. domestic nonfin. sectors........... 33.9 44.2 49.9 55.8 65.8 47.2 64.7 52.7 58.4 63.2 68.6 60.9 70.2 66.7 27 28 Loans........................................... 5.4 13.3 15.5 18.7 27.2 12.3 23.9 15.7 22.7 26.8 29.1 22.1 30.6 22.5 28 29 Consumer credit......................... 1.7 5.5 6.7 6.9 9.2 7.4 7.2 7.1 6.0 9.7 8.9 8.9 8.9 9.2 29 30 Bank loans n.e.c......................... 2,2 4.8 6.0 7.6 14.0 2.7 9.7 4.7 13.2 14.4 13.9 8.5 18.9 8.3 30 31 Other Ioans................................. 1.6 3.0 2.7 4.1 4.1 2.2 7.0 4.0 3.5 2.6 6.3 4.6 2.8 5.0 31 32 Securities and mortgages.............. 28.6 31,0 34.4 37.1 38.6 35.0 40.7 37.0 35.7 36.5 39.6 38.8 39.6 44.3 32 33 State and local obligations........ 4.9 5.0 6.7 5.9 7.4 4.2 6.4 6.0 6.8 7.1 7.5 5.0 9.9 6.5 33 34 Corporate securities................... 7.1 5.1 3.6 5.4 5.7 6.2 7.1 5.3 2.9 4.6 6.7 8.0 3.6 12.1 34 35 I- to 4- family mortgages.......... 11.4 13.0 15.2 15.8 15.4 15.6 16.3 15.8 15.4 15.4 15.1 15.2 16.0 15.6 35 36 Other mortgages........................ 5.1 7.9 9.0 10.1 10.1 8.9 10.9 9.9 10.6 9.4 10.3 10.6 10.1 10.1 36 37 Net sources of credit (—17).............. 44.3 54.3 58.2 67.1 72.3 58.8 75.1 63.9 70.5 76.8 73.2 55.0 83.7 83.7 37 38 Chg. in U.S. Oovt. cash balance.. 1.3 -.3 .2 -1.2 3.6 -.9 -1.1 -.9 5.3 1.4 -12.9 1.3 -3.9 38 39 U.S. Govt, lending....................... 2.8 3.5 2.7 3.8 4.5 3.4 4.9 3.4 3.6 4.9 6.7 3.1 3.2 8.4 39 40 Foreign funds................................ 2.5 2.8 2.3 2.4 1.8 1.7 3.3 1.0 3.8 3.6 4.4 —. 8 .1 1.8 40 41 Pvt, insur. and pension reserves.. 8.6 9.0 10.1 11.1 10.9 10.9 12.0 10.1 11.5 10.8 11.4 10.7 10.8 11.3 41 42 Sources n.e.c................................. 3.7 3.2 4.2 5.3 5.3 4.1 6.4 4.1 6.7 9.3 5.5 -.8 7.3 4.2 42 43 Pvt, domestic nonfin. sectors....... 26.7 34.6 39.2 44.3 50.9 35.1 49.5 46.5 45.8 42.8 43.8 55.7 61.1 61.8 43 44 Liquid assets............................. 24.9 31.5 37.3 33.0 43.4 27.5 29.3 31.5 43.6 38.0 35.2 43.3 57.1 33.4 44 45 Deposits................................. 24.0 30.1 34.2 35.4 40.6 25.3 31.9 38.1 46.2 34.2 31.1 42.4 54.7 29.6 45 46 Demand dep. and currency 3.8 2.1 5.7 6.5 8.0 -1.0 5.6 9.1 12.5 -.8 3.7 7.1 22.1 5.7 46 47 Time and svgs. accounts. . 20.2 28.1 28.5 28.8 32.6 26.2 26.3 29.0 33.7 35.0 27.4 35.3 32.6 23.9 47 48 At commercial banks.... 9.0 15.0 13.4 13.1 19.1 11.5 10.6 12.2 18.1 21.9 15.2 22.2 18.5 14.5 48 49 At savings instit.............. 11.2 13.0 15.1 15.7 13.1 14.7 15.7 16.8 15.6 13.1 12.1 13.1 14.1 9.4 49 50 Short-term U.S. Govt. sec... 1.0 1.4 3.1 -2.4 2.8 2.2 -2.6 -6.6 -2.6 3.8 4.1 .9 2.4 3.9 50 51 Other U.S. Govt, securities.... -1.3 .5 1.6 3.3 .5 2.4 6.8 6.6 -2.5 .1 3.2 -.7 -.7 9.2 51 52 Pvt. credit mkt. instr................. 4.3 2.4 2.2 7.8 7.7 5.3 13.2 6.9 5.7 4.9 4.8 12.0 8.8 18.9 52 53 Less security debt..................... 1.3 -.2 2.0 -.2 .7 * -2. -1.5 1.1 .2 -.6 -1.1 4.2 -.3 53 III. Direct lending in credit mkt. 54 Total funds raised............................. 44.3 54.3 58.2 67.1 72.3 58.8 75.1 63.9 70.5 76.8 73.2 55.0 83.7 83.7 54 55 Less-change in U.S. Govt. cash.... * 1.3 -.3 .2 -1.2 3.6 -.9 -1.1 -.9 5.3 1.4 -12.9 1.3 -3.9 55 56 Total net of U.S. Govt. cash....... 44.3 53.0 58.5 66.9 73.5 55.2 76.0 65.1 71.4 71.4 71.8 67.9 82.4 87.6 56 57 Funds supplied directly to credit markets............................... 44.3 53.0 58.5 66.9 73.5 55.2 76.0 65.1 71.4 71.4 71.8 67.9 82.4 87.6 57 58 Federal Reserve System............... 1.5 1.9 2.6 3.2 3.8 3.2 1.0 2.1 6.4 4.1 3.9 1.2 6.1 1.5 58 59 Total........................................... 1.5 2.0 2.9 3.4 3.8 2.9 1.6 2.5 6.6 4.5 3.3 2.9 4.6 1.3 59 60 Less-chg. in U.S. Oovt. cash... * .1 .3 .2 • -.3 .5 .4 .1 .4 -.6 1.7 -1.6 -.2 60 61 Commercial banks, net................. 15.5 18.1 19.5 21.6 29.0 12.7 22.2 21.0 30.6 27.7 23.0 26.7 38.6 21.6 61 62 Total......................................... 15.7 19.5 19.2 22.2 28.6 17.4 21.3 20.1 29.9 33.2 27.1 12.2 41.8 18.0 62 63 Less—chp. in U.S. Govt. cash... 1.2 -.6 * — 1.2 3.8 -1.4 -1.5 -1.1 4.9 2.0 — 14.6 2.8 -3.8 63 64 Security issues....................... .2 .1 .3 .6 .8 .9 .5 .6 .4 .5 2.0 .1 .4 .1 64 65 Nonbank finance, net........... 21,2 23.9 28.0 29.1 26.2 27.5 28.1 31.3 29,5 27.6 24.7 26.3 26.3 25.6 65 66 Total........................................... 23.7 28.6 34.4 33.5 31.9 32.2 38.3 32.8 30.8 35.0 36.0 22.9 33.6 34.2 66 67 Less-credit raised.................... 2.5 4.7 6.4 4.4 5.7 4.7 10.2 1.5 1.4 7.4 11.3 -3.4 7.3 8.6 67 68 U.S. Government......................... 2.8 3.5 2.7 3.8 4.5 3.4 4.9 3.4 3.6 4.9 6.7 3.1 3.2 8.4 68 69 Foreign........................................... .6 1.2 .8 .4 -.3 -1.3 2.3 -1.0 1.8 -1.5 .8 -2.6 2.0 -1.7 69 70 Pvt. domestic nonfin..................... 2.7 4.4 5.0 8.9 10.3 9.9 17.6 8.4 -.4 8.6 12.7 13.3 6.3 32.2 70 71 Households................................. .7 -1.6 1.4 3.6 3.6 2.8 9.3 1.3 1.0 .4 6.8 4,5 2.4 17.9 71 72 Business...................................... 3,i 2.3 2. 1 1.4 .2 1.7 2.1 2.7 -.9 -3.1 -3.1 4.5 2.2 3.4 72 73 State and local govts................. 3.6 3.5 3.7 7.2 5.4 6.1 2.8 .6 11.4 8.4 3.1 5.9 10.6 73 74 Less-net security credit............. 1.3 -.2 2.0 -.2 .7 * -.2 -1.5 l.l .2 -.6 -LI 4.2 -.3 74 Note.—Quarterly data are seasonally adjusted totals at annual rates. 1966 relative to the May Bulletin tables in financial data. Financial These tables reflect revisions in income and product accounts for 1963-66 revisions will appear with publication of the second-quarter data, published in the July Survey of Current Business but are unrevised before For other notes see p. 1241 of the August Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 FLOW OF FUNDS 1407 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1964 1965 1966 Transaction category, 1961 1962 1963 1964 1965 or sector I II III IV I II III IV I I. Demand deposits and currency 1 Net incr. in banking system liability. . 5.6 4.5 5.6 7.4 7.2 3.9 5.6 8.2 12.0 5.2 5.7 -3.6 21.5 2.9 1 2 U.S. Govt, deposits........................ 1.3 -.3 .2 -1.2 3.6 -.9 -1.1 -.9 5.3 1.4 -12.9 1.3 -3.9 2 3 Other................................................ 5.6 3.2 5.9 7.3 8.4 .3 6.5 9.3 13.0 -. 1 4.2 9.3 20.3 6.8 3 4 Domestic sectors......................... 4.8 3.1 5.9 6.8 8.5 -1.0 6.7 8.3 13.2 -1.2 4.3 7.8 23.0 3.4 4 5 Households.............................. .8 4. 1 5.3 7.4 10.7 10.6 3.4 2.8 13.1 9.6 3.6 8.6 20.9 -.9 5 6 Nonfinancial business............ J.7 -2.3 -1.9 -2.6 -3.3 -7.2 2.1 2.1 -7.5 -4.1 -2.4 -6.4 -.1 3.0 6 7 State and local govts............... .3 .9 2.0 .7 -.5 -1.7 -2.3 1.4 5.6 -5.3 1.6 .9 1.0 -1.8 7 8 Financial sectors..................... 1.1 1.0 .2 .2 .5 -.1 1.1 -.8 .7 -.4 .6 .8 1.0 -2.3 8 9 Mail float................................. 1.0 -.6 .3 1.0 1. 1 -2.7 2.4 2.8 1.3 -1.0 1.0 4.0 .3 5.4 9 10 Rest of the world....................... .7 .1 .1 .5 -. 1 1.4 -.2 1.0 -.3 1.1 * 1.5 -2.8 3.4 10 II. Time and savings accounts 11 Net increase—Total............................ 20.7 28.7 29.5 30.4 33.0 27.9 28.0 30.0 35.7 35.5 28.4 34.9 33.1 23.4 11 12 At commercial banks—Total........ 9.4 15.6 14.3 14.6 20.1 13.1 12.1 13.3 19.9 22.6 16.7 22.1 18.9 14.4 12 13 Corporate business..................... 1.9 3.7 3.9 3.2 5.0 6.4 1.4 1.5 3.4 8.3 6.8 3.7 1.2 4.2 13 14 State and local govts.................. .9 1.0 1.6 1 .7 3.0 .3 1.1 2.2 3.3 2.1 .5 4.3 5.1 -.5 14 15 Foreign depositors..................... .3 .6 1.0 1.4 .5 1.5 1.5 1.0 1.6 .6 1.3 -.1 .4 -.1 15 16 Households............................... 6.2 10.3 7.9 8.2 11.5 4.9 8.1 8.5 11.4 11.4 8,0 14,3 12.3 10.8 16 17 At savings institutions................... 11.3 13.1 15.2 15.8 12.9 14.8 15.8 16.7 15.8 12.9 11,7 12.9 14.2 9.1 17 18 Memo: Households total................... 17.4 23.4 23.0 23.9 24.6 19.6 23.8 25.4 27.0 24.3 20.1 27.4 26.4 20.2 18 III. U.S. Govt securities 19 Total net issues.................................... 7.3 7.3 5.2 6.2 4.1 8.7 3.9 7.7 4.4 7.7 3.0 -7.7 13.2 13.1 19 20 Short-term marketable................... 8.8 .5 1.4 4.0 3.5 9.1 -1.0 -3.7 11.4 13.9 2.4 -12.8 10.5 9.5 20 21 Other................................................ -1.4 6.8 3.8 2.2 .6 -.5 4.9 11.4 -7.0 -6.2 .6 5.2 2.7 3.6 21 22 Net acquisitions, by sector................. 7.3 7.3 5.2 6.2 4.1 8.7 3.9 7.7 4.4 7.8 3.0 -7.7 13.2 13.1 22 23 Federal Reserve System................. 1.5 1.9 2.8 3.5 3.7 3.2 1.8 2.4 6.5 4.4 3.7 2.9 3.9 1.7 23 24 Short-term................................... -1.1 2.0 4.9 2.1 3.7 3.5 -2.3 5.1 2.2 15.5 7.0 -3.0 -4.8 8.1 24 25 Commercial banks. ........................ 5.4 .8 -2.6 -.5 -2.0 1.0 -6.6 2.7 .9 -.2 -8.0 -5.3 5.7 -3.8 25 26 Short-term direct......................... 9.3 -5.2 -3.7 3.9 -1.7 5.4 1.4 -.5 9.2 -1.3 -7.5 -6.1 8.2 -2.3 26 27 Other direct................................. -4.1 5.2 .5 -4.1 -1.4 -2.7 -9.0 3.8 -8.6 .3 -1.1 -1.2 -3.7 -.4 27 28 Nonguaranteed........................... .3 .8 .5 -.2 1.1 -1.7 1.1 -.6 .3 .8 . 6 2.0 1.2 -1.1 28 29 Nonbank finance............................. .4 1.5 -.3 1.8 -.9 1.7 3.5 2.8 -.7 2.5 -1.1 -3.7 -1.2 5.2 29 30 Short-term direct......................... 1.1 .7 - 1.1 1.1 -.3 .4 2.8 .3 .8 -.5 -1.0 -1.7 2.1 2.7 30 31 Other direct................................. -.8 .6 .6 .5 -.7 1.3 .3 2.2 -1.9 3.1 -.9 -2.1 -3.0 1.7 31 32 Nonguaranteed........................... .1 .2 .3 .3 .1 .4 .3 .4 -.1 .7 .2 -.4 .8 32 33 Foreign........... • ■ ■ .4 1.2 .6 .4 -1.8 1.0 -.2 2.7 -2.8 1.1 -1.8 3.1 -3.0 33 34 Short-term................................... - .7 2.0 -.7 .2 -.4 -1.6 .7 -1.1 2.8 -2.8 . I -2.5 3.4 -2.4 34 35 Pvt. domestic nonfinan. sector .... - .3 1.9 4.7 .9 3.3 4.6 4.2 -5.0 3.9 7.3 .2 1.7 13.0 35 36 Short-term direct......................... .2 1.0 1.9 -3.3 2.2 1.4 -3.6 -7.5 -3.6 3.0 3.7 .4 1.6 3.5 36 37 Other direct................................. -1.6 — . 1 .9 2.9 -1.1 2.9 5.2 5.7 -2.3 .3 -.4 -2.8 -1.6 5.1 37 38 Nonguaranteed........................... .3 .6 .8 .4 1.6 -.5 1.5 .8 -.2 -.2 3.5 2.0 .9 4.1 38 39 Savings bonds—Households. ... .8 .4 1.2 .9 .6 .8 .9 .8 1.0 .8 .4 .5 .8 .3 39 IV. Other securities 40 Total net issues, by sector................... 13.6 11.6 13.1 14.6 16.7 13.4 17.3 13.9 13.9 15.1 19.1 15.2 17.4 21.9 40 41 State and local govts...................... 4.9 5.0 6.7 5.9 7.4 4.2 6.4 6.0 6.8 7.1 7.5 5.0 9.9 6.5 41 42 Nonfinancial corporations............. 7.1 5.1 3.6 5.4 5.7 6.2 7.1 5.3 2.9 4.6 6.7 8.0 3.6 12.1 42 43 Commercial banks.......................... .2 .1 .3 .6 .8 .9 .5 .6 .4 .5 2.0 . 1 .4 . 1 43 44 Finance companies......................... .5 .3 1.4 2.1 1.9 2.2 2.4 2.0 1.8 1.5 1.9 1.4 2.7 1.6 44 45 Rest of the world............................ .8 1.0 1.0 .7 .9 « .9 * 2.0 1.3 1.0 .7 .8 1.7 45 46 Net purchases............................... 13.6 11.6 13.1 14.6 16.7 13.4 17.3 13.9 13.9 15.1 19.1 15.2 17.4 21.9 46 47 Households...................................... 1.4 -2.0 -1.7 1.4 .9 .7 5.0 .3 -.3 .4 -.3 4.5 -1.2 8.3 47 48 State and local govts...................... 2.2 2.0 2.5 3.0 4.5 2.8 3.0 3.1 2.9 3.1 4.0 4.9 6.0 5.7 48 49 Commercial banks......................... 2.6 4.4 5.2 3.7 4.7 2.4 2.6 4.9 4.7 3.8 6.8 4.5 3.7 2.1 49 50 Insurance and pension funds......... 8.0 7.7 7.8 7.5 8.6 7.7 7.9 6.8 7.5 8.3 7.9 9.4 8.8 8.5 50 st Finance n.e.c.................................... -.7 -.2 -.6♦ -.6 -1.5 -.2 -1.2 -.7 -.4 -.7 1.7 -7.4 .5 -3.9 51 52 Security brokers and dealer........ -.1 .5 - .2 .3 .1 -.4 .1 1.0 2.1 -5.3 1.3 -2.1 52 S3 Investment cos. net..................... -.6 -.7 -.6 -.7 -1.3 -.5 -1.3 -.3 -.5 -1.7 -.4 -2.1 -.9 -1.8 53 54 Portfolio purchases................. 1.4 1.1 .8 1.1 1.6 .5 1.7 2.1 .6 2.0 1.4 2.3 2.2 54 55 Net issues of own shares........ 2.0 1.9 1.4 1.7 2.8 .5 1.8 2.0 2.6 2.3 2.4 3.5 3.2 4.0 55 56 Rest of the world........................... .2 * .2 -.2 -.5 -.2 .1 -.4 -.1 .1 -1.0 -1.0 -.1 .6 56 V. Mortgages 57 Total net lending....................... 16.9 21.3 24.7 25.6 25.5 24.3 26.8 25.4 25.7 24.8 25.6 25.6 25.9 26.1 57 58 1- to 4-family.................................. 11.8 13.4 15.7 15.5 15.4 15.5 15.9 15.5 15.1 15.4 15.3 15.0 15.8 16.0 58 59 In process..................................... .4 .4 .5 -.,3 -.1 -.2 -.4 -.3 -.3 .1 .2 -.3 -.2 .4 59 60 Disbursed................................... 11.4 13.0 15.2 15.8 15.4 15.6 16.3 15.8 15.4 15.4 15.1 15.2 16.0 15.6 60 61 Other................................................ 5.1 7.9 9.0 10.1 10.1 8.9 10.9 9.9 10.6 9.4 10.3 10.6 10.1 10.1 61 62 Net acquisitions................................... 16.9 21.3 24.7 25.6 25.5 24.3 26.8 25.4 25.7 24.8 25.6 25.6 25.9 26.1 62 63 Households.......................... -.2 -.6 . 1 -.3 - .2 .3 .2 .2 -1.0 -.7 -.6 1.0 -2.2 63 64 U.S. Government.......................... .6 .3 -1.0 .2 1.0 .3 .8 . 1 -.3 .6 1.2 .7 1.4 4.3 64 65 Commercial banks.......................... 1.6 4.0 4.9 4.5 5.3 4.5 4.4 4.0 5.1 4.8 5.5 5.9 5.0 5.1 65 66 Savings institutions......................... 11.0 13.2 16.1 14.7 13.1 14.5 14.9 15.1 14.4 13.1 13.3 13. 1 12.9 11.6 66 67 Insurance......................................... 2.7 3.0 4.0 5.1 5.4 4.5 5.0 5.3 5.6 5.9 5.5 5.0 5.3 6.4 67 68 Mortgage companies....................... .6 .5 .8 .4 .5 .3 1.0 .1 .2 1.0 .4 .9 -.1 .5 68 VI. Bank loans n.e.c. 69 Total net borrowing............................. 3.0 6.2 8.2 9.9 16.8 4.8 14.4 4.6 15.8 20.0 15.6 10.9 20.5 8.3 69 70 Nonfinancial business..................... 1.3 4.3 5.1 5.0 12.6 .5 5.9 4.6 9.0 13.7 11.1 7.6 17.7 10.7 70 71 Nonbank finance............................ .1 1.0 1.7 .5 2.4 3.7 -1.7 -.1 2.5 2.8 2.0 2.2 .4 71 72 Households...................................... .9 .5 .9 2.6 1.4 2.2 3.8 . 1 4.3 .7 2.8 .9 1.2 -2.5 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 -.5 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. 1966 relative to the May Bulletin tables in financial data. Financial These tables reflect revisions in income and product accounts for 1963-66 revisions will appear with publication of the second-quarter data. published in the July Survey of Current Business but are unrevised before For other notes see p. 1241 of the August Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1408 STOCK MARKET CREDIT SEPTEMBER 1966 DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE N.Y. STOCK EXCHANGE CARRYING MARGIN ACCOUNTS JUNE 1959-66 (In millions of dollars) Item ■ 1959 I960 1961 1962 1963 1964 1965 1966 DEBIT BALANCES Cash on hand and in banks.......................................................................... 363 366 422 437 422 466 515 601 Securities— Borrowed.................................................................................................. 129 96 152 151 181 201 255 515 Sold delivery pending (failed to deliver)................................. 291 334 530 368 275 369 448 823 Net debit balances due from— Member firms of national securities exchanges: N.Y. Stock Exchange............................................................................ 