Federal Reserve Bulletin, 1966-10

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, Ouatemala, 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 10 ■ OCTOBER 1966 The Labor Market in an Expanding Economy 1437 Staff Economic Studies: Summary 1449 Law Department 1451 Announcements 1460 National Summary of Business Conditions 1462 Guide to Tabular Presentation 1464 Financial and Business Statistics, U.S. (Contents on p. 1465) 1466 International Financial Statistics (Contents on p. 1547) 1548 Board of Governors and Staff 1567 Open Market Committee and Staff; Federal Advisory Council 1568 Federal Reserve Banks and Branches 1569 Federal Reserve Board Publications 1570 Index to Statistical Tables 1573 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

THE LABOR MARKET IN AN EXPANDING ECONOMY Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1437 T JLHE LABOR MARKET tightened significantly this past year as output continued to expand. Not only were gains in employ­ ment larger than at any time since the Korean war, but the Armed Forces were increased by half a million men. As a result of the widespread demand for manpower, the unemployment rate declined—slipping below 4 per cent for the first time in almost a decade. In durable goods manufacturing, where the cumulative im­ pact of sharply rising outlays for capital goods and defense has been concentrated, employment gains have been substantially faster than for the economy as a whole. Federal civilian employ­ ment increased at an even more rapid rate, largely because of growing defense needs. Gains in State and local government em­ ployment also accelerated because of increased personnel require­ ments for public services and growing school enrollments. Heightened demands for labor have sharply reduced the availa­ ble supply of skilled and experienced workers, and unemployment of adult men has declined to a very low rate. Employers have turned increasingly to youths and to women and have also ex­ panded on-the-job training, up-graded workers, and resorted to more overtime. In recent months hours of work in manufacturing have been higher than during the Korean conflict. Although young workers have been employed in large numbers this past year, their unemployment remains high and comprises a growing share of total unemployment. A large proportion of young jobseekers are new workers, who may experience some un­ employment upon entering the labor market, and who typically make a number of job changes before settling down to a perma­ nent job. More serious has been the continued high unemployment CHART 1 OUTPUT AND INCOME rise sharply, reducing unemployment and tightening the labor market Seasonally adjusted data. Gross national product and wages of Labor Statistics data. Private hourly compensation, includand salaries, Department of Commerce data at annual rates. ing supplements, based on unpublished data from BLS and Nonfarm payroll employment and unemployment rates, Bureau Dept, of Commerce. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1438 FEDERAL RESERVE BULLETIN • OCTOBER 1966 among nonwhites, particularly teenagers and young adults; the broad economic expansion this past year has not appreciably im­ proved their unemployment situation. Upward pressure on wages increased in 1966 as manpower resources tightened and consumer prices rose faster. Recent con­ tract settlements have generally provided for increases in wages and fringe benefits in excess of over-all growth in productivity. With the pace of union negotiations now being stepped up, higher unit labor costs could become more pervasive and have an influ­ ence on future price developments. DEMAND FOR LABOR Increased Federal outlays for defense last fall—coupled with de­ mands for capital goods, autos, and household durable equipment that were already strong and growing—stimulated vigorous growth in nonfarm employment. Workers were added to payrolls at a rate unprecedented since the first year of the Korean war. Employment was expanded at an annual rate of 3.3 million in the fourth quarter of 1965 and of 4.0 million in the first quarter of 1966. Since spring the rate of employment growth has declined some­ what, reflecting a drop in construction employment as well as some moderation of the increases in manufacturing and other ac­ tivities that had been expanding at unsustainably high rates. In EMPLOYMENT strong in durable goods industries especially defense-related CHART 2 BLS payroll data, seasonally adjusted. Construction materials represents lumber and stone, clay, and glass. Aircraft and autos adjusted by Federal Reserve for seasonal variation. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LABOR MARKET IN AN EXPANDING ECONOMY 1439 September nonfarm payroll employment was 3.0 million, or 5 per cent, higher than a year earlier. Manufacturing. Following a decade of little increase, manufac­ turing employment is in its second year of strong growth. Such employment has risen by 1 million since September 1965, 2.5 times the average annual increase in the previous years of the present expansion. With new orders strong and backlogs larger, employers in the durable goods sector expanded their work force by a remarkable 8 per cent over the past year. The impact of the Vietnam situation is dramatically reflected in the defenserelated electrical equipment and aircraft industries, where em­ ployment gains have been extraordinarily large; employment in these industries has risen by 400,000, or 17 per cent, since Sep­ tember 1965. Expansion in employment was not so great in some other durable goods manufacturing industries, especially after the spring. In the automobile industry a modest expansion at the beginning of the year was followed by a leveling off in the second quarter as production was cut back. Employment in construction materials industries tapered off after March with the decline in residential building activity. Employment in primary metals industries also showed less than average growth. Excessive steel inventory accumulation from mid- 1964 to mid-1965 in anticipation of a strike had left producers and fabricators with large steel stocks that were worked down in late 1965 at the expense of current production. Output began to rise again at year-end under the impetus of renewed expansion in new orders, and in September primary metals employment was 3 per cent higher than a year earlier. Even so, employment had not regained the cyclical peak of 1956, although production was about 20 per cent higher than in that year. Among nondurable goods manufacturers, growth in employ­ ment also increased over the past year, although in recent months the rate has slowed. The number of jobs rose by 3 per cent be­ tween September 1965 and September 1966, more than twice the average increase during earlier years of the present expan­ sion. Although most major industries had large employment gains, the chemical and rubber industries showed particular strength. Rapid growth in manufacturing greatly expanded blue-collar jobs, a prime source of employment for semiskilled workers en­ tering the labor market. Despite the sharp rise in these jobs in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1440 FEDERAL RESERVE BULLETIN • OCTOBER 1966 the past 2 years, in 1966 the number of blue-collar workers was no higher than in 1953. The increase since September 1965 (750,000) mainly reflected the hiring of large numbers of youths and women who had not been previously employed in factories. Employers late last year again turned to lengthening the work­ week to meet higher production schedules in a tight labor market and to limit the higher overhead costs of hiring and training new workers. With the surge in output in late 1965, weekly hours of factory workers rose sharply from an already high level to 41.5 hours in the spring of 1966, about half an hour above the peak levels of the Korean war. After declining somewhat in the sum­ mer, the workweek again rose to 41.4 hours in the past 2 months. In contrast, employers in nonindustrial sectors have Seasonally adjusted data for pro­ shown no particular desire to use overtime to meet growing man­ duction workers in manufacturing. power needs. The trade and service sectors have relied more on increased hiring of women and teenagers, who often work part­ time. Other private sectors. With consumer demand growing at a brisk rate—supported by record levels of employment and earnings —employment increases in the trade and service industries have continued to be rapid. The service industries have experienced persistent strong growth throughout the postwar period, during recession and recovery alike; in a number of years of slow over-all growth in output, they have been the only areas of expanding employment opportunities in the private sectors. In September employment in the trade-service-finance complex was 1.0 million, or 4 per cent, higher than a year earlier. In terms of numbers of persons, this increase was as large as that in manufacturing. On the other hand, construction employment has shown a pro­ nounced downward trend in recent months. Residential building activity has been adversely affected by the reduced availability of construction and mortgage credit and by higher interest rates. However, high levels of investment in new industrial plants and public construction have kept employment in the industry above levels of a year earlier. Government. Government has been a major source of increased pressure on labor supply. The added manpower requirements of Federal, State, and local governments, coupled with that of the Armed Forces, totaled about 1.3 million this past year, which was about equal to the expected normal growth in the labor force. The past year has witnessed the first significant expansion in Federal civilian employment and the largest annual increase in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LABOR MARKET IN AN EXPANDING ECONOMY 1441 State and local employment since the Korean war. In fact, gov­ ernment civilian jobs increased by 800,000 or 8 per cent—as rapid a rate as in any of the major private sectors. The Defense Department’s need for additional civilian personnel to administer the greatly expanded procurement and military training programs accounted for almost half of this year’s rise of 240,000 jobs in Federal civilian employment. Expanding school-age population, rising family incomes, pres­ sures for increased public services, and availability of Federal and other grants were responsible in large part for the heightened pace of growth in State and local employment. These sectors added 550,000 employees to their payrolls in the past year, 50 Both PRIVATE AND PUBLIC employment rise further CHART 3 per cent more than the average annual growth earlier in this expansion. Teachers and other school personnel accounted for about two out of three of the added workers. Armed Forces. More than half a million men—a large propor­ tion of whom were aged 20 to 24 years—have been added to the Armed Forces since August 1965. As a result the Armed Forces reached a total of 3.2 million in September 1966; this number contrasts with a peak level of 3.7 million attained during the Korean war. The build-up during the Korean conflict, however, was much more rapid and from a lower level; almost 1.8 million men were added to the military forces in the first year of that conflict. Because of student deferments, most of the manpower for the Armed Forces over the past year has come from employed youth or from those just entering the civilian labor force—the same group that provided a large portion of industry’s growing manpower needs. Continued demands for manpower for the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1442 FEDERAL RESERVE BULLETIN • OCTOBER 1966 Armed Forces could exert significant additional pressure on an already tight labor market. SUPPLY OF LABOR The strong demands for labor in both private and government sectors of the economy during the past year have been met in a number of ways: unemployment was reduced by 350,000; agri­ cultural employment dropped by about 400,000 workers; and use of overtime work in manufacturing provided, in manhours, the equivalent of more than 100,000 additional full-time production workers. But most of the additional manpower came from a con­ tinuing rapid increase in the labor force. LARGE DEMANDS met by growth in teenagers and women in labor force CHART 4 EMPLOYMENT CIVILIAN LABOR FORCE and decline in unemployment of men UNEMPLOYMENT BLS household data, seasonally adjusted. There were 1.9 million more persons in the total labor force in the third quarter of 1966 than a year earlier. Despite the drain of manpower into the Armed Forces, the civilian labor force in­ creased by 1.4 million, about equal to the average annual gain of the previous 2 years. Adult men accounted for none of this in­ crease; their population has been growing very slowly, and their labor-force participation rates are high and relatively inflexible. All of this year’s rise has stemmed from growing numbers of women and teenagers in the labor force. About three-quarters of a million adult women were added to the labor force this past year. Less than half of the rise was due to growth in their population; most was due to a further advance Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LABOR MARKET IN AN EXPANDING ECONOMY 1443 in their participation rates. Nearly two out of five adult women are now either employed or looking for work. Teenagers contributed about 700,000 workers to the civilian labor force. They filled close to half of the additional semiskilled blue-collar jobs, almost two-fifths of the added clerical jobs, and most of the additional service jobs in the economy. The increased supply of young workers available this year was in part fortuitous—young persons born during the first years of the postwar baby boom were reaching working age in a tightening labor market. Population growth provided about three-fifths of the increase in the teenage labor force. The additional young workers reflected rising participation in response to increasing job opportunities. As a consequence, the total labor force grew faster than had generally been anticipated. The number of new young workers this past summer was sub­ stantially larger than in other recent years. Most of the sizable influx of students who were seeking either permanent or vacation work found jobs readily available. But many of the entrants were interested only in employment during the summer months, and they left the labor force when schools reopened in Sep­ tember. UNEMPLOYMENT The over-all unemployment rate early this year dropped below 4 per cent for the first time since early 1957 and has remained more or less on a plateau—moving between 3.7 and 4 per cent. However, for nonwhite workers and unskilled blue-collar workers there has been some rise in unemployment rates since the early part of the year. In September 3.8 per cent of the civilian labor force was unemployed, well below the 4.4 per cent of a year earlier. The urgent need for experienced workers quickly reduced un­ employment among adult men as gains in output accelerated after the summer of 1965. By early 1966 the unemployment rate for men 25 years and older had declined to about 2 per cent, a rate that can be considered close to the frictional level—for married men it averaged less than 2 per cent. These rates are about as low as those during the Korean conflict. Because of the sharp decline in unemployment among men in the prime age groups, the number of inexperienced persons and of those who lack adequate skill and education has become a BLS household data, quarterly av­ larger proportion of the jobseekers. Teenagers, who comprise only erages, seasonally adjusted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1444 FEDERAL RESERVE BULLETIN • OCTOBER 1966 about one-tenth of the civilian labor force, account for about onethird of all the unemployed. Another indication of the tightening labor market is the reduc­ tion in the average duration of unemployment. In September over one-half of all the unemployed had been out of work 5 weeks or less—the largest proportion for any year since 1953. Meanwhile, the number of long-term unemployed (15 weeks or more) has de­ clined by 200,000 over the year to 500,000 in September; this decline accounted for about two-thirds of the reduction in total unemployment. This year a number of areas with high unemployment for a decade or more, including several in Appalachia, were removed from the labor surplus category (6 per cent or more unemploy­ ment). Of the 150 major labor market areas, only 10 remained in the surplus category in August, about half as many as a year earlier. At the same time, the number of areas with relatively tight labor markets (3 per cent or less unemployment) has in­ creased to 57, or about 40 per cent of the total. Young workers. The reduction in the traditionally high teen­ age unemployment rate this past year has been slight, dropping only from 13.2 per cent in September 1965 to 12.2 per cent in September 1966. But this modest reduction must be viewed against the large growth in numbers of teenagers in the labor CHART 5 Over-all UNEMPLOYMENT declines, but rates remain high for some groups BLS household data, seasonally adjusted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LABOR MARKET IN AN EXPANDING ECONOMY 1445 force. Because of the continued intense demand for labor and the relative unavailability of adult males, teenagers were hired quickly in a wide range of occupations and industries. While there was a moderate reduction in the unemployment of white teenage workers, unemployment among nonwhite teen­ agers increased over the year—an experience almost unique among labor force groups during this period; in fact, unemploy­ ment for this group has shown no improvement in the past 2 years. The unemployment rate for nonwhite teenage boys in Sep­ tember 1966 remained at an extremely high 24 per cent; the rate for girls was about 38 per cent. Nonwhite workers. Persistently high rates of unemployment for nonwhite workers in an otherwise improving labor market situ­ ation highlight a most serious aspect of the problem of con­ tinuing unemployment. In September 7.8 per cent of nonwhite workers were unemployed compared with 8.1 per cent a year earlier. Employment growth has been as rapid, relatively, for Negro workers as for whites. But the nonwhite labor force has grown somewhat faster and has about matched employment gains. A rise since spring in unemployment among nonwhite workers reflects mainly an increase in unemployment in the lower-skilled job categories. Almost half of all employed Negro men work in unskilled or semiskilled blue-collar jobs. On the other hand, relatively high employment has resulted in some important gains in job opportunities and upgrading in occupations for Negro workers; a larger proportion are working in white-collar positions, and in skilled and semiskilled jobs. At the same time there has been a decline in the proportion working as farm and nonfarm laborers. Data for Negro women show a rising concentration in clerical jobs and a continued drop in household service work. EARNINGS For a number of years wage increases about in line with produc­ tivity gains were a major factor in maintaining a relatively stable price level. Output per manhour in the private economy advanced at a 3.6 per cent rate between 1960 and 1965, a somewhat higher rate than the long-term trend of growth. Reflecting a more or less parallel relationship between wages and productivity gains, unit labor costs showed little increase. This pattern has changed over the past year. Although still fairly high, productivity advances have been somewhat less rapid Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1446 FEDERAL RESERVE BULLETIN • OCTOBER 1966 than earlier, and with demands continuing strong, upward pres­ MANUFACTURING sures on wage rates in most industries have increased. As a result, HOURLY EARNINGS unit labor costs appear to have risen in 1966 for the private econ­ omy; in manufacturing in the third quarter they were higher than a year earlier, but about the same as 2 years earlier. Earnings in manufacturing. Average hourly earnings of factory workers in the first half of this year were 3.5 per cent above a year earlier, compared with an average yearly rise of 2.9 per cent from 1960 to 1965. By September, at $2.74, hourly earnings were up over 4 per cent from a year earlier. Increased overtime and other premium payments, higher wage increases in contracts negotiated this year, and cost-of-living adjustments have largely accounted for the upward wage momentum. Although only about 2 million workers are now covered by escalator clauses—-half the '60-'64 64-’65 03'65­ 03'66 number who received cost-of-living increases in 1959—they tend BLS data for average hourly earn­ to be in important industries, such as automobile, agricultural ings of production workers in man­ ufacturing. Federal Reserve esti­ mates for output per manhour for and construction machinery, aerospace, and meat-packing, that all employees in manufacturing. Av­ erage annual percentage changes. often lead wage trends in the other sectors. Most of the advance in weekly pay this year has been whittled away by the rise in consumer prices; the increased purchasing power of weekly earnings has been reduced to 1.6 per cent in the past year, compared with an annual 2.4 per cent gain from 1960 to 1965. For a factory worker with three dependents, the purchas­ ing power of after-tax pay has shown no change in the past year compared with a 2 per cent rise in the preceding year. Earnings in nonmanufacturing. In most nonmanufacturing indus­ tries, hourly earnings have risen faster than in manufacturing. In the unionized sectors of nonmanufacturing industries, contracts of long duration are not as typical and, where they do exist, they gen­ erally provide for annual wage reopenings rather than deferred in­ creases. As a result, wages have tended to be responsive to the tightening labor market. Wages in construction have increased about 5.5 per cent over the past year. Wage adjustments continued to be large even after construction employment was cut back from •its March peak. An equally sharp rise occurred in mining, where a major long-term contract was reopened last spring. There have also been larger than average increases of wage rates in the relatively less unionized industries. Employers have often had to offer disproportionately large wage increases to hold more experienced workers and to attract new workers. Hourly earnings in the hotel and motel industry have increased by about 5 per cent from the third quarter of 1965; the increase in retail Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LABOR MARKET IN AN EXPANDING ECONOMY 1447 trade was also about 5 per cent. These sharp advances in wages in trade and service sectors, where productivity advances tend to be below the over-all average, have contributed to upward pressures on the consumer price index. Minimum wages. The 1966 amendments to the Fair Labor Stan­ dards Act involved a major extension of coverage as well as an increase in the legal minimums. These amendments will have the immediate effect of raising wages of covered workers by about $1 billion. In addition, substantial secondary impact can prob­ ably be expected as other wages move up to maintain traditional wage differentials. The minimum hourly wage will be increased from the current $1.25 to $1.40 on February 1, 1967, and to $1.60 a year later for workers now covered, and the amendments will extend minimum wage protection to more than 8 million workers, mainly in trade and services and on farms. For newly covered nonfarm workers, a $1.00 an hour minimum will become effective February 1967, and the minimum will increase by 15 cents each year until a $1.60 minimum is reached in 1971. For farm workers, the minimum will rise to $1.30 in 1969. COLLECTIVE The collective bargaining scene this year has been influenced by a BARGAINING number of forces, in addition to the tightening of the labor mar­ ket. The pace of wage demands has been stepped up by the pres­ sure of increasing cost of living and high profits and by sharply rising wages in some sectors, such as construction. At the same Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1448 FEDERAL RESERVE BULLETIN • OCTOBER 1966 time, the relatively small number of contract reopenings in manu­ facturing industries in the first half of 1966—mainly concentrated in smaller industries such as lumber and textiles—limited the im­ pact of higher wage settlements on industrial costs. Many key industries have been operating under 3-year contracts negotiated in 1964 and 1965, when unemployment was higher. These con­ tracts emphasized job security and fringe benefits rather than wage increases. With the economy still expanding rapidly and consumer prices rising more sharply, demands are increasingly being concentrated on larger-than-productivity adjustments in wages and cost-of-liv­ ing escalator clauses. Workers who were already covered by con­ tracts having cost-of-living clauses have received substantially larger than average wage increases—5 per cent or more—in the past year, a fact which has given further impetus to demands for adjusting wages to price changes. These underlying trends were dramatically illustrated by the strike of the airline mechanics in July. The final settlement, which followed rejection by the union membership of earlier proposals agreed to by the companies and union negotiators, was estimated to increase hourly compensation by about 5 per cent per year, and it included a limited escalator clause. Recent settlements in the communications and electrical equipment industries have gen­ erally followed the airline pattern. In the coming year negotiations are scheduled to take place in such large industries as rubber, machinery, automobile, and truck­ ing. Because of the increased numbers involved and the recent pattern of wage increases, these settlements will have an important bearing on wage-price developments. Meanwhile much will de­ pend on the success of monetary and fiscal actions in limiting excessive expansion of demand. 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 Federal Reserve Bulletin includes a sepa­ in some instances printed in full—in this rate section enumerating the studies for section of the Bulletin. which copies are currently available in that In all cases the analyses and conclusions form. STUDY SUMMARY MEXICO’S ECONOMIC AND FINANCIAL RECORD Yves Maroni—Staff, Board of Governors Prepared as a staff paper in October 1965, revised and updated in September 1966 In the postwar years, Mexico has experi­ more diversified and the traditional exports enced rapid growth with increasing finan­ have become relatively less important. cial stability. The country has developed a Mexico’s growth has been accompanied solid infrastructure (transportation and by increasingly stable prices, especially af­ communications facilities, power facilities, ter 1958, and the peso has remained stable and other public services) and a variety for the last 12 years. This achievement has of industrial activities (including basic in­ been made possible by careful manage­ dustries), while continuing its efforts in ment of the country’s finances. The budget agriculture and in the exploitation of nat­ deficits have not been excessive, and have ural resources. Production costs in industry been held within the capability of the Bank often are high, but some of the new firms of Mexico to cushion them or to limit their have proved willing and able to compete monetary effects. The Bank has also kept abroad. There has also been a rapid rise of credit to the private sector from expanding some new nonindustrial exports. As a result, at a pace that would exceed growth of the the structure of exports has become much country’s savings, augmented by capital 1449 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1450 FEDERAL RESERVE BULLETIN • OCTOBER 1966 from abroad. Credit to the private sector floating securities in the private financial has tended more and more to be based on market in New York. However, the rise in additions to bank liabilities not payable foreign borrowings, involving a tripling of on demand, including funds borrowed the external public debt since 1957, brought abroad. the debt service payments in 1965 to more These policies have been instrumental than 22 per cent of gross current foreign in holding the growth of imports generally exchange earnings. within the limits set by available external Insofar as recent developments are con­ receipts. The trade deficit has grown over cerned, in 1964, Mexico’s economic expan­ the years, but so has the net inflow of long­ sion reached boom proportions and upward term funds from abroad, much of which price pressures emerged. Early in 1965, the is associated with capital goods imports, authorities moved to dampen the boom. In­ and international reserves have fluctuated flationary pressures abated and the economy around an upward trend. This financial returned to a sounder base for achieving record and many years of political stability sustainable growth with reasonable price have made it possible for Mexico to begin stability and external balance. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations, new regulations, and similar material Interest on Deposits; members of the Board within the following limita­ tions : Reserves of Member Banks; “(1) In the case of any member bank in a Open Market Operations reserve city, the minimum reserve ratio for any demand deposit shall be not less than 10 per cen­ The Act of Congress, approved September 21, tum and not more than 22 per centum, except 1966 (Public Law 89-597), authorized more that the Board, either in individual cases or by regulation, on such basis as it may deem reason­ flexible authority in regulating the maximum able and appropriate in view of the character of rates of interest or dividends payable by banks business transacted by such bank, may make ap­ and certain other financial institutions on depos­ plicable the reserve ratios prescribed for banks not in reserve cities. its or share accounts, authorized higher reserve “(2 ) In the case of any member bank not in requirements on time deposits of member banks, a reserve city, the minimum reserve ratio for and authorized open market operations by Fed­ any demand deposit shall be not less than 7 per centum and not more than 14 per centum. eral Reserve Banks in direct obligations of, or “(3 ) In the case of any deposit other than a those fully guaranteed by, any agency of the demand deposit, the minimum reserve ratio shall be not less than 3 per centum and not more than United States. The authority contained in this 10 per centum. law expires September 21, 1967. The Act reads “(c) Reserves held by any member bank to meet as follows: the requirements imposed pursuant to subsection (b) of this section shall be in the form of— “(1 ) balances maintained for such purpose by AN ACT such bank in the Federal Reserve bank of which it is a member, and To provide for the more flexible regulation of maxi­ “(2 ) the currency and coin held by such bank, mum rates of interest or dividends payable by banks and certain other financial institutions on de­ or such part thereof as the Board may by regu­ lation prescribe.” posits or share accounts, to authorize higher re­ (b) The paragraphs which, prior to the amend­ serve requirements on time deposits at member banks, to authorize open market operations in ments made by this Act, were the seventh (12 U.S.C. agency issues by the Federal Reserve banks, and 374a), eighth (12 U.S.C. 374, 463), ninth (12 U.S.C. 464), tenth (12 U.S.C. 465), eleventh (12 U.S.C. for other purposes. 466), twelfth (12 U.S.C. 371a), and thirteenth (12 Be it enacted by the Senate and House of Repre­ U.S.C. 371b) paragraphs of section 19 of the Federal sentatives of the United States of America in Con­ Reserve Act are respectively redesignated as subsec­ gress assembled, tions (d), (e), (f), (g), (h), (i), and (j) of that section. Section 1. The Secretary of the Treasury, the (c) Such section is further amended by striking Board of Governors of the Federal Reserve System, the first sentence of subsection (j) as redesignated the Board of Directors of the Federal Deposit Insur­ (12 U.S.C. 371) and inserting: “The Board may ance Corporation, and the Federal Home Loan Bank from time to time, after consulting with the Board of Board, in implementation of their respective powers Directors of the Federal Deposit Insurance Corpora­ under existing law and this Act, shall take action to tion and the Federal Home Loan Bank Board, limit bring about the reduction of interest rates to the by regulation the rates of interest which may be paid maximum extent feasible in the light of prevailing by member banks on time and savings deposits. The money market and general economic conditions. Board may prescribe different rate limitations for different classes of deposits, for deposits of different RESERVES AND RATE CEILINGS—MEMBER BANKS amounts or with different maturities or subject to Sec. 2. (a) Section 19 of the Federal Reserve Act different conditions regarding withdrawal or repay­ is amended by striking the first six paragraphs (12 ment, according to the nature or location of member U.S.C. 461, 462, and 462b) and inserting: banks or their depositors, or according to such other “(a) The Board is authorized for the purposes of reasonable bases as the Board may deem desirable in this section to define the terms used in this section, the public interest.” to determine what shall be deemed a payment of in­ (d) The last paragraph of such section (12 U.S.C. terest, and to prescribe such regulations as it may 462a-1) and the proviso in section 8 of the Second deem necessary to effectuate the purposes of this sec­ Liberty Bond Act (31 U.S.C. 771) are repealed. tion and to prevent evasions thereof. “(b) Every member bank shall maintain reserves RATE CEILINGS----INSURED NONMEMBER BANKS against its deposits in such ratios as shall be deter­ Sec. 3. The second and third sentences of section mined by the affirmative vote of not less than four 18(g) of the Federal Deposit Insurance Act (12 1451 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1452 FEDERAL RESERVE BULLETIN • OCTOBER 1966 U.S.C. 1828(g)) are amended to read as follows: period which begins on the date of enactment of this “The Board of Directors may from time to time, Act. Upon the expiration of such period, each provi­ after consulting with the Board of Governors of the sion of law amended by this Act is further amended Federal Reserve System and the Federal Home Loan to read as it did immediately prior to the enactment Bank Board, limit by regulation the rates of interest of this Act. or dividends that may be paid by insured nonmember Approved September 21, 1966. banks (including insured mutual savings banks) on time and savings deposits. The Board of Directors may prescribe different rate limitations for different Maximum Rate of Interest on Time Deposits classes of deposits, for deposits of different amounts Under $100,000 or with different maturities or subject to different conditions regarding withdrawal or repayment, accord­ The Board of Governors, effective September ing to the nature or location of insured nonmember 26, 1966, amended the Supplement to Regulation banks or their depositors, or according to such other reasonable bases as the Board of Directors may deem Q so as to reduce to 5 per cent from 5 Vi per cent desirable in the public interest.” the maximum rate of interest that member banks may pay on any time deposit under $100,000. RATE CEILINGS—SAVINGS AND LOAN ASSOCIATIONS The text of the amended Supplement reads as Sec. 4. The Federal Home Loan Bank Act is amended by adding after section 5A thereof (12 follows: U.S.C. 1425a) the following new section: “Sec. 5B. The Board may from time to time, after consulting with the Board of Governors of the Fed­ SUPPLEMENT TO REGULATION Q eral Reserve System and the Board of Directors of the Federal Deposit Insurance Corporation, limit by regulation the rates of interest or dividends on depos­ Section 217.6—Maximum Rates of Interest its, shares, or withdrawable accounts that may be Payable on Time and Savings Deposits by paid by members, other than those the deposits of Member Banks which are insured in accordance with the provisions of the Federal Deposit Insurance Act, and by institu­ tions which are insured institutions as defined in sec­ Effective September 26, 1966 tion 401(a) of the National Housing Act. The Board may prescribe different rate limitations for different Pursuant to the provisions of section 19 of the classes of deposits, shares, or withdrawable accounts, Federal Reserve Act and § 217.3, the Board of Gov­ for deposits, shares, or withdrawable accounts of ernors of the Federal Reserve System hereby pre­ different amounts or with different maturities or sub­ scribes the following maximum rates1 of interest ject to different conditions regarding withdrawal or payable by member banks of the Federal Reserve repayment, according to the nature or location of System on time and savings deposits: such members or institutions or their depositors, (a) Maximum rate of M/z per cent. No member shareholders, or withdrawable accountholders, or bank shall pay interest at a rate in excess of 5'A per according to such other reasonable bases as the Board cent per annum on any time deposit of $100,000 or may deem desirable in the public interest." more, subject, however, to the provisions of (b) (ii) and (c) (i), below. OUTSTANDING RATE REGULATIONS (b) Maximum rate of 5 per cent. No member bank shall pay interest at a rate in excess of 5 per Sec. 5. Any regulation prescribed by the Board of cent per annum (i) on any time deposit of less than Governors of the Federal Reserve System or the $100,000, subject, however, to the provisions of (c) Board of Directors of the Federal Deposit Insurance (i), below, or (ii) on any multiple maturity time Corporation with respect to the payment of deposits deposit that is payable only 90 days or more after the and interest thereon by member banks or insured date of deposit or 90 days or more after the last nonmember banks which is in effect when this Act is preceding date on which it might have been paid. enacted shall continue in effect unless and until it is (c) Maximum rate of 4 per cent. No meijiber modified or rescinded after consultation with the bank shall pay interest at a rate in excess of 4 per Board of Directors or the Board of Governors, as cent per annum (i) on any multiple maturity time the case may be, and the Federal Home Loan Bank deposit that is payable less than 90 days after the Board. date of deposit or less than 90 days after the last preceding date on which it might have been paid, or OPEN MARKET OPERATIONS (ii) on any savings deposit. Sec. 6. Section 14(b) of the Federal Reserve Act In calculating the rate of interest paid, the effects (12 U.S.C. 355) is amended by inserting “(1)” im­ of compounding of interest may be disregarded. A mediately after “(b)" and by adding the following member bank that elects to compound interest— new paragraph at the end: either at the maximum permissible rate or at a lower “(2 ) To buy and sell in the open market, under rate—shall state the basis of compounding (such as the direction and regulations of the Federal Open Market Committee, any obligation which is a direct obligation of, or fully guaranteed as to principal and 1 The maximum rates of interest payable by member banks interest by, any agency of the United States.” of the Federal Reserve System on time and savings deposits as Sec. 7. The provisions of the preceding sections of p p a re y s a c b r l i e b e o d n ly h er a e t i n a n ar o e f fic n e o t o f a p a p l m ic e a m bl b e e r t o b a a n n k y lo d c e a p t o ed si t ou w t h si i d ch e o is f this Act shall be effective only during the one-year the States of the United States and the District of Columbia. 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LAW DEPARTMENT 1453 semiannually, quarterly, monthly, weekly, daily, or Dated at Washington, D. C., this 23rd day of continuously) in every advertisement, announcement, September, 1966. solicitation, and agreement relating to the rate of in­ terest paid on a deposit. By order of the Board of Governors. Orders Under Bank Merger Act Voting for this action: Chairman Martin, and Gover­ nors Robertson, Shepardson, Daane, and Maisel. Absent and not voting: Governors Mitchell and The following Orders and Statements were is­ Brimmer. sued in connection with actions by the Board of (Signed) Merritt Sherman, Governors with respect to the acquisition of bank Secretary. assets and the merger of banks: [seal] BANK OF THE COMMONWEALTH, Statement DETROIT, MICHIGAN Bank of the Commonwealth, Detroit, Michigan In the matter of the application of Bank of the ("Commonwealth”), with total deposits of ap­ Commonwealth for approval of acquisition of proximately .$592 million, has applied pursuant to the Bank Merger Act, as amended (12 U.S.C. assets of Public Bank 1828(c), Public Law 89-356), for the Board’s prior approval of its acquisition of assets and Order Approving Acquisition of Bank’s assumption of deposit liabilities of Public Bank, Assets Detroit, Michigan (“Public”), which has total deposits of about $108 million.1 As an incident to There has come before the Board of Gover­ the transaction, the 11 offices of Public would nors, pursuant to the Bank Merger Act, as become branches of Commonwealth, increasing amended (12 U.S.C. 1828(c), Public Law 89­ the number of its offices to 51. 356), an application by Bank of the Common­ The application was made to remedy a situa­ wealth, Detroit, Michigan, a State member bank tion found by the Board, on the basis of the in­ of the Federal Reserve System, for the Board’s formation before it, including communications prior approval of that bank’s acquisition of assets from the Commissioner of Banking for the State and assumption of deposit liabilities of Public of Michigan and the Federal Deposit Insurance Bank, Detroit, Michigan, and, as an incident Corporation, to require that the Board act imme­ thereto, Bank of the Commonwealth has applied, diately pursuant to the provisions of Public Law under section 9 of the Federal Reserve Act, for 89-356, 89th Congress (Feb. 21, 1966) in order the Board’s prior approval of the establishment to safeguard depositors of Public, a nonmember by that bank of branches at the locations of the insured State bank. 11 offices of Public Bank. The anticompetitive effects attributable to effec­ Published notice of the proposed acquisition of tuation of the transaction would be clearly out­ assets and assumption of deposit liabilities and weighed in the public interest by the considera­ requests for reports on the competitive factors in­ tions supporting and requiring the aforementioned volved therein have been dispensed with as au­ finding. From the record in the case, it was the thorized by said Bank Merger Act. Board’s judgment that any disposition of the ap­ Upon consideration of all relevant material in plication other than permitted by the Board’s the light of the provision of said Act, Order would have been inconsistent with the best It is hereby ordered, for the reasons set forth interest of the depositors of Public. in the Board’s Statement of this date, that said Accordingly, the Board concludes that the applications be and hereby are approved and that proposed transaction should be approved on a said acquisition of assets and assumption of de­ basis that would not delay consummation of the posit liabilities and establishment of branches may proposal. be consummated immediately, but not later than three months after the date of this Order. ' Deposit figures are as of June 30, 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1454 FEDERAL RESERVE BULLETIN • OCTOBER 1966 THE OHIO CITIZENS TRUST COMPANY, Bank Merger Act, as amended (12 U.S.C. TOLEDO, OHIO 1828(c), Public Law 89-356), for the Board’s prior approval of the merger of that bank with In the matter of the application of The Ohio The Whitehouse State Savings Bank, Whitehouse, Citizens Trust Company for approval of merger Ohio (“Whitehouse Bank”), which has total de­ with The Whitehouse State Savings Bank posits of about $5 million.1 The banks would merge under the charter and name of Ohio Citi­ Order Approving Application for zens, which is a member bank of the Federal Merger of Banks Reserve System. As an incident to the merger the There has come before the Board of Gover­ two offices of Whitehouse Bank would become nors, pursuant to the Bank Merger Act, as branches of Ohio Citizens, increasing the number amended (12 U.S.C. 1828(c), Public Law 89­ of its offices to 12. 356), an application by The Ohio Citizens Trust Competition. The head office of Ohio Citizens Company, Toledo, Ohio, a State member bank is in Toledo, a city with a 1960 population of of the Federal Reserve System, for the Board’s 318 thousand. The bank operates six branches in prior approval of the merger of that bank and Toledo and one branch each in Maumee and The Whitehouse State Savings Bank, Whitehouse, Oregon; an additional Toledo branch has been Ohio, under the charter and title of The Ohio authorized. The head office of Whitehouse Bank Citizens Trust Company. As an incident to the is about 18 miles southwest of downtown Toledo merger, the main office and branch of The White­ in Whitehouse, a residential and farm commu­ house State Savings Bank would become branches nity with an estimated population of 1,300. The of the resulting bank. Notice of the proposed mer­ bank operates one branch in Holland, about 12 ger, in form approved by the Board, has been miles northeast of Whitehouse. All offices of the published pursuant to said Act. two banks are in Lucas County. Under Ohio law Upon consideration of all relevant material in a bank may establish and operate branches only the light of the factors set forth in said Act, in­ in the county in which its head office is located. cluding reports furnished by the Comptroller of There is some competition between Ohio Citi­ the Currency, the Federal Deposit Insurance Cor­ zens and Whitehouse Bank, mainly because most poration, and the Attorney General on the com­ of the employable residents of Whitehouse com­ petitive factors involved in the proposed merger, mute to work in Toledo. The nearest offices of It is hereby ordered, for the reasons set the two banks, the Holland branch of Whitehouse forth in the Board’s Statement of this date, that Bank and the Dorr-Secor branch of Ohio Citi­ said application be and hereby is approved, pro­ zens in Toledo, are approximately six miles apart, vided that said merger shall not be consummated and there are three other banking offices situated (a) before the thirtieth calendar day following directly between these branches. The nearest the date of this Order, or (b) later than three branch of Ohio Citizens to the head office of months after said date. Whitehouse Bank is in Maumee, approximately Dated at Washington, D. C., this 4th day of 10 miles to the northeast; there are two other October, 1966. banking offices in the intervening area. By order of the Board of Governors. The principal competition for Whitehouse Bank Voting for this action: Chairman Martin and Gover­ is now supplied by two offices each of the First nors Shepardson, Mitchell, Daane, Maisel, and Brim­ National Bank of Toledo and Sylvania Savings mer. Voting against this action: Governor Robertson. Bank, the second and fifth largest banks, respec­ (Signed) Merritt Sherman, tively, in Lucas County. The merger would re­ Secretary. place a poor competitor in the Whitehouse-Hol­ [seal] land area with a stronger, more resourceful one, Statement and its effect outside the Whitehouse-Holland The Ohio Citizens Trust Company, Toledo, area would be minuscule. Ohio (“Ohio Citizens”), with total deposits of about $141 million, has applied, pursuant to the 1 Figures are as of April 1, 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1455 It does not appear that any banking offices where its head office is located. In addition to would be adversely affected by the merger. Lucas County, the Toledo Standard Metropolitan The effect of the merger on competition would Statistical Area includes Monroe County, Michi­ not be significantly adverse. gan, to the north, and Wood County, Ohio, to Financial and managerial resources and future the south. The locations of the offices of Ohio prospects. The banking factors, as they relate to Citizens and Whitehouse Bank, the sources of Ohio Citizens, are satisfactory and would not be the bulk of their business, and the branching adversely affected by the acquisition of White­ possibilities, lead me to conclude that Lucas house Bank. County constitutes a meaningful market area; but The net operating earnings of Whitehouse since Whitehouse Bank competes to some extent Bank have been below average and if it attempted with four banking offices located in northern to pay the prevailing area rate on savings ac­ Wood County, I think it proper and fair to in­ counts, its prospects might be less than satisfac­ clude that region in the definition of the revelant tory. geographical market. This area includes the of­ Convenience and needs of the communities. fices of 11 banks. My definition of the relevant The principal effect of the merger on banking market does not differ materially from the defini­ needs and convenience would be in the White­ tions employed in two of the three reports on house-Holland area, a growing suburb of Toledo, competitive factors submitted by other Govern­ which has an increasing demand for mortgage ment agencies in this case (each of the two used loans, and also potential for industrial develop­ 12 banks in its analysis; the third report used 16 ment. Whitehouse Bank operates under a restric­ banks). Moreover, the majority offers not a sin­ tive policy with respect to mortgage loans, does gle reason why my determination of the relevant not aggressively pursue instalment loan business market is not sound. and, due to its small size, is unable to meet the Ohio Citizens, with about 19 per cent of the credit needs of several businesses in its area. The deposits and about 23 per cent of the loans, is conversion of the two offices of Whitehouse Bank the third largest bank in the area which I believe into branches of Ohio Citizens would provide reason requires us to treat as the relevant market; for the Whitehouse and Holland communities with the acquisition of Whitehouse Bank, Ohio more convenient access to broader credit accom­ Citizens will advance in rank to second in terms modations and to a generally wider range of of total area Ioans. Ohio Citizens and the two banking services. largest banks together account for over 80 per Summary and conclusion. In the judgment of cent of the total deposits, and for more than 75 the Board, the proposed merger would benefit per cent of the total loans, held by the 59 bank­ the banking convenience and needs of the White­ ing offices of the 11 banks that operate in the house and Holland communities, and would not relevant area. Ohio Citizens alone holds more than result in any significantly adverse consequences three times the deposits and loans held by the for banking competition. fourth ranking bank. After the merger is consum­ Accordingly, the Board concludes that the mated, Ohio Citizens alone will hold more loans application should be approved. than the combined offices of the seven banks ranking fourth through tenth in terms of deposits and loans; further, Ohio Citizens alone will hold Dissenting Statement of Governor very nearly as much in total deposits as the Robertson offices of those seven banks. In my judgment, the record in this case leads It is true that the merger will not increase the inescapably to the conclusion that the merger of concentration of banking resources by a great Ohio Citizens and Whitehouse Bank will have amount, but it is equally true that the degree of adverse consequences for banking competition. concentration is already considerable. The Su­ As the majority acknowledges, all offices of the preme Court has observed that “if concentration two banks involved in this merger are in Lucas is already great, the importance of preventing County and, under Ohio law, a bank may estab­ even slight increases in concentration and so pre­ lish and operate branches only in the county serving the possibility of eventual deconcentration Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1456 FEDERAL RESERVE BULLETIN • OCTOBER 1966 is correspondingly great.” United States v. Phila­ that the adverse competitive considerations out­ delphia Nat’l Bank, 373 U.S. 321, 365 n. 42. Fur­ weigh the evidence that can be marshaled to ther, “the fact that a merger results in a less- show a probable benefit to the public under the than-30% market share [in the acquiring firm], convenience and needs factor. The finding of or in a less substantial increase in concentration the majority is that the merger would provide for than in the . . . [Philadelphia] case [the merger the Whitehouse and Holland communities more would have increased the market share of the two convenient access to broader credit accommoda­ largest banks from 44% to 59%], does not raise tions and to a generally wider range of banking an inference that the merger is not violative of services. The majority makes no mention of the § 7 [of the Clayton Act].” Id. at 364-65 & n. 41. fact that the merger will eliminate from the In addition, I do not think the existing and Whitehouse and Holland communities an alterna­ potential competition between Ohio Citizens and tive source of banking services, a source that Whitehouse Bank can be lightly regarded. White­ many residents of those communities clearly pre­ house Bank obtains about 3 per cent of its de­ fer. Furthermore, there is no demonstrable basis posits and more than 7 per cent of its loans from for the majority's assumption that the two offices the service area of Ohio Citizens. The deposits of Ohio Citizens resulting from the merger will and loans derived by Ohio Citizens from the be more responsive to the needs of, and better service area of Whitehouse Bank equal approxi­ able to serve, the people who live in the White­ mately 9 per cent and 25 per cent, respectively, of house-Holland area. The exact opposite may be the latter’s deposits and loans. Competition be­ the case. For example, Whitehouse Bank main­ tween these banks is facilitated by the fact that tains longer banking hours than any other bank about 90 per cent of the employable residents of in Lucas County, and especially tailors its loans Whitehouse commute to work in Toledo. to farmers to mature at the time they market The location of Whitehouse Bank in the most their crops and livestock. suitable section in the Toledo area for the devel­ I find no basis for concluding that the existing opment of housing would facilitate the develop­ banking needs of the area served by Whitehouse ment of further competition, as would the fact Bank are not being met satisfactorily and with­ that either bank could extend further into the out undue inconvenience, or that the area’s future market of the other through de novo branching. banking needs will not be adequately served. A The majority ignores these considerations and contrary conclusion is compelled by the proximity offers no reasons why Whitehouse Bank is not to the area of offices of Ohio Citizens and of capable of significant growth. In this connection, other large banks, by the employment and com­ I must point out that the record is bare of facts muting patterns, and by the fact that Ohio Citi­ which would justify the majority’s characteriza­ zens and other large banks can establish de novo tion of this bank as a “poor competitor”. The branches in the area. Unlike the majority, I am record shows, in fact, that from the end of 1956 not persuaded that the prospects for Whitehouse to the end of 1965, the deposits and loans of Bank might be less than satisfactory if it attempted Whitehouse Bank increased by 145 per cent and to pay the prevailing area rate on savings ac­ 155 per cent, respectively, while the average in­ counts. Even if substantially more than conjec­ crease for all 11 banks in the relevant area was ture formed the basis for so characterizing the 35 per cent and 127 per cent, respectively. Fur­ future of Whitehouse Bank, there are two reasons ther, the record shows that the net operating in­ why it should be accorded no weight. First, White­ come of Whitehouse Bank grew in the 1958-1965 house Bank is competing successfully with the period at virtually the same rate as that of Ohio Citizens. The real and final impediment to the offices of much larger banks, and it is doing so in development of further competition between the face of ample opportunity for its customers Ohio Citizens and Whitehouse Bank is, of course, to place their savings with financial institutions the decision of the majority in this case. that pay higher rates. Second, if Whitehouse Bank Regardless of whether a court would deem the should, for any reason, sometime actually be merger as anti-competitive within the meaning faced with adverse prospects, there is every indi­ of section 7 of the Clayton Act, I am of the view cation that feasible alternatives will exist that are Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1457 preferable, under the policy of the law we are Statement charged to administer, to merger with its third The Brazil Trust Company, Brazil, Indiana largest competitor. (“Brazil Bank”), with total deposits of about $12 I would deny the application. million, has applied, pursuant to the Bank Mer­ ger Act, as amended (12 U.S.C. 1828(c), Public THE BRAZIL TRUST COMPANY, BRAZIL, Law 89-356), for the Board’s prior approval of INDIANA the merger of that bank with Farmers and Mer­ chants Bank, Clay City, Indiana (“Clay City In the matter of the application of The Brazil Bank”), which has total deposits of about $5 mil­ Trust Company for approval of merger with lion.1 The banks would merge under the charter Farmers and Merchants Bank of Brazil Bank, which is a member of the Federal Reserve System, and the name of Brazil Bank Order Approving Merger of Banks would be changed to First Bank and Trust Com­ There has come before the Board of Gover­ pany of Clay County, Indiana. As an incident to nors, pursuant to the Bank Merger Act, as the merger, the sole office of Clay City Bank amended (12 U.S.C. 1828(c), Public Law 89­ would become a branch of Brazil Bank, increas­ 356), an application by The Brazil Trust Com­ ing the number of its offices to three. pany, Brazil, Indiana, a State member bank of Competition. The offices of both banks are in the Federal Reserve System, for the Board’s prior Clay County. The head office and drive-in branch approval of the merger of that bank and Farm­ of Brazil Bank are in Brazil, a community with a ers and Merchants Bank, Clay City, Indiana, 1960 population of about 8,900, which is the under the charter of the former and title of First county seat. Brazil is about 70 miles southwest of Bank and Trust Company of Clay County, Indi­ Indianapolis and approximately 16 miles northeast ana. As an incident to the merger, the sole office of Terre Haute. The sole office of Clay City Bank of Farmers and Merchants Bank would become is in Clay City, a community with a 1960 popula­ a branch of the resulting bank. Notice of the pro­ tion of about 950. posed merger, in form approved by the Board, The offices of the two banks are about 18 has been published pursuant to said Act. miles apart, and there are offices of other banks Upon consideration of all relevant material in in the intervening area. Brazil Bank and Clay City the light of the factors set forth in said Act, in­ Bank do not compete with one another to any cluding reports furnished by the Comptroller of meaningful extent. Shareholders who own about the Currency, the Federal Deposit Insurance Cor­ 34 per cent of the stock of Brazil Bank also own poration, and the Attorney General on the com­ about 37 per cent of the stock of Clay City Bank. petitive factors involved in the proposed merger, There is no evidence to indicate that the banks It is hereby ordered, for the reasons set would become significant competitors even if the forth in the Board’s Statement of this date, that common ownership were terminated. said application be and hereby is approved, pro­ The relevant market for the resulting bank is vided that said merger shall not be consummated Clay County and portions of Vigo, Parke, and (a) before the thirtieth calendar day following Owen Counties. In this area, 12 banks operate 24 the date of this Order or (b) later than three offices which hold total deposits of over $200 mil­ months after said date. lion. Following the merger, Brazil Bank would Dated at Washington, D. C., this 10th day of hold less than 10 per cent of total area deposits. October, 1966. Brazil Bank is faced with competition from the larger Terre Haute banks, in part because numer­ By order of the Board of Governors. ous residents of Brazil commute to work in Terre Voting for this action: Chairman Martin, and Gov­ Haute. In addition, the largest bank in Terre ernors Robertson, Shepardson, Mitchell, Maisel, and Brimmer. Absent and not voting: Governor Daane. Haute recently received approval to establish a (Signed) Kenneth A. Kenyon, branch eight miles from Brazil. Assistant Secretary. [seal] 1 Figures are as of June 30, 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1458 FEDERAL RESERVE BULLETIN • OCTOBER 1966 The principal competitor of Brazil Bank, and Federal Reserve System, for the Board’s prior the only other bank in Brazil, is Riddell National approval of the merger of that bank and Farmers Bank, which has total deposits of about $14 mil­ Bank of Parkesburg, Parkesburg, Pennsylvania, lion. The nearest banking office to Clay City under the charter of the former and title of Bank is located approximately seven miles south­ Community Bank and Trust Company. As an in­ east of Clay City, and is a branch of a bank which cident to the merger, the sole office of Farmers has total deposits of about $8 million. It does not Bank of Parkesburg would become a branch of appear that any banking offices would be ad­ the resulting bank. Notice of the proposed mer­ versely affected by the merger. ger, in form approved by the Board, has been The effect of the proposed merger on competi­ published pursuant to said Act. tion would not be adverse. Upon consideration of all relevant material in Financial and managerial resources and future the light of the factors set forth in said Act, in­ prospect. The banking factors with respect to cluding reports furnished by the Comptroller of each of the banks proposing to merge are satis­ the Currency, the Federal Deposit Insurance Cor­ factory, as they would be with respect to the re­ poration, and the Attorney General on the com­ sulting bank. petitive factors involved in the proposed merger, Convenience and needs of the communities. It is hereby ordered, for the reasons set forth The residents of Brazil would benefit to some ex­ in the Board’s Statement of this date, that said tent from the increased lending limit of the re­ application be and hereby is approved, provided sulting bank, and the bank’s increased resources that said merger shall not be consummated (a) would contribute to its ability to offer other im­ before the thirtieth calendar day following the proved services. However, the major effect of the date of this Order or (b) later than three months merger on banking convenience and needs would after said date. be in Clay City where the office of Brazil Bank Dated at Washington, D. C., this 10th day of would provide a more complete range of banking October, 1966. services than is now conveniently available to the By order of the Board of Governors. residents of that community. Summary and conclusion. In the judgment of Voting for this action: Chairman Martin, and Gover­ the Board, the proposed merger would not ad­ nors Robertson, Shepardson, Mitchell, Maisel, and Brimmer. Absent and not voting: Governor Daane. versely affect banking competition, and the re­ (Signed) Kenneth A. Kenyon, sulting bank would be able to offer improved Assistant Secretary. services which, in particular, would benefit the [seal] banking needs and convenience of the Clay City community. Accordingly, the Board concludes that the Statement application should be approved. Upper Main Line Bank, Paoli, Pennsylvania (“Main Line Bank”), with total deposits of about $24 million, has applied, pursuant to the Bank UPPER MAIN LINE BANK, PAOLI, Merger Act, as amended (12 U.S.C. 1828(c), PENNSYLVANIA Public Law 89-356), for the Board’s prior ap­ In the matter of the application of Upper Main proval of the merger of that bank with Farmers Line Bank for approval of merger with Farmers Bank of Parkesburg, Parkesburg, Pennsylvania Bank of Parkesburg (“Farmers Bank”), which has total deposits of about $4 million? The banks would merge under Order Approving Merger of Banks the charter of Main Line Bank, which is a mem­ ber of the Federal Reserve System, and the name There has come before the Board of Gover­ of Main Line Bank would be changed to Commu­ nors, pursuant to the Bank Merger Act, as nity Bank and Trust Company. As an incident to amended (12 U.S.C. 1828(c), Public Law 89­ the merger, the sole office of Farmers Bank 356), an application by Upper Main Line Bank, Paoli, Pennsylvania, a State member bank of the 1 Figures are as of April 5, 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1459 would become a branch of Main Line Bank, in­ miles to the west) that has deposits of about $3 creasing the number of its offices to five. million. It does not appear that the merger would Competition. The head office of Main Line adversely affect the small bank in Atglen, which Bank is in Paoli, a community with an estimated tends to draw the preponderance of its business population of 5,000, which is located in Chester from its own community and presently competes County about 18 miles west of Philadelphia. The to some extent with the branches (two miles west bank operates one branch each in Berwyn and and four miles northwest of Atglen) of two much Exton, both within seven miles of its head office, larger Lancaster-headquartered banks. and has received authorization to establish an The effect of the proposed merger on competi­ additional branch four miles northeast of Paoli. tion would not be adverse. The sole office of Farmers Bank is in Parkesburg, Financial and managerial resources and future a community with an estimated population of prospects. The banking factors with respect to 3,000, which is located in the western portion of Main Line Bank are satisfactory and would not Chester County about 27 miles from Paoli. be adversely affected by the acquisition of Farm­ Main Line Bank and Farmers Bank are not ers Bank. The chief executive officer of Farm­ competitors, and it does not appear that significant ers Bank is well past the normal retirement age competition would develop between them if they and, although there may be feasible alternative did not merge. The nearest offices of the two solutions, the merger would assure the contin­ banks are 21 miles apart, separated by several uance of capable management for the office now offices of other banks. operated by Farmers Bank. The merger would have no material effect on Convenience and needs of the communities. banking competition in the area presently served The banking convenience and needs of the com­ by Main Line Bank. The bank would continue munities presently served by Main Line Bank to rank as the second largest locally headquar­ would not be appreciably affected by the merger. tered bank in the Paoli area and to be faced with The principal effect would be in Parkesburg, the competition of numerous other banking of­ where a small unit bank would be replaced by fices, including some branches of large Philadel­ a branch office of a larger and more progressive phia-based banks. The conversion of Farmers institution. Bank into an office of Main Line Bank may stim­ Summary and conclusion. In the judgement of ulate banking competition in the Parkesburg area the Board, the proposed merger would benefit the since Farmers Bank competes with the Coates­ banking convenience and needs of the Parkesburg ville (six miles to the east) offices of two banks area, and would not adversely affect banking that have deposits of $17 million and $171 mil­ competition. lion, respectively. Farmers Bank also competes Accordingly, the Board concludes that the ap­ with the sole office of a bank in Atglen (three plication should be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS CHANGES IN THE BOARD’S STAFF APPOINTMENT OF DIRECTOR Effective October 1, 1966, Frederick R. Dahl, On September 8, 1966, the Federal Reserve Bank formerly Chief of the Special Studies and Oper­ of Richmond appointed Mr. C. C. Cameron, ations Section, Division of International Finance, Charlotte, North Carolina, a director of its was appointed an Assistant Director of the Divi­ Charlotte Branch for the unexpired portion of a sion of Examinations, with responsibilities in the term ending December 31, 1967. Mr. Cameron is field of foreign banking activities, to succeed Chairman of the Board of the First Union Na­ Glenn M. Goodman, who retired on that date. tional Bank of North Carolina, Charlotte. As a Mr. Dahl had been recently serving as the Staff director of the Charlotte Branch he succeeds Mr. Director of a broad-scale study of the foreign Carl G. McCraw, who resigned. operations of U.S. banks. Born in Minneapolis, Minnesota, Mr. Dahl grad­ NEW SEASONALLY ADJUSTED SERIES ON MEMBER BANK RESERVES AND DEPOSITS uated, magna cum laude, from the University of Minnesota in 1950. In 1951 he received his A new table showing reserves and deposits of M.A. degree from the Fletcher School of Law member banks is included on page 1478 of this and Diplomacy and for the following academic Bulletin. The data for deposits are monthly year studied on a Fulbright scholarship at the averages of daily figures reported by member Institut des Etudes Politiques, Paris, France. banks for reserve accounting purposes. These de­ Mr. Dahl has been with the Board of Governors posits and reserves data are similar to the series since December 1952, except for the period be­ described and released in the article, “Measures of tween March 1962 and July 1964 when he Member Bank Reserves” in the July 1963 Bulle­ served as the Economic Adviser to the Governor tin, but they have been revised to reflect current of the Central Bank of Nigeria. reserve requirement percentages as well as changes Mr. Goodman joined the staff of the Division in seasonal factors. Data for these series will be of Examinations in July 1933 and was appointed published regularly in the Bulletin. Back data an Assistant Director of that Division in 1952. are available on request from the Banking Sec­ At the time of his retirement he was responsible tion, Division of Research and Statistics, Board for the work in the area of foreign banking ac­ of Governors of the Federal Reserve System, tivities of U.S. banks. He had formerly been in Washington, D.C. 20551. charge of Federal Reserve System examiner per­ System analysts have found these series useful sonnel and training and had represented the in current monetary analysis. Since the data be­ System as the Associate Director and Admin­ come available promptly—in some cases daily and istrator of the Inter-Agency Bank Examination in other cases weekly—they provide a continuous School. means of evaluating the extent to which open market operations are affecting the reserve base ELECTION OF DIRECTOR of banks and deposits in the hands of the public. The Federal Reserve Bank of St. Louis on Sep­ The deposit breakdowns shown are major com­ tember 21 announced the election of Mr. Brad­ ponents of the estimated data for money supply, ford Brett as a Class A director of the Bank to commercial bank time deposits, and U.S. Govern­ serve for the remainder of a term expiring De­ ment demand deposits, also shown on page 1478. cember 31, 1967. Mr. Brett is President of The The series on total deposits subject to reserves First National Bank of Mexico, Missouri. As a represents the principal liability items that corre­ director of the St. Louis Bank he succeeds Mr. spond roughly in movement to changes in total Harry E. Rogier, President, The First National bank credit. Data for total commercial bank credit Bank of Vandalia, Illinois, who died on April are available only as of the last Wednesday of 20, 1966. the month, and the daily-average series on total 1460 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 1461 member bank deposits can be used as a proxy for total commercial bank credit accounted for by total bank credit on a more current basis. The nonmember banks. series has the advantage of being continuously ADMISSION OF STATE BANKS TO MEMBERSHIP IN available and of being a daily average rather than THE FEDERAL RESERVE SYSTEM a measurement for a single day per month. It The following banks were admitted to member­ should be noted, however, that while total member ship in the Federal Reserve System during the bank deposits and commercial bank credit gen­ period September 16 through October 15, 1966: erally show similar movements, they can diverge Virginia either in the short run or secularly because of Lexington...........Rockbridge Bank & Trust changes in cash and fixed assets, nondeposit lia­ Company bilities, and capital accounts of member banks and Wyoming because of changes in the relative proportion of Pine Bluffs........Farmers State Bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Released for publication October 14 Industrial production, nonfarm employment, Employment and retail sales were unchanged in September. Nonfarm employment continued at 64.2 mil­ Industrial prices also changed little while prices lion in September, 3 million higher than a year of foodstuffs edged up. Bank credit declined but earlier. Small declines occurred in most major the money supply increased. Between mid-Septem­ manufacturing industries and there was a moder­ ber and mid-October yields on corporate and ate further decline in construction employment. municipal bonds and most U.S. Government In State and local government and in retail trade, securities declined. employment continued to advance. The average factory workweek continued at 41.4 hours, little Industrial Production changed from the high level of most months this Industrial production in September was 158.2 year. Average hourly earnings rose by 4 cents to per cent of the 1957-59 average, virtually un­ $2.74 and were more than 4 per cent higher than changed from the August level and 10 per cent a year earlier. The unemployment rate declined above the temporarily reduced level of a year to 3.8 per cent from 3.9 per cent the previous earlier. month. Auto assemblies in September increased 5 per cent from the reduced August level. Production Distribution of furniture and some other consumer durable The value of retail sales in September was goods declined and over-all output of consumer little changed from August and was about 8 per nondurable goods was unchanged. Production of cent above September 1965, according to advance industrial and freight and passenger equipment estimates. Figures for July and August have been increased slightly while output of commercial revised down slightly. Total sales in the third equipment was unchanged. Iron and steel output quarter averaged 2 per cent more than in the declined somewhat further but most other dur­ prior three months, with sales at durable-goods able goods materials increased. Production of non­ stores up 5 per cent and sales at nondurable-goods durable goods materials declined slightly. stores up 1 per cent. Commodity Prices The wholesale price index for industrial com­ modities changed little from mid-August to mid­ September; continuing declines in hides, leather, man-made textiles, lumber, plywood, and copper products, along with decreases for some major household appliances and seasonally enlarged dis­ counts on new cars, were about offset by additional increases among machinery and furniture. Since mid-September, some basic commodities have de­ clined further while copper markets have strength­ ened and increases have been announced for a number of fabricated products. Quoted prices for the newly introduced autos are somewhat higher than last year, but a number of safety features have been added to the 1967 models. 1462 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1463 Wholesale prices of foodstuffs edged up some­ offset in large part expansion in other time de­ what more from mid-August to mid-September, posits. with increases in both fresh and processed fruits Net borrowed reserves also showed little change and vegetables and in eggs and decreases in live­ on average over the four statement weeks ending stock, grains, fats and oils, and coffee. In recent September 28 as both member bank excess re­ weeks, livestock prices have declined further in serves and their borrowings from the Federal Re­ response to a greater-than-seasonal expansion in serve increased somewhat. Reserves were supplied marketings. principally through System purchases of U.S. Government securities and reductions in Treasury Bank Credit, Money Supply, and Reserves deposits at the Reserve Banks and were absorbed by currency outflows and declines in float. Commercial bank credit declined $2.2 billion in September, more than offsetting the expansion in Security Markets August. Changes in both months were associated Treasury bill rates fluctuated between mid­ largely with changes in bank holdings of U.S. September and mid-October, but the 3-month bill Government securities and in loans to brokers and was about unchanged on balance at just below dealers on such securities. Holdings of other 514 per cent. Yields on longer bill maturities securities and other loans rose moderately further declined around 14 percentage point. Yields on in September. most other U.S. Government securities also The money supply increased $900 million in moved lower. September, reversing in part the decline since June. Between mid-September and mid-October, both U.S. Government deposits dropped more than corporate and municipal bond yields declined usual in September. Time and savings deposits from their late August peaks. Common stock at commercial banks increased only slightly fol­ prices declined sharply, reaching a three-year low lowing substantial growth in other recent months. in early October, but subsequently made some Heavy run-offs of negotiable CD’s at city banks PRICES Bureau of Labor Statistics indexes. Latest figures shown for consumer prices, August; for wholesale prices, September. shown, week ending Oct. 7. 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 adjusted for seasonal variation c Corrected IPC Individuals, partnerships, and corpora­ p Preliminary tions r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets I, II, L Liabilities III , IV Quarters S Sources of funds n.a. Not available u Uses of funds n.e.c. Not elsewhere classified Amounts insignificant in terms of the par­ S.A. Monthly (or quarterly) figures adjusted ticular unit (e.g., less than 500,000 for seasonal variation when the unit is millions) (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. “U.S. Govt, securities” may include guaranteed issues of U.S. Govt, agencies (the flow of funds figures also in­ clude not fully guaranteed issues) as well as direct obligations of the Treasury. “State and local govt.” also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled Note (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds...................................O...c..t... ...1..9..6..6.. ....1..526-35 Banking and monetary statistics, 1965.............. Mar. 1966 414-23 June 1966 901-04 Banks and branches, number of, by class and Semiannually State.................................................................... Apr. 1966 600-01 Banking offices: Analysis of changes in number of................... Aug. 1966 1248 Flow of funds (assets and liabilities)................... Oct. 1966 1536-46 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 1464 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 1466 Reserve Bank discount rates; margin requirements; reserve requirements ................. 1471 Open market transactions; Federal Reserve Banks......................................................... 1473 Bank debits; currency in circulation ................................................................................ 1476 Money supply and bank reserves........................................................................................ 1478 Commercial and mutual savings banks, by classes ......................................................... 1480 Commercial banks, by classes ........................................................................................... 1484 Weekly reporting banks....................................................................................................... 1486 Business loans .................................................................................................................... 1490 Interest rates .................................................. 1491 Security prices; stock market credit .................................................................................. 1492 Open market paper; savings institutions ........................................................................ 1493 Federally sponsored credit agencies.................................................................................... 1495 Federal finance...................................................................................................................... 1496 U.S. Government securities................................................................................................. 1498 Security issues........................................................................................................................ 1502 Business finance ................................................................................................................ 1504 Real estate credit ................................................................................................................ 1506 Consumer credit .................................................................................................................. 1510 Industrial production ....................................................................................................... 1514 Business activity; construction ...................................................................................... 1518 Employment and earnings ............................................................................................... 1520 Wholesale and consumer prices ...................................................................................... 1522 National product and income series ................................................................................ 1524 Flow of funds ...................................................................................................................... 1526 Guide to tabular presentation............................................................................................. 1464 Index to statistical tables ................................................................................................... 1573 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). 1465 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1466 BANK RESERVES AND RELATED ITEMS OCTOBER 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 than member bank Member bank P d e o a ri r t o e d U.S. Govt, securities Dis- Gold T c r u u e r a y r s ­ ■ r C e i n u n c r y ­ Tr u e r a y s ­ with r e F s . e R rv . e B s, a nks O F t . h R e . r reserves Total B r o o ig u u h g t­ t ht R m c a h e g e p a r n s e u t e e s r ­ ­ c v o a a a n u n d c n d ­ e t s s Float t t T al o ­ 2 stock s r o e t i a n n u n g c t­ y d ­ c t c u i i o l r a n ­ ­ h c i o n a g s ld h s ­ Tr u e r a y s­ F ei o g r n ­ Other t 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 ­ J Total Averages of daily figures 1929—June......... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June......... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec........... 2,510 2,510 ...... 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec........... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec.......... 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec.......... 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1 ,290 615 920 353 739 17,391 17,391 1955—Dec........... 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec........... 24,765 24,498 267 706 1,633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec........... 23,982 23,615 367 716 1,443 26,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 ........... 19,420 1958—Dec........... 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec.......... 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 I960—Dec........... 27,248 27,170 78 94 1,66529,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec........... 29,098 29,061 37 152 1,921 31,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962—Dec........... 30,546 30,474 72 305 2,298 33,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Dec.......... 33,729 33,626 103 360 2,434 36,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Dec.......... 37,126 36,895 231 266 2,423 39,873 15,388 5,401 39,698 595 944 181 186 1,093 17,964 3,645 21,609 1965—Sept.......... 39,108 39,055 53 533 1,92241,610 13,858 5,469 40,347 809 978 210 195 287 18,111 3,629 21,740 Oct........... 39,601 39,580 21 515 1,86942,048 13,857 5,496 40,734 800 1,024 169 209 142 18,323 3,635 21,958 Nov.......... 40,128 40,127 1 485 1,96542,649 13,845 5,537 41,372 801 930 174 224 296 18,235 3,723 21,958 Dec.......... 40,885 40,772 113 490 2,34943,853 13,799 5,565 42,206 808 683 154 231 389 18,747 3,972 22,719 1966—Jan........... 40,626 40,451 175 427 2,25343,449 13,733 5,608 41,588 819 700 160 245 465 18,812 3,938 22,750 Feb.......... 40,635 40,437 198 498 1,87043,116 13,734 5,653 41,224 834 798 140 234 789 18,482 3,751 22,233 Mar.......... 40,398 40,387 11 571 1,82442,943 13,700 5,700 41,394 861 479 158 291 746 18,414 3,746 22,160 Apr.......... 40,629 40,587 42 647 1,93443,339 13,632 5,768 41,671 941 311 148 398 505 18,766 3,762 22,528 May......... 41,129 41,012 117 743 1,87743,891 13,565 5,838 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 1,066 1,059 196 419 338 19,220 3,870 23,090 Aug...4..2..,.2..80 42,130 150 730 2,29045,348 13,311 6,019 ’’42,884 rl,067 1,107 135 409 316 18,759P3,896”22,655 Sept...... 42,735 42,725 10 774 2,07445,631 ”13,258P6.071 P42.989»i,079 869 131 407 217 19,268P3.971 P23.239 Week ending— 1965 Sept. 1............... 39,152 39,074 78 537 1,42741,170 13,858 5,453 40,058 810 951 240 177 398 17,846 3,728 21,574 8...3..9..,.4..8...0.. 39,339 141 483 1,55241,586 13,858 5,462 40,307 807 898 243 179 389 18,082 3,329 21,411 15............... 39,088 39,088 564 1,821 41,508 13,857 5,470 40,488 809 987 212 191 312 17,836 3,749 21,585 22............... 38,708 38,621 87 635 2,539 41,918 13,858 5,470 40,319 812 1,023 187 207 220 18,478 3,636 22,114 29............... 39.074 39,074 ........... 559 1,898 41,578 13,858 5,474 40,286 811 961 199 199 222 18,232 3,679 21,911 Oct. 6............... 39,850 39,850 547 1,721 42,196 13,857 5,478 40,492 794 1,048 187 221 233 18,557 3,495 22,052 13............... 39,779 39,749 30 507 1,71742,061 13,857 5,493 40,814 802 1,021 178 218 203 18,175 3,530 21,705 20.............. 39,486 39,424 62 611 2,21042,347 13,858 5,501 40,848 810 1,053 170 204 78 18,544 3,730 22,274 27............... 39,292 39,292 372 1,91641,642 13,857 5,504 40,729 803 975 161 196 81 18,058 3,782 21,840 Nov. 3........ 39,829 39,829 533 1,635 42,082 13,858 5,512 40,817 786 927 154 214 176 18,377 3,734 22,111 10............... 40,253 40,249 4 369 1,92542,616 13,858 5,532 41,112 792 1,063 179 215 261 18,386 3.518 21,904 17............... 40,048 40,048 522 1,98842,605 13,859 5,540 41,389 791 1,045 180 231 234 18,134 3,743 21,877 24............... 39,788 39,788 394 2,26442,501 13,843 5,542 41,520 806 884 180 217 319 17,959 3,791 21,750 Dec. 1............... 40,535 40,535 567 1,80243,018 13,808 5,544 41,734 818 761 159 235 412 18,253 3,939 22,192 8...4..1..,.0..1...4.. 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 2,87644,066 13,809 5,572 42,367 802 720 146 230 359 18,822 3,982 22,804 29............... 40,852 40,631 221 592 2,713 44,289 13,786 5,585 42,348 817 687 159 226 349 19,074 4,006 23,080 1966 Jan. 5............... 41,030 40,607 423 600 2,36644,181 13,733 5,583 42,053 788 612 166 295 346 19,237 4,033 23,270 12............... 41,145 40,823 322 613 2,39044,309 13,734 5,597 41,963 804 681 178 232 490 19,291 3,941 23,232 19............... 40,333 40,333 242 2,441 43,128, 13,733 5,609 41,618 827 708 136 242 479 18,459 4,008 22,467 26............... 40,210 40,210 374 2,085 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 1,907 43,005 13,732 5,635 41,085 830 834 178 235 540 18,669 3,869 22,538 9............. 41,117 40,708 409 523 1,671 43,425 13,734 5,646 41,196 833 879 152 235 713 18,796 3,527 22,323 16............... 40,809 40,542 267 473 1,73943,130 13,733 5,647 41,283 833 910 135 236 745 18,368 3,785 22,153 23............... 40,224 40,224 ........... 540 2,041 42,912 13,733 5,660 41,219 840 681 129 232 876 18,329 3,777 22,106 Mar. 2................ 40,152 40,152 484 1,97442,731 13,733 5,671 41,235 829 645 135 236 871 18,185 3,931 22,116 9...4..0..,.4..2...5.. 40,425 634 1,77942,987 13,733 5,677 41,319 829 429 157 241 868 18,553 3,492 22,045 16............... 40,399 40,352 47 556 1,741 42,848 13,733 5,685 41,480 822 346 180 247 813 18,378 3,743 22,121 23............... 40,311 40,311 623 2,08743,193 13,704 5,709 41,459 863 506 140 303 679 18,656 3,740 22,396 30............. 40,505 40,505 ........... 528 1,741 42,916 13,632 5,734 41,348 936 560 135 376 610 18,316 3,860 22,176 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 BANK RESERVES AND RELATED ITEMS 1467 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 t r o e d T U o .S ta . l Go B r v o o ig t u u , h t g s ­ t h ec t u R a m c r g i e h t e r p i a e e n s u e s t e r s ­ ­ c v D o a a a n u n d is c n d ­ ­ e t s s Float1 t T al o ­ 2 s G to o c ld k T r s c o e r t u i e u a n n u r a n r g c y t s ­ ­ d y ­ ­ r c C t e c u i i n o i u n l r c n a r ­ y ­ ­ T h c i r u o n a e r g s l a y d h s s ­ ­ T t r u h e w r a a y i n s th ­ m F r e F e e .R i m s o g e . r n b r ­ v B e e r a s O n , b k t a h s n e k r 1 c O F o a t u . c h R n ­ e , t r s B W F a . n R it k h . M s e r m e c r C s e a o b e n n u i e r n c d r v r y ­ e 3 b s an T k o tal Averages of daily figures Week ending— 1966 Apr. 6............... 40,924 40,779 145 643 1,63743,325 13,633 5,739 41,510 930 309 173 387 607 18,782 3,576 22,358 13............... 40,821 40,787 34 623 1,86943,431 13,633 5,760 41,864 933 138 158 395 558 18,778 3,624 22,402 20............... 40,301 40,301 706 2,17643,293 13,632 5,776 41,768 951 268 146 406 448 18,713 3,914 22,627 27............... 40,446 40,446........... 666 1,98843,254 13,632 5,781 41,563 949 466 133 404 454 18,699 3,916 22,615 May 4............... 40,837 40,755 82 637 1,92843,560 13,633 5,797 41,605 935 510 157 400 417 18,966 3,769 22,735 11............... 41,239 40,940 299 702 1,77743,831 13,618 5,819 41,834 941 517 131 391 411 19,044 3,549 22,593 18............... 40,947 40,812 135 685 2,02543,771 13,532 5,833 41,924 966 591 137 384 436 18,700 3,775 22,475 25............... 41,015 41,015 ........... 674 1,98343,827 13,532 5,860 41,859 988 855 130 375 640 18,372 3,869 22,241 June 1............... 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 3,22545,615 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 2,77545,396 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 3,935 22,454 31............... 42,597 42,597 ........... 693 1,77545,114 13,258 6,041 42,771 1,079 1,083 138 412 352 18,578 4,063 22,641 Sept. 7............... 42,977 42,977 751 1,75445,531 13,258 6,050 42,982 1,063 988 127 410 286 18,981 3,688 22,669 14............... 42,936 42,895 41 893 1,91445,791 13,258 6,069 43,228 1,071 835 125 409 234 19,218 4,013 23,231 21............... 42,525 42,525 782 2,48545,841 13,257 6,074 43,000 1,084 622 128 403 168 19,767 *3,983 *23,750 28............... 42,493 42,493 ........... 662 2,19745,399 13,257 *6,086M2,804*1 ,092 1,032 138 401 218 19,056*4,076*23,132 End of month 1966 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 6,053 42,910 1,037 1,614 170 395 224 17,399 *4,507 *21,906 Sept. 30..........4...2..,907 42,907 ........... 773 1,74845,475 13,258 *6,094*42,768*1,099 760 159 430 73 19,538 *4,291 *23,829 Wednesday 1966 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 4,168 22,978 10............... 42,448 42,106 342 526 2,03045,052 13,334 6,009 43,053 1,066 990 124 410 264 18,488 4,149 22,637 17............... 41,633 41,633 310 2,60244,593 13,334 6,021 43,011 1,072 970 133 412 393 17,957 4,241 22,198 24............... 41,671 41,671 812 1,745 44,276 13,259 6,034 42,877 1,090 969 130 422 363 17,718 *4,361 *22,079 31............... 42,518 42,518 ........... 386 1,48544,437 13,259 6,053 42,910 1,037 1,614 170 395 224 17,399 4,507 21,906 Sept. 7............... 42,991 42,991 681 1,701 45,421 13,259 6,053 43,265 1,071 1,027 142 397 279 18,552*4,020 *22,572 14............... 42,623 42,623 238 1,90844,817 13,259 6,069 43,193 1,083 575 129 407 146 18,612*4,533 *23,145 21............... 42,403 42,403 907 2,25645,614 13,259 6,070 42,955 1,090 1,079 115 400 209 19,095*4,393 *23,488 28............... 42,037 42,037 991 1,64744,723 13,259*6,086*42,838 *1,091 1,313 159 404 193 18,070*4,506*22,576 1 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