159 134 216 169 219 199 201 226 Other exchanges..................................................................................... 18 22 36 22 25 25 20 31 All other customers exclusive of firms’ own partners secured by— U S. Govt, securities.................................................................................. 165 104 48 32 31 33 24 46 Other collateral.......................................................................................... 3,370 3,081 4,024 3,604 4,916 5,351 5,149 5,800 Net debit balances in partners’ individual investment & trading accounts.. 36 37 58 74 70 78 84 90 Debit balances in— Firm investment accounts . 286 309 293 243 247 264 325 358 Firm trading & underwriting accounts.................................................... 336 374 582 520 694 959 1,445 1,240 Commodity margins on deposit with banks & commodity guaranty funds on deposit.................................................................................. 39 23 22 30 31 28 41 55 All other debit balances................................................................................ 190 218 309 303 347 389 410 519 Total.................................................................. 5,382 5,097 6,694 5,954 7,460 8,364 8,917 10,304 CREDIT BALANCES Money borrowed........................................................................................... 2,508 2,331 2,880 2,305 4,027 4,499 4,541 3,969 From banks and trust companies: U.S. agencies of foreign banks......................................... 605 806 817 525 815 859 711 552 U.S. banks........................................................................................... 1,871 1,473 2,016 1,739 3,156 3,626 3 803 3,378 in New York City............................................................................... 1,428 1,157 1,515 1,007 1,852 2,273 2,622 2,518 Elsewhere................................................................................ 444 316 501 732 1,303 1,353 1,180 859 From other lenders (not including members of national securities exchanges)........................................................................................... 31 52 47 41 56 14 28 39 Securities— Loaned........................................................................................................ 204 167 233 211 244 268 340 664 Bought delivery pending (failed to receive)........................................... 294 352 568 363 289 393 433 851 Net credit balances due to member firms of national securities exchanges: N Y Stock Exchange................................................................................ 132 120 174 153 202 192 187 205 Other exchanges......................................................................................... 13 11 23 17 12 14 12 26 Credit balances "of other customers exclusive of firms’ own partners: Free credit balances.................................................................................. 1,070 1,006 1,264 1,330 1,115 1 126 1 ,298 1,643 Other net credit balances......................................................................... 277 246 335 ’441 ’369 405 477 836 Credit balances & money borrowed which are subordinated to general creditors under approved agreements................................................ 22 25 31 51 90 111 141 154 Net credit balances in partners’ individual investment & trading accounts. 38 37 47 43 36 37 48 59 Credit balances in firm investment & trading accounts................ 71 61 100 76 116 173 214 270 All other credit balances (except those included in next item)................. 149 129 24 i 193 200 <279 c306 504 Net balance in capital, profit & loss, & partners’ drawing accounts....... 604 612 797 771 759 <866 ‘919 1,125 Total........................................................................................ 5,382 5,097 6,694 5,954 7,460 8,364 8,917 10,304 Money borrowed, according to collateral: Customer collateral: Exempt securities (under Sec. 3(a) of Securities Exchange Act—1934): U.S. Govt, or agency. .................................................... 156 96 38 23 27 ID 12 18 Other securities...................................................................................... 161 123 108 93 188 156 104 100 Nonexempt securities or mixed collateral............................................... 1,824 1,722 2,289 1,833 3,181 3,616 3,301 2,919 Firm or partners* collateral: Exempt securities (under Sec. 3(a) of Securities Exchange Act— 1934): U S Govt or agency...................................................................... 105 107 41 24 19 166 320 136 Other securities.................................................................................. 64 99 104 106 119 125 116 147 Nonexempt securities Or mixed collateral.......................................... 198 182 300 227 492 425 686 645 Unsecured,......................................................................................... 1 1 1 1 * 2 3 Value of securities sold under repurchase agreements............................... 24 24 27 42 44 134 137 122 Number of firms............................................................................................ 320 328 336 337 335 331 331 328 Note.—-End of month figures. For explanation of these figures see identical to these items (including debit balances secured by and money "Statistics on Margin Accounts,” Sept. 1936 Bull. The items "net borrowed on U.S. Governmental obligations), as shown in the table on debit balances due from all other customers exclusive of firms’ own part­ Stock Market Credit, p. 1372, but the data differ somewhat because of ners,” “money borrowed,” and “credit balances of other customers ex­ minor differences in coverage, statistical discrepancies in reporting, and clusive of firms’ own partners—free credit balances” are conceptually —for the item “money borrowed”—the date of reporting. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL STATISTICS ★ INTERNATIONAL ★ Reported gold reserves of central banks and governments ............................................ 1410 Gold production ................................................................................................................. 1411 Net gold transactions and gold stock of the United States............................................. 1412 Foreign gold reserves and dollar holdings ...................................................................... 1413 International capital transactions of the United States ................................................. 1414 U.S. balance of payments.................................................................................................... 1424 Foreign trade ....................................................................................................................... 1425 Money rates in foreign countries ....................................................................................... 1426 Arbitrage on Treasury bills ................................................................................................ 1427 Foreign exchange rates ...................................................................................................... 1428 Guide to tabular presentation ........................................................................................... 1344 Index to statistical tables .................................................................................................... 1435 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 1409 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1410 GOLD RESERVES SEPTEMBER 1966 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ E pe n r d i o o d f m to a t t a e l d M ta o r n y e­ U S n ta i t t e e s d r m es a t t e o d f A i f s g t h an an­ A t r i g n e a n­ t A ra u li s a ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world1 Fund2 world 1959.......................... 40,195 2,407 19,507 18,280 56 154 292 1,134 327 960 43 i960.......................... 40,540 2,439 17,804 20,295 n.a. 104 147 293 1,170 287 885 45 1961.......................... 41,140 2,077 16,947 22'115 36 190 162 303 U248 285 946 48 1962.......................... 4C470 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 .......... .......4..3...,060 2,179 15,471 25,410 36 71 226 600 1,451 92 84 1,026 43 1965--July................ 1,847 13,969 36 68 231 675 1,564 63 84 1,096 44 Aur 1,856 13,916 36 67 231 688 1,573 63 84 1,104 44 Sept.............. 343,005 1,865 13,925 26,945 36 67 222 700 1,554 63 84 1,112 44 Oct............... 1,865 13,937 35 67 223 700 1^58 63 84 1'124 44 Nov............... 1,868 13,879 35 66 224 700 1,558 63 84 1',I38 43 Dec................ 3 43,300 1,869 13,806 27,355 35 66 223 700 1 ,558 63 84 1,151 44 1966-—Jan................. 1,871 13,811 35 66 223 700 1,558 63 84 1,113 44 Feb.............. 2,116 13,811 35 66 223 700 1 '558 63 84 C076 43 Mar......... 43,355 2,358 13,738 ' 27,260 35 65 223 700 1'556 63 84 1,086 43 Apr................ 2,369 13,668 35 65 224 700 1 ^556 45 84 1,096 44 May............. 2,557 13,582 35 65 223 700 1 '556 84 1,061 43 June........ *43,310 2,562 13^29 *27,220 r35 64 222 700 U555 84 1,024 43 July............... 2,586 13,413 35 224 700 1,532 84 986 44 Ger­ E pe n r d i o o d f lo C m o b ­ ia m D a e r n k ­ l F a i n n d ­ France m F a e n d y . , Greece India I n n e d si o a ­ Iran Iraq Israel Italy Japan Rep. of 1959.......................... 71 57 38 1,290 2,637 26 247 33 140 84 2 1,749 244 i960.......................... 78 107 41 1,641 2,971 76 247 58 130 98 2,203 24.7 1961.......................... 88 107 47 2J21 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 1 964................ 58 92 85 3,729 4,248 77 247 141 112 56 2,107 304 1965--July................ 33 97 85 4,471 4,383 81 281 141 122 56 2,388 Auc 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 4,402 108 243 132 122 46 2,369 328 Apr............... 24 108 55 4,874 4,402 98 243 132 122 46 2,369 May........ 24 108 55 4,953 4,311 98 243 132 122 46 2,370 June ... 24 108 55 5,026 4,310 109 243 132 122 46 2,369 July.............. 108 55 5,117 4,302 112 243 132 122 46 2,362 E pe n r d io o d f Kuwait a L n e o b n ­ Libya M c e o xi­ Mo co roc­ N la e n th d e s r­ Nigeria N w o ay r­ P s a ta k n i­ Peru P p h in i e li s p­ Po g r a t l u­ A S r a a u b d i i a 1959 ........................ 102 142 23 1,132 30 50 28 9 548 18 I 960 .. 119 137 29 1,451 30 52 42 15 552 18 1961 .................... 43 140 112 29 1,581 20 30 53 47 27 443 65 1962.......................... 49 172 3 95 29 1,581 20 30 53 47 41 471 78 1963.......................... 48 172 7 139 29 1,601 20 31 53 57 28 497 78 1964.......................... 48 183 17 169 34 1,688 20 31 53 67 23 523 78 1965--July................ 49 182 68 164 34 1,756 20 31 53 67 32 548 74 Aug............... 49 182 68 162 34 1,756 20 31 53 67 33 560 73 Sept............... 49 182 68 161 31 1,756 20 31 53 67 34 560 73 Oct................. 49 182 68 160 31 1,756 20 31 53 67 36 563 73 Nov............... 49 182 68 159 31 1,756 20 31 53 67 37 572 73 Dec. ....... 52 182 68 158 21 1,756 20 31 53 67 38 576 73 55 182 68 157 21 1,756 20 31 53 67 39 583 73 Feb................ 55 193 68 157 21 1 ,756 20 31 53 67 41 592 73 Mar............... 58 193 68 134 21 1,756 20 31 53 67 42 595 69 Apr................ 58 193 68 133 21 1,756 20 31 53 65 43 600 69 .............. 58 193 68 21 1,730 20 18 53 65 44 605 69 61 68 21 11730 20 18 53 65 45 69 62 68 21 1^730 20 18 53 65 47 69 For notes sec end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 GOLD RESERVES AND PRODUCTION 1411 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f S A o fr u i t c h a Spain Sweden Sw la i n tz d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t) . U K d n i o n it m 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 I e f n o t t t r i l . e ­ ments 4 1959............................. 238 68 191 1,934 41 104 133 174 2,514 180 652 to -134 I960............................. 178 178 170 2J85 41 104 134 174 2^800 180 401 4 -19 (961............................. 298 316 180 2,560 43 104 139 174 2,268 180 401 6 115 1962............................. 499 446 181 2,667 43 104 140 174 2,582 180 401 4 -50 1963............................. 630 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 1964.............................. 574 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 1965 July................... 359 810 202 2,655 54 96 116 139 171 401 18 -92 339 810 202 2^653 54 96 116 139 171 401 19 — 199 Sept.................. 342 810 202 2,656 54 96 116 139 2,139 171 401 18 -145 Oct................... 371 810 202 2'660 54 96 116 139 171 401 18 -141 Nov................... 382 810 202 2^660 54 96 116 139 155 401 19 — 247 Dec................... 425 810 202 3^042 55 96 116 139 2,265 155 401 19 -558 1966 Jan ............. 471 810 202 2,661 55 96 116 139 155 401 19 -105 Feb . .. 499 810 202 2,661 55 96 116 139 155 401 19 — 120 Mar................... 520 785 202 2,'652 55 92 116 139 2,036 155 401 20 -30 557 785 202 2,647 55 92 116 139 155 401 20 — 80 May.................. 581 785 203 2'630 55 92 116 139 155 401 20 -36 June.................. 640 785 203 2^648 55 92 116 139 2,041 155 401 20 -191 July................... 677 785 203 2',683 92 116 139 155 401 -401 i Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas; for regional organizations, central banks and govts, of countries listed in most of these countries the increased quotas became effective in Feb. 1966. this table and also of a number not shown separately here, and gold to be 3 Adjusted to include gold subscription payments to the IMF, except distributed by the Tripartite Commission for the Restitution of Monetary those matched by gold mitigation deposits with the United States and Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ United Kingdom. Adjustments are as follows (in millions): 1965 Sept. tries, and China Mainland. + $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,—Por 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 p t r i o o d n u c 1 ­ A So fr u ic th a R de h s o ia ­ Ghana C s ( h K o a n i s g n a o ­ ) U St n a i t t e e s d C ad an a ­ M ic e o x­ r N ag ic u a a ­ Co b l i o a m­ India P p h in il e ip s ­ t A ra u l s ia ­ ot A h l e ! r 1959.................................. 1,125.0 702.2 19.8 32.0 12.2 57.2 156.9 11.0 7.3 13,9 5.8 14.1 38.1 54.5 I960.................................. 1,175.0 748.4 19.6 30.8 11.1 58.8 162.0 10.5 7.0 15.2 5.6 14.4 38.0 53.6 1961................................... 1,215.0 803.1 20.1 29.2 8.1 54.8 156.6 9.4 7.9 14.0 5.5 14.8 37.7 53.8 1962.................................. 1^90.0 892.2 19.4 31.1 7.1 54.5 146.2 8.3 7.8 13.9 5.7 14.8 37.4 51.6 1963.................................. 1,350.0 960.1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 11.4 4.8 13.2 35.8 59.3 1964_................................. 1,395.0 1,019.8 20.1 30.3 4.4 51.4 133.4 7.4 7.4 12.8 5.2 14.9 33.7 54,2 1965* 1,069.4 18.9 26.4 2.3 58.6 125.6 7.6 11,2 4.6 15.4 30.7 1965--June ................... 90.1 1.5 2.2 10.7 .7 .9 .4 1.2 2.9 July........................ 90.8 1.6 2.1 10.0 .6 1.2 .4 1.3 2.4 Aug..................... . 91.0 1.5 2.1 10.5 .9 1.0 .3 1.3 2.6 Sept....................... 89.7 1.6 2.2 10.2 .4 1.0 .4 1.3 2.3 Get • • 90.4 1.7 10.5 .7 1.0 2.6 Nov .................... 91.6 2.1 10.4 .5 .8 2.3 Dec . . .......... 89.3 2 4.7 2.3 10.2 .7 .7 21.1 3 4.0 2.6 1966- 91.2 9.8 .7 1.0 .4 2.5 Feb ..................... 87.8 9.6 .9 .9 .3 2.4 Mar..................... . 90.5 10.1 .9 2 3.7 2.6 ^nr . .......... 90.8 10.1 .8 2.8 May.... ..... 91.9 10.2 89.3 i Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly data. countries and Bureau of Mines. Data for the United States are from the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1412 U.S. GOLD SEPTEMBER 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 II III IV I II Western Europe: Austria.............................. -84 -83 -1 -143 -82 -55 -100 -38 -38 -25 Belgium............................. 3 -329 -39 -141 -144 -63 -40 -83 -22 -21 France............................... -266 -173 -456 -518 -405 -884 -148 -117 -137 -103 -22! Germany, Fed. Rep. of.. —34 —23 —225 Italy................................... -349 100 200 -80 -80 Netherlands..................... 25 -261 -30 -249 -25 -60 -35 ............ Spain................................. 31 32 -114 -156 -146 -130 -32 -180 -60 -30 Switzerland....................... -215 20 -324 -125 102 -81 -50 -13 7 II United Kingdom............. -900 -350, -550, -387 329 618 150 29 132 64 -19 -7 Bank for Inti. Settlements -178 -32 — 36 -23 Other................................. 8 -41 -48 -96 -53 -12 1 -7 -37 -4 -9 —7 -34 -4 Total 68 -2,326 -827 -1,718 -754 -1,105 -399 -88 -1,299 -334 -82 -81 -174 -221 Canada 5 190 ............ 100 50 Latin American republics: Argentina................7..5. 67 -50 -90 85 -30 Brazil.......................... -11 -2 -2 57 72 54 25 28 -1 -1 -i -1 Colombia....................... — 6 38 ............10 29 30 -1 7 ............ Venezuela....................... 65 -25 -25 Other..................6.............2 -33 -42 -17 -5 -ii -9 -13 • -3 -3 -6 -3 Total 81 69 19 -100 -109 175 32 56 17 58 -4 -29 * -4 Asia: Japan. -30 -157 -15 -56 Other. 18 -4 -28 -97 1 -101 1 -93 12 3 -24 -15 -3 -6 -25 -2 Total 18 -34 -186 -113 -101 -93 12 3 -24 -15 -3 -6 -82 -2 All other. -3 -5 -38 -6 -1 -36 -7 -16 -9 -15 9 -9 -8 Total foreign countries. 172 -2,294 -998 -1,969 -970 -833 -392 -36 -1,322 -299 -104 -108 -165 -185 Int. Monetary Fund 600 3 -44 4 300 150 5-225 «-259 78 7 26 7 131 7 18 Grand total 772 -2,294 -1,041 -1,669 -820 -833 -392 -36 -1,547 -558 -96 -82 -34 -167 i Includes sales of $21 million to Lebanon and $48 million to Saudi million in 1956 and $300 million in 1959 and in 1960) with the right of Arabia. repurchase: proceeds from these sales invested by IMF in U. S. Govt, 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and securities. $13 million to Saudi Arabia. s Payment to the IMF of $259 million increase in U.S. gold subscription 3 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). 6 Payment to the IMF of increase in U.S. gold subscription. 4 IMF sold to the United States a total of $800 million of gold ($200 7 Represents gold deposit by the IMF; see note 2 to table below. U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— . End of period Changes in— Year Gold stock1,2 Foreign Month Gold stock1,2 Foreign Total c h u o r l r d e i n n c g y s Total T g o o t l a d l Total h c o u l r d re in n g cy s4 Total T g o o t l a d l Total’ Treasury Total’ Treasury 1953........ 22,091 22,091 22,030 -1,161 -1,161 1965—Aug.,,, 14,953 13,916 13,857 1,037 256 -53 1954........ 2L793 21,793 21 J13 -298 -298 Sept.... 14'884 13^925 13^858 '959 -69 9 1955 ........ 21,753 21,753 21J 690 -40 -40 Oct.. . . 14'795 13^937 13^857 858 -89 12 1956........ 22,058 22^058 21'949 305 305 Nov.... 14,686 13,879 13^805 807 -109 -58 1957........ 22’857 22,857 22'781 799 799 Dec.... 14,587 13,806 13'733 781 -99 -73 1958........ 20,582 20,582 20,534 -2,275 -2,275 1966—Jan.....1.4,450 13,811 13,732 639 -137 5 1959........ 19’307 19,'507 19'456 -1,075 3 —1,075 Feb.... 14,188 13,811 13.730 377 -262 I960........ 17,804 171804 171767 -1,703 -1,703 Mar.... 14,297 13,738 13,634 559 109 -73 1961........ 17,063 16,947 16,889 116 -741 -857 Apr.... 14,190 13,668 13,632 522 -107 -70 1962........ 16,156 16,057 15,978 99 -907 -890 May... 14,210 13,582 13,532 628 20 -86 1963........ 15,808 15,596 15,513 212 -348 -461 June... 14,251 13,529 13,433 722 41 -53 1964........ 15,903 15,471 15,388 432 95 -125 July.... 14,506 13,413 13,332 1,093 255 -116 1965........ 14,587 13,806 13,733 781 -1,316 « -1,665 Aug.... 14,618 13,319 13,259 1,299 112 -94 i Includes gold sold to the United States by the International Mone­ 4 For holdings of F.R. Banks only, see pp. 1354 and 1356. tary Fund with the right of repurchase, which amounted to $800 million 3 Includes payment of $344 million increase in U.S. gold subscription on Aug. 31, 1966. Also includes gold deposit of IMF; see note 2. to the IMF. 2 Beginning Sept. 1965 includes gold deposited by the IMF to mitigate 6 Includes payment of $259 million increase in U.S. gold subscription the impact on the U.S. gold stock of purchases by foreign countries for to the IMF. gold subscriptions on increased IMF quotas. Amount outstanding was Note.—See Table 11 on p. 1421 for gold held under earmark at F.R. $203 million on Aug. 31, 1966. The United States has a corresponding Banks for foreign and international accounts. Gold under earmark is gold liability to the IMF. not included in the gold stock of the United States. 3 Includes gold in Exchange Stabilization Fund. See also Note to table on gold reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 GOLD RESERVES AND DOLLAR HOLDINGS 1413 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1964 June 30, 1965 Sept. 30, 1965 Dec. 31, 1965 Mar. 31, 1966 June 30, 1966p 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 3 885 3 959 3 950 3 911 3 906 3 Belgium............................................................ 1,887 1,983 * 1,972 * 1,956 1,926 * 1,933 * Denmark.......................................................... 428 14 368 14 335 14 402 14 443 13 429 13 Finland.................................................... 212 1 189 1 179 1 192 1 153 1 127 1 France.............................................................. 5,392 7 5,646 7 5,667 7 5,703 7 5,877 7 6,168 7 Germany, Fed. Rep. of................................. 6,258 1 5,918 1 5,753 1 5,839 1 5,822 1 6,066 1 Greece.............................................................. 248 231 228 229 252 246 Italy.................................................................. 3,729 1 3,824 1 3,758 1 4,024 I 3,695 1 3,888 1 Netherlands.................................................. 2,055 5 2,034 5 2,086 6 2,095 6 2,027 5 1,960 5 Norway................................................. 215 98 263 68 262 68 354 49 285 45 346 51 Portugal........................................................... 780 795 * 837 * 898 889 * 890 ♦ Spain................................................................ 1,010 2 1,011 2 1,064 2 993 2 903 2 900 2 Sweden............................................................ 833 40 921 24 906 24 849 24 853 24 891 24 Switzerland...................................................... 4,095 79 4,088 87 4,039 89 4,411 89 4,108 91 4,258 93 Turkey.............................................................. 140 ♦ 145 • 140 150 ♦ 155 * 137 United Kingdom............................................. 4,020 414 4,715 502 5,101 548 4,979 553 5,257 564 5,181 560 Other >.............................................................. 508 49 341 50 393 50 34 50 523 49 344 50 Total........................................................ 32,733 714 33,357 765 33,679 814 34,058 800 34,079 806 34,670 811 Canada................................................................ 4,010 690 3,492 727 3,928 718 3,725 676 3,394 683 3,195 686 Latin American republics; Argentina........................................................ 362 378 * 449 ♦ 498 552 * 549 Brazil................................................................ 350 ♦ 402 475 * 446 ♦ 344 ♦ 370 ♦ Chile................................................................ 219 240 * 249 * 263 245 238 ♦ Colombia......................................................... 267 1 190 1 200 1 249 1 200 1 206 1 Cuba................................................................ 12 11 10 * 10 10 * 10 Mexico............................................................. 904 1 852 * 803 ♦ 861 874 1 731 1 Panama, Republic of..................................... 99 1 124 1 113 1 120 1 135 1 156 1 Peru................................................................. 273 1 330 1 323 324 319 1 312 1 Uruguay.......................................................... 282 295 299 292 312 * 334 Venezuela....................................................... 1,135 1,097 1,091 1,139 1 1,102 1 1,101 1 Other................................................................ 478 2 538 2 558 2 584 I 605 * 594 * Total........................................................ 4,381 6 4,457 5 4,570 5 4,786 5 4,698 5 4,601 5 Asia: India.............................................................. 306 * 353 357 ♦ 365 321 ♦ 367 Indonesia......................................................... 73 1 58 1 58 1 66 I 72 1 84 I Japan................................................................ 3,071 5 3,170 9 3,274 9 3,342 9 3,294 9 3,252 9 Philippines....................................................... 256 281 312 342 352 * 374 * Thailand.......................................................... 562 592 598 638 719 668 Other................................................................ 2,059 43 2,234 43 2,223 41 2,249 41 2,268 41 2,424 41 Total......................................................... 6,327 49 6,688 53 6,822 51 7,002 51 7,026 51 7,169 51 Africa: South Africa.................................................... 621 * 424 * 400 ♦ 476 ♦ 609 * 707 • 163 161 159 169 155 162 Other. ..'.7\'................................................ 283 16 373 16 357 16 347 16 373 16 392 16 Total......................................................... 1,067 16 958 16 916 16 992 16 1,137 16 1,261 16 Other countries: Australia.......................................................... 402 433 * 421 * 477 455 ♦ 501 All other.......................................................... 382 26 425 28 386 28 379 29 434 31 414 27 Total.............................................. 784 26 858 28 807 28 856 29 889 31 915 27 Total foreign countries2............................. 49,302 1,501 49,810 1,594 50,722 1,632 51,419 1,577 51,223 1,592 51,811 1,596 International and regional....................... 7,161 904 <6,689 799 <6,999 795 <6,878 752 47,659 556 <7,652 433 Grand total2............................................ 56,463 2,405 56,499 2,393 57,721 2,427 58,297 2,329 58,882 2,148 59,463 2,029 1 Includes, in addition to other Western European countries, unpub­ tion of increase in IMF quotas. Amounts outstanding as follows (in lished gold reserves of certain Western European countries; gold to be millions): 1965 June 30, $259; Sept. 30, $285; Dec. 31, $313; 1966 Mar. 31. distributed by the Tripartite Commission for the Restitution of Mone­ $2; and June 30, $1. 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. 1420. See also Note to table on gold reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1414 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 1966 1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d reg I a i n o n n t d i a , l 1 c F o o u r n e t i r g ie n s E W ur e o st p e e rn 2 Canada A re m p L u e a b r ti i l n c ic a s n Asia Africa co O u t n h tr e i r e s 1963............................................ 19,505 5,855 13,650 7,867 1 664 I 058 2 731 154 176 1964............................................ 20,221 5,876 14,345 8'266 1 483 1 238 3*020 160 178 1965—July................................. 18,818 5,944 12,874 6,722 1,281 1,296 3 198 181 196 Aug................................. 19’036 5353 13’183 61888 1,378 1,356 3’176 194 191 Sept................................. 19,370 5'920 131450 7’136 1,385 1 385 3*162 184 198 Oct.......................... 19’407 5,891 13,516 7’173 1 310 1 347 3 188 187 211 Nov.. ....................... 19^520 5,836 131684 7'192 1,440 1 343 3*297 187 225 Dec............ 19,922 5', 751 14,171 7,532 I’403 1,497 3 300 194 245 1966—Jan.................................. 19,783 5,839 13,944 7,264 1,339 1 ,480 3,421 209 231 Feb ................................. 19,390 5,816 13'574 6,912 1'364 1 '425 3 439 210 224 Mar................................ 19323 5'848 13'575 7’,037 1 308 I 359 3 410 218 243 Apr............................ 19'432 51784 13,648 6,'988 1’ 262 1 ,415 3,519 229 235 lily................................ 19'559 5,634 13,925 71258 1'239 1,438 3,532 235 223 Junei’.............................. 19'321 5’515 131806 7,433 1,202 1,216 3 465 237 253 July*............................... 19,550 5,624 13,926 7,'725 1,163 1,163 3,417 234 224 * 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, wnich are included in Western Europe. of more than 1 year. Data exclude nonnegotiable, non-interest-bearing 2 Includes Bank for International Settlements and European Fund. special notes held by the Inter-American Development Bank and the International Development Association, and also nonmarketable U.S, Note,-—Data represent short-term liabilities to the official institutions Treasury notes and bonds, payable in dollars and in foreign currencies. of foreign countries and to official international and regional organizations, 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional 1 Foreign Other E pe n r d i o o d f G to ra ta n l d Total Inti. E p r u e e a r ­ o n ­ g L i r o . e A n ­ a . l Total c O ia ff l i ­ 3 Other Europe Canada A L m a e t r i i n c a Asia Africa c t o ri u e n s ­ gional 2 1961................. <22,533 3,752 3,695 57 < 18 ,781 10,940 <7,841 10,322 2,758 2,340 <2,974 283 104 1962................. 25,019 5,145 4,938 34 173 19;874 11363 7,911 10,162 3349 2,448 3,444 319 152 1963................. 25,967 4,637 4,501 18 118 21,330 12,467 8,863 10,770 2,988 3,137 4,001 241 194 1964 s............. 28,873 4,974 4,802 22 150 23,899 13,220 10,679 12,236 2; 984 3,563 4,687 238 192 1965—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....... 28,340 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....... 