1468 BANK RESERVES AND RELATED ITEMS OCTOBER 1966 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t ld al qu R ir e e ­ d Excess r F i o n a . w g R t s - . s F e r r r e v e - e e s T h o e t l a d l qu R ir e e ­ d Excess r F i o n a . w g R t s - . s F e r r r e v e - e e s T h o e t l a d l qu R i e re ­ d Excess r F i o n a . w g R t s - . s F e r r r e v e - e e s Banks Banks Banks 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 i 2,160 1^97 363 184 179 861 792 69 69 211 133 78 78 1939—Dec............. 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec.. ...... 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec............... 17^261 16'275 ’986 224 '762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950—Dec............. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1955—Dec............... 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 1,164 2 85 -83 1956—Dec............... 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec............... 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958—Dec............. 18,899 18^383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 7 39 -31 1959—Dec............. 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 1 ',038 104 -104 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 4t9 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—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 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 22,233 21,862 371 478 -107 4,168 4,150 18 93 -75 1,092 1,088 4 30 -26 22,160 21^855 305 551 -246 4; 194 4,188 6 43 -37 1,102 1 ,099 3 65 -62 Apr............... 22,528 22,170 358 626 -268 4,326 4,270 56 85 -29 1,128 1,123 5 38 -33 M*ay............. 22,487 22,117 370 722 -352 4,276 4,230 46 86 -40 1,149 1,144 5 8 -3 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 P22.655 ?22,323 P332 728 p-396 *4,224 P4.210 *14 40 p-26 Pl,098 Pl,094 P4 28 p-24 Sept.............. ^23,239*22,847 *392 766 p-374 P4.454 P4,424 P30 123 p-93 Pl,122 ”1,118 P5 69 p-64 Week ending— 1965—Sept. 1.... 21,574 21,141 433 537 -104 4,081 3,994 87 96 -9 1,080 1,076 4 13 -9 8. . . . 21,411 21,039 372 483 -111 3,959 3,952 7 43 -36 1,071 1,064 7 13 -6 15. . .. 21,585 21,118 467 558 -91 4,009 3,956 53 41 12 1,062 1,061 1 35 -34 22.... 22,114 21,679 435 627 -192 4,201 4,192 9 179 -170 1,127 1,120 7 47 -40 29 21,911 21,554 357 553 -196 4,253 4,193 60 3 57 1,105 1,105 102 -102 1966—Apr. 6.... 22,358 22,025 333 623 -290 4,302 4,283 19 59 -40 1,094 1,095 -1 39 -40 13.... 22,402 22,042 360 603 -243 4,232 4,193 38 28 11 1,099 1,090 9 76 -67 20.... 22,627 22,254 373 685 -312 4,246 4,235 11 160 -149 1,129 1,128 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 2i;865 465 788 -323 4,194 4,164 30 107 -77 1,086 h073 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.... P22.454*22,112 *342 719 p-377 P4.143 P4,162 p-19 2 p-21 *1,084 p1,083 ”1 29 p-28 31 22,641 22,282 359 691 -332 4,266 4,220 46 46 1,097 1,093 4 31 -27 Sept. 7. . . . 22,669 22,332 337 749 -412 4,249 4,237 12 21 -9 1,098 1,101 -3 61 -64 14.... 23,231 22,729 502 888 -386 4,438 4,350 88 110 -22 1,119 1,103 16 135 -119 21.... ^23,750^23,166 ”584 771 >■-187 P4,528 P4.528 p— 159 p-159 Pl,141 p1,141 p — 46 p-46 28.... P23.132*23,077 *55 650 p-595 P4,578 ”4,539 P38 161 p-123 ”1,125 ”1,123 P2 48 p-46 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER1966 BANK RESERVES AND RELATED ITEMS 1469 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 F.R. reserves F.R. reserves T h o e t l a d l Required Excess Banks T h o e t l a d l Required Excess Banks 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 4J17 3,014 1,303 I 1,302 2,210 1,406 804 4 800 1945 Dec................................. 6,394 5,976 418 96 322 4',576 3,566 1 ,011 46 965 1947 Dec................................. 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950 Dec................................. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1955 Dec................................ 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957 Dec................................. 8^042 7,956 86 314 -228 5,906 5,457 449 172 277 1958 Dec................................. 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959 Dec................................. 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 I960—Dec................................. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961 Dec...................... 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962 Dec................................. 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963 Dec................................. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1964 Dec................................. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 1965 Sept................................. 8,683 8,640 43 286 -243 7,873 7,549 324 134 190 8,814 8,776 38 245 -207 7,941 7,650 291 124 167 8,800 8,757 43 221 -178 8,069 7,755 314 112 202 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 1966 Jan.................................. 9,033 9,010 23 164 -141 8,291 7,988 303 84 219 Feb................................. 8,827 8,771 56 204 -148 8,146 7,852 294 151 143 8,768 8,743 25 243 -218 8,096 7,825 271 200 71 8,905 8,882 23 261 -238 8,169 7,895 274 242 32 8,936 8,852 84 309 -225 8,126 7,891 235 319 -84 8,913 8,878 35 258 -223 8,249 7,926 323 296 27 July................................ 9^203 9J40 63 375 -312 8,308 8,067 241 232 9 *9,040 *9,018 *21 300 *-279 *8,292 *8,001 *291 360 *-69 Sept................................. *9,268 *9,201 *67 288 *-221 *8', 395 *8,104 *291 286 *5 Week ending—- 1965 Sept. 1......................... 8,669 8,617 52 258 -206 7,745 7,453 292 170 122 8......................... 81601 8,551 50 286 -236 7,779 7,471 308 141 167 15......................... 8,625 8,565 60 291 -231 7,891 7,536 355 191 164 22......................... 8,762 8,743 19 312 -293 8,023 7,623 400 89 311 29................ 81778 8,688 90 322 -232 7,776 7,568 208 126 82 8,858 8,825 33 301 -268 8,104 7,822 282 224 58 13......................... 8,921 8,862 59 212 -153 8,151 7,897 254 287 -33 20.......................... 8,955 8,932 22 292 -269 8,297 7,959 338 192 145 27......................... 8,936 8,882 54 252 -198 8,130 7,898 231 263 -31 May 4......................... 8.982 8,938 45 263 -219 8,102 7,881 222 236 -14 ' 11......................... 8,950 8,908 42 293 -251 8,207 7,944 263 298 -35 18......................... 8,902 8,865 37 323 -286 8,198 7,921 277 254 23 25.......................... 81827 8,775 52 231 -179 8,118 7,867 251 394 -143 8,814 8,806 9 348 -340 8,178 7,830 348 367 -20 8......................... 8,873 8,805 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.......................... 81992 8,944 48 223 -175 8,142 7,957 185 271 -86 29.......................... 9,033 8,991 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......................... 9J01 91046 56 393 -337 8^734 8,104 630 176 454 20.......................... 9,269 9,214 55 333 -278 8,062 8,062 164 -164 27......................... 9,201 9,157 44 417 -373 8,309 8,073 236 231 5 9,169 9,151 18 386 -368 8,341 8,039 302 345 -43 “ 10......................... 9,108 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......................... *81947 *81949 *28 312 p-284 *8',281 *7,948 *333 376 *-43 31....................... 9,085 9,008 77 218 -141 8,193 7,961 232 442 -210 Sept. 7......................... 9,054 9,004 50 334 -284 8,268 7,990 278 333 -55 * 14.......................... 9,299 91200 99 342 -243 81375 81076 299 301 -2 21.......................... *9,323 *9,304 *19 293 *-274 *8,758 *8,192 *566 273 293 28........................ *9,295 *9,268 *27 196 *-169 *8,135 *8,147 *-12 245 -257 i This total excludes, and that in the preceding table includes, S51 Total reserves held: Based on figures at close of business through Nov, million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banks and open* ing figures for allowable cash; see also note 3 to preceding table. Note.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. 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

1470 MAJOR RESERVE CITY BANKS OCTOBER 1966 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions U R .S e . la G te o d v t t , r a s n ec sa u c ri t t i i o e n s s d w ea it l h e rs Less— Net— Gross transactions Net transactions Reporting banks and Total Bor­ week ending—• s E e x r r v c e e e ­ s s s 1 r a o B t B w a F o n in . r k R ­ g s . s F f t i b e r u n N a d a n t n n e e e d s r t r k s a ­ . l S d u e o r f p i r c l u it s r r P e e e q a s r e v u o r c g i f v r e . e e n d s t ch P a u s r e ­ s Sales a 2 c tr t - a i w o n a n s y ­ s 2 b c o b u h P a f y a n u n s i k r n e e ­ s s g t s b o S e a f l a n l l n i e k n e s s g t d L e o a a t l o e n r s s 3 de f r i a r o n o l w e g m r s ­ s * lo N a e n t s Total—46 banks 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 Sept. 7............. 57 219 818 -981 9.8 2,846 2,027 1,370 1,475 657 803 174 630 14............. 177 395 1,481 -1,700 16.7 2,934 1,453 1,183 1,751 270 790 136 654 21............. 38 315 1 ,461 -1,739 16.7 3,320 1,858 1,447 1,873 412 891 112 779 28............. 51 294 959 -1 ,203 11.5 3,088 2,129 1,406 1,682’ 723 637 95 542 8 in New York City Aug. 3............. 18 482 -464 11.5 1 ,245 763 553 691 210 366 137 230 10............. 8 120 339 -452 11.4 I ,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 -11 5 . 1 920 931 557 363 374 226 155 70 31............. 38 -132 17! 4.3 912 1 ,045 644 268 401 421 140 281 Sept. 7............. 20 21 29 -31 .8 1,028 999 587 441 411 484 104 380 14............. 90 111 502 -523 12.9 1,239 737 604 635 132 513 65 448 21............. 26 159 431 -565 13.3 1,392 961 790 602 171 559 78 481 28............. 27 161 -66 -68 1.6 1,121 1 ,187 585 536 602 435 76 359 38 outside New York City 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 Sept. 7...... . 36 198 789 -950 15.8 1,817 1,028 783 1,034 245 320 70 250 14............. 86 284 979 -1,177 19.3 1,695 716 579 1,116 137 277 70 207 21............. 12 156 1,031 -1,174 18.9 1,928 897 657 1,271 241 332 34 298 28............. 23 133 1,025 -1,135 18.3 1 ,967 942 821 1,146 121 202 19 183 5 in City of Chicago 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............. 1 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 Sept. 7............. -2 49 314 -365 37.1 518 204 204 314 43 43 14............. 12 124 400 -512 52.0 572 172 159 413 12 19 19 21............. -1 35 300 -336 32.7 556 256 222 335 35 14 14 28............. 1 39 385 -422 41.9 639 254 222 417 32 10 ............... 10 33 others 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 Sept. 7............. 39 149 475 -585 11.6 1 ,299 824 578 720 245 277 70 207 14............. 75 161 579 -664 13.0 1,123 544 419 704 125 259 70 188 21............. 13 121 730 -838 16.2 1 ,372 641 435 936 206 318 34 284 28............. 22 94 640 -712 13.7 1,328 688 599 729 89 192 19 173 1 Based upon reserve balances including all adjustments applicable to 4 Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve 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

OCTOBER 1966 DISCOUNT RATES 1471 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 133 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Sept. 30 date rate Sept. 30 date rate Sept. 30 date rate Boston................................................ 414 Dec. 8, 1965 4 5 Dec. 8, 1965 4*4 5*4 Nov. 24, 1964 414 New York......................................... 4ft Dec. 6, 1965 4 5 Dec. 6, 1965 414 5*4 5 Philadelphia........................................ 4 Dec. 10, 1965 4 5 Dec. 10, 1965 414 514 Dec. 10, 1965 5 Cleveland............................................ 414 Dec. 10, 1965 4 5 Dec. 10, 1965 414 6 Dec. 10’ 1965 5*4 Richmond....................................... Dec. 10, 1965 4 5 Dec. 10, 1965 414 514 Dec. Id; i965 5 Atlanta................................................ 4 A Dec. 8, 1965 4 5 Dec. 8, 1965 414 6*4 Dec. 8^ 1965 6 Chicago............................................... 4*4 Dec. 6,1965 4 5 Dec. 6, 1965 4*4 514 Dec. 6^ 1965 5 St Louis........................................... 414 Dec. 10, 1965 4 5 Dec. 10, 1965 4*4 514 Dec. 10, 1965 5 Minneapolis....................................... 41/4 Dec. 10, 1965 4 5 Dec. 10, 1965 414 514 Dec. 10, 1965 5 Kansas City................................. 41/4 Dec. 13, 1965 4 5 Dec. 13, 1965 414 514 Dec. 13, 1965 5 Dallas................................................... 4!4 Dec. 10, 1965 4 5 Dec. 10; 1965 414 5*4 Dec. 10, 1965 5 San Francisco.................................... Dec. 10, 1965 4 5 Dec. 10, 1965 454 556 Dec. 10, 1965 5 1 Advances secured by U.S. Govt, obligations and discounts of and secured by FICB obligations are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by obligations of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers’ acceptances and of agricultural paper may have member banks secured by U.S. Govt, direct obligations. Maximum matu­ maturities not over 6 months and 9 months, respectively, and advances rity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)—■ Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks A O In c p t e r . . f fe 3 1 1 c 0 1 5 t . . . . . . D . . . . . . . . . e . . . . . . c . . . 1 . . . . . . . 9 . . . 3 4 . . . . . . 1 2 . . . . . . . . . , . . . . . . 1 . . . . . . . . . 9 . . . . . . 4 . . . . . . 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ; 1 r -154 t 1 1 ft A S A M e u p a p g r y t . . . 1 1 1 4 2 5 9 2 4 5 . . . . . . . 1955 2 2 1 1 1 1 ’ 5 5 5 4 4 1 4 4 - - - - % 2 - - 2 2 2 1 1 1 1 1 5 % ’A 4 4 4 4 2 2 2 1 l 1 1 i 5 1 5 5 / / 4 4 4 4 i J S M M u e n a p a y e r t. . 2 1 1 1 1 9 2 6 8 6 1. 1959 2 3 3 5 5 4 3 4 3 4 5 - - - 3 3 4 t J4 3 4 4 3 3 3 f f t t 13. 21/4 254 1946 Nov. 18. 21/4-214 214 1960 Apr. 25.................................... t 54-1 1 23. 254 214 May 10.................................... 1 June 3 354-5 4 1956 10 .............................. 14 Apr. 13. 214-3 21/4 14 1948 20. 2’/4-3 254 Aug. 12 3 -354 3 Jan. 12.................................... 1 -1% 154 Aug. 24. 2’/4-3 3 Sept. 9 .............................. 3 3 19.................................... 154 154 31. 3 3 Aug. 13.................................... 154-154 $ 23.................................... 154 154 1957 1963 1950 A N u o g v . . 2 1 9 3 5 . . . 3 3 3 - 5 - 3 3 4 5 54 4 3 3 355 July 2 1 6 7 .............................. 3 31 -3 4 54 Aug. 21.................................... 154-154 1’4 Dec. 2. 3 3 25.................................... 154 1964 1958 Jan. 22. 254-3 3 Nov. 24 354-1 4 1953 24. 2%-3 30 .............................. 4 4 Jan. 16.................................. 154-2 2 Mar. 7. 254-3 2% 23.................................. 2 2 13. 254-21/4 2 21. 254’> 214 1965 Apr. 18. 154-254 154 Dec. 6 4 -454 1954 May 9. 13 454 Feb. 5.................................. 1’4-2 154 Aug. 15. 11/4-2 154 15.................................. Sept. 12. 154-2 2 Apr. 1 1 4 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . ...... 1 1 5 1 4 4 - - 1 1 5 5 4 4 154 Oct. 2 2 4 3 . . 2 2 -254 2 2 1966 May 21.................................. T54 Nov. 7............................... 254 254 In effectSept. 30........ 454 4ft t Preferential rate of ft 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; 1960—Oct. 31-Nov. 17, Dec. 28-29, Note.—Discount rates under Secs. 13 and 13a (as described in. table 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1942, see Banking and Monetary Statist icst 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

1472 RESERVE REQUIREMENTS OCTOBER 1966 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS (Per cent of deposits) (Per cent per annum) Net demand deposits2 Time deposits Effective date Type and maturity Central of deposit 1 Ja 9 1 3 n , 6 . 1 J 9 a 1 5 n , 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 r b e a e c s n n e it k r t y r v s a e 3 l R b e c a s i n e ty k rv s e C ba o tr n u y k n s ­ r r e e a c s s n i e e t r r d y v v e e C ba o tr n u y k n s ­ banks3 Savings deposits: 1 year or more................... 214 3 4 4 4 4 Less than 1 year............... 3 3'4 3'4 4 4 In effect Dec. 31,1949... 22 18 12 5 5 Other time deposits: 1 1 year or more................... 3 4 4 ? 1951—Jan. 11, 16......... 23 19 13 6 6 6 months-1 year............... 2’4 3 3'4 4 5 Jan. 25, Feb. 1., 24 20 14 90 days-6 months............ 2 2'4 2'4 4 4'4 5'4 1953—July 1,9........... 22 19 13 Less than 90 days 1954—June 16,’24........ 21 5 5 (30-89 days)...... 1 1 1 1 4 5'4 July 29, Aug. 1. 20 18 12 1958—Feb. 27, Mar. 1. 1914 17ft lift Mar. 20, Apr. 1.. 19 17 11 1 Effective July 20, 1966, the Board reduced the maximum rate that Apr. 17............... 18ft member banks may pay from 5ft to 5 per cent on new multiple-maturity Apr. 24............... 18 16'4 deposits of 90 days or more and from 5ft to 4 per cent on new multiple­ 1960—Se*pt. 1............... 17'4 maturity deposits of less than 90 days. See July 1966 Bulletin, p. 963. 12 Effective Sept. 26, 1966, the Board reduced the maximum rate member Dec. 1. 16ft banks may pay on any time deposit under $100,000 from 5l/i to 5 per cent 1962—July 28................. (3) See Bulletins for Sept. 1966, p. 13 3 8, and Oct. 1966, p. 14 5 2. Oct. 25, Nov. 1.. 4 4 For exceptions with respect to foreign time deposits, see Oct. 1962 1966—July 14, 21........... (4) (4) Bulletin, p. 1279, and Aug. 1965 Bulletin, p. 1084. (5) (5) Note.—Maximum rates that may be paid by member banks as estab­ lished by the Board of Governors under provisions of Regulation Q. In effect Oct. 1, 1966. . . 1614 12 (5) (5) Under this regulation the rate payable by a member bank may not in 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 is located. Effective Feb, 1, 1936, maximum rates that may be paid Present legal requirement: by insured nonmember commercial banks, as established by the FDIC, Minimum........1.0..................7...... 3 3 have been the same as those in effect for member banks. Maximum...................................... 22 14 6 6 For rates for postal savings deposits, see Board’s Annual Reports. Maximum rate payable (per cent) on all types of time and savings deposits; Nov. I, 1933—Jan. 31, 1935, 3; Feb. I, 1935—Dec. 31, 1935, 2|4. 1 When two dates are shown, a first-of-month or midmonth date records changes at country banks, and any other date (usually a Thurs.) records changes at central reserve and reserve city banks. MARGIN REQUIREMENTS 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances (Per cent of market value) due from domestic banks. 3 Authority of the Board of Governors to classify or reclassify cities as central reserve cities was terminated effective July 28, 1962, Effective date 4 On savings deposits—4 per cent; on other time deposits up to $5 million—4 per cent; on other time deposits in excess of $5 million— Regulation 5 per cent, effective at reserve city banks July 14, at country banks July July 28, July 10, Nov. 6, 21, 1966. 1960 1962 1963 5 On savings deposits—4 per cent; on other time deposits up to $5 million—4 per cent; on other time deposits in excess of $5 million—-6 per cent. Regulation T: For extensions of credit by brokers and Note.—AH required reserves were held on deposit with F.R. Banks, dealers on listed securities................... 70 50 70 June 21, 1917, until late 1959. Since then, member banks have been For short sales............................................... 70 50 70 allowed to count vault cash also as reserves, as follows: country banks— Regulation U: in excess of 4 and 2ft per cent of net demand deposits effective Dec. 1, For loans by banks on stocks.................... 70 50 70 1959, and Aug. 25, 1960, respectively; central reserve city and reserve city banks—in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1, 1960, respectively; all member banks were allowed to count all vault cash Note.—Regulations T and U, prescribed in accordance with Securities as reserves effective Nov. 24, 1960. Exchange Act of 1934, limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin require­ ments are the difference between the market value (100 per cent) and the maximum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All Country All Country Item member New City banks Item member New City banks banks York of Other banks York of Other City Chicago City Chicago Four weeks ending July 20, 1966 Four weeks ending Aug. 17, 1966 Gross demand—Total.. . 149,268 29,549 6,968 55,092 57,660 Gross demand—Total. . . 143,287 27,299 6,592 53,146 56,250 Interbank................... 16,225 5,350 1,300 7,544 2,031 Interbank................... 15,467 5,091 1,260 7,174 1,943 U.S. Govt....................... 8,149 1,767 533 3,265 2,585 U.S. Govt............ 5,244 969 292 2,173 1,810 Other............................... 124,895 22,432 5,137 44,282 53,044 Other........................... 122,576 21,241 5,040 43,799 52,497 Net demand 1............... 119,021 21,490 5,599 43,091 48,842 Net demand 1.................... 115,582 20,249 5,258 42,081 47,994 Time.................................... 127,875 19,684 5,221 48,401 54,568 Time.................................... 128,958 19,626 5,289 48,787 55,256 Demand balances due Demand balances due from dom. banks...... 7,973 181 201 2,055 5,538 from dom. banks...... 7,631 148 262 1,976 5,245 Currency and coin............ 3,864 302 78 1,176 2,307 Currency and coin........... 3,890 302 75 1,175 2,337 Balances with F.R. Balances with F.R. Banks.............................. 19,210 4,132 1,068 7,978 6,034 Banks.............................. 18,965 3,981 1,035 7,960 5,990 Total reserves held.......... 23,074 4,434 1,146 9,154 8,341 Total reserves held........... 22,855 4.283 1,110 9,135 8,327 Required.......................... 22,648 4,370 1,139 9,097 8,044 Required..................... 22,520 4,269 1,105 9,099 8,048 Excess........................ 426 64 7 57 297 Excess........................ 335 15 5 36 279 1 Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 OPEN MARKET ACCOUNT 1473 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 Aug . ........................................ 758 398 114 652 398 114 1,937 Sept ■ ......... 1,692 770 198 1,541 770 198 Opt . - ...... ....................... 652 671 98 652 671 98 Nny .. t................................................... 1,666 598 150 1,666 598 150 -5,582 Dec ...................................... 816 615 297 816 615 297 1Q66 ^n ■ ....................... 894 919 228 894 919 228 Feb ............................................... 1,114 979 171 1 ,070 979 171 33 957 kj^f । > ........ ...... 960 314 101 873 314 101 78 A pr . ............................................... 929 748 201 887 748 201 18 May, ....................................... 1,208 392 50 1,174 392 50 -281 1,448 650 110 1,296 650 110 55 108 Tniv .................................. 2,607 2,489 2,526 2,489 An? . ..................................................... 1,602 1.273 98 1,602 1.273 98 84 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 Aug ..... ......................... 61 -1,821 35 -116 10 107 40 4 Oct > ,, ........................................ 5,582 1966 Jan ........................................ -957 Mar.. . 9 144 -144 25 fyfay, .............. 34 281 June .................. 88 -108 8 JUly , ,............... 29 39 12 76 -160 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—Aug....................................................... 1,552 1,955 -157 1 IS -137 Sept...................................................... '450 '450 725 3 4 732 Oct....................................................... 352 352 -117 2 2 -94 Nov..................................................... 24 24 918 8 It 941 Dec....................................................... 1,661 1,372 193 25 5: 270 1966—jan........................................................ 1.595 1,545 -203 -2 -7’ -280 Feb....................................................... '272 611 -376 12 -365 Mar...................................................... 222 222 545 3 549 Apr....................................................... 682 682 -20 4 31 14 May.................................................... 421 421 766 -1 2( 786 June..................................................... 185 185 689 2 51 748 July...................................................... 120 26 212 -30 -IS' 24 364 457 138 -3 135 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

1474 FEDERAL RESERVE BANKS OCTOBER 1966 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1966 1966 1965 Sept. 28 Sept. 21 Sept. 14 Sept. 7 Aug. 31 Sept. Aug. Sept. Assets Gold certificate account..................................................... 10,968 10,974 10,973 10,984 10,983 10,960 10,983 11,938 Redemption fund for F.R. notes..................................... 1,824 1,799 1,805 1,798 1,805 1,819 1,805 1,649 Total gold certificate reserves............................................ 12,792 12,773 12,778 12,782 12,788 12,779 12,788 13,587 Cash........................................................................................ 320 313 305 299 306 324 306 119 Discounts and advances: Member bank borrowings........................................ 979 895 231 679 384 758 384 167 Other.................................................................................. 12 12 7 2 2 15 2 7 Acceptances: Bought outright........................................................... 48 48 48 48 48 47 48 40 Held under repurchase agreements............................. 23 U.S. Govt, securities: Bought outright: 10,220 10,586 10,806 11,174 10,701 11,090 10,701 8,396 Certificates—Special................................................... Other..................................................... 4,366 4,366 4,366 4,366 4,366 4,366 4,366 Notes.............................................................................. 21,013 21,013 21,013 21,013 21,013 21,013 21,013 24,828 Bonds............................................................................. 6,438 6,438 6,438 6,438 6,438 6,438 6,438 6,550 Total bought outright..................................................... 42,037 42,403 42,623 42,991 42,518 42,907 42,518 39,774 Held under repurchase agreements,........................... Total U.S, Govt, securities.............................................. 42,037 42,403 42,623 42,991 42,518 42,907 42,518 39,774 Total loans and securities.................................................. 43,076 43,358 42,909 43,720 42,952 43,727 42,952 40,011 Cash items in process of collection.................................. 6,817 8,706 7,950 6,343 6,351 6,325 6,351 5,946 Bank premises...................................................................... 104 104 104 104 104 104 104 102 Other assets: Denominated in foreign currencies.......................... 600 582 636 636 687 742 687 867 IMF gold deposited!..................................................... 203 203 203 203 203 211 203 All other............................................................................ 386 357 338 321 286 391 286 347 Total assets..................................... 64,298 66,396 65,223 64,408 63,677 64,603 63,677 60,979 Liabilities F.R. notes.............................................................................. 37,696 37,802 38,031 38,105 37,729 37,618 37.729 35,589 Deposits: Member bank reserves............................................... 18,070 19,095 18,612 18,552 17,399 19,538 17,399 18,149 U.S. Treasurer—General account.............................. 1,313 1,079 575 1,027 1,614 760 1,614 1,002 Foreign............................................................................... 159 115 129 142 170 159 170 213 Other: IMF gold deposit 1....................................... 203 203 203 203 203 211 203 All other........................................................................ 201 197 204 194 192 219 192 227 Total deposits....................................................................... 19,946 20,689 19,723 20,118 19,578 20,887 19,578 19,591 Deferred availability cash items........................................ 5,170 6,450 6,042 4,642 4,866 4,577 4,866 4,253 Other liabilities and accrued dividends ....................... 220 223 229 235 231 246 231 349 Total liabilities...................................................................... 63,032 65,164 64,025 63,100 62,404 63,328 62,404 59,782 Capital Accounts Capital paid in..................................................................... 566 566 565 565 565 565 565 544 Surplus................................................................................... 551 551 551 551 551 551 551 524 Other capital accounts........................................................ 149 115 82 192 157 159 157 129 Total liabilities and capital accounts.............................. 64,298 66,396 65,223 64,408 63,677 64,603 63,677 60,979 Contingent liability on acceptances purchased for foreign correspondents............................................... 248 257 275 276 272 243 272 152 U.S. (Jovt. securities held in custody for foreign account........................................................................... 7,097 7,104 7,187 7,186 7,042 7,092 7,042 7,805 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)................ 41,515 41,598 41,649 41,570 41,492 41,449 41,492 38,302 Collateral held against notes outstanding: Gold certificate account................................ 6,547 6,527 6,527 6,527 6,627 6,547 6,627 6,450 Eligible paper................................................................... 88 44 11 62 27 87 27 2 U.S. Govt.* securities...................................................... 36,411 36,436 36,446 36,426 36,426 36,411 36,426 32,865 Total collateral............................................................. 43,046 43,007 42,984 43,015 43,080 43,045 43,080 39,317 i See note 2 to table at bottom of page 1550. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 FEDERAL RESERVE BANKS 1475 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 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 ­ Lo S u t i . s M ap i o n l n is e­ K C sa a it s n y ­ Dallas F c S i r s a a c n n o ­ Assets ZkjTQ/ill/tIl <L>cAnritlilfLiraatlfct aawccvmuiinivt............. 10,960 657 2,293 613 874 1,047 671 2,018 360 188 463 487 1,289 Redemption fund for F.R. notes........ 1,819 100 433 94 149 167 105 327 63 32 70 61 218 reserves. 12,779 757 2,726 707 1,023 1,214 776 2,345 423 220 533 548 1,507 F R notes of oth^r Banks. . ............... 1,005 107 214 78 80 83 97 85 33 42 38 43 105 324 15 35 11 45 20 30 49 35 8 15 21 40 Discounts and advances: Secured by U.S. Govt, securities... 608 15 234 5 8 12 91 106 64 2 21 24 26 Other ............••.•■•■■•• 165 60 1 1 1 15 2 18 * 1 63 2 Acceptances: Bought outright............................. 47 47 U.S. Govt, securities: R□z QMUicgrlhllt mwuifiir i..n..h..t..................... 42.907 2,220 10,741 2,199 3,476 3,059 2,268 7,224 1,501 906 1,634 1,612 6,067 Helu under repurchase agreements. 1 Otai loans ano scvuiiuvo■ .....••■•« 43,727 2,236 11,082 2,205 3,485 3,072 2,374 7,332 1,583 908 1,656 1,699 6,095 Cash items in process of collection... 8,102 482 1,502 488 554 640 655 1,345 393 252 560 469 762 □ante premises.......................... • 104 3 9 3 5 5 20 20 8 3 8 10 10 Other assets: . Denominated in foreign currencies. 742 36 H94 40 67 38 44 106 26 18 33 43 97 livir gum ucpusnuu ,.......... . 211 211 UlllCl ...................................' 391 19 101 20 31 27 22 63 14 8 17 14 55 67,385 3,655 16,074 3,552 5,290 5,099 4,018 11,345 2,515 1,459 2,860 2,847 8,671 Liabilities F R n^t**® .............................................. 38,623 2,302 8,816 2,187 3,206 3,513 2,223 7,040 1 ,423 699 1,470 1,243 4,501 Deposits: Member hank reserves.............. 19,538 797 5,108 857 1,442 884 1,148 2,961 682 492 866 1 ,085 3,216 U.S. Treasurer—General account.. 760 38 169 27 32 77 41 60 51 36 68 56 105 P/mMCTI ......................... 159 8 3 45 8 14 8 9 22 5 4 7 9 20 Other: IMF gold deposit 2_. .......... 211 211 A11 other .............................. 219 * 140 * * 6 i I 1 * 2 67 20,887 843 5,673 892 1,488 975 1,199 3,044 739 532 943 1,151 3,408 6,354 437 1,190 394 464 525 506 1 ,031 301 192 382 371 561 Other liabilities and accrued dividends. 246 12 63 12 19 17 13 42 8 6 10 10 34 Total liabilities...................................... 66,110 3,594 15,742 3,485 5,177 5,030 3,941 11,157 2,471 1 ,429 2,805 2,775 8,504 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 rather capital accounts....................... 159 7 41 7 12 12 9 28 5 3 6 7 22 Total liabilities and capital accounts.. 67,385 3,655 16,074 3,552 5,290 5,099 4,018 11,345 2,515 1,459 2,860 2,847 8,671 Ratio of gold certificate reserves to F.R. note liability (per cent): Sept. 30, 1966............................. 33.1 32,9 30.9 32.3 31.9 34.6 34.9 33.3 29.7 31.5 36.3 44.1 33.5 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 Sept. 30, 1965 ............................. 37.4 40.5 35.5 37.4 35.6 38.4 39.4 34.8 42.9 59.1 42.2 38.1 36.0 Contingent liability on acceptances purchased for foreign correspond­ ents .................................................. 243 12 4 61 13 22 13 15 35 9 6 11 14 32 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank) • -.......................................... 41,449 2,472 9,418 2,309 3,512 3,717 2,446 7,464 1,535 745 1,565 1,363 4,903 Collateral held against notes out­ standing: Go]d certificate account................... 6,547 500 1,000 500 600 815 450 1,100 315 127 225 180 735 Rligihle paper..................................... 87 5 82 U.S Govt, securities......................... 36,411 2,016 8,700 2,000 3,000 2,925 2,075 6,500 1,310 655 1,400 1,230 4,600 Total collateral............................... 43,045 2,516 9,700 2,505 3,600 3,740 2,525 7,600 1,707 782 1,625 1,410 5,335 i After deducting $548 million participations of other F.R. Banks. 3 After deducting $114 million participations of other F.R. Banks, a See note 2 to table at bottom of page 1550. 4 After deducting $182 million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1476 FEDERAL RESERVE BANKS; BANK DEBITS OCTOBER 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 Sept. 28 Sept. 21 Sept. 14 Sept. 7 Aug. 31 Sept. Aug. Sept. Discounts and advances—Total....................................... 991 907 238 681 386 773 386 174 Within 15 days.................................................................. 975 891 226 671 373 723 373 161 16 days to 90 days........................................................... 16 16 12 10 13 50 13 13 91 days to 1 year............................................................. Acceptances—Total............................................................. 48 48 48 48 48 47 48 63 Within 15 days................................................................. 41 9 12 14 12 6 12 32 16 days to 90 days........................................................... 7 39 36 34 36 41 36 31 U.S. Government securities—Total................................ 42,037 42,403 42,623 42,991 42,518 42,907 42,518 39,774 Within 15 days 1................................................................ 1,200 1,159 1,298 1,306 1,347 572 1,347 575 16 days to 90 days........................................................... 5,589 5,742 5,633 5,973 5,222 6,499 5,222 9,811 91 days to 1 year.............................................................. 19,960 20,214 20,404 20,424 20,661 20,548 20,661 19,070 Over 1 year to 5 years..................................................... 13,699 13,699 13,699 13,699 13,699 13,699 13,699 8,484 Over 5 years to 10 years................................................ 1,192 1,192 1,192 1,192 1,192 1,192 1,192 1,449 Over 10 years.................................................................... 397 397 397 397 397 397 397 385 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 l d ar i s an F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese N gu l e a i n l t d h d e e s r r s ­ f S r w an is c s s 1965—Oct.................................. 820 750 52 2 I 10 2 I 3 ♦ Nov............................... 671 600 52 2 1 11 2 1 3 Dec................................. 629 534 53 2 I 34 1 3 * 1966—Jan.................................. 398 303 53 2 1 34 1 1 3 Feb................. 166 51 53 2 1 44 1 1 3 10 Mar........................ 218 51 53 2 1 74 9 I 3 24 Apr................................. 299 103 53 2 1 81 9 1 3 47 May.................... 364 163 53 2 1 116 2 1 3 24 June................................ 482 271 54 2 1 124 1 1 3 24 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (In billions of dollars) Period S T M 2 o 2 S t 5 a A l ’s L N e .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A . 2 l ) . 2 ’s 4 SM o 2 th 1 S 8 e A r ’s SM T 2 o 2 S t 5 a A l ’s L N e .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A 2 l .) . 2 ’ s 4 SM o 2 th 1 S 8 e A r ’s 1965—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................................. 5J46.8 2'128.0 1,141.0 3^018.8 11877.8 48.4 99.4 44.9 35.5 31.7 Sept................................. 5^126.9 2’104.3 1'142.9 3;022.6 U879.7 47.2 95.4 44.1 35.3 31.4 Oct.................................. 5,129.9 2,061.0 1,165.4 3,068,9 1,903.5 47.4 96.3 43.8 35.1 31.4 Nov................................. 5'408.3 2,229.4 1,'215.0 3,178.9 1 '963.9 50.5 104.7 47.6 37.0 32.1 Dec................................. 5'523.1 2,273.5 1,234.5 3’249.6 2,015.1 50.6 102.2 47.7 37.5 33.3 1966—Jan.................................. 5,509.6 2,311.5 1,218.4 3,198.1 1,979.7 50.7 104.5 47.3 37.0 32.7 Feb.................................. 5'605.6 2'.341.7 1'251.2 3,263.9 2,012.7 50.9 105.6 47.6 37.0 32.5 Mar................................. 5,811.7 2,414.6 1'336.6 3,397,1 2,060.5 52.3 107.1 49.1 38.3 33.5 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 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 Sept................................. 6,141.8 2,'625.2 1,378.7 3,516.6 2,137.9 53.6 109.5 51.1 39.4 34.3 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’s include some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. For a description of the revised series see Mar. 1965 Bulletin, p. 390. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 U.S. CURRENCY 1477 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in cir­ cula­ tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939........................ 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941........................ 11.160 8,120 751 695 44 1'355 2;?3i 2,545 3; 044 724 1 433 261 556 24 46 1945........................ 28’515 20;683 1,274 1,039 73 2,313 6;?82 9,201 71834 2,327 4 220 454 801 7 24 1947........................ 28,868 20,020 1,404 i;048 65 2; 110 6; 275 9419 8,850 2,548 5 070 428 782 5 17 1950........................ 27,741 19^05 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........................ 32^91 23;264 2,304 1,511 85 2;216 6,672 io;476 9; 326 2,803 5,913 261 341 3 5 1960........................ 32;869 23^521 2,427 1^33 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 9^31 2369 6306 242 300 3 10 1962........................ 35;338 25,356 2,782 C636 97 2;375 7,071 li;395 9,983 2,990 6,448 240 293 3 10 1963 ........................ 37;692 26,807 3; 030 C722 103 2,469 7,373 12;109 10,885 3,221 7,110 249 298 3 4 1964........................ 39^19 28,100 3,405 1,806 111 2,517 7,543 12;? 17 11,519 3,381 7,590 248 293 2 4 1965—Aug............ 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 Sept............ 40,443 28;724 3,808 C783 120 2; 474 7,599 12^41 11,719 3 392 7 792 243 286 3 4 Oct........ 40;754 28,926 3,856 C807 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 i2J03 3,470 8,098 243 286 3 4 Mar............ 41’, 469 29,323 4J52 L824 129 2', 496 7,607 13111612,147 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 Fvfay........... 42;102 29,868 4,231 L876 133 2^555 7,732 13 ,'34212,234 3,507 8,196 241 284 3 4 June........... 42^54 30,228 4,264 1,884 135 2,570 7; 805 13',569 12J26 3,542 8,254 241 283 3 4 July............ 42,708 30,311 4;285 1,880 136 2^50 7,770 13,690 12397 3 360 8,307 240 283 3 4 Aug............ 42,910 30,'455 4,'317 1,'885 138 2,561 7,'780 13,77412,456 3,568 8,358 240 283 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break­ Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. ’ KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Kind of currency T s A o ta u t n a g d l . i o n 3 u 1 g , t , ­ A a s g s a e i c n u s r t i ty F F . o R r . H B e F a l . d n R k . b s y 1966 1965 1966 gold and Tr c e a a s s h ury Banks A a g n e d nt s cer s ti i f lv ic e a r t es A a g n e d n ts Aug. 31 July 31 Aug. 31 Gold...................................................................................... 13,259 (12,788) 2 471 Gold certificates................................................................... (12,788) 12,787 1 F.R. notes............................................................................... 41,493 100 3,763 37,630 37,457 35,253 Treasury currency—Total.................................................. 6,053 (587) 466 307 5,280 5,251 4,912 Standard silver dollars.................................................... 485 3 * 482 482 482 Silver bullion.......................................................... 839 584 255 Silver certificates.............................................................. (587) 2 16 569 575 753 Fractional coin4............................................................... 4,315 201 279 3,835 8,303 3,269 United States notes......................................................... 323 8 12 303 300 302 In process of retirement5............................................... 92 1 * 90 91 107 Total—Aug. 31, 1966.......................................................... <5 60,805 (13,375) 1,037 12,787 4,072 42,910 July 31, 1966.......................................................... 6 61,047 (13,485) 1,038 12,889 4,413 42.708 Aug. 31, 1965.......................................................... «57,424 (14,398) 782 13,595 2,882 40,165 1 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Redeemable from the general fund of the Treasury. outside the United States and currency and coin held by banks. Esti­ <5 Does not include all items shown, as some items represent the security mated totals for Wed. dates shown in table on p. 1467. 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. * Consists of credits payable in. gold certificates: (1) the Gold Certificate Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R. Note.—Prepared from Statement of United States Currency and Coin notes. and other data furnished by the Treasury. For explanation of currency 4 Through Dec. 31, 1965, shown separately as Subsidiary silver coin reserves and security features, see the Circulation Statement or the Aug. and Minor coin. For this breakdown see earlier Bulletins. 1961 Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1478 MONEY SUPPLY OCTOBER 1966 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t jus a t d ed ­ 1 Total c C om ur p re o n n c e y n 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 t 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 1964—Dec........................................................ 159.7 34.2 125.4 126.6 164.0 35.0 129.1 125.2 5. 5 1965—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 5.0 165.6 36.1 129.5 145.5 167.3 36. 5 130.8 144.3 4.1 167.2 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 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 ..........1..7..0....2.................3..7....3...............132.9 153.0 166.9 37.0 129.9 153.9 7.2 June...................................................... 171.1 37.4 133.7 2153.7 168.8 37.3 131.5 2154,1 6. 3 July............................................. 169.6 37.7 c131.9 155.3 167.9 37.8 130.1 155.8 c8.1 Aug...................................................... 169.6 37.8 131.8 156.7 166.9 37.8 129.0 157.0 5.2 Sept”................................................... 170.6 37.9 132.6 157.1 169.5 37.9 131.6 156.9 4.5 Week ending— Aug. 3................................................ 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 24................................................ 169.8 37.8 132.0 156.9 165.5 37.8 127.7 157 2 4.4 31................................................ 170.0 37.7 132.2 157.0 166.6 37. 5 129.1 157.3 5.3 170. 5 37.8 132.6 157.1 168.4 38.2 130.2 157.1 4.7 ' 14................................................ 170.1 38.0 131.9 157.1 169.9 38.1 131.8 157.2 3.2 21................................................ 171.7 38.0 133.7 157.0 172.0 37.9 134.1 156.6 3.1 28................................................ 170.0 37.9 132.1 157.2 167.7 37.6 130.1 156.8 6.3 1 At all commercial banks. Averages of daily figures. Money supply consists of (1) demand 2 Effective June 9, 1966, balances accumulated for payment of personal deposits at all commercial banks other than those due to domestic com­ loans were reclassified for reserve purposes and are excluded from time mercial banks and the U.S. Govt., less cash items in process of collection deposits reported by member banks. The estimated amount of such and F.R. float; (2) foreign demand balances at F.R, Banks; and (3) cur­ deposits at all commercial banks ($1,140 million) is excluded from time rency outside the Treasury, F.R, Banks, and vaults of all commercial deposits adjusted thereafter. banks, Time deposits adjusted are time deposits at all commercial Note.—-For desciption of revision of series and back data beginning banks other than those due to domestic commercial banks and the Jan. 1959, see Sept. 1966 Bulletin, pp. 1303-15; for monthly data 1947-58, U.S. Govt. see June 1964 Bulletin, pp. 679-89. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Member bank reserves1 re D se e r p v o e s i r t e s q s u u ir b e je m c e t n to ts 2 Member bank reserves1 re D se e r p v o e s i r t e s q s u u i b re je m c e t n to ts 2 Period Non­ Re­ Time Pri­ U.S. Non­ Re­ Time Pri­ U.S. Total ro b w or e ­ d quired Total sa a v n in d g s de v m a a te n d de G m o a v n t, d Total ro b w or e ­ d quired Total sa a v n in d g s de v m at a e n d d G em ov an t, d 1962—Dec........ 20.22 19.99 19.74 187.4 80.1 101.8 5.5 20.73 20.43 20.16 189.5 79.2 105.3 5.0 1963—Dec........ 20.96 20.64 20.51 201.5 92.4 104.3 4.8 21.48 21. 15 20.94 203.7 91.3 107.9 4.5 1964—Dec........ 21.84 21.59 21.53 216.7 104.2 107.5 5.0 22.39 22. 15 21.98 219.1 103.0 111.3 4.8 1965—Sept....... 22.67 22.11 22.26 231.1 116.9 109.7 4.6 22.58 22.05 22.19 230.4 116.7 108.9 4.9 Oct........ 22.74 22.25 22.44 233.5 118.7 110.2 4.5 22.81 22.32 22.46 233.5 118.4 110.6 4.5 Nov....... 22.75 22.34 22.40 234.5 120.2 110.4 4.0 22.79 22.34 22.42 234.1 119.1 111.5 3.5 Dec........ 23.01 22.52 22.66 236.4 121.2 111.2 4.0 23.59 23.13 23.13 239.0 119.8 115.2 4.0 1966—Jan......... 23.14 22.70 22.79 238.0 121.8 111.7 4.5 23.63 23.22 23.27 241.1 121.4 116.4 3.3 Feb........ 23.22 22.76 22.84 238.7 122.1 111.6 5.0 23.08 22.60 22.71 238.3 122.4 111.4 4.5 Mar....... 23.27 22.67 22.90 239.8 122.8 112.7 4.3 23.02 22.47 22.71 239.1 123.7 111.5 4.0 Apr........ 23.53 22.88 23.12 242.9 124.8 113.5 4.7 23.41 22.79 23.05 242.4 125.4 114.4 2.7 May.... 23.54 22.88 23.16 243.8 126.2 112.9 4.8 23.37 22.65 23.00 243.1 126.8 109.8 6.5 June 3.., 23.52 22.84 23.17 244.2 126.3 113.5 4.3 23.42 22.75 23.10 243.9 127.0 111.5 5.5 July.... 23.72 22.95 23.32 246.0 128.0 112.4 5.6 23.72 22.95 23.32 246.5 128.4 111.0 7.2 Aug.*... 23.32 22.65 23.03 245.4 129.0 112.1 4.2 23.06 22.33 22.73 243.4 129.2 109.7 4.5 Sept.*... 23.45 22.66 23.03 245.3 129.2 112.6 3.5 23.35 22.59 22.96 244.5 128.9 111.7 3.9 1 Back data on member bank reserves adjusted to eliminate effects 3 Effective June 9, 1966, balances accumulated for repayment of per­ of changes in reserve requirement percentages. Series reflect current per­ sonal loans were eliminated from time deposits for reserve purposes. centage reserve requirements made effective Sept. 15, 1966. Time and total deposits were thereby reduced by an estimated $850 mil­ 2 Deposits subject to reserve requirements include total time and sav­ lion; this reduced member bank reserves by $35 million. ings deposits and net demand deposits as defined by Regulation D. Pri­ Note.—For further explanation of these data, see announcement on vate demand deposits include all demand deposits except those due to the p. 1460. Back data for the period 1948 to date may be obtained from the U.S. Govt., less cash items in process of collection and demand balances Banking Section, Division of Research and Statistics, Board of Gover­ due from domestic commercial banks. nors of the Federal Reserve System, Washington, D.C. 20551. Averages of daily figures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 BANKS AND THE MONETARY SYSTEM 1479 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date c u u ry r­ U.S. Government securities li i a ti b e i s l ­ Total Ca a p n i d t al Gold rency Other and deposits misc. out­ Total Loans, Coml. secu­ capital, and ac­ st i a n n g d­ net 1 Total sa a v n in d g s R Fe e d se e r r v a e l Other rities net currency co n u e n t 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 J36 171,667 60'366 96'560 72’894 20,778 2,888 14J41 19§;008 184,384 14,624 1963—Dec. 20..................... 15'582 5'586 333,203 189’433 103j273 69;068 33'552 653 40;497 354,371 323,251 31,118 1964—Dec. 31..................... 15^388 5,405 365,366 214'254 106,825 68,779 37,044 1,002 44,287 386 J59 352,964 33,193 1965—June 30..................... 13,934 5,413 378,834 228,721 102,318 62,606 39,100 612 47,795 398,181 362,370 35,814 13,900 5'500 383,500 231,600 102'300 61 J00 39;6OO 1,000 49 J00 402,800 365,900 36,900 Oct. 27..................... 13'900 5'500 385,900 231'900 104,300 64'000 39,200 11000 49 J00 405;200 368,300 36,900 Nov. 24..................... 13^800 5 J00 389,100 234,300 105*500 64,400 40,100 1,100 49 J00 408 J00 370,500 38,000 Dec. 31..................... 13'733 5'575 399,779 242;706 106,716 65J16 40 J68 ’932 50,357 419,087 383,727 35,359 1966—Jan. 26..................... 13,700 5,600 394,800 238,600 106,100 65,200 40,000 900 50,000 414J00 377,600 36,500 Feb. 23..................... 13,700 5,700 393,900 239,500 103,800 62 JOO 40,000 900 50 J00 413,300 374,900 38,400 Mar. 30..................... 13,600 5’700 397,700 244J00 102,500 61,000 40 J00 1,000 51 J00 417,100 379,400 37,800 Apr. 27 p................... 13,600 5’800 401 J00 246’800 102,300 60,700 40 J00 '900 52 JOO 420,600 383,300 37,300 13'500 5 J00 402 J00 248'50° 101,000 58,800 41 J00 1,100 52 J00 421,500 382,700 38,900 June 290................... 13,400 6'000 406 J00 253,100 100 J00 57 J00 41 JOO 1,100 53^000 426;000 387,800 38,200 July 21 v................... 13,300 6,000 405;800 251’400 100’400 57,600 42,000 900 54 J00 425 JOO 387,300 37,800 13^300 6^000 407,800 252'000 101,800 58,500 42 J00 800 54J00 427,200 387,200 39,900 Sept. 280................... 13,300 6; 100 409 J00 253;600 101 J00 58;400 42;000 1,300 54 J00 429 J00 387,400 41,700 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 2 Not seasonally adjusted Time U.S. Government Date Total o b r u C e a t n u n s c i r k d y ­ s e d ju m e s D 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 e m 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 * b M sa a v u n i t k n u s g a s l 4 S P a S t o v e y s m i s t n a ­ g l s n F e e i o g t r n ­ 5 , T h c i r u o n a e r g s l a y d h s s ­ ­ s b c a a o a v A n n m in t d k g l 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 J04 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 J24 612 6J70 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 Sept. 29.,. . 162,200 34,800 127,400 161,200 34,900 126,300 193,700 141,800 51,600 300 1 JOO 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 JOO 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 JOO 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 JOO 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. 27p. ., 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 250... 165,800 36,300 129,500 163,900 36,200 127,600 207,300 153,800 53,200 300 1 JOO 1,000 8,000 700 June 29®... 167,600 36,300 131,300 165,400 36,600 128,800 207,800 154,100 53 JOO 200 1,800 1,100 10,900 800 July 27»... 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. 31 'P,, 168,200 36,800 131,400 166,900 37J00 129,800 210,800 156J00 53,800 200 1,900 1,100 5 JOO 1 JOO Sept. 280.., 167,200 36,800 130,400 166,000 36,900 129,200 210,800 156,400 54,200 200 1,800 1,100 6,400 1,300 1 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. 5 Reclassification of deposits of foreign Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1480 COMMERCIAL AND MUTUAL SAVINGS BANKS OCTOBER 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank1 Other Cla a s n s d o d f a b te ank Total Loans G U o . v S t . . Other a C ss a e s t h s 1 c c b o a i a l a l u p i n i c a t n i d ­ i ­ t e t a s s l 2 Total 1 m D a e n ­ d Time U. D S. ema O n t d her Time 3 r B i o n o w g r s ­ ­ c c T a o a o p u c t i n a ­ ta t l s l N ba b o u n e m f k r s ­ Govt. All 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 4.553 1947—Dec. 314.............. 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53,105 66 11,948 14.714 1964—Dec. 31................ 329,739216,674 68,77944,287 61,493 401,161 356,308 17,938 821 6,517 155,248 175,785 2,70032,196 14,226 1965—June 30............... 342,138231,737 62,60647,795 58,083 410,935 362,611 16,172 1 ,03411,802 145,319 188,284 3,72634,015 14,295 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 1,009 5,532 160,847 199,381 4,56434,935 14,309 1966—Jan. 26............... 358,890243,740 65,18049,97055,420425,520372,850 15,410 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. 27”............. 364,070251,280 60,74052,05057,490432,790 380,280 15,560 1,090 5,030 152,890205,710 4,94035,380 14,307 May 25’............. 365,000253,590 58,79052,62055,580431,960377,630 14,920 1,080 7,780 146,560207,290 5,61035,550 14,307 June 29”............. 369,920259,330 57,62052,97058,310440,150 384,390 16,150 1 ,060 10,660 148,680207,840 7,10035,690 14,307 July 27”............. 369,210257,570 57,560 54,08057,980439,230 382,200 15,390 1,090 6,350 149,430209,940 7,23035,760 14,305 Aug. 31 r’........... 371,280258,690 58,52054,07056,980440,390382,48015,840 1,130 4,830 149,890210,790 7,15036,120 14,305 Sept. 28”............. 372,450259,630 58,37054,45056,700441,250382,720 16,200 1,060 6,150 148,490210,820 7,05036,270 14,305 Commercial banks: 1941—Dec. 31............... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31............... 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 31 4............. 116,284 38,057 69,221 9 ,00637,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1964—Dec. 31............... 277,376 175,589 62,991 38,79660,489 346,921 307,170 17,938 819 6,510 155,184126,720 2,67927,795 13,761 1965—June 30............... 287,723 188,641 56,853 42,22957,063354,553 311,632 16,171 1,032 11,796145,266 137,366 3,68229,479 13,791 Sept. 29............... 291,470 191,690 55,93043,85052,830354.060309,640 15,850 t ,040 7,370 143,380 142.000 4,40029,630 13,793 Oct. 27............... 295,330 192,800 58,45044.08052,890357.920311,860 15,710 1 ,030 4.120 147.000 144,000 5,78029.890 13,799 Nov. 24............... 297,140 194,560 58,82043,76055,040361,840314,690 15,770 1,030 5,440147,970 144,480 5,97030,060 13,805 Dec. 31............... 306,060201,658 59,54744,85560,899377,264332,436 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 57,31045,11055,640367,790319,670 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 5,120 148,420 151,240 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 25”............. 307,570207,130 53,45046,99054,730372,710 324,360 14,920 1,080 7,780 146,510 154,070 5,61030,790 13,802 June 29”............. 312,490 212,740 52,46047,29057,340380,740 330,880 16,150 1 ,060 10,660 148,630 154,380 7,10030,930 13,802 July 27”............. 311,350210,590 52,45048,31057,120379,460 328,480 15,390 1 ,090 6,350149,380 156,270 7,23031,020 13,801 Aug. 31 r”. , 312,960 211,360 53,47048,13056,150 380,230 328,590 15,840 1,130 4,830 149,840 156,950 7,15031,290 13,801 Sept. 28”............. 313,780211,950 53,32048,51055,870380,740 328,480 16,200 1 ,060 6,150 148,440 156,630 7,05031,440 13,801 Member banks: 1941—Dec. 31............... 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31......... 107,183 22,775 78,338 6,07029,845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 7,589 6,884 1947—Dec. 3!............... 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—June 30............... 237,328 158,832 43,39635,10050,198 296,049259,743 15,355 851 10,806 120,077 112,654 3,455 24,323 6,235 Sept. 29............... 240,078 161,336 42,29436,44846,087294,704 256,981 14,991 861 6,805 117,924 116,400 4,14824,432 6,223 Oct. 27. 243,144 162,156 44,438 36,55046,119 297,674258,443 14,815 848 3,760 120,904 118,116 5,46224,654 6,223 Nov. 24............... 244,260 163,597 44,55236,111 48,110300,784260,630 14,875 850 4,927 121,503 118,475 5,691 24,768 6,225 Dec. 31............... 251,577 169,800 44,99236,785 52,814 313,384275,517 17,454 840 4,890132,131 120,202 4,23424,926 6,221 1966—Jan. 26............... 247,921 166,717 44,809 36,39547,366 304,163264,155 14,606 879 3,387 124,179 121,104 5,873 24,896 6,212 Feb. 23............... 247,810 168,112 42,732 36,96648,453 305,117 264,032 15,054 895 4,691 121,740 121,652 6,361 24,955 6,208 Mar. 30............... 249,847 171,495 41,230 37,12246,883 305,819 265,256 14,477 897 4,431 121,558 123,893 5,757 25,050 6,203 Apr. 27................ 252,103 172,702 41,370 38,031 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 39,686 38,48847,548309,186268,286 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 39,072 39,537 49,749315,068 271,464 14,630 923 5,523 122,416 127,972 6,805 25,531 6,184 Aug, 31 r............. 257,315 178,023 39,98439,30848,650315,639271,521 15,047 963 4,202 122,874128,435 6,633 25,766 6,175 Sept. 28’............. 257,738 178,366 39,791 39,581 48,663 316,011 271,229 15,225 890 5,448 121,728 127,938 6,68425,843 6,175 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 1 4 15,371 7 1,592 542 1947 Dec 314 .. .;. 18,641 4,944 11,978 1,718 886 19,714 17,763 3 14 17,745 1,889 533 1964—Dec, 31............... 52,363 41,085 5,788 5,490 1,004 54,239 49,138 2 7 64 49,065 21 4,401 505 1965—June 30............... 54,415 43,096 5,753 5,566 1,020 56,382 50,980 1 7 53 50,918 43 4,536 504 Sept. 29............... 55,600 44,140 5,790 5,670 950 57,510 51,680 60 51,620 4,650 504 Oct. 27................ 55.680 44,490 5,590 5,600 980 57,610 51.900 50 51.850 4,620 504 Nov. 24............... 55,930 44,810 5,550 5,570 900 57,810 52,010 50 51,960 4,660 504 Dec. 31............... 56,260 45,288 5,470 5,501 1,017 58,219 52,760 8 67 52,686 92 4,663 505 1966—Jan. 26............... 56,700 45,610 5,550 5,540 920 58,590 52,880 50 52,830 4,670 505 Feb. 23............... 56,960 45,830 5,590 5,540 920 58,850 53,030 50 52,980 4,710 505 Mar. 30........ 57,360 46,090 5,600 5,670 900 59,260 53,490 50 53,440 4,740 505 Apr, 27................ 57,170 46,200 5,340 5,630 850 59,010 53,160 50 53,110 4,710 505 May 25............... 57,430 46,460 5,340 5,630 850 59,250 53,270 50 53,220 4,760 505 June 29 57,430 46,590 5,160 5,680 970 59,410 53,510 50 53,460 4,760 505 July 27............... 57,860 46,980 5,110 5,770 860 59,770 53,720 50 53,670 4,740 504 Aug. 31 r............. 58,320 47,330 5,050 5,940 830 60,160 53,890 50 53,840 4,830 504 Sept. 28”............. 58,670 47,680 5,050 5,940 830 60,510 54,240 50 54,190 4,830 504 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 1481 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 a C ss a e s t h s 1 c b a i a l l p i n i a t i d i t ­ e a s l Total1 Demand r B i o n o w g r s ­ ­ c c T a o a o p u c t i n a ­ ta t l s l b N a b u o n e m f k r s ­ G U o . v S t . . Other co a u c n ­ ts2 m D a e n ­ d Time U.S. Time Govt. Other 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.....2..6..,.1...4..3 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—June 30................... 42,225 30,975 4,907 6,342 12,186 57,150 47,322 5,065 579 2,561 22,380 16,738 1,423 5,094 13 Sept. 29................... 41,876 30,680 4,366 6,830 9,851 54,511 44,942 4,669 563 1,971 20,449 17,290 993 5'106 12 Oct. 27................... 42,411 30,518 5,239 6,654 9,508 54,477 44,034 4,286 553 836 20,54617,813 1,808 5,137 (2 Nov. 24................... 41,922 30,840 4,897 6,185 10,098 54,647 43,957 4,370 546 789 20,43417,818 2,072 5’142 12 Dec. 31................... 44,763 33,125 5,203 6,435 11,876 59,517 49,270 5,225 522 1,271 24,265 17,988 1387 5,114 12 1966—Jan. 26............... 43,410 32,404 4,852 6,15410,141 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 5126 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 6,12011,436 59,272 46,875 4,813 580 1,008 21,43919,035 2^74 5,161 12 Aug. 31.................... 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 Sept. 23?.............. 45,448 34,878 4,531 6,03911,025 59,396 46,736 4,630 509 1,510 21,75618,331 2,093 5; 206 12 City of Chicago: 5 1941—Dec. 31............... 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31............... 5,931 1,333 4,213 385 1 ,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31............... 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1964—Dec. 31.............. 10,562 7,102 1,873 1,587 2,366 13,289 11,807 1,448 22 396 5,362 4,578 204 1,056 12 1965—June 30................... 10,835 7,367 1,761 1,707 2,311 13,535 11,699 1,297 27 699 4,926 4,749 438 1,096 11 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 T17 11 Dec. 31................... 11,455 8,219 1 ,700 1,536 2,426 14,290 12,475 1,437 39 345 5,656 4,999 355 1,132 11 1966—Jan. 26.................... 10,976 7,722 1,753 1,501 2,274 13,675 11,514 1,214 32 121 5,257 4,890 638 1,125 11 Feb. 23................... 10,940 7,877 1,533 1,530 2,444 13,857 11.606 1,174 34 223 5,100 5,075 613 1,122 11 Mar. 30................... 11,202 8,100 1 ,532 1,570 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 H 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 II June 29 11,523 8,598 1,408 1,517 2,466 14,474 12,165 1,208 25 648 5,106 5,178 595 1,143 11 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. 31................ 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 11 Sept. 28’................. 11,538 8,366 1,480 1,692 2,506 14,455 11,751 1,159 26 358 5,148 5,060 1,033 1,156 11 Other reserve city:3- 6 1941—Dec. 31................... 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31................... 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31................... 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,99011,423 1 2,844 353 1964—Dec. 31................... 84,670 57,555 16,326 10,78921,607 109,053 97,145 8,289 134 2,195 46,88339,645 841 8,488 182 1965—June 30................... 87,225 61,079 14,03012,11619,864110,063 97,418 7,168 173 4,325 42,971 42,781 1,271 8,774 179 88,719 62,804 13,469 12,446 18,666 110,410 96,468 7,159 208 2,462 42,37444,265 2,081 8,798 177 Oct. 27................... 89,706 63,161 14,037 12,508 18,790 111,469 97,290 7,299 205 1,472 43,62044,694 2,388 8,892 176 Nov. 24.................. 90,081 63,471 14,198 12,412 19,810 112,849 98,151 7,274 208 2,077 43,74944,843 2.562 8,928 172 Dec. 31................... 91,997 65,117 14,354 12,52621,147 116,350 103,034 8,422 206 1,773 47,09245,541 1,548 9,007 171 1966—Jan. 26................... 90,687 64,146 14,029 12,51219,313 113,025 98,559 6,992 210 1,368 44,251 45,738 2,537 9,015 171 Feb. 23................... 90,857 65,012 13,159 12,686 19,095 112,909 98,188 6,990 212 1,875 43,09546,016 2,676 9,032 171 Mar. 30................... 91,071 66,041 12,259 12,771 18,555 112,776 98,661 6,900 184 1,610 43,11646,851 2,155 9,089 170 Apr. 27.................... 92,397 66,743 12,583 13,071 20,021 115,509 100,917 6,896 194 1,720 44,75147,356 2,225 9,167 170 May 25................... 92,355 66,817 11,832 13,70619,064114,547 100,037 6,702 193 2,824 42,36547,953 1,990 9,200 170 June 29 94,138 68,781 11,648 13,70919,656117,020 102,066 6,841 203 3,775 43,13548,112 2,568 9,260 170 July 27.................... 93,519 67,738 11,791 13,99020,070116,873 101,489 6,795 238 2,242 43,71648,498 2,744 9,291 170 Aug. 31 r................. 93,994 68,102 12,085 13,807 19,608 117,027 101,572 7,261 292 1,562 43,72748,730 2,600 9,361 170 Sept. 28p................. 93,899 68,359 11,71813,82219,590116,951 101,100 7,056 281 1,921 43,26248,580 2,821 9,368 170 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 28,37814,560 23 2,934 6,519 1964—Dec. 31................... 93,759 55,733 24,341 13,685 16,944 112,932101,581 2,182 71 1,760 52,39845,169 213 8,886 6,018 1965—June 30................... 97,043 59,411 22,697 14,935 15,837115,302103,304 1,825 71 3,222 49,80048,386 323 9,359 6,032 Sept. 29................... 98,669 60,344 22,915 15,41015,369 116,399104,123 1,918 71 1,840 50,31149,983 508 9,421 6,023 Oct. 27................... 100,156 60,922 23,543 15,691 15,478 118,109 105,572 1,994 71 1,184 51,70750,616 643 9,511 6,024 Nov. 24.................. 101,199 61,562 23.80615,831 15,829 119,433 106,688 1,991 71 1.509 52,34250,775 597 9,581 6,030 Dec. 31................... 103,362 63,338 23,735 16,28817,366123,227 110,738 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 23,780 16,445 15,733 120,993 108,224 1,889 71 1,771 51,80052,693 768 9,686 6,014 Mar. 30................... 103,571 63,617 23,168 16,786 15,666 121,660108,599 1,869 71 1,638 51,651 53,370 814 9,742 6,010 Apr. 27.................... 104,208 64,371 22,891 16,94615,782122,524109,499 1,873 71 966 52,841 53,748 762 9,815 6,006 May 25.................... 104,792 65,157 22,451 17,184 15,402122,678 109,125 1,763 71 2,177 50,951 54,163 988 9,854 6,005 June 29.................. 105,209 65,878 21,912 17,41916,325 124,270110,757 2,098 74 2,905 51,44354,237 979 9,906 6,001 July 27.................... 105,904 66,352 21,831 17,721 15,796124,552 111,141 1,862 74 1,963 52,03755,205 850 9,933 5.991 Aug. 31r.................. 106,086 66,270 21,994 17,82216,086124,923 111,204 1,938 74 1,535 52,035 55,622 1,076 9,990 5,982 Sept. 28’................. 106,853 66,763 22,062 18,028 15,542125,209 111,642 2,380 74 1,659 51,56255,967 737 10,113 5,982 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1482 COMMERCIAL AND MUTUAL SAVINGS BANKS OCTOBER 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 * Other b c C a a l n l a l k s d s a a o n te f d Total Loans G U o S vt . . Other as C s a e s ts h 1 c b a i a l a l p i i n c a t i ­ d i t ­ e a s l Total i m D a e n ­ d Time Demand Time J r B i o n o w g r s ­ ­ c c T a o a o p u c t i n a ­ ta t l s l b N a b o u n e f m k r s ­ counts 2 U.S. Other Govt. Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36.926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,73413,398 1963—Dec. 20.. 252.579 155,261 62,72334,594 50,337 310,730 273,657 15,077 443 6,712 140,702 110,723 3,57125,27713,284 1964—Dec. 31.. 275,053 174,234 62,49938,320 59,911 343,876 305,113 (7,664 733 6,487 154.043 126,185 2,58027,37713,486 1965—June 30.. 285,375 187,207 56,42641,742 56,555 351,544 309,612 15.920 928 11,761 144,205 136,798 3,56229,051 13,528 Dec. 31.. 303,593200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,32529,82713,540 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 (4,977 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 33,38419,218 28,635 170,233 150,823 8,863 146 3,691 76,83661,288 1,70413,548 4,615 1964—Dec. 31.. 151,406 96,688 33,405 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 79,009 76,389 1,68515,853 4,803 Dec. 31.. 176,605 118,537 32,34725,720 36,880 219,744 193,860 12,064 458 3,284 92,53385,522 2,62717,434 4,815 State member banks: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4 411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15.760 91,235 78,553 5,655 236 2,295 40,725 29,642 1,795 7,506 1,497 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—June 30.. 80,339 55,455 13,166 11,718 18.603 102,301 88,215 6,259 538 4.085 41,06836,265 1.769 8,470 1,432 Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,59834,680 1,607 7,492 1,406 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,14019,793 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 28,373 13,039 6,644 6,357 55,507 49,869 565 78 955 24,12824,144 108 4,739 7,294 Dec. 31 . 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,52825,882 91 4,912 7,320 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1 291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1 905 365 4 279 714 1947—Dec. 31 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 ........... 12 10,351 1 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 1 2 1212,192 1,252 194 1963—Dec. 20.. 41,664 32,300 4,324 5,041 722 43,019 38,657 1 5 29238,359 38 3,572 330 1964—Dec. 31.. 45,358 36,233 4,110 5,015 893 47,044 42,751 2 7 32642,416 20 3,731 327 1965—June 30.. 47,031 37.970 3,975 5,085 910 48,806 44,293 1 6 37443,912 43 3,848 327 Dec. 31.. 48,735 39,964 3,760 5,010 904 50,500 45,887 ........... 1 7 35945,520 91 3,957 329 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 COMMEROU^ANp^^ BANKS 1483 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^ Other C an la d s s c a o l f l b d a a n le k Total Loans a C ss a e s t h s * c b a i a l l p i i n a t i d i t ­ e a s l Total! Demand r B i o n o g w r s ­ ­ c c T a o a o p u c t i n a ­ ta t l s l b N a b u o n e m f k r s ­ G U o .S vt . . Other co a u c n ­ ts 2 m D a e n ­ d Time U.S. Time 3 Govt. Other Noninsured mutual savings banks: 1941—Dec. 31.. 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31.. 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec. 31 < 5,957 1,384 3,813 760 211 6,215 5,556 2 5,553 637 339 1963—Dec. 20 6,425 4,380 1,548 498 104 6,602 5,859 8 5,851 633 179 1964—Dec. 31 7,005 4,852 1,678 475 111 7,195 6,387 6 6,381 670 178 1965—June 30 7,385 5,126 1,778 481 110 7,576 6,686 20 6,666 688 177 Dec. 31 7,526 5,325 1,710 491 113 7,720 6,874 8 6,865 706 177 t See note 1 on p, 1479. $530 million and total deposits of $576 million were reclassified as country ! 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 * 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. 587, 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 30, 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 Total 1 Loans * 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—bee. 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__bee. 31...................................................................... 267.2 167.4 61.1 38.7 273.9 172.1 63.0 38,8 1965 Sept. 29...................................................................... 286.2 186.2 56.5 43.4 286.8 187.0 55.9 43.9 Oct. 27...................................................................... 289.9 188.6 57.4 43,9 290.2 187,7 58.5 44.1 Nov. 24...................................................................... 291.5 189.8 57.5 44.2 292,3 189,8 58,8 43.8 Dec. 31..................................................................... 294.4 192.0 57.7 44.8 301,8 197,4 59.5 44.9 1966—Jan. 26...................................................................... 297.4 194.5 58.0 44.9 296.8 192.7 59.6 44.4 Feb. 23...................................................................... 297.5 196.2 55.9 45.4 296.0 193,6 57.3 45.1 Mar. 30...................................................................... 300.3 198.6 56.0 45.7 298.5 197,6 55.4 45.4 Apr. 27 p.................................................................... 302.7 200.7 55.8 46.2 301,5 199,7 55.4 46.4 304.3 202.0 55.0 47.2 301.9 201,4 53.5 47.0 June 30p 2............................................................. 3305.4 2 203.7 54.5 47.1 2 307.8 2 207.6 52.9 47.3 July 27”................................................................... 308.2 *205.9 54.1 448,2 306,1 4 205,3 52,5 448.3 309.8 206.1 55.9 47,8 306.7 205.1 53.5 48.1 Sept. 2811.................................................................... 307.6 205.5 54.0 48.0 308.2 206.4 53.3 48.5 1 Adjusted to exclude interbank loans. Note.—Data are for last Wed. of month except for June 30 and Dec. 2 June 30. 1966 estimated. 31; data are partly or wholly estimated except when June 30 and Dec. 31 3 Beginning June 9, about $1.1 billion of balances accumulated for pay­ are call dates. Seasonally adjusted data in this table are revised. For ment of personal loans were deducted as a result of a change in Federal back data, including revisions, see July 1966 Bulletin, pp. 952-55. For Reserve regulations. description of seasonally adjusted series, see July 1962 Bulletin, pp. ♦ Beginning July 13, 1966, Commodity Credit Corp, certificates of in­ 797-802. 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