29,518 5,297 5,180 10 106 24,221 12,548 11,673 11,542 2,460 4,099 5,526 328 266 May.... 29,727 5,196 5,083 12 101 24,531 12,825 11,706 11,888 2,359 4,145 5,541 336 262 June?.., 29,681 5,081 4,972 14 96 24,600 12,700 11,900 12,352 2,171 3,941 5,497 334 305 July*... 30,757 5,190 5,080 12 98 25,567 13,073 12,494 13,348 2,291 3,885 5,444 329 269 2a. Europe Ger­ E p n er d i o o d f Total Austria Belgium m De a n rk ­ l F a i n n d ­ France m F a e n d y . , Greece Italy N la e n th d e s r­ Norway Po g r a t l u­ Spain Sweden Rep. of 1961................. 10,322 255 326 52 91 989 2,842 67 1,234 216 105 99 153 406 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—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 too 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...... 11,680 211 370 341 95 1,071 1,420 144 1,326 271 254 294 118 651 Apr....... 11,542 203 380 347 91 1,024 1,409 142 1,378 242 284 295 120 661 May.... 11,888 208 379 323 86 1,068 1,479 144 1,409 272 311 281 132 671 June?... 12,352 206 378 321 72 1,142 1,756 137 1,519 230 328 285 115 688 July*... 13,348 205 406 295 70 1,168 2,025 131 1,725 344 347 306 138 662 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1415 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 E p n er d i o o d f Sw la i n tz d er­ Turkey U K d n i o i n t m g ed ­ Y sl u av g i o a ­ W E O u e t r s h o t e e p r r e n 6 U.S.S.R. E E O a u s t r h t o e e p r r n e 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 M83 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—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 28 3.083 16 342 3 27 4,099 503 266 199 196 9 727 May.... 1 ,585 28 3,137 16 330 3 27 4,145 518 337 205 193 9 717 luneP... 1 .610 21 3,140 21 353 2 29 3.941 485 323 195 182 10 598 JulyP... 1,696 18 3,360 20 397 4 31 3,885 473 309 198 189 9 575 2b. Latin America—Continued 2c. Asia E pe n r d io o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ O L re t . h A p e . . r B B e a r h m & a u m d a a s 8 A S n u N t r i e l i l n t e h a s . m & Am O L e a th r t i i e c n r a 8 Total C M la h a n i i n d n a ­ K H 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 41001 35 66 51 48 112 1964................. 99 206 111 734 416 189 114 14 4,687 35 95 59 38 133 1965—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 '35 113 84 31 127 1966—Jan........ 126 248 144 788 511 164 119 18 5,326 '35 112 86 34 123 Feb....... 135 235 164 721 541 182 118 18 5,356 '35 119 94 28 120 Mar...... 135 252 157 701 546 186 127 24 5,359 '36 112 78 37 125 Apr....... 145 240 161 787 547 174 128 16 5,526 '36 119 159 52 139 May.... 146 233 167 762 529 183 125 19 5,541 36 117 141 55 128 June*.,. 156 247 179 700 534 181 131 19 5,497 34 114 124 49 118 July*. ,. 144 230 180 736 541 164 117 19 5,444 36 118 125 44 119 2c. Asia—Continued 2d. Africa 2e. Other countries E pe n r d io o d f Japan Korea P p h in il e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total C s ( h K o a n i s n g a ­ o ) ro M cc o o ­ 8 A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r Total t A ra u li s a ­ ot A he ll r 8 1961................... * 1,672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962.................... 2', 195 136 174 75 333 280 319 35 68 41 14 161 152 147 5 1963.................... 2^484 113 209 149 382 353 241 26 49 41 14 112 194 180 13 1964................... 2,767 104 233 221 458 543 238 26 7 47 24 135 192 176 15 1965—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......... 2,947 101 278 227 302 712 271 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,'020 110 290 220 313 762 274 11 30 57 19 158 257 235 22 Dec.......... 3'014 108 304 '211 542 718 280 12 17 51 30 170 278 254 24 1966—Jan........... 2,965 118 295 '213 377 768 312 11 19 72 18 191 268 244 24 Feb.......... 2,964 117 302 '211 604 760 335 11 19 95 18 192 253 226 27 Mar......... 2,966 116 310 '214 627 738 330 14 19 89 16 192 272 232 40 Apr.......... 2,959 121 313 '217 380 832 328 11 20 89 17 192 266 231 35 May........ 2,933 114 320 221 585 891 336 8 20 95 15 197 262 233 29 June*.... 2,924 119 329 228 576 881 334 9 22 67 23 213 305 279 26 July*........ 2,832 120 325 241 596 890 329 10 25 63 25 205 269 241 28 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. 8 Data based on reports by banks in the Second F.R. District only for 3 Foreign central banks and foreign central govts, and their agencies, year-end 1961-62. and Bank for International Settlements and European Fund. 4 Includes 382 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

1416 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 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 T J P H N a a r i o m i r c n n a a a i d g r d i a u u c a g r a a d a u y . . s . a & . . . . . . . . . . . . . . . T . . . . . . . . . o . . . . . . . . . . b . . . . . . . . . . a . . . . . . . . g . . . . . . . o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 1 7 7 6 2 1 . . . . . 4 0 0 4 4 6 3 1 7 8 2 7 3 . . . . . 1 8 0 6 4 6 3 1 3 8 7 1 3 . . . . . 6 6 8 0 4 7 4 1 1 5 6 3 5 1 . . . . . 3 5 0 0 2 Ot E A L h G e t i l h h b r g a i e e A o n r r p i i f a a a i r . . . a i . . . c . , . . . . . a . . . ( . : . . i . . . n . . . . . . c . . . . . . l . . . . . . . . . . . E . . . . . . . . . r . . . . . i . . . t . . . . r . . . . . e . . . . . . a . . . . . . ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 5 0 3 1 . . . .5 7 0 6 4 1 2 5 5 7 . . . , 1 1 2 6 4 1 4 7 2 7 . . . . 1 6 6 9 5 1 1 2 8 9 3 . . . . 9 9 7 6 Libya........................................... 28.9 26.8 34.8 26.7 Ot B he ri r t i L sh a t W in e A st m In er d i i c e a s : ................... 8.0 16.0 11.5 8.9 Mozambique............................ 2.5 1.6 1.6 1.7 Fr G en u c i h a n W a.. e .. s . t . .. I .. n .. d .. i . e .. s .. .. & ... ... F .. r . e .. n .. c .. h .. 1.1 1.4 2.2 1.5 N S S o o i m g ut e a h r l e i i a rn . R .. e . R . p .. h u .. o . b . d . l . i e . c . s . . . . i . . a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 1 3 5 . . . 5 4 7 2 2 0 . . . 3 6 8 2 3 1 . . . 3 7 8 n 3 . . . a 5 9 . Sudan.................................. 2.2 2.2 3.7 3.3 Ot A he f r g h A a s n i i a s : t an.............................. 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...................................... (■f) .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 9 Represent a partial breakdown of the amounts shown in the “other” their date of issue; the latter, however, exclude nonnegotiable, non­ categories (except “Other Eastern Europe”) in Tables 2a-2e. interest-bearing special U.S. notes held by the International Develop, 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 in End of period Total foreign Deposits U.S. Special Deposits U.S. currencies Total Demand Time 1 c T b er i r l t e l i s f a i s c a u a n r t d y e s no U t . e S s . 2 Other 3 Total Demand Time 1 c T b e i r r l t e l i s f a i s c a u a n r t d y es Other 3 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 R.707 7,363 2,388 1,567 2;358 1,977 149 232 150 1962...................... 25,019 22,311 8,528 9,214 3,012 1,557 2,565 2.096 116 352 143 1963...................... 25;967 22;787 5,629 3,673 8,571 3,036 1,878 3,047 1,493 966 119 469 134 1964 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—July............ 27,862 24,282 6,556 3,958 7,205 3,462 3,101 3,484 1,536 1,423 87 438 97 Aug,.......... 28,540 24;942 7,080 4,003 7,319 3,434 31106 3,485 1,480 1,471 88 447 113 Sept........... 28,912 25,291 6,977 3; 926 7,709 3,494 31185 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 1,529 91 410 101 Nov........... 29,171 25,481 6,810 4; 005 8,078 3,470 3,118 3,591 11551 1,562 91 387 98 Dec............ 29,072 25,426 6,569 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............ 29,154 25,108 6,795 3,991 7,822 3,548 2,952 3,658 1,586 1,636 95 341 388 Mar.. 29;266 25,208 7J17 3,823 7,643 3,592 3;033 3,676 1,530 1,703 89 354 381 Apr............ 29,518 25,400 7,080 3,895 7,548 3,597 3,281 3,712 1,578 1,693 106 336 406 May........... 29,727 25^86 7,293 3; 769 7,464 3,627 3,433 3; 704 1,531 1,718 88 367 437 June’........ 29',681 25,478 7,297 3',683 7,386 3,614 3,498 3,746 1,534 1,753 72 387 456 July’...... 30,757 26,552 7,872 3,735 7,605 3,680 3,660 3,720 1,498 1,755 80 386 485 t 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 $172 million on July 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

SEPTEMBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1417 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g i i , o a n n a d l Europe Canada A L m a e t r in ic a Asia Africa 1 co O un th tr e i r e s 2 1961.................................................................................. 3 4,820 767 556 1,522 31,891 85 1962.................................................................................. 5,163 877 526 1,606 2'017 137 1963 .................................................................................. 5^975 1 939 638 1,742 2,493 104 58 1964.................................................................................. 7^469 1 1,217 725 2,212 3,137 120 58 19644................................................................................ 7,'957 * 1,230 1,004 2,235 3,294 131 64 1965—juiy....................................................................... 7,570 1 1,126 786 2,116 3,329 151 62 Aug,...................................................................... 7’541 1,121 758 21124 3,337 142 59 Sept....................................................................... 7,498 1'213 678 2,136 3,266 146 59 Oct........................................................................ 7'392 1’156 679 2,156 3,189 146 66 Nov....................................................................... 7,486 * 1,169 685 2,175 3,253 134 69 Dec....................................................................... 7,632 1,201 593 2,288 3,343 139 67 Dec. 5.................................................................... 7', 728 ♦ 1,208 669 2,293 3,351 139 67 1966—Jan........................................................................ r7,55l • 1,207 625 r2,210 3,292 142 76 Feb .. ............................................... r7,466 I 1,145 631 '2,188 3*294 132 76 Mar.., .............................................................. 7,584 1 1,176 647 2,199 3,360 135 66 Apr................................................................... 7,468 1 1,166 603 2,149 3'354 137 58 May...................................................................... 7,554 1 1'220 607 2,210 3’312 142 63 Junep ....................... ■ • 7’639 1 1'283 643 2,221 3^290 140 62 July*..................................................................... 7,511 2 1; 291 656 2; 244 3,127 128 63 4a. Europe End of period Total A tr u ia s­ g B iu e m l­ m D a e r n k ­ l F a i n n d ­ France G Fe e d r . m o R a f n e y p , . Greece Italy N la e e n r t d ­ h s ­ N w o ay r­ t P u o g r a ­ l Spain S d w en e­ 1961................................ 767 5 20 11 23 42 165 6 35 54 27 5 11 35 1962................................. 877 7 32 14 30 68 186 6 54 27 35 9 19 18 1963................................. 939 8 26 13 52 70 121 9 97 33 40 14 26 30 1964................................. 1,217 10 42 28 85 79 159 9 109 39 43 19 40 47 19644............................... 1,230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965—July...................... 1,126 8 37 20 71 72 174 11 113 40 44 32 52 40 Aug...................... 1,121 10 34 20 71 81 169 12 108 38 45 27 46 39 Sept...................... 1,213 9 40 24 70 76 173 12 115 42 42 24 42 40 Oct....................... 1,156 9 54 30 78 79 164 12 110 39 43 21 46 40 Nov...................... 1,169 10 50 29 79 79 173 12 110 36 47 23 41 44 Dec...................... 1,201 8 52 37 87 72 190 13 110 38 51 26 50 52 Dec, 2................... 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 64 53 May..................... 1,220 11 66 36 87 70 174 14 99 39 57 32 73 58 June?................... 1,283 12 56 40 92 72 198 15 108 34 46 34 63 58 July?................... 1,291 13 54 54 93 71 209 13 100 52 50 37 68 65 4a. Europe—Continued 4b. Latin America End of period S l w e an r it ­ d z­ T k u ey r­ U K d n i o n i m t g ed ­ Y sl u av g i o a ­ W E O u e t r s h o t e e p r r e n ® U.S.S.R. E E O u a t s r h o te e p r r e n 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 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. J................ 73 42 216 28 28 6 27 2,293 232 94 174 270 16 674 1966—Jan....................... 88 36 198 26 27 5 25 ^2,210 231 96 176 243 16 662 Feb...................... 85 6 177 27 30 5 28 ^2,188 224 94 175 236 16 686 Mar..................... 78 21 196 25 27 4 31 2,199 221 97 173 225 16 718 Apr,.................... 74 18 198 23 31 4 30 2,149 206 82 165 235 16 713 83 30 200 23 32 5 32 2,210 199 95 168 234 17 732 June?................... 80 48 235 23 34 5 28 2,221 196 98 169 238 16 722 July?................... 78 50 198 20 35 3 25 2,244 192 106 163 254 16 729 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1418 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 1966 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 4b. Latin America—Continued 4c. Asia Baha­ Neth. E pe n r d io o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ r O e L p t . h A u e b . r ­ B m & e a r s ­ A S n u t & i r l l i e ­ s A O L m a th t e i e n r r ­ Total C M la h a n i i n d n a ­ H K o o n n g g India I n n e d si o a ­ Israel lies 8 muda 1 nam ica ? 1961................. 74 55 144 56 13 74 31,891 9 8 36 1962................. 85 122 102 66 9 98 2,017 13 20 37 1963................. 99 65 114 135 42 9 16 2,493 11 17 22 1964................. 102 76 165 222 58 18 20 3,137 26 22 7 44 1964*............... 108 78 168 224 65 18 21 3,294 28 21 7 47 1965—July. ... 47 115 67 164 208 56 17 20 3,329 32 21 I 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 28 18 2 54 Oct........ 53 138 67 184 222 55 14 22 3,189 27 19 2 67 Nov...... 55 147 50 181 234 52 14 22 3,253 28 16 1 76 Dec...,. 59 170 45 220 250 53 14 23 3,343 29 17 2 86 Dec.5... 59 170 45 220 250 53 14 23 3,351 29 17 2 86 1966—Jan........59 469 49 185 237 51 13 23 3,292 1 24 22 2 86 Feb....... 63 460 56 174 224 41 13 24 3,294 1 26 26 2 82 Mar...... 62 167 44 171 217 45 13 27 3,360 1 29 28 2 91 Apr....... 66 167 42 174 206 43 12 23 3,354 1 32 28 2 84 May..., 64 175 56 174 200 57 16 22 3,312 1 33 28 1 81 June?... 67 186 55 174 205 56 16 21 3,290 2 33 29 1 89 Julyp... 66 177 57 180 218 55 17 16 3,127 1 32 26 2 88 4c. Asia—Continued 4d. Africa 4e. Other countries End of period Japan Korea P p h in il e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total • C s ( h K o a n i s g n a o ­ ) M c o o r o 1 c­ A So fr u ic th a ( U E . g A y . p R t) . A O f t r h i e c r a1 Total 2 A t l r u i a a s ­ ­ ot A he ll r 1o 1961.......................... 31,528 4 114 10 34 145 6 10 13 85 29 27 1962.......................... 1,740 3 70 9 41 80 2 10 26 137 41 57 1963......................... 2,171 25 113 8 52 71 104 I 1 15 28 59 58 48 9 1964.......................... 2,653 21 202 9 64 88 120 1 2 19 42 56 58 48 10 1964 <....................... 2,810 21 203 9 65 82 131 I 2 20 42 67 64 48 16 1965—July............... 2,831 20 191 11 74 94 151 2 31 40 78 62 48 14 Aug............... 2,830 21 196 10 74 101 142 I 2 31 36 72 59 46 14 Sept.............. 2,755 20 212 9 72 93 146 I 2 36 38 69 59 45 14 Oct................ 2,656 20 219 9 70 98 146 1 2 36 35 71 66 52 15 2,683 20 240 11 71 104 134 I 2 33 32 67 69 55 14 Dec 2,751 22 231 15 82 108 139 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 Mar............... 2,777 24 206 15 72 115 135 1 3 35 42 55 66 59 7 Apr 2,777 24 202 16 73 114 137 ♦ 2 39 43 53 58 50 8 May.............. 2,754 14 205 15 70 110 142 2 50 39 50 63 52 11 June5............ 2,728 16 189 17 69 117 140 1 2 41 48 48 62 52 9 July’............. 2,'585 19 173 16 67 118 128 * 2 38 44 43 63 54 9 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 552 million reported for Japan. 10 Until 1963 includes also African countries other than Congo (Kin­ * Differs from December data in line above because of the exclusion shasa), 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 s 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

SEPTEMBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1419 s. short-term claims on foreigners reported by banks in the united states, by type (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total Total O in f L s f t i o c it a i u a n l ­ s to B — anks Others C s t t o o i a o u l n l n t e d ­ s c ­ ­ f A o o m a c r f n c a a c f e d o c e p e c s r t ­ t ­ , Others Total D w e e i i g t p h n o e f s o r i s t r s ­ g c F a o c u o n o v r r i d m t e t , i i e f b g s i s e ­ n , ­ Other* tions! ing eigners 2 nance paper2 1961............................. 4,762 4,177 1,646 329 699 618 694 1,837 586 385 200 19615............................ 4.820 4,234 1,660 329 709 622 700 1,874 586 386 200 1962............................. 5,163 4'606 1,954 359 953 642 686 1.967 557 371 186 1963............................. 5,'975 5,344 1,915 186 955 774 832 2,214 384 631 432 157 42 1964............................. 7,469 6,810 2,652 223 1,374 1,055 1,007 2,600 552 659 400 182 77 19646........................... 7,957 7,333 2,773 221 1,403 1,150 1,135 2,621 803 624 336 187 102 1965 —July,.................. 7,570 7,037 2,803 241 1,422 1,139 1,136 2,531 566 533 308 141 84 Aug................... 7,541 7,032 2,821 233 1,458 1,129 1,158 2,509 544 509 298 125 87 Sept................... 7,498 6,965 2313 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 7 J58 2,967 271 1,566 1,130 '1,268 '2,501 422 474 325 54 95 Dec. 7............... 7',728 7,236 2,967 271 1,567 1,129 1,272 2,501 495 492 329 68 96 1966—Jan.................... '7,551 ’’7,076 ’’2.862 '257 1,498 1,107 1,252 2,484 478 475 292 65 118 Feb.................... ’’7'466 '7'030 a,812 '224 1,497 1,091 1,264 2,478 476 436 260 61 115 Mar................... 7,584 7'139 2 ,'864 r231 1,508 '1,125 1,287 2,539 449 445 286 53 106 Apr............. 7,468 7,062 2,716 '220 1,425 '1,070 1,305 2,573 469 406 252 61 94 May.................. 7,554 7'134 2^832 224 1,520 1,088 1,298 2,537 467 421 253 62 106 June?. 7^639 7'170 2,904 245 1,585 1,074 1,320 2,471 475 469 294 63 113 July*................. 7,511 ?; 086 2,859 215 1,570 1,074 1,336 2,380 512 425 252 59 113 1 Includes central banks. 6 Differs from December data in Une above because of the exclusion * 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. 3 These figures reflect the inclusion of data for banks initially included 7 Differs from December data in line above because of the addition as of Dec. 31, 1961. of short-term claims held in custody for domestic customers, but reported by banks for the first time as of Dec. 31, 1965. 6. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Claims Type Country or area Total End of period liabili­ ties Total Payable in dollars Payable claims All fo c r i u e n i r g ­ n U K d n i o i n t m e g d ­ E O u t r h o e p r e Canada A L m a e ti r n ic a Japan O A t s h i e a r Africa 1 ot A h l e l r2 Loans1 other 1 rencies 1 1961............................. 2 2,034 11 482 274 931 24 146 166 1962............................. 7 2,160 25 552 304 886 74 148 171 1963............................. 69 3 3,030 2,811 217 2 38 3 1,063 290 3 1,015 3 249 3194 113 68 1964............................. 306 3,971 3,777 195 ♦ 77 1,611 273 1,162 385 238 123 104 1964*........................... 310 4,285 3,995 288 1 87 1,632 327 1,275 430 255 156 122 1965—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 '4,517 4,211 '297 9 86 '1,518 346 1,296 445 391 208 228 1966—Jan..................... 515 '4,444 '4,151 '287 6 85 '1,489 336 '1,257 438 393 201 246 Feb.................... 511 ’■4,421 '4,126 '288 7 86 '1,449 335 '1,247 441 403 211 250 Mar................... 569 '4,390 4,094 289 7 86 '1,419 330 1,265 434 410 192 255 Apr................... 726 4,418 4,127 283 8 85 1,409 326 1,294 430 411 192 271 May.................. 844 4,431 4,153 271 7 85 1,412 308 1,318 425 406 200 276 June?................ 975 4,401 4,120 272 8 87 1,391 318 1,306 406 412 197 283 July?............... 1,014 4,373 4,110 255 8 81 1,349 313 1,300 403 427 202 299 1 Not reported separately until 1963. this amount are claims on: Europe $5 million, Latin America $134 2 Includes Africa until 1963. million, and Asia $54 million, 3 Includes claims previously held, but reported for the first time as of 4 Differs from Dec. data in line above because of the inclusion of long­ May 1963; on that date such claims were $86 million. Also includes term liabilities and claims previously held but first reported as of Dec. $193 million reported for the first time as of Dec. 1963, representing 31, 1964, and revision of preliminary data. in part claims previously held but not reported by banks. Included in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1420 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 1966 7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govt, bonds and notes I U. s S e . c u c r o i r ti p e o s r a 2 te Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d i, Foreign c P ha u s r e ­ s Sales c N ha s e a s t e l e p s s u o r r ­ c P ha u s r e ­ s Sales c N ha s e a s t l e e p s s u o r r ­ ch P a u s r e ­ s Sales c N ha s e a s t e l e p s s u o r r ­ regional Total Official Other 1962............................. -728 -521 -207 2,568 2,508 60 1 ,093 2,037 -944 702 806 -104 1963............................. 671 302 369 2,980 2,773 207 991 2,086 -1,095 696 644 51 1964............................. -338 -315 -23 -59 36 3,537 3,710 -173 915 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—July.................. 20 * 20 20 244 355 -112 72 145 -73 64 40 24 Aug........... 8 -4 12 -2 14 234 335 -100 48 97 -49 70 44 26 Sept.. ....... 6 * 6 6 365 393 -28 289 419 -130 75 54 21 Oct........... -44 -44 -11 -33 434 441 -6 101 217 -116 67 52 15 Nov.................. -56 -43 -13 -8 -5 426 453 -27 125 213 -88 69 51 18 Dec., .......... 2 * 1 1 644 607 37 94 134 -41 83 71 13 1966—Jan................... -9 -10 1 -5 6 471 436 35 109 308 -199 73 65 7 -118 -136 19 19 489 487 2 83 189 -106 71 75 -5 Mar.................. -54 -50 -4 ♦ -4 r663 r546 qn 243 352 -109 100 101 -1 Apr., .............. -66 -68 2 2 r577 r565 U2 106 -260 '-154 88 105 -17 May,................ -60 -51 -9 -9 716 576 141 152 161 -8 94 55 39 June^.......... 6 -5 11 6 5 592 496 96 198 208 -10 91 52 40 Julyp................ -246 * -246 -253 7 402 423 -20 133 247 -113 68 38 30 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 are not guaranteed by the United States. 8. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable in dollars End of period Total Austria Belgium Germany Italy Switzerland 1 Total Canada 2 Italy Sweden 1962—Dec........................... 251 200 51 1963—Dec........................... 730 50 30 275 200 175 163 125 13 25 1964—Dec........................... 1,086 50 30 679 327 354 329 25 1965—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 July.......................... 490 75 30 150 125 no 512 299 188 25 Aug........................... 415 50 30 100 125 110 512 299 188 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 $70 million May 1964-June standing were $204 million Sept. 1964-Oct. 1965, and $174 million for 1965 and $93 million July-Dec. 1965. Nov. 1965-Aug. 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

SEPTEMBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1421 9. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Stocks Bonds France S l z a w e n r i d ­ t­ U K d n i o n i m t g ed ­ E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r­ Asia Africa1 c O t o r t i u h e n e s2 r ­ reg I a n i n o t d i n , al 1962............. 60 111 -51 4 129 -33 24 124 -43 -20 -18 1 17 1963............. 207 198 9 -8 -14 206 16 199 -47 14 17 I 22 1964............. -173 -349 176 -37 -200 -4 14 -228 3 25 10 ♦ -I 18 1965............. -461 -499 38 14 -63 -522 47 -523 37 -15 24 -4 -1 21 1965—-July. . -112 -96 -16 -4 -22 -90 -1 -117 11 -7 2 -3 3 Aug... -100 -93 -8 -8 -82 -2 -92 -13 -1 4 * 1 Sept... -28 -38 11 4 20 -56 -4 -36 -3 7 * 2 Oct.. . -6 -6 -1 4 10 -21 -7 -4 4 I N De o c v . . . . . -2 3 7 7 - - 3 9 5 4 130 8 -10 2 -2 4 - - 1 2 6 5 48 -1 1 6 7 -1 1 3 7 - - 1 2 2 1 -1 ♦ ♦ 5 1 1966—-Jan.. . 35 13 22 5 3 2 18 27 -3 3 6 * 1 Feb... 2 -20 22 2 -28 3 -23 11 5 8 I 2 Mar... ''117 '-39 156 9 17 '-34 24 '16 '24 5 1 * 71 '12 r—21 34 2 19 '-54 3 '-30 '24 8 7 3 M^y.. 141 -9 150 11 31 -68 9 -18 52 13 -8 101 June*. 96 -43 139 9 3 73 -19 66 3 5 9 13 July". -20 -34 14 1 15 -92 26 -50 7 5 -8 -1 * 26 1 Not reported separately until May 1963. Note.—Statistics include State and local govt, securities, and securities 2 Yearly figures through 1963 include Africa. of U.S. Govt, agencies and corporations that are not guaranteed by the United States. 10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM IL DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Period Total g I a i r n o n e t n d ­ i a , l T c t e f o r o i o i u g t e r a n n s ­ l ­ r E o u p ­ e C a a d n a ­ A L i m a c t a i e n r ­ Asia r A ica f­ * O c tr o i t e u h s e n 2 r ­ E pe n r d i o o d f Deposits U se . c S u . A r G i s t s i o e e s v t * s t , in c E us a t r o g m d o a y ld rked 1962 ............... -1,048 -235 -813 -188 -360 -41 -175 -50 1962.............. 247 6,990 12 700 1963................... -1,044 -96 -949 -49 -614 -26 -252 -8 1963.............. 171 8,675 12’954 1964................... -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—Aug... 356 7,264 13,065 1965—July........ -49 -13 -36 33 -48 -4 -2 1 -15 Sept... 213 7,805 12,923 Aug..... -23 I -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 Dec......... -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......... -in 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........ '-172 -31 '-140 -8 '-167 36 -3 2 July... 548 7,307 13,016 May....... 31 -22 53 75 -13 -14 4 1 Aug... 170 7,042 13,066 June".... 30 11 18 20 24 -4 -8 -13 July’.,.. -83 -50 -33 15 -36 -11 -5 1 4 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 deppsits and U.S. Govt, securities held for international organizations. Earmarked gold is gold held for foreign and international accounts and is not included in the gold stock of the United States (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

1422 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 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 1965 1966 1965 1966 Mar. June Sept. Dec. Mar.P Mar. June Sept. Dec. DecJ Mar.p Europe: Austria....................................................... 2 2 2 2 2 7 5 6 6 6 8 Belgium..................................................... 25 21 23 24 27 16 16 20 39 45 46 Denmark................................................... 2 1 1 1 1 9 11 11 9 9 8 Finland...................................................... 1 1 1 1 1 6 6 6 6 6 6 France....................................................... 35 47 51 51 45 69 71 81 82 82 97 Germany, Fed. Rep. of............................ 69 73 59 71 60 114 118 105 112 112 118 Greece....................................................... 5 6 7 3 3 7 8 10 13 13 11 Italy........................................................... 16 16 18 18 23 84 81 76 77 77 118 Netherlands............................................... 40 50 45 55 54 29 31 30 41 41 43 Norway.................................................... 2 5 2 2 2 6 7 7 8 8 8 Portugal..................................................... 2 2 6 3 7 8 10 7 5 5 9 Spain.......................................................... 5 5 13 21 21 39 33 48 50 50 56 Sweden...................................................... 6 9 11 10 12 21 23 20 20 20 28 Switzerland............................................... 34 35 49 39 45 29 41 40 27 27 20 Turkey....................................................... 7 7 4 4 4 12 8 8 8 7 10 United Kingdom...................................... 102 100 132 139 141 365 294 310 312 315 418 Yugoslavia................................................. 1 1 1 6 5 5 2 2 Other Western Europe............................. 6 5 6 3 4 7 8 8 8 8 9 Eastern Europe......................................... 1 ♦ * 2 1 4 2 3 3 3 3 Total................................................... 360 386 431 451 453 838 778 797 828 834 1,020 Canada.......................................................... 77 82 84 94 120 904 774 753 685 599 566 Latin America: Argentina.................................................. 3 2 3 4 6 33 29 37 32 31 34 Brazil......................................................... 11 11 14 13 11 113 93 91 94 93 80 Chile.......................................................... 4 4 4 4 5 25 27 30 31 30 31 Colombia................................................. 12 13 13 9 8 26 22 21 20 19 21 Cuba.......................................................... 4 4 4 3 3 3 Mexico....................................................... 6 6 4 5 9 75 76 71 82 76 74 Panama.................................................... 25 21 12 11 9 11 9 12 13 13 11 Peru........................................................... 7 5 6 6 7 21 27 26 29 28 30 Uruguay.................................................. 1 2 1 1 9 11 11 8 8 7 Venezuela.................................................. 19 19 20 22 27 40 43 47 50 49 52 Other L.A. republics................................ 13 15 15 16 11 49 53 53 59 55 56 Bahamas and Bermuda........................... 2 2 2 2 2 8 9 5 8 8 12 Neth. Antilles & Surinam....................... 5 6 8 7 7 3 3 5 4 4 4 Other Latin America............................... 1 1 2 2 1 9 9 10 9 9 9 Total................................................... 107 108 105 102 105 426 416 422 442 429 423 Asia: Hong Kong............................................... 2 2 2 2 2 9 8 8 7 7 5 India.......................................................... 22 24 26 25 25 45 41 36 37 36 35 Indonesia................................................ 6 7 9 9 12 5 6 4 3 3 3 Israel.......................................................... 2 2 3 3 1 6 7 5 6 6 5 Japan......................................................... 22 30 28 32 27 181 172 168 170 164 174 Korea....................................................... ♦ 1 1 5 6 14 13 13 6 Philippines................................................. 6 6 6 6 7 15 14 14 17 17 16 Taiwan..................................................... 2 1 1 1 5 5 7 5 6 5 6 Thailand.................................................... 1 1 1 2 1 7 7 7 6 6 8 Other Asia................................................. 25 24 32 32 32 62 66 68 67 66 76 Total.................................................. 87 98 109 113 112 339 332 328 331 322 333 Africa: Congo (Kinshasa)..................................... 1 I 2 3 1 2 2 2 South Africa............................................. 22 22 16 11 11 19 24 23 20 20 18 U.A.R. (Egypt)......................................... 1 2 1 1 1 17 12 14 10 10 11 Other Africa............................................ 10 7 6 7 9 24 29 28 30 30 27 Total................................................... 34 32 23 20 22 63 68 66 61 61 58 Other countries: Australia............................................... 23 25 21 23 31 33 36 33 z 40 40 40 All other.................................................... 8 9 6 7 4 8 7 7 ; 8 8 7 Total.................................................. 32 34 27 29 35 41 43 40 49 48 47 International and regional.......................... ♦ * * * * • * * ♦ : * * Grand total....................................... 695 740 779 809 848 2,612 2,411 2,406 2,397 2,294 2,447 1 Data differ from that shown for December in preceding column be- Data exclude claims held through U.S. banks, and intercompany accounts cause of changes in reporting coverage. between U.S. companies and their foreign affiliates. Note.—Reported by exporters, importers, and industrial and com- See also Note to Table 2. mercial concerns and other nonbanking institutions in the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1423 13. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y i l n l a a b r l s e cu P f r o a r r y e i e n a n i b g c l n i e e s Total P d a o y i l n a la b r l s e D ba e n p k o s s i a ts b r w o i a t d h Other in reporter’s name 1962 Mar................................................................................... 675 577 98 1,780 1,461 144 175 June................................................................................... 616 518 99 1,776 1,449 178 149 June t................................................................................ 665 551 114 1,974 1,598 208 168 Sept ............................................................................ 678 554 123 2,136 1,685 197 254 Dec................................................................................. 637 508 129 2,051 1,625 214 212 Dec i............................................................................... 644 513 130 2', 098 1,668 217 212 1963 Mar.................................................................................. 614 470 144 2,113 1,712 201 200 Mar * ............................................................................. 616 472 144 2,162 1,758 204 200 June............... 674 529 146 2,282 1,877 222 183 Sept............. • 691 552 139 2,’257 1,830 225 202 Dec.................................................................................. 626 478 148 2,131 1,739 201 191 Dec 2................................................................................ 626 479 148 2,188 1,778 199 211 1964 Mar................................................................................... 631 475 156 2,407 1,887 239 282 June................................................................................ 622 471 151 2,482 2,000 220 262 June 3............................................................................... 585 441 144 2,430 1,952 219 260 Sept.............................................................................. 650 498 152 2,719 2,168 249 302 Dec ................................................................................... 695 553 141 2,776 2,306 189 281 Dec, ^,............................................................................... 700 556 144 2,853 2,338 205 310 1965 Mar.................................................................................. 695 531 165 2,612 2,147 189 277 June............... *........................................... 740 568 172 2,411 1,966 198 248 Sept................................................................................. 779 585 195 2,406 1,949 190 267 Dec................................................................................... 809 602 207 2,397 2,000 167 229 Dec 4 ................................................................... 809 602 207 2,294 1,906 166 222 1966—Mar. p................................................................................ 848 616 232 2,447 2,007 211 229 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 * Data differ from that shown for December in line above because of viously held but not reported. changes in reporting coverage. 3 Includes reports from firms having $500,000 or more of liabilities or 14. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Country or area Total End of period liabilities Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico O La th ti e n r Japan O A t s h i e a r Africa 1 ot A h l e l r1 America 1963 Mar........................ 155 816 9 64 33 143 123 193 142 90 20 June....................... 159 766 12 69 28 145 101 190 112 84 16 to june^..................... 159 882 12 88 28 145 101 ■ 192 115 85 99 18 Sept...................... 153 881 14 85 42 127 102 188 123 87 98 16 Dec. 3..................... 148 734 16 83 56 61 69 154 90 93 96 16 1964 Mar........................ 143 761 30 85 58 64 74 158 89 94 96 13 140 815 68 92 64 67 78 145 94 99 94 14 112 832 64 102 90 68 74 142 90 96 93 13 Dec........................ 107 962 51 109 95 215 72 135 89 95 88 14 Dec. 3..................... 107 1,081 56 116 190 215 73 137 89 98 91 15 1965__Mar........................ 115 1,075 35 121 203 220 74 137 81 96 91 18 June............ 110 1,081 31 118 208 221 70 144 85 96 91 17 Sept............... 120 1,101 31 116 230 217 74 138 89 96 91 18 Dec........................ 136 1,169 31 112 233 209 69 196 98 114 89 17 Dec. 5..................... 138 1,139 31 112 236 209 65 198 98 87 85 18 1966—Mar.»..................... 166 1,156 27 124 239 208 61 206 98 87 87 19 1 Until June 196 3 Africa included in “All other.’’ * As a result of an increase in the exemption level from $100,000 to 2 Data include claims previously held but reported for the first time. $500,000, data exclude $3 million of liabilities and $3 million of claims 3 Data include $12 million of claims reported by firms reporting for held by firms previously reporting but now exempt. the first time and claims previously held but not reported. 5 Data differ from that shown for December in line above because of changes in reporting coverage. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1424 U.S. BALANCE OF PAYMENTS SEPTEMBER 1966 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1964 1965 1966 Item 1963 1964 1965 TV t II III IV IP 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, loans. . . 644 580 681 96 177 187 191 126 205 Nonscheduled repayments and selloff's............. 326 123 221 7 10 5 183 23 3 3. U.S. private capital flow, net................................. -4,456 -6,523 -3,690 -2,189 -1,605 -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- -56 -23 -7 29 -1 • -6 — 53 5. Errors and unrecorded transactions........................ -352 -1,011 -429 -360 .........-.1...0..9 -240 -80 -228 Balances A. Balance on liquidity basis Seasonally adjusted (— 14-24-3+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.......................................... -236 -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 Less: 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

SEPTEMBER 1966 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 1425 U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1964 1965 1966 Item 1963 1964 1965 IV I II III IV Ip 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 tn U.S. official reserve assets (In- 378 171 1,222 -151 842 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 tn liquid liabilities to all foreign accounts 2,292 2,627 133 1,520 -657 -257 965 82 -3416 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. 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, securi­ ties, etc.................................................... 504 757 -154 873 -927 -92 125 740 -594 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 Of U.S. Govt.............................................. -16 154 138 27 -2 13 -2 129 -18 i Excludes military transfers under grants. 5 With original maturities over 1 year. 2 Excludes military grants. J 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 3 1,215 2,249 3 1,100 1,418 3 1,193 1,936 3 -114 622 3 22 313 Feb.................... 52,124 2,058 3 1,599 2,335 31,510 1,459 3 1,600 1,993 3 614 599 3 -1 342 Mar.................... 3 1,958 2,075 3 2,755 2,594 31,485 1,518 3 1,861 2,073 3 473 557 3 894 522 Apr.................... 31,914 2,061 3 2,380 2,331 51,415 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 3 1,789 2,070 479 517 3 471 294 June................... 1,803 2,077 3 2,230 2,486 1,431 1,514 3 1,830 2,115 372 563 3 400 371 July.................... 1,841 2,119 2,256 2,461 1,450 1,573 <1,741 2,207 391 546 <515 254 Aug.................... 1,922 2,100 2,333 1,497 1,608 4 1,854 425 492 • 4 479 Sept.................... 1,958 2,261 2,324 1,443 1,563 4 1,865 515 698 4 459 Oct.................... 1,967 2,156 2,342 1,455 1,551 4 1,885 ............... 512 605 4 457 ................ Nov.................... 1,966 2,206 2,408 1,466 1,698 4 1,952 500 3 508 4 456 Dec.................... 2,091 2,426 2,356 1,480 1,642 41,892 • ♦ ............ 611 3 784 4 464 ................ Quarter: I..................... 3 5,068 6,173 3 5,569 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 5 6,870 7,181 3 4,262 4,581 3 5,452 6,323 31,350 1,604 31,418 858 Ill...................... 5,721 6,480 6,913 4,390 4,744 45,459 ...............1.,331 1,736 41,453 IV.................. 6,024 3 6,788 7,106 4,401 3 4,891 45,729 1,623 3 1,897 4 1,377 Year’..................... 22,424 25,671 26,567 .............1..7.,142 18,684 21,293 ..............5..,282 6,987 5,274 ................ 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Significantly affected by strikes and by change in statistical procedures. Mutual Security Program. 5 Sum of unadjusted figures. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Note.—Bureau of the Census data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1426 MONEY RATES SEPTEMBER 1966 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Rate Country 1965 1966 A a u s g , o f 31 Per Month 1966 cent effective Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Argentina............................. 6.0 Dec. 1957 6,0 Austria............................... 4.5 June 1963 4,5 Belgium................................. 4.75 July 1964 5.25 5.25 Brazil.................................... 12.0 Jan, 1965 12.0 Burma................................... 4.0 Feb. 1962 4.0 Canada 1 ............................. 4.25 Nov. 1964 4.75 5.25 5.25 Ceylon................................... 5.0 May 1965 5.0 Chile 2................................... 15.30 July 1965 15.86 15.84 15,84 Colombia............................ 8.0 May 1963 8.0 Costa Rica....................... 3.0 Apr. 1939 3,0 Denmark............................. 6.5 June 1964 6.5 Ecuador........................ 5.0 Nov. 1956 5.0 El Salvador........................... 4.0 Aug. 1964 4.0 Finland.................................. 7.0 Apr. 1962 7.0 France................................... 3.5 Apr. 1965 3.5 Germany Fed. Rep. of..... 4.0 Aug. 1965 5.0 5.0 - Chana,................................. 4.5 Oct. 1961 7.0 7.0 Greece .......... 5.5 Jan. 1963 5.5 Honduras 3........................... 3.0 Jan. 1962 3.0 Iceland.......................... 8.0 Jan. 1965 9.0 9.0 India, t................... 6.0 Feb. 1965 6.0 Indonesia............................... 9.0 Aug. 1963 9.0 Iran,,.,,,.................... 4.0 Oct. 1963 5.0 5.0 Ireland.............................. 5.81 Aug. 1965 5,84 5.08 ....5....8...8 5.75 ....5....9..1. 5.94 5.87 5.94 6.87 6.87 Israel. .............................. 6.0 Feb. 1955 6.0 Italy. ..................................... 3.5 June 1958 3.5 Jamaica ............................... 5.0 Nov. 1964 5.5 5.5 Japan,, ............................... 5.48 June 1965 5.48 Korea..................................... 10.5 Mar. 1964 21.0 28.0 28.0 Mexico................................... 4.5 June 1942 4.5 Netherlands......................... 4.5 June 1964 5.0 5.0 New Zealand......................... 7.0 Mar. 1961 7.0 Nicaragua.............................. 6.0 Apr. 1954 6.0 Norway. ........ ............... 3.5 Feb. 1955 3.5 Pakistan................................. 5.0 June 1965 5.0 Per ii ..................................... 9.5 Nov. 1959 9.5 Philippine Republic *...... 6.0 Jan. 1962 4.75 4.75 Portugal ......................... 2.0 Jan. 1944 2.5 2.5 South Africa.......................... 5.0 Mar. 1965 6.0 6.0 Spain..................................... 4.0 June 1961 4.0 Sweden.................................. 5.5 Apr. 1965 6.0 6.0 Switzerland........................... 2.5 July 1964 3.5 3.5 Taiwan 5. t........................ 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 7.0 7.0 Venezuela.............................. 