1484 COMMERCIAL BANKS OCTOBER 1966 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans i Investments For To Class of lo T a o n t s a l 1 Fed­ Com­ o p s u r e r c c c a u h r r a r it y s i i i e n n s g g in f s in ti a tu n t c i i o a n l s Other, U.S s . e G cu o r v it e ie rn s m 3 ent State bank and and eral mer­ Agri- Real to and Other call date invest­ funds Total 2 cial cul- es­ in­ Other local secuments and tur- To tate di­ govt. rities in­ al bro­ vid- Bills secud 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 1,220 115 9,393 5,723 947 69,221 9,982 6,03453,205 5,2763,729 1963—Dec. 20.. 254,162 156,006 52,9477,470 5,353 2,509 3,605 9,479 39,056 34,550 4,034 63,19612,71722,41528,065 29,7865,173 1964—Dec. 31.. 277,376 175,589 60,2177,505 5,542 2,843 3,491 10,913 43,675 39,809 5,152 62,991 13,37719,03930,57433,533 5,263 1965—June 30.. 287,723 188,641 65,5468,068 6,066 2,912 3,788 11,463 46,223 43,056 5,148 56,853 8,92014,67833,255 36,541 5,688 Dec. 31.. 306.060 2,103 199,55571,437 8,2125,258 3,231 2,158 13,291 49,30045,4685,215 59,547 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 1,314 3,1643,606 49 4,677 2,361 1,132 88,91221,52616,04551,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,0121,610 823 1,190 114 9,266 5,654 91467,941 9,676 5,91852,347 5,1293,621 1963—Dec. 20.. 252,579 155,261 52,7437,444 5,321 2,476 3,594 9,415 38,861 34,3834,01562,723 12,60122,31627,80629,5595,035 1964—Dec. 31.. 275,053 174,23459,7467,482 5,355 2,794 3,419 10,812 43,43639,6275,11262,499 13,27518,93930,28533,2945,026 1965—June 30.. 285,375 187,20765,053 8,047 5,925 2,860 3,680 11,342 45,951 42,8795,09256,426 8,84914,603 32,97436,295 5,447 Dec. 31.. 303,593 2,064 198,045 70,8878,191 5,088 3,172 2,093 13,14849,02645,2905,155 59,120 13,13413,233 33,858 38,4195,945 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 8,949 855 3,133 3,378 47 3,455 1,900 1,057 78,338 19,26014,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,1993,105 1963—Dec. 20.. 210,127 131,712 47,403 4,659 5,124 2,136 3,439 8,875 31,009 27,9083,76549,342 9,33918,07221,93225,2103,864 1964—Dec. 31.. 228,497 (47,690 53,717 4,643 5,142 2,411 3,250 10,179 34,587 32,0244,82448,717 9,93215,23823,54828,3743,715 1965—June 30.. 237,328 158,832 58,640 4,969 5,729 2,442 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 12,475 38,98836,4184,83244,992 9,441 10,10626,36932,5884,198 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 27217,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 564 238 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 2,2571.068 6,154 1,858 2,341 1,955 4,653 442 1964—Dec. 31.. 39,507 27,301 14,189 302,742 623 1,179 2,615 2,546 2,6541,371 6,178 1,958 1,972 2,248 5,579 449 1965—June 30.. 42,225 30,975 16,082 16 3,657 561 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 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 4271,503 17 1,459 855 :38729,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 . 13,449 7,088 225 170 484 15 3,147 1,969 3■51 20,196 2,731 1,901 15,563 1,3421,053 1963—Dec. 20.. 78,370 . 51,891 18,8621,219 1,243 891 1,224 4,28612,525 11,1061,462 16,686 2,697 6,600 7,390 8,810 981 1964—Dec. 31.. 84,670 . 57,555 21,1021,095 1,060 986 1,134 4,887 13,611 12,8021,977 16,326 3,200 5,662 7,463 9,871 918 1965—June 30.. 87,225 . 61,07922,817 1,214 978 1,034 1,241 5,076 14,213 13,6361,981 14,030 1,819 4,161 8,05011,108 1,008 Dec. 31.. 91,997 471 64,64624,7841,206 9541,108 635 5,820 15,056 14,305 1,999 14,354 2,972 3,281 8,432 11,504 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 :359 26,999 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 2,10817,687 2,006 1,262 1963—Dec. 20.. 87,316 . 50,02312,831 3,374 708 496 966 1,591 16,11413,951 917 24,797 4,395 8,531 11,871 10,385 2,111 1964—Dec. 31.. 93,759 . 55,733 14,5563,493 830 599 710 1,730 17,96415,899 1,047 24,341 4,209 7,20612,925 11,531 2,154 1965—June 30.. 97,043 . 59,411 15,641 3,713 629 616 796 1,675 18,984 17,413 1,074 22,697 2,932 5,84913,915 12,6372,299 Dec. 31.. 103,362 905 62,4.33 16,4783,840 650 698 174 1,98320,217 18,423 1,17723,735 4,389 5,565 14,098 13,8052,483 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 5,1591,548 1965—June 30.. 50,394 . 29,809 6,9063,099 336 470 272 729 9,646 8,474 366 13,457 2,660 3,248 7,549 5,504 1,624 Dec. 31.. 54,483 242 31,616 7,4583,113 343 516 151 817 10,312 9,050 383 14,555 n.a. n.a. n.a. 6,0672,003 1 Beginning with June 30; 1948, figures for various loan items are 3 Beginning with Dec. 31, 1965, components shown at par rather than shown gross (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

OCTOBER 1966 COMMERCIAL BANKS 1485 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Bal­ De­ b c C a a l n l a l k s d s a a o n te f d B s F w e R a r . i n R v e t k e h ­ . s s r C c e a o n n u i c d n r y ­ b m a w a n d e n i c o s k t t e h ­ i s s c 4 j p u m o a s d a t d s e e n i - ­ t d d s ’ m D e I s n o t t ­ i e c r 4 ba e F n ig k o n r ­ <5 G U o .S vt . . g S l a o o t n c a v a d t t e l . c C c h o a f e e i e f n e r f r c d d i s t k ­ i ’ ­ s, IPC I b n a t n e k r­ G P U S a o o a n . s v S v d t ­ t a . , l S g l a o o t n c a v a d t t e l . IPC r B i o n o w g r s - ­ c C o a t a u a c p n l ­ i t ­ s etc. ings Total:2 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1963—Dec. 20.... 17,150 4,048 12,312126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908102,8863,66425,677 1964—Dec. 31.... 17,581 4,532 15,111 134,671 16,369 1,569 6,510 13,519 5,970 135,694 819 272 9,812116,6352,679 27,795 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 ill 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 10,522125,9983,56229,051 Dec. 31.... 17,992 4,833 14,801 139,601 16,620 1,529 5,508 14,152 5,913 139,594 923 263 12,135133,6864,32529,827 Member, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1963—Dec. 20.... 17,150 3,131 7,359102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,3263,49921,054 1964—Dec. 31.... 17,581 3,490 9,057108,324 15,604 1,403 5,838 10,293 5,368 112,878 664 239 8,012 95,4252,481 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 23610,041109,9254,23424,926 New York City: 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1963—Dec. 20.... 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 76 449 10,9201,438 3,984 1964—Dec. 31.... 3,730 278 180 17,729 4,112 976 1,486 441 2,940 20,515 436 74 677 13,5341,224 4,471 1965—June 30.... 4,274 314 199 16,430 4,115 950 2,561 561 3,270 18,549 579 87 682 15,9691,423 5,094 Dec. 31.... 3,788 310 122 18,190 4,191 1,034 1,271 620 2,937 20,708 522 84 807 17,0971,987 5,114 City of Chicago: 1941—Dec. 31. . . . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31.... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902......... 426 1963—Dec. 20. ... 1,019 49 98 4,144 1,169 43 395 275 112 4,500 17 6 185 3,595 255 996 1964—Dec. 31.... 1,006 55 150 4,294 1,389 59 396 312 122 4,929 22 5 213 4,361 204 1,056 1965—June 30.... 1,028 64 97 3,881 1,237 60 699 276 109 4,542 27 5 181 4,563 438 1,096 Dec. 31.... 1,042 73 151 4,571 1,377 59 345 328 126 5,202 39 4 210 4,785 355 1,132 Other reserve city: 1941_Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1963—Dec. 20.... 7,587 935 2,105 35,859 6,958 267 2,212 3,144 1,034 39,281 95 72 2,950 31,9821,416 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 84t 8,488 1965—Juno 30.... 7,274 1,149 2,202 34,279 6,874 294 4,325 3,280 1,091 38,600 173 75 4,163 38,5431,271 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..,.0..9..3. 6,343 28,367 817 155 635 3,404 592 24,653 168 27 2,145 24,322 238 5,345 ^ Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 s 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

1486 WEEKLY REPORTING BANKS OCTOBER 1966 ASSETS AND LIABILITIES OF LAMGE COMMERCIAL BANKS (In millions of dollars) Loans2 For purchasing To financial institutions or carrying securities Total Loans 1 Wednesday m i l n o a e v n a n e n d t s s s t ! ­ v s n e t a e r i r l o t e v u n ­ e o a s f ­ i C n m t a c r d o i n i e a u a m d r l l s ­ ­ ­ A t c u u g r l a r ­ i l ­ G c U a T t s u o i n e . e o r S v ­ d s i t . ­ b , d r e o O a k c l t s e u t e i e h e r r r ­ s s e s i ­ r G c U t s T u o i e e . r v S o ­ s i t . ­ . oth O c e t s u t i r e e h s r ­ s e i­ r F ei o g r B n ­ ank c m m D s c o t i i e e a m o c s r l ­ ­ ­ ­ f s P c i a e a n o e N n t l a c r s e d s o n . . s , , . n ba O n t k her e R st e a a t l e s i C n m 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 s t e r i a r o e l v u n ­ e a s ­ Total— 1965 173,121 121,503 49,343 1,714 1,041 3,271 83 2,062 1,618 1,970 5,758 4,779 24,702 27,607 2,445 ' 8........... 172,121 120,857 49'150 1,716 550 3,056 84 2^066 1,623 2,407 5'468 4,827 24,745 27;609 2'444 15........... 174,841 123,159 50,073 1,719 1,013 3^245 84 2^071 U626 2,352 5,975 4,866 24'853 27^731 2'449 22 174'148 122,327 50’353 1,727 750 3,053 84 2’117 1,612 1,895 5'626 4,901 24,918 27^740 2’449 29........... 174J01 122,552 50^527 1,728 463 2; 987 94 2J21 ^624 2; 255 5,480 4,948 24^995 27,777 2; 447 1966 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 L522 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 MH 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 58’252 1,809 947 3,232 115 2^202 1,488 3'589 5,738 4,716 27,137 15,978 1,150 11,244 2'770 184,368 134,084 58,284 1,805 744 3,074 112 2,187 1,508 3,027 5,939 4,689 27,149 15,970 1,149 11,219 2,772 ‘ 14........... 184.764134’387 58^619 1,794 658 3; 154 108 2,176 1,488 2,999 5’932 4,722 27,230 15,979 1 J52 11;146 2^770 21........... 185,500 135'268 59^382 1'795 793 3; 123 106 2'168 1,495 2^590 6,406 4^687 27^264 15^943 1 J48 11'134 2; 766 28........... 185^81 134,954 59;399 U795 531 3^014 106 2; 170 1410 2; 942 6; 130 4; 692 2?;33l 15^96 1,132 10,972 2; 766 New York City 1965 40,476 29,536 15,707 16 570 1,849 25 536 785 674 2,048 1,074 2,754 4,107 609 * 8........... 39,947 29,270 15'665 16 288 1 ^729 24 539 789 1 ,017 1^867 1 ;085 2'770 4^090 609 15........... 40,860 30,105 16,057 17 607 1'846 24 540 807 643 2,178 1,093 2,792 4' 110 609 22........... 40'432 29,556 16'171 19 383 1'714 24 582 793 548 1 ^942 1,103 2,796 4,090 609 29........... 40;364 29,672 16^210 19 238 I J 669 27 585 806 828 1 '857 1,124 2^814 4,104 609 1966 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 2J68 1,199 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 13 104 1,888 34 619 836 1,179 1 ;?35 1 ,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 Sept. 7........... 42,996 33,248 19,183 13 415 1 ,739 33 601 839 999 1,868 1,179 3,211 1,282 755 1 ,899 768 ‘ 14........... 43^56 33,251 19'354 13 364 1 ,806 32 596 831 836 1,866 1,175 3,238 1.281 761 1,866 768 21........... 43'590 33,787 19,782 13 409 1 ,781 29 595 836 755 2,034 1,189 3,243 1,278 755 1,854 766 28........... 43;605 33,613 19'824 13 234 1,706 29 593 841 1,035 1,781 1,183 3,264 1,274 752 1,850 766 Total— Outside New York City 1965 132 645 91,967 33,636 1,698 471 1,422 58 1,526 833 1,296 3,710 3,705 21,948 23,500 1,836 8 132 174 91,587 33,485 1’700 262 1' 327 60 1 '527 834 1'390 3,’601 3; 742 21'975 23,519 1,835 15. 133 981 93,054 34 016 1'702 406 1 '399 60 I '531 819 1 '709 3^797 3,773 22,061 23,621 L840 22......... 133 716 92,771 34,182 1,708 367 1,339 60 1 ,535 819 1,347 3,684 3,798 22,122 23,650 1,840 29.... 133,737 92 ,’880 34,317 1,709 225 1 '318 67 1 '536 818 1 ' 427 3,’623 3,824 22’181 23,673 1'838 1966 141,438101,004 39,453 1,812 158 1,396 83 1,591 669 1,774 4,368 3,534 23,713 14,634 407 9,415 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 24 140’665 100,683 39,280 1,798 136 1,284 80 1 ;6oo 663 2,089 3,925 3,518 23,878 14,685 397 9,352 2,002 31........... 141'719 100^733 39^064 1^796 384 t; 351 81 1 ,591 655 1 ,975 3,960 3,519 23,941 14,695 397 9,326 2,002 Sept. 7........... 141,372 100,836 39,101 1 ,792 329 1,335 79 1,586 669 2,028 4,071 3,510 23,938 14,688 394 9,320 2,004 ‘ 14........... 141,608 101,136 39,265 1,781 294 1,348 76 1,580 657 2,163 4,066 3,547 23,992 14,698 391 9,280 2,002 21........... 141,910 101,481 39,600 1,782 384 1 ,342 77 1,573 659 1,835 4,372 3,498 24,021 14,665 393 9,280 2,000 28........... 141,976101,341 39,575 1,782 297 1,308 77 1,577 669 1,907 4,349 3,509 24,067 14,722 380 9,122 2,000 For notes see p. 1489. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 WEEKLY REPORTING BANKS 1487 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (la millions of dollars) Investments Cash assets U.S. Government securities Other securities Balances with— Notes and bonds O o b f l a i S g n t a d a t t i e o s n s O co th rp e a r , n s b d t o o n c d k s s , C ite a m sh s Cur­ se R rv e e ­ s o A th l e l r Wednesday Total Bills C ti e fi r ­ ­ maturing— p s o u l b i d ti i c v a . l securities Total pro o in c f e ss m D es o t ­ ic F ei o g r n ­ r c a e o n n i c d n y B F w a . i n R t k h . s assets cates col. banks banks W 1 i i y n t r h . ­ 5 1 y t r o s . A 5 f y t 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 i o c i n f i . ­ 4 O s ri e t t c h ie u e s ­ r Total 1965 25,477 2,996 ..........4.,417 10,615 7,449 26,141 35,431 16,441 3,980 201 2,23612,573 6,906 Sept. I 25,077 2,684 4,415 10,585 7,393 26,187 34,748 15,533 3,789 206 2,308 12,912 6,893 8 25,468 3,051 4,415 10,598 7,404 26,214 39,893 19,969 4,308 203 2,361 13,052 6,878 15 25,520 3,124 4,428 10,582 7,386 26,301 36,732 16,629 3,798 199 2,30413,802 6,863 22 25,282 2,914 4,411 10,575 7,382 26,267 35,552 15,558 3,919 189 2,405 13,481 7,018 29 1966 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 22,750 2,872 739 3,158 9,414 6,567 3,015 21,209 1 ,024 2,286 39,187 18,758 3,932 205 2,435 13,857 7,771 Sept. 7 22,840 3,060 743 3,102 9,407 6,528 3,026 21,152 1 ,008 2,351 42,044 20,802 4,412 204 2,608 14,018 7,714 14 22,663 2,881 732 3,121 9,381 6,548 2,951 21,239 1 ,062 2,317 39,730 18,594 4,091 200 2,562 14,283 7,563 21 23,127 3,355 739 3,168 9,276 6,589 2,995 21,171 1,066 2,268 37,783 17,438 3,734 191 2,623 13,797 7,779 28 New York City 1965 4,481 842 681 1,482 1 ,476 6,459 9,577 5,788 147 90 284 3,268 2,648 Sept. 1 4,236 644 674 1,471 1 ,447 6,441 8,618 4,817 106 93 310 3,292 2,686 8 4,306 757 663 1,452 1 ,434 6,449 10,876 6,666 173 97 292 3,648 2,670 15 4,389 836 680 1 ,443 1 ,430 6,487 10,024 5,537 141 95 300 3,951 2,652 22 4,221 658 674 1 ,461 1,428 6,471 9,718 5,321 143 83 304 3,867 2,713 29 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 4,129 1,050 226 467 1,073 1,313 806 4,028 272 513 10,975 6,570 139 91 322 3,853 2,911 Sept. 7 4,267 1,196 239 465 1 ,048 1,319 808 3,987 273 570 11,674 6,942 189 85 313 4,145 2,839 14 4,168 1,101 231 456 1,035 1,345 800 3,986 269 580 10,870 6,553 204 76 319 3,718 2,725 21 4,365 1,294 234 491 944 1,402 819 3,976 270 562 10,861 6,355 180 73 324 3,929 2,848 28 Total Outside New York City 1965 20,996 2,154 3,736 9,133 5,973 19,682 25,854 10,653 3,833 111 1,952 9,305 4,258 Sept. 1 20,841 2,040 3,741 9,114 5,946 19,746 26,130 10,716 3,683 113 1 ,998 9,620 4,207 8 21,162 2,294 3,752 9,146 5,970 19,765 29,017 13,303 4,135 106 2,069 9,404 4,208 15 21,131 2,288 3,748 9,139 5,956 19,814 26,708 11,092 3,657 104 2,004 9,851 4,211 22 21,061 2,256 3,737 9,114 5,954 19,796 25,834 10,237 3,776 106 2,101 9,614 4,305 29 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 2,10410,422 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 I ,775 27,215 11,330 3,678 114 2,184 9,909 4,907 31 18,621 1,822 513 2,691 8,341 5,254 2,209 17,181 752 I ,773 28,212 12,188 3,793 114 2,113 10,004 4,860 Sept. 7 18,573 1,864 504 2,637 8,359 5,209 2,218 17,165 735 1 ,781 30,370 13,860 4,223 119 2,295 9,873 4,875 14 18,495 1,780 501 2,665 8,346 5,203 2,151 17,253 793 1 ,737 28,860 12,041 3,887 124 2,243 10,565 4,838 21 18,762 2,061 505 2,677 8,332 5,187 2,176 17,195 796 1 ,706 26,922 11,083 3,554 118 2,299 9,868 4,931 28 For notes see p. 1489. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1488 WEEKLY REPORTING BANKS OCTOBER 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 U.S. tic polit­ mes­ Totals IPC d s i u i c v a b i l ­ ­ Govt. c m c o i e m a r l ­ ­ G et o c v .6 t. C m c o i e a m r l ­ ­ Total’ S in a g v s ­ Other d s i u c iv a b i l ­ ­ i b n t a i t c n e r k ­ G e o tc v . t, C m c o i e a m r l ­ ­ sions banks banks sions banks Total 1965—Sept. 185,301 102,487 73,682 5,544 4,246 12,473 666 1,290 82,814 49,079 21,866 6,748 586 4,111 236 8......... 182,638 99,603 73,327 5,079 2,421 12,744 674 1,353 83,035 49,192 22,064 6,746 585 4,027 234 15......... 190,626108,461 80,057 5,442 2,898 13,388 771 1,290 82,165 49,230 21,311 6,573 603 4,033 232 22 186,764 104,161 74,697 5,084 5,794 12,184 746 1,294 82,603 49,374 21,481 6,673 608 4,042 242 29......... 186,775 103,543 73,841 5,398 5,945 11,986 792 1,378 83,232 49,604 21,890 6,716 613 3,984 244 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......... 194,927 103,487 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......... 195,763 104,508 76,596 5,738 3,177 12,058 677 1,407 91,255 47,228 30,859 7,974 655 4,103 272 1966—Sept. 7......... 195,333 104,252 76,343 5,462 2,217 13,249 636 1 ,443 91,081 47,196 30,816 7,905 659 4,099 243 14......... 198,422 107,531 80,947 5,218 1,375 13,401 591 1,424 90,891 47,142 30,582 8,001 660 4,109 230 21......... 196,808 106,357 77,949 5,224 3,848 12,624 586 1,507 90,451 47,155 30,373 7,851 636 4,037 230 28*.... 195,091 104,712 76,125 5,696 4,512 11,710 725 1,421 90,379 47,237 30,304 7,784 633 4,028 220 New York City 1965—Sept. 1......... 42,855 25,964 16,981 344 992 3,479 522 869 16,891 5,190 7,509 677 402 2,899 127 8......... 40,905 23,932 16,164 232 523 3,245 518 922 16,973 5,199 7,607 682 400 2,873 126 15......... 44,131 27,737 19,000 442 625 3,447 615 858 16,394 5,200 7,139 561 417 2,871 122 22......... 42,943 26,427 16,955 290 1,862 3,199 590 867 16,516 5,226 7,202 559 421 2,889 134 29......... 43,444 26,630 16,873 318 1,961 3,378 638 947 16,814 5,249 7,507 575 427 2,838 135 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 1966—Sept. 7......... 44,176 26,204 17,524 234 470 3,434 492 1,005 17,972 4,672 8,958 807 404 2,912 141 14......... 44,959 27,155 18,890 295 192 3,628 459 994 17,804 4,660 8,794 812 400 2,930 127 21 45,015 27,411 17,988 300 1,160 3,548 460 1,066 17,604 4,658 8,767 710 392 2,870 127 28......... 44,910 27,408 17,754 390 1,498 3,293 589 993 17,502 4,666 8,703 679 392 2,863 117 Total Outside New York City 1965—Sept. 1......... 142,446 76,523 56,701 5,200 3,254 8,994 144 421 65,923 43,889 14,357 6,071 184 1,212 109 8......... 141,733 75,671 57,163 4,847 1,898 9,499 156 431 66,062 43,993 14,457 6,064 185 1,154 108 15......... 146,495 80,724 61,057 5,000 2,273 9,941 156 432 65,771 44,030 14,172 6,012 186 1,162 110 22 143,821 77,734 57,742 4,794 3,932 8,985 156 427 66,087 44,148 14,279 6,114 187 1,153 108 29......... 143,331 76,913 56,968 5,080 3,984 8,608 154 431 66,418 44,355 14,383 6,141 186 1,146 109 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 1966—Sept. 7......... 151,157 78,048 58,819 5,228 1,747 9,815 144 438 73,109 42,524 21,858 7,098 255 1,187 102 14......... 153,463 80,376 62,057 4,923 1,183 9,773 132 430 73,087 42,482 21,788 7,189 260 1,179 103 21......... 151,793 78,946 59,961 4,924 2,688 9,076 126 441 72,847 42,497 21,606 7,141 244 1,167 103 28».... 150,181 77,304 58,371 5,306 3,014 8,417 136 428 72,877 42,571 21,601 7,105 241 1,165 103 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 WEEKLY REPORTING BANKS 1489 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Memoranda Total assets— Other Capital Total Total Large certificates B F F a r . o n R m k . s o F t r h o e m rs liabilities accounts l a i c c a a c b a p o i n l i u i d t t n a i e l t s s ad T l ( j o u n o a e s t n t t a e ) s l , d 8 a a d l ( n j o n u d a e s n t t i ) e s n , d ­ , a D d d e e j p u m o s a s te i n t d d s ’ Total of d Is e s p u o e s d i t10 Issued Wednesday vestments 8 issued to IPC’s to others Total— 45 4,074 7,948 18,090 215,458 119,533 171,151 69,327 16,637 .................... 1965—Sept. 1 354 4,655 8,031 18,084 213,762 118,450 169,714 68,907 16,669 8 147 4,802 7,986 18,051 221,612 120,807 172,489 72,206 15,852 15 826 4,111 7,995 18,047 217,743 120,432 172,253 69,554 16,050 22 28 3,922 7,880 18,066 216,671 120,297 171,846 70,054 16,286 29 799 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 31 525 6,083 10,405 18,980 231,326 131,057 181,341 70,028 " 17,984 12,628 5,356 ‘ 1966—Sept. 7 123 6,247 10,793 18,937 234,522 131,388 181,765 71,951 17,680 12,276 5,404 14 769 5,511 10,778 18,927 232,793 132,678 182,910 71,291 17,189 11,976 5,213 21 833 5,471 10,793 18,955 231,143 132,012 182,639 71,052 16,968 11,801 5,167 28 New York City 1,360 3,492 4,994 52,701 28,862 39,802 15,705 6,841 1965—Sept. 1 8 1,749 3,606 4,983 51,251 28,253 38,930 15,347 6,871 8 11 1,724 3,559 4,981 54,406 29,462 40,217 16,999 6,357 15 308 1,411 3,474 4,972 53,108 29,008 39,884 15,829 6,473 22 8 975 3,401 4,967 52,795 28,844 39,536 15,970 6,680 29 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 48 2,367 5,216 5,075 56,882 32,249 41,997 15,730 ' 6,927 4,980 1,947 ’ 1966—Sept. 7 8 2,330 5,302 5,070 57,669 32,415 42,320 16,393 6,710 4,792 1,918 14 98 1,927 5,082 5,063 57,185 33,032 42,835 16,150 6,598 4,787 1,811 21 329 1,738 5,277 5,060 57,314 32,578 42,570 16,262 6,504 4,709 1,795 28 Total Outside New York City 45 2,714 4,456 13,096 162,757 90,671 131,349 53,622 9,796 1965—Sept. 1 346 2,906 4,425 13,101 162,511 90,197 130,784 53,558 9,798 8 136 3,078 4,427 13,070 167,206 91,345 132,272 55,207 9,495 15 518 2,700 4,521 13,075 164,635 91,424 132,369 53,725 9,577 22 20 2,947 4,479 13,099 163,876 91,453 132,310 54,084 9,606 29 799 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 31 477 3,716 5,189 13,905 174,444 98,808 139,344 54,298 ' 11,057 7,648 3,409 1966—Sept. 7 115 3,917 5,491 13,867 176,853 98,973 139,445 55,560 10,970 7,484 3,486 14 671 3,584 5,696 13,864 175,608 99,646 140,075 55,141 10,591 7,189 3,402 21 504 3,733 5,516 13,895 173,829 99,434 140,069 54,790 10,464 7,092 3,372 28 1 After deduction of valuation reserves. 11ncludes U.S. Government and postal savings, not shown separately. 2 Individual items shown gross. b Exclusive of loans to domestic commercial banks. 3 Includes short-term notes and bills (less than 1 year to maturity) 9 All demand deposits except U.S. Government and domestic com­ issued by States and political subdivisions. mercial banks, Jess cash items in process of collection. 4 Federal agencies only. 1 o Certificates of deposit issued in denominations of $100,000 or more. 3 Includes certified and officers’ checks, not shown separately. < 5 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

1490 BUSINESS LOANS OF BANKS OCTOBER 1966 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING BANKS (In millions of dollars) Outstanding Net change during— Industry 1966 1966 1966 1966 1965 S 2 e 8 pt. S 2 e 1 pt. Se 1 p 4 t. Se 7 pt. A 3 u 1 g. Sept. Aug. July III II I h 1 a s l t f 2 h n a d lf Durable goods manufacturing: Primary metals................................ 1,010 1,009 1,107 1,095 1,085 -75 18 -18 -75 80 153 233 17 Machinery............................................ 3,903 3,924 3,785 3,687 3,662 241 -16 135 360 467 213 680 121 Transportation equipment............... 1,766 1,727 1,779 1,754 1 ,714 52 142 45 239 233 125 358 130 Other fabricated metal products. . . 1,674 1,685 1 ,669 1,647 1 ,647 27 -14 59 72 169 96 265 70 Other durable goods.......................... 1,981 1,973 1 ,969 1,937 1 ,950 31 -1 48 78 234 156 390 83 Nondurable goods manufacturing: Food, liquor, and tobacco........ 2,289 2,319 2,186 2,199 2,177 112 55 -111 56 -117 -39 -156 760 Textiles, apparel, and leather........... 2,205 2,240 2,257 2,254 2,258 -53 111 48 106 225 325 550 -164 Petroleum refining.............................. 1,775 1,798 1 ,796 1,791 1 ,776 -1 -15 -76 -92 107 149 256 259 Chemicals and rubber....................... 2,216 2,214 2,161 2,120 2,110 106 19 -44 81 23 330 353 83 Other nondurable goods................... 1,592 1 ,599 1 ,590 1,569 1,564 28 34 65 127 216 93 309 62 Mining, including crude petroleum and natural gas....................... 4,023 4,018 3,876 3,852 3,867 156 -72 138 222 226 118 344 243 Trade: Commodity dealers................... 1,170 1,198 1,195 1,227 I ,209 -39 32 29 22 -222 -100 -322 436 Other wholesale......................... 2,870 2,856 2,831 2,k28—2tW9 51 -44 35 42 155 6 161 183 Retail............................................ 3,404 3,475 3,370 3,348 3,312 92 -164 -44 -116 466 -11 455 -77 Transportation, communication, and other public utilities.............. 6,710 6,632 6,466 6,396 6,407 303 -98 165 370 343 -123 220 961 Construction............................................ 2,636 2,664 2,665 2,648 2,691 -55 -27 8 -74 153 36 189 26 All other:1 Bankers’ acceptances..................... 363 359 340 360 349 14 -61 -54 -101 -231 -1 -232 -186 All other types of business, mainly services.......................................... 6,712 6,712 6,624 6,648 6,679 33 -85 -4 -56 226 243 469 381 Total classified loans.............................. 48,299 48,402 47,666 47,360 47,276 1,023 -186 424 1,261 2,753 1,769 4,522 3,388 Commercial and industrial loans—■ All weekly reporting banks......... 59,399 59,382 58,619 58,284 58,252 1,147 -441 447 1,153 3,152 2,011 5,163 3,782 1 Beginning Dec. 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—Sept.......... 4.76 5.65 5.37 5.13 4.64 1957............................. 4.6 5.5 5.1 4.8 4.5 Dec. 5.08 5.74 5.59 5.34 4.99 1958............................. 4.3 5.5 5.0 4.6 4.1 1966—Mar............... 5.41 5.92 5.78 5.66 5.34 1959............................. 5.0 5.8 5.5 5.2 4.9 June 5.65 6.14 6.11 5.87 5.57 Sept............... 6,13 6.60 6.57 6.39 6.05 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—Sept............... 5.03 5.88 5.62 5.31 4.87 1964............................. 5.0 5.9 5.6 5.3 4.8 Dec................ 5.32 5.95 5.80 5.56 5.19 1965............................. 5.1 5.9 5.6 5.4 4.9 1966—Mar............... 5.58 6.10 6.05 5.82 5.46 June 5.86 6.32 6.35 6.08 5.74 Quarter:1 Sept............... 6.40 6.62 6.75 6.60 6.31 19 large cities: 11 southern and 1965—Sept......................... 5.00 5.90 5.60 5.32 4.80 western cities: 5.27 5.96 5.74 5.51 5.11 1965—Sept............... 5.31 6.02 5.73 5.45 5.03 Dec................ 5.46 6.07 5.80 5.59 5.23 1966—Mar.......................... 5.55 6.13 5.96 5.76 5.41 1966—Mar............... 5.70 6.23 6.01 5.77 5.50 5.82 6.39 6.25 6.03 5.68 June.............. 6.00 6,52 6.28 6.08 ‘5.82 Sept.......................... 6.30 6.73 6.65 6.51 6.18 Sept............... 6.42 6.84 6.65 6.51 6.26 1 Based on new loans and renewals for first 15 days of month. in per cent): 1955—Aug. 4, 3%; Oct, 14, 3H1 1956—Apr. 13, 3%; Aug. 21,4; 1957—Aug. 6, 4ft; 1958—Jan. 22, 4; Apr. 21, 3‘4; Sept. 11, 4; Note.—Weighted averages. For description see Mar. 1949 Bulletin, 1959—May 18, 4^; 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^; 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

OCTOBER 1966 INTEREST RATES 1491 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime CO. Prime Period m 4 p c - o a o n t p m o t e h l r 6 s . . - 1 m d 3 p i p o - r l a n e a t p o c c th e e t l r 6 s d y - , 2 9 b a 0 a a c n d n c c a k e e y e p s s r t , s ­ ’ 1 F r f e a u d t n e e d r s a 3 l on R 3 a n - t m e e w o nth b M ills a r 5 ket on R 6 a n - t m e e w o nth b M ills a r * ket 9 ( - m B to a il r l 1 s k 2 et - mont O h t h is e s r u e 6 s i 3 s - s y u t e o e a s r 5 7 issue yield issue yield yield) 5 1965.............................. 4.38 4.27 4.22 4.07 3.954 3.95 4.055 4.05 4,06 4.09 4.22 1965—-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 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 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 Sept.......... 5.89 5.67 5.75 5.40 5.356 5.36 5.798 5.79 5.80 5.80 5.62 Week ending—■ 1966—Sept. 3............ 5.88 5.63 5.75 5.34 5.087 5.07 5.566 5.58 5.73 5.78 5.83 10........... 5.88 5.63 5.75 5.89 5.155 5.18 5,657 5.70 5.72 5,71 5.63 17........... 5.88 5.63 5.75 5,80 5.447 5.40 5.926 5.91 5.83 5.86 5.65 24 5.88 5.70 5.75 5.29 5.586 5.52 6,039 5,92 5.90 5.91 5.69 Oct. 1............ 5.89 5.67 5.75 4.50 5.503 5.39 5.804 5.69 5.79 5.74 5.49 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance cos., for varying maturi­ closing bid prices, ties in the 90-179 day range. 5 Bills quoted on bank discount rate basis. J 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 (long­ Total 1 term) Total 1 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 f P er 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—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 r6.l3 Apr........................................ 4,55 3.68 3.46 4.06 5.16 4.96 5.41 5.09 5.19 5.21 4.78 3,15 May....................................... 4,57 3.76 3.53 4.13 5.18 4,98 5.48 5.12 5.20 5.23 4.83 3,30 June. ................................... 4.63 3,84 3,60 4.16 5,28 5.07 5.58 5.25 5.26 5.32 4.93 3.36 6.80 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 Sept........................................ 4.79 4.18 3.93 4.48 5.71 5,49 6.09 5.71 5.65 5.78 5.23 3.75 Week ending— 1966—‘Sept. 3................................ 4.87 4.26 4.02 4.54 5.63 r5.44 5.99 5.64 5.58 5.68 5.34 3.77 10................................ 4.76 4.22 3.99 4.51 5.71 5.52 6.08 5.73 5.64 5.76 5.26 3.80 17............................... 4.79 4.13 3.85 4.43 5.72 5.51 6.10 5.71 5.66 5.79 5.18 3.67 24................................ 4.82 4.17 3.89 4.45 5,72 5.49 6.10 5.70 5.67 5,80 5.24 3,74 Oct. 1................................ 4.76 4.14 3.88 4.45 5,71 5.47 6,08 5.68 5.66 5.79 5.25 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; earnings/price ratios are as of end of period. Note.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt, bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. State and local govt, bonds: General obligations only, based on adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1492 SECURITY MARKETS OCTOBER 1966 MORTGAGES; NEW AND EXISTING HOMES SECURITY PRICES (Per cent) Bond prices Common stock prices Vol­ (1941-43- 10) 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 t l U e o o r . n m S v g t . ) ­ , S l a o t n c a d a te l A C p a A o o te r r A ­ ­ Total d t I r u n ia s ­ l ­ • R ro a a i d l- • P u i l u t t i i y c b l ­ ­ ( s t h t h i r a o n o a r g f d u e s ­ s ) . 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—Sept.. 83.27 109.3 92.8 89.38 94.93 46.96 76.10 7,403 1963................... 5.46 5.81 5.87 5.84 5.98 Oct... 82 97 108.4 92,7 91.39 97.20 48.46 76.69 7,809 1964................... 5.45 5.80 5.85 5.78 5.92 Nov.. 82.22 107.7 92.3 92.15 98.02 50,23 76.72 7,360 1965................... 5.47 5.83 5.89 5.76 5.89 Dec.., 81.21 106.3 91.1 91.73 97.66 51.03 75.39 8,690 1965—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 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 Sept.. 77.15 98.5 82.6 77.81 83.11 40.31 63.11 5,722 6.25 6.30 5.99 6.09 May.... 6.32 6.30 6.35 6.02 6.16 Week June.... 6.45 6.40 6.50 6.07 6.18 ending— July........ 6.51 6.45 6.55 6.12 6.24 Aug........ 6.58 6.55 6.65 6.18 6.35 Sept. 3........ 76.29 96.5 82.6 76.52 81.94 39.78 60.47 8,633 Sept........ 6.63 6.65 6.70 • ............. 10........ 77.40 97.7 82.5 76.41 81.61 39.68 61.97 5,461 17 77.13 98.9 82,7 79.09 84.50 40.88 63.93 6,244 24........ 76.76 97.8 82.3 78.39 83.71 40.52 63.71 5,038 Note.—Annual data are averages of monthly figures. The Oct. 1........ 77.46 99.7 82.7 77.19 82.36 40.15 63.11 5,915 FHA data are based on opinion reports submitted by field offices on prevailing conditions in their localities as of the first of the succeeding month. The yields are derived from weighted aver­ Note.—Annual data are averages of monthly figures. Monthly and weekly ages of private secondary market prices for Sec. 203, 30-year data are averages of daily figures unless otherwise noted and are computed as mortgages with minimum downpayments and an assumed pre­ follows: U.S, Govt, bonds, derived from average market yields in preceding table payment at the end of 15 years. Gaps in the data are due to on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds, periods of adjustment to changes in maximum permissible con­ derived from average yields as computed by Standard and Poor’s Corp., on basis tract interest rates. The FHA series on average interest rates of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks. Standard on conventional first mortgages are unweighted and are rounded and Poor's index. Volume of trading, average daily trading in stocks on the to the nearest five basis points. For FHLBB series, see footnote N.Y. Stock Exchange for a 5|4-hour trading day. to table on Conventional First Mortgages, page 1509. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N.Y. Stock Exchange brokers and dealers for pur­ Money borrowed on— firms secured by— chasing or carrying— Cus­ Month Total tomers’ securities net free other than Other securities U.S. Govt. se G c U u o . r v S it t . i , e s se O cu th ri e ti r e s se G c U u o r . v S it t . i , e s se O cu th ri e ti r e s se G c U u o . r S v it . t i , e s Customer Other c a b r n e a c d l e ­ i s t Total collateral collateral 1963—Dec........ 7,242 26 5,515 140 1,727 32 4,449 3,852 597 1,210 1964—Dec........ 7,053 21 5,079 72 1,974 222 3,910 3,393 517 1,169 1965—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 93 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 5,770 87 2,231 126 3,683 2,977 706 1,658 July.... ’■7,870 34 ’■5,667 116 2,203 55 3,731 3,127 604 ••1,595 Aug........ 7,811 35 5,609 115 2,202 109 3,676 3,082 594 1,595 Note.—Data in first 3 cols, and last col. are for end of month; in other ners of reporting firm. Balances are net for each customer—i,e„ all ac­ cols, for last Wed. ~ counts of one customer are consolidated. Money borrowed includes Net debit balances and broker and dealer credit: Ledger balances of borrowings from banks and from other lenders except member firms of member firms of N.Y. Stock Exchange carrying margin accounts, as national securities exchanges. reported to Exchange. Customers’ debit and free credit balances exclude Bank loans to others than brokers and dealers: Figures are for weekly balances maintained with reporting firm by other member firms of national reporting member banks. securities exchanges and balances of reporting firm and of general part­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 OPEN MARKET PAPER; SAVINGS INSTITUTIONS 1493 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS1 ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by— Based on— End of period Accepting banks F.R. Goods stored in or Total th P r l o ac u e g d h P di l r a e c c e t d - Total Banks Qthers p i I n o m t r o t ­ s p f E r o o x r m t ­ s D e o x ll ­ ar shi p p o pe in d t s b i e n tw — een dealers 1 iy2 Total O bi w ll n s bo B u il g ls h t Own F ei o g r n ­ U St n a i t t e e s d U S n ta i t t e e s d change United Foreign acct. corr. States countries 1959........................ 3,202 677 2,525 1,151 319 282 36 75 82 675 357 309 74 162 249 I960....................... 4 >97 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961........................ <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 no 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—-Aug.. ..... 10,358 2,117 8,241 3,299 1,321 1,078 243 55 145 1,779 797 933 11 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............. l0>75 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 «9,733 3,369 1,005 912 93 51 257 2,056 911 790 54 23 1,591 Aug............ 12,720 2,653 10,067 3,387 909 824 84 48 272 2,158 946 781 64 54 1,541 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 Corpo­ Other liabili­ Depos­ Other G re e s n er e v r e a l commitments * End of period M ga o g r e t­ Other G U o .S vt . . S g l a o o t n c a v d a t t e l . ot r a h a n e t d e r 1 Cash assets g re e a s t n i e n e e r d s r v a e l its 2 lia ti b e i s li­ co a u c n ­ ts accts. NumberAmount 1941 ............... 4,787 89 3,592 1.786 829 689 11,772 10,503 38 1,231 1945 ..................... 4'202 62 10,650 1.257 606 185 16,962 15,332 48 <582 1959 *............................. 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 i960............................... 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 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 46,121 41,336 828 3,957 114,985 2,548 1963................................ 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 104,326 2,549 1964................................ 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 135,992 2,820 1965—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 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 120,476 2,697 1966—Jan....................... 44,709 904 5,560 314 5,217 920 965 58,588 52,689 1,230 4,669 116,124 2,590 Feb...................... 44,952 925 5,623 313 5,289 932 965 58,999 52,907 1,354 4,737 114,106 2,551 Mar..................... 45,180 913 5,600 317 5,352 896 998 59,256 53,286 1,228 4,742 113,554 2,565 Apr..................... 45,335 867 5,335 307 5,323 849 994 59,010 52,959 1,343 4,707 115,845 2,580 May.................... 45,529 991 5,311 297 5,353 854 995 59,330 53,075 1,480 4,774 116,497 2,637 45,688 923 5,150 286 5,397 963 1,007 59,415 53,318 1,332 4,765 115,006 2,464 July..................... 45,968 1,035 5,101 280 5,494 852 1,042 59,772 53,523 1,499 4,750 104,630 2,353 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 * See note 3, p. 1479. 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. < 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