4.5 Dec. 1960 4.5 i On June 24, 1962, the bank rate on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some continue to be .25 of 1 per cent above latest weekly Treasury bill tender of these countries follow: average rate but will not be more than the bank rate. Argentina—3 and 5 per cent for certain rural and industrial paper, de­ 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis­ Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia—5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent occur. for rediscounts in excess of an individual bank’s quota; J Rate shown is for advances only. Costa Rica—5 per cent for paper related to commercial transactions * Beginning with June 1, 1962, the rediscount rate for commercial (rate shown is for agricultural and industrial paper); bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for commercial purposes; under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Indonesia—various rates depending on type of paper, collateral, com­ 1962, the rediscount rate for commercial bank financing of 9 categories modity involved, etc.; of development loans was reduced from 6 to 3 per cent. Japan—penalty rates (exceeding the basic rate shown) for borrowings 5 Rate shown is for call loans. from the central bank in excess of an individual bank’s quota; Peru—8 per cent for agricultural, industrial and mining paper; and Note.—Rates shown are mainly those at which the central bank either Venezuela—4 per cent for rediscounts of certain agricultural paper and discounts or makes advances against eligible commercial paper and/or for advances against govt, bonds or gold and 5 per cent on advances govt, securities for commercial banks or brokers. For countries with against securities of Venezuelan companies. more than one rate applicable to such discounts or advances, the rate Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 1966 MONEY RATES; ARBITRAGE 1427 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 Treasury Day-to­ B a a c n c k ep er t­ s’ Treasury Day-to­ a B llo a w nk a e n r c s e ’ Day-to­ Tr b e i a l s ls u , ry Day-to­ Treasury Day-to­ Private 3 m b o il n ls t , h s i mo d n ay ey 2 3 a m n o ce n s th , s 3 m bi o ll n s t , h s m d o a n y e y dep o o n s its mo d n a e y y 3 6 d 0 a - y 9 s 0 4 mo d n a e y y s 3 , m bi o ll n s t , h s m d o a n y e y dis r c a o te unt 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—July............ 4.00 3.76 5.97 5.59 4.93 4.00 4.34 3.13 4.06 4.13 3.53 3.00 Aug........ 4.08 3.91 5.97 5.56 4.97 4.00 4.01 3.88 3.44 4.07 2.68 3.00 Sept............ 4.11 3.98 5.97 5.51 4.95 4.00 3.86 3.88 4.75 4.00 2.66 3.00 Oct.............. 4.14 3.93 5.92 5.42 4.96 4.00 3.88 3.88 4.31 4.07 3.13 3.00 Nov............ 4.17 3.89 5.91 5.45 4.93 4.00 4.62 3.88 4.19 4.16 3.91 3.00 Dec............. 4.45 4.03 5.91 5.48 4.79 4.00 4.48 3.88 4.00 4.29 3.47 3.00 1966—Jan.............. 4.61 4.05 5.91 5.50 4.86 4.00 3.83 4.00 4.25 4.32 3.72 3.50 Feb............. 4.68 3.97 5.95 5.57 4.86 4.00 4.34 4.00 4.50 4.34 4.25 3.50 Mar............ 4.87 4.33 5.97 5.61 4.76 4.00 4.55 4.00 5.19 4.48 4.05 3.50 Apr... 5.09 5.10 5.97 5.62 4.94 4.00 4.34 4.00 5,19 4.50 4.33 3.50 May 5.10 5.04 5.97 5.65 4.96 4.00 4.83 5.00 5.06 4.87 4.90 3.50 June........... 5.06 4.99 5.94 5.69 4.85 4.00 4.79 5.00 6.31 4.95 4.87 3.5a July............ 5.07 5.01 6.56 6.31 5.48 4.58 ........5.....0..0. 5.75 4.94 5.11 3.88 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. Note—For description and back data, see “International Finance,’’ 4 Rate in effect at end of month. Section. 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Date K U in n g it d e o d m Spread P d ( r i + e sc m ) o i u o u n r m t in ( c f N e a n v e t o t i v r e Canada Spread d t ( i + s - c ) ) o u o o n n r t in ( c f N e a n v e t o t i v r e q ( u a o U d t j . a . S ti . t o o n U St n a i t t e e s d L ( o f n a o v d f o o r n ) f ( o p - r o w ) u n a o r d n d Lon o d f o n) qu A i o n t s e d qu A o U d t j a . . S ti . t o o n U St n a i t t e e s d C ( a f n a o v a f o d r a ) C f d o a o n rw l a l d a a r i r a s d n Can o a f d a) basis) Canada basis 1966 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 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 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 5.67 4.63 1.04 -.72 + .32 5.07 4.94 4.63 + .31 .00 + .31 ' 15.............. 6. 50 4.88 1.62 -1.46 + .16 5.09 4.96 4.88 + .08 + .04 + •12 22 6. 50 4.85 1.65 -1.45 + .20 5.05 4.92 4.85 + .07 + .04 + .11 29.............. 6.53 4.66 1.87 -1.58 + .29 5.02 4.89 4,66 + •23 .00 + .23 6.53 4.81 1.72 -1.83 -.11 4.99 4.86 4.81 + .05 + .04 + .09 “ 12.............. 6.53 4.88 1.65 -1.61 + .04 5.05 4.92 4.88 + .04 + .19 + .23 19.............. 6.53 5.06 1.47 -1.03 + .44 5.09 4.96 5.06 -.10 + .28 + .18 26.............. 6.57 4.99 1.58 -1.05 + .53 5.10 4.97 4.99 -.02 + .04 + .02 Sept. 2.............. 6.60 5,04 1.56 -1.11 + .45 5.02 4.89 5.04 -.15 + .09 -.06 Note.—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 It 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 basts 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

1428 FOREIGN EXCHANGE RATES SEPTEMBER 1966 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina Australia Austria Belgium Canada Ceylon Denmark Finland France Period (peso) (pound) (dollar) (schilling) (franc) (dollar) (rupee) (krone) (markka) (franc) I960. 1.2026 223.71 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 14.484 131.057 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--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 4223.38 s111.62 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 July.............................. .4896 111.11 3.8705 2.0110 93.017 20.921 14.444 31.063 20.403 Aug.............................. 3.4691 ................1..11.11 3.8718 2,0122 92.992 20.929 14.436 31.062 20.394 Period ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p r o el u a n n d d ) ( I l t i a r l a y ) J ( a y p en an ) ( M do s a l i l a l a a y r) ­ M (p e e x s i o c ) o ( e g N r u l i a e l n t d h d e ­ s r) ( Z p e N o a u e la n w n d d ) 1960. 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961. 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962. 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1963. 25.084 20.966 280.00 .16087 .27663 32,664 8.0056 27.770 277.22 1964. 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 276.45 1965. 25.036 20.938 279.59 .16004 .27662 32.609 8.0056 27.774 276.82 1965-—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 «14.393 278.98 .16017 .27584 32.545 8.0056 27.645 276.22 July............................... 25.046 13.248 278.88 .16028 .27574 32.488 8.0056 27,719 276.12 Aug............................... 25.056 13.250 278,88 .16039 .27577 • 32.467 8.0056 27.694 276.12 PhUip- South Africa United Period N (k o r r o w n a e y ) R ( e p p p e i u n s b o e l ) ic (esc g u al d o) (pound) (rand) (p S e p s a e i t n a ) S (k w r e o d n e a n ) z ( e f S r r w a la n i n t c ­ d ) (p K d o i o u n m n g 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-—Aug............................... 13.978 3.4775 139.02 1.6658 19.332 23.161 279.08 Sept............................... 13.990 3.4786 139.31 1.6662 19.352 23.162 279.67 Oct................................ 13.998 3.4871 139.63 1.6658 19.329 23.150 280.31 Nov............................... 14.001 3.4928 139.66 1.6657 19.329 23.150 280.37 Dec............................... 13.999 3.4922 139.58 1.6663 19.327 23.162 280.21 1966-—Jan................................. 13.998 3.4932 139.67 1.6661 19.339 23.102 280.39 Feb................................ 13.992 3.4921 139.60 1.6660 19.346 23.077 280.25 Mar............................... 13.981 3.4867 139.24 1.6659 19.384 23.040 279.52 13.976 3.4834 139.15 1.6659 19.385 23.102 279.34 N&y............................. 13.971 3.4829 139.09 1.6660 19.398 23.167 279.23 June..................... 13.971 3.4806 138.97 1.6658 19.383 23.169 278.98 July............................... 13.974 3.4777 138.92 1.6655 19.352 23.164 278.88 Aug................................ 13.988 3.4776 138.92 1.6639 19.358 23.110 278.88 i A new markka, equal to 100 old markkaa, was introduced on Jan. 6 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to 1963. 7.5 rupees per U.S. dollar. Quotations not available June 6 and 7. 2 Effective Jan, 1, 1963, the franc again became the French monetary unit. It replaces, at a 1 to I ratio, the new franc introduced Jan. 1,1960. Note.—Averages of certified noon buying rates in New York for 3 Quotations not available Aug. 8 and 9. cable transfers. For description of rates and back data, see “International 4 Based on quotations through Feb. 11, 1966. Finance,” Section 15 of Supplement to Banking and Monetary Statistics, s Effective Feb. 14, 1966, Australia adopted the decimal currency 1962. system. The new unit, the dollar, replaces the pound and consists of 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 Wm. McC. Martin, Jr., Chairman J. L. Robertson, Vice Chairman Chas. N. Shepardson J. Dewey Daane Sherman J. Maisel George W. Mitchell Andrew F. Brimmer Ralph A. Young, Senior Adviser to the Board Robert C. Holland, Adviser to the Board Robert Solomon, Adviser to the Board Charles Molony, Assistant to the Board Robert L. Cardon, Legislative Counsel Clarke L. Fauver, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS Merritt Sherman, Secretary John R. Farrell, Director Kenneth A. Kenyon, Assistant Secretary M. B. Daniels, Assistant Director Elizabeth L. Carmichael, Assistant Secretary John N. Kiley, Jr., Assistant Director Arthur L. Broida, Assistant Secretary Karl E. Bakke, Assistant Secretary DIVISION OF EXAMINATIONS Frederic Solomon, Director LEGAL DIVISION Glenn M. Goodman, Assistant Director Howard H. Hackley, General Counsel Brenton C. Leavitt, Assistant Director David B. Hexter, Associate General Counsel James C. Smith, Assistant Director Thomas J. O’Connell, Assistant General Andrew N. Thompson, Assistant Director Counsel Lloyd M. Schaeffer, Chief Federal Reserve Jerome W. Shay, Assistant General Counsel Examiner Wilson L. Hooff, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS Edwin J. Johnson, Director Daniel H. Brill, Director John J. Hart, Assistant Director Albert R. Koch, Deputy 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 OFFICE OF THE CONTROLLER Tynan Smith, Associate Adviser John Kakalec, Controller DIVISION OF INTERNATIONAL FINANCE OFFICE OF DEFENSE PLANNING Ralph A. Young, Director Innis D. Harris, Coordinator Robert L. Sammons, Associate Director A. B. Hersey, Adviser Reed J. Irvine, Adviser DIVISION OF DATA PROCESSING Samuel I. Katz, Adviser Lawrence H. Byrne, Jr., Director John E. Reynolds, Adviser Lee W. Langham, Assistant Director Ralph C. Wood, Adviser David S. Staiger, Assistant Director 1429 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1430 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 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

FEDERAL RESERVE BANKS AND BRANCHES 1431 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President or branch 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 Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accom­ pany 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. 931-34 of the June 1966 Bulletin. (Stamps and coupons not accepted). The Federal Reserve System—Purposes and Supplement to Banking and Monetary Statis­ Functions. 1963. 297 pp. tics. Sec. 1. Banks and the Monetary System. 1962. 35 pp. $.35. Sec. 9. Federal Reserve Banks. Annual Report. 1965. 36 pp. $.35. Sec. 10. Member Bank Re­ Federal Reserve Bulletin. Monthly. $6.00 per serves and Related Items. 1962. 64 pp. $.50. annum or $.60 a copy in the United States and Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 12. its possessions, Bolivia, Canada, Chile, Co­ Money Rates and Securities Markets. 1966. lombia, Costa Rica, Cuba, Dominican Republic, 182 pp. $.65. Sec. 14. Gold. 1963. 24 pp. $.35. Ecuador, Guatemala, Haiti, Republic of Hon­ Sec. 15. International Finance. 1962. 92 pp. duras, Mexico, Nicaragua, Panama, Paraguay, $.65. Sec. 16 (New) Consumer Credit. 1965. Peru, El Salvador, Uruguay, and Venezuela; 10 103 pp. $.65. or more of same issue sent to one address, $5.00 Bank Mergers & the Regulatory Agencies: per annum or $.50 each. Elsewhere, $7.00 per Application of the Bank Merger Act of annum or $.70 a copy. 1960. 1964. 260 pp. $1.00 a copy; 10 or more Federal Reserve Chart Book on Financial and sent to one address, $.85 each. Business Statistics. Monthly. Annual subscrip­ Banking Market Structure & Performance tion includes one issue of Historical Chart Book. in Metropolitan Areas : A Statistical Study $6.00 per annum or $.60 a copy in the United of Factors Affecting Rates on Bank Loans. States and the countries listed above; 10 or more 1965. 73 pp. $.50 a copy; 10 or more sent to of same issue sent to one address, $.50 each. one address, $.40 each. Elsewhere, $7.00 per annum or $.70 a copy. Farm Debt. Data from the 1960 Sample Survey Historical Chart Book. Issued annually in Sept. of Agriculture. 1964. 221 pp. $1.00 a copy; 10 Subscription to monthly chart book includes one or more sent to one address, $.85 each. issue. $.60 a copy in the United States and coun­ tries listed above; 10 or more sent to one ad­ Merchant and Dealer Credit in Agriculture. dress, $.50 each. Elsewhere, $.70 a copy. 1966. 109 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. Treasury-Federal Reserve Study of the Gov­ ernment Securities Market. Pt. I. 1959. 108 Monetary Theory and Policy: A Bibliography. pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. Part I—Domestic Aspects. 137 pp. $1.00 a Individual books $1.00 each; set of 3, $2.50. copy; 10 or more sent to one address, $.85 each. Flow of Funds in the United States, 1939-53. Regulations of the Board of Governors of 1955. 390 pp. $2.75. the Federal Reserve System. Debits and Clearing Statistics and Their Rules of Organization and Procedure—Board Use. 1959. 144 pp. $1.00 a copy; 10 or more of Governors of the Federal Reserve Sys­ sent to one address, $.85 each. tem. 1962. 40 pp. The Federal Funds Market. 1959. Ill pp. $1.00 a copy; 10 or more sent to one address, Published Interpretations of the Board of $.85 each. Governors, as of Dec. 31, 1965. $2.50. All-Bank Statistics, 1896-1955. 1959. 1,299 Trading in Federal Funds. 1965. 116 pp. $1.00 pp. $4.00. a copy; 10 or more sent to one address, $.85 each. Industrial Production—1957-59 Base. 1962. 172 pp. $1.00 a copy; 10 or more sent to one U.S. Treasury Advance Refunding. June 1960address, $.85 each. July 1964. 1966. 65 pp. $.50 a copy; 10 or more sent one address, $.40 each. The Federal Reserve Act, as amended through Oct. I, 1961, with an appendix containing pro­ Survey of Financial Characteristics of Con­ visions of certain other statutes affecting the sumers. 1966. 166 pp. $1.00 a copy; 10 or Federal Reserve System. 