1494 SAVINGS INSTITUTIONS OCTOBER 1966 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort­ Real Policy Other assets Total U St n a i t t e e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks gages estate loans assets Statement value: 1941............................................. 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945............................................. 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 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—July................................ 154,418 12,018 5,311 3,652 3,055 64,356 57,608 6,748 57,663 4,640 7,464 8,277 Aug................................. 155,186 11,982 5,321 3,606 3,055 64,629 57,834 6,795 58,017 4,653 7,510 8,395 Sept........................ 156,040 11,897 5,259 3,584 3,054 64,899 57,944 6,955 58,411 4,677 7,552 8,604 Oct.................................. 156,891 11,758 5,163 3,544 3,051 65,530 58,342 7,074 58,824 4,682 7,589 8,622 Nov................................. 157,641 11,677 5,110 3,523 3,044 65,672 58,539 7,133 59,276 4,695 7,623 8,698 Dec......................... 158,702 11,597 5,064 3,507 3,026 65,520 58,377 7,243 60,021 4,681 7,674 9,109 1966—Jan.................................. 159,628 11,631 5,132 3,472 3,027 66,158 58,867 7,291 60,518 4,694 7,722 8,905 Feb.................................. 160,234 11,624 5,159 3,444 3,021 66,323 59,031 7,292 60,881 4,704 7,772 8,930 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 May................................ 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 July................................ 163,488 10,985 4,852 3,219 2,914 67,982 60,713 7,269 62,969 4,777 8,288 8,487 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item separately but are included in total, in “other assets,” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E p n er d i o o d f M ga o ge rt s ­ s G e U c o . u S v r . t i , ­ Cash 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 e n v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n c s e s i s n Other c m o l m e o n a m n ts it 4 ­ ties profits 1941...................... 4,578 107 344 775 6,049 4,682 475 256 6 1945...................... 5'376 2,420 450 356 8’,747 7'365 644 336 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 21680 4J31 71,476 62'142 41983 2' 197 1,186 968 1,359 1961...................... 68,834 5,211 3'315 41775 82335 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 61445 3,979 6,191 107,559 91'308 7'209 5,015 2,528 11499 2,614 1964 ..................... 101,333 6,966 4,015 71041 119,355 101,887 7,899 5,601 2,239 1,729 2,590 1965—July........... 106,668 7,173 3,258 7,584 124,683 105,645 8,329 6,091 2,433 2,185 3,195 107,513 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 21329 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 2,993 109'507 71439 31539 8,101 128,586 108,628 8,357 6,071 2,217 3,313 2,911 Dec........... 110,202 7’405 3,899 71936 1291442 110,271 8; 708 6'440 2,189 1^834 2,745 1966—Jan............ 110,700 7,694 3,321 7,799 129,514 110,194 8,713 6,262 2,107 2,238 2.808 Feb........... 111'246 7,842 31391 7,868 130.347 110,722 8,730 6,102 2,104 2,689 2,937 Mar........... 1121001 7,850 3,249 8,018 131,118 111,560 8,721 61070 2,223 2^544 3,281 Apr........... 112,736 7,637 3,096 8,129 131,598 110,787 8,720 6,949 2,289 2,853 3,200 May..... 1131249 7; 632 3,179 8,542 132,602 111,174 8,726 7; 139 2,278 3^85 2,927 June......... 113,669 7,340 3,369 8,421 132,799 112,359 9,002 7,345 2,161 1,932 2,568 July........... 113,723 7,301 2,820 8,306 132,150 110,848 9,000 7,883 1,992 2,427 2,307 i Includes other loans, stock in the Federal home loan banks, other 4 Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on opposite page) would include loans in process. and fixtures. 2 Before 1958, mortgages are net of mortgage-pledged shares. Asset Note.—Federal Savings and Loan Insurance Corp, data; figures are items will not add to total assets, which include gross mortgages with no estimates for all savings and loan assns. in the United States. Data deductions for mortgage-pledged shares. Beginning with Jan. 1958, no beginning with 1954 are based on monthly reports of insured assns. and deduction is made for mortgage-pledged shares. These have declined annual reports of noninsured assns. Data before 1954 are based entirely consistently in recent years and amounted to $42 million at the end of on annual reports. Data for current and preceding year are preliminary 1957. even when revised. 3 Consists of advances from FHLB and other borrowing. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 FEDERALLY SPONSORED CREDIT AGENCIES 1495 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks (s F M e e c d o o e r n r t d g a a a l r g y N e m a A ti a o s r s n k n a e , l t B f a o n r k s inte F r e m de e r d a i l a te Fe la d n e d ra l cooperatives credit banks banks Assets Liabilities and capital operations) End of period v m a A n t e o d c m e ­ s ­ I m nv e e n s ts t­ C a d a n e s d ­ h B n a o o n n t d e d s s M d b e e e m r ­ ­ C s a to p c it k al M l g o a a o g n r e t s ­ D n t a u e o n b r t e d e e s s n ­ c L a o t o o i t v a o p n e e s s r ­ D tu eb re e s n­ c L o a d o u n i a s n d n ­ t s s D t e u b re e s n­ M l g o a a o g n r e s t ­ Bonds bers posits posits (A) (L) (A) (L) (A) (L) (A) (L) 1957............... 1,265 908 63 825 653 685 1,562 1,315 454 222 932 886 919 1,599 1958.............. L298 999 75 714 819 769 1,323 1,100 510 252 1,157 1,116 2,089 U743 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 1961............... '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.............. 4^84 1,906 159 4,363 1J51 1,171 2,000 1J88 840 589 2,099 1,952 3,310 2^834 1964.............. 5,325 1,523 141 4,369 1,199 1,227 1,940 1,601 958 686 2,247 2,112 3,718 3,169 1965—Aug... 5,770 1,578 79 5,057 903 1,268 2,062 1,804 944 710 2,786 2,627 4,135 3,612 Sept... 5,802 1,567 85 5,046 944 1,270 2.108 1,756 940 708 2,725 2,603 4,171 3,612 Oct... 5,826 1,574 75 5,018 965 1,272 2,169 1,845 1,009 744 2,617 2,501 4,204 3,671 Nov... 5,724 1,838 80 5,221 936 1,275 2,290 1,918 1,082 787 2,501 2,386 4,245 3,671 Dec... 5,997 1,640 129 5,221 1,045 1,277 2,456 1,884 1,055 797 2,516 2,335 4,281 3,710 1966—Jan.. . 5,898 1,424 80 5,068 844 1,281 2,666 2,338 1,113 797 2,541 2,342 4,328 3,710 Feb... 5,739 1,539 9t 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 Aug... 7,226 1,623 76 6,615 711 1,355 3,891 3,414 1,190 882 3,139 2,990 4,853 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, AUGUST 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 Ioan banks Federal National Mortgage Federal land banks—Cont. Notes: Association—Cont. Bonds: Sept. 26, 1966.......... 4.60 500 Debentures: Feb. 15, 1967-72..................4/8 72 Oct. 25, 1966.......... 5.15 506 Sept. 10, 1970......................4/8 119 Feb. 20, 1967.......................4% 126 Nov. 25, 1966.......... 5.30 323 Aug. 10, 1971......................4/8 64 Feb. 20, 1967.....................5.60 125 Jan. 25, 1967.......... 5.65 250 Sept. 10, 1971......................414 96 May 22, 1967.......................4 180 Feb. 27, 1967.......... 5.40 543 Feb. 10,1972........................5% 98 Aug. 21, 1967.......................4% 179 Mar. 27, 1967.......... 5.40 575 June 12, 1972......................4% 100 Oct. 1, 1967-70.................4^2 75 Apr. 25, 1967........... 5.55 656 June 12, 1973......................4% 146 Oct. 23, 1967.......................4/8 174 Feb. 10, 1977......................4% 198 Oct. 23, 1967.......................51/4 150 Bonds: Jan. 22, 1968....................... 130 Nov. 15, 1966 275 Mar. 20, 1968.......................4^ 111 Jan. 25, 1967 375 Banks for cooperatives May 20, 1968.......................5W 242 June 26, 1967 500 June 20, 1968.......................4 186 A J S M M u e u l a a p g y r r t . . . . 2 2 1 8 5 6 1 1 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 7 7 8 8 7 2 2 5 5 1 3 5 5 9 8 5 0 0 0 5 De O N D F b e o e c e b c t v n . . . . t ur 3 e 1 1 1 , , , , s : 1 1 1 1 9 9 9 9 6 6 6 6 6 6 6 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 5 . % . . 9 4 3 0 0 0 2 2 2 1 3 6 3 51 6 6 0 J J O A M u u c u l l a y t y g r . . . 2 2 2 1 1 0 0 0 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 9 9 9 9 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 4 4 1 * % % % 4 4 2 1 1 1 0 6 3 0 6 9 0 0 0 0 Mar. 25, 1969 300 Feb. 20. 1970.......................5 >4 82 Federal intermediate credit banks Apr. 1, 1970.......................3»4 83 Federal National Mortgage Associa­ Debentures: July 20, 1970.......................5/» 85 tion—secondary market opera­ Sept. 1, 1966..............4.60 290 May 1, 1971.......................34 60 tions Oct. 3, 1966........ ........4.90 312 Sept. 15, 1972.......................3% 109 Nov. 1, 1966........ ........5.00 367 Feb. 20, 1973-78.................4 4 148 Discount notes.................................... 884 Dec. 1, 1966.......... ........5.15 351 Feb. 20, 1974.......................44 155 Jan. 3, 1967.......... ........5.35 383 Apr. 21, 1975.......................44 200 Debentures: Feb. 1, 1967.......... ........5.35 396 Feb. 24, 1976.......................5 123 Dec. 12, 1966. 4% 93 Mar. 1, 1967.......... ........5.60 312 July 20,1976......................5% 150 Feb. 10, 1967. 5 150 Apr. 3,1967......... ........5.60 283 Apr. 20, 1978.......................5 4 150 May 10, 1967. 5^o 250 May 1, 1967......... ............5^ 298 June 12, 1967. 5?*o 400 Tennessee Valley Authority Oct. 11,1967. 4^ 150 Short-term notes........................ 140 Mar. 11, 1968. .3% 87 Federal land banks Bonds: Sept. 10, 1968 5% 350 Bonds: Nov. 15, 1985......................4.40 50 Apr. 10, 1969. 4% 88 Sept. 20, 1966.....................4.55 219 July 1,1986........................44 50 Apr. 10, 1970. 4% 142 Dec. 20, 1966.....................4% 239 Feb. 1, 1987........................44 45 Note.—These securities are not guaranteed by the U.S. Govt.; see also note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1496 FEDERAL FINANCE OCTOBER 1966 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U. S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net Bu n d e g t et T f P u r l n u u d s s s : t g I L n o e v t s r t s a . : ­ 1 E r T e q o c u t t a s a l . l s 2 : Budget f T P un l r u u d s s s : t 3 A m L d e e n j s u t s s s : '* t ­ E p T q a o u y t a t a s l l . s : p re a o c y r t t s s . . C (d d h i i e a r n b n e c t 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 Cal. year—1963........... 87,516 29,255 4,144 112,575 94,188 28,348 5,313 117,222 -4,647 7,672 2,535 883 4,255 1964........... 88,696 30,742 4,324 115,030 96,944 28,396 5,069 120,271 -5,241 9,084 2,684 619 5,780 1965.......... 96,679 31,384 4,449 123,376 101,379 31,014 4,473 127,919 -4,543 4,673 1,386 417 2,872 Fiscal year—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—Jan.-June.... 53,569 17,232 2,377 68,352 48,415 15,314 2,845 60,884 7,468 447 2,850 16 -2,417 July-Dec........ 43,110 14,152 2,072 55,024 52,964 15.700 1,628 67,035 -12,011 4,226 -1,464 401 5,289 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—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 Aug................. 7,197 4,973 330 11,764 11,042 2,627 -1,537 15,206 -3,442 5,611 3,103 130 2,377 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 i c n 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 l c u i e t s t f T un ru d s s t 3 a C c l c e o a u ri n n t g s i M ss s u a e o a r e f k n . 3 c e e t i I n G n s e v o U c e v . s . t S 3 t , , . p d g d u i r e i r b o n e b l s c i t s c t T o r H u e t a e s s l i u d d r e y a T u c r c r e e o a r u ’ s s n ­ t Balance B F a . n R k . s a l T a c o n c a a d t x n s . O as n t s e h e t e t s r Fiscal year—1963......... -6,266 1,143 122 1,022 -2,069 7,659 -74 1,686 12,116 806 10,324 986 1964......... -8,226 1,446 948 1,880 -2,775 5,853 206 -1,080 11,036 939 9,180 917 1965......... -3,435 1,410 -804 1,372 -2,356 5,561 174 1,575 12,610 672 10,689 1,249 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 1,098 1965—Jan.-June........ 5,154 1,918 452 1,114 -2,850 -667 -193 5,316 12,610 672 10,689 1,249 July-Dec.......... -9,853 -1,548 -845 596 1,464 3,630 -528 -6,028 6,582 708 4,577 1,297 1966—Jan.-June”.... 7,567 1,611 -23 3,482 -5,035 -997 781 5,825 12,407 766 10,050 1,591 Month: 1965—Aug.............. -1,640 2,223 -1,273 473 -2,515 1,658 -215 -858 7,627 916 5,548 1,163 Sept.................. 1,548 -1,189 1,130 -49 1,210 -1,493 148 1,010 8,637 1,002 6,394 1,241 Oct................... -5,455 -1,186 317 33 1,308 2,154 24 -2,852 5,786 1,053 3,534 1,199 Nov.................. -999 305 -932 168 -519 2,810 -141 974 6,759 719 4,872 1,168 Dec................... 126 -701 233 -45 935 -807 -81 -177 6,582 708 4,577 1,297 1966—Jan.................... -2,356 -2,097 287 265 1,897 1,099 171 -1,076 5,506 823 3,360 1,323 Feb................... 179 1,560 -629 260 -1,749 1,308 -44 973 6,479 805 4,399 1,275 Mar.................. 1,104 -251 987 341 -2 -2,312 90 -224 6,255 521 4,444 1,290 Apr................... 1,567 -1,120 148 732 1,170 -1,416 627 453 6,708 512 4,491 1,705 May................. -603 2,180 -454 1,070 -4,023 2,777 -423 1,370 8,077 902 6,003 1,172 June*............... 7,676 1,340 -362 814 -2,327 -2,452 359 4,330 12,407 766 10,050 1,591 July.................. -4,561 -805 497 297 333 -627 -253 -4,613 7,794 1,232 5,147 1,415 Aug.................. -3,845 2,347 -1,996 470 -3,103 5,141 -139 -850 6,944 1,614 4,014 1,316 1 Primarily interest payments by Treasury to trust accounts and accumu­ * Primarily (I) intragovt, transactions, (2) noncash debt, (3) clearing lations to U.S. employee trust funds. accounts. ^ Includes small adjustments not shown separately. 5 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

OCTOBER 1966 FEDERAL FINANCE 1497 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Total W I it n h d ­ ivid O u t a h l er Co ra r t p e o­ Total a L b n i a q d c u c t o o o r ­ H w ig ay h­ Total F R a I n . C R 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 a n t d y . t s ­ fu R n e d ­ s Other held 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 42,769 18,486 30,835 13,407 5,888 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 2,825 1,969 15,927 13,498 2,166 1,815 913 977 6,190 2,127 Month: 1965-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 1,158 578 361 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 Aug............ 11,764 5,095 173 606 1 ,249 n.a. 530 3,999 3,185 770 224 179 174 198 263 Cash payments to the public Period Total s t f i N e d o n e n 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 l e ­ i­ so N u u r r e r 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........ 67,035 27,085 2,225 2,838 3,369 1,694 3,955 1,142 16,373 705 2,587 4,403 1,257 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—Aug................. 12,299 4,393 346 482 '1,056 '329 611 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 Aug................ 15,206 5,675 438 441 1,380 401 797 33 2,923 359 496 1,435 230 1964 1965 1966 1964 1965 1966 Item III IV I II III IV I II* in IV 1 It III IV 1 II* Seasonally adjusted Not seasonally adjusted Cash 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

1498 U.S. GOVERNMENT SECURITIES OCTOBER 1966 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 End of period d T g e r o b o t t s a s l 1 d d T g e i r o r b o e t t s a c s l t 2 Total Marketable C ve o r n t­ ­ Nonmarketable i S s p su e e c s ia l 6 Total Bills C c e a r t t e if s i­ Notes Bonds 4 bo ib n l d e s Total 5 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 6 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—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 50.7 324.9 324.4 266.5 211.4 57.9 7.0 45.9 100.6 2.7 52.4 50.6 53.2 Sept............................ 325.3 324.7 266.9 211.8 58.3 7.0 45.9 100.5 2.7 52.5 50.6 53.1 1 Includes non-interest-bearing debt (of which $266 million, on Sept. 30, 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 $15,960 million on Aug. 31, 1966. bonds. 6 Held only by U.S. Govt, agencies and trust funds. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note.—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E pe n r d i o o d f T g d r o e o t b s a t s l ag G t U a e r o n n u . v S 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 av a u n i t n u k g a s s l p I c a n a o n n s m c u i e e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S l a o o t n v c a d a t t 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 n t o e e d i n 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 1960—Dec................. 290.4 55.1 27.4 207.9 62.1 6.3 11.9 18.7 18.7 45.6 20.5 13.0 11.2 1961—Dec................. 296.5 54.5 28.9 213.1 67.2 6.1 11.4 18,5 19,0 46.4 19.5 13.4 11.6 1962—Dec................. 304.0 55.6 30.8 217.6 67.2 6.1 11.5 18.6 20.1 46.9 19.2 15,3 12.7 1963—Dec................. 310.1 58.0 33.6 218.5 64.3 5.8 11.3 18.7 21.1 48.1 20.1 15.9 13.3 1964—Dec................. 318.7 60.6 37.0 221.1 64.0 5,7 11.1 17.9 21,2 48.9 21.1 16.7 14.5 1965—Aug................. 318.7 64.8 39.0 214.9 56.5 5.7 10.6 16.1 23.6 49.4 22.4 15.9 14.7 317.3 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 Nov................ 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 14.7 322.4 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 Mar................. 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 Apr......... 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 May................ 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 June............... 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 '15.3 '14.4 Aug................. 324.9 69.3 42.5 213.1 54.4 5.0 9.7 15.2 24.0 50.0 24.7 15.4 14.8 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. 2 Includes savings and loan assns., dealers and brokers, nonprofit institutions, and corp, pension funds. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 US. GOVERNMENT SECURITIES 1499 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—July 31............................................................. 209,108 89,138 54,931 34,207 60,932 33,592 8,439 17,007 Aug. 31............................................................. 211,402 92,238 57,936 34,302 62,957 30,783 8,437 16,987 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—July 31..................................................... 13,481 1,539 611 928 3,248 3,134 2,080 3,479 Aug. 31..................................................... 13,856 1,792 769 1,023 3,804 2,698 2,083 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—July 31..................................................... 42,380 27,009 10,470 16,539 13,622 1,352 153 244 Aug. 31 ............................................... 42,518 27,231 10,702 16,529 13,699 1,192 153 244 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—July 31................................................... 153,247 60,590 43,851 16,739 44,061 29,106 6,205 13,284 Aug. 31..................................................... 155,028 63,215 46,465 16,750 45,454 26,893 6,201 13,264 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—July 31............................................ 43,953 12,273 4,958 7,315 19,563 11,248 399 470 Aug. 31............................................ 45,005 13,992 6,481 7,511 19,900 10,235 401 478 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—July 31............................................. 4,851 693 329 364 1,357 1,448 301 1,051 Aug. 31............................................ 4,811 671 335 336 1,458 1,336 297 1,049 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—July 31............................................. 8,185 560 238 322 1,973 1,844 1,098 2,709 Aug. 31............................................ 8,152 617 300 317 1,990 1,757 1,086 2,703 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—July 31............................................. 6,650 4,903 3,081 1,822 1,428 219 27 73 Aug. 31............................................ 6,719 5,022 3,108 1,914 1,405 231 6 54 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—July 31............................................. 3,595 529 292 237 985 1,355 261 466 Aug. 31............................................. 3,612 530 342 188 1,099 1,258 258 467 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—July 31.................................... 16,900 6,758 5,777 981 2,036 1,775 1,963 4,368 Aug. 31............................................. 16,534 6,388 5,362 1,026 2,165 1,671 1,949 4,362 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—July 31............................................. 69,114 34,874 29,176 5,698 16,719 11,219 2,156 4,146 Aug. 31............................................ 70,194 35,995 30,538 5,457 17,438 10,406 2,204 4,152 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 5,923 commercial banks, 504 mutual savings Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1500 U.S. GOVERNMENT SECURITIES OCTOBER 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. Within 1-5 5-10 Over Com­ All 1 year years years 10 years mercial other U.S. Govt, Other banks securities 1965-—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 1,753 374 127 31 662 59 944 621 161 Mar................. 2,100 1,650 231 180 38 683 69 851 495 188 Apr.......................... 1,823 1,550 156 91 26 515 51 740 517 218 May................................ 1,882 1,564 202 86 30 514 78 746 543 221 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 Aug................................. 1,785 1,497 189 62 38 573 78 721 413 175 Week ending— 1966—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.......................... 1,964 1,606 233 66 60 647 101 749 466 147 Sept. 7......................... 2,031 1,646 211 108 66 672 122 733 504 160 14.......................... 1,734 1,440 174 68 53 599 111 686 338 149 21.......................... 1,967 1,691 172 81 21 832 87 696 351 167 28......................... 2,107 1,802 198 74 32 792 90 760 465 206 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 it c t i , y e s Period sou A r l c l es Y N o ew rk w E h ls e e r ­ e C t o io rp n o s r 1 a­ o A th l e l r City 1965—Aug.......... 3,548 2,907 222 419 375 Sept...... 2'858 2,622 75 161 298 1965—Aug............ 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 21928 176 94 302 2,579 823 605 871 279 Dec........... 3^049 2,856 187 5 280 Nov....... 3,016 829 519 1,451 217 Dec............. 3,275 1,014 531 1'389 340 2,651 2.725 -58 -16 244 Feb...... 1,927 1,937 8 -20 316 2,708 767 652 906 383 Mar.......... 11963 2,045 -101 20 356 Feb............. 2,309 549 421 972 367 21867 2,798 6 63 814 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 2,787 ’744 602 1,067 375 July.......... 1,681 1,587 49 45 408 June 2,065 523 476 796 270 Aug...... 21188 2,001 181 6 208 July............. 2,'127 623 481 737 287 Aug............ 2,229 394 430 925 480 Week ending—• Week ending— 1966—July 6. . 1,558 1,424 58 77 515 13. . 1,600 1,492 42 66 478 1966—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 Aug. 3 . . 2,132 2,037 74 22 262 10. , 1,895 1,597 279 19 191 Aug. 3 . .. 2,214 459 517 778 460 17. . 1,884 1,673 204 8 194 10. 2,223 298 364 857 705 24. . 2,358 2,212 156 -10 240 17. 2,314 465 393 901 556 31 . . 2,627 2,479 148 1 195 24. 1,834 237 305 992 300 31 . .. 2,520 579 633 1,011 297 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

OCTOBER 1966 GOVERNMENT SECURITIES 1501 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, SEPTEMBER 30, 1966 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Oct, 6, 1966, 2,304 Mar. 9, 1967.............. 1,004 Nov. 15, 1967........4^ 8,135 Oct. 1, 1969...........4 6,256 Oct. 13, 1966, 2,303 Mar. 16, 1967................... 1,000 Apr. 1, 1968....... 1ft 212 Feb. 15, 1970...........4 4,381 Oct. 20, 1966, 2,302 Mar. 22’, 1967................... 2,006 Oct. 1,1968.........1% 115 Aug. 15, 1970..........4 4,129 Oct. 27, 1966, 2,301 Mar. 23’ 1967................... 1,000 Apr. 1, 1969.........1ft 61 Aug. 15, 1971..........4 2,806 Oct 31, 1966. 1,000 Mar. 30’ 1967................... 1 ,001 Oct. 1,1969.........li/i 159 Nov. 15, 1971............3’/s 2,760 Nov. 3, 1966. 2,290 Mar. 31, 1967................... 1 ,000 Apr. 1, 1970....... 1ft 88 Feb. 15, 1972...........4 2,344 Nov. 10, 1966, 2,303 Apr. 21' 1967................... 1,003 Oct. 1,1970.........l>/2 113 Aug. 15, 1972...........4 2,579 Nov. 17, 1966. 2,302 Apr. 30; 1967................... 1,001 Nov. 15, 1970........5 7,675 Aug. 15, 1973...........4 3,894 Nov. 25, 1966. 2,301 1,001 Apr. 1,1971.........144 27 Nov. 15, 1973...........4% 4,356 Nov. 30, 1966. 1,001 1 ,501 May 15, 1971.........5% 4,267 Feb. 15, 1974...........4ft 3,130 Dec. 1,1966. 2,301 July 31, 1967................... 995 May 15, 1974...........4% 3,593 Dec. 8, 1966. 2,303 Aug. 31,' 1967................... 1,000 Treasury bonds Nov. 15, 1974.......... 2,242 Dec. 15, 1966. 2,302 Sept. 30, 1967................... 900 June 15, 1962-67...2ft 1,430 May 25, 1975-85...4ft 1,217 D D J D a e e e n c c c . . . . 2 3 2 1 9 2 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 7 6 6 6 , . . . 2 2 1 1 , , , , 3 0 3 0 0 0 0 0 1 1 1 3 Ce N A rt u o if g v ic . . 1 a 5 te . 1 s 5 1 , 9 1 6 9 6 6 .. 7 ... . . . . . . . . .. 4 .. % .51/4 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 4 3 4 5 - - - - 6 6 6 7 9 8 9 0 . . . . . . . . . . . . 2 2 2 2 f f f t t t 2 2 2 1 , , , , 4 5 2 7 9 4 9 9 5 6 7 0 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 8 7 0 0 5 8 . . . . . . - . . . . . . 8 . . . . . . 3 . . . . . . . . . . . . . . . . . . . 3 4 3 3 W % ft 2 1 1 1 , , , , 6 9 5 1 1 0 7 2 1 8 6 4 Jan. 12, 1967. 1,001 Treasury notes Nov. 15, 1966............334 1 ,265 Aug. 15, 1987-92...4'% 3,818 Jan. 19, 1967. 1,001 Oct. 1,1966..........U/2 357 Mar. 15, 1966-71... 2ft 1,396 Feb. 15, 1988-93...4 250 Jan. 26, 1967. 1,002 Nov. 15, 1966.........4 1,672 June 15, 1967-72... 2ft 1,267 May 15, 1989-94.. ,4i/s 1,560 Jan. 31, 1967. 1,001 Feb. 15, 1967.........3% 2,358 Sept. 15, 1967-72... 2ft 1,952 Feb. 15, 1990............3i/2 4,895 Feb. 2, 1967. 1,001 Feb. 15, 1967.........4 5,151 Nov. 15, 1967.......... 2,019 Feb. 15, 1995...........3 2,045 Feb. 9, 1967. 1,000 Apr. 1,1967..........li/2 270 Dec. 15, 1967-72... 2ft 2,658 Nov. 15, 1998............3>A 4,399 Feb. 16, 1967, 1,001 May 15, 1967..........4% 9,748 May 15, 1968.......... 2,460 Feb. 23, 1967, 1,003 Aug. 15, 1967.........33% 2,929 Aug. 15, 1968............3’% 3,747 Convertible bonds Feb. 28, 1967. 1,000 Aug. 15, 1967.........4% 2,117 Nov. 15, 1968............3ft 1,591 Investment Series B Mar. 2, 1967. 1,000 Oct. 1, 1967........ 1^ 457 Feb. 15, 1969..........4 3,728 Apr. 1, 1975-80... 2 ft 2,676 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 Total G g o a e b t a n i l l o e i­ n r­ s R n e u v e e­ PHA1 G l U o o a .S v n . t s , State S d a p i s a s u t e n t a t c r d h t i i , c a . t l Other 2 ered 3 Total c E a d ti u o ­ n R br a o i n a d d d g s e s i U ti t e il s ­ 4 H in o g u s s­ V a a e n i t d s e ’ r ­ O p p o t u s h e r e ­ s r 1960. 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961. 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2,821 1,167 1,700 385 478 1,913 1962. 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963. 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1964. 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965.................. 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 1965--Aug... , 733 373 224 132 4 38 271 425 1 ,004 648 191 51 113 139 155 Sept.. . . 1,008 770 224 14 337 280 390 761 966 203 194 116 3 451 Oct........ 844 477 343 24 193 320 332 965 794 197 79 109 87 322 Nov.. . . 1,043 836 191 17 241 271 531 926 1,021 383 74 289 13 * 260 Dec....... 764 365 283 90 25 67 367 330 1,100 754 216 137 164 91 .........1..4..5 1966--Jan........ 1,218 889 304 25 471 286 462 n.a. 1,183 '388 230 152 2 412 Feb....... '867 '614 '240 13 '190 '172 '505 n.a. '857 '208 68 '137 '444 Mar.. . . 878 554 201 96 28 151 311 416 n.a. 868 380 25 159 99 205 Apr....... '1204 '817 341 46 454 365 384 n.a. 1,186 329 105 134 2 616 May.... '905 '507 '378 '21 '118 '318 '469 n.a. '904 '251 134 '280 2 '237 June.... '1,134 '582 '391 110 '51 '275 '424 '435 n.a. '1,133 '506 '118 '197 110 '202 July. . .. 679 401 266 12 167 240 272 n.a. 679 215 135 67 11 250 Aug. .. . 740 417 299 ............. 24 129 266 344 n.a. 737 263 31 98 6 339 i Only bonds sold pursuant to 1949 Housing Act; secured by contract 5 Includes urban redevelopment loans. requiring the Public Housing Administration to make annual contributions to the local authority. Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Qovt. loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale, Investment Bankers Assn, data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1502 SECURITY ISSUES OCTOBER 1966 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Proposed use of net proceeds, ail corporate issues 6 Noncorporate Corporate New capital Period Re­ Bonds Stock tire­ Total G U o . v S t . .2 G a U c g y o . e v S n 3 t . ­ , l S o U a c t n a . a S d t l e . 4 Other 5 Total Total o P f li f u c e l r b y e ­ d p v l P a a t r c e i e l ­ y d fe P r r r e e ­ d C m o o m n ­ Total Total m N on ew ey 7 O p p o t u h s r e e ­ s r m s r e it o e c ie f u n 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 9,653 8,758 895 271 1961..................... 35,527 12,253 1 ,448 8,360 303 3.165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 868 1962..................... 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1,507 754 1963..................... 31,616 7,213 1,168 10,107 891 12,237 10,872 4,714 6,158 342 1,022 12,081 10,553 8,993 1,561 1,528 1964..................... 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 13,792 13,038 11,233 1,805 754 1965..................... 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1 ,547 15,801 14,805 13,063 1 ,741 996 1965—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 2,948 331 179 768 25 1 ,646 1,487 326 1,161 87 72 1,632 .496 1,279 217 136 1966-Jan.......... 3,021 475 1,176 30 1,339 1,152 460 692 119 68 1,325 1 207 1 ,214 88 22 Feb.......... 3,008 345 503 845 42 1,273 1,143 560 583 75 55 1,259 ’737 1,068 169 22 Mar.'.... 4,250 457 410 848 54 2,482 2,065 753 1,311 21 396 2,452 2,446 2,039 407 7 3,668 426 392 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 1,106 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 July..... 3,425 411 1 ,084 678 159 1,093 983 440 543 70 40 1,079 1,046 969 77 33 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 a u n 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 2,40! 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—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 Dec........................................ 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 * 111 2 Mar....................................... 977 7 160 373 340 301 294 Apr........................................ 692 4 154 2 148 364 76 119 1 May.................,.................. 376 12 137 22 75 274 40 4 156 June...................................... 1,137 14 145 6 207 3 322 4 276 276 2 July...................................... 442 2 86 2 55 263 22 50 150 8 i Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price, 7 For plant and equipment and working capital. 2 Includes guaranteed issues. 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. 4 See Note to table at bottom of opposite page. Note.—Securities and Exchange Commission estimates of new issues 5 Foreign governments, International Bank for Reconstruction and maturing in more than I year sold for cash in the United States. Development, and domestic nonprofit organizations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 SECURITY ISSUES 1503 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire­ Net New Retire­ Net issues ments change issues ments change I c n o ve s s .1 t, Other In c v o e s s .1 t. Other I c n o ve s s .1 t. Other I960 ..................... 13,503 4,962 8,541 8,072 3,078 4,994 2,706 2,725 855 1 ,029 1,851 1,696 1961.......................... 17,515 6,999 10,515 9,194 4,024 5,170 3,867 4,454 1,171 1,804 2,696 2,650 1962 ....................... 14,308 6,457 7,852 8,613 3,749 4,864 3,440 2,255 1,140 1,567 2,300 688 1963 ....................... 15,641 8,711 6,930 10,556 4,979 5,577 3,138 1,948 1,536 2,197 1 ,602 -249 1964 ........................ 18,767 8,290 10,477 10,715 4,077 6,637 4,304 3,748 1,895 2,317 2,409 1,431 1965......................... 21,415 10,025 11,390 12,747 4,649 8,098 5,463 3,205 2,134 3,242 3,329 -37 1965 n in .. . . . .. . . . .. . . . .. . . . . . .. . . . .. 6 5 , , 3 0 3 6 3 4 2 2 , , 5 5 2 7 9 0 3 2 , , 8 4 0 9 3 4 4 3 , , 0 2 0 0 7 7 1 1 , , 2 2 5 3 2 2 2 1 , , 7 9 5 7 5 5 1 1 , , 2 1 4 2 3 4 1 ,0 7 8 33 3 5 4 1 7 5 7 7 86 6 1 2 7 6 2 4 8 7 -1 3 2 2 8 1 IV................. 5,809 2,847 2,962 3,261 1,178 2,084 1,770 778 657 1,012 1,113 -235 1966__I................... ^7,782 3,158 *■4,624 4,568 1,335 3,233 r2,204 1,010 671 1,152 *•1,533 -142 II.................. 7,639 2,354 5,287 3,993 1,153 2,841 1,640 2,006 669 532 971 1,475 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & B n on o d te s s Stocks & B n on o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1960 ....................... 399 462 261 -46 173 -42 1,689 635 901 356 1,572 2,182 1961 ....................... 2,012 415 516 -447 71 -7 1,648 704 149 1,457 775 3,224 1962......................... 1,355 -242 294 -201 -85 -25 1,295 479 1,172 357 833 2,619 1963 ....................... 1 ,804 -664 339 -352 316 -19 876 245 438 447 1,806 1,696 1964.......................... 1,303 -516 507 -483 317 -30 1,408 476 458 1,699 2,644 2,694 1965......................... 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 3,319 1965^11.................. 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 IV................. 612 -243 163 -10 52 -3 215 -189 124 130 918 1,193 1966—I.................... 1,440 -543 169 49 348 28 756 166 249 168 270 *•1,523 ii............ 950 657 232 -72 166 648 679 119 549 157 264 938 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. 1501. actions only. As contrasted with data shown on p. 1501 new issues exclude OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re t d io e n m s p­ s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C s a it s i h o n Other 1955............... 1,207 443 765 7,838 438 7,400 1965—Aug... 272 142 129 31,762 1,815 29,947 1956............... 11347 433 914 9'046 492 8,554 Sept... 381 183 199 32^824 1,787 31,037 1957............... 1,391 406 984 8'714 523 8,191 Oct.... 394 173 220 33^921 1 '758 32'163 1958............... l,'62O 5U 1,109 13,242 634 12,608 Nov... 360 163 197 34 ,’53 3 1 ,847 32,686 Dec... 475 176 299 35;220 1,803 33,417 1959............... 2,280 786 1,494 15,818 860 14,958 1960............... 2i 097 842 1,255 17'026 973 16^053 1966—-Jan.... 507 191 316 36,213 2,009 34,204 1961............... 2^51 1,160 L791 22^789 980 21'809 Feb... 440 229 211 36,178 2’094 34'084 1962............... 2,699 1,123 1,576 21'271 1,315 19'956 Mar.. 592 244 348 36,173 2,040 34,133 Apr... 538 255 284 37,136 2^107 35;029 1963............... 2,460 1,504 952 25,214 1,341 23,873 May.. 478 216 261 35,453 2,278 33,175 1964............... 3,404 1.875 1,528 29’116 1,329 27,787 June.. 380 194 186 35,429 2.337 33^092 1965............... 4359 1,962 2^395 35^220 1,803 33'417 July... 363 153 210 35,082 2,472 32^610 Aug.,. 357 187 170 32;553 2^657 29,896 1 Includes contractual and regular single purchase sales, voluntary Note.—Investment Company Institute data based on reports of and contractual accumulation plan sales, and reinvestment of invest­ members, which comprise substantially all open-end investment cos. regis­ ment income dividends; excludes reinvestment of realized capital gains tered with the Securities and Exchange Commission. Data reflect newly dividends. 2 Market value at end of period less current liabilities. formed 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

1504 BUSINESS FINANCE OCTOBER 1966 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1964 1965 1966 Industry 1961 1962 1963 1964 1965 IV I II III IV Ir 11 Manufacturing Total (177 corps.): Sales.......................................................... 123,669 136,545 147,380 158,253 176,676 40,972 42,742 45,344 41,946 46,644 47,068 49,341 Profits before taxes......................................... 13,268 15,330 17,337 18,734 22,043 4,636 5,517 6,021 4,723 5,782 5,934 6,336 Profits after taxes............................................ 7,167 8,215 9,138 10,462 12,482 2,698 3,081 3,399 2,732 3,269 3,323 3,609 Dividends........................................................ 4,730 5,048 5,444 5,933 6,541 1,873 1,411 1,629 1,435 2,066 1,569 1,729 Nondurable goods industries (78 corps.):1 Sales.......................................................... 49,362 52,245 55,372 59,770 64,635 15,429 15,453 16,131 16,320 16,732 17,299 18,145 Profits before taxes........................................ 5,602 5,896 6,333 6,881 7,818 1,773 1,804 1,985 2,014 2,014 2,132 2,336 Profits after taxes............................................ 3,225 3,403 3,646 4,121 4,798 1,090 1,112 1,213 1,222 1,251 1,295 1,403 Dividends........................................................ 2,031 2,150 2,265 2,408 2,541 690 606 607 617 711 650 662 Durable goods industries (99 corps.):2............. Sales................................................................... 74,307 84,300 92,008 98,482 112,041 25,543 27,289 29,214 25,626 29,912 29,769 31,196 Profits before taxes....................................... 7,666 9,434 11,004 11,853 14,225 2,863 3,713 4,036 2,709 3,768 3,802 4,001 Profits after taxes............................................ 3,942 4,812 5,492 6,341 7,684 1,608 1,970 2,186 1,509 2,018 2,027 2,206 Dividends.............................................. 2,699 2,898 3,179 3,525 4,000 1,183 804 1,022 819 1,355 919 1,067 Selected industries: Foods and kindred products (25 corps.): Sales............................................................... 12,951 13,457 14,301 15,284 16,345 3,939 3,868 4,082 4,194 4,200 4,331 4,483 Profits before taxes........................................ 1,440 1,460 1,546 1,579 1,710 413 388 433 452 436 438 488 Profits after taxes............................................ 682 698 747 802 896 213 201 225 234 236 231 255 Dividends......................................................... 397 425 448 481 508 124 124 125 126 133 137 142 Chemical and allied products (20 corps.): Sales............................................................... 12,606 13,759 14,623 16,469 17,938 4,258 4,238 4,492 4,565 4,642 4,861 5,195 Profits before taxes........................................ 1,979 2,162 2,286 2,597 2,878 646 679 758 734 707 764 851 Profits after taxes............................................ 1,034 1,126 1,182 1,400 1,627 357 386 424 409 409 431 475 Dividends......................................................... 833 868 904 924 926 297 214 213 215 285 221 224 Petroleum refining (16 corps.): Sales............................................................... 14,483 15,106 16,043 16,589 17,878 4,267 4,404 4,449 4,454 4,571 4,811 4,974 Profits before taxes.............................. 1,237 1,319 1,487 1,560 1,946 416 440 473 504 530 580 589 Profits after taxes............................................ 1,025 1,099 1,204 1,309 1,555 352 363 386 400 406 442 449 Dividends................................................ 528 566 608 672 752 184 182 183 187 200 203 207 Primary metals and products (34 corps.): Sales............................................................... 20,234 21,260 22,116 24,195 26,530 6,449 6,614 7,091 6,657 6,167 6,522 7,448 Profits before taxes........................................ 1,999 1,838 2,178 2,556 2,951 738 768 865 695 623 691 936 Profits after taxes........................................... 1,067 1,013 1,183 1,475 1,704 436 436 493 402 373 399 536 Dividends..................................................... 843 820 734 763 818 204 195 200 202 221 216 218 Machinery (24 corps.): Sales............................................................. 17,446 19,057 21,144 22,558 25,148 5,967 5,772 6,305 6,286 6,785 6,955 6,832 Profits before taxes........................................ 1,701 1,924 2,394 2,704 3,116 652 747 817 764 788 877 915 Profits after taxes............................................ 859 966 1,177 1,372 1,621 334 385 426 400 410 441 479 Dividends......................................................... 508 531 577 673 775 175 192 187 189 207 217 226 Automobiles and equipment (14 corps.): Sales............................................................... 23,314 29,156 32,927 35,338 42,662 8,941 10,898 11,450 8,281 12,032 11,718 11,728 Profits before taxes........................................ 2,786 4,337 5,004 4,989 6,263 1,061 1,828 1,883 756 1,797 1 ,780 1,612 Profits after taxes............................................ 1,404 2,143 2,387 2,626 3,298 608 942 1,004 430 923 935 893 Dividends........................................................ 973 1,151 1,447 1,629 1,890 659 305 520 307 759 360 503 Public utility Railroad: Operating revenue.................................. 9,189 9,440 9,560 9,778 10,208 2,506 2,385 2,582 2,575 2,668 2,518 Profits before taxes........................................ 625 729 816 829 980 208 '145 259 248 328 213 Profits after taxes........................................... 382 572 651 694 816 194 121 213 206 276 172 Dividends........................................................ 359 367 356 438 468 131 108 118 81 161 113 Electric power: Operating revenue.................................. 12,478 13,489 14,294 15,156 15,961 3,796 4,227 3,822 3,901 4,011 4,456 4,053 Profits before taxes........................................ 3,349 3,583 3,735 3,926 4,116 938 1,154 949 1,036 977 1,215 987 Profits after taxes............................................ 1,883 2,062 2,187 2,375 2,568 592 712 597 626 632 758 632 Dividends......................................................... 1,374 1,462 1,567 1,682 1,833 410 467 438 437 491 473 486 Telephone: Operating revenue.......................................... 8,615 9,196 9,796 10,550 11,320 2,734 2,732 2,790 2,854 2,944 2,992 3,091 Profits before taxes........................................ 2,478 2,639 2,815 3,069 3,185 774 783 766 830 806 851 907 Profits after taxes............................................ 1,233 1,327 1,417 1,590 1,718 403 420 419 447 432 460 488 Dividends......................................................... 867 935 988 1,065 1,153 274 279 284 294 296 302 309 J 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

OCTOBER 1966 BUSINESS FINANCE 1505 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta I o x n m e ­ s e P t a r a f o x t f e e i r s ts d C d e i a n v s d i h ­ s t U r p i r b n o u d f t i i t e s s d ­ co c a n a l t s l i p o o u i w n t m a ­ l p ­ Quarter P b t r e a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a a r f o x t f e e i r s t s d C d e i a n v s d i h ­ s t U r p i r b n o u d f t i i e t s s ­ d co c a n a l t l s i p o o u i w n t m a ­ l p ­ ances i 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 1960........ 49.7 23.0 26.7 13.4 13.2 24.9 1965—1. . .. 74,5 30.7 43.8 18.1 25.7 35.2 II.... 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—1. . . . 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 II.... r82.8 r34.1 48.7 21.1 r27.6 38.5 1 Includes depreciation, capital outlays charged to current accounts, and Nori:.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i , ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties U.S. Other U.S. Other taxes Govt.1 Govt.1 1961r.............................. 148.8 304.6 40.7 19.2 3.4 133.3 95.2 12.9 155.8 1 .8 110,0 14.2 29.8 1962r.............................. 155.6 326.5 43.7 19.6 3.7 144.2 100.7 14.7 170.9 2.0 119.1 15.2 34.5 1963r.............................. 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2.5 130.4 16.5 38.7 1964r.............................. 172.3 372.6 47.1 18.8 3.4 170.6 114.0 18.8 200.3 2.7 139.6 17.2 40.7 1965—t r......................... 175.1 378.4 44.4 18.3 3.3 174.6 117.1 20.6 203,2 2.8 141.1 16,8 42.5 IP,,,, ............... 177.7 386.3 45.8 16.1 3.2 179.9 119.4 21,9 208.6 2.9 145.8 16.2 43.8 IIP..................... 180.7 395.4 45.6 15.8 3.6 185.2 123.1 22.1 214.6 3. 1 150.0 17.2 44.3 IV..................... 183.4 407,9 49.2 16.7 3.9 189.6 126.3 22.1 224.5 3.1 157.2 19,2 45.0 1966—Ir......................... 186,0 413,7 46.9 16.9 3.9 192.5 130.2 23.4 227,7 3.8 157.5 19.1 47.3 II......................... 190.4 423.6 47.7 15.3 4.0 198.4 134.4 23,7 233.1 3.9 163.4 16,7 49.1 i Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corps.’ books. banks, savings and loan assns., insurance cos,, and investment cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Public Commu­ (S.A. Period Total Durable d N ur o ab n l ­ e Mining Railroad Other utilities nications Other 1 a r n a n t u e) al 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 H..................................... 12.81 2.76 2.70 .44 .77 1.71 1.24 2.85 50.35 ................................... 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—1....................................... 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 Ill 2........................................ 15,64 3.54 3.30 .36 .47 .90 2.22 4.84 61.60 IV2.................................. 17.16 4,04 3.80 .37 .54 .97 2.25 5.19 63.55 1 Includes trade, service, finance, and construction. Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corp, and noncorp, business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1506 REAL ESTATE CREDIT OCTOBER 1966 MORTGAGE DEBT OUTSTANDING (In billions of dollars) AU properties Farm Nonfarm Other Multifamily and Mortgage End of holders 2 1- to 4-family houses commercial properties 4 type 5 period All Fi c n ia a l n ­ All Fi c n ia a l n ­ Other All h e o r l s d­ tu i t n io st n i­ 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 e o r l s d­ tu i t n i s o t n i­ s * h e o rs l d 3 ­ h e o r l s d­ Total tu F i t n i i n o s a t n i n ­ s , l 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 ho e t r h l s d e ­ r w u F V n r H i d A t A t e e - r n - ­ t C i v o e o n n n a ­ ­ l 1941............ 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4 8 3 0 28 2 1945............ 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4 3 26 5 I960............ 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 1469 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 ll.9 292.7 197.6 170.4 27.2 95.1 r63.7 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 HI... 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 ’■63.7 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 Ill* . 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—I*.,. 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 II*.. 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. are shown on second page following. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Note.—Based on data from Federal Deposit Insurance Corp., Federal Other U.S agencies (amounts small or current separate data not readily Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul­ available) included with “individuals and others.” ture and Commerce, Federal National Mortgage Assn,, Federal Housing 3 Derived figures; includes debt held by Federal land banks and farm Admin., Public Housing Admin,, Veterans Admin., and Comptroller debt held by Farmers Home Admin. of the Currency. 4 Derived figures; includes small amounts of farm loans held by Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other 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 I960.................................. 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961.................................. 30'442 21,225 5,975 2,627 12'623 7,470 1,747 29,145 26,341 8,045 9,267 9; 029 2,753 51 1962.................................. 34^476 23^82 6,520 2,654 14,308 8^72 2,022 32,320 29J81 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 40^56 36;487 12,287 11,121 13,079 4,016 53 1965.................................. 49,675 32'387 7'702 2^688 2^997 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—1............................ 40,200 26,894 7,110 2,824 16,960 10,894 2,412 37,155 33,506 11,004 10,639 11,863 3,597 52 H.......................... 41,648 27,750 7,158 2,793 17,799 11,340 2,558 38,199 34,407 11,376 10,826 12,205 3,739 53 Ill........................ 42^48 28,432 7,250 2^786 18,396 1^896 2,620 39,381 35,449 1L826 10,977 12,646 3,879 53 IV......................... 43;976 28;933 7^315 2,742 18,876 12^05 2,638 40^56 36,487 12,287 11,121 13,079 4,016 53 1965—1............................ 44,799 29,388 7,329 2,722 19,337 12,723 2,688 41,521 37,357 12,664 11,228 13,465 4,112 52 II.......................... 46^48 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 Ill........................ 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 32J87 7; 702 2; 688 2L997 14,377 2,911 44^17 40,096 13^791 11,408 14,897 4,469 52 1966—Ip. . .. 50,575 45,361 H»........................ 52,024 45,875 i Includes loans held by nondeposit trust cos., but not bank trust depts. and possessions. First and third quarters, estimates based on FDIC data 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. for insured banks for 1962 and part of 1963 and on special F.R. inter­ polations thereafter. For earlier years, the basis for first and third quarter Note.—Second and fourth quarters, Federal Deposit Insurance Corp, estimates included F.R. commercial bank call data and data from the series for all commercial and mutual savings banks in the United States National Assn, of Mutual Savings Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 REAL ESTATE CREDIT 1507 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 FHA- guar- Other 1 Total FHA- guar­ Other insured antced insured anteed 1945................................................... 976 6,637 5,860 1,394 4,466 766 I960................................................. 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961.................................................. 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 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—Julyr.................................... 831 758 129 42 587 73 57,718 53,097 11,867 6,362 34,868 4,621 Aug...................................... 867 798 144 41 613 69 58,017 53,359 11,914 6,340 35,105 4,658 Sept....................................... 932 868 142 45 681 64 58,411 53,723 11,950 6,326 35,447 4,688 Oct........................................ 932 868 161 44 663 64 58,824 54,103 12,010 6,316 35,777 4,721 Nov...................................... 959 890 149 41 700 69 59,276 54,525 12,063 6,307 36,155 4,751 Dec...................................... 1,248 1,079 154 42 883 169 60,021 55,197 12,094 6,292 36,811 4,824 972 865 168 52 645 107 60,518 55,675 12,183 6,307 37,185 4,843 Feb....................................... 817 703 143 39 521 114 60,881 55,988 12,246 6,294 37,448 4,893 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 July...................................... 869 815 106 31 678 54 62,969 57,778 12,335 6,210 39,233 5,191 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 (I) 1959 and with “other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.—Institute of Life Insurance data. 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 home Home FHA- VA- Con­ vances ments deposits Total J s c tr o u n c ­ ­ c p h u a r s ­ e Total 2 su in re ­ d a g n u te a e r­ d ti v o e n n a ­ l Total t S e h rm or t­ 1 t L e o rm ng ­ 2 tion 1945......................... 278 213 195 176 19 46 1945............ 1,913 181 1,358 5,376 1960......................... 1,943 2,097 1 981 1 089 892 938 I960............ 14,304 4,678 6,132 60,070 3,524 7,222 49,324 1961......................... 2,882 2^220 2,662 1,447 1,216 1,180 1961............ 17,364 5'081 7,207 68^834 4,167 7'152 57,515 1962......................... 4’111 3^294 3,479 2,005 1,474 1 213 1962............. 20,754 5’979 8,524 78,770 4'476 7,'010 67 ,'284 1963......................... 5,601 4,296 4,784 2,863 i ’921 1 151 1963............ 24,735 7,039 9,920 90,944 4^696 6,960 79'288 1964......................... 5,565 5,025 5,325 2,846 2 479 1 199 1964............ 24,505 6,515 10,397 101,333 4,894 6,683 89,756 1965......................... 5^007 4'335 5,997 3,074 2,923 1,043 1965............ 23,847 5'922 10,697 110,202 5,141 6,391 98,670 1965—Aug............ 355 378 5 ,770 2,951 2 819 902 1965—Aug.. 2,187 511 1,099 107,513 5,047 6,504 95,962 Sept............. 310 278 5 802 2’908 2 894 942 Sept.. 2,079 490 1,015 108,255 5,079 6,477 96,699 Oct............. 337 312 5,826 2,924 2 902 957 Oct.. 1,961 487 910 108,922 5,103 6,459 97,360 Nov....... 236 338 5,724 2,877 2,847 934 Nov.. 1 ,825 431 834 109,507 5,108 6,432 97,967 Dec........ 400 128 5’997 3,074 2,923 1,043 Dec.. 1,996 491 865 110,202 5,141 6,391 98,670 1966—Jan.............. 386 485 5,898 3,071 2,826 843 1966—Jan.. 1,549 322 640 113,700 5,160 6,364 99,176 Feb............. 17! 330 5,739 2,837 2,901 795 Feb.. 1,554 307 645 111,246 5,177 6,361 99,708 Mar............. 214 266 5^687 2^598 3,089 823 Mar,. 1,998 454 814 112,001 5,195 6,331 100,475 Apr 967 138 6,516 3'343 3,173 811 Apr.. 1,888 430 798 112,736 5,212 6,311 101,213 May............ 339 152 6,704 3^691 3 012 840 May. 1 ,696 390 773 113,249 5,236 6,293 101,720 June............ 171 92 6,783 3,865 2 918 972 June. 1,629 340 823 113,669 5,245 6,279 102,145 July............. 838 279 7,342 4,471 2,871 710 July.. 1,234 266 643 113,750 5,235 6,254 102,261 Aug............. 146 262 7,226 4,625 2,601 698 Aug.? 1,316 270 721 113,872 5,245 6,235 102,392 i 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

1508 REAL ESTATE CREDIT OCTOBER 1966 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total h N 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 e r i e r o m r n o t v y t p ­ s e ­ ­ 2 Total 3 h N om M ew e o s rtga h i g o s E e t m i x s n ­ e g s E pe n r d i o o d f Total Total s F u i H n re ­ A d - a g n V t u e 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 1960............................... 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 L829 1^170 656 1959................. 130.9 53.8 23.8 30.0 77.0 1962............................... 7'184 1,849 3,421 1,079 834 2’652 1,357 1,292 1960................. 141.3 56.4 26.7 29.7 84.8 1963............................... 7,216 1,664 3,905 843 804 3,045 1,272 1,770 1964............................... 8'130 1,608 4^965 895 663 2,846 1,023 1'821 1961................. 153.1 59.1 29.5 29.6 93.9 1965............................... 8’689 1,705 5^760 591 634 2^652 876 1 '774 1962................. 166.5 62.2 32.3 29.9 104.3 1963................. 182.2 65.9 35.0 30.9 116.3 1965—Aug.................... 875 163 594 51 67 245 78 167 1964................. 197.6 69.2 38.3 30.9 128.3 Sept................... 860 159 597 42 62 254 78 177 1965*............... 213.5 73.1 42.0 31.1 140.4 Oct.................... 811 161 554 45 52 245 81 163 Nov................... 824 156 550 61 57 243 79 163 1963—IV......... 182.2 65.9 35.0 30.9 116,3 Dec.................... 780 165 533 38 43 228 77 151 1964—1........... 185.4 66.6 35.7 31.0 118.8 1966—Jan..................... 800 180 547 42 30 236 80 156 II.......... 189.8 67.3 36.3 30.9 122.5 Feb................... 639 134 378 96 32 190 69 121 Ill........ 193.9 68.4 37.4 31.1 125.4 Mar.. 753 160 447 68 78 163 59 104 IV........ 197.6 69.2 38.3 30.9 128.3 Apr.................... 636 139 376 66 54 132 51 81 608 137 361 56 55 167 62 104 1965—1........... 200.7 70. 1 39.0 31,1 130.7 June.................. 685 152 405 69 60 205 71 134 II.......... 205.2 70.7 39.7 31.0 134.4 July................... 604 136 368 42 58 219 72 147 IIP.... 209.5 72,0 40.9 31.1 137.4 Aug................... 622 159 387 18 57 287 96 191 IV”.... 213.5 73.1 42.0 31.1 140.4 1966—Ip......... 216.7 74.1 43.0 31.1 142.6 1 Monthly figures do not reflect mortgage amendments included in annual totals. IP........ 220.4 74.6 43.7 30.9 145.8 2 Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. 1 Includes outstanding amount of VA vendee accounts held by private investors under repurchase Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans agreement. represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or Note,—For total debt outstanding, figures are guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on FHLBB and F.R. estimates, For conventional, number and average amount of loans closed. figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin., and Veterans Admin. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY MORTGAGE DEBT OUTSTANDING ON INCOME PROPERTIES (In millions of dollars) (In billions of dollars) Mortgage Mortgage holdings transactions Com­ Nonfarm (during mit­ End of period) ments End of period Total Farm period Total F su H in r A e ­ 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 in F s H u A re - d C t o io n n v a e l n­ chases 1945 .................................. 17.0 12.2 12.2 4.8 I960............................. 6,159 3,356 2,803 1,248 357 576 1957.................................. 48.9 38.5 4.4 34.1 10.4 1958.................................. 54.1 43.0 5.1 37.9 11.1 1961............................. 6,093 3,490 2,603 815 541 631 1959.................................. 60.0 47.9 5.4 42.5 12.1 1962............................. 5,923 3,571 2,353 740 498 355 1960.................................. 65.5 52.7 5.9 46.8 12.8 1963............................. 4; 650 3;017 1,634 290 1,114 191 1964............................. 4,412 2,996 1,416 424 251 313 1961.................................. 73.2 59.3 6.4 52.9 13,9 1965............................. 4,731 3,404 1,327 913 200 793 1962.................................. 85.1 69.9 7.2 62.7 15.2 1963.................................. 99.0 82.2 7.5 74.7 16.8 1965—Aug.................. 4,332 3,039 1,293 55 418 1964.................................. 114.0 95.1 7.9 87.2 18.9 Sept......... 4,372 31083 1,289 78 443 1965*............................... 128.2 107.0 8.0 99.0 21.2 4,436 3,145 1,290 96 559 Noy......... 4.559 31255 11304 155 674 1963—11........................... 91.7 75.5 7.4 68.1 16.2 Dec . 4,731 31404 11327 205 793 HI.......................... 95.2 78.6 7.5 71.2 16.6 IV......................... 99.0 82.2 7.5 74.7 16.8 1966—Jan................... 4,948 3,588 1,360 246 62 923 Feb................. 5,215 31811 1,404 295 829 1964—1............................. 101.9 84.6 7.6 77.0 17.3 Mar................. 51528 41077 11451 344 750 II........................... 105.8 87.7 7.7 80.0 18.1 Apr.......... 5’,744 4,268 1,476 250 691 Ill.......................... 109.7 91.2 7.8 83.5 18.5 May......... 5,922 41430 1,492 209 650 IV.......................... 114.0 95.1 7.9 87.2 18.9 June. ....... 6^082 4,581 11501 194 625 July................. 61319 41787 1,532 265 511 1965—1............................. 117.0 97.5 7.9 89.6 19.5 Aug................. 6,464 41916 1,548 180 .........5..1..2 II........................... 120.7 100.5 8.0 92.5 20.2 IIP....................... 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—P.......................... 131.4 109.6 8.0 101.6 21.8 Trust, but excluding conventional mortgage loans acquired by FNMA IP......................... 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

OCTOBER 1966 REAL ESTATE CREDIT 1509 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 * & s M (y a e tu ar r s it ) y L c p r ( a o e p r t i n a e c i t n o r e ) / (t d h c o p P o h l r u u l a i a c s r s 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 s e g t r ) e & 1 s M (y a e tu ar r s it ) y L p c r ( a o e p ri t n a e c i t n o r e ) / (t d h c o p P o h l r u u l a i a c s s r r . e ­ e s o ) f o ( a m f L m d i o l o o l l a i u l 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-—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 19.4 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 1966-—Jan............... 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 14.5 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 14.7 July.............. 6.12 .67 24.2 72.1 27.1 19.3 6.24 .52 19.9 70.5 20.5 14.3 Aug.............. 6.18 .83 25.4 74.0 27.3 20.1 6.35 .61 19.8 70.6 20.8 14.7 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 Ioans 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. 1492. 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 90 days closure 1961............................................ 73.1 .37 Total 30 days 60 days or more 1962............................................ 86.4 .42 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—I...................................... 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—I...................... 2.94 2.06 .54 .34 .37 .........3.....0..0.. 2.18 .52 .30 .38 1966—I...................................... 28.8 .48 Ill................... 3.20 2.30 .56 .34 .38 II..................................... 30.8 .51 IV................... 3.29 2,40 .55 .34 .40 1966—1...................... 3.02 2.13 .55 .34 .38 Note.—Federal Home Loan Bank Board estimates of number II..................... 2.95 2,16 .49 .30 .38 of nonfarm mortgaged structures at end of period and of non­ farm properties acquired during period through foreclosure proceedings (excluding voluntary deeds in lieu of foreclosure and Note.—Mortgage Bankers Association of America data from reports on 1- defaults on real estate contracts). Data exclude Alaska and to 4-family FHA-insured, VA-guaranteed and conventional mortgages held Hawaii. 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

1510 CONSUMER CREDIT OCTOBER 1966 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A p o a u p b t e i o l r e ­ co g O n o s t o u h d m e s r e r e a r n R n d i e z m p a a t o i i o r d n ­ Pe l r o s a o n n s al Total p S a l i y o n m a g n l e e s n ­ t a C cc h o a u rg n e ts S c e r r e v d ic it e paper loansi 1939............................................ 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941............................................ 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945............................................ 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 I960............................................ 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961............................................ 57,678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5,324 3,691 1962............................................. 63,164 48,034 19,540 12,605 3,246 12,643 15,130 5,456 5,684 3,990 1963 ............................................ 70,461 54,158 22,433 13,856 3,405 14,464 16,303 6,117 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 Aug................................. 83,319 65,508 28,111 15,996 3,648 17,753 17,811 7,575 5,498 4,738 Sept................................. 83,801 65,979 28,175 16,229 3,664 17,911 17,822 7,600 5,496 4,726 Oct................. 84,465 66,511 28,393 16,492 3,676 17,950 17,954 7,624 5,645 4,685 Nov................................. 85,291 67,168 28,612 16,797 3,689 18,070 18,123 7,648 5,740 4,735 Dec............................... 87,884 68,565 28,843 17,693 3,675 18,354 19,319 7,682 6,746 4,891 87,027 68,314 28,789 17,566 3,634 18,325 18,713 7,666 6,107 4,940 Feb................................. 86,565 68,279 28,894 17,386 3,603 18,396 18,286 7,731 5,505 5,050 Mar................................. 87,059 68,827 29,248 17,450 3,597 18,532 18,232 7,795 5,393 5,044 Apr,................................ 88,184 69,543 29,597 17,597 3,602 18,747 18,641 7,836 5,670 5,135 May................................ 89.092 70,209 29,908 17,732 3,642 18^27 18,883 7,925 5,860 5,098 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 Aug................................. 91,483 72,640 30,918 18,390 3,755 19,577 18,843 7,849 5,973 5,021 i Holdings of financial institutions; holdings of retail outlets are in­ hold, family, and other personal expenditures, except real estate mortgage cluded in “other consumer goods paper.” loans. For back figures and description of the data, see “Consumer Credit,” Section 16 (New) of Supplement to Banking and Monetary Note.—Consumer credit estimates cover Ioans to individuals for house­ Statistics, 1965, and May 1966 Bulletin. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m C e o r m cia ­ l fi S n a a l n e c s e Credit s C um on e ­ r Other1 Total D m ep e a n r t t­ F t u u r r n e i ­ A a p n p ce li ­ m A o u b t i o l ­ e Other banks cos. unions 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 1,797 198 759 1,605 320 496 206 188 395 1945 ................. 2'462 1,776 745 300 102 629 686 131 240 17 28 270 I960................................ 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1,402 1961................................ 43 ,'527 37,935 17,008 11,273 4,330 3,799 1,525 5,595 2,421 1 ,058 293 342 1,481 1962................................ 48,034 41,782 19,005 12,194 4,902 4,131 1 ,550 6,252 3,013 1,073 294 345 1,527 1963 ................................ 54,158 47,405 22,023 13,523 5,622 4,590 1 ,647 6,753 3,427 1,086 287 328 1 ,625 1964................................ 60,548 53,141 25,094 14,762 6,458 5,078 1 ,749 7,407 3,922 1,152 286 370 I ,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 Aug..................... 65,508 58,296 28,107 15,721 7,235 5,387 1,846 7,212 3,847 1,103 287 431 1,544 Sept..................... 65,979 58,703 28,343 15,802 7,310 5,410 1,838 7,276 3,910 1,117 289 433 1,527 66,511 59,105 28,618 t5,876 7,363 5,422 1,826 7,406 3,979 1,138 293 438 1 ,558 Nov................... 67,168 59,567 28,855 15,963 7,436 5,465 1,848 7,601 4,101 1,167 297 443 1,593 68j565 60,273 29,173 16,138 7,512 5,606 1,844 8,292 4,488 1 ,235 302 447 I ,820 1966—Jan...................... 68,314 60,202 29,201 16,106 7,447 5,598 1,850 8,112 4,419 1,208 300 448 1,737 Feb..................... 68,279 60,331 29,312 16,072 7,473 5,621 1 ,853 7,948 n.a. n.a. n.a. 451 n.a. Mar.................... 68327 60,863 29,684 16,106 7,593 5,630 1,850 7,964 n.a. n.a. n.a. 459 n.a. Apr..................... 69,543 61,539 30,127 16,191 7,711 5,670 1,840 8,004 n.a. n.a. n.a. 466 n.a. May.................... 70,209 62,178 30,507 16,263 7,839 5,695 1,874 8,031 n.a. n.a. n.a. 472 n.a. June............. 71J194 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 8,117 n.a. n.a. n.a. 485 n.a. Aug..................... 72;640 64,454 31,737 16,732 8,238 5,846 1,901 8,186 n.a. n.a. n.a. 489 n.a. 1 Consumer finance cos. included with “other” financial institutions J 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

OCTOBER 1966 CONSUMER CREDIT 1511 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Other Repair Other Repair End of period Total paper s g c u o o m o n d e ­ s r e m r a n n o iz d d a ­ ­ s l P o o a e n n r a ­ s l End of period Total m A p o a u p b t i e o l r e ­ s g c u o o m o n d e ­ s r m iz o a a n d ti d e o r n n ­ s l P o o a e n n r a ­ s l ch P a u s r e ­ d Direct paper l t o i a o n n s paper loans 1939.........................1..,.1..9..7... 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 1 *754 1963........................... 22’,023 7,381 4,102 3,213 2,377 4,950 1964. 14'762 8,701 3 889 142 2*030 1964........................... 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-—Aug...................... 15,721 9,235 4,125 131 2 230 1965—Aug............... 28,107 9,909 5,521 3,984 2,524 6,169 Sept........................ 15'802 9'196 4,204 129 2 273 Sept............... 28’343 9,985 5,516 4,062 2,539 6,241 Oct......................... 15’876 9,201 4,269 128 2 278 Oct................ 28’618 10,119 51570 4,125 2,550 6,254 Nov............ 15,963 9,210 4,332 126 2*295 Nov............... 28,855 10;220 51645 4,172 2,553 6,265 Dec....................... 16,138 9,241 4,429 123 2*345 Dec................ 29,173 10,310 5,721 4,266 2,543 6,333 1966-—Jan......................... 16,106 9,187 4,460 119 2,340 1966—’Jan................. 29,201 10,314 5,740 4,293 2,511 6,343 Feb........................ 16’072 9.187 4^423 117 2 345 Feb................ 29,312 10,361 5,785 4,311 2,484 6,371 Mar....................... 16,106 9,214 4,422 116 2*354 Mar............... 29,684 10,533 51885 4,351 2,476 6,439 Apr....................... 16’191 9,261 4,448 114 2*368 Apr................ 30,127 10,699 51967 4,423 2,481 6,557 May...................... 16,263 9,289 4,479 113 2 382 May.............. 30^07 10,852 61037 4,491 2,502 6,625 June...................... 16,454 9,395 4,538 111 2*,410 June.............. 31,013 11,075 6’,124 4,581 2,529 6,704 July....................... 16,585 9,457 4,579 112 2*437 July............... 31,398 11,219 6,157 4,713 2,555 6,754 Aug....................... 16',732 9'498 4,632 112 2,490 Aug............... 31,737 11,339 6,172 4,795 2,580 6,851 See Note to first table on previous page. Sec Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT (In millions of dollars) (In millions of dollars) Other Repair Single­ Auto- con- and Per- payment Charge accounts End of period Total mobile sumer modern- sonal loans paper goods ization loans 1 1 1 9 9 9 4 3 4 1 9 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9 73 8 5 1 9 7 1 5 2 8 4 1 2 pape 2 2 3 r 0 4 6 loan 1 1 1 s 4 4 5 6 6 7 4 6 8 3 9 5 End of period Total C b m a c o n i e a m k r l ­ s ­ t O f u i i n c t n t i i s h a o a t e n l n i ­ 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 S c e r r e v d ic it e 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............... 3,087 693 152 275 1.370 597 1963................................... 11'859 2,394 835 870 7'760 1945............... 3,203 674 72 290 1,322 845 1964................................... 13,285 2,699 997 933 8'656 1965.................................. 14’962 3’124 1,153 1,009 9,676 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—Aug........................ 14,468 3,015 1,106 993 9,354 1962............... 15,130 4,690 766 927 4,252 505 3*990 Sept....................... 14,558 3,045 1,120 996 9’397 1963............... 16,303 5’205 912 895 4^456 520 4 315 Oct......................... 14,611 3’,065 r,i3o 998 9',418 1964............... 17,894 5,950 1,004 909 4’756 635 4 640 Nov....................... 14;749 3,094 ls135 1,010 9,510 1965 ............... 19'319 6^587 1,095 968 5^055 723 4*891 Dec........................ 14’962 3’124 1,153 1,009 9^676 1965—Aug... 17,811 6,497 1,078 595 4,149 754 4,738 1966—Jan........................ 14,895 3,100 1,149 1,004 9,642 Sept.. 17,822 6,520 1,080 647 4,078 771 4,726 Feb........................ 14,947 3,110 1,155 1,002 9; 680 Oct... 17,954 6,546 1,078 682 4,221 742 4,685 15'073 3'157 1,172 1,005 9'739 Nov... 18,123 6,555 1,093 725 4,291 724 4,735 Apr........................ 15,221 3,204 1J88 1,007 9,822 Dec... 19,319 6,587 1,095 968 5,055 723 4,891 May...................... 15;408 3,258 1,203 1,027 9'920 June...................... 15,630 3,328 1,223 1,037 10,042 1966—Jan... 18,713 6,574 1,092 855 4,509 743 4,940 July....................... 15,762 3,362 1,241 1,044 10'115 Feb... 18,286 6,630 1,101 n.a. n.a. 746 5,050 Aug............... 15^85 3,420 U66 1,063 10,236 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 May.. 18,883 6,784 1,141 n.a. n.a. 788 5,098 Note.—Institutions represented are consumer finance companies, credit June.. 18,876 6,767 1,134 n.a. n.a. 824 5,067 unions, industrial loan companies, mutual savings banks, savings and July... 18,788 6,720 1,124 n.a. n.a. 861 5,056 loan assns., and other lending institutions holding consumer instalment Aug... 18,843 6,718 1,131 n.a. n.a. 916 5,021 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

1512 CONSUMER CREDIT OCTOBER 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 I960.. ....................................... 49,560 17,654 14,470 2,213 15,223 1961 . .......................................... 48,396 16,007 14,578 2,068 15,744 1962............................................ 55,126 19,796 15,685 2,051 17,594 1963............................................ 61,295 22,292 17,102 2,198 19,703 1964............................................ 67,505 24,435 19,473 2,204 21,393 1965............................................ 75,508 27,914 21,454 2,238 23,902 1965 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 2,00! 1,847 Nov................................ 6,530 6,608 2,480 2,410 1,873 2,004 185 189 1,992 2,005 Dec.................. 6,489 7,519 2,443 2,328 1,862 2,657 185 163 1,999 2,371 1966—Jan................. 6,544 5,586 2,340 2,001 1,983 1,684 176 130 2,045 1,771 Feb.................................. 6,492 5,517 2,340 2,084 1,957 1,527 171 130 2,024 1,776 Mar................................. 6,673 6,865 2,479 2,676 1,959 1,890 183 174 2,052 2,125 Apr................................. 6,505 6,658 2,302 2,486 1,958 1,874 180 178 2,065 2,120 May............................ 6,472 6,694 2,298 2,526 1,933 1,898 186 215 2,055 2,055 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 Aug.............. 6,689 7,025 2,431 2,543 1,995 2,023 187 225 2,076 2,234 Repayments 1960 45,972 16,384 13,574 1,883 14,130 1961 47 J00 16,472 14,246 2,015 14,967 1962. 50;620 17,478 14,939 1,996 16,206 1963 55,171 19,400 15,850 2,038 17,883 1964. 61,121 21,676 17,737 2,078 19,630 1965 67,495 24,267 19,355 2,096 21,777 1965- 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 M83 l',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 5,837 115 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(6 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 Aug................................ 6^087 6J47 2 223 2,305 1J92 1,798 172 181 1,900 1,963 Net change in credit outstanding 2 3,588 1,270 896 330 1,093 1961 ■ ■ ■ '696 -465 332 53 777 1962 . . . 4,506 2,318 746 55 1,388 1963 . ...... 6'124 2,892 1,252 160 1,820 1964 . .. 6,384 2,759 1,736 126 1,763 8,013 3,647 2,099 142 2,125 1965 —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 Aug................................. 602 778 208 238 203 225 15 44 176 271 1 Includes adjustments for differences in trading days. the amount of extensions and repayments without affecting the amount 2 Net changes in credit outstanding equal extensions less repayments. outstanding. For back figures and description of the data see “Consumer Credit,1’ 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

OCTOBER 1966 CONSUMER CREDIT 1513 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.A.l N.S.A. S.A.l N.S.A. S.A.t N.S.A. S.A.l N.S.A. S.A.l N.S.A. Extensions I960............................................. 49,560 18,269 11,456 12 073 7 762 1961 .......................................... 48'396 17’711 10>67 12,282 7 736 1962 .......................................... 55'126 20374 11,999 13,525 9’ 128 1963 ...................................... 61'295 23 344 12'664 14>94 10*393 1964............................................. 67,505 25,950 14'020 16,251 11 >84 1965............................................ 75,508 29'738 15'075 18'120 12 575 1965—Aug................................. 6,385 6,493 2,575 2,608 1,256 1,293 1,514 1,576 1,040 1 016 Sept............................... 6334 6,085 2>67 2386 1,311 1,228 1,514 1 >40 1,042 1 >31 6,425 6,247 2,581 2,488 1 '214 1>23 1,508 1 >04 1 >22 1 132 Nov................................. 6'530 6,608 2,659 2,517 1,267 1,293 1,512 1 >74 1,092 1 224 Dec................................. 6389 7,519 2>10 2379 1391 I >25 1,514 1,788 1,074 1'727 1966—Jan................................. 6,544 5,586 2,500 2,240 1,270 1,101 1,553 1,298 1,221 947 Feb................................. 6,492 5,517 2,517 2,243 1,230 1,057 1 ,559 1 >38 1 >86 879 Mar................................ 6’673 6'865 2>19 2,784 1,273 1,318 1 .573 1 >34 1 >08 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 2322 1'228 1,254 1,547 1,600 1,150 1 118 6’675 7,236 2,619 2',912 1'260 1 >83 1,643 1 >72 1,153 1 ’ 169 July................................ 6,732 6,670 2,673 2,717 1,255 1>65 1,593 1,577 1,211 1111 Aug................................. 6‘,689 7325 2 >83 2319 1,260 1>36 1>89 1 >13 1J57 1,157 Repayments 1960............................................ 45,972 16,832 10,442 11,022 7,676 1961............................................ 47,700 18,294 10,943 11'715 6,749 1962............................................ 50,620 18,468 11,434 12'593 8,125 1963 .................................... 55,171 20,326 12,211 13>18 9,016 1964............................................ 61,121 22,971 13,161 14,825 10,164 1965............................................ 67,495 25,663 13,699 16>43 11,690 1965 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 >50 975 967 Oct.................................. 5305 5,714 2,253 2,212 1,130 1,149 1,422 1 >51 1,000 1 ,002 Nov........... • • 5,831 5,955 2,264 2,284 1,194 1,206 1,377 I >36 996 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 l>05 1 >43 Mar................................. 6,024 6,317 2,299 2,412 1>75 1,284 1 ,463 1 ,508 1,087 1 >13 Apr................................. 51974 5,942 2,293 2,274 1,129 1,140 1,442 1,431 1,110 1 >97 May.............................. 5,'979 6328 2; 270 2,342 I J 64 1,182 1,414 1'413 1,131 1,091 6’, 126 6,251 2,348 2,406 1,172 1,192 1,501 1 >50 1'105 1,103 July................................. 6,168 6,002 2,382 2,332 l>80 1,134 I ,'476 1>45 1,130 1,091 Aug................................. 6>87 6,247 2>62 2,480 1'179 1,189 1,458 1,490 1,088 1>88 Net change in credit outstanding 2 1960 ............................ 3,588 1,446 1,152 1,051 — 61 1961 .......................... 696 '335 -199 >78 -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>13 4'075 1'376 1 >77 885 1965—'Aug............. ■ 656 805 388 403 96 156 130 201 42 45 Sept................................. 686 469 384 234 131 81 104 90 67 64 Oct. .................... 620 533 328 276 84 74 86 53 122 130 Nov................................ 699 653 395 233 73 87 135 138 96 195 Dec................................ 634 1,399 358 320 88 175 113 213 75 691 1966__Jan................................ 597 -251 227 28 68 -32 147 -67 155 -180 Feb.................................. 538 -35 225 111 93 -34 139 52 81 -164 Mar................................. 649 548 320 372 98 34 110 126 121 16 Apr................................. 531 716 246 443 97 85 117 148 71 40 May................ 493 666 277 380 64 72 133 187 19 27 June........................... . 549 985 271 506 88 191 142 222 48 66 July. .............................. 564 668 291 385 75 131 117 132 81 20 Aug................................. 602 778 321 339 81 147 131 223 69 69 1 Includes adjustments for differences in trading days. payments for some particular holders do not equal the changes in their 2 Net changes in credit outstanding are equal to extensions less repay­ outstanding credit. Such transfers do not affect total instalment credit ments except in certain months when data for extensions and repayments extended, repaid, or outstanding. have been adjusted to eliminate duplication resulting from large transfers See also Note to previous table. of paper. In those months the differences between extensions and re­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1514 INDUSTRIAL PRODUCTION: S.A. OCTOBER 1966 MARKET GROUPING (1957-59=100) 1957-59 *1965 1965 1966 Grouping p p r o o r ­ ­ aver­ tion age Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Juner July r Aug. Total index........................................ 100.00 143,3 144.5 143.5 145,1 146.4 148,7 150,2 151.9 153.4 153,8 155,2 156,5 157,2 158,3 Final product if total........................... 47.35 142.4 142.3 143.3 145.7 147.4 148.8 149.5 151.4 152.4 152.8 153.7 155.2 155.4 156.9 Consumer goods............................... 32,31 140,2 139.5 140,7 141.7 142.8 144.1 144,1 145.5 146.0 146.2 146,1 147,1 146,5 147.3 Equipment, including defense. . . . 15,04 146.9 148.4 149.0 154.3 157.3 158.8 161.3 164.1 166.2 166.9 170,1 172.5 174.4 177.5 Materials - * -............................ 52,65 144.1 146.1 143.7 144.3 145,6 148.7 150.4 152.0 154.3 154.6 156.6 158.0 158.8 159.6 Consumer goods Automotiveproducts............... 3.21 167.1 169.8 166.5 168.6 168.8 169,4 168.5 167.6 171.6 168.8 160.7 162,3 154.6 146.5 Autos................ 1,82 182.6 184.3 178.1 181.1 182.5 182,4 180.3 177.8 183.8 180.6 166,0 167,8 151,5 141.7 Auto parts and allied products......... 1.39 146.8 150.7 151.2 152.0 150.8 152.4 153.1 154.3 155.5 153.3 153,6 155.2 158.6 152.8 Homa g^od^ and apparel. .......... 10.00 143.7 140.1 142.7 145.1 146.8 150.6 149.9 150.9 150.5 153.1 153.1 154.2 151,8 154.0 Home goods.......................................... 4,59 154.7 149.8 153.0 156,9 159.0 164.8 165.7 166.2 164.1 168.2 169.5 168.9 166.9 168.5 Appliances TV, and radios. ..... 1,81 152.4 145.2 149.1 154.0 155.2 161,3 165.0 162.7 155,7 167.5 166,2 165.5 165.5 164.2 Appliances..................................... 1.33 153,3 146.4 151.0 156,6 156,5 162,0 163.2 163.1 150.6 167.9 165.5 165.2 171.1 166.9 TV* and home radios................... .47 149.8 141.9 143,6 146,6 151.5 159,3 170,0 161.7 170.0 166.1 168.0 166.3 149.8 156,6 Furniture and rugs........................... 1.26 154.2 152.3 152,0 154.9 157.4 161.0 163.3 164.0 165,5 166.3 169.1 170.1 165.2 167.5 Miscellaneous home goods............ 1.52 158.0 153,3 158,4 161.9 164.8 172.2 168,6 171.2 173.1 170,6 173.9 172,1 169.9 174,3 Apparel knit goods, and shoes......... 5,41 134.3 131.9 134,0 135,1 136.5 138,5 136.4 138.0 138.9 140,3 139.1 141.7 139.1 Consumer staples. . ............... 19,10 133.9 134.1 135.3 135.4 136.4 136.5 136.9 138.9 139.4 138,7 139,5 140.8 142.4 144.0 Processed foods..................................... 8,43 122,2 121,6 121.6 122.2 123,1 123,1 123,7 124.6 125.2 125,1 123.9 125,2 126.0 126.8 Beverages and tobacco. . ................... 2.43 125.7 123.6 127.5 126.0 128,2 128.5 128.6 132.3 134.4 128,9 129.8 131.1 131.8 Drugs soap and toiletries................. 2.97 157,0 160.1 161,3 159.2 161.2 162,7 164.0 166.0 165.9 167.3 171.6 173.0 174.5 177.8 Newspapers,’ magazines, and books. 1.47 127,1 128,0 126.1 126.3 127.6 129.6 132.0 134.0 136.5 135.7 137,6 139.0 139.6 138.4 Consumer fuel and lighting............... 3,67 149,8 150.6 154,2 156.0 155.2 153.9 151.9 155.8 154,6 154.1 156.0 157.4 161 4 Fuel oil and gasoline....................... 1,20 122.4 123.1 122.6 124.8 126.6 126.4 125,1 124.0 125.2 128.4 128,7 128.6 128,8 129.7 Residential utilities......................... 2.46 163.2 164.0 169.7 171.1 169,2 167.4 165.0 171.2 168.9 166.7 169.3 171,5 177,3 Electricity...................................... 1,72 171,6 171.3 181.0 182.9 180.1 177.5 174,3 182.8 179.0 175.4 179.0 181.9 190.0 Gas . t......................................... .74 144.0 Equipment Rus/ness equipment............................... 11.63 156.6 157.8 159.0 164.3 167.2 168.9 170, 173.2 175.4 175.9 178,6 181.2 182.7 185.7 Industrial equipment............................ 6.85 153.1 153.8 155.3 159.4 162.0 162.4 162.6 166.1 167.4 167.3 168,5 173.0 174.9 177.2 Commercial equipment....................... 2,42 164.4 165,2 166.4 169.7 172,7 174.5 177,5 178.6 184.2 186.4 190.1 191.0 189.8 194,5 Freight and passenger equipment. .. 1.76 162.4 163.6 164.2 178.7 180.4 188.0 194.9 198.9 198.9 201.3 204.9 205.7 208.8 210.6 Farm equipment................................... .61 148.1 157.1 155.4 155.7 165.8 163,9 161.2 158.0 163,0 157,6 164.7 168.2 167.5 Defense equipment............................... 3.41 Materials Durable goods materials................... 26.73 144.2 147.3 142.8 142.2 143.0 146.7 150,1 152.0 155.6 156.9 156.2 158.6 159.1 160.1 Consumer durable............................... 3.43 166.8 167.9 165.4 167.0 168,2 168,3 170.0 173,6 169.1 169.0 166.0 165.2 162,8 174,6 Equipment.............................................. 7.84 151.9 154.7 154.2 158.4 160.0 163,2 165.8 170.0 171.9 173,6 177.1 179,1 183.7 187,5 Construction......................................... 9.17 133.8 134.6 134.5 135.3 137,2 138.8 142,9 143.6 146.3 144.9 140.4 142,3 140.4 139.9 Metal materials n.e.c........................... 6.29 137.6 142.4 130,6 126.2 123.2 130,5 137.5 140.7 146,7 145.1 144.7 147,5 147.9 145.5 Nondurable materials............................ 25.92 144.0 144,8 144.5 146.4 148.1 150.7 150,6 152.0 153.1 152,3 156.4 157,5 158.5 159.2 Business supplies.................................. 9.11 136,5 135.1 135,9 136.8 140.3 143,4 143.4 144.5 146,0 146.0 147.8 149.4 149.9 150,7 Containers.......................................... 3,03 136,6 132,1 134.4 136.6 144.9 146,9 142,3 144.6 145.9 143.9 146.1 143.7 143.2 144,2 General business supplies............... 6.07 136,5 136,6 136.7 136.9 138.0 141,7 144.0 144.4 146,1 147,1 148.6 152,2 153.2 153.9 Nondurable materials n.e.c............. 7.40 173.9 176.6 178.3 179.5 180,9 183.8 184.8 187.1 186,0 187,4 192.0 194,0 194.5 195,6 Business fuel and power..................... 9,41 127,6 129,2 126.3 129.7 129,9 131.7 130.6 131.7 134,0 130,9 136.8 137.9 138,6 138.8 Mineral fuels..................................... 6.07 115,2 117.2 112.1 117.9 117,8 119.5 117.4 118.0 120.5 115.1 123.8 124.9 124.7 124.5 Nonresidential utilities.................... 2,86 159,2 160,1 161,5 160,9 161,7 163.8 164.9 166.9 168.7 170,3 170,8 171.7 174.2 F-Iectricity.............................. 2.32 161,0 162,3 163.5 162.7 163,4 166,0 166.4 168.7 170.7 172,2 172,8 173.8 176.7 General industrial.................... 1.03 157.7 161.3 160.7 158,4 162,0 163,0 163,7 163.9 166.5 168,2 170,0 170.1 174.6 Commercial and other............ 1.21 169.8 169.2 171.9 172.3 170.7 174.7 175.1 179.4 181,0 182.6 182,0 184.1 186.2 Gas .54 151.2 Supplementary groups of consumer goods Automotive and home goods............ 7.80 159,9 158.1 158,5 161.7 163,0 166.7 166.9 166.8 167.6 168.4 165.9 166,2 161,8 159,4 Appare] and staples............................. 24.51 134,0 133.6 135,0 135,4 136,4 137.0 136.8 138.7 139.3 139.1 139,4 141.0 141,7 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 INDUSTRIAL PRODUCTION: S.A. 1515 INDUSTRY GROUPINGS (1957-59=100) 1957-59 p 1965 1965 1966 Grouping p p r o o r ­ ­ a a v g e e r­ tion Aug. Sept, Oct. Nov. Dec. Jan. Feb. Mar, Apr. May June' July" Aug. Total index. ...................................... 100.00 143.3 144,5 143,5 145.1 146,4 148.7 150.2 151.9 153.4 153.8 155.2 156.5 157.2 158.3 86.45 144.9 146.0 145.2 146.7 148.2 150.6 152.4 154.1 155.6 156.5 157.6 158.9 159.3 160.4 Durable.............................................. 48,07 148.4 150,5 148,2 150,3 151,3 155.0 157.6 159.7 161.7 162.8 164.2 165.5 166,0 167.2 Nondurable....................................... 38.38 140.7 140,4 141.3 142,1 144.2 145.1 146.0 147.0 147.9 148.5 149.3 150.6 151.0 152.0 Mining................................................... 8.23 114.4 117,0 112,6 115.8 116.0 117.9 117.2 117.7 120.2 115.8 120.8 122.0 122.0 122.2 Utilities.................................... 5,32 161.0 '161.6 165.3 '165.8 '165.3 '165.7 164.9 168.9 168.8 168.6 170.1 171.6 175.6 178.5 Durable manufactures Primary and fabricated metals........... 12.32 142.0 146.9 138.1 135,6 134.3 139.5 142.2 145.4 150.1 150.6 153.4 154.0 154.9 154.4 Primary metals...................................... 6.95 137.5 146.5 131.2 123.7 119.4 126.5 130.8 133,6 141.4 142.3 146.5 147.6 149.5 148 7 Tron and steel.................................... 5.45 133,6 143,3 125,0 115,8 110.5 118.2 122.9 128.7 ’136,1 137.0 141.1 141.9 144.6 142,4 Nonferrous metals and products.. 1.50 152.1 149,0 152.3 155,0 158.8 162,1 159.1 164.0 168.4 166.9 165.0 164.8 161.8 161,4 Fabricated metal products. ........ 5.37 147.8 147,5 147.0 150,9 153.6 156,3 157.0 160.7 161.4 161.4 162.3 162,3 161.8 161.7 Structural metal parts..................... 2.86 145.4 145.0 144.7 148.2 152.6 154.0 154.2 158.9 158.9 159.1 158.4 158.8 157.7 159.3 Machinery and related products......... 27.98 154.3 155.8 155.8 160.0 161.8 164.9 168.2 169.9 170.7 172.3 173.7 175.6 177.0 179.3 Machinery,............................................ 14.80 160.4 161.4 162.3 166.0 167.5 170.7 174.3 176.7 176.0 178.4 180.6 183.0 185,9 189.9 Nonelectrical machinery................. 8.43 160.3 162.4 162,4 165.8 166.9 169.2 171.9 174.4 174.0 174.5 177.7 180.3 184.7 187.6 Electrical machinery........................ 6.37 160.6 160.1 162,1 166.2 168.4 172.8 177.6 179.8 178.8 183.6 184.5 186.5 187.6 192.8 Transportation equipment. ............... 10.19 149.2 151.5 149,4 155.0 157.3 160.7 163.1 163.2 165.8 166,0 165.8 167.1 166.0 166 5 Motor vehicles and parts............... 4,68 175,2 177.5 175,2 177,1 178.0 179.2 176.7 175.5 178,1 176,8 169.9 169.4 161.2 158,5 Aircraft and other equipment.... 5,26 125.3 127.3 125.6 134.4 138.0 143.4 150.1 151.6 154.3 156.4 161.9 164.7 169.6 172.9 Instruments and related products. .. 1.71 151.4 152.6 155.7 158,0 159.0 162.2 166.0 169.4 171.9 174.6 176.4 176.5 177.0 176.7 Ordnance and accessories................... 1.28 Clay, glass, and lumber....................... 4.72 127.6 127.5 127.3 128.5 129.5 133.1 134.3 135.9 138.0 137.9 133.8 134.4 131.7 129 5 Clay^ glass; and stone products......... 2.99 133.5 133.5 133.8 134,4 135.5 137,6 139.4 141.4 143.0 142.0 140.3 141.0 138.5 140,3 Lumber and products. ..................... . 1.73 117.4 117,2 116.2 118,3 119.1 125.4 125.6 126.5 129.3 130.7 122,7 122.9 119.9 110,9 Furniture and miscellaneous......... 3.05 151.7 151.5 152.0 155.1 157.8 159.9 158.4 161.1 162,9 163.1 166.7 167.0 163.5 166.1 Furniture and fixtures........................ 1.54 157.4 156,3 156,8 159.7 162.6 164 3 165.4 166.8 168.8 169,6 173.8 174.6 169.7 174,7 Miscellaneous manufactures.............. 1.51 146.0 146.6 147,1 150.4 153.0 155.5 151.2 155.3 156.8 156.4 159.5 159.3 157.2 157.3 Nondurable manufactures Textiles, apparel, and leather............. 7.60 135.7 134.1 135.5 137.3 138.8 140.3 139.1 139.8 139.5 141.5 141.9 143.4 141.7 141 6 Textjle mill products........................... 2.90 134.8 134.8 135.7 137.7 139.4 140.3 140.1 140.7 140.7 141,7 143.4 144.0 143.5 142.7 Apparel products................... 3.59 145.0 141.9 143,8 145.7 147,2 148.5 146.9 148.3 147.3 149.7 149.9 152.0 149.8 Leather and products.......................... 1.11 107.8 107.0 108.2 109.3 110.1 113.9 111.7 110,1 111.4 114.7 112.1 114.2 111.1 Paper and printing................................ 8.17 135.3 136.4 135.4 136.4 139.2 139.9 141.1 142.5 143.7 143.3 146.6 148.3 149.6 149 2 Paper and products................. 3.43 142.3 141.1 143,9 143.6 147.4 147.7 148.4 148.5 150.2 150,2 153,0 154.1 156.2 154 4 Printing and publishing.................... 4.74 130.3 133,0 129.3 131,1 133.2 134.2 135.7 138.2 139.0 138,4 142.1 144.1 144.8 145 5 Newspapers....................................... 1.53 124.2 129.7 120.1 125.1 127.2 129.5 130.2 130.4 130.7 127.7 133.8 135.4 136. 3 137 7 Chemicals, petroleum, and rubber.... 11.54 164.6 164.9 166.9 167.7 170.1 171.7 173.6 174.1 175.8 177.8 178.9 179.8 180.4 184.4 Chemicals and products..................... 7.58 173.3 174.2 176.6 177,1 178.5 180.6 181.9 184.3 186.2 188.1 190.9 192.2 193.8 195.2 Industrial chemicals......................... 3.84 196,1 195.7 199.9 200.9 202.9 206.3 206.3 209.4 212.2 214.9 218,5 220.1 222.0 Petroleum products................ 1.97 123.4 125,8 125.1 124.0 1260 127.8 130.5 125.5 125,6 127.7 127.4 127.7 126.9 128,3 Rubber and plastics products............ 1.99 172.2 168.1 171.2 175.5 181.6 181.3 184.6 183.3 185.7 188.2 Foods, beverages, and tobacco....... 11.07 123.1 122.3 123.1 123.0 124.5 124.7 125.5 127.0 127.6 126.6 125,6 126. 7 127.6 127 4 Foods and beverages........................... 10.25 123,3 122.4 123.2 123.6 125.0 125,3 126.0 127.0 127.7 127.5 126,2 127.1 128.5 128,2 Food manufactures.......................... 8.64 122.4 121.9 121.8 122.1 123.5 123.6 124.6 125.5 125.7 126.0 124.4 125.5 126.4 125 8 Beverages........................................... 1.61 128.4 125.0 131.0 131.8 133,0 134.3 133.2 135,1 138.3 135.6 135.9 135.4 139.5 Tobacco products................................ .82 120.5 120.7 120.6 114,5 118,9 117,1 119.6 126.7 126,8 115.8 117.9 122.7 116.5 Mining Coal oil, and gas........... 6.80 112,2 114.4 109.9 114.5 114.1 115.2 113.6 114.3 116.9 111.8 118.8 119.5 119.5 119.7 Coal......................................................... 1.16 111.8 115,2 106.7 116.8 115.7 118.5 114.4 111.2 117,7 85.3 116.9 120.7 120.8 120.7 Crude oil and natural gas................... 5.64 112.3 114.2 110.6 114.0 113.8 114.5 113,4 115.0 116.7 117 2 119.2 119.3 119.2 119 5 Oil and gas extraction,................... 4.91 116,0 117,6 113.4 118.1 118.3 119.8 118.1 119.6 121.2 122,2 125.5 125.9 125.6 125,4 Orude oil........................................ 4.25 111.8 113.4 108.5 114.0 114.5 116.0 114.1 115.1 117 0 117 2 121.3 121 4 120.9 120.7 Gas and gas liquids................. .66 142,8 144.6 144.8 144.5 142.6 143.9 143.3 148.4 148,1 154,0 152.2 154.4 Oil and gas drilling.......................... .73 87.1 91.2 91.3 86.4 83.5 78.8 81.9 83.8 86,2 83.6 77.0 74.6 76.4 80.1 Metal, stone, and earth minerals........ 1.43 124.8 129.6 125.3 121.7 125.1 130.7 134.6 133.6 136.0 134.8 130.1 133.7 133.8 134.0 Metal mining........................................ .61 122,6 130.2 122.4 116.5 114.2 120.6 133.4 130.8 134,5 140.0 133.6 134,2 134,0 134.7 Stone and earth minerals................... .82 126.5 129.1 127,4 125.5 133.2 138.2 135.5 135,6 137.1 130.9 127.5 133.3 133.7 133.5 Utilities Electric........................... 4.04 165.5 166.2 170.9 171.3 170.5 170.9 169.7 174.7 174.2 173.6 175.5 177.2 182.4 Gas,......................................................... 1.28 147.0 147.2 147.7 148.5 148.9 149.3 Note.—Published groupings include some series and subtotals not Industrial Production 1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1516 INDUSTRIAL PRODUCTION: N.S.A. OCTOBER 1966 MARKET GROUPINGS (1957-59=100) 19 p 5 r 7 o - - 59 p1 965 1965 1966 Grouping por­ aver­ tion age Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Mayr Juner July’’ Aug. Tntfil index........................... 100.00 143.3 143.2 145.9 149,9 148.1 146.6 148.3 152.0 154.6 154,6 155.9 159.3 150.9 157,2 47.35 142.4 141.1 145.7 151.4 148.7 146.4 148.5 151.6 153.2 152.3 152,9 157.9 150.0 155.4 Qnnsnmpr goods ,..................... 32.31 140.2 (38.9 143.8 150.1 145.2 140.0 142.2 145.6 146.4 145.0 144,8 150.1 139 8 146.3 Equipment, including defense.... 15,04 146.9 145.9 149.7 154.2 156,1 160,3 162.1 164.6 167.8 167.9 170,3 174.6 172.0 175.1 Materials ............................................ 52.65 144.1 145.1 146.2 148.6 147.6 146.8 148.1 152,4 155.7 156.7 158.7 160.7 151.7 158.8 Consumer goods Alftomotiv** pforiuct v .............. 3.21 167.1 106.8 129.4 185.3 184.7 172.4 178.1 177.7 180.9 178.6 170.9 174.2 127 5 86 3 Alitos,........................................ 1.82 182.6 72.8 114.0 206,4 211.7 191.5 198.3 195,6 202,2 196.8 184,3 190.4 112,1 32 6 Auto parts and allied products......... 1.39 146.8 151.7 149,8 157.5 149.0 147.3 151.4 154.1 153.0 154.8 153.3 152.8 147.7 157.1 10.00 143.7 142.1 148.9 155.8 149.8 144.0 144.9 154.1 155.0 153. 7 152,9 156.7 138.8 I 14 2 ffnmn poods . ..................................... 4.59 154,7 145.6 161.7 167.6 165.4 166.0 159.9 165,8 166.7 168.7 168.5 171.2 152.5 164^0 Appliances TV and radios. ..... 1.81 152.4 129.2 158,1 166.0 162,0 160.9 160.1 168.2 166,4 174.2 169.4 171.7 140.8 149.4 Appliances .................................. 1.33 153.3 123.9 154.3 157.3 155,3 157.6 159.6 170.7 165.2 179.9 174,5 177.2 150.5 146.0 TV and home radios................... .47 149,8 144.2 168.7 190.6 181.0 170.4 161.5 161.1 170.0 158.3 154.7 156,3 113,4 159.1 Furniture and rugs........................... 1.26 154.2 56.1 158.5 163.0 163.2 167.0 159.7 162.0 163,5 161,6 162.7 167.2 157 3 170 5 Miscellaneous home goods............ 1.52 158.0 156.4 168.7 173.2 171.4 171.3 159. 8 166.1 169.6 168,0 172,2 173 8 162.3 1760 Apparel knit goods, and shoes......... 5.41 134.3 139.2 138,0 145.9 136,5 125.3 132.3 144,2 145.2 141.0 139,8 144^5 127.3 C.Qt^^umpr staples t . . ....................... 19.10 133.9 142.6 143.6 141.2 136.2 132.5 134.7 135.7 136.1 134.8 136,1 142.6 142.4 152 2 Processed foods............................. 8.43 122.2 33.5 137.7 136.7 128.6 119.8 116.9 116.9 116.8 117,1 117.7 123.9 125 4 137*4 2.43 125.7 34.8 131.2 129.4 123,0 108.9 112.7 120.4 130.7 131.6 139.0 150.2 136.4 Drugs soap and toiletries......... 2.97 157.0 63.6 162.9 162.4 161.7 159.4 165.6 165.5 166.7 167.3 171 8 180.8 167,5 181 .7 Newspaper's’ magazines, and books. 1.47 127.1 29.7 129,6 128. 1 127.6 130.1 130.7 133.1 136,2 134.6 136^5 137.9 137.5 140.2 Consumer fuel and lighting.............. 3.67 149.8 56.5 155,1 146.7 144.8 156.2 165.5 165.2 158.5 150.3 146.6 151 0 166,5 Fuel oil and gasoline....................... 1.20 122.4 26.7 122.6 121.6 125.8 129.4 130.3 127.3 123.9 121.7 124.4 127’1 131 1 133.5 2.46 163.2 Electricity......................................, 1.72 171.6 181.6 182.8 165.5 158,5 180.2 199.7 200.7 188.3 171.9 162,0 169.2 199.5 Gas................................................... .74 144.0 Equipment Ruslness equipment................................ 11.63 156.6 154.9 159.8 163.8 164.9 169. 170.9 173.9 177.7 177.6 179.3 184 3 180.3 183.0 Industrial equipment........... 6.85 153.1 53.3 156.7 158.4 159.7 163.4 162.9 165.3 167.6 167,3 168,7 174.6 173.2 176.7 Commercial equipment. ..................... 2.42 164.4 165,5 168.9 172.6 174,8 179.7 177.7 179.5 182.5 182.9 187.8 191.6 187.1 194.5 Freight and passenger equipment. .. 1.76 162.4 157.1 164.2 178,7 176,8 184.2 194.9 198.9 207.9 209.4 211.0 213,9 208.8 207.4 Farm equipment................................... .61 148,1 125.4 145.5 146.1 149,2 159.8 164.1 176.3 185,1 179.9 173.6 179,3 149.8 Defense equipment................................ 3.41 Materials Durtthle goads materials....................... 26.73 144.2 144.5 146.6 147.6 145.4 145.9 147.4 151.7 155.8 158.5 160.0 162 3 152.1 158 3 Consumer durable................................ 3.43 166,8 144.4 165,4 171.2 173,2 176.7 176.0 176.2 174.2 174.1 171.0 166.9 141 6 158 9 Equipment........................ . . ............. 7.84 151.9 150.1 152.7 157,9 160.2 165.6 167.3 171.5 173,8 175.5 178.3 180.9 178.0 181 9 Construction.......................................... 9.17 133.8 144.0 142.6 142.7 136.9 131.9 129.0 132.1 137.5 143.5 145.3 151 6 146.0 149.7 Metal materials n.e.c................... 6.29 137.6 138.3 134.5 129.2 124.2 124.8 133.9 142.0 150.2 150.9 152.7 152 2 134.6 141 3 Nrtnffiirnhlp materials................... 25.92 144.0 145.7 145.8 149.7 149.9 147.7 148. 7 153.1 155,6 154,9 157.4 159.0 151.3 159 2 Business supplies................................... 9.11 136.5 137.2 139.8 144.1 143.5 137.5 137.9 143.5 149.0 149.9 150.3 151 8 141 4 150 5 Containers.......................................... 3.03 136.6 45,3 143,1 144.8 140.6 127.8 133,8 141.7 145.9 148.2 147,6 150.9 142.5 152 9 General business supplies............... 6.07 136.5 33.2 138.1 143.7 144,9 142.4 140.0 144,4 150.5 150.8 151 6 152.2 140.9 149,3 Nondurable materials n.e.c................. 7.40 173.9 174.8 176,5 180.4 182.7 180.1 183.9 190.8 190.7 193.0 194.9 195.9 183.4 192,7 Business fuel and power........... 9.41 127.6 131.2 127.5 130.9 130.2 132.1 131.5 132.7 134.4 129,7 134,7 137.0 135.7 141 3 Mineral fuels..................................... 6.07 115.2 115.7 110.9 118,8 119.3 121.3 119.4 121.6 123.2 116.5 122.6 122,7 116.7 122 9 Nonresident!#! utilities.................... 2.86 159,2 Electricity....................................... 2.32 161.0 174.8 171.9 165.1 160.4 162.5 163,7 162.1 164.8 164.1 167.8 176,8 187.0 General industrial • • ............... 1.03 157.7 164.5 163,1 161.9 162,0 161.4 162,9 159.6 164.8 166.0 170.0 173 5 173 7 Commercial and other............ 1.21 169.8 190.3 186,0 174,0 164.9 169.5 170.7 170.4 171.2 168.9 172.4 186.9 206.7 G#s..,............................................. .54 151.2 Supplementary groups of consumer goods Automotive and home goods............. 7,80 159.9 129,6 148,4 174.9 173.4 168.7 167.4 170.7 172.5 172,8 169.5 172.4 142.2 132,0 Apparel ^pd staples.............................. 24.51 134.0 141.8 142,3 142.2 136.2 130.9 134.1 137.6 138.1 136.2 136.9 143.0 139.0 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 INDUSTRIAL PRODUCTION: N.S.A. 1517 INDUSTRY GROUPINGS (1957-59=100) 1957-59 1965 1966 pro- i>1965 Grouping p ti o o r n ­ age Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Juner Julyr Aug. ’Totfll ind^-x............ ................. 100.00 143.3 143.2 145.9 149.9 148,1 148.3 152,0 154,6 154.6 155.9 159.3 150.9 157.2 86.45 144.9 143.9 147.5 152.3 150.5 148.3 149,9 154.1 157.1 157.8 158.8 162.3 152.1 158.4 Dttrahle ........................................... 48.07 148.4 143.3 148.3 154.6 154.5 155.4 156.3 160,2 163.9 164.9 166.1 169.0 158.3 160.9 Nondurable .................................... 38.38 140.7 144.7 146,5 149.4 145.5 139.3 141.9 146,5 148.5 148.9 149,8 153.8 144.2 155.4 Minins • 8.23 114.4 118.2 114.2 118.4 117,2 117,4 115.6 116,9 118.7 115,6 121.3 122.7 118.2 123.4 uiiimca ................................................ 5.32 161.0 Durable manufactures Primary and fabricated metals.......... 12.32 142.0 143,1 141.1 139,0 136.7 137.0 141.3 147.4 153.4 154.2 155.2 156.2 144.1 151.3 Primary metals............................6....9..5... 137.5 137.4 131.1 126.2 121,8 122.7 132,1 141.2 150.2 150.4 150,3 149.1 132.3 139 5 Tenn and steel.................................... 5.45 133.6 134.7 125.0 117.5 111.6 115.2 125.4 134.2 142.9 143.9 143.9 141 .9 128.7 133 9 Nonferrous metals and products.. 1.50 152.1 147.5 153,4 157,9 158.8 149.8 156.4 166.5 176.8 174.2 173,7 175.0 145.6 159.8 Fabricated metal products................. 5.37 147.8 150,4 154,1 155.4 156,1 155.5 153.2 155,4 157.5 159.0 161,5 165.5 159,4 166 5 Structural metal parts................... 2.86 145.4 148.6 150.5 152.6 154.9 155.5 151.1 152.5 152.7 154.3 157.6 162.0 157 7 163.3 Machinery and related products.... • 27.98 154.3 142.5 152.0 163.3 165.6 168.1 169.5 172.2 174.4 175.0 175.9 179.1 168.1 167.2 M^r'hinery,............... 14.80 160.4 155.3 163,3 167.8 169.2 173.7 173.4 177.8 179.2 180.8 182.2 186.5 178,1 183.6 Nonelectrical machinery.......... 8.43 160.3 154.8 160.3 162,8 165.1 171.2 171.9 176.1 178.9 179.7 182.1 184.6 180.1 180.7 Electrical machinery. ...................... 6.37 160.6 156.0 167.3 174.3 174.6 177.1 175.5 180.1 179.6 182.4 182.5 189.0 175.6 187.5 Transportation equipment........... 10.19 149.2 123.8 137,3 160.9 164,6 164.6 168.0 168.0 171.3 170.6 169.7 171.4 153.5 142 3 Motor vehicles and parts............... 4.68 175.2 120.2 149,5 189.4 191.8 184.9 186.6 184.1 187,2 185.0 178.5 180.9 138.5 109.7 Aircraft and other equipment.... 5.26 125.3 125.0 125,1 135,1 140.1 146.3 151.6 153.4 156.6 157.2 161.3 162.4 165.5 169.8 Instruments and related products... 1.71 151.4 153,8 157.4 159.7 161.9 164.1 164.8 168.6 171,0 170,2 174.6 178.3 175.2 178.1 Ordnance and accessories.......... 1.28 Clay glass find lumber............ 4.72 127.6 139.8 138.0 138.0 130. 1 123.6 120.0 125.1 131.6 136.5 138.0 143.6 137.2 141.7 Clay, glass, and stone products......... 2.99 133.5 146.2 143.2 144.5 138.2 131.7 125.5 127.3 136.6 141,3 144,5 151.3 147.2 151.8 I umber and products. .....................1...73 117.4 128.9 129,0 126.6 116.1 109.7 110,5 121.4 122.8 128.1 126.7 130.3 119.9 124.2 3.05 151.7 156.3 159.0 163.4 163.1 162.4 152.2 156.4 159.9 159.2 162.9 167 3 159 I 170.9 Furniture and fixtures......................1....54 157.4 161.5 162,8 165,8 165.5 169.2 162.1 163.5 166.8 165.0 168.6 174.3 167’2 179.6 Miscellaneous manufactures........... . 1.51 146.0 151.0 155.2 160,9 160.6 155.5 142.1 149.1 152,9 153.3 157.1 160.1 150.9 162,0 Nondurable manufactures Textiles nppnrel, and leather. ........... 7.60 135.7 138.4 137.4 144.8 138. 7 128.8 137,1 146.5 146.6 144.2 143.7 145. 7 127.2 145 7 Textile mil) products.................... 2.90 134.8 138.2 136,4 141.8 140.1 130,5 139.4 143.5 143.5 145.9 148.4 147.6 129,2 144 8 Apparel products. ............................... 3,59 145.0 146,2 146,7 157.4 147.2 134.4 143.2 157.9 158.4 152.7 149.9 154.3 134.1 leather and products.......................... 1.11 107.8 114,0 109,8 112.0 107.9 106.3 111.1 117.7 117.0 112.4 111.5 113.1 100 0 Paper andprintlag - - • • ........... 8.17 135.3 135.6 137.8 142.8 142.1 137.3 137.5 142.6 145.9 146.5 147.9 148.2 140.2 147 ? Paper and products........................3....4..3 142.3 144.2 146.8 152.9 148.1 137.4 146.2 152.2 153.2 154.7 153.8 154.9 143,7 154.4 Printing and publishing.....................4..74 130.3 129.3 131.4 135.4 137.8 137.3 131.2 135.7 140.7 140.5 143.5 143.3 137,7 142 1 Newspapers........................................ 1.53 124.2 117.4 120.9 134.2 139.9 132.7 119.3 126.1 135.1 136.8 142.6 136.1 118,6 126 0 Chemicals, petroleum, and rubber.... 11.54 164.6 166.3 168.9 170.7 169.2 168.3 172.5 176.4 178.4 180.8 181.1 186,1 174.2 183.7 Chemicals and products..................... 7.58 173.3 176.0 178.1 178.3 178.1 177.8 180.8 187.0 189.4 192,5 193.8 198.4 186,6 195.0 Industrial chemicals......................... 3.84 196.1 196.7 201.9 201,9 204.5 207.3 205,3 215.7 216.4 219,2 220.7 223.4 214,2 Petroleum products.............................. 1.97 123.4 132.1 127.6 125.2 124.5 124,7 126.6 123,0 121,2 122.6 126.1 131.5 133,6 135.1 Rubber and plastics products............ 1.99 172.2 163.1 175.1 186.9 179,8 175.0 186.4 188.8 193.3 194.0 Ponds beverages and tobacco............ 11.07 123.1 133.3 135.9 135.1 127.8 118.0 116.6 118.3 120.4 120.5 122.8 129.8 127.6 138 6 Foods and beverages. .......................... 10.25 123.3 133.5 136.7 136,0 128.3 119,8 116.5 117.7 120.0 120.9 122.8 129,7 129.6 139 6 Food manufactures......................... 8.64 122.4 132.9 137.2 136.8 129,1 120.5 117.7 117.7 117.5 117,4 118.2 124.1 125.1 136 9 Beverages.......................................... 1,61 128.4 136.9 134.3 131,8 123,8 115.8 109.9 117.4 133,6 139.7 147,6 159,8 153.4 Tobapro products................................. .82 120.5 130.6 125.3 124,7 121.3 95,3 118.3 126.1 124.9 115,6 122.1 131.3 103.1 Mining Cnal nil and gas................. 6.80 112.2 113.3 109.0 115.6 115.7 117.2 115.5 II7.4 118.6 112.5 117.3 117.4 112.4 118.5 Coal.................................................. 1.16 111,8 121.2 112,9 127.3 120,4 116.4 112.1 112.5 118.6 85,9 118.1 120,0 93.1 127.0 dfilde oil and natural gas.................. 5.64 112,3 111.7 108.2 113.1 114.7 117,3 116.2 118.4 118.6 118.0 117.2 116.8 116.4 116.8 Oil and gas extraction..................... 4.91 116.0 114.4 110.4 116.8 119.0 122.5 121.1 123.8 124.3 123.7 123.7 123 3 122,2 122.0 Crude oil....................................... 4.25 111,8 111.1 106.3 112.9 114.5 117.2 115.8 118.6 119.3 119,1 120.1 120.2 118.5 118.3 Gas and gas liquids..................... .66 142.8 135.8 136.7 141.5 147.9 155.8 155.1 156.9 156,1 153.2 146.3 143.7 Oil and gas drilling.......................... .73 87.1 93.3 93.2 88.6 85.6 82,6 83.1 81.8 79.9 79.3 73.6 73.0 76.9 81.9 Metal, stone, and earth minerals........ 1.43 124.8 141.8 138.7 132.0 124.4 118.5 115.8 114.6 119.3 130.6 140.2 147.7 145.6 146.7 Metal mining......................................... .61 122,6 140.6 138.3 124,7 110.8 108.5 117.4 117,7 119.7 130.2 147.0 151.6 143,4 145.5 Stone and earth minerals................... .82 126,5 142.7 138.9 137.4 134.5 125.8 114.6 112.4 119.0 130.9 135.1 144,9 147.2 147.5 Utilities Electric......................................... 4.04 165.5 177.7 176.6 165.3 159.6 170.0 179.1 178.6 174,8 167.4 165.3 173.5 192.3 Clas.. .............................................. 1.28 147.0 Note.—Published groupings include some series and subtotals not industrial Production—-1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1518 BUSINESS ACTIVITY; CONSTRUCTION OCTOBER 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- Major industry struc­ tural Freight Total Period groupings tion em­ car- retail Total Final products t c ra o c n t ­ s m pl e o n y t ­ — p E lo m y ­ ­ Pay­ l i o n a g d s ­ sales 3 Con­ W sa h l o e l e­ Total s C u o m n e ­ r E m q e u n ip t ­ M ria a l t s e­ Mfg. M in i g n­ U itie n s ­ Total i ment rolls sumer m co o m di ­ ty goods 1950....................... 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.1 99.4 68.9 117.1 72 83.8 86.8 1951...................... 81.3 78.6 77.8 78.4 83,8 81,9 91.3 56.4 63 91.1 106.1 80.2 121,5 76 90.5 96.7 1952....................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 93.0 106.1 84.5 115.0 79 92.5 94.0 1953....................... 91.3 89.9 85.0- 100.5 92.6 92.7 92.9 66.8 70 95.6 111.6 93.6 116.6 83 93.2 92.7 1954....................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104.6 82 93.6 92.9 1955....................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.5 105.5 94.8 115.3 89 93.3 93.2 1956....................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96.2 1957....................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108.2 97 98.0 99.0 1958...................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959...................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.5 100.1 105.1 97.9 105 101.5 100.6 I960....................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 '103.3 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 '102.9 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 '105.9 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 '108.0 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 '111.1 '101.5 '124.3 95.5 127 108. i 100.5 1965P..................... 143.3 142.4 140.2 146.9 144.1 144.9 114.4 161.0 143 '115.7 '106.5 '136.3 96.6 138 109 9 102.5 1965—Aug........... 144.5 142.3 139.5 148.4 146.1 146.0 117.0 161.4 139 '116.2 '107.1 '136.2 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 '116.5 '107.2 '137.2 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 '117.0 '107.7 '139.0 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 '117.8 '108.8 '141.2 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 '118.5 '109.4 '143.0 102.4 145 111.0 104.1 1966—Jan............ 150.2 149.5 144.1 161.3 150.4 152.4 117.2 164.9 152 '118.9 '109.8 '145.1 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 '119.6 '110.9 '147.5 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 '120.4 'Hl.5 '148.1 100.2 149 112.0 105.4 Apr........... 153.8 152.8 146.2 166.9 154.6 156.5 115.8 168.6 161 '120.6 '111.9 '148.9 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 '120.9 '112.4 '149.0 100.0 143 112.6 105.6 156.5 155.2 147.1 r172.5 ’’158.0 158.9 122.0 171.6 147 '121.8 '113.4 '150.i 95.1 '149 112 9 105.7 July.......... r157.2 '155.4 '146.5 '174.4 '158.8 ’•159.3 r122.0 '175.6 147 '122.0 '112.7 '148.9 93.6 '148 113.3 106.4 158.3 156.9 147.3 177.5 159.6 160.4 122.2 178.5 139 '122.2 '113.8 '151.5 '94.0 '150 113.8 106.8 ’’Sept........... 158.2 157.2 147.3 178.6 159.4 160.4 121.7 179.0 122.2 113.2 152.0 95.0 149 106.8 i Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidentia), 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 F.R. index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Note.—Data are seasonally adjusted unless otherwise noted. Freight carloadings: Based on data from Association of American Construction contracts: F. W. Dodge Co. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1965 1966 Ty ty p p e e o o f f o c w on ne st r r s u h c ip ti o a n nd 1964 1965 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total construction............................... 47,330 49,272 4,265 4,141 4,356 3,745 3,698 3,374 3,270 4,737 5,098 5,132 4,854 4,774 4,302 By type of ownership: Public.............. 15,371 16,302 1,313 1,332 1,294 1,163 1 ,304 1,125 1,066 1,463 1,574 1,902 1,937 2,020 1,568 Private............................................... 31,959 32'970 2,952 2; 809 3,061 2,'582 2; 395 2,'249 2,204 3,274 3,524 3,230 2,916 2; 754 2,733 By type of construction: Residential building....................... 20,565 21,247 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 1,507 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 '788 '934 877 721 '819 906 712 i;oo7 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

OCTOBER 1966 CONSTRUCTION 1519 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f e r a e n o r s t m n i i ­ a ­ l Total In tr d i u a B l s u ­ sine m C ss e o r m cia ­ l P u u ti b li l t i y c O n d r t e t o e i h s a n n i ! e - - - r Total M ta i r l y i­ H w i a g y h­ d C e v m o v a n e t e i & s l n o o e t n p r ­ ­ 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 1............................. 55,305 39,235 24,251 10,557 2, 106 3,930 4,521 4,427 16,070 1 ,465 5,761 1,121 7,723 I960................................. 53,941 38,078 21,706 11,652 2,851 4,180 4,621 4,720 15,863 1,366 5,437 1,175 7,885 1961................................ 55,447 38,299 21,680 11,789 2,780 4,674 4,335 4,830 17,148 1,371 5,854 1,384 8,539 1962 3............................. 59,667 41,798 24,292 12,316 2,842 5,144 4,330 5,190 17,869 1 ,266 6,365 1,524 8,714 1963 4............................ 62,968 43,642 25,843 12,497 2,906 4,995 4,596 5,302 19,326 1 ,227 7,091 1,690 9,318 1964................................ 66,221 45,914 26,507 13,828 3,572 5,406 4,850 5,579 20,307 968 7,144 1 ,729 10,466 1965................................ •■71,930 49,999 26,689 16,968 5,086 6,704 5,178 6,342 ••21,931 883 •7,547 •2,017 •11,484 1965—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..................... ■■76,443 53,445 26,684 19,679 6,250 8,017 5,412 7,082 ••22,998 760 •7,687 •2,142 •12,409 1966—Jan...................... ■77,622 53,285 27,460 19,053 5,987 7,846 5,220 6,772 •24,337 733 •8,107 •2,126 •13,371 Feb..................... •78,920 54,290 27,463 19,435 6,629 7,294 5,512 7,392 •24,630 823 •8,203 •2,004 •13,600 Mar.................... ••79,433 55,066 27,279 20,154 7,073 7,672 5,409 7,633 •24,367 I ,009 •7,953 ■2,193 •13,212 Apr............. •■78,138 54,347 27,437 19,730 7,175 7,097 5,458 7,180 •23,791 887 •7,902 •1 ,996 •13,006 May................... 75,790 52,284 27,023 18,283 6,856 6,126 5,301 6,978 23,506 650 7,853 1 ,911 13,092 June................... 75,617 52,108 26,156 19,508 7,548 6,343 5,617 6,444 23,509 760 7,801 1 ,914 13,034 July’................... 73,341 49,757 25,061 18,504 6,907 6,107 5,490 6,192 23,584 7,750 1 ,916 Aug.*................. 72,769 49,224 24,424 5,595 .....2..3..,.5...4..5 .......7..,.6..9..7. 1 Sewer and water, formerly shown separately, now included in Other. Note,—'Monthly data are at seasonally adjusted annual rates. Be- 2 Beginning with 1959, includes data for Alaska and Hawaii. ginning with 1959, figures are Census Bureau estimates. Data before 3 Beginning July 1962, reflects inclusion of new series affecting most 1959 are joint estimates of the Depts, of Commerce and Labor. private nonresidential groups. 4 Beginning 1963, reflects inclusion of new series under Public (for State and local activity only). NEW HOUSING STARTS (In thousands of units) By area By type of ownership Annual rate, S.A. G un o d v e e r r w nm rit e t n en t- Period (private only) Total Non­ Private Total N fa o rm n­ p M o e li t t r a o n ­ p m o e li t t r a o n ­ Total fam 1- i ly fam 2- i ly f M am ul i t l i y ­ Public Total FHA VA 1955,, , , ........... 1,646 1,627 19 670 277 393 1956................................ 11349 1 i 325 24 465 195 271 1957... ... 11224 1,175 49 322 193 128 1958... . 1,382 1’314 68 439 337 102 1959................................ 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960................................ 1,296 889 407 1,252 995 44 213 44 336 261 75 1961................................ 1,365 948 417 1,313 •974 44 295 52 328 244 83 1962................................ 1,492 1,054 439 1,463 ■991 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—Aug..................... 1,427 1,409 138 95 43 135 88 5 42 3 22 18 Sept..................... 1,453 1,436 126 88 38 124 80 4 40 2 21 17 4 Oct...................... 1,411 1,380 136 95 41 134 87 4 43 2 22 18 4 Nov..................... 1,547 1,531 118 79 39 116 71 4 41 2 20 16 4 Dec..................... 1,769 1,735 103 76 27 102 60 3 39 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..................... 1^69 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 (8 3 May.................... 1,318 1,287 139 92 48 135 88 4 43 4 18 14 3 June.................... 1,285 1,261 131 88 43 128 84 4 40 3 19 15 4 July..................... *1,081 *1,061 *104 69 35 *103 71 3 29 *1 17 13 4 Aug..................... *1,057 *1,037 *103 69 33 *101 71 3 26 *2 18 14 4 Note,—Beginning with 1959, Census Bureau series includes both farm available by area or type of structure. Data from Federal Housing and nonfarm series developed initially by the Bureau of Labor Statistics. Admin, and Veterans Admin, represent units started, based on field office Series before 1959 reflect recent Census Bureau revisions which are not reports of first compliance inspections. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1520 EMPLOYMENT OCTOBER 1966 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period i T p n o s o t p t i a t u u l l t a n i t o o io n n n a - l l N ab o o t r i n f o t r h c e e T l f a o o b r t c o a e r l Employed1 Un m e ra m e te p n 2 l t o y­ N.S.A. N.S.A. S.A. Total Total In c n u o lt n u a ra g l r i- In U pl n oy em ed ­ (pe S r .A ce . nt) industries agriculture I960............................. 125,368 52,242 73,126 70,612 66,681 60,958 5 723 3 931 5 6 1961............................. 127,852 53,677 74,175 71’603 66,796 61333 5* 463 4*806 67 1962............................. 130*081 55,400 74’681 71,854 67 846 62,657 5’190 4’007 5 6 1963............................. 132,125 56^412 75'712 72,975 68,809 63,863 4*946 4’166 57 1964............................. 134'143 57,172 76'971 74,233 70,357 65,596 4,761 3 876 5 2 1965............................. 136’241 57,884 78,357 75,635 72,179 67,594 4 585 3 456 46 1965 Sept................. 136,670 58,626 78,334 75,611 72 297 67 879 4 418 3 314 4 4 Oct.. ............... 136'862 58^49 78,606 75,846 72 561 68 010 4’551 3*285 4* 3 Nov.......... 137'043 58,445 78*906 76,111 72 914 68,641 4 273 3’197 4 2 Dec......... 137,'226 58,749 79,408 76*567 73 441 68 955 4 486 3*126 4 1 1966—Jan............ 137,394 59,985 79,644 76,754 73,715 69,286 4 429 3 039 4 0 Feb.................. 137,565 59,930 79,279 76,355 73'521 69*079 4,442 2’834 3.7 137,741 59,707 79,315 76,341 73*435 69,072 4 363 2 906 3 8 Apr.................. 137^908 58'994 79', 674 76,666 73,799 69,317 4 482 2 867 3 7 May................. 138'100 58'349 79*313 76,268 73,231 69,155 4 076 3*037 40 June................ 138*275 55,575 80*185 77,086 73,997 69,759 4338 3*089 4 0 July................. 138,444 55,673 80,233 77,098 74,072 69,928 4 144 3 026 3 9 Aug.................. 138'648 56,180 80,549 77,371 74'338 70 J 80 4,158 3 033 3 9 Sept......... 138'839 58,787 80*342 77,'113 74,'165 70,116 4,049 2,948 3.8 i Includes self-employed, unpaid family, and domestic service workers. Note.—Information relating to persons 14 years of age and over is ob- 2 Per cent of civilian labor force. tained on a sample basis. Monthly data relate to the calendar week that contains the 12th day; annual data are averages of monthly figures, Bureau of Labor Statistics. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n ri u n f g ac­ Mining c C o o n t n i s o t t n r r u ac c t ­ T ti li o r c a n n u s & ti p l i o p ti r u e t b a s ­ ­ Trade Finance Service G m ov e e n r t n­ I960............................................................... 54,234 16,796 712 2,885 4,004 11,391 2,669 7,423 8,353 1961............................................................... 54,042 16,326 672 2^816 3; 903 11,337 2,731 7 364 8’594 1962............................................................... 55,596 16,853 650 2,902 3,906 11 366 2,800 8,028 8'890 1963............................................................... 56,702 16,995 635 2^963 3,903 11,778 2,877 8,325 9:225 1964............................................................... 58,332 17,274 634 3,050 3,951 12;160 2,957 8 309 9*596 1965............................................................... 60,770 18,032 632 3,181 4,033 12383 3,019 9398 10,091 SEASONALLY ADJUSTED 1965 Sept................................................... 61,180 18,157 622 3,168 4,064 12,765 3,036 9,180 10,188 Oct.......................... 61,437 18,242 627 3,186 4,071 12'809 3,'041 9,226 10’235 Nov.................................. 61,864 18392 631 3'234 4'080 12,880 3 ,’045 9382 10,320 Dec............................................. 62,241 18,492 633 3,334 4,083 12’941 3'049 9,329 10,380 1966—Jan..................................................... 62,469 18,566 635 3,318 4,091 13,009 3,052 9,363 10,435 Feb.................................................... 62,811 18,722 634 31323 4,105 13'045 3,051 93IO 10,521 Mar................................................... 63,247 18,840 637 3,419 4,109 13'085 3:064 9^63 10’630 Apr................................................... 63,350 18,923 595 3,333 4,114 13;128 3,068 9,484 10*705 May................................................. 63,517 19^002 628 3,238 4,132 13’164 3,076 9,515 10,762 June.................................................. 63^983 19,167 632 3; 300 4,143 13,217 3,090 9 349 10*885 July............................. . 64,072 19,128 636 3,297 4,122 13356 3,095 9,609 10'929 Aug.*............................................... 64,196 19,268 636 3346 4J0I 13364 3,100 9'641 10'940 Sept.*............................................... 64J81 19,195 633 3,223 4,158 13,'260 3,091 9342 10379 NOT SEASONALLY ADJUSTED 1965—Sept................................................... 61,863 18,477 631 3,460 4,113 12,750 3,045 9,235 10,152 Oct............................................... 62,141 181461 633 3,431 4,104 12',852 3,038 9,263 10', 359 Nov................................................... 62,392 18396 635 3’341 4,092 13,078 3,033 9,245 10,472 Dec.................................................... 63,038 18,473 632 3^167 4,087 13,762 3,034 9345 10,638 1966—Jan.................................................... 61,439 18,333 621 2,940 4,026 12,835 3,018 9,176 10,490 Feb.................................................... 61,622 18,518 617 2,818 4,035 12,738 3,024 9,250 10,622 Mar........................................ 62,243 18,651 620 2,981 4,056 12,826 3,043 9,331 10,735 Apr.................................................... 62,928 18,774 590 3,156 4,077 13:015 3,056 9'465 10395 May.................................................. 63,465 18*906 630 3,277 4,115 13,061 3,070 9,572 10’834 June.......................................... 64,563 19,258 645 3^521 4,180 13:239 3,112 9,702 10,906 July................................................... 64374 19,123 645 3,623 4,171 13,225 3,148 9^782 10,557 Aug.*. ............................................. 64,482 19,398 649 3.636 4,150 13,224 3,146 9,766 10,513 Sept,*............................................... 64380 19324 642 3,520 4,208 13,245 3,100 9,700 10,941 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