386 pp. $1.25. more sent to one address, $.85 each. 1432 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1433 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 1966. ' (Limited supply of mimeographed copies of full text available upon request for single copies.) A Theory of Household Asset Selection, by Statistical Refinement of the Concept of In­ William J. Hocter. Aug. 1966. flation—Monetary and Liquidity Aspects, Liquidity Considerations and Monetary by Guy E. Noyes. Oct. 1965. Management, by Leonall C. Andersen (with The Demand for Money—Speed of Adjust­ commentaries by Arthur L. Broida and Rich­ ment, Interest Rates, and Wealth, by ard G. Davis). Sept. 1966. Frank de Leeuw. Oct. 1965. The Overseas Dollar Bond Market and Re­ Price Analysis and Economic Developments, cent U.S. Borrowing Abroad, by Carl H. by Murray Altmann. Oct. 1965. Stem. Sept. 1966 A Study of Factors Affecting the Money Stock: Phase One, by Leonall C. Andersen. Printed in full in the Federal Reserve Bulletin. Oct. 1965. (Reprints available as shown in following list.) The Postwar Boom in Hotels and Motels, by REPRINTS Royal Shipp and Robert Moore Fisher. Dec. 1965. (From Federal Reserve Bulletin unless preceded Manufacturers’ Inventory Investment and by an asterisk.) Monetary Policy, by Jimmie F. Monhollon. The History of Reserve Requirements for Jan. 1966. ' Banks in the United States. Nov. 1938. Some Fiscal Implications of Expansion of the 20 pp. Social Security System, by Nancy H. Teeters. Adjustment for Seasonal Variation. Descrip­ Jan. 1966. tion of method used by Board in adjusting eco­ The Demand for Currency, by George G. nomic data for seasonal variation. June 1941. Kaufman. Feb. 1966. 11 PP- The Demand for Money: A Review of the The Private Demand for Gold, 1931-53. Sept. Empirical Literature, by David M. Jones. 1954.10 pp. Feb. 1966. ‘ Bankers’ Acceptance Financing in the United The Demand for Money: Speed of Adjust­ States. May 1955. 13 pp. ment, Interest Rates, and Wealth—A Seasonal Factors Affecting Bank Reserves. Sequel, by Patric H. Hendershott. Mar. 1966. Feb. 1958. 12 pp. The Process of Inflation: A Review of the Open Market Operations in Long-Term Secu­ Literature and Some Comparisons of Cy­ rities. Nov. 1958. 15 pp. clical Performance, 1953-65, by Glenn H. ♦Part I, All-Bank Statistics, 1896-1955. Re­ Miller, Jr. Apr. 1966. print of the U.S. Summary containing a descrip­ The Federal Reserve System and World tion of revised statistics for all banks in the Monetary Problems, by Robert Solomon. United States, by class of bank, together with revised statistics. Apr. 1959. 94 pp. May 1966. Statistics on the Government Securities The Spanish “Miracle”: Growth and Change Market. Apr. 1961. 8 pp. in the Spanish Economy, 1959 to Mid-1965, by Rodney H, Mills, Jr. May 1966. Liquidity and Public Policy, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. Consumer Credit Regulation: A Review and Response, by Jerome W. Shay. June 1966. Revised Indexes of Freight Carloadings. Dec. 1961. 3 pp. Empirical Aspects of Cost vs. Demand in Commodity Pricing, by Addison T. Cutler. Interest Rates and Monetary Policy, Staff June 1966. Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. A Model of Federal Reserve Behavior, by Industrial Production—1957-59 Base. Oct. John H. Wood. June 1966. 1962. 10 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1434 FEDERAL RESERVE BULLETIN • SEPTEMBER 1966 Flow of Funds Seasonally Adjusted. Nov. Revision of the Money Supply Series. July 1962. 15 pp. 1965. 11 pp. A Sectoral Analysis of Velocity, Staff Paper Interest Rates in Capital Markets. Aug. by Paul F. McGouldrick. Dec. 1962. 14 pp. 1965. 13 pp. Changes in Structure of the Federal Debt. Measures of Banking Structure and Competi­ Mar. 1963. 10 pp. tion. Sept. 1965. 11 pp. New Foreign Bond Issues in the U.S. Market, U.S. International Payments. Oct. 1965. 9 pp. Staff Paper by Robert F. Gemmill. May 1963. Time Deposits in Monetary Analysis, Staff 13 pp. Economic Study by Lyle E. Gramley and Sam­ Recent Changes in Liquidity, Staff Paper by uel B. Chase, Jr. Oct. 1965. 25 pp. Daniel H. Brill. June 1963. 10 pp. Fiscal Policy and Debt Management. Nov. Measures of Member Bank Reserves. July 1965. 11 pp. 1963. 14 pp. ' Cycles and Cyclical Imbalances in a Chang­ A Bank Examiner Looks at Agricultural ing World, Staff Paper by Frank R. Garfield. Lending, Staff Paper by Brenton C. Leavitt. Nov. 1965. 15 pp. July 1963. 8 pp. Balance of Payments Program: Guidelines Measuring and Analyzing Economic Growth, for Banks and Nonbank Financial Institu­ Staff Paper by Clayton Gehman. Aug. 1963. tions. Dec. 1965. 9 pp. 14 pp. Bank Credit and Monetary Developments in Changes in Banking Structure, 1953-62. Sept. 1965. Feb. 1966. 14 pp. 1963. 8 pp. Treasury and Federal Reserve Foreign Ex­ Economic Change and Economic Analysis, change Operations. Mar. 1966. 14 pp. Staff Paper by Frank R. Garfield. Sept. 1963. 17 pp. Research on Banking Structure and Per­ formance, Staff Economic Study by Tynan Bank and PCA Lending to Farmers. Sept. 1963. Smith. Apr. 1966. 11 pp. 11 PP- Recent Changes in U.S. Trade and Payments. The Open Market Policy Process. Oct. 1963. Apr. 1966. 11 pp. 11 PP- Banking and Monetary Statistics, 1965. Se­ Survey of Financial Characteristics of Con­ lected series of banking and monetary statistics sumers. Mar. 1964. 9 pp. for 1965 only. Mar. and June 1966. 15 pp. Flows Through Financial Intermediaries. Recent Credit and Monetary Developments. May 1964. 9 pp. July 1966. 12 pp. Revision of Bank Credit Series. June 1964. 5 pp. Revision of Bank Credit Series, July 1966. 6 PP- Federal Reserve Security Transactions, 1954­ 63, Staff Paper by Stephen H. Axilrod and Commercial Bank Liquidity, Staff Economic Janice Krummack. July 1964. 16 pp. Study by James Pierce. Aug. 1966. 9 pp. Ministerial Statement of the Group of Ten Changes in Time and Savings Deposits, De­ and Annex Prepared by Deputies. Aug. 1964. cember 1965—May 1966. Aug. 1966. 35 pp. 25 pp. Revision of Weekly Reporting Member Bank Yield Differentials in Treasury Bills, 1959­ Series. Aug. 1966. 4 pp. 64, Staff Paper by Samuel I. Katz. Oct. 1964. 20 pp. Interest Rates in Western Europe. Sept. 1966. 19 pp. Research into Banking Structure and Com­ petition. Nov. 1964. 17 pp. Revision of Money Supply Series. Sept. 1966. Bank Credits to Foreigners. Mar. 1965. 10 pp. 13 PP- Revision of Bank Debits and Deposit Turn­ Treasury and Federal Reserve Foreign Ex­ over Series. Mar. 1965. 4 pp. change Operations. Sept. 1966. 11 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 1344) Acceptances, bankers’, 1353, 1371, 1373 Deposits—Continued Agricultural loans of commercial banks, 1364, 1366 Federal Reserve Banks, 1354, 1421 Arbitrage, 1427 ................. Postal savings, 1352, 1359 Assets and liabilities (See also Foreign liabilities and Discount rates, 1351, 1426 claims): Discounts and advances by Federal Reserve Banks and the monetary system, 1359 Banks, 1346, 1354, 1356 Corporate, current, 1385 Dividends, corporate, 1384, 1385 Domestic banks, by classes, 1360, 1364, Dollar assets, foreign, 1413, 1421 1366, 1373 Federal Reserve Banks, 1354 Earnings and hours, manufacturing industries, 1401 Automobiles: Employment, 1398, 1400, 1401 Consumer instalment credit, 1390, 1391, 1392 Production index, 1394, 1395 Farm mortgage loans, 1386, 1387, 1388 Federal finance: Cash transactions, 1376 Balance of payments (See U.S. balance of payments) Receipts and expenditures, 1377 Bankers’ balances, 1365, 1367 Treasurer’s balance, 1376 (See also Foreign liabilities and claims) Federal funds, 1350, 1364 Banks and the monetary system, 1359 Federal home loan banks, 1375, 1387 Banks for cooperatives, 1375 Federal Housing Administration, 1372, 1386, Bonds (See also U.S. Govt, securities): 1387, 1388 New issues, 1381, 1382, 1383 Federal intermediate credit banks, 1375 Prices and yields, 1371, 1372 Federal land banks, 1375 Brokers and dealers in securities, Federal National Mortgage Assn., 1375, 1388 bank loans to, 1364, 1366 Federal Reserve Banks: Business expenditures on new plant and Condition statement, 1354 equipment, 1385 U.S. Govt, securities held, 1346, 1354, 1356, Business indexes, 1398 1378, 1379 Business loans (See Commercial and industrial loans) Federal Reserve credit, 1346, 1354, 1356 Federal Reserve notes, 1354, 1357 Federally sponsored credit agencies, 1375 Capital accounts: Finance company paper, 1371, 1373 Banks, by classes, 1360, 1365, 1369 Financial institutions, loans to, 1364, 1366 Federal Reserve Banks, 1354 Float, 1346 Carloadings, 1398 Flow of funds, 1406 Central banks, foreign, 1410, 1426 Foreign central banks, 1410, 1426 Certificates of deposit, 1369 Foreign currency operations, 1354, 1356, 1412, 1420 Coins, circulation, 1357 Foreign deposits in U.S. banks, 1346, 1354, 1359, Commercial and industrial loans: 13 65, 13 68, 1421 ' Commercial banks, 1364 Foreign exchange rates, 1428 Weekly reporting member banks, 1366, 1370 Foreign liabilities and claims: Commercial banks: Banks, 1414, 1416, 1417, 1419, 1421 Assets and liabilities, 1360, 1363, 1364 Nonfinancial concerns, 1422 Consumer loans held, by type, 1391 Foreign trade, 1425 Number, by classes, 1360 Real estate mortgages held, by type, 1386 Gold: Commercial paper, 1371, 1373 Certificates, 1354, 1357 Condition statements (See Assets and liabilities) Earmarked, 1421 Construction, 1398, 1399 Net purchases by U.S., 1412 Consumer credit: Production, 1411 Instalment credit, 1390, 1391, 1392, 1393 Reserve of central banks and govts., 1410 Noninstalment credit, by holder, 1391 Reserves of foreign countries and international Consumer price indexes, 1398, 1402 organizations, 1413 Consumption expenditures, 1404, 1405 Stock, 1346, 1359, 1412 Corporations: Gross national product, 1404, 1405 Sales, profits, taxes, and dividends, 1384, 1385 Security issues, 1382, 1383 Hours and earnings, manufacturing industries, 1401 Security prices and yields, 1371, 1372 Housing starts, 1399 Cost of living (See Consumer price indexes) Currency in circulation, 1346, 1357, 1358 Income, national and personal, 1404, 1405 Customer credit, stock market, 1372, 1408 Industrial production index, 1394, 1398 Instalment loans, 1390, 1391, 1392, 1393 Debits to deposit accounts, 1356 Insurance companies, 1374, 1378, 1379, 1387 Debt (See specific types of debt or securities) Insured commercial banks, 1362, 1364 Demand deposits: Interbank deposits, 1352, 1360, 1365 Adjusted, banks and the monetary system, 1359 Interest rates: Adjusted, commercial banks, 1356, 1358, 1365 Business loans by banks, 1370 Banks, by classes, 1352, 1360, 1368 Federal Reserve Bank discount rates, 1351 Turnover, 1356 Foreign countries, 1426, 1427 Type of holder, at commercial banks, 1365 Money market rates, 1371, 1427 Deposits (See also specific types of deposits): Mortgage yields, 1372, 1389 Adjusted, and currency, 1359 Time deposits, maximum rates, 1352 Banks, by classes, 1352, 1360, 1365, 1368, 1373 Yields, bond and stock, 1371 1435 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1436 FEDERALRESERVEBimTIN • SEPTEMBER 1966 International capital transactions of the U.S., 1414 Reserves—Continued International institutions, 1410, 1412, 1413 Federal Reserve Banks, 1354 Inventories, 1404 Foreign countries and international Investment companies, new issues, 1383 organizations, 1413 Investments (See also specific types of investments): Member banks, 1346, 1348, 1352, 1365, 1367 Banks, by classes, 1360, 1364, 1367, 1373 Residential mortgage Ioans, 1386, 1387, 1388, 1389 Commercial banks, 1363 Retail credit, 1390 Federal Reserve Banks, 1354, 1356 Retail sales, 1398 Life insurance companies, 1374 Sales finance companies, loans, 1390, 1391, 1393 Savings and loan assns., 1374 Saving: Labor force, 1400 Flow of funds series, 1406 Loans (See also specific types of loans): National income series, 1405 Banks, by classes, 1360, 1364, 1366, 1373 Savings and loan assns., 1374, 1379, 1387 Commercial banks, 1363 Savings deposits (See Time deposits) Federal Reserve Banks, 1346, 1354, 1356 Savings institutions, principal assets, 1373, 1374 Insurance companies, 1374, 1387 Securities (See also U.S. Govt, securities): Insured or guaranteed by U.S., 1386, 1387, 1388 Federally sponsored agencies, 1375 Savings and loan assns., 1374, 1387 International transactions, 1420, 1421 New issues, 1381, 1382, 1383 Manufactures, production index, 1395, 1398 Silver coin and silver certificates, 1357 Margin requirements, 1352 State and local govts.: Member banks: Deposits of, 1365, 1368 Assets and liabilities, by classes, 1360, 1364 Holdings of U.S. Govt, securities, 1378, 1379 Borrowings at Federal Reserve New security issues, 1381, 1382 Banks, 1348, 1354, 1369 Ownership of obligations of, 1364, 1373, 1374 Deposits, by classes, 1352 Prices and yields of securities, 1371, 1372 Number, by classes, 1361 State member banks, 1362 Reserve position, basic, 1350 Stockmarket credit, 1372, 1408 Reserve requirements, 1352 Stocks: Reserves and related items, 1346 New issues, 1382, 1383 Weekly reporting series, 1366 Prices and yields, 1371, 1372 Mining, production index, 1395, 1398 Tax receipts, Federal, 1377 Money rates (See Interest rates) Time deposits, 1352, 1358, 1359, 1360, 1365, 1368 Money supply and related data, 1358 Treasurer’s account balance, 1376 Mortgages (See Real estate loans) Treasury cash, Treasury currency, 1346, 1357, 1359 Mutual funds (See Investment companies) Treasury deposits, 1346, 1354, 1376 Mutual savings banks, 1359, 1360, 1362, 1373, 1378, Turnover, deposit, 1356 1379, 1386 Unemployment, 1400 National banks, 1362 U.S. balance of payments, 1424 National income, 1404, 1405 U.S. Govt, balances: National security expenditures, 1377, 1404 Commercial bank holdings, by classes, 1365, 1368 Nonmember banks, 1362, 1364, 1365 Consolidated monetary statement, 1359 Treasury deposits at Federal Reserve Open market transactions, 1353 Banks, 1346, 1354, 1376 Payrolls, manufacturing, index, 1398 U.S. Govt, securities: Personal income, 1405 Bank holdings, 1359, 1360, 1364, 1367, 1373, Postal Savings System, 1352, 1359 1378, 1379 Prices: Dealer transactions, positions, and financing, 1380 Consumer, 1398, 1402 Federal Reserve Bank holdings, 1346, 1354, Security, 1372 1356, 1378, 1379 Wholesale commodity, 1398, 1402 Foreign and international Production, 1394, 1398 holdings, 1354, 1413, 1421 Profits, corporate, 1384, 1385 International transactions, 1420 New issues, gross proceeds, 1382 Real estate loans: Open market transactions, 1353 Banks, by classes, 1364, 1366, 1373, 1386 Outstanding, by type of security, 1378, 1379,1381 Delinquency rates on home mortgages, 1389 Ownership of, 1378, 1379 Mortgage yields, 1372, 1389 Prices and yields, 1371, 1372, 1427 Nonfarm mortgage foreclosures, 1389 United States notes, 1357 Type of holder, 1386, 1387, 1388 Utilities, production index, 1395, 1398 Type of property mortgaged, 1386, 1387, 1388 Vault cash, 1346, 1352, 1365 Reserve position, basic, member banks, 1350 Veterans Administration, 1386, 1387, 1388 Reserve requirements, member banks, 1352 Reserves: Weekly reporting member banks, 1366 Central banks and govts., 1410 Commercial banks, 1365 Yields (See Interest rates) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

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