OCTOBER 1966 EMPLOYMENT AND EARNINGS 1521 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1965 1966 1965 1966 Sept. July Aug. J' Sept.p Sept. July Aug.1’ Sept.3’ Total । - (l।..>>■*■■<••■••*<»«''•'••’•■■ 13,503 14,201 14,337 14,255 13,811 14,159 14,423 14,569 Durable gonds .................................................................. 7,794 8,293 8,404 8,378 7,896 8,277 8,311 8,484 Ordnance and accessories.......................................... 99 122 124 126 100 120 123 ’ 127 Lumber and wood products................... 532 543 542 537 554 569 570 559 Furniture and fixtures............................................... 357 378 381 378 364 374 387 385 Stone clay and glass products......................... 506 515 512 505 525 533 533 524 Primary metal industries........................................... 1,068 1 ,090 1,104 1,100 1,071 1,102 1,104 1,103 Fabricated metal products........................ ’991 1 ,043 1,061 1,048 1,005 1,035 1,059 1,064 Machinery except electrical. .................................... 1,227 1,33! 1,338 1,340 1,221 1,324 1,325 1'333 Electrical machinery................................................... C 159 1,320 1,353 1,350 1,173 1,302 1,345 1'366 Transportation equipment........................................ U264 1,324 1,361 1,372 1,268 1,299 1,222 1'376 Instruments and related products........................... ’252 277 278 277 254 275 279 '280 Miscellaneous manufacturing industries................ 339 350 350 345 361 344 364 367 Nondurable gnnds.............................................................. 5,709 5,908 5,933 5,877 5,915 5,882 6,112 6,085 Food and kmdred products..................................... u 137 1,165 1,165 1,153 1,274 1,200 1,285 1 '292 Tobacco manufactures........................................ ’ 73 ' 73 ’ 67 ’ 65 89 62 ' 75 80 Textile-mill products............................................. 826 850 856 846 834 844 863 854 Apparel and other finished textiles......................... 1,209 1,232 1,240 1,230 1,232 1,198 1,266 1,253 Paper and allied products..................... ’501 530 529 521 508 528 '534 528 Printing publishing, and allied industries....... 624 656 658 654 628 653 658 658 Chemicals and allied products................................. 549 577 583 575 550 578 585 577 Products nf petroleum and coal...................... 113 115 115 114 115 118 118 116 Rubber products ........................................................ 370 403 407 404 375 395 407 410 Leather and leather products.................................... 307 307 313 315 310 306 321 317 Note.—Bureau of Labor Statistics; data cover production and related the pay period that includes the 12th of the month, workers only (full- and part-time) who worked during, or received pay for, HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked Average weekly earnings Average hourly earnings (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1965 1966 1965 1966 1965 1966 Sept. July Aug.p Sept.” Sept. July Aug.p Sept.’’ Sept. July Aug.P Sept.3’ 41.0 41.0 41.4 41.4 107.83 111.11 111.78 113.44 2.63 2.71 2.70 2.74 Durable goods......................................................... 41,7 41.8 42.1 42.3 117.18 119.81 120.54 123.52 2.81 2.88 2.87 2.92 r^rdnance and accessories............................ 42.0 42.7 42.2 42.8 131.99 133.88 134.30 137.07 3.15 3. 18 3.19 3.21 Lumber and wood products........................ 40.6 40.6 40.5 40.2 91.02 93.66 94.53 93.38 2.22 2.29 2.30 2.30 Furniture and fixtures................................... 41.1 41.0 41.5 41.3 89.66 89. 13 93.04 93.44 2.15 2. 19 2.21 2.23 Stone clay and glass products................... 42.0 41.5 41.7 42.0 112.10 113.82 115.06 115.90 2.65 2.71 2.72 2.74 Primary metal industries . ............................ 41.8 41.6 42.4 42.7 133.44 136.86 138.51 141.01 3.20 3.29 3.29 3.31 Fabricated metal products.......................... 41.7 42.1 42.2 42.5 116.48 119.42 121.26 123.83 2.78 2.85 2.86 2.90 Machinery except electrical.......................... 43.2 43.3 43.8 44.3 127.12 131.89 133.11 136.09 2.97 3.06 3.06 3. 10 Electrical machinery........................... 40.7 40.9 41.2 41.4 105.67 106.11 107.68 109.98 2.59 2.62 2.62 2.65 Transportation equipment........................... 42.1 42.1 43.2 42.8 135.01 137.94 139.77 143.65 3.23 3.30 3.32 3.38 Instruments and related products........ 41.6 41.7 41.6 42.0 108.99 111.90 111.90 113.82 2.62 2.69 2.69 2.71 Miscellaneous manufacturing industries... 39.9 39.7 39.9 40.0 85.20 86.24 88.00 89.42 2.13 2.20 2.20 2.23 Nondurable goods................................................... 40.1 40.1 40.1 40.1 95.68 99.14 98.98 99.29 2.38 2.46 2.45 2.47 Fond and kindred products........................ 40.8 41.3 41.0 41.0 100.60 105.59 103.09 104.00 2.43 2.52 2.49 2.50 Tobacco manufactures.................................. 38.1 37.9 38.3 38.0 78.21 87.23 83.76 83.13 1.98 2.32 2.17 2.11 Textile-mill products........................... 41.8 41.7 41.9 41.9 78.62 81.76 83.16 82.98 1.89 1.97 1.98 1.99 Apparel and other finished textiles............ 36. 1 36.2 36.3 35.4 67.33 67.88 70.11 67.45 1.86 1.87 1.90 1.90 Paper and allied products.......................... 43.0 43.4 43.3 43.5 116.48 120.50 120.34 122.20 2.69 2.77 2.76 2.79 Printing, publishing, and allied industries. 38.7 39.0 39.0 39.0 120.59 121.83 123.17 125.44 3.10 3.14 3.15 3.20 Chemicals and allied products.................... 42. 1 42.0 42.0 41.8 123.65 126.00 125.70 126.12 2.93 3.00 3.00 3.01 Products of petroleum and coal.................. 42.5 42.4 41.9 41.6 143.12 147.06 142.30 145.27 3.29 3.42 3.38 3.41 Rubber products............................................ 41.7 41.5 41.8 42.2 110.46 110.27 111.45 114.75 2.63 2.67 2.66 2.70 Leather and leather products...................... 38.3 38.3 38.6 38.4 71.82 74.49 75.46 74.66 1.90 1.91 1.93 1.97 Note.—Bureau of Labor Statistics; data are for production and related workers only. 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1522 PRICES OCTOBER 1966 CONSUMER PRICES (1957-59=. 100) Housing Health and recreation Period it A em U s Food Total Rent H ow s o h n m ip e e r­ ­ c F a o o n u i a e d l l l tr e G a i l c n e a i c d t s ­ y o n F p i a n i e n u s g r h 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 c P 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. t06.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 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--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................. 112.5 114.0 110.3 110.1 114.3 108.5 108.3 104.4 108.7 112.0 118.1 125,8 111,6 116,8 114.3 May............... 112.6 113.5 110.7 110.2 115,0 108.0 108,2 104,6 109.3 112.0 118.4 126.3 112.0 116.8 114.7 June............... 112.9 113,9 111.1 110,2 115,8 107.0 108.1 104,8 109.4 112,2 118.7 127.0 112.2 117.0 114.9 July................. 113.3 114.3 111.3 110,3 116,2 107.0 108.1 105,1 109.2 113,5 119.1 127.7 112.5 117.2 115,3 Aug................. 113.8 115.8 111.5 110.6 116.4 107,0 108.1 105,2 109,2 113.5 119.5 128.4 112,7 117.4 115.5 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with Jan. 1964. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities Period m c t A o i o e m U d s i ­ ­ p F u r a c o r t d m s ­ f P e o s r o s o e d c d s ­ Total T t e il e t e c x s . ­ , H e i t d c e . s, F e u tc e . l, C i e c 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 c e s . t , ­ c M e h r i y a n ­ ­ F t e u u t r r c e n . , i ­ N t m a m l o i l e n i n ­ c ­ - b T e a t c o c c . ­ o, n c M e e o l i l u s a ­ s ­ erals 1957 99,0 99.2 97.9 99.2 100.8 94,9 102.7 99.6 100,2 98.5 99.0 99.7 97.7 99,4 98,9 98.0 96.6 1958 100.4 103.6 102,9 99.5 98.9 96.0 98.7 100.4 100,1 97.4 100.1 99,1 100.1 100.2 99,9 99.7 101,5 1959 100.6 97.2 99.2 101,3 100.4 109.1 98.7 100.0 99,7 104,1 101.0 101,2 102.2 100,4 101.2 102.2 101.9 1960 100.7 96.9 100,0 101.3 101.5 105.2 99.6 100,2 99,9 100,4 101.8 101.3 102.4 100.1 101.4 102,5 99,3 1961 100,3 96.0 100.7 100.8 99.7 106,2 100.7 99,1 96,1 95.9 98.8 100.7 102.3 99.5 101,8 103.2 103.9 1962 100.6 97.7 101.2 100,8 100.6 107.4 100,2 97.5 93.3 96.5 too.o 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-—Aug..................... 102.9 99.1 106.7 102.7 101.9 112.2 99.0 97.1 93.2 101.8 99.9 106.2 103.8 97,7 101.6 107,6 111.5 Sept..................... 103.0 99.5 106.7 102.7 102.1 111.3 99.2 97.2 93.3 102.0 100.0 106.2 103.8 97,7 101.6 107.7 111.5 Oct...................... 103.1 99.4 106.9 102.8 102.0 113,3 99.4 97.6 93.4 101.6 100,5 106,3 103.9 97,8 101.6 107.7 111.2 Nov..................... 103.5 100.3 107.6 103.2 101.9 113.6 100.3 97.5 93,5 101.6 100.8 106.7 104,1 98,0 101.6 107.7 113.2 Dec.................... 104.1 103.0 109,4 103.2 102.0 114.6 100.6 97.6 93,5 101.9 100,9 106.6 104.2 98,2 101.6 107.9 112.5 1966- Jan...................... 104.6 104,5 110.3 103.5 101.9 116.0 100.5 97.6 93.7 102.8 101.2 107.0 104,4 98,3 102,0 108.1 114.3 Feb..................... 105.4 107,4 111.8 103,8 102.0 117.8 100.3 97.6 94.1 103.7 101.3 107.5 104.7 98.4 102.1 108.0 116.0 Mar,.......... 105.4 106.8 111,5 104.0 102.1 118.7 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................... 105.7 104.2 110.6 104.9 102,2 r122,9 101,5 97.6 95,4 107.7 103,0 108.7 105.9 98,9 102.5 109,8 115.7 July..................... 106.4 HO?.8 111.7 N05.2 102.4 r122.7 101.4 r97.9 95.1 '■106.6 103.2 r108.8 106.0 r99,0 102.7 110,0 120.5 Aug.................... 106,8 108.1 113.8 105.2 102.4 121.2 101.9 97.9 95.1 106.2 103.2 108.5 106.2 98,9 102.7 110,0 121.2 See next page for composition of other commodities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 PRICES 1523 WHOLESALE PRICES: DETAIL (1957-59= 100) 1965 1966 1965 1966 Group Group Aug. June July Aug. Aug. June July Aug. Farm products: Pulp, paper, and allied products: Fresh and dried produce....................... 85.5 99.7 107.0 97.7 G L P F E H l l i g a r a v u a g y n e i i d s t s n a . t . o a m n s .. n . c . d . . i k . d . . l . . s . k . . e a . a . . . . . e n n . . . . . . d . d i . . . . m . . s . . . . p . . . . . a . . . . . . o . l . . . . . . . . u . . . . f . . . . . . l . i . . . . . t b . . . . r . . . . e . . . . y . . . . r . . . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 8 9 0 0 0 0 8 0 6 3 0 6 . . . . , . 3 5 4 9 0 6 1 1 1 9 9 9 0 1 2 0 4 0 8 2 2 . . , . . . 3 9 5 9 6 6 ’’ 1 1 1 1 9 9 0 0 1 3 0 8 7 3 9 5 . . . . . . 1 1 5 5 3 2 1 1 1 1 1 7 0 0 2 0 3 2 5 9 4 8 9 . . . . . . 3 6 4 0 6 2 W W C P P B a a o u a o p p i n l s o e v e d t d r e r i e n b . p p r . g t . o u a . e . a p l . d 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 8 7 3 4 6 9 . . . . , . 1 1 5 3 3 4 1 1 1 9 9 9 1 0 0 2 8 7 2 8 2 . . . . . . 0 7 0 2 6 4 4 1 1 0 9 9 9 1 0 2 8 2 7 3 8 . , . . . . 7 0 9 2 2 2 1 1 1 9 9 9 0 0 0 8 8 7 3 6 2 . . . . , 0 7 8 2 2 4 Other farm products . ....................... 98.3 101.1 101.3 102,5 Metals and metal products: Processed foods: Iron and steel.......................................... 101.4 102.0 102.2 102.6 Cereal and bakery products, 108.8 114.0 r115.5 118.4 Nonferrous metals.................................. 116.5 123.2 122,9 120.4 Meat poultry and fish................. 106,3 109.9 110,0 111.1 Metal containers..................................... 108.3 110.1 110.1 110.1 Dairy products and ice cream............. 108,5 117.0 ’■120.4 125.5 Hardware.................................................. 106.4 109.8 109.8 110.1 Canned and frozen fruits and veg­ Plumbing equipment............................. 103.5 108.5 110.0 110.0 etables ............................................... 100.4 104.9 r104.5 102.2 Heating equipment................................ 91.9 92.5 92.9 92.9 Sugar and confectionery....................... 108.9 109.4 109.8 110.9 Fabricated structural metal products. 101.7 104.1 r104.2 104.2 Packaged beverage materials............... 93.4 93.5 93.5 93.5 Fabricated nonstructural metal prod­ Animal fats and oils.......................... . 114.1 105.8 r106.3 120.7 ucts ....................................... 109.9 111.2 nn.2 112.2 Crude vegetable oils.............................. 93.2 105.6 113.0 127.0 Refined vegetable oils........................... 90.0 104.7 109,8 118,4 Machinery and motive products: Vegetable oil end products.................. 101.2 101.9 103.8 107.8 Miscellaneous processed foods............ 114.8 11 2.5 114.0 114.1 Agricultural machinery and equip.... 114,8 118.4 ’•118.5 118,4 Textile products and apparel: C M o e n ta s l t w ru 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 5 7. . 4 6 1 12 1 3 8 , , 5 9 1 1 2 1 3 8 , . 5 9 1 1 2 1 3 9 , . 7 0 C S A O M i o t p l a h k t p n t e o p a - r m n r r t e o e a p l d x d .. r u t . e o i . c l . . e d f t . i . s u . b p . . . . c e . r . . . r t 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 3 0 0 2 4 4 2 5 0 2 , . , . . . 1 7 8 0 8 4 1 1 1 1 1 9 2 0 0 4 0 0 4 2 6 3 4 . . . . . . 1 0 8 5 8 8 1 1 1 1 1 9 2 5 0 0 0 0 2 3 6 3 5 . . . . . . 1 1 3 7 0 0 1 1 1 1 1 9 0 0 2 0 5 0 6 3 1 6 5 . . . . . . 5 3 0 7 2 0 S G M M p e e e i o e n s q q c t c e o i u u e a r r i l i a l p l p l a v m m n e i e h e e n p o n i n d u c u t t l u r s . e ( p . s . J s o . m t a . . r . . s n . . y a e . . . . . c . . . . h . . 1 . . . . m i 9 m . . n . . 6 . . a e . a . 1 . . c . c r . = . . y h h . . . . . i . . i . . 1 . n n . . . . . . e 0 e . . . . . . r r 0 . . . y . . . y . . . ) . . . . . . . . . . . . . . . . . . . . . a a . . . . . . . . n n . . . . . . . . d d . . . . . . . . 1 1 1 1 9 0 0 0 0 5 6 5 8 0 . . . . . 1 7 3 0 7 1 1 1 1 9 1 0 0 0 8 9 1 6 0 . . , . . 8 8 0 8 7 4 1 1 1 r 0 9 1 1 0 6 9 0 2 0 , . . . . 2 0 0 2 7 1 1 1 1 9 1 1 0 0 9 0 2 0 6 . . . , . 5 8 2 5 2 Transportation equip., R.R. rolling Hides, skins, leather, and products: stock (Jan. 1961 = 100)................. 101.0 101.0 101,0 101.0 Hides and skins.................................... 133.4 161.0 156.4 141.2 Leather............................................. 112.5 126.6 126.0 124.6 Furniture and other household durables: Footwear........................................... 110.2 r118.9 *119.0 118,9 Other leather products.. ........... 108.8 115.7 t1 16.6 116.5 Household furniture.......................... 106.1 108.9 r109 1 109.3 Commercial furniture............................ 103,7 105.3 405^8 105,8 Fuels and related products, and power: Floor coverings........................................ 97.5 97.1 r96.8 96.6 Household appliances.............. 88.6 89.4 r89.2 88.9 Coal .................................................... 95.8 97.2 r97.6 98.6 Television, radios, and phonographs.. 84.4 83.5 83.5 82.9 Coke,,..................................................... 107,3 109.4 112.0 112.0 Other household durable goods.......... 105.3 106,7 107.4 107.4 Gas fuels (Jan. 1958= 100).................. 123.9 128.5 4 28.3 128.3 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 . , r 1 e 9 f 5 i 8 n = e d 1 . 0 . 0 .. ). . .. . . . .. . .. . . 1 9 0 6 0 . .8 4 1 1 0 0 0 0 . . 2 2 no 9 d 9. . 9 3 1 1 0 0 0 0 . . 7 3 Nonmetallic mineral products: Chemicals and allied products: Flat glass........................................ 100.2 100.2 400.3 100,0 Concrete ingredients.............................. 103.2 103,6 ’’103,7 103,8 Industrial chemicals............................... 95.0 95.8 95.9 95,8 Concrete products................................. 101.5 103,0 403.1 103.3 105.7 106.8 106,8 106.8 Structural clay products....................... 105.3 106,5 106.5 106.6 Paint materials........................................ 89.2 89.9 90.4 90.5 Gypsum products................................... 100.6 102.7 102.7 102.7 Drugs and pharmaceuticals................. 93.9 94.3 r94.5 94.5 Asphalt roofing....................................... 92.1 94.4 r97.6 97.6 104.4 101.6 ’’105.3 104.6 Other nonmetallic minerals.................. 101.4 101.8 401,7 101.6 Mixed fertilizers.......................... 105.7 105.5 105.5 105.4 Fertiliser materials.................................. 102.1 104.8 104.2 102.5 Tobacco products and bottled beverages: Other chemicals and products....... 99.8 100.0 400.3 100.7 Tobacco products.......... ........................ 106.1 110.3 110.3 110,3 Rubber and products: Alcoholic beverages................................ 100.7 101.0 101.0 101,0 Crude rubber........................................... 88.6 89.5 r89.0 88,8 Nonalcoholic beverages......................... 128.5 131.0 131.8 131,8 Tires and tubes....................................... 91.1 94.4 93.9 93,9 Miscellaneous rubber products...... 97.4 98.9 '99.0 99.0 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms.... 102.7 103.7 104.5 104.9 Manufactured animal feeds. ................ 116.9 124,1 132.6 133.6 Lumber....................... 102.5 111.8 4 10.3 109.9 Notions and accessories........................ 99.1 101.1 r101.0 101.0 Millwork................................................. 107.8 110.6 110.7 110.8 Jewelry, watches, photo equipment... 105.1 105,2 r105,5 105.3 Plywood.................................................... 94.6 92.7 *•91.5 90.0 Other miscellaneous products............. 104.4 105.2 105.4 105.8 Note.—Bureau of Labor Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1524 NATIONAL PRODUCT AND INCOME OCTOBER 1966 GROSS NATIONAL PRODUCT (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965 in IV I II IIP drncc natinnol nrndnct.................... 103.1 55.6 124.5 284.8 520.1 560.3 590.5 631.7 681.2 686.5 704.4 721.2 732.3 746.0 Final purchases........................... 101.4 57.2 120.1 278.0 518.1 554.3 584.6 627.0 672.1 677.8 694.d 712.3 720.0 735.2 PckodrI consumption expenditures................... 77.2 45.8 80.6 191.0 335.2 355.1 375.0 401.4 431.5 435.0 445.2 455.6 460.1 470.0 Durable goods.................................................. 9.2 3.5 9.6 30.5 44.2 49.5 53.9 59.4 66.1 66,7 68.0 70.3 67.1 70.3 Nondurable goods................................ 37.7 22.3 42.9 98.1 155.9 162.6 168.6 178.9 190.6 191.4 197.0 201.9 205.6 208.3 Services ............................................................. 30.3 20,1 28. 1 62.4 135.1 143.0 152.4 163.1 174.8 176.9 180,2 183.4 187.4 191.4 Gross private domestic investment..................... 16.2 1.4 17.9 54.1 71.7 83.0 87.1 93.0 106.6 106.7 111.9 114.5 118.5 116.0 f^xedinvestment. .......................... 14.5 3.0 13.4 47.3 69.7 77.0 81.3 88.3 97.5 98.0 101.5 105.6 106.2 105.2 Nonresidentinl................ 10.6 2.4 9.5 27.9 47.0 51.7 54.3 60.7 69.7 70.2 73. 9 77.0 78.2 80.0 Structures.................................................. 5.0 .9 2.9 9.2 18.4 19.2 19.5 21.0 24.9 24.4 26.8 28.5 27.9 27.3 Producers’ durable equipment.............. 5.6 1.5 6.6 18.7 28.6 32.5 34.8 39.7 44.8 45,8 47.1 48.5 50.3 52.7 Residential structures.................................. 4.0 .6 3.9 19.4 22.6 25,3 27.0 27.6 27.8 27.8 27.6 28.6 28.6 25.2 Nonfarm..................................................... 3.8 .5 3.7 18.6 22.0 24.8 26.4 27.0 27.2 27.3 27.0 28.0 27.4 24.6 Change in business inventories..................... 1.7 -1.6 4.5 6.8 2.0 6.0 5.9 4.7 9.1 8.7 10.4 8.9 12 3 10.8 Nonfarm......................................................... 1.8 -1.4 4.0 6.0 1.7 5.3 5.1 5.3 8.1 7.2 9.0 8.5 12.1 11.3 Net exports of goods and services..................... l.l .4 1.3 1.8 5.6 5.1 5.9 8.5 7.0 7.1 6.1 6.0 4.7 4.7 Exports. ........................... 7.0 2.4 5.9 13.8 28.6 30.3 32.3 37.0 39.0 40.1 40.3 41.7 41,9 43.7 Imports...................................................... 5.9 2.0 4.6 12.0 22.9 25.1 26.4 28.5 32.0 33.0 34.2 35.6 37.3 39.0 Government purchases of goods and services. . 8.5 8.0 24.8 37.9 107.6 117.1 122.5 128.9 136.2 c137.7 141.2 145.0 149.0 155.3 Federal............................ •................ 1.3 2.0 16.9 18.4 57,4 63.4 64.2 65,2 66.8 67.5 69.8 71.9 74.0 78.3 National defence ■ • ■ ..................... 13.8 14.1 47.8 51.6 50.8 50.0 50,1 50.7 52.5 54.6 57.1 61.3 Other • ..................... 3.1 4.3 9.6 11,8 13.5 15.2 16,7 16.8 17.3 17.4 16.9 17.0 State and local.................................... 7.2 6.0 7.9 19.5 50.2 53.7 58.2 63.7 69.4 70.2 71.4 73.1 75.0 77.0 Gross national product in constant (1958) doling ........................................................... 203.6 141. S 263.7 355.3 497.3 529.8 551.0 580.0 614.4 618.2 631.2 640.5 643.5 650.7 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 1929 1933 1941 1950 1961 1962 1963 1964 1965 Item III IV I IIP IIP National income, 86.8 40.3 104.2 241.1 427.3 457.7 481.9 517.3 559.0 562.7 577.8 595.7 604.1 Compensation of employees 51.1 29.5 64.8 154.6 302.6 323.6 341.0 365.7 392.9 395.6 406.5 419.6 427.9 438.1 Wa^es and salaries..... 50.4 29.0 62.1 146.8 278.1 296.1 311.1 333.6 358.4 360.8 370.8 380,0 387.4 396.6 Private........................... 45.5 23.9 51.9 124.4 225.9 240.1 251.6 269.3 289.1 291.1 298.5 305.9 311.5 317.8 Military......................... .3 .3 1.9 5.0 10.2 10,8 10.8 11.7 12.1 12.0 13.0 13.6 14.1 15.0 Government civilian.. 4.6 4.9 8.3 17.4 42,0 45.2 48.6 52.6 57.1 57.7 59.3 60.4 61.8 63.7 Supplements to wages and salaries........ .7 .5 2.7 7.8 24,6 27.5 29.9 32.0 34.5 34.8 35.7 39.6 40.5 41.5 Employer contributions for social in­ surance ...............1...............1..........2....0..1.. 4.0 11.8 13,7 15.0 15.4 16.0 16.0 16.3 19.6 19.9 20.4 Other labor income.................6...............4. .7 3.8 12.7 13.9 14.9 16.6 18.5 18,8 19.4 20.0 20.6 21.1 Proprietors’ income............... 15.1 5.9 17.5 37.5 48.4 50.1 51.0 51.9 55.7 56.7 57.1 58.4 57.9 57.3 Business and professional 9.0 3,3 11.1 24.0 35.6 37.1 37.9 39.9 40.7 40.7 41.1 41.4 41.6 41.9 Farm.................................... 6.2 2.6 6.4 13.5 12,8 13.0 13.1 12.0 15.1 16.0 16.0 17.0 16.3 15.4 Rental income of persons 5.4 2.0 3.5 9.4 16.0 16.7 17.1 17.7 18.3 18.4 18.5 18.7 18.8 18.9 Corporate profits and inventory valuation adjustment...................................................... 10.5 -1.2 15.2 37.7 50.3 55.7 58.9 66.6 74,2 74.0 76.9 80.0 79.9 Profits before tax........................................... 10.0 1.0 17.7 42.6 50.3 55.4 59.4 67.0 75. 7 75.0 78.7 82.7 82.8 Profits tax liability........................................ 1.4 .5 7.6 17.8 23.1 24.2 26.3 28.4 3L2 30.9 32.4 34.1 34.1 Profits offer tax............................................ 8.6 .4 10.1 24.9 27.2 31.2 33.1 38.7 44.5 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 19.5 20.2 20.9 21.1 21.1 Undistributed profits.............................. 2.8 — 1 6 5.7 16.0 13,5 16.0 16.6 21.3 25 3 24.6 26.1 27.8 27,6 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.1 .3 -.5 -.4 -1.5 -1.0 -1.8 -2.8 -2.9 -3.2 Net interest, 4.7 4.1 3.2 2.0 10.0 11.6 13.8 15.5 17.8 18.1 18.7 19.1 19.6 20.2 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

OCTOBER 1966 NATIONAL PRODUCT AND INCOME 1525 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 III IV I IIP IIP 103.1 55.6 124.5 284.8 520.1 560.3 590.5 631.7 681.2 686.5 704.4 721.2 732.3 746.0 Less' Capital consumption allowances.......... 7.9 7.0 8.2 18.3 45.2 50.0 52.6 56.0 59.6 60.2 60.8 61.6 62.7 63.7 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 62.7 63.6 63.0 64.7 65.9 Business transfer payments................. . .6 .7 .5 .8 2.0 2.1 2.3 2.5 2.6 2.5 2.6 2.6 2 6 2.6 Statistical discrepancy.......................... . .7 .6 .4 1.5 -.7 .5 -.3 -1.4 -1.6 -.8 .4 -.8 -.9 Plus: Subsidies less current surplus of gov­ ernment enterprises........... . -. 1 . 1 .2 1.4 1.4 .8 1.3 1.0 .9 .9 .8 9 1 0 Equals* National income..................................... 86.8 40.3 104.2 241.1 427.3 457.7 481.9 517.3 559.0 562.7 577.8 595.7 604.1 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 74.0 76.9 80.0 79.9 Contributions for social insurance. ... .2 .3 2.8 6.9 21.4 24.0 26.9 28.0 29.2 29.2 29.8 36.5 37.0 38.4 Excess of wage accruals over disburse­ ments, ................................................ Plus' Government, transfer payments............. .9 1.5 2.6 14.3 30.4 31.2 33.0 34.2 37.1 39.4 37.9 40.0 40. 1 42 2 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 20.9 21.0 21.9 22.5 22.9 Dividends................................................. 5.8 2.0 4.4 8.8 13.8 15.2 16.5 17.3 19.2 19.5 20.2 20.9 21.1 21.1 Business transfer payments.................... .6 ,7 .5 .8 2.0 2.1 2.3 2.5 2.6 2.5 2.6 2.6 2.6 2 6 85.9 47.0 96.0 227.6 416.8 442.6 465.5 496.0 535.1 541.9 552.8 564.6 573.5 585.0 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 52.4 57.4 60.9 59.4 66.0 65.7 66.7 69.5 73.6 77.7 Equals* Dispnsab1e personal income................. 83.3 45.5 92.7 206.9 364.4 385.3 404.6 436.6 469.1 476.2 486.1 495.1 499.9 507.3 /ess' Persona! outlays.................... 79.1 46.5 81.7 193.9 343.2 363.7 384.7 412. 1 443.4 447.1 457.6 468.4 473.3 483,5 “ Personal consumption expenditures.. 77.2 45.8 80.6 191.0 335.2 355. 1 375 0 401.4 431.5 435.0 445.2 455.6 460. 1 470.0 Consumer interest payments............. 1.5 .5 .9 2.4 7.6 8.1 9.1 10.1 11.3 11.5 11.8 12.1 12.5 12.8 Personal transfer payments to for­ eigners ....................................... .3 .2 .2 .4 .5 .5 .6 .6 .6 .6 .6 .6 .7 ,7 Equals* Personal saving.................................... 4.2 -.9 11.0 13.1 21.2 21.6 19.9 24.5 25.7 29.0 28.5 26.7 26.6 23.8 Disposable personal income in constant (1958) 150.6 112.2 190.3 249.6 350.7 367.3 381.3 406.5 430.8 436.8 443.9 448.4 447.9 451.3 Note.-—Dept, of Commerce estimates. Quarterly data are seasonally adjusted quarterly totals at annual rates. See also Note to table opposite. PERSONAL INCOME (In billions of dollars) 1965 1966 Item 1964 1965 Sept. Oct. Nov, Dec. Jan, Feb. Mar. Apr. May June July Aug, Sept* Total personal income........................... 496.0 535.1 *552.5 547.2 553.2 558.2 560.2 564.7 569.0 570.5 573.0 577.2 580.0 585.4 589.5 Wage and salary disbursements........... 333.6 358.4 363.5 366.9 371.4 374.1 376.8 380.1 382.9 384.7 387.0 390.5 393.7 397.0 399.1 Commodity-producing industries... 434.0 144.3 145.2 146.9 149.2 150.7 152.1 153.9 155.4 156.0 156,8 158.1 158.2 159.8 160.4 Manufacturing only........................ 107.2 ns.s 116.5 117.9 119.6 120.3 121.8 123.3 124.0 125.2 125.9 127.0 127.1 128.9 129.4 Distributive industries....................... 81.2 86.7 87.6 88.4 89.2 89.7 90.1 90.9 91.4 91.5 91.9 92.8 93.6 93.9 94.3 Service industries............................... 54.1 58.1 59.8 60.0 60.6 60.9 61.1 61.2 61.7 62.0 62.5 63.0 64.0 64.5 64.9 Government.............................. 64.3 69.2 70.9 71.6 72.4 72.9 73.6 74.1 74.5 75.2 75.9 76.6 78.0 78.8 79.5 Other labor income..................... 16.6 18.5 19.0 19.2 19.4 19.6 19.8 20.0 20.2 20.4 20.6 20.7 20.9 21.1 21.2 Proprietors’ income............................... 51.9 55.8 56.6 56.6 57.1 57.5 58.1 58.3 58.8 58.2 57.9 57.6 57.3 57.3 57.4 Business and professional................. 39.9 40.7 40.7 40.8 41.1 41.3 41.3 41.3 41.5 41.5 41.6 41.7 41.8 41.9 42.0 Farm..................................................... 12.0 15.1 15.9 15.8 16.0 16.2 16.8 17.0 17.3 16.7 16.3 15.9 15.5 15.4 15.4 Rental income......................................... 17.7 18.3 18.5 18.5 18.6 18.6 18.6 18.7 18.7 18.7 18.8 18.8 18.9 18.9 19.0 Dividends................................................. 17.3 19.2 19.8 20.0 20.2 20.5 20.8 21.0 20.9 21.0 21.2 21.1 21.1 21.0 21.2 Personal interest income....................... 34.6 38.4 39.2 39.4 39.7 40.0 40.5 41.0 41.4 41.8 42.1 42.3 42.6 43.1 43.7 Transfer payments................................. 36.8 39.7 149.2 39.8 40.3 41.4 42.3 42.6 42.9 42.6 42.5 43.2 43.5 45.1 46.0 Less: Personal contributions for social insurance.............................. 12.5 13.2 13.2 13.3 13.5 13.6 16.8 16.9 16.9 17.0 17.1 17.2 17.9 18.1 18.1 Nonagricuitural income......................... 479.7 515.6 1532.3 526.9 532.6 537.2 538.8 543.0 547.0 549.1 551.9 556.5 559.8 565.4 569.4 Agriculture income.................................. 16.3 19.5 20.2 20.3 20.6 21.0 21.4 21.7 22.0 21.4 21.0 20.7 20.2 20.1 20.1 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

1. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR SECOND QUARTER, 1966—SEASONALLY ADJUSTED ANNUAL RATES (In billions of dollars) Private domestic nonfinancial sectors Financial sectors Rest of State UH. the AU Nath Sector H h o o u ld se s ­ B n u e s ss i­ an g d o v lo ts c . al Total Govt. Total Mo a n u e th ta . ry O ba o n m k i s , N f o in n a b n a c n e k world sectors Di a s n c c re y p* and sa v in in v g es t­ ment Transaction category V s u s u s u s u s U S u s u s u s u s u s U 1 Gross saving............................... ....... iw.«.......... 73.1...................9 ......... 181.0......... 2.3 . . 4.5 * 2.4 2 1 1.7 186 6 .8 188.3.......... I 2 Capital consumption........... .......... 63.4 ......... 52.6 .......... 116.0 .......... 10 ...................5...... 5 117 0 117.0.......... 2 3 Net saving (1 —2)................ .......... 44.2.......... 20.5 ...................9 .......... 65.6 .......... 2.3 .......... 3.5 * . 1 9 .......... 10 1 7 69 6 71.3.......... 3 4 Gross investment (5 4-10)........ 1W.S......... 70.5......... .5.......... 180.9 ......... —.3........ 2.1.......... * 2.3 ... — .2 —1.4 181.3 4.6 187.3.......... 4 5 Private cap. expend., net........ 91.4......... 94.0......... 185.4 .......... .5......... * .4 185.8 185.8.......... 5 6 Consumer durables............. 67.1......... 67.1......... 67.1.......... 67.1.......... 6 7 Residential constr................. 19.7.......... 8.4.......... 28.1......... 28 1 28.1.......... 7 8 Plant and equipment........... 4.6........ 73.3.......... 77.8......... .5.......... ♦ .4......... 78 3 78.3.......... 8 9 Inventory change................. 12.3.......... 12.3.......... 12 3 .... 12.3.......... 9 10 Net financial invest. (11 — 12). 18.5........ -23.5......... .5......... -4.5.......... —.3........ 1.7......... « 2.3......... —.6 —1.4 —4.6 4.6 1.4.......... 10 11 Financial uses, net.................... 42.8......... 27.3......... 10.9......... 81.0......... 9.6........ 58.2.......... 4.1......... 27.5.......... 26.6......... 6.3 ....... 155.1 ... 7.7.......... 11 12 Financial sources....................... ......... 24.3.......... 50.8 10.4 ......... 85.5 ......... 9.9......... 50.5 .... 4.1 ......... 25.2 ...... 27.2: 7.7 159 6 6.3.......... 12 13 Gold & off. U.S. fgn. exch.. -.5......... .2.......... 2.......... .8 .6 .6 .6 ■ • - 13 14 Treasury currency................ ........ 12 10......... 10... 1.0 1.2 .2 14 15 Dem. dep. and currency__ .......... 10 9 .......... 3.6 .......... 7.3 10.3 10.9 15 16 Private domestic............... —4.1......... — .4......... 5.4.......... .9......... .6 2.8 .... 16 .... 11 6 1.5 2.8 1.3 16 17 U.S. Govt.......................... 9.8......... .......... 9.2 .......... 2 0 ......... 7.2 9.8 9.2 -.6 .............. 17 18 Foreign............................... .......... —11 i . .. —1 0 —11.. .. —11 18 19 Time and svgs. accounts... 12.8......... 16.6......... -.5 17.9 — .5......... .......... 17 9 ..................... 19 20 At comb banks................. 8.7......... 1.7......... 2.1.......... 12.5......... * .......... 14.4 ......... 14.4 1.9......... ......... 14 4 ..................... 20 21 At svgs. instit.................... 4.1.......... 4.1........ -.5 3.6 -.5 3.6 .......... 3 6 ........... 21 22 Life insur. reserves............... 4.7.......... 4.7.......... .....................1 .......... 4.5 ......... 4.5 ......... 47 • 22 23 Pension fund reserves......... 10.6......... .......... 2.6 10.6 2.6 .......... 1.7......... 6.3 .......... 6.3 .......... 10 6 ..................... 23 24 ConsoL bank items1........... -1.2 -1.2 -1.8 .6 .6 -1.8 -1.2 -1.2 ................ 24 25 Credit mkt. instr................... 19.1 23.6 -.1 43.9 3.1 7.7 22.1 75.2 10.4 5.9 58.6 9.6 4.7.......... 29.3 .3 24.6 9.4 2.2 2.4 93.2 93.1 ..................... 25 26 U.S. Govt, securities .* .. 12.2......... —2.5.......... -1 9........7...8......... .......... 4.6 -2.3.......... 4.3.......... — 1.1.......... —5.5......—.... .9.......... .......... 4 6 ..................... 26 27 State and local oblig..... 4.2......... .8.......... -.4 7.2 4.6 7.2 2.7.......... 2.2 ...... .5.......... .......... 7 2 ............... 27 28 Corp, and foreign bonds. — 1 6......... .......... 93 5.0.......... 3.4 9.3 4.2 .5 ...................2 4.2 .3 2.3 .1 .......... 99 ..................... 28 29 Corp, stocks...................... 4.1.......... .......... 59 4.1 5.9 5.7 3.4 5.7 3.4 -.3 .2 ......... 9 0 ............... 29 30 1- to 4-family mortgages. .3 13.8 .......... — 3 4......... .7 13.5 2.7......... 9.0 -1.1 2.3......... 6.6 -1.1 ......... 12 3 ................ 30 31 Other mortgages................ .......... 1.2.......... 8 0 ....................9 .2 1.3......... 7.9......... 2.2.......... 5.7......... ......... 9 2 ............... 31 32 Consumer credit............... .......... 7.0 1.2......... 1.2 7.0 5.8......... 3.1.......... 2.6......... .......... 7 0 ..................... 32 33 Bank loans n.e.c............... .....................1 .......... 15 6 ......... 15.8 20.0 3.8 — .1......2...0..0.......... ......... 3 8 ......... 4 ......... 20 6 ..................... 33 34 Other loans....................... .......... 15 .4 5.4 ... .4 .4 7.3 6.3 1.3 5.7 3.1 4..........6.......... 4.6 3.1 1.1 1.6 13.4 13^3 — .1 - - • - 34 35 Open market paper... .4 1.1 .4 1.1 .1 .7 .4......-.....8.......... .5 .7 1.1 -.3 .......... 15 ................... 35 36 Federal loans................ .... 1 . 15 . .4 .......................2 .0 6.2......... .......................2 .3 ......... 2 3 .......... 19.......... 6 2 • 36 37 Security credit............ 1.1 .5 1.1 .5 .1 .7 -.3.......... .3 .7 * *.......... 11 ..................... 37 38 To brkrs. and dealers.... 11......... 1.1......... -.4 .7 — .2.......... -.2 .7 * .......... - 38 39 To others............................ ...................5 .....................5 .5.......... -.1.......... .5.......... ...... 5 ..................... 39 . ... —1 .3.......... .3 -10.1— 10 8 ...... .......... —.1 .....................1 .......... - 1 -10.5 -10.2 .3 40 16.9 11.9 . 1 16.9 12.0 .6 .4 .2.......... .2.......... 17.7 12.4 -5.3 ............... 41 42 Equity in noncorp, business. —2.4......... ......... —2 4 -2.4 -2.4 ......... —2 4 ................... 42 43 Mise, financial trant. ... 1.0 .2 9.2 7.5 10.2 7.7 .1 .5 -.6 7.9 .......... -.1 -2.1 5.0 1.5 2.9 2.4 4.8 12.1 20.9 8.8 ............... 43 44 Sector discrepancies (1 — 4)... 2 3 . 2 6 4...........7.......... 2 6......... 2.3......... .1.......... 2.3.......... — 3.......... 5 3... 5.3 1.1.......... 44 1526 FLOW OF FUNDS OCTOBER 1966 1 Claims between commercial banks and monetary authorities; member bank reserves, vault cash, F.R. loans to banks. F.R. float, and stock at F.R. banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 FLOW OF FUNDS 1527 2. SAVINGS, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1964 1965 1966 Transaction category, 1961 1962 1963 1964 1965 or sector II III IV I II III IV I II I. Saving and investment 1 Gross national saving........................... 119.7 134.5 144.5 159.4 178.4 157.3 161.4 165.5 176.8 175.3 178.4 183.0 188.3 188.3 1 2 Households........................................ 75.7 82.0 85.8 96.8 105.1 99,2 97.2 98.5 100.9 100,1 109.0 110.5 111,3 107.6 2 3 Farm and noncorp, business......... 12.6 13.1 13.5 14.4 15.0 14.3 14.6 14.8 14.9 15,0 15.1 15.2 15.3 15.3 3 4 Corporate nonfin. business........... 35.6 41.8 43.9 50.8 55.3 50.6 52.1 51.3 55.0 54,5 55.5 56.4 57.8 57.8 4 5 U.S, Government............................ -4.8 -4.8 -.6 -4.3 .2 -7.9 -4.4 -1.6 3.2 2.7 -4.0 -1.1 1.2 2.3 5 6 State and local govt......................... -2.9 -1.4 -1.5 -1.4 -1.0 -2.2 -1.0 -.5 -.9 -.9 -1.0 -1.1 -.2 .9 6 7 Financial sectors.............................. 3.4 3.8 3.5 3.1 3.6 3.3 3.1 3.1 3.6 3.9 3.9 3.1 3.0 4.5 7 8 Gross national investment................... 117.9 133,9 143.8 157.0 176.4 156.0 158.7 160.7 172.6 172.7 176.9 183.1 186.2 187.3 8 9 Consumer durable goods............... 44.2 49.5 53.9 59.4 66.1 59.8 61.1 58,8 65.1 64,4 66.7 68.0 70,3 67.1 9 10 Business inventories........................ 2,0 6.0 5.9 4.7 9.1 4.2 3.6 7.4 9.5 7.7 8.8 10.4 9.0 12.3 10 11 Gross pvt. fixed investment........... 69.7 77.0 81,3 88,3 97.5 87.6 88.9 90.0 94.4 96.0 98,0 101.5 105,6 106.4 II 12 Households................................... 20.5 21.9 22.4 23.2 23.7 22,9 22,8 23.3 22.9 23.2 23.6 24.9 24,5 24.3 12 13 Nonfinan. business..................... 48,4 54.4 57.9 64.2 73.0 63.9 65.2 65.8 70.5 71.9 73.5 76.1 80.7 81.7 13 14 Financial sectors......................... .7 .6 1.0 .9 .8 .9 .9 .9 .9 .9 .9 .4 .4 .5 14 15 Net financial investment................ 2.0 1.3 2.8 4.7 3.7 4.3 5.1 4.5 3.6 4.6 3.5 3.2 1.3 1.4 15 16 Discrepancy (1-8)................................ 1.8 .7 .6 2.4 2.0 1 .3 2.7 4.8 4.2 2.6 1.5 -.2 2.1 1.1 16 II. Financial flows—Summary 17 Net funds raised—Nonflnan. sectors. 44.2 54.2 58.5 67.0 72.1 73.1 67.6 67.2 76.6 72.5 61.3 78.7 81.8 83.5 17 18 Loans and short-term securities.... 16.3 15.5 18,8 26.9 32.6 29.6 25.4 36.1 37,2 33,0 21.1 39.6 24.2 23.2 18 19 Long-term securities and mtgs.......... 27.9 38.7 39.7 40.1 39.5 43.4 42.2 31.2 39.4 39.5 40.2 39.0 57.6 60,3 19 By sector 20 U.S. Government................................ 7.7 7.9 5.0 7.0 3.5 7.4 8.3 4.4 9.0 1.3 -4.5 8.2 13.4 5.9 20 21 Short-term mkt. securities............. 8.9 .6 1.4 4.0 3.5 2.6 4.4 8.5 5.5 3.6 -3.5 8.3 -1.9 -10.3 21 22 Other securities................................ -1.4 6.8 3.8 2.5 .5 3.1 3.9 —5.5 3.6 -1.9 -.8 1.2 13,9 14.9 22 23 C.C.C. and Ex-Import Ctfs........... .3 .5 -.2 .5 —. 5 1.7 1.3 -.3 -.2 -1.4 1.4 1.3 23 24 Foreign borrowers............................... 2,6 2.1 3.3 4.4 2.6 4.0 3.3 6. 4 5.1 1,6 1.0 2,7 2,3 2.4 24 2 2 5 6 L Se o c a u n ri s t . i . e .. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. . 8 8 1 1 . . 1 0 2 1 . . 2 0 3. . 7 7 1. . 9 9 3. . 2 9 3.3 * 4 2 . . 4 0 4 1 . . 3 3 1 1 . . 1 0 . . 2 7 1. . 9 8 1 1 . . 0 7 2 1 . . 1 0 2 2 5 6 27 Pvt, domestic nonfln. sectors............ 33,9 44.2 50.2 55.6 66.0 61,7 56.0 56.4 62.4 69.5 64.8 67.8 66.1 75.2 27 28 Loans................................................. 5.4 13.3 15.5 18.7 27.7 22.2 17.7 21.8 27.3 28,7 24.6 30.8 23,6 30.1 28 29 Consumer credit.......................... 1.7 J.5 7.3 8.0 9.4 8.4 8.1 7.2 10.0 9.6 9.3 8.9 8.7 7.0 29 30 Bank loans n.e.c,. ............ 2.2 4.8 5.4 0.5 13.6 6.9 5.1 11.4 14.4 12.7 11.3 16.6 9.0 15.8 30 31 Other loans.................. 1.6 3.0 2.7 4.2 4.7 6.8 4.3 3.1 2.9 6.4 4.1 5.3 5.9 7.3 31 32 Securities and mortgages............... 28.6 31.0 34.7 36.9 38.3 39.5 38,3 34.7 35,1 40,8 40.1 37.0 42.4 45,1 32 33 State and local obligations......... 4.9 5.0 6.7 5.9 7.4 6.4 7.1 5.8 6.1 8.6 6.8 8.1 5.5 7.2 33 34 Corporate securities........... 7.1 5.1 3.6 5.4 5. 4 7.3 5.0 3.1 4.4 7.0 7.4 2.9 11.9 15.2 34 35 1- to 4-family mortgages............. 11.4 13.0 15.2 15.7 16.0 15.8 15.4 15,2 15.9 15.5 16.2 16.5 15.3 13.5 35 36 Other mortgages........................... 5.1 7.9 9.3 10.0 9.5 10.0 10.9 10,5 8.7 9.7 9.8 9.5 9.8 9.2 36 37 Net sources of credit ("17)............... 44.2 54.2 58.5 61.9 72,1 73.1 67.6 67.2 16.6 12.5 61.3 78.7 81.8 83.5 37 38 Chg. in U.S. Govt, cash balance.. 1.3 -.3 .2 -1.0 -3.3 1.8 -1.5 5.3 -.9 -10.4 2.1 -3.5 9.2 38 39 U.S. Govt, lending.......................... 2,6 3.3 2.7 3.8 4.7 4.6 3.2 3.6 5.3 6.4 3.1 3.9 11.3 10.4 39 40 Foreign funds....”......................... 2.7 3.1 2.4 2.6 2.1 2.5 1.8 4.6 2.7 2,8 -.4 3.1 -.6 3.9 40 41 Pvt. insur. & pension reserves.... 8.6 9,0 10,1 11.1 11.6 11.7 10.3 11.9 10.9 12.0 12.0 11.7 13.5 10,8 41 42 Sources n.e.c.,.................................. 3.9 3.1 4.2 5.3 5.8 7.9 6. 3 4.6 6.8 6.4 2.9 6,9 1.9 7.7 42 43 Pvt. domestic nonfin. sectors........ 26.3 34.4 39.5 44.1 48.9 49.7 44.2 44.1 45,5 45,8 54.1 50.9 59.2 41.5 43 44 Liquid assets................................ 24.9 31.4 37.4 33.0 43.3 33,2 30.4 37.8 44.8 35.4 44.3 49.0 37.1 18.0 44 45 deposits.................................... 24.0 30.1 34.4 35.3 40.4 34.4 36.7 42.6 38.4 31.6 43.5 48.5 31.3 18,8 45 46 Demand dep. and currency 3.8 2.1 5.9 6.5 7.8 7.0 7.6 10.2 3.3 2.7 8.8 16.8 6.8 2.2 46 47 Time and svgs. accounts... 20.2 28.1 28.5 28.8 32.6 27.3 29.1 32.5 35.1 28.9 34.7 31.8 24.5 16.6 47 48 At commercial banks.... 9.0 15.0 13.4 13.0 19.5 11.5 12.1 17.2 21.8 16.6 21.5 18.1 14.8 12.5 48 49 At savings instlt........... 11.2 13,0 15.1 15.8 13.1 15.8 17.1 15.2 13.3 12.3 13,2 13.6 9.6 4.1 49 50 Short-term U.S. Govt. sec... .9 1.3 3.0 -2.3 2,8 — 1.2 -6,3 -4.8 6.4 3.7 .9 .5 5.8 -.8 50 51 Other U.S. Govt, securities.... -1.4 .4 1.7 3.2 .2 5.0 3.8 1.7 -.7 3.5 -.9 -1.1 8.1 8.5 51 5 5 2 3 P L v e t s . s c s r e e c d u i r t it m y k d t e . b in t s .. t . r .. u .. m .... e .. n .. t . s .. . . . .. . . . . 4 1 . . 1 3 - 2 . , 2 5 2 2 . . 3 0 - 7 . . 2 8 6. . 1 6 11.5 - 9 . . 8 2 4.6 * 1. . 8 3 - 6 . . 7 2 1 - 0 .2 .4 6 3 . . 0 0 14. . 3 3 1 - 4 .6 .4 5 53 2 III* Direct lending in credit markets 54 Total funds raised................................ 44.2 54.2 58.5 67.0 72.1 73.1 67.6 67.2 76.6 72.5 61.3 78.7 81.8 83.5 54 55 Less change in U.S. Govt, cash.... 1,3 -.3 .2 -1.0 -3.3 1.8 -1.5 5.3 -.9 -10.4 2.1 -3.5 9.2 55 56 Total net of U.S. Govt, cash............. 44,1 52.9 58.8 66.8 73.1 76.4 65.8 68.7 71.3 73.4 71.6 76.6 85.3 74.2 56 57 Funds supplied directly to cr. mkts.. 44.1 52.9 58.8 66.8 73.1 76.4 65.8 68.7 71.3 73.4 71.6 76.6 85.3 74.2 57 58 Federal Reserve System................. 1.5 1.9 2.6 3.2 3.8 1.1 3.5 3.4 5.8 4.1 3.1 2.4 3.4 2.7 58 5 6 9 0 T Le o s t s a c l. h .. a .. n .. g ... e . .. i . n .. .. U ... . . S .. . . .. G ... o ... v .. t . . . . cash. 1.5 * 2. ,1 0 2. . 9 3 3. . 4 2 3.8 * 1. .8 9 3.5 * 3. . 8 4 6, . 0 2 - 3 . . 3 8 4 1 . . 3 2 -1 1 . . 2 2 - 3 . . 4 0 4 2 . . 7 0 5 6 9 0 61 Commercial banks, net................... 15,6 18.2 19.7 21.7 29.3 25,6 20.5 29.5 26,0 21.5 29.9 40,2 19.3 21.5 61 62 Total.............................................. 15.8 19,5 19.4 22.2 29.1 22.0 22.9 28.0 31,5 22.9 18.4 43.9 16.3 29.0 62 63 1.2 -.6 -1.0 -4.1 1.8 -1.9 5.1 -.6 -11,6 3.3 -3.1 7.2 63 64 Security issues.......................... .2 J .3 .6 .8 .5 .6 .4 .5 2.0 .1 .4 .1 .3 64 65 Nonbank finance, net..................... 21.3 23.8 28.0 28.9 27.1 28.1 31.3 29.6 28.0 27.1 26.9 26.4 25.0 14,9 65 66 Total............................................... 23.8 28.5 34,4 33.4 32.7 37.4 33.9 31.2 34.7 37.7 24,0 34.6 32.9 21.5 66 67 Less credit raised......................... 2.5 4.7 6.4 4.4 5.6 9.3 2.6 1.5 6.7 10,5 -2.9 8.2 7.8 6.6 67 68 U.S. Government............................ 2.6 3.3 2.7 3.8 4.7 4.6 3.2 3.6 5.3 6.4 3.1 3.9 11.3 10.4 68 69 Foreign............................................... .8 1.5 .9 .6 -.2 1.7 -.1 1.2 -.7 .2 -1.8 1.4 -1.5 2.2 69 70 Pvt. domestic nonfin....................... 2.4 4.3 5.1 8.8 8.5 15.3 7.5 1.5 7.1 14.1 10,6 2.4 28.0 22.7 70 71 Households................................... .5 -1.7 .4 3.3 2.7 7.6 1.8 .9 -2.9 11.7 3.7 -2.0 14.9 19.1 71 72 Business......................................... ♦ 2.3 3.1 1.7 .9 3.2 1.2 -1.6 .2 -2.5 4.5 1.7 5.9 -.1 72 73 State and local govts.............. 3.2 3.6 3.5 3.6 5.5 4.5 3.7 2.1 10,0 4.3 2.1 5.7 7.4 3.1 73 74 Less net security credit............... 1.3 -.2 2.0 -.2 . 6 - .8 .3 -.7 -.2 3.0 .3 -.6 74 For numbered notes see p. 1529. Note.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1528 FLOW OF FUNDS OCTOBER 1966 3. PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1964 1965 1966 Transaction category, 1961 1962 1963 1964 1965 or sector II III IV I II III IV I II I. Demand deposits and currency 1 Net incr. in banking system liability.. 5.6 4.5 5.8 7.4 7.6 4.4 9.6 10.3 7.9 1.9 21.1 2.0 10,9 I 2 U.S. Govt, deposits.......................... 1.3 -.3 .2 -1.0 -3.3 1.8 -1.5 5.3 -.9 -10.4 2. 1 -3.5 9.2 2 3 Other.................................................... 5.6 3.2 6.1 7.3 8.6 7.7 7.8 11.8 2.7 2.7 10.3 19.0 5.5 1.7 3 4 Domestic sectors........................... 4.8 3.1 6.0 6.8 8.5 8. 1 7.0 10.7 3.3 3.3 9.6 18.2 4.8 2.8 4 5 Households................................. .8 2.7 3.5 6.7 7.2 2.2 4. 1 13.7 6.5 .9 5.9 15.2 -3.4 -4.1 5 6 Nonfinancial business............... 1.7 -.9 -.8 -2.5 -1.9 2.8 1.1 -8.6 .7 -3.0 -4.4 -.4 2.6 -.4 6 7 State and local govts................. .3 .9 2.4 1.4 1.0 -.6 2.5 3.3 -4.5 4.6 3.2 .7 .8 5.4 7 8 Financial sectors........................ 1.0 I. I .2 .3 .7 1. 1 -.7 .5 * .5 .9 1.5 -2.0 .6 8 9 Mai! float.................................... 1.0 -.6 .8 .9 1.5 2.6 -.2 1.8 .6 .2 4.0 1.3 6.7 1.3 9 10 Rest of the world.......................... .7 . 1 .1 .5 . 1 -.4 .9 1.1 -.7 -.5 .7 .8 .7 -1.1 10 11. Time and savings accounts 11 Net increase—Total............................... 20.7 28.7 29.5 30.4 32.9 29.1 30.2 34.5 35.6 29.5 34.4 32.2 23.9 17.9 11 12 At commercial banks—Total......... 9.4 15.6 14.3 14.5 20.0 13.1 13.1 19.0 22.7 17.6 21.4 18.4 14.7 14.4 12 13 Corporate business....................... 1.9 3.7 3.9 3.2 3.9 1.4 1.5 3.4 6.4 5.7 2.5 .9 4.1 1.7 13 14 State and local govts..................... .9 1.0 1.6 1.7 2.4 1.8 2.1 2.7 1.9 1.1 3.1 3.3 -.5 2.1 14 15 Foreign depositors........................ .3 .6 1.0 1.4 .6 1.5 1.0 1.6 .8 .8 .2 .5 -.1 1.9 15 16 Households..................................... 6.2 10.3 7.9 8.2 13.3 8.3 8.5 11.2 13.5 9.8 15.8 13.9 11.2 8.7 16 17 At savings institutions...................... 11.3 13.1 15.2 15.9 12.9 16.1 17.1 15.4 12.8 11.9 13.0 13.8 9.2 3.6 17 18 Memo: Households total..................... 17.4 23.4 23.0 23.9 26.4 24.1 25.6 26.4 26.8 22.1 29.1 27.6 20.9 12.8 18 III. U.S. Govt, securities 19 Total net issues........................................ 7.4 7.4 5.2 6.5 4.0 S.7 8.3 3.1 9.0 1.7 -4.3 9.6 12.0 4.6 19 20 Short-term marketable..................... 8.9 .6 1.4 4.0 3.5 2.6 4.4 8.5 5.5 3.6 -3.5 8.3 -1.9 -10.3 20 21 Other................................................... - 1.4 6.8 3.8 2.5 .5 3.1 3.9 -5.5 3.6 -1.9 -.8 1.2 13.9 14.9 21 22 Net acquisitions, by sector................... 7.4 7.4 5.2 6.5 4.0 5.7 8.3 3.1 9.0 1.6 -4.3 9.6 12.0 4.6 22 23 Federal Reserve System................... 1.5 1.9 2.8 3.5 3.7 2.0 3.5 3.7 5.9 4.2 4.3 .5 3.3 4.3 23 24 Short-term...................................... -1.1 2.0 4.9 2.1 3.7 -3.0 7.1 3.5 12.4 6.2 -.3 -3.6 4.9 -1.7 24 25 Commercial banks............................ 5.5 .9 -2.4 -.2 -1.8 -3.5 4.0 .3 -2.7 -9.9 -1.5 6.7 -6,4 -1.1 25 26 Short-term marketable.................. 9.3 -5.2 -3.5 3.9 - 1.7 5.0 4.7 8.5 -10.6 -5.8 2.3 7.2 -13.0 -5. 1 26 27 Other direct. .................................. -4. 1 5.2 .5 -4. 1 -1.4 -8.8 -1.2 -9.3 7.9 -5.3 -6.1 -2.3 7.8 -1.1 27 28 Nonguaranteed.............................. .4 .9 .5 ♦ 1.3 .3 .5 1.1 1.1 2.3 1,8 -1.2 5.0 28 29 Nonbank finance.............................. .4 1.6 -.5 1.9 - .8 2.5 2.9 .4 2.2 -.8 -6.1 1.4 3.6 -5.5 29 30 Short-term marketable.................. 1.2 .8 -1.3 1.2 -.3 2.2 .2 .6 .1 -. 1 -4.4 3.2 2.1 -2.5 30 31 Other direct.................................... -.8 .6 .6 .5 -.7 -. 1 2.4 -.7 2.1 -1.4 -2.1 -1.5 .6 -3.2 31 32 Nonguaranteed............................. .2 .3 .3 .2 .4 .3 .5 * .7 .3 -.2 .8 .2 32 33 Foreign................................................. .4 1.3 .6 .5 -.2 .9 .4 1.7 -2.0 .9 -1.0 1.5 -2.4 -.9 33 34 Short-term...................................... -.6 2.2 -.6 .1 -.4 .5 -.4 1.7 -1.9 -.1 -1.5 1.8 -1.5 .5 34 35 Pvt. domestic nonfinan. sector. . .. -.3 1.7 4.7 .8 3.0 3.8 -2.5 -3.1 5.6 7.2 -.6 13.9 7.8 35 36 Short-term marketable................. .2 ,9 1.8 -3.3 2.2 -2. 1 -7.1 -5.9 5.5 3.3 .4 -.3 5.5 -1.5 36 37 Other direct..................................... -1.6 1.0 2.8 -I. 1 2.7 4. 1 1.6 -1.2 . 5 -2.3 — 1.4 3.9 -2.3 37 38 Nonguaranteed.............................. . 3 .5 .7 .4 1.3 2.2 -.3 .2 .5 3.0 1.4 .3 4.2 10.8 38 39 Savings bonds—Households .... .8 .4 1.2 .9 .6 .9 .8 1.0 .8 .4 .5 .8 .3 .7 39 IV. Other securities 40 Total net issues, by sector.................... 13.5 11.5 13.1 14.6 16.2 17.4 14.8 13.0 13.3 20.0 16.6 14.9 20.5 23.3 40 41 State and local govts........................ 4.9 5.0 6.7 5.9 7.4 6.4 7.1 5.8 6.1 8.6 6.8 8.1 5.5 7.2 41 42 Nonfinancial corporations............... 7. 1 5. 1 3.6 5.4 5.4 7.3 5.0 3.1 4.4 7.0 7.4 2.9 11.9 15.2 42 43 Commercial banks............................ .2 . 1 .3 .6 .8 .5 .6 .4 .5 2.0 .4 . 1 .3 43 44 Finance companies............................ .5 .3 1.4 2.1 1.9 2.3 2.1 1.7 1.6 1.8 1.5 2.7 1.6 .3 44 45 Rest of the world.............................. .8 1.0 1.0 .7 .9 .9 ♦ 2.0 1.3 1.0 .7 .8 1.7 1.0 45 46 Net purchases.......................................... 13.5 11.5 13.1 14.6 16.2 17.4 14.8 13.0 13.3 20.0 16.6 14.9 20.5 23.3 46 47 Households.......................................... 1.3 -1.7 -2.9 1.7 .5 5.2 1.8 -1.3 -2.5 2.5 3.2 -1.0 5.5 6.7 47 48 Nonfinancial corporations............... -.2 -.4 .9 .2 .7 .3 .6 .7 .8 .8 .8 .8 48 49 State and local govts......................... 2.2 2.0 2.5 2.7 2.8 2.5 2.9 3.0 2.5 1.6 3.5 3.6 4.2 4.6 49 50 Commercial banks............................ 2.6 4.4 5.2 3.6 4.9 2.9 4.3 4.3 4.9 6.5 4.1 4.1 2.9 2.2 50 51 Insurance and pension funds.......... 8.0 7.5 7.6 7.3 9.7 7.8 6.8 7.4 9.0 9.6 10.7 9.4 10.4 7.8 51 52 Finance n.e.c....................................... -.6 -.3 -.2 -.8 -2.0 -1.0 -.9 -.2 -1.4 .2 -5.0 -1.8 -4.4 -1.0 52 53 Security brokers and dealers. . .. -.2 .4 .2 * -.4 .4 -.4 .3 .4 .6 -2.8 . 1 -1.9 1.4 53 54 Investment cos., net. .................... -.5 -.8 -.5 -.8 -1.6 -1.3 -.5 -.5 -1.8 -.4 -2.2 -1.9 -2.5 -2,3 54 55 Portfolio purchases................... 1.4 1.1 .8 1.1 1.6 .4 1.7 2.1 .8 1.9 1.3 2.3 2.5 1.1 55 56 Net issues of own shares......... 1.8 1.9 1.2 1.8 3.1 1.7 2.2 2.6 2.6 2.3 3.5 4.2 5.0 3.4 56 57 Rest of the world.............................. .2 * .2 -.2 -.5 .1 -.4 -.1 . 1 -1.0 -1.0 -. 1 .6 1.0 57 V. Mortgages 58 Total net lending.................................... 16.9 21.3 25.0 25.4 25.4 25.3 25.9 25.4 24.7 25.4 25.7 25.8 25.4 21.6 58 59 1- to 4-family...................................... 11.8 13.4 15.7 15.4 16.0 15.3 15.1 15.0 15.9 15.7 16.0 16.3 15.6 12.3 59 60 In process........................................ .4 .4 .5 -.3 -.1 -.4 -.3 -.3 .2 -.2 -.2 .4 -1.1 60 61 Disbursed....................................... 11,4 13.0 15.2 15.7 16.0 15.8 15.4 15.2 15.9 15.5 16.2 16.5 15.3 13.5 61 62 Other..................................................... 5.1 7.9 9.3 10.0 9.5 10.0 10.9 10.5 8.7 9.7 9.8 9.5 9.8 9.2 62 63 Net acquisitions...................................... 16.9 21.3 25.0 25.4 25.4 25.3 25.9 25.4 24.7 25.4 25.7 25.8 25.4 21.6 63 64 Households.......................................... -.2 -.3 1 -.6 -1.1 .4 — .9 -.7 -1,1 . 1 -2.5 .3 64 65 U.S. Government.......................... .6 .3 -1.0 .3 1.0 .8 .1 -.2 .7 1.0 .7 1.5 4.6 4.1 65 66 Commercial banks............................. 1.6 4.0 4.9 4.5 5.6 4.3 4.5 4.6 4.7 5.6 6.4 5.8 5.0 4.5 66 67 Savings institutions........................... 11.0 13.2 16.1 14.8 13.0 14.7 15.2 14.7 13.0 13.0 13.1 12.8 11.4 7.2 67 68 Insurance............................................. 2.7 3.0 4.0 5.1 5.5 5. 1 5.2 5.6 5.9 5.5 5.1 5.3 6. 1 5.7 68 69 Mortgage companies..................... .6 .5 .8 .4 .5 1.0 . 1 .2 .9 .5 1.0 -.1 .4 -.6 69 VI. Bank loans n.e.c. 70 Total net borrowing................................ 3.0 6.2 7.6 8.7 16.4 11.4 5.3 13.6 19.6 14.2 13.0 19.4 8.6 20.0 70 71 Nonfinancial business....................... 1.3 4.3 5.0 5.1 12.3 5.7 5.0 8.3 13.8 11.3 10.0 14.7 11.1 15.6 71 72 Nonbank finance................................ 1.0 1.7 . 5 2.4 3.4 - 1.5 . 1 2.3 2.6 1.3 3.3 .2 3.8 72 73 Households.................................... .9 .5 .4 1.4 1.3 1.3 3.1 .6 1.4 1.3 1.9 -2.1 .1 73 74 Rest of the world.............................. .7 .4 .5 1.7 .4 1.1 1.8 2.2 2.8 -1.1 .4 -.4 -.7 .4 74 Note.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER1966 FLOW OF FUNDS 1529 Notes to Table 2 of deposits and credit market instruments by households, nonfinancial L Saving and investment. Derived statistically from Commerce Dept, business, and state and local govts. Line 50 includes household savings income and product accounts. Tables showing the relation to those bonds as well as marketable issues; see Table 3, line 39. Line 52 includes accounts are in Nov. 1965 Bull. Gross national saving (line 1) is the consumer credit and open-market paper in addition to private securities sum for domestic sectors of gross-saving entries in Table 4. It is before and mortgages. Line 53 is net of free credit balances at brokers, deduction of capital consumption allowances. Govt, saving is net of UI. Direct lending in credit markets. Federal Reserve total is Table public outlays for capital goods as well as current operations. Gross 4(G), lines 5 less 14. Commercial-bank total, line 62, is Table 4(H), line 5; national .investment (line 8) is gross private domestic investment in includes security credit. Nonbank finance totals include security credit income-and-product accounts plus consumer durables plus net foreign both in lending and funds raised and exclude investment company shares investment. Net foreign investment differs from corresponding income- on both sides; line 66 is lines 7 and 16 of Table 4(1), less line 5 of 4(1.8), and-product series by amount of errors and omissions in balance of pay­ and line 67 is line 22 of Table 4(1) plus line 5 of 4(1.7) less line 5 of 4(1.8). ments statement. . Line 70 is the net sum of lines 50-53 in Table 2-H. Relation of saving-investment discrepancy to flow of funds matrix is described on page 1536 of Nov. 1965 Bull. , Notes to Table 3 II. Financial flows-Summary. This table is described in Nov. 1962 I. Demand deposits and currency. Lines 5-8 are holder record; line 9 Bull., p. 1405. Total net funds raised (line 17) is borrowing through is difference between holder and bank record. credit markets (line 25 of Table 1) by households, nonfinancial business, III. U.S. Govt, securities. All holdings stated in par values; excludes govts., and foreigners. Credit market funds raisea by all sectors consists special issues to international organizations and includes nonguaranteed of line 17 plus financial-sector borrowing (Table 4(H), line 33 and Table issues of Govt, agencies. Short-term category consists of direct market­ 4(1), line 22). . able issues due in less than one year plus part of those due in less than U.S. Govt, short-term securities are direct marketable issues due in less 2 years. than 1 year plus part of those due in less than 2 years. For further IV. Other securities. Total excludes open-end investment co. shares; detail see Table 4(E), lines 26-29. these are shown as a deduction on line 56, offsetting net purchases of Demand deposits on lines 38 and 46 are on bank-record basis rather such shares included in the other lines (mainly consumer) under “net than holder records shown in Table 4. Difference is described in Aug. purchases.” Net purchases includes small amounts for mutual savings 1959 Bull., p. 852 ff. Foreign funds consist of lines 8-12 of Table 4(J). banks and nonfinancial corporations not shown separately. Sources n.e.c, (line 42) is mainly financial institution net sources of funds V. Mortgages. Loans in process at savings and loan associations are other than deposits, insurance and pension reserves, security credit, and included in totals outstanding and treated as savings and loan liability. credit mkt. funds. Line 63 includes holdings by State and local govts, not shown separately. Private domestic nonfinancial sectors (line 43) consists of acquisition 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (In billions of dollars) 1964 1965 1966 Category 1961 1962 1963 1964 1965 II III IV I II III IV I II (A) Households’ 1 Personal income.................................. 416.8 442.6 465.5 496.0 535. 1 492.0 500.3 507.5 518.1 527.6 541.9 552.8 564.7 573.5 1 2 Less: Personal taxes & nontaxes.. 52.4 57.4 60.9 59.4 66.0 56.9 59. 1 60.9 64.9 66.6 65.7 66.7 69.5 73.6 2 3 Personal outlays................... 343.2 363.7 384.6 412.1 443.4 408.5 418.4 420.0 430.3 438.6 447. 1 457.6 468.4 473.3 3 4 Equals: Personal saving..................... 21.2 21.6 19.9 24.5 25.7 26.6 22.8 26.6 22.8 22.4 29.0 28.5 26.8 26.6 4 5 Plus: Credits from Govt, insur.2. 3.4 3.5 4.0 4.4 4.1 4.4 4.7 4.2 4.1 4.4 4.1 3.6 3.8 4.5 5 6 Other adjustments 3............. .5 .5 .5 .6 .9 .5 .6 .7 .7 .6 .7 1.8 1.8 .6 6 7 Net durables in consumpt... 2.9 6.7 8.9 11.3 14.6 12.3 12.7 9.5 14.9 13.4 14.8 15.2 16.6 12.6 7 8 Purchases........................... 44.2 49.5 53.9 59.4 66.1 59.8 61.1 58.8 65.1 64.4 66.7 68.0 70.3 67.1 8 9 Less: Cap. consumpt....... 41.3 42.9 45.0 48.0 5. 15 47.6 48.4 49.3 50.2 51.0 51.9 52.8 53.7 54.5 9 10 Equals; Net saving............................. 27.9 32.3 33.3 40.8 45.3 43.8 40,8 41.0 42.5 40.8 48.6 49.1 48.9 44.2 10 11 Plus: Capital consumpt.4............. 47.8 49.8 52.4 56.0 59.9 55.4 56.4 57.4 58.4 59.4 60.4 61.4 62.4 63.4 11 12 Equals: Gross saving......................... 75.7 82.0 85.8 96.8 105.1 99.2 97.2 98.5 100.9 100.1 109.0 110.5 111.3 107.6 12 13 Gross investment (14+18)................. 78.0 86.5 90,1 103.0 111.7 103.0 102.6 110.4 103.8 110.3 116.3 116.3 119.5 109.9 13 14 Capital expend, (net of sales).... 64.7 71.5 76.3 82.6 89.7 82.8 83.9 82.1 88.1 87.6 90.3 93.0 94.8 91.4 14 15 Residential construction............ 17.6 18.7 19.0 19.6 19.5 19.3 19.2 19.5 18.8 19.0 19.6 20.7 19.8 19.7 15 16 Consumer durable goods.......... 44.2 49.5 53.9 59.4 66.1 59.8 61.1 58.8 65.1 64.4 66.7 68.0 70.3 67. 1 16 17 Plant and equip, (nonprofit). .. 3.0 3.2 3.4 3.7 4.2 3.7 3.6 3.8 4.1 4.2 4.0 4.3 4.7 4.6 17 18 Net finan. investment (19 — 37).......... 13.3 15.1 13.8 20.4 22.0 20.2 18.7 28.3 15.8 22.7 26.0 23.4 24.7 18.5 18 19 Net acquis, of finan. assets 5......... 30.2 35.6 40.1 47.6 51.6 48.4 44.1 55.4 44.0 51.8 54.9 55.8 49.3 42.8 19 20 Demand dep. and currency.... .8 2.7 3.5 6.7 7.2 2.2 4.1 13.7 6.5 .9 5.9 15.2 -3.4 -4.1 20 21 Savings accounts......................... 17.4 23.4 23.0 23.9 26.4 24.1 25.6 26.4 26.8 22. 1 29. 1 27.6 20.9 12.8 21 22 At commercial banks............. 6.2 10.3 7.9 8.2 13.3 8.3 8.5 11.2 13.5 9.8 15.8 13.9 11.2 8.7 22 23 At savings instutitions........... 11.2 13.0 15.1 15.8 13.1 15.8 17.1 15.2 13.3 12.3 13,2 13.6 9.6 4.1 23 24 Life insurance reserves............... 3.4 3.7 4.2 4.3 4.8 4.4 4.2 4,2 4.6 4.8 4.9 4.8 4.7 4.7 24 25 Pension fund reserves................. 8.6 8.8 9.9 11.2 10.9 11.7 10.8 12.0 10.4 11.6 11.2 10.6 12.6 10.6 25 26 Cr. market instr.......................... .5 -1.7 .4 3.3 2.7 7.6 1.8 .9 -2.9 11.7 3.7 -2.0 14.9 19.1 26 27 U.S. Govt, securities.............. -.7 3.5 1.7 2.8 3.5 -.3 2.2 .6 9.9 1.6 -1.1 11.9 12.2 27 28 Savings bonds...................... .8 .4 1.2 .9 .6 .9 .8 1.0 .8 .4 .5 .8 .3 .7 28 29 Short-term mkt.................... -.1 .4 2.8 -1.8 3.0 -2.5 -4.2 -.7 5.5 5.1 2.0 -.5 1.2 6.8 29 30 Other direct......................... -1.2 -1.1 -.9 1.7 -1.2 2.1 2.3 1.3 -3.6 1.0 -1.3 -.7 7.7 -5.7 30 31 Nonguaranteed................... -.1 .3 .4 1.0 .3 2.9 .7 .6 -2.2 3.4 .5 -.7 2.7 10.4 31 32 State and local oblig............... 1.3 .8 .7 2.5 2.3 4.1 2.8 1,6 .8 1.5 2.4 4.4 3.1 4.2 32 33 Corporate and fgn. bonds... -.4 -.7 -1.0 -.8 -.3 -1.6 -.8 .1 -2.6 2.7 1.3 -2.5 1.5 -1.6 33 34 Corporate stock....................... .5 -1.8 -2.5 . 1 -1.5 2.7 -.2 -3.0 -.8 -1.7 -.5 -2.9 .9 4.1 34 35 Mortgages................................. -.2 * -.3 -.1 -.6 -1.1 .4 * -.9 -.7 -1.1 .1 -2.5 .3 35 36 Net invest, in noncorp. bus.... -1.2 -1.9 -1.6 -2.9 -1.9 -3.3 -3.6 -2.5 -2.2 -1.9 -1.6 -1.5 -1.9 -2.4 36 37 Net increase in liabilities................. 16.9 20.5 26.3 27.2 29.7 28.2 25.4 27.1 28.3 29.1 28.9 32.4 24.6 24.3 37 38 Credit mkt, instruments............. 15.3 20.4 24.1 27.1 28.5 27.3 25.7 27.3 28.0 28.2 28.5 29.4 23.7 23.6 38 39 1- to 4-family mtgs.............. 11.2 12.9 14.8 16.0 15.8 15.9 15.8 15.3 15.5 15.2 15,9 16.7 15.0 13.8 39 40 Other mortgages..................... .8 .9 .9 .9 1.1 .9 .9 1.0 1.0 1.1 1.1 1.1 1.2 1.2 40 41 Consumer credit..................... 1.7 5.5 7.3 8.0 9.4 8.4 8.1 7.2 10.0 9.6 9.3 8.9 8.7 7.0 41 42 Bank loans n.e.c...................... .9 .5 .4 1.4 1.3 1.3 .1 3.1 .6 1.4 1.3 1.9 -2.1 .1 42 43 Other loans 6........................... .7 .7 .6 .8 .8 .8 .8 .7 .8 .9 .9 .7 1.0 1.5 43 44 Security credit.............................. 1,3 -.1 2.0 -.2 .8 .6 -.6 -.5 -.1 .7 .1 2.8 .4 .5 44 45 Discrepancy (12 — 13)................... -2.3 -4.5 -4.3 -6.2 -6.5 -3.8 -5.4 -12.0 -2.9 -10.1 -7.4 -5.8 -8.3 -2.3 45 For numbered notes see p. 1535. See Now at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1530 FLOW OF FUNDS OCTOBER 1966 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1964 1965 1966 Category 1961 1962 1963 1964 1965 II HI IV I II III IV I II (B) Nonfinancial business—Total I 1 Income before taxes 2......................... 95.7 102.4 106.9 114.6 125.7 1 14.7 115.9 115.2 122.2 124.2 126.5 130.0 133.7 132.5 1 2 Gross saving....................................... 48.2 55.0 57.3 65.3 70.4 64.9 66.7 66.1 69.9 69.5 70.6 71.5 73.1 73.1 2 3 Gross Investment................................ 46.3 50.3 53.5 58.2 65.8 56.4 58.5 58.8 68.8 61.9 65.4 67.2 65.6 70.5 3 4 Capital expenditures.................... 50.4 60.4 63.8 68.9 82.1 68.0 68.8 73.2 80.0 79.6 82.3 86.5 89.6 94.0 4 5 Fixed investment.............................. 48.4 54.4 57.9 64.2 73.0 63.9 65.2 65.8 70.5 71.9 73.5 76.1 80.7 81.7 5 6 Business plant & equipment. .. 43.3 47.8 49.9 56.2 64.7 55.2 57.2 58.7 61.7 62.8 65.3 69.2 71.9 73.3 6 7 1 -4 family residential const. 3... .9 .7 1.0 .2 .8 .2 1.0 .6 .9 1.7 -.2 .5 .1 7 8 Other residential.......................... 4.2 5.9 7.0 7.8 7.5 8.4 7. 1 7.2 8.2 8.2 6.5 7.1 8.3 8.3 8 9 Change tn inventories 4. ............... 2.0 6.0 5.9 4.7 9. 1 4.2 3.6 7.4 9.5 7.7 8.8 10.4 9.0 12.3 9 10 Net financial investment..................... -4.2 -10.2 -10.2 -10.7 -16.3 -11.6 -10.3 -14.4 -11.2 -17.7 -16.9 -19.3 -24.0-23.5 10 11 Net acquis, of finan. assets............. 18.4 17.5 19.8 15.8 26.3 17.2 21,9 10.9 33.0 22.0 22.9 28.3 27.4 27.3 11 12 Net increase in liabilities 7....... 22.6 27.6 30.1 26.5 42.6 28.8 32.2 25.3 44.3 39.7 39.8 47.6 51.4 50.8 12 13 Credit mkt. instruments............. 13.4 18.2 19.1 22.2 29.7 27.5 22.7 22.8 28.1 32.1 29.2 30.0 36.4 43.9 13 14 Securities................................... 7.1 5.1 3.6 5.4 5.4 7.3 5.0 3.1 4.4 7.0 7.4 2.9 11.9 15.2 14 15 1-4 family mortgages.............. .2 . 1 .4 -.3 .2 -.2 -.4 -.1 .4 .3 .3 -.2 .2 -.3 15 16 Other mortgages..................... 4.3 7.0 8.4 9.0 8.4 9.1 9.9 9.5 7.7 8.7 8.7 8.4 8.6 8.0 16 17 Bank loans n.e.c.................... 1.3 4.3 5.0 5.1 12.3 5.7 5.0 8.3 13.8 11.3 10.0 14.7 11.1 15.6 17 18 Other loans ?............ . .6 1.7 1.8 3.0 3.4 5.7 3.2 2.0 1.7 4.9 2.8 4.2 4.5 5.4 18 19 Trade debt.................................... 7.3 5.5 7.0 4.3 8.6 - 1.6 9.9 5.8 10.1 6.6 7.6 10.0 6.7 11.9 19 20 Other liabilities............................ 1.9 3.9 3.9 -.1 4.3 2.9 -.4 -3.3 6.1 1.0 3.0 7.6 8.3 -5.0 20 21 Discrepancy........................................... 1.9 4.7 3.8 7.0 4.6 8.5 8,2 7.3 1.1 7.6 5.2 4.3 7.4 2.6 21 (C) Farm and noncorporate nonfinancial business 5 Net income 2......................................... 55.6 57.5 58.4 59.5 63.7 59.7 59.6 59.9 61.2 63.8 64.6 65.2 66.5 66.1 1 2 Gross saving 6...................................... 12.6 13.1 13.5 14.4 15.0 14.3 14.6 14.8 14.9 15.0 15.1 15.2 15.3 15.3 2 3 Gross investment................................ 12.6 13.1 13.5 14.4 15.0 14.3 14.6 14.8 14.9 15.0 15.1 15.2 15.3 15.3 3 4 Capital expenditures.................... 15.7 18.8 20.8 20.4 24.0 20.8 19.8 19.9 24.0 24.1 23.6 24.3 25.4 23.9 4 5 Fixed investment.............................. 15.2 17.4 19.3 20.1 21.8 20.4 20.3 19.7 21.7 22.1 21.9 21.3 23.6 23.3 5 6 Change in inventories *................. .5 1.3 1.5 .2 2.3 .3 -.6 .2 2.3 2.0 1.7 3.0 1.8 .6 6 7 Net financial investment...................... -3.0 -5.6 -7.4 -5.9 -9.0 -6.4 -5.2 -5.1 -9.1 -9.1 -8.6 -9.1 -10.1 -8.6 7 8 Net acquis, of finan. assets............ .5 .5 .7 .8 .9 1.0 .7 .7 1.0 .8 .7 1.1 1.5 1.1 8 9 Net increase in liabilities 7....... 3.5 6.2 8.1 6.8 9.9 7.5 5.9 5.8 10.1 9.9 9.3 10.3 11.6 9.6 9 10 Credit mkt. instruments............. 4. 1 7.0 8.6 8.6 11.0 10. 1 8.6 7.9 10.9 11.0 9.9 10.8 12.4 11.0 10 11 Mortgages................................. 2.6 4.2 5.2 5.4 5.4 5.6 5.8 5.8 5.1 5.5 5.6 5.3 5.6 5.0 11 12 Bank loans n.e.c...................... 1.2 1.8 2.1 1.5 3.6 1.5 ,9 1.3 4.1 2.5 2.6 3.5 4.2 3.0 12 13 Other loans 7,8........................ .3 1.0 1.3 1.7 2. 1 3.0 1.9 .8 1.7 2.9 1.7 2.1 2.6 3.0 13 14 Trade debt, net............................ .7 1.0 1.1 1.0 .8 .7 .9 .4 1.4 .8 1.0 .9 1.1 1.0 14 15 Proprietors’ net investment®... -1.2 -1.9 -1.6 -2.9 -1.9 -3.3 -3.6 -2.5 -2.2 -1.9 -1.6 -1.5 -1.9 -2.4 15 (D) Corporate nonfinancial business 1 o 1 Profits 4-1VA......................................... 40.2 44.9 48.6 55.1 62.0 55.0 56.3 55.2 61.0 60.4 61.9 64.8 67.2 66.5 I 2 Profits tax accruals............... 19.7 20.8 22.8 24.2 27.4 24. 1 24.5 24.4 27. 1 27.0 27. 1 28.5 29.9 30.1 2 3 Net dividend oavments 5 5. 10.3 11.4 12.7 12.8 14.4 12.7 12.8 13.2 13.0 13.7 14.9 16.0 16.0 15.9 3 4 Net savings4-IVA (1-2-3),................. 10.1 12.6 13.1 18. 1 20.2 18.2 19.0 17.6 20.9 19.7 19.9 20.3 21.2 20.5 4 5 Capital consumption........................... 25.4 29.2 30.8 32.8 35.1 32.4 33.1 33.7 34. 1 34.8 35.6 36.1 36.6 37.3 5 6 Current surp.= gross saving (44-5).. 35.6 41.8 43.9 50.8 55.3 50.6 52.1 51.3 55.0 54.5 55.5 56.4 57.8 57.8 6 7 Gross investment................................. 33.6 37.2 40.1 43.8 50.8 42.1 43.9 44.1 53.9 46.9 50.3 52.0 50.3 55.2 7 8 Capital expenditures.................... 34.8 41.7 43.0 48.5 58.1 47.3 49.0 53.3 56.0 55.5 58.6 62.2 64.2 70.1 8 9 Fixed investment.............................. 33.2 37.0 38.6 44.1 51.3 43.5 44.9 46.2 48.8 49.9 51.6 54.8 57.1 58.4 9 10 Plant and equipment.................. 31.0 34.0 34.9 40.4 47.4 39.4 41.1 42.9 44.7 45.6 47.8 51.6 52.9 54.5 10 11 Residential construction............ 2.2 3.0 3.7 3.7 3.9 4.0 3.7 3.3 4.2 4.3 3.8 3.2 4.1 3.9 11 12 Change in inventories *................. 1.5 4.7 4.3 4.4 6.8 3.8 4.2 7.2 7.2 5.6 7.0 7.4 7.2 11.7 12 13 Net financial investment..................... -1.1 -4.5 -2.9 -4.7 -7.3 -5.2 -5.1 -9.3 -2.1 -8.6 -8.3 -10.2 -13.9 -14.9 13 14 Net acquis, of finan. assets 12........ 18.0 16.9 19.1 14.9 25,4 16.1 21.2 10.2 32.0 21.2 22.2 27.2 25.9 26.2 14 15 Liquid assets................................ 3.5 4.1 4.3 .7 .6 4.9 2.6 -8.5 4.5 -1.5 .6 -.3 9.0 -.8 15 16 Demand dep. and curr........... 1.7 -.9 -.8 -2.5 -1.9 2.8 1.1 -8.6 .7 -3.0 -4.4 -.4 2.6 -.4 16 17 Time deposits........................... 1.9 3.7 3.9 3.2 3.9 1.4 1.5 3.4 6.4 5.7 2.5 .9 4.1 1.7 17 18 U.S. Govt, securities.............. -.2 .5 .5 -1.4 -2. 1 -1.3 -2.5 -4.0 -2.0 -5.0 .1 -1.2 -.8 -2.5 18 19 Open-market paper................. .1 .9 .7 1.5 .7 2.0 2.5 .8 -.5 .8 2.3 .3 3.1 .4 19 20 State and local oblig................... -.2 -.4 .9 .2 .7 * .3 .6 .7 .8 .8 .8 .8 20 21 Consumer credit.......................... . 1 .9 .7 1.0 1.2 1.8 .9 1.1 1.7 .6 1.0 1.3 1.9 .8 21 22 Trade credit.................................. 10.0 8.2 8.5 9.1 13.7 5.9 12.3 10.2 16.2 11.3 10.3 16.8 11.3 16.9 22 23 Other financial assets 13............. 4.6 4.1 4.8 4.0 9.3 3.5 5.4 7.1 9.0 10.1 9.4 8.6 2.9 8.6 23 24 Net increase in liabilities............. 19.1 21,5 22.0 19.7 32.7 21.3 26.3 19.5 34.2 29.8 30.5 37.3 39.9 41.1 24 25 Credit mkt. instruments............. 9.4 11.2 10.5 13.6 18.6 17.5 14.1 15.0 17.2 21.1 19.3 19.1 24.0 32.8 25 26 Corporate bonds..................... 4.6 4.6 3.9 4.0 5.4 4.0 3.9 4.6 4.4 5.3 7.9 3.9 12.4 9.3 26 27 Corporate stock.................. 2.5 .6 -.3 1.4 ♦ 3.3 1.1 -1.5 1.6 -.5 -1.0 -.5 5.9 27 28 Mortgages................................. 1.8 2.9 3.5 3.3 3.2 3.3 3.7 3.6 3.0 3.4 3.4 2.9 3.3 2.7 28 29 Bank loans n.e.c..................... . 1 2.5 2.9 3.6 8.7 4.2 4.1 7.0 9.7 8.7 7.4 11.2 6.9 12.6 29 30 Other loans14........................... .3 .7 .5 1.3 1.3 2.6 1.3 1.2 2.0 1.2 2.1 2.0 2.4 30 31 Profits tax liability55.................. 1.2 1.1 1.5 .9 2.0 .9 .4 .7 3.3 -1.9 1.8 4.6 3.3 -10.1 31 32 Trade debt.................................... 6.6 4.5 6.0 3.4 7.9 -2.3 9.0 5.3 8.7 5.9 6.6 9.1 5.6 10.9 32 33 Other liabilities............................ 1.9 4.7 4.0 1.8 4.2 5.2 2.8 -1.5 5.0 4.7 2.8 4.5 7.0 7.5 33 34 Discrepancy......................................... 1.9 4.7 3.8 7.0 4.6 8.5 8.2 7.3 1.1 7.6 5.2 4.3 7.4 2.6 34 35 Memo: Net trade credit..................... 3.4 3.7 2.5 5.7 5.8 8.2 3.3 4.9 7.6 5.5 3.7 7.7 5.8 5.9 35 36 Profits tax payments55....................... 18.2 20.0 20.8 23.5 25.8 24.1 23.1 23.4 23.7 28.2 25.9 25.3 26.7 40.5 36 For numbered notes see p» 1535. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 FLOW OF FUNDS 1531 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1964 1965 1966 Category 1961 1962 1963 1964 1965 II III IV I II III IV I II (E) U.S. Government1 1 Tax receipts (net of refunds)............. 80.0 85.9 91.4 91.2 100.2 88.7 91.4 92.9 99.6 100.4 99.0 101.7 104.3 108.7 1 2 Individual income........................... 44.7 48.6 51.5 48.6 54.2 46.3 48.1 49.6 53.4 54.9 53.9 54.7 57.1 60.7 2 3 Corp, profits tax accruals.............. 21.8 22.7 24.6 26.5 29.1 26.4 26.8 26.7 28.7 28.7 28.9 30.3 31.9 31.9 3 4 Other................................................... 13.6 14.6 15.3 16.2 16.8 16.1 16.6 16.5 17.5 16.8 16.3 16.7 15.2 16.1 4 Social insurance programs 2 5 Premiums received.......................... 16.2 18.5 21.0 21.7 22.4 21.5 21.8 22,1 22.2 22.3 22.4 22.8 29.3 29.8 5 6 Benefits paid..................................... 16.8 17.4 18.2 18.7 20.3 18.6 18.7 18.8 19.2 18.9 22.6 20.7 21.5 21.4 6 Life insur. & retirement programs 3 7 Premiums received.......................... 2.0 2. 1 2.1 2.2 2.3 2.2 2.2 2.3 2.3 2.3 2.4 2.4 2.4 2.4 7 8 Benefits paid..................................... 3.0 2.9 3.2 3.2 3.3 2.9 3.0 3.0 3.9 3.1 3.1 3.2 3.8 3.8 8 9 Net grants and donations paid C .. 18.3 19.4 20,5 22.8 24.1 22.7 23.3 23.4 23.5 24.3 24.2 24.5 27.2 28.5 9 10 Net interest paid.................................. 6.6 7.2 7.7 8.3 8.7 8.2 8.4 8.4 8.6 8.7 8.8 8.8 9.3 9.3 10 11 Net purchases of goods & services.. 57.4 63.4 64.2 65.2 66.8 66.6 65.1 64.1 64.4 65.6 67.5 69.8 71.9 74.0 11 12 Net surplus............................................ -3.8 -3.8 .7 — 3.0 1.6 -6.7 -3.0 -.4 4.5 4.4 -2.5 -.2 2.3 4.0 12 13 Credits imputed to consumers 5.... 1.0 1.1 1.3 1.4 1.4 1.2 1.5 1.3 1.3 1.8 1 .6 1.0 1.1 1.8 13 14 Gross saving.......................................... -4.8 -4.8 -.6 -4.3 .2 -7.9 -4.4 -1.6 3.2 2.7 -4.0 -1.1 1.2 2.3 14 15 Net finan. investment (16-23).......... -5.3 -4.6 -1.3 -2.9 -1.3 -6.7 -3.7 -1.2 2.0 .7 -6.4 -1.4 .1 -.3 15 16 Net acquis, of finan. assets............. 3.9 4.7 4.7 5.2 4.3 .5 7.1 5.0 11,8 4.5 -8.0 8.9 13.8 9.6 16 17 Demand deposits & currency... . 1 1.0 -.4 . 6 -1.4 -3.8 2.7 -1.1 6.0 -2.5 -11.4 2.3 -2.5 9.8 17 18 Credit market instruments........ 2.6 3.3 2,7 3.8 4.7 4.6 3.2 3.6 5.3 6.4 3.1 3.9 11.3 10.4 18 19 Mortgages................................. .6 .3 -1.0 .3 1.0 .8 , 1 -.2 .7 1.0 .7 1.5 4.6 4.1 19 20 Other loans............................... 2.0 3.0 3.7 3.5 3.7 3.8 3.1 3.7 4.7 5.4 2.4 2.4 6.7 6.3 20 21 Excess of tax accruals over receipts...................................... .7 .8 1.8 1.1 1.0 .5 1.7 1.6 1.8 -1.7 1.0 2.9 2.8 -10.8 21 22 Other financial assets 6.............. .5 -.5 .6 -.3 * -.8 -.5 .9 -1.3 2.3 -.7 -.2 2.3 .2 22 23 Net increase in liabilities............... 9.2 9.3 6.0 8.0 5.6 7.3 10.9 6.2 9.8 3.9 -1.6 10.3 13.7 9.9 23 24 Life insurance and retirement reserves...................................... 1.0 1. 1 1.3 1.4 1.4 1.2 1.5 1.3 1.3 1.8 1.6 1.0 1.1 1.8 24 25 U.S. Govt, securities 7............... 7.4 7.4 5.2 6.5 4.0 5.7 8.3 3. 1 9.0 1.7 -4.3 9.6 12.0 4.6 25 26 Svgs. bonds 8........................... .8 .4 1.2 .9 .6 .9 .8 1.0 .8 .4 .5 .8 .3 .7 26 27 Short-term marketable9........ 8.9 . 6 1.4 4.0 3.5 2.6 4.4 8.5 5.5 3.6 -3.5 8.3 -1.9 -10.3 27 28 Other direct.............................. -2.9 4.8 1. 1 .9 -2.9 - .8 2.6 -8.3 2.3 -7.2 -5.3 -1.4 9.8 -1.8 28 29 Nonguaranteed issues............ .7 1.6 1.5 .7 2.8 3.0 .5 1.8 .5 4.8 4.0 1.9 3.8 16.0 29 30 Other loans 10.............................. .3 .5 -.2 .5 -.5 1.7 1.3 -.3 -.2 -1.4 1.4 1.3 30 31 Other liabilities............................ .5 .3 -.3 -.4 .6 -1.3 1.1 .6 -.5 .7 1.3 1.1 -.8 2.1 31 32 Discrepancy (14—15)......................... .5 -.2 .7 -1.5 1.5 -1.1 -.7 -.4 1.2 2.0 2.4 .3 1.2 2.6 32 33 Memo: Corp, tax receipts, net........ 21.0 21.9 22.8 25.3 28. 1 25.9 25.0 25.1 26.9 30.4 27.9 27.4 29. 1 42.7 33 (F) State and local governments 11 1 Tax receipts.......................................... 43.2 47. 1 50.5 55.0 59.7 54.4 55.9 56.8 58.1 59. 1 60.3 61.1 62.4 63.8 1 2 Social ins. and grants rec................... 10.4 11.5 12.9 14.5 15.6 14.3 14.9 15.2 15.4 15.5 15.6 16.1 17.7 19.4 2 3 Purch. of goods and services....... 50.2 53.7 58.2 63.7 69.4 63.5 64. 5 65.3 67.3 68.7 70.2 71.4 73.1 75.0 3 4 Net interest & transfers paid >L... 3.9 3.9 4.0 4.2 4.3 4.2 4. 1 4.2 4.3 4.2 4.2 4.3 4.6 4.7 4 5 Net surplus............................................ -.5 .9 1.2 1.7 1.6 1.0 2.2 2.5 1.9 1.7 1.5 1.5 2.4 3.5 5 6 Less retirement cr. to hsholds........... 2.4 2.4 2.7 3.1 2.6 3.2 3.2 3.0 2.8 2.6 2.5 2.6 2.6 2.6 6 7 Equals: Gross saving.......................... -2.9 -1.4 -1.5 -1.4 -1.0 -2.2 -1.0 -.5 -.9 -.9 -1.0 -1.1 -.2 .9 7 8 Net financial investment (9 — 17). . .. -3.3 -2.5 -2.1 -2.5 -1.5 -4.0 -2.6 -1.4 -1.5 -1.6 -1.4 -1.7 -.6 .5 8 9 Net acquis, offinan. assets............. 4.4 3.6 7.7 6.9 9.0 6.1 8.3 7.9 7.8 10.3 8.3 9.4 8.0 10.9 9 10 Liquid assets................................ 1.1 2.5 4.1 2.6 4.5 2.7 4.0 2.9 2.8 6.7 4.7 3.8 3.2 4.8 10 11 Demand deposits and cur.... .3 .9 2.4 1.4 1.0 -.6 2.5 3.3 -4.5 4.6 3.2 .7 .8 5.4 11 12 Time deposits.......................... .9 1.0 1.6 1.7 2.4 1.8 2.1 2.7 1.9 1.1 3.1 3.3 -.5 2.1 12 13 Short-term U.S. Govt. sec... -. 1 .6 .1 -.5 1.1 1.4 -.6 -3.0 5.4 .9 - 1.6 -.2 2.8 -2.7 13 14 Other U.S. Govt, securities.... .5 .6 .6 1.0 1.2 . 1 1.0 1.8 1.7 1.4 -.2 1.9 .7 14 15 State and local obligations........ -.2 -.7 -.7 -.6 -.6 -.6 —. 6 -.6 -.6 -.8 —. 6 -.5 -.4 -.4 15 16 Other 13........................................ 3.0 3.2 3.7 3.8 3.9 3.9 3.9 3.8 3.8 3.0 4.4 4.3 5.2 5.7 16 17 Net increase in liabilities................ 7.7 8.1 9.8 9.4 70.5 10.1 10.9 9.3 9.3 11.9 9.8 11.1 8.6 10.4 17 18 Credit market borrowing.......... 5.2 5.6 7.0 6.2 7.8 6.8 7.6 6.3 6.4 9.2 7.2 8.4 5.9 1.1 18 19 State and local obligations.. . 4.9 5.0 6.7 5.9 7.4 6.4 7.1 5.8 6.1 8.6 6.8 8.1 5.5 7.2 19 20 Short-term..............4...............4. . 5 .7 1.3 .6 .8 .2 .4 1.4 2.4 1.0 -. 1 . 6 20 21 Other...................................... 4.5 4.6 6.2 5.1 6.1 5.9 6.3 5.6 5.7 7.2 4.4 7.1 5.6 6.7 21 22 U.S. Govt, loans..................... .3 .6 .3 .4 .4 .4 .5 .5 .4 .6 .4 .3 .4 .4 22 23 Employee retirement reserves.. 2.4 2.4 2,7 3.1 2.6 3.2 3.2 3.0 2.8 2.6 2.5 2.6 2.6 2.6 23 24 Trade debt.................................... .1 .1 .1 .1 . 1 , 1 . 1 . 1 .1 . 1 . 1 .1 .1 . 1 24 25 Discrepancy.......................................... .4 1.0 .6 1.1 .6 1.8 1.6 .9 .6 .7 .4 .6 .4 .4 25 26 Memo; Total U.S. Govt. sec....... .4 1.2 .7 .5 2.3 1.6 .4 -1.3 7.1 2.3 -1.8 1.7 2.8 -1.9 26 For numbered notes see p, 1535. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1532 FLOW OF FUNDS OCTOBER 1966 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1964 1965 1966 Category 1961 1962 1963 1964 1965 II III IV I II in IV I II (G) Monetary authorities * 1 Current surplus.................................... . 1 . 1 .1 -.5 * -.5 -.5 -.5 ♦ * ♦ * * * 1 2 Net acquis, of financial assets........... 1.4 1.7 2.2 3.4 2.3 .7 2.8 5.2 2.7 2.5 4.4 - .6 6.0 4.1 2 3 Gold’and foreign exchange 2........ -.8 —. 8 -.4 -1.3 -.8 .2 .2 -3.0 -2.2 1.3 -1.4 -2.1 .2 3 4 Treasury currency....................... .2 -.2 .2 * -.1 -.6 - . 1 . 1 .3 .4 .7 1.0 4 5 Credit mkt. instruments................. 1.5 2.0 2.9 3.4 3.8 1.9 3.5 3.8 6.0 3.8 4.3 1.2 3.0 4.7 5 6 U S. Govt, securities.................. 1.5 1.9 2.8 3.5 3.7 2.0 3.5 3.7 5.9 4.2 4.3 .5 3.3 4.3 6 7 Short-term marketable.......... -1.1 2.0 4.9 2.1 3.7 -3.0 7.1 3.5 12.4 6.2 — .3 -3.6 4.9 -1.7 7 8 Other.......................................... 2.6 -.1 -2.2 1.3 . 1 5.0 -3.6 .2 -6.5 -2.0 4.6 4.1 -1.6 6.0 8 9 F.R. float.......................................... .5 .6 -.3 - .4 .4 - .6 .6 -.8 - .2 1.0 -1.5 3.0 9 10 F.R. loans to domestic banks.... . 1 —. 1 ♦ . 1 -. 1 -.7 -.3 1. 1 .5 1.0 -2.5 .8 1.4 -1.8 10 11 Net increase in liabilities..................... 1.3 1.6 2.1 3.8 2.2 1.2 3,3 5.7 2.6 2.5 4.4 - .6 5.9 4.1 11 12 Member bank reserves................... .3 . 1 -.4 1.0 .4 -2.7 1,0 3.1 .9 .5 1.3 -1.1 12 13 Vault cash of coml. banks 3......... .3 .7 .6 -.4 .3 .3 ,3 -2.7 2.1 .5 -.6 -.8 . 1 1.7 13 Demand deposits and currency,. 14 Due to U.S. Govt............ .3 .2 .8 .4 .2 -.3 1.2 -1.2 -.4 2.0 14 15 Due to rest of the world *........ .1 -.1 . 1 -.1 -.1 .4 -.3 . 1 .1 -.2 1.3 15 16 Currency outside banks............ .7 .8 1.7 2.4 2. 1 2.0 1.7 3.6 .7 1.8 4.0 2.0 3.6 1.6 16 17 Other................................................. -. 1 * * .6 -.5 .8 .3 .8 -.3 -.4 -.3 -1.0 * -. 1 17 (H) Commercial banks 5 1 Current surplus,.................................. 1.3 1.5 1.7 2.0 2.1 2.0 1.9 2.2 2.0 1.9 2.0 2.4 2.3 2.4 1 2 Net acquisition of financial assets. .. 17.1 20.7 20.0 23.4 30.2 20.5 25.8 28.5 35.0 24.5 16.7 45.1 20.2 27.5 2 3 Member bank reserves 6............... .3 . 1 - .4 1.0 .4 -2.7 1.0 3. 1 . 1 .9 .5 1.3 -1.1 3 4 Vault cash......................................... .3 .7 .6 -.4 . 3 . 3 .3 -2.7 2.1 . 5 - .6 4—3 .8^ . I 1.7 4 5 Total loans and investments......... 15.8 19.5 19.4 22.2 29.1 22.0 22.9 28.0 31.5 22.9 18.4 16.3 29.0 5 6 Credit market instruments........ 14.6 18.4 18.8 21.8 29.0 20.8 23. J 28,9 29.1 21.7 27.1 38.4 16,0 29.3 6 7 U.S. Govt, securities ^............ 5.5 .9 -2.4 -.2 -1.8 -3.5 4.0 . 3 -2.7 -9.9 -1.5 6.7 -6.4 -1.1 7 8 Short-term marketable.... 9.3 -5.2 -3.5 3.9 -1.7 5.0 4.7 8.5 -10.6 -5.8 2.3 7.2 -13.0 -5. 1 8 9 Other direct........................ -4. 1 5.2 .5 -4. 1 -1.4 -8.8 — 1.2 -9.3 7.9 — 5.3 -6.1 -2.3 7.8 -1.1 9 10 Nonguaranteed................... .4 .9 .5 ♦ 1.3 .3 .5 1. 1 * 1.1 2.3 1.8 -1.2 5.0 10 11 Other securities & mortgages . 4.2 8.3 10. 1 8. 1 10.5 7.2 8.8 8.9 9.6 12.1 10.5 9.9 7.9 6.6 11 12 State and local oblig.......... 2.8 4.4 5.2 3.5 5.0 2.6 4.4 4.4 4.8 6.4 4.2 4.5 2.9 2.2 12 13 Corporate bonds................. -.2 . 1 -. 1 . 3 1 -. 1 . 1 . 1 -.2 -.4 13 14 1- to 4-family mortgages. . .8 2.0 2.7 2.3 3. 1 2.2 2.0 2.2 2.5 2.8 3.7 3.4 2.6 2.3 14 15 Other mortgages................. .8 1.9 2.2 2.2 2.5 2.2 2.5 2.4 2.1 2.8 2.7 2.4 2.4 2.2 15 16 Other credit exc. security.... 4.9 9.2 II. 1 13.9 20.2 17. 1 10.4 19.7 22.3 19.5 18.1 21.7 14.5 23.8 16 17 Consumer credit......... .9 2.3 3.5 3.8 4.7 3.8 4.1 3.6 4.3 4.9 5.1 4.6 3.6 3.1 17 18 Bank loans n.e.c.................. 3.0 6.2 7.6 8.7 16.4 11.4 5.3 13.6 19.6 14.2 13.0 19.4 8.6 20.0 18 19 Other loans 8....................... I. 1 .7 1.3 — .9 1.8 1.0 2.5 -1.6 .4 —. 1 -2.2 2.2 .6 19 20 CCC loans..............3........... .5 -.2 .5 -.5 1.7 1.3 -.3 -.2 -1.4 1.4 1.3 20 21 Open-market paper........ .8 .2 . 1 .7 -.5 .9 1.0 -1.7 .6 -.9 .8 -.8 21 22 Security credit.............................. 1. 1 1. 1 .6 . 5 . 1 1.2 —. 3 - .9 2.4 1.2 -8.7 5.5 . 3 - .3 22 23 Mise, assets....................................... .7 .5 .4 .6 .5 .9 1.6 . 1 1.3 .2 -1.1 1.5 2.4 -2.1 23 24 Net increase in liabilities..................... 16.1 19.8 19.3 22.0 28.8 18.6 24.7 26.8 33. 8 22.7 15.9 43.1 17.9 25.2 24 25 Demand deposits, net..................... 4.8 3.7 3.8 4.8 5.6 1.6 8.0 5.9 7.3 . 3 -5.4 20.5 -2.5 7.3 25 26 U.S. Gov't. ».................................. 1.2 - .6 - 1.0 -4. 1 t. 8 -1.9 5.1 - .6 -11.6 3.3 -3.1 7.2 26 27 Foreign '®..................................... .7 . 1 .4 . | — .4 1.0 .7 -.4 - .6 .6 1.0 - .6 -1.0 27 28 Other, net 11................................ 4.1 2.3 4.3 4.4 6.4 6.1 5.2 7.0 2.6 1.5 5.7 16.2 1.2 1. 1 28 29 Time deposits................................... 9.4 15.6 14.3 14.5 20.0 13.1 13.1 19.0 22.7 17.6 21.4 18.4 14.7 14.4 29 30 F.R. float........................................... .5 .6 - .3 -.4 .4 -.6 .6 - .8 -.2 1.0 - 1.5 3.0 30 31 Borrowing at F.R. Banks.............. . 1 . 1 -. 1 -.7 -.3 1.1 .5 1.0 -2.5 .8 1.4 -1.8 31 32 Other liabilities................................ 1.4 1.4 2.5 3.6 4.3 4.4 .2 4.2 4.1 1.2 4.9 1.3 5.3 32 33 Security issues.............................. .2 . 1 .3 .6 .8 .5 .6 .4 .5 2.0 .1 .4 . 1 .3 33 34 Discrepancy........................................... . 1 .4 .5 . 1 .3 -.3 .5 .1 .3 -.3 .8 .4 * . 1 34 35 Memo: Total loans exc. mortgages.. 6.0 10.3 11.7 14.3 20.3 18.3 10.1 18.8 24.7 20.7 9.4 27.2 14.8 23.5 35 For numbered notes see p. 1535. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 FLOW OF FUNDS 1533 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1964 1965 1966 Category 196! 1962 1963 1964 1965 1,v II III I II III IV I II (I) Nonbank financial institutions1 1 Current surplus........................ 2.0 2.2 1.7 1.6 1.5 1.7 1.6 1,4 1.6 1.9 1.8 .7 .7 2.1 1 2 Physical investment (Life ins.)........ .4 .3 .5 .5 .5 .5 .5 ,5 .5 .5 .4 .4 .4 .4 2 3 Net acquis. nf financial assets............. 28,2 32.6 37.0 37.0 37.7 42.0 36.8 36.0 38.3 41.4 29.9 41.3 36.7 26.6 3 4 Demand deposits and currency... 1.0 1. 1 .2 .3 .7 1.1 -.7 .5 .5 .9 1.5 -2.0 .6 4 5 Time deposits (Mut. svgs. bks.)... . 1 . 1 .2 .2 -.2 -.2 5 6 Svgs. and loan shares (Cr. unions) .2 . 1 . 1 -.2 .2 .2 -.5 - .4 -.2 .2 -.4 -.5 6 7 Cr mkt. instr ..................................... 24.5 30.7 33.7 35.7 35.6 38.9 37.0 34.2 38.1 39.6 27.8 37.1 37.2 24.6 7 8 U.S. Govt, securities,................. .4 1.6 — .5 1.9 -.8 2.5 2.9 .4 2.2 -.8 -6. 1 1.4 3.6 -5.5 8 9 State and local obligations..... 1.2 .9 .6 .2 .2 .4 . 1 .4 .7 — 1.1 -.8 .5 9 10 Corporate bonds.............. . 3.8 3.8 4.4 4.4 5.5 5.3 3.6 4.8 5.7 5.3 5.3 5.7 8.5 4.2 10 11 Corporate stock......... ..... 4.0 4.2 3.4 3.7 5.3 2.9 4.0 4.6 4. 1 6.0 4.3 7.0 3.8 5.7 11 12 t- to 4-family mortgages.......... 10. 5 11.0 14.1 13.0 12.7 13.7 12.6 12.7 13.8 12.8 12.8 11.5 11.7 6.6 12 13 Other mortgages............................. 3.8 5.7 6.9 7.3 6.4 7.1 8.0 7.9 6.1 6.3 6.5 6.6 6.2 5.7 13 11 Consumer credit......................... .5 1.9 2.8 2.8 3. 1 2.2 2.8 2.2 3.5 3.7 2.9 2.5 2.2 2.6 14 15 Other loans................................... .2 1.6 2.1 2.4 3.4 5. 1 2.7 1.5 2.2 5.5 2.3 3.6 2. 1 4,6 15 16 Security credit.................................. 1. 1 -.3 1.9 -.5 .2 .2 -.9 -.4 -.8 .4 -.3 1.6 .7 .3 16 17 Trade credit..................................... .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 17 18 Miscellaneous assets...................... 1.3 .9 1.1 1.2 1.2 1.4 1.2 1.3 1.1 1.0 1.7 .9 1.0 1.5 18 19 Net increase in liabilities........................ 26.6 30. 5 35.5 36.3 36.3 42.0 35.1 35.4 35.9 39.7 29.1 40.7 38.8 27.2 19 20 Time and savings deposits............. 11.3 13.1 15.2 15.9 12.9 16.1 17. 1 15.4 12.8 11.9 13.0 13.8 9.2 3.6 20 21 Ins. and pension reserves............... 8.6 9.0 10.1 11.1 11.6 11.7 10.3 11.9 10.9 12.0 12.0 11.7 13.5 10.8 21 22 Cr mkt. instr.^................................ 3.4 5.7 7. 1 6.1 9.0 9. 5 5.2 5.4 8.0 10.5 9.4 8.2 12.1 9.4 22 23 Finance company bonds........... . 5 .3 1.4 2.1 1.9 2. 3 2. 1 1.7 1.6 1.8 1.5 2.7 1.6 .3 23 24 Investment company shares.... 1.8 1.9 1.2 1.8 3.1 1.7 2.2 2.6 2.6 2.3 3.5 4.2 5.0 3.4 24 25 Mtv loans in process..................... .4 .4 .5 -.3 -. 1 -.4 -.3 - .3 .2 -.2 -.2 .4 -1.1 25 26 Rank loans n.e.c.......................... . 1 1.0 1.7 . 5 2.4 3.4 -1.5 . 1 2.3 2.6 1. 3 3.3 .2 3.8 26 27 Other loans................................... . 5 2.0 2.3 2.0 1.7 2.5 2.7 1.3 1.5 3.7 3.3 -1.9 5.0 3. 1 27 28 Finance co. paper. .................... 1 1.2 1.0 1.5 1.0 1.8 2.8 .8 2.2 2.8 -1.1 2.2 .7 28 29 FHLB loans'..'....................... .7 .8 1.3 .5 .7 .7 1 . 5 1. 5 1.5 .5 -.8 2.8 2.3 29 30 Security credit................................. .9 .9 .5 . 1 -.2 1.4 - .4 -1.3 1.3 2.3 -8.7 4.2 .7 .7 30 31 Taxes payable.. ................................... 1 . 1 , 1 . 1 -.3 . 1 .3 -.3 -. 1 31 32 Miscellaneous liabilities.................... 2.4 1.7 2.5 3.1 3.0 3.2 3.0 4.0 3.1 2.8 3.2 2.7 3.5 2.9 32 33 Discrepancy.......................................... ♦ -.2 -.3 .4 -.3 1.2 -.6 .3 -1.2 -.2 .6 -.4 2.4 2.3 33 (1.1) Savings and loan associations 1 Nof acquis of financial assets........... 10.7 11.5 14.0 11.8 10.1 12.2 12.0 11.5 10.3 10.6 10.2 9.3 9.3 4.3 I 2 Demand deposits and currency 5. .4 .6 -.2 -.2 - .2 . 1 .5 —. 1 -.6 -.3 2 3 Cr mkt. instr. 6............... 9.4 10.3 13.3 11.1 9.4 11.4 11.3 10.8 10.0 9.9 8.7 9.2 9.7 3.9 3 4 U.S Govt, securities.................. .6 .4 1.0 .6 .5 .8 .6 .8 1.0 .5 -.2 .6 1.3 -1.3 4 5 1 - to 4-family mortgages...... 7.0 7.4 9.3 8.0 7.6 8.3 7.5 7.3 7.9 7.6 7.4 7.3 7.4 4.2 5 6 Other mortgages......................... 1.7 2.6 2.9 2,4 1.3 2.2 3.0 2.6 1.1 1.6 1.4 1.1 .9 .9 6 7 Mise, financial transactions......... .9 .6 .5 .7 .6 .9 .9 .8 .5 .6 1.1 .3 .3 .7 7 8 Not increase in liabilities....................... 9.9 10.7 13.3 11.1 9.3 11.5 11.3 10.8 9.3 9.7 9.5 8.5 8.7 3.6 8 9 Savings shares.................................. 8.7 9.4 11.1 10.6 8.4 10.7 11.5 10. 1 8.2 7.6 8,7 9. 1 5.6 1.7 9 10 Mtg loans in process..................... .4 .4 .5 -.3 -.1 -.4 - .3 -.3 .2 -.2 -.2 .4 -1.1 10 11 Borrowing from FHLB................. .7 .8 1.3 .5 .7 .7 - . 1 .5 1.5 1.5 ,5 -.8 2.8 2.3 (1 12 Memo: FHLB loans less deposits... .4 .8 1.4 .5 .8 .6 -.3 .3 1.7 1.7 .4 -.5 3.2 2.3 12 (1.2) Mutual savings banks 1 Net acquis, of financial assets 4......... 2.3 3.3 3.6 4.5 4.0 4.7 5.3 4.1 4.1 4.0 4.3 3.6 2.7 1.6 1 2 US Govt, securities....................... -. 1 -.2 -.3 .4 .4 -.6 —. 6 .2 - . 1 -.7 -1.0 - 1.4 2 3 Corporate bonds............................. -.1 -. 1 -.3 -. 1 -. 1 -.2 -. 1 - .4 -.2 . 1 -.3 .3 . 1 3 4 1- to 4-family mortgages........ 1.7 2.1 2.6 2.7 2.7 2.5 3.0 2.9 2.6 2.5 2.8 2.8 1.8 1.4 4 5 Other mortgages............................. .6 1.0 1.3 1.7 1.4 1.7 1.8 1.8 1.3 1.3 1.5 1.5 1.2 .6 5 6 Savings deposits.................................. 1.9 3.1 3.3 4.2 3.6 4.2 4.5 4.2 4.0 3.4 3.5 3.6 2.8 1,0 6 (1.3) Life insurance companies | Current surplus................................... 1.0 1.1 1.1 1.1 1.2 1.1 1. 1 1.1 1.2 1.2 1.2 1.2 1.2 1.2 I 2 Net acquis, of financial assets 4........ 6.1 6.8 7.0 7.8 8.6 7.8 7.8 8.3 8.8 8.4 8.3 8.9 8.5 7.9 2 3 Cr. mkt. instr....................... 5.7 6.5 6.7 7.4 8.1 7.5 7.5 7.8 8.4 8.0 8.0 8.1 9.2 7.6 3 4 US. Govt, securities................... -.4 . 1 -.4 -.3 -.4 * -.2 -.6 .2 -.7 -.9 -.4 -.2 -.7 4 5 State and local obligations........ .3 . 1 -.2 -. 1 -.3 -. 1 . 1 -.2 -.2 -.2 -.4 -.3 -.7 -.7 5 6 Corporate bonds.............................. 2.5 2.5 2.8 2.3 2.7 2.4 2.0 2.1 2.1 2.1 3.2 3.2 4.8 1.7 6 7 Corporate stock........................... .5 .4 .2 .5 ,8 . 5 .6 .6 .6 .6 .8 1.2 .1 . 1 7 8 ]_ fo 4-family mortgages........... .9 ,6 .9 1.4 1.2 1.3 1.4 1.6 1.7 1.0 1.0 1.0 1.6 1.3 8 9 Other mortgages......................... 1.5 2.1 2.7 3.2 3.7 3.2 3.2 3.5 3.6 3.5 3.6 3.9 4.1 4.1 9 10 Other loans................................... .4 .7 .5 .4 .5 .2 .4 .7 .4 1.7 .7 -.6 -.5 1.8 10 11 Net increase in liabilities..................... 5.6 6.0 6.4 7.1 7.9 7.1 7.1 7.1 7.6 7.9 8.0 7.9 7.9 7.9 11 12 T.ife insurance reserves.......... 3.3 3.6 4.0 4.2 4.7 4.3 4.1 4.0 4.5 4.7 4.7 4.6 4.6 4.5 12 13 Pension fund reserves..................... 1.4 1.4 1.7 2.0 2.1 1.9 2.0 2.0 2.0 2.1 2.1 2.1 2.2 2.2 13 14 Other.................................................. 1.0 1.0 .7 .8 1.2 .8 .8 1.0 1.3 1.1 1.0 1.1 1.3 1.2 14 For numbered notes see p. 1535. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1534 FLOW OF FUNDS OCTOBER 1966 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1964 1965 1966 Category 1961 1962 1963 1964 1965 II III IV I II III IV I II (1.4) Noninsured Pension Plans 1 Net acquis, of financial assets 4......... 3.9 4.0 4.4 4.9 4.9 5.4 4.1 5.9 4.4 5.2 5.1 5.0 6.8 4.1 1 2 Credit mkt. in str. 7........................... 3.8 4.0 4.3 4.8 4.9 5.3 4.1 5.7 4.9 5.3 5.0 4.2 6.7 4.8 2 3 U.S. Govt, securities................... .2 .4 .4 -.3 .2 1.3 -.6 -.3 -.5 1.1 -.8 3 4 Corporate bonds.......................... 1.2 1.2 1.5 1.6 1.5 2.2 1.5 1.7 1.9 1.7 1.7 .7 2.5 1.3 4 5 Corporate stock..................... 2.3 2.2 2.2 2.2 3.1 2.3 2. 1 2.2 3.1 3.0 3.3 3.2 2.8 4.0 5 (1.5) Other insurance companies 1 Net acquis, of financial assets 4........ 1.3 1.4 1.4 1.0 2.0 .6 1.0 1.2 1.8 2.4 2.4 1.5 .7 1.5 1 2 Demand deposits and currency... * -. 1 * -. 1 1 1 * 2 3 Credit mkt. instr............................... 1.2 1.2 1.3 .8 1.9 .4 .9 1.1 1.7 2.3 2.3 1.3 .5 1.4 3 4 U.S. Govt, securities................... - . 1 . 1 .2 -.1 .4 .2 . 1 -.2 .1 -. 1 -.5 -.1 4 5 State and local obligations........ 1.0 .7 .8 .2 .6 * .3 .5 .7 .7 .5 .3 .2 5 6 Corporate bonds............... .1 .1 .4 1.1 .2 .4 . 6 .9 1.2 1.2 1.0 .8 .6 6 7 Corporate stock........................... .3 .2 .2 .2 .2 .3 . 1 * .2 .5 .2 -.1 -.1 .6 7 (1.6) Finance companies 1 Net acquis, of financial assets 4......... .6 2.7 4.0 4.0 5.4 7.1 3.5 2.2 4.9 6.5 4.5 5.6 3.9 3.6 I 2 1- to 4-family mortgages............... .6 .5 .8 .4 . 5 1.0 . 1 .2 .9 .5 i.O -. 1 .4 -.6 2 3 Consumer credit.............................. 1.3 1.8 1.8 1.9 1.4 1.4 1,3 2.3 2.2 1.8 1.5 .9 1.2 3 4 Other loans........................................ -.2 .8 1.6 1.8 2.7 4.8 2.0 .6 1.5 3.7 1.5 4.0 2.4 2,8 4 5 Net increase in liabilities..................... .5 2.6 4.0 4.0 5.1 7,3 3.3 2.5 4.2 6.2 5.4 4.6 4.3 4.0 5 6 Corporate bonds.............................. .5 .3 1.4 2. 1 1.9 2.3 2.1 1.7 1.6 1.8 1.5 2.7 1.6 .3 6 7 Bank loans n.e.c............................... 1.0 1.6 .4 2.2 3.2 -1.6 -.1 2.7 2. 1 1. 1 3.0 .5 3.0 7 8 Open mkt. paper.............................. -.1 1.2 1.0 1.5 1.0 1.8 2.8 .8 « 2.2 2.8 -1.1 2.2 .7 8 (1.7) Security brokers and dealers 1 Net acquis, of financial assets........... 1.0 .9 .6 .2 -.2 1.5 -.4 -1.3 1.3 2.3 -8.6 4.3 .7 .7 1 2 U.S. Govt, securities....................... .7 -1.3 .7 -.3 1.1 .6 - 1.0 .9 1.4 -5.3 1.8 2.0 -1.3 2 3 Other securities................................ -.2 .4 .2 -.4 .4 -.4 .3 .4 .6 -2.8 . 1 -1.9 1.4 3 4 Security credit......................... 1.1 “.2 1.5 -.5 .5 * -.7 — .6 -.1 .2 -.5 2.3 .6 .5 4 5 Net incr. in liab.—security credit.... .9 .9 .5 -.2 1.4 -.4 -1.3 1.3 2.3 -8.7 4.2 .7 .7 5 6 From banks...................................... .8 1. 1 .2 .2 -.3 .6 -.3 -1.0 2.5 .8 -9.3 5.0 .4 -.2 6 7 From agencies of fgn. banks........ -.2 .4 * -.3 .2 -.3 .2 -.7 . 1 .2 -.7 -.2 7 8 Customer credit balances............... . I * « * .3 .7 .2 -.5 -.4 1.4 .4 -.2 .2 1.1 8 (1.8) Open-end investment companies 1 Net financial investment...................... -.5 -.4 -.4 -.8 -1.1 -.7 -.8 -1.0 - .9 -.1 -.8 ”2.0 -2.0 -.7 1 2 Net acquis, of financial assets.... 1.4 1.5 .8 1.1 2.0 1.0 1.4 1.6 1.7 1.6 2.7 2.2 3.0 2.7 2 3 Credit mkt. instr........................... 1.4 1.2 .8 1.1 1.6 .4 2.0 1.5 1.0 1.1 2.4 1.9 3.2 1.7 3 4 Corporate stocks..................... 1.0 1.1 .6 .7 1.2 -.2 1.4 1.5 . 1 1.6 1.1 1.9 1.7 .8 4 5 Net stock issues3.............................. 1.8 1.9 1.2 1.8 3.1 1.7 2.2 2.6 2.6 2.3 3.5 4.2 5.0 3.4 5 (J) Rest of the world 1 Net purch. of goods and serv. (2-3).. 5.6 5.1 5.9 8.5 7.0 7.9 8.5 8.6 6.5 8.2 7.1 6.1 6.0 4.7 1 2 Purch. of goods and services 1... 28.6 30.3 32.3 37.0 39.0 36.0 37.2 38.1 35.1 40.5 40.1 40.2 41.7 41.9 2 3 Sales of goods and services *..... 22.9 25.1 26.4 28.5 32.0 28.1 28.8 29.6 28.7 32.3 33.0 34.2 35.6 37.3 3 4 Net unilateral receipts from Govt.*. 2.6 2.7 2.8 2.8 2.8 2.9 2.8 2.7 2.6 3.1 2.9 2.6 3.4 2.9 4 5 Current surplus (4-1) 2........... — 3.1 -2.5 -3.1 -5.7 -4.2 -5.0 -5.7 -5.9 -3.8 -5.1 -4.2 — 3.5 -2.6 -1.7 5 6 Net financial investment (7-14)......... “2.0 -1.3 -2.8 -4.7 -3.7 -4.3 -5.1 -4.5 ”3.6 -4.6 ”3.5 -3.2 -1.3 -1.4 6 7 Net acquis, of finan. assets............. 3.3 2.6 3.4 3.4 2.0 2.2 2.3 7.6 3.7 1.8 1.2 1.2 1.6 6.3 7 8 Gold................................................ .9 .9 .5 .1 1.7 -.3 -.1 .7 3.3 2.4 .5 .5 .3 .8 8 9 U.S. dem. dep. and currency... .7 . 1 .5 . 1 -.4 .9 1.1 -.7 -.5 .7 .8 .7 -l.l 9 10 Time deposits................................ .3 .6 1.0 1.4 .6 1.5 1.0 1.6 .8 .8 .2 .5 -. 1 1.9 10 11 U.S. Govt, securities................... .4 1.3 .6 .5 -.2 .9 .4 1.7 -2.0 .9 -1.0 1.5 ~2.4 -.9 11 12 Other credit market instr........... .4 .2 .3 . 1 -. 1 .9 -.5 -.4 1.3 -.7 -.8 -.1 .9 3.1 12 13 Mise, financial assets.................. .6 -.4 1.1 .8 -. 1 -.3 .5 3.0 .9 -1.1 1.6 -2.0 2.1 2.4 13 14 Net increase in liabilities......... 5.4 3.9 6.2 8.2 5.7 6.5 7.5 12.1 7.3 6.4 4.7 4.4 2.9 7.7 14 15 Official U.S. foreign exchange 3 .3 -.6 * .4 -1.5 -.4 1.3 2.1 .3 -.6 -1.4 .6 15 16 Securities........................................ .8 1.0 1.0 .7 .9 .9 2.0 1.3 1.0 .7 .8 1.7 1.0 16 17 Loans 4.......................................... 1.8 1.1 2.2 3.7 1.9 3.2 3.3 4.4 4.3 1.1 .2 1.9 1.0 2.1 17 18 Miscellaneous 5............................. 2.5 2.5 2.8 3.9 2.6 4.0 4.5 4.4 2.2 2.7 3.3 2.3 2.0 4.8 18 19 Discrepancy (5-6) 6......................... ~1.0 -1.2 -.4 -1.0 -.4 -.7 -.6 ~1.4 - .2 -.5 -.7 -.3 -1.3 -.3 19 U.S. gold and fgn. exchg. held by: 20 Monetary auth.................................... “.8 -.8 -.4 * -1.3 -.8 .2 .2 -3.0 -2.2 1.3 -1.4 -2.1 .2 20 21 U.S. Treasury...................................... .2 -.7 ♦ -.2 . 1 -.4 -.5 .4 -.4 1.9 -1.5 .4 .4 -.5 21 For numbered notes see following page. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 FLOW OF FUNDS 1535 Notes to Table 4 (A) Households 1 Includes nonprofit organizations serving individuals. _ 4 Line 9 plus capital consumption on owner-occupied houses 2 Imputed saving associated with growth of government life and nonprofit plant and equipment. insurance and retirement reserves. From Tables 4(E), line 13 c Includes net free balances with security brokers not shown and 4(F), line 6. separately. 3 Capital-gains dividends from open-end investment cos. plus 0 Policy Ioans, hypothecated deposits, and U.S. Govt, loans life insurance reserve revaluations. to nonprofit organizations. (B, C, D) Business 1 Sum of Tables 4(C) and 4(D); for detail see below. 8 Loans from U.S. Govt, and commercial loans from finance 2 Profits and noncorporate income as defined in national cos. income. Excludes imputed rental income of owner-occupied 0 Includes earnings retained in business; see note 6 above. houses, included in Table 4(A). 10 Excludes corporations in Tables 4(C), (G), (H), and (I). 3 Change in work in process. 11 Includes branch profits paid to fgn. parents less branch 4 After inventory valuation adjustment. profits received from abroad. 3 Includes corporate farms. . 11 Noncorporate net income is treated as payment in full to 12 Includes State and local obligations not shown separately. proprietors in the household sector. Gross saving consists of 13 Direct investments abroad, fgn. currency holdings, and capital consumpiton allowances plus corporate farm retained unallocated current assets. profits. 14 Mainly commercial paper anti commercial loans from 7 Excludes CCC-guaranteed loans, treated as Govt, borrow­ finance cos. ing; see Table 4(E), line 30. 13 Includes Stale and local profit taxes. (E, F) Govts. 1 Lines 1 through 12 are derived from national-income data, 0 Govt, life ins., employee retirement, and R.R. retirement while lines 15 through 31 are based on data behind Treasury programs. Excludes social security, which is treated as non­ cash budget. Line 21 is a link between the two accounting sys­ financial operation. tems on treatment of corporate taxes, and the discrepancy 0 Mainly nonconvertible fgn. currencies and oflicial fgn. ex­ (line 32) represents differences on other matters. change position of Treasury. Net cash borrowing in Treasury cash budget corresponds 7 Public debt held by public and Federal Reserve, plus non­ closely to line 25 less accrual of interest on savings Bonds and guaranteed issues of Govt, agencies. Includes interest accruals Treasury bills. Cash surplus is closely indicated by Jine 17 less on savings bonds and Treasury bills; excludes special notes to net cash borrowing. Lines 18, 22, 30, and 31 are in cash outgo IMF. Nonguaranteed securities include loan participation cer­ in cash budget except for small amounts in receipts. Lines 13 tificates issued by the FNMA facilities. and 24 are imputations reflected in neither national-income nor 8 E and H bonds held by households. cash budget. 2 OASI, disability insurance, and unemployment programs. 0 Marketable issues due in less than 1 year plus part of those Line 5 includes U.S. Govt, employment taxes; line 6, U.S. due in less than 2 years. Govt, benefit payments to households. 10 CCC-guaranteed loans and certificates of participation in 3 Veterans’ life insurance and Govt, employee and R.R. re­ Export-Import Bank loans. Net movements in inventory under tirement funds. Line 7 excludes Govt, contributions to these CCC-guarantee are included in line 11. funds. 11 Includes employee retirement funds. 4 Transfers other than lines 6 and 8, grants-in-aid to State 12 Net of current surplus of govt, enterprises. and local govts., subsidies less current surplus of Govt, enter­ prises. 13 Corporate bonds, mortgages and tax receivables. (G, H) Banking 1 Federal Reserve System plus those Treasury accounts in­ Reported bank data, as on p. 1480, are frequently for last cluded in “Member Bank Reserves, Federal Reserve Bank Wednesday of month or other reporting date. Excludes banks Credit, and Related Items.’* Excludes Exchange Stabilization in U.S. possessions. Fund, which is in U.S. Govt, accounts. 0 Deposits with F.R. Banks; vault cash in reserves is in line 4. 2 Includes F.R. holdings of fgn. currencies, which are net in 7 Net change in par value of holdings. “other F.R. accounts” in table mentioned in note 1. 8 Includes consumer Ioans secured by hypothecated deposits 3 Includes vault cash of nonmember banks. not shown separately, 4 Includes deposits of international organizations other than 0 Includes deposits held outside Treasury. IMF; IMF deposits are net in line 3. 10 Bank and nonbank. 6 Based on balance sheet estimates for last day of quarter. 11 Net of F.R. float, shown separately in line 30. (I) Nonbank Finance 1 In addition to types shown, includes credit unions, agencies 4 Includes cash and other assets, not shown separately. of foreign banks, and banks in possessions. 5 Excludes deposits at FHLB, which are included in Miscel­ 2 Lines 10, 11 of LI; lines 6, 7, and 8 of 1.6; and line 5 laneous, line 7. of 1.8. . 0 Includes consumer credit, not shown separately. 3 Includes retained capital-gains dividends. 7 Includes mortgages, not shown separately. (J) Rest of the World 1 Lines 2, 3, and 4 are exports, imports and transfers to 4 Bank loans, acceptances, Ioans from U.S. Govt., and secu­ foreigners income and product accounts. rity credit. 3 Net foreign investment in national income accounts with 3 Direct investment abroad, foreign currencies held by other opposite sign. than in line 15, subscriptions to international organizations 3 Official foreign currency holdings and net IMF position of U.S. IMF position consists of U.S. capital subscription less except IMF, and unidentified liabilities. IMF holdings of special U.S. Govt, notes and deposits with 0 Errors and omissions in U.S. balance of payments state­ Federal Reserve. ment. Note.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Ch UP OS 5. FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1965 (Amounts outstanding in billions of dollars) (A) All sectors Private domestic nonfinancial sectors Financial sectors UK Rest of All Sector H h o o u ld se s ­ B n u es s s i­ an g S d o t a v lo t t e s c . al Total Govt. Total Mo au n t e h ta . ry C ba o n m k l s . N f o in n a b n a c n e k w t o h r e l d sectors Discrepancy Transaction Category A L A L A L A L A L A L A L A L A L A L A L 1 Total financial assets.......................................... 1437.8......... 32#. 0........ 83.fi......... 1841.4 ........ 89.4......... 953.3 ......... 03.1....... 337.2 .......... 553.1 84.2 29fi8 4 1 2 Total liabilities.................................................... .......... 342.3 ....... 452.7 .......... 139.2 ........ 934.3 ......... 309.6 ....... 878.0 . . 63.1 ........ 313.fi 561.3 93.8 2215 6 2 3 Gold stock......................... .1 .... 13.7......... 13 7 .... 29 5 43 3 3 4 Official U.S. fgn. exch................................... .2.......... .8......... 6....... 8 8 4 5 IMF positiont................................................. 4.4 13.5 9 Q 5 6 Treasury currency.......................................... ......... 3.1 5.4......... 5.4....... 5.4 3.1 -2.4 6 7 Demand dep. and currency.......................... .......... 183.1 .......... 38.8 ......... 144 2 168.4 183.1 7 8 Pvt. domestic.............................................. 87.6.......... 45.4......... 12.1......... 145.1 ......... 13.4 173.3 ......... 37.2 ......... 136 1 13.4 158.5 173.3 14.8 8 9 U.S. Govt............................................ 7.1 ....... 7.0 ■ 1 4 ......... 5.5 7.1 7.0 -.1 9 10 Foreign......................................................... ......... 2.8 .......... 2 .......... 2.6 2 8 2 8 10 11 Time and savings accounts......................... 279.4 ......... 310.8 ......... .7 319.0 7 ... 319 0 11 12 At coml. banks.......................................... 108.0 ......... 19.2......... 12.2......... 139.5 ......... .3......... .2 147.2 ......... 147.2 .2......... 7.3 ... 147 2 12 13 At svgs. instit,.................................... 171.4 ......... 171.4 ......... .5 171.8 .5 171.8 171 8 13 14 Life ins ur. reserves........................................ 105.9 .......... 105.9 ......... ......... 7.0 ......... 98.9 ... 98 9 105 9 14 15 Pension fund reserves................................... 150.0 .......... ......... 32.8 150.0 32.8 ......... 19.7 .......... 97.5 - - . 97 5 150 0 15 16 Consol, bank items 2.................... 25.6 25.6 2.3 23.3 23.3 2.3 25.6 25.6 16 17 Credit mkt. instr............................................ 796.5 327.4 47.0 274.5 57.8 103.5 901.2 705.4 52.7 272.5 856.4 81.4 41 0......2.99.4 1.6 516.0 79.8 30.4 37.81840.7 1097.2 17 18 U.S. Govt, securities 3............................. 77.6......... 16.7......... 24.4......... 118.8 ......... ......... 271.2 139.2 ......... 40.8.......65.6......... 32.8......... 13.2 271 2 18 19 State and local oblig.................................. 37.2.......... 3.6......... 5.0 100.0 45.8 100.0 54.2......... 38.5.......... 15 8......... too 0. - 19 20 Corp, and fgn. bonds................................ 4 7.......... .......... 97.8 25.1......... 29.8 97.8 94.0 17.7 .8 1.6 93.2 16.1 .9 9.1 124 7 20 21 Corp, stocks*.................................... 666 5 .......... 666.5 n.a. 97.0 35.2 97.0 35.2 14.6 n.a. 778.0 35.2 21 22 1-4 family mortgages................................ 10.6 203.9 .......... 7.5 3.2......... 13.8 211.3 6.4......... 193.4 2.2 30.1.......... 163.3 2.2 213 5 . 27 23 Other mortgages........................................ ......... 13.6 ......... 72.0 .......... 85.7 6.0......... 79.7......... 19.2.......... 60.5......... 85 7 23 24 Consumer credit........................................ ......... 87 9 20 0 ......... 20.0 87.9 67.9......... 35.8.......... 32 1 R7 9 ..................... 24 25 Bank loans n e.c......................................... ......... 11 7 .......... 72.9 ____ 84.6 103.9 12.1 103.8 .......... .......... 12.1 ......... 7 2 103 9 25 26 Other loans.................................................. ......... io 3 6.7 24.3 ......... 3.5 6.7 38.1 40.3 1.3 27.2 14.2 .2.......... 5.6......... 21.4 14.2 1.6 21.5 75.9 75.1 ......... -.8 26 27 Open market paper............................... 6.7 1.7 6.7 1.7 17.7 8.2 .2.......... 3.3.......... .6 8.2 1.6 2.5 12 4 27 2R Federal loans__ ... .. 9 ......... 10 2......... 3.5 ......... 14.6 39.7......... ......... 6.0 .......... 6 0 ....... 19 0 39 7 28 29 Security credit...................................... 1.4 9.2 1.4 9.2 15.4 7.6 8.5.......... 6.9 7.6 .2 1 17 0 29 30 To brkrs. and dealers................................ 1.4......... 1.4......... 6.0 7.6 5.3.......... .8 7.6 .2 ... 7 6 30 31 To others..................................................... ......... 9.2 ......... 9.2 9.3......... 3.2.......... 6.1......... ....... 1 9 3 31 37 Taxes payable . ....................... ....... 20 4 1.5.......... 1.5 20.4 20.6......... ......... 1.8 .......... .7 ......... 10 22.1 22.1 32 33 Trade credits ...................................... .. . - 2 4 5145.9 105.6 ____ 2.9 145.9 110.9 3.1 3.9 2.6......... 2.6 151.7 114.8 -36.9 33 34 Mise, financial trans...................................... 17.1 3.3 62.5 52.3 79.6 55.6 4.5 3.4 19.4 63.0 .....................9 6.0 17.5 13.4 44.6 14.1 54.2 117.5 176.2 58.7 34 For notes see following page. FLOW OF FUNDS OCTOBER 1966 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

5. FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1965— Continued (Amounts outstanding in billions of dollars) (B) Nonbank financial sector Total M s b av a u n i t n u k g a s s l a S n a a d s v s i n l n o s g a . s n C un r i e o d n i s t i a n L n s i c u fe e r ­ N i a n o n s n c u l e i r f ­ e p P f e r u n i n v s d a io t s e n Fi c n o a s n . ce o A f b g f a e o n n re k c i i s g e n s B p a s o n i s o k s n e s s s i ­ n In m c v o e e s n s . t t ­ an S b d e r c o d u k e r e a i r t l s e y r s A L A L A L A L A L A L A L A L A L A L A L A L 1 Total financial assets......................................... 553.1 .......... 58.2......... 129 4 ......... 9.1......... 153.9 .....4..0...0......... 70 2 ......... 41.8.......... 3.9 35 2 9.7......... 1 2 Total liabilities.................................................... ......... 501.3 ......... 53.6 ......... 120.7 ......... 9.1 ......... 141.9 ......... 21.5 .......... 70.2 ......... 36.2 ......... 3.9 ......... 1.3 .......... 35.2 ......... 7.7 2 3 Demand dep. and currency............. 3 4 Pvt domestic............................................. 13.4......... .8......... 2.9......... .5......... 1.5......... 1.3......... 9........2..7.......... .8......... 1 1 0 .9.......... 4 5 Time and savings accounts.......................... .7 171.8 .2......... .5......... 5 6 At coml. banks............................. .2......... ...................... 6 7 At svgs. instit.................................... .5 171.8 ____ 52.4 ......... 110.3 .5 9.1 ...................... 7 8 Life insur. reserves....................................... ......... 98.9 ......... 98.9 8 9 Pension fund reserves................................... ......... 97.5 .......... 27.3 .......... 70.2 9 10 Credit mkt. instr............................................ 516.0 79.8 56.4....... 119.7 8.6 8.1......... 146.7 ......... 36.1......... 69.2......... 39.1 36.0 2.3......... 1.4......... 34.2 35.2 2.8......... 10 I 1 U.S Govt, securities................................- 32.8......... 6.2......... S.l......... 5.1......... 6.0......... 1.9......... .1...........8...... 1.1......... 11 17 State and local ohlig.................................. 15.8......... .3......... 3 5 . - ii.4......... 1 . . . .5......... 12 13 Corp and fgn. bonds................................ 93.2 16.1 3.0......... 61.0......... 3.3......... 22.7 .... ......... 16 1 * 2.6..........6......... 13 14 Corp, stocks4............................................. 97.0 35.2 1.4......... 9.1......... 15.2......... 39.7......... 30.9 35.2 .6......... 14 1 5 1-4 family mortgages................................ 163.3 2.2 30.1......... 94.6 2.2 .6......... 29.9......... 3.3........4.. 5.......... 3.......... ............................1 5 16 Other mortgages . ............................. 60.5.......... 14.6......... 30.1......... .1......... 1 .. 16 17 Consumer credit ................................ 32.1......... .4......... 14......... 7.5......... 22 8 .......... 17 18 Bank loans n.e.c......................................... ......... 12.1 ......... 11.6 18 19 Other loans. . ...................................... 21.4 14.2 . 6 0 7.9......... 11.9 8.2 .3......... 8 .. - ................. 19 70 Open market paper ............... .6 8.2 .3......... .......... S.2 3........... 20 71 Federal loans........................................ ......... 6.0 ......... 6.0 21 77 Security credit.............................................................. 6.9 7.6 8 .. - 6.1 7.6 22 23 To hrkrs. and dealers............................... .8 7.6 8......... 7 6 23 24 To others..................................................... 6.1.......... 6.1.......... 24 75 Taxes payable ...................................... .......... 1.0 .....................1 .....................1 • 1 25 26 Trade credit.................................................... 2.6......... 2.6......... 26 27 Mise financial trans................................ 13.4 44.6 .8 LI 6.8 1.7 5.7 15.2 .......... 21.4 ........ 3.9 1 3 27 1 IMF position liabilities of the U.S. Govt. (IMF notes) and monetary authorities (deposits of IMF at investment companies. No specific liability is attributed to issuers of stocks other than open-end invest­ F.R. Bank of New York) are netted against assets in determining both the sector and transaction totals. ment companies for amounts outstanding. 2 Claims between commercial banks and monetary authorities: member bank reserves, vault cash, F.R. 5 Business asset is corporate only. Noncorporate trade credit is deducted in liability total to conform loans to banks, F.R. float, and stock at F.R. banks. to quarterly flow tables. " 3 Includes savings bonds, other nonmarketable debt held by the public, nonguaranteed agency issues, Note.—For description of sectors and transaction categories, see Aug. 1959 Bull., pp. 846-57. and loan participation certificates sold through FNMA. Postal savings system deposits are included in line Details may not add to totals because of rounding. 34. 4 Assets shown at market value; nonbank finance liability is redemption value of shares of open-end OCTOBER 1966 FLOW OF FUNDS Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1538 FLOW OF FUNDS OCTOBER 1966 6. STRUCTURE AND FINANCING OF TOTAL DEBT (Billions of dollars) 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 Nonfinancial Sector Liabilities— 1 Credit market debt1........................ 460.2 488.8 512.5 548.2 575.3 604.1 640.8 689.5 722.3 765.5 821.6 879 0 944 8 1015 7 1 2 Loans and short-term secur.... 146.2 168.3 154.6 169.8 186.4 200.4 201.5 220,6 235,7 252.0 267.9 286.6 313.4 346^0 2 3 Long-term securities and mtgs.. 313.9 320.5 358.0 378.4 388.8 403.6 439.3 468.8 486.6 513,6 553.7 592.4 631.3 669.7 3 By Sector 4 U.S. Government............... 223.0 229.9 232.1 232.0 226.4 225.5 234.4 243.3 241 3 249.0 256.9 261 9 269 0 272 5 4 5 Short-term mkt, securities............. 63,9 79.6 64.7 68.5 74.5 81.5 78.7 83.9 87.1 96.0 96.6 98,0 102 0 105 4 5 6 Other securities2.............................. 158.5 148.1 165.1 162.5 151.1 143.7 154,9 159.2 153.6 152.2 158.9 162 8 165.3 165 8 6 7 CCC and Ex-Im. Bank ctfs...... .6 2,3 2.3 1.0 .8 .3 .8 .2 .6 ,9 1.4 1.2 1.7 1 3 7 8 Foreign debt to U.S.......................... . 13.9 15.3 15.8 16 2 16.9 18.2 19.9 20.5 22.4 24.6 27.1 30 5 35 3 37'8 8 9 Loans.................................................. 11.6 12.9 13.1 13.5 14,0 14.9 16,0 16,2 17.5 19.2 20.8 23.1 27 1 28 7 9 10 Securities........................................... 2.2 2.4 2.7 2.7 2.9 3.3 3.9 4.3 4.9 5.4 6.3 7.3 8.2 9 1 10 11 Pvt. domestic nonfin. sectors........... 223.3 243.5 264.6 300,0 332.0 360,3 386.4 425.7 458.6 491.9 537.5 586.6 640 5 705 4 11 12 Loans.................................................. 70. 1 73.5 74.4 86 8 97.1 103,7 106.0 120.3 130,5 135.9 149.1 164.3 182 7 210 6 12 13 Consumer credit............................ 27.5 31.4 32.5 38.8 42.3 45.0 45.1 51.5 56.0 57,7 63.2 70 5 78 4 87 9 13 14 Bank loans n.e.c............................ 30.6 29.8 29.8 35.1 41.1 42.9 43.9 49.6 52.5 54.6 59.4 64.6 70 9 84 6 14 15 Other loans. ........................... 11.9 12.3 12.2 12.9 13.7 15.8 17.0 19,2 22.0 23.5 26.5 29.2 33.4 38 1 15 16 Securities and mortgages.......... 153.2 170.0 190.2 213.2 234.9 256.6 280.4 305.3 328.1 356.0 388.4 422.3 457.8 494'8 16 17 State and local obligations..... 29.9 34.2 39.7 44.8 49.4 53.9 58.8 63.7 68.7 75.5 82.5 88.0 93.9 100.0 17 18 Corporate bonds1............. 43.6 47.0 50.4 53.3 56.9 63.2 68.9 71.9 75.3 80.0 84.5 88.4 92.4 97.8 18 19 1- to 4-family mortgages....... 58.0 65.6 74.9 87.3 98.1 106.8 116.5 129.6 140.1 151.5 164.5 179. 7 195.3 211.3 19 20 Other mortgages.......................... 21.6 23.3 25.2 27.8 30.5 32.7 36.2 40.2 44.0 49.1 57.0 66 2 76.2 85,7 20 21 Assets financing total debt(= 1)......... 460.2 488.8 512.5 548.2 575.3 604.1 640.8 689.5 722.3 765.5 821.6 879.0 944.81015.7 21 22 U.S. Govt, cash bal......................... 6.6 5.3 5.5 4 9 4.9 5.1 5.3 5.9 6.8 6.8 8.1 7.8 7 9 7 0 22 23 U.S. Govt, loans............................ 21.1 23.0 22.7 24.1 25.2 27.6 29.3 33.2 35.4 38.0 41.8 44.3 48 1 52 7 23 24 Foreign funds................................... 7.9 8.8 9.8 10,4 tl .6 12.3 13.2 15.3 16.9 18.5 20.5 22,4 25.2 25.9 24 25 Pvt. insur. & pension reserves2.,, 67.0 72.4 77.2 82,7 88.7 94.9 100.5 107.1 112.9 118.0 124.8 132.0 140.2 147.5 25 26 Sources n.e.c.............................. 16.4 21.1 24.5 28.5 32.4 34.2 41.1 46.6 53,3 59.6 63.6 68.8 75,6 84,9 26 27 Pvt. domestic nonfin. sectors 1.... 341.2 358.3 372.8 397.6 412.4 429,8 451.4 481.3 497.0 524.6 562.7 603,6 647.8 697.7 27 28 Liquid assets................................. 272.0 286.4 298.0 316 6 327.0 339.2 356.5 373.5 382.9 407.5 438.9 476.3 509.0 552.5 28 29 Deposits............................ 204.8 214.7 228.2 239.2 250.0 261.0 281.7 293.0 306.7 330.7 360.8 395.1 430.2 470.7 29 30 Demand dep. and currency. 123.0 124.3 128.0 130.4 131.6 130.2 135.1 135.4 134.1 137.9 139.9 145.7 152.0 159.9 30 31 Time and svgs. accounts... 81.8 90.4 100.2 108.9 118.4 130.8 146.5 157.5 172.6 192.8 220.8 249.4 278,2 310.8 31 32 At commercial banks.. . . 38.9 41.7 44.9 46.4 48.7 54.3 61.2 64.0 69.5 78.5 93.5 106.9 120.0 139.5 32 33 At savings instit................ 42.9 48.7 55.3 62 4 69.7 76.6 85.3 93.5 103.1 114.3 127.3 142,5 158.3 171.4 33 34 Short term U.S. Govt. sec.... 67.2 71.7 69.8 77.4 77.1 78.2 74,8 80.6 76.2 76.8 78.1 81.2 78.9 81.7 34 35 Other U.S. Govt, securities. . . . 29.7 28.6 28.7 28.6 26.6 25.4 26.1 33.5 32.9 31,5 31.9 33.6 36.8 37.0 35 36 Pvt. credit mkt. debt instr.1.... 41.4 45.6 49,2 56.2 62.6 68.7 73.2 78.8 85.5 91,2 97.3 101.1 109.1 116.0 36 37 Less net security debt................. 1.9 2.3 3.1 3.9 3.9 3.5 4.4 4.5 4.3 5.5 5.4 7.3 7.2 7.8 37 38 Memo: Total U.S. Govt. sec... 96.9 100.4 98.4 106.0 103.6 103.7 100.9 114.1 109.0 108.3 110.0 114.9 115.7 118.8 38 1 Corporate stocks are excluded from this table as both liabilities and 3 Net of market value of corporate stock holdings. assets. 2 Includes agency issues not guaranteed by the U.S. Government and loan participation certificates sold through FNMA facility. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 FLOW OF FUNDS 1539 7. SUMMARY OF PRINCIPAL ASSETS AND LIABILITIES (Amounts outstanding at end of year; in billions of dollars) Transaction category, or sector 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 I. Demand deposits and currency 1 Mn^ Kanbimr svstAm liahilitv. ....... 137.4 137.5 142.0 144.2 146.0 145.3 151. I 152.0 152.2 157.8 162.3 168.0 175.5 183.1 1 2 US Government deposits............. 6.6 5.3 5.5 4.9 4.9 5.1 5.3 5.9 6.8 6.8 8.1 7.8 7.9 7.0 2 1 Mnn«y supply.................................. 130.8 132.2 136.4 139.4 141.1 140.2 145.8 146.1 145.4 150.9 154.2 160.3 167.5 176.1 3 4 Domestic sectors............. 129.8 131.4 135.6 138.6 140.1 138.9 144.6 144.9 144.0 148.9 152.0 157.8 164.6 173.3 4 S Households.................................... 61.1 61,8 63.2 63.7 64.7 63.5 65.2 66.7 65.9 67.0 69.4 73.5 80.2 87.6 5 <5 Nonfinancial Business............. 45.6 45.6 48.1 49.4 49.7 50.4 53.4 51. 1 50.1 51.4 50.8 50.0 47.3 45.4 6 7 Stat^ and local govts.. ...... 7. 5 8.0 7.6 7.4 7.0 7.2 7. 1 7.2 6.1 6.4 7.3 9.7 11.1 12.1 7 8 Financial sectors..................... 6.9 7.2 7.6 8.2 8.4 8.8 9.5 9.5 10.0 11.0 12.0 12.2 12.6 13.4 8 0 Mail float .............. 8.7 8.9 9. 1 9.9 10.2 9.1 9.4 10.4 12.1 13.1 12.5 12.4 13.3 14.8 9 10 Rest of the world........................ 1.0 .8 .9 .8 1.0 1.2 1.2 1.2 1.3 2.1 2.2 2.4 2.9 2.8 10 IL Time and savings accounts 1 1 Tot^l hold . .............................. 84.9 94.1 104.6 113.0 122.4 134.8 151.6 161.5 176.8 197.5 226.2 255.7 286.1 319.0 11 1 ■? ^t commem*'11 hanks................. 41.7 45.1 48.9 50.3 52.3 57.8 65.8 67.5 73.3 82.7 98.3 112.6 127.2 147.2 12 1T Corporate business..................... .9 .9 1.1 1.0 1.0 1.0 1.9 1.5 2.8 4.6 8.3 12.2 15.4 19.2 13 14 State and local government.... 1.6 2.0 2.4 2.4 2.4 2.8 3.6 3.2 4.6 5.5 6.5 8.1 9.8 12.2 14 15 Foreign depositors...................... 2.3 2.8 3.4 3.2 3.1 3.1 4.0 3.1 3.5 3.8 4.3 5.3 6.7 7.3 15 16 Households................................... 36.4 38.9 41.4 43.1 45.3 50.5 55.8 59.4 62.2 68.4 78.7 86.6 94.8 108.0 16 17 y^t savings institutions .................... 43.2 48.9 55.6 62.8 70.1 77.0 85.9 94.0 103.5 114.8 127.9 143.1 159.0 171.8 17 18 Memo: Households, total............. 79.3 87.6 96.7 105.5 115.0 127.0 141.1 152.8 165.3 182.7 206.0 229.1 253.0 279.4 18 III. U.S. Govt, securities io Total debt outstanding. ...................... 222.4 227.7 229.7 231.0 225.6 225.2 233.6 243.1 240.7 248.1 255.5 260.7 267.2 271.2 19 ^0 Direct rnark^^able ..................... . 171.1 176.2 177.7 177.2 171.5 170.8 180.2 189.3 187.2 193. 1 198.5 201.0 205.9 206.4 20 21 Short-term.................................... 63.9 79.6 64.7 68.5 74.5 81.5 78.7 83.9 87. 1 96.0 96.6 98.0 102.0 105.4 21 22 O^her ................................................ 107.3 96.6 113.0 108.8 97.0 89.3 101.5 105.4 100. 1 97.2 101.9 103.1 103.9 101.0 22 23 Nonguaranteed agency issues.... 2. I 2.1 2. 1 3.6 4.0 6.2 5.7 7.9 7.9 8.5 10. 1 11.7 12.4 15.2 23 24 Savings bonds-households............. 49.2 49.4 50.0 50.2 50. 1 48.2 47.7 45.9 45.6 46.4 46.9 48.0 49.0 49.6 24 25 fnTvoliUHIalnlAgSc , hv asiervcitwoar ...................... 222.4 227.7 229.7 231.0 225 6 225.2 233.6 243.1 240.7 248.1 255. S 260.7 267.2 271.2 25 26 Federal R e^ecve System................. 24.7 25.9 24.9 24.8 24.9 24.2 26.3 26.6 27.4 28.9 30.8 33.6 37.0 40.8 26 27 Short-term............................ 14.6 16. 5 19.9 21.2 22.2 21.8 21.0 20.2 19.2 18.2 20.2 25.2 27.3 30.9 27 28 Other ........................................... 10.1 9.4 5. 1 3.6 2.7 2.4 5.4 6.5 8. 1 10.7 10.6 8.4 9.8 9.8 28 29 Comm^mi'd hanks . ................. 64.6 64.8 70.3 63.6 60.9 61.3 69.4 61.9 63.6 69.2 70.1 67.6 67.4 65.6 29 TO Short-terpi mkt.......................... 23.5 32.1 17.0 12.1 15.8 19.2 19.2 15.6 22.6 31.9 26.6 23. 1 27.1 25.4 30 3 1 Q(her direct....................................... 39.6 31.4 51.9 49.6 43.5 40.0 48.0 44.6 39.3 35.2 40.4 41.0 36.8 35.4 31 32 Nonguaranteed ......................... 1.5 1.3 1.4 1.8 1.6 2. 1 2.2 1.7 1.6 2.1 3.0 3.5 3.6 4.9 32 33 Nnnbank finance............................. 32. 1 32.1 31.3 30.8 29.5 29.1 29.9 30.5 30. 1 30.8 32.4 31.7 33.7 32.8 33 34 Short-term mkt.. ......................... 4.9 5.3 4.3 3.8 4.4 5.2 6.0 6.0 7.0 8.5 9.3 7.8 8.9 8.6 34 35 Other direct....................................... 27.1 26.6 26.9 26.7 24.6 23.0 23.0 23.2 21.5 20.7 21.3 21.9 22.4 21.6 35 36 Nonguaranteed ........................... . | .2 . 3 . 5 t.O .9 1.3 1.6 1.6 1.8 2.1 2.4 2.6 36 37 foreign. ....................................... 4.1 4.5 4.8 5.8 6.7 6.9 7.0 10.0 10.6 11.0 12.3 12.9 13.4 13.2 37 38 Short-term................................... 2.9 3.4 3.7 4.2 5.2 5.4 5.4 7.5 7.7 7.1 9.2 8.7 8.8 8.4 38 39 Other .......................................... 1.2 1.1 1. 1 1.6 1.5 1.5 1.6 2.5 2.9 3.9 3.1 4.2 4.6 4.9 39 40 Pvt. domestic nonfinan. sectors.. . 96.9 100.4 98.4 106.0 103.6 103.7 100.9 114.1 109.0 108.3 110.0 114.9 115.7 118.8 40 41 Direct .......................................... 47.3 50.5 47.9 54.4 51.6 52.4 50.7 63.3 58.7 57.0 57.8 60.8 60.3 61.4 41 42 Short-term mkt......................... 18.0 22.4 19.8 27.2 26.9 30.0 27.1 34.7 30.5 30. 3 31.2 33.2 29.9 32.1 42 43 Other.......................................... 29.3 28.1 28.1 27.2 24.7 22.4 23.6 28.7 28.2 26.7 26.6 27.6 30.4 29.3 43 44 [slongiiara nteed................................. . 5 . 5 . 5 1.4 1.9 3. 1 2.6 4.9 4.6 4.9 5.3 6. 1 6.5 7.8 44 45 Savings bonds—households.... 49.2 49.4 50.0 50.2 50. 1 48.2 47.7 45.9 45.6 46.4 46.9 48.0 49.0 49.6 45 IV. Other securities 46 Total at market value....................... 260.1 262.1 348.7 415.2 444.5 417.7 543.6 586.4 592.8 722.9 668.5 767.9 864.5 967.5 46 47 State and local obligations............ 29.9 34.2 39.7 44.8 49.4 53.9 58.8 63.7 68.7 75. 5 82.5 88.0 93.9 100.0 47 48 Corporate and foreign bonds.... 48.1 53.0 57.2 61.3 66.1 73.5 80.1 84.5 90.1 95.8 101.6 108.1 115.7 124.7 48 49 Nonfinancial corporations........ 43.6 47.0 50.4 53.3 56.9 63.2 68.9 71.9 75.3 80.0 84.5 88.4 92.4 97.8 49 ^q Finance companies.................. . 2.3 3.7 4.0 5.4 6.3 7. 1 7.2 8.3 9.9 10.4 10.7 12.2 14.3 16.1 50 51 Commercial hanks..................... .2 .8 1.6 51 52 Foreign................. 2.2 2.4 2.7 2.7 2.9 3.3 3.9 4.3 4.9 5.4 6.3 7.3 8.2 9. I 52 53 Corpse at*3' stocks 1................. 182. 1 174.9 251.9 309.2 329.0 290.3 404.8 438.2 434.0 551.7 484.4 571.8 655.0 742.8 53 54 Holdings hv sector............ 260.1 262.1 348.7 415.2 444.5 417.7 543.6 586.4 592.8 722.9 668.5 767.9 864.5 967.5 54 55 f£ni)§eholds ,................................... 184.1 178.2 252.3 308.3 330.7 295.8 403.0 433.2 429.7 538.2 475.9 551.3 627.4 708.3 55 56 Stocks 1 ..................................... ■ 169.0 160.9 233.3 284.9 303.6 266.0 372.3 400.8 394.3 500.0 435.9 512.6 586.6 666.5 56 57 Ronds ............................................... 15.1 17.2 19.0 23.4 27.1 29.7 30.7 32.4 35.4 38.1 40.0 38.6 40.8 41.8 57 58 State and local government........... 6. 1 7.1 8.1 9.2 10.3 11.9 13.7 15.2 17.4 19.8 22.1 24.4 27.0 30.1 58 59 Corporate business......................... .7 .8 1.0 1.2 1.3 1.5 2.0 2.6 2.4 2.2 1.8 2.7 2.9 3.6 59 60 Commercial hanks........................ 12.3 12.9 14.5 14.4 14.2 15.3 17.8 18.2 18.6 21.2 25.6 30.8 34.4 39.3 60 hl Mutual savings hanks.................... 3.2 3.7 4.1 3.9 4.0 4.7 5.4 5.2 5.3 5.2 5.1 4.8 4.7 4.7 61 62 Insurance and pension funds........ 47.7 53.4 60,9 68.9 74.8 80.0 91.6 100.9 108.2 123. 1 126.2 139.7 152.4 166.0 62 6.3 Stocks 1. . . ................................... 8.6 9.4 12.4 16.6 17.8 17.5 24.0 28.2 30.9 40.9 39.3 47.8 56.0 64.0 63 64 Rnpds ...................................... 39.1 44.0 48.6 52.3 57.0 62.4 67.6 72.6 77.3 82.3 86.9 92.0 96.3 101.9 64 65 Finance n.e.c.......................................... 2. 1 2.3 2.3 2.5 1.9 2.1 1.4 1.3 1.2 .7 .8 1.0 .9 * 65 66 Security brokers and dealers... 2.3 2.5 2.6 2.9 2.3 2.5 1.9 2.1 2.1 1.6 2.1 2.2 2.2 1.7 66 67 Investment companies—net,.. . -.3 -.3 -.3 -.4 -.5 -.5 — .6 -.9 -1.0 -1.0 -1.3 -1.3 -1.3 -1.8 67 68 Portfolio securities 1................ 3.7 3.9 5.8 7.4 8.6 8.2 12.6 15.0 16.1 21.8 20.C 23.9 27.8 33.4 68 69 Own shares outstanding L ... 3.9 4.1 6.1 7.8 9.0 8.7 13.2 15.8 17.0 22.8 21.3 25.2 29.1 35.2 69 70 Rest of the world............................ 3.9 3.9 5.5 6.8 7.3 6.5 8.8 9.9 10.0 12.4 11.0 13.2 14.8 14.3 70 See Note at end of table. i Corporate stocks are included in this table at market value of holdings and investment company shares at current redemption value. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1540 FLOW OF FUNDS OCTOBER 1966 7. SUMMARY OF PRINCIPAL FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Transaction category, or sector 1952 1953 1954 1955 1956 1957 1958 1959 I960 1961 1962 1963 1964 1965 V. Mortgages 71 Total outstanding.................................. 80.1 80.4 100.9 116.1 129.5 140.4 153.9 171.0 185.2 202.2 223.5 248.4 273.8 299.2 71 72 1- to 4-family mortgages............... 58.5 66.1 75.7 88.2 99.0 107.6 117.7 130.9 141.3 153.1 166.5 182.2 197.6 213.5 72 73 In process...................................... .5 .6 .8 .9 .9 .9 1.2 1.3 1.2 1.6 2.0 2.5 2.2 2.2 73 74 Disbursed...................................... 58.0 65.6 74.9 87.3 98.1 106.8 116.5 129.6 140.1 151.5 164.5 179.7 195.3 211.3 74 75 Other mortgages.............................. 21.6 23.3 25.2 27.8 30.5 32.7 36.2 40.2 44.0 49.1 57.0 66.2 76.2 85.7 75 76 Holdings, by sector............................. 80.1 89.4 100.9 116.1 129.5 140.4 153.9 171.0 185.2 202.2 223.5 248.4 273.8 299.2 76 77 Households........................................ 8.3 8.8 9.1 9.3 9.9 10.8 11.5 11.6 11.8 11.6 11.6 11.4 11.2 10.6 77 78 U.S. Government............................ 4.0 4.4 4.6 5.2 6.0 7.5 7.8 10.0 11.2 11.8 12.2 11.2 11.4 12.4 78 79 Commercial banks.......................... 15.7 16.7 18.4 20.8 22.5 23.1 25.3 28. 1 28.7 30.3 34.3 39.2 43.7 49.3 79 80 Savings institutions......................... 29.9 35.0 41.3 49.0 55.7 61.4 69.2 78.5 87.4 98.4 111.5 127.7 142.4 155.4 80 81 Insurance sector............................... 21.5 23.7 26.4 29.9 33.6 36.0 38.0 40.3 43.2 45.9 48.9 52.9 58.0 63.5 81 82 Mortgage companies..................... .6 .6 .8 1.4 1.3 .9 1.4 1.6 1.6 2.2 2.7 3.5 3.9 4.5 82 VI. Bank loans n.e.c. 83 Total outstanding.................................. 35.1 34.0 34.2 42.3 48.1 50.4 51.5 59.1 61.9 64.8 71.1 78.7 87.4 103.8 83 84 Nonfinancial business..................... 27.1 26.1 25.7 30.7 36.3 38.0 38.2 42.9 45.2 46.5 50.8 55.5 60.4 72.9 84 85 Corporate............................. 19.5 19.1 18.2 21.4 25.8 26.9 26.3 29.4 30.8 30.9 33.3 35.9 39.3 48.4 85 86 Nonfarm noncorporate............. 4.3 4.4 4.6 5.9 7.1 7.3 7.7 8.6 9.4 10.3 11.4 12.9 14.1 16.8 86 87 Farm.............................................. 3.3 2.7 2.9 3.4 3.4 3.8 4.2 4.9 5.1 5.3 6.1 6.7 7.0 7.7 87 88 Households........................................ 3.5 3.7 4.1 4.4 4.8 5.0 5.7 6.7 7.2 8.1 8.6 9.1 10.5 11,7 88 89 Rest of the world............................ .8 .7 1.0 1.4 1.8 2.1 2.6 2.9 3.0 3.7 4.1 4.9 6.9 7.2 89 90 Financial sectors............................. 3.7 3.5 3.5 5.8 5.3 5.4 5.1 6.7 6.4 6.5 7.5 9.2 9.7 12.1 90 Note.—All data are revised from those shown in Nov. 1965 Bulletin. 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Amounts outstanding at end of year; in billions of dollars) Category 1952 1953 1954 1955 1956 1957 1958 1959 I960 1961 1962 1963 1964 1965 (A) Households 1 Total financial assets........................... 501.2 513.4 605.3 684.2 728.5 714.6 849.3 911.3 931.41074.91047.71172.1 1300.81437.8 1 2 Demand deposits and currency... 61.1 61.8 63.2 63.7 64.7 63.5 65.2 66.7 65.9 67.0 69.4 73.5 80.2 87.6 2 3 Savings accounts..................... 79.3 87.6 96.7 105.5 115.0 127.0 141.1 152.8 165.3 182.7 206.0 229.1 253.0 279 4 3 4 At commercial banks........... 36.4 38.9 41.4 43.1 45.3 50.5 55.8 59.4 62.2 68.4 78.7 86.6 94.8 108.0 4 5 At savings institutions.............. 42.9 48.7 55.3 62.4 69.7 76.6 85.3 93.5 103.1 114.3 127.3 142. 5 158.3 171 4 5 6 Life insurance reserves.......... 60.7 63.7 66.3 69.3 72.7 75.5 78.5 82.0 85.2 88.6 92.4 96.6 101.1 105 9 6 7 Pension fund reserves..................... 32.1 37.0 41.9 49.6 55.6 61.6 71.6 81,1 89.4 102.1 107.7 121.3 136.1 150.0 7 8 Credit market instruments............. 258.3 253.1 326. 1 384.8 408.8 374.9 480.2 515.4 511.7 619.8 556.9 635.7 713.4 796.5 8 9 U.S. Government securities.... 65.9 66.2 64.8 67.2 68.3 68.3 65.7 70.7 70.1 70.0 69.4 73.1 74.8 77.6 9 10 Savings bonds.......................... 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45.9 45.6 46.4 46.9 48.0 49.0 49.6 10 11 Short-term marketable........... 5.8 7.8 5.4 5.8 7.3 9.5 7.3 10.8 8.2 7.7 8.1 11.1 9.3 12 4 11 12 Other direct........... 10.6 8.6 9.1 10.3 9.7 8.8 9.2 11.0 13.6 13.2 11.5 10.6 12.3 11.1 12 13 Nonguaranteed ........................ .3 .4 .3 .9 1.2 1.9 1.5 3.0 2.7 2.6 2.9 3.3 4.3 13 14 State and local obligations........ 11.5 13.5 15.2 18.6 21.6 23.6 23.8 25.7 28.7 31.6 34.2 33.8 36.4 37.2 14 15 Corporate and foreign bonds... 3.7 3.7 3.7 4.8 5.5 6.2 6.9 6.7 6.7 6.5 5.8 4.8 4.4 4.7 15 16 Corporate stock, mkt. value. .. 169.0 160.9 233.3 284.9 303.6 266.0 372.3 400.8 394.3 500.0 435.9 512.6 586.6 666.5 16 17 Mortgages.............................. 8.3 8.8 9.1 9.3 9.9 10.8 11.5 11.6 11.8 11.6 11.6 11.4 11.2 10.6 17 18 Security credit. ............... .7 .7 1.0 .9 .9 .9 1.2 1.0 1.1 1.2 1.2 1.2 1.2 1.4 18 19 Miscellaneous................................. 9.0 9.6 9.9 10.4 10.7 11.2 11.6 12.2 12.8 13.5 14.1 14.7 15.7 17.1 19 20 Total liabilities..................................... 93.8 106.9 119.2 139.9 156.3 169.2 181.9 203.8 221.9 238.7 259.2 285.6 312.7 342.3 20 21 Credit market instruments........... 89.0 101.5 112.5 132.2 148.3 161.2 172.6 194.2 212.2 227.4 247.9 272.6 299.0 327.4 21 22 1« to 4-family mortgages........... 51.3 58.9 67.5 79.7 90.9 99.8 109.1 121.9 133.2 144.4 157.3 172.1 188.0 203.9 22 23 Other mortgages.......................... 3.4 3.9 4.6 5.2 5.9 6,6 7.4 8.2 9.0 9.8 10.7 11.6 12.5 13.6 23 24 Consumer credit.......................... 27.5 31.4 32.5 38.8 42.3 45.0 45.1 51,5 56.0 57.7 63.2 70.5 78.4 87.9 24 25 Bank loans n.e.c,......................... 3.5 3.7 4.1 4.4 4.8 5.0 5.7 6.7 7.2 8.1 8.6 9.1 10. 5 11,7 25 26 Other loans................................... 3.3 3.5 3.8 4.1 4.4 4.9 5.3 5.9 6.7 7.4 8.1 8.7 9.5 10.3 26 27 Security credit.................................. 2.6 3.0 4.1 4.8 4.8 4.4 5.5 5.5 5.4 6.7 6.6 8.6 8.4 9.2 27 28 Trade credit..................................... 1.1 1.2 1.3 1.4 1.6 1.7 1.8 1.9 2.0 2.1 2.1 2.2 2.3 2.4 28 See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 FLOW OF FUNDS 1541 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 (B) Nonfinancial business—Total 1 Total financial assets........................... 150.3 153.8 161.1 181.3 189.0 196.4 211.8 228.1 233.7 246.2 263.5 282.2 297.6 320.0 1 2 Total liabilities............................. 182.4 190.1 198.4 226.3 244.9 257.5 272.0 296.4 312.1 318.5 347.5 379.5 407.6 452.7 2 3 Credit market instruments............ 103.2 107.1 112.0 122.6 133.7 144.4 154.1 166.5 176.2 187.2 204.8 223.9 244.6 274.5 3 4 Corporate bonds........................ 43.6 47.0 50.4 53.3 56.9 63.2 68.9 71.9 75.3 80.0 84.5 88.4 92.4 97.8 4 5 1- to 4-family mortgages........... 6.8 6.6 7.4 7.6 7.2 6.9 7.4 7.6 6.9 7.1 7.2 7.5 7.3 7.5 5 6 Other mortgages......................... 18.2 19.4 20.6 22.6 24.6 26.1 28.8 32.0 35.0 39.3 46.3 54.6 63.7 72.0 6 7 Bank loans n.e.c......................... 27.1 26.1 25.7 30.7 36.3 38.0 38.2 42.9 45.2 46.5 50.8 55.5 60.4 72.9 7 8 Other loans................................... 7.5 7.9 7.9 8.3 8.7 10.2 10.7 12.1 13.7 14.3 16.0 17.8 20.8 24.3 8 9 Trade debt, net............................... 38.7 39.7 44.0 54.0 59.4 61.2 65.9 71.6 75.7 80.2 85.7 92.7 97.0 105.6 9 10 Other liabilities................................ 40. 5 43.2 42.4 49.7 51.8 51.9 52.0 58.3 60.2 51.1 57.0 62.9 66.0 72.6 10 (C.l) Farm business 1 Total financial assets........................... 7.5 7.5 7.4 7.5 7.4 7.3 7.7 7.4 7.2 7.2 7.2 7.4 7.5 7.7 1 2 Demand deposits and currency.,. 6.4 6.3 6.2 6.2 6.0 5.9 6.2 5.8 5.6 5.5 5.5 5.5 5.5 5.5 2 3 Nonlife insurance claims............... 1.1 1.2 1.2 1.3 1.4 1.4 1.5 1.6 1.6 1.7 1.7 1.9 2.0 2.2 3 4 Total liabilities...................................... 13.8 13.5 14.4 15.9 16.8 18.2 20.0 22.3 23.8 25.4 28.3 31.4 34.3 38.3 4 5 Credit market instruments............ 11.6 11.4 12.2 13.6 14.4 15.6 16.9 18.8 20.1 21,5 23.8 26.3 28.9 32.2 5 6 Mortgages..................................... 7.2 7.7 8.2 9.0 9.8 10.4 11.1 12. 1 13.1 13.9 15.2 16.8 18.9 21.2 6 7 Bank loans n.e.c........................... 3.3 2.7 2.9 3.4 3.4 3.8 4.2 4.9 5. 1 5.3 6. 1 6.7 7.0 7.7 7 8 Other loans................................... 1.0 1.0 1.1 1.1 1.2 1.4 1.6 1.9 2.0 2.2 2.5 2.8 3.0 3.3 8 9 Trade debt......................................... 2.3 2. 1 2.2 2.3 2.4 2.6 3.1 3.5 3.7 3.9 4.5 5.1 5.5 6.1 9 Memo: CCC guaranteed loans and 10 cerificates not included above... . .6 2.3 2.3 1.0 .8 .3 .8 .2 .6 .9 1. I .7 .5 .5 10 (C.2) Noncorporate nonfinancial business 1 Total financial assets........................... 16,2 16.5 17.3 17.9 18.6 19.8 21.1 20.6 20.7 21.1 21.7 22.2 22.9 23.6 1 2 Demand deposits and currency... 10.4 10.4 10.9 11.2 11.5 12.4 13.6 12.7 12.4 12.5 12.5 12.5 12.5 12.5 2 3 Consumer credit.............................. 4.0 4.2 4.3 4.4 4.7 4.8 4.8 5.0 5.3 5.5 5.9 6.3 6.7 7.1 3 4 Nonlife insurance claims............... 1.7 1.9 2. 1 2.3 2.4 2.6 2.7 2.9 3.0 3.1 3.3 3.5 3.7 4.0 4 5 Total liabilities...................................... 15.3 16.4 19.4 23.0 24.5 26.7 28.5 32.0 34.8 37.9 43. 1 49.6 56.3 64.1 5 6 Credit market instruments........ 19.0 19.5 20.5 23.0 24.9 26.0 27.8 30.7 32.7 35.5 40.2 46.2 52.3 59.8 6 7 1- to 4-family mortgages........... 5.2 5.1 5.5 5.6 5.4 5.3 5.5 5.6 5.3 5.4 5.4 5.6 5.5 5.5 7 8 Multifamily and coml. mtgs... • 5.5 5.8 6.2 6.8 7.4 7.9 8.9 10.0 10.9 12.7 15.5 18.9 22.4 25.4 8 9 Bank loans n.e.c............................... 4.3 4.4 4.6 5.9 7.1 7.3 7.7 8.6 9.4 10.3 11.4 12.9 14.1 16.8 9 10 Other loans...................................... 4. 1 4.2 4.2 4.7 5.0 5.6 5.8 6.5 7.1 7.1 7.8 8.8 10.4 12.1 10 11 Trade debt, net................................ -3.7 -3.1 -1.2 * -.4 .7 .6 1.3 2. 1 2.5 3.0 3.4 4.0 4.3 11 12 Trade debt.................................... 7.8 9.0 11.0 12.2 13.2 13.7 14.8 15.2 15.7 16.4 16.9 17.0 17.4 17.4 12 13 Trade receivables......................... 11.5 12.1 12.1 12.2 13.6 13. 1 14.2 13.9 13.6 13.9 13.9 13.6 13.4 13.1 13 (D) Corporate nonfinancial business 1 Total financial assets........................... 126.6 129.8 136.4 155.9 163.0 169.3 183.0 200.1 205.8 217.9 234.6 252.6 267.1 288.7 1 2 Liquid assets.................................... 50.7 52.7 52.4 57.7 53.5 53.4 55.8 61.4 57.3 59.6 64.6 68.9 69.4 70.0 2 3 Demand deposits and currency. 28.8 28.9 31.0 32.0 32.2 32.1 33.6 32.6 32.1 33.4 32.8 32.0 29.3 27.4 3 4 Time deposits............................... .9 .9 1.1 1.0 1.0 1.0 1.9 1.5 2.8 4.6 8.3 12.2 15.4 19.2 4 5 U.S. Govt, securities.................. 19.8 21.4 19.1 23.3 18.8 18.4 18.4 25.0 19.5 18.5 19.6 20.2 18.8 16.7 5 6 Open market paper................. 1 1.2 1.4 1.3 1.4 1.6 1.9 1.9 2.4 2.9 3.0 3.8 4.5 5.9 6.7 6 7 State and local obligations....... .7 .8 1.0 1.2 1.3 1.5 2.0 2.6 2.4 2.2 1.8 2.7 2.9 3.6 7 8 Consumer credit.............................. 5.9 6.1 6.4 7.1 7.5 7.6 8.1 8.9 9.1 9.2 10.1 10.8 11.7 12.9 8 9 Trade credit..................................... 51.8 51.1 56.0 67.4 74.9 77.6 85.5 92.7 98.9 106.5 114.7 123.1 132.2 145.9 9 10 Other financial assets..................... 17.6 19.2 20.7 22.5 25.7 29.2 31.7 34.6 38.1 40.4 43.4 47.0 50.9 56.3 10 11 Total liabilities...................................... 153.3 160.2 164.7 187.4 203.5 212.6 223.5 242.1 253.5 255.2 276.2 298.5 317.0 350.3 11 12 Credit market instr.......................... 72.6 76.1 79.3 85.9 94.4 102.8 109.3 117.0 123.3 130.2 140.9 151.4 163.4 182.5 12 13 Corporate bonds......................... 43.6 47.0 50.4 53.3 56.9 63.2 68.9 71.9 75.3 80.0 84.5 88.4 92.4 97.8 13 14 Mortgages.......................................... 7.1 7.3 8.1 8.8 9.2 9.5 10.8 12.0 12.6 14.4 17.3 20.9 24.2 27.4 14 15 Bank loans n.e.c........................... 19.5 19.1 18.2 21.4 25.8 26.9 26.3 29.4 30.8 30.9 33.3 35.9 39.3 48.4 15 16 Other loans................................... 2.5 2.8 2.6 2.4 2.5 3.2 3.3 3.7 4.7 5.0 5.7 6.2 7.5 8.9 16 17 Profit taxes payable................... 18.7 19.3 16.0 20.1 18.1 16.0 13.4 15.6 13.6 14.9 15.9 17.5 17.9 20.4 17 18 Trade debt......................................... 40.1 40.8 43.0 51.7 57.4 57.9 62.2 66.8 70.0 73.8 78.2 84.2 87.5 95.2 18 19 Other liabilities................................ 21.8 24.0 26.4 29.6 33.7 35.9 38.6 42.7 46.6 36.3 41.1 45.4 48.2 52.3 19 See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1542 FLOW OF FUNDS OCTOBER 1966 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 (E) U.S. Government 1 Total financial assets........................... 53.0 54.3 50.4 55.1 55.3 56.8 56.1 62.9 65.2 68.3 74.4 78.8 83.9 89.4 1 Gold and official U.S. foreign 2 exchange........................................ 1.6 1.5 1.3 1.2 1.8 2.1 2.0 2.1 1.7 1.9 1.2 1.2 1.0 1.1 2 3 Demand dep, and currency........... 7.5 6.0 5.7 5.4 5.1 5.3 5.6 6.3 7.3 7.4 8.3 7.9 8.5 7.1 3 4 Credit market instruments............ 21.1 23.0 22.7 24.1 25.2 27.6 29.3 33.2 35.4 38.0 41.8 44.3 48.1 52.7 4 5 1- to 4-family mortgages........... 2.5 2.8 2.8 3.0 3.5 4.7 4.7 6.3 7.1 7.3 7.4 6.2 6.0 6.4 5 6 Other mortgages.......................... 1 .4 1.7 1.8 2.2 2.5 2.8 3.1 3.7 4.1 4.5 4.8 5.0 5.4 6.0 6 7 Other loans................................... 17.1 18.5 18.1 18.9 19.2 20,2 21.5 23.2 24.2 26.2 29,6 33.1 36.7 40.3 7 8 To svgs. and loan assns........... .9 1.0 .9 1.4 1.2 1.3 1.3 2.1 2.0 2.7 3.5 4.8 5.3 6,0 8 9 To rest of the world................. 10.7 12.0 11.8 11.8 11,8 12.2 12.8 12.8 13,3 13,8 14.9 16.0 17.5 19.0 9 10 To others................................... 5.5 5.5 5.4 5.7 6.2 6.7 7.5 8.3 8.9 9.8 11.2 12.4 13.8 15,3 10 11 Time deposits................................... .3 .3 .4 .4 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 11 12 Taxes receivable............................... 19.2 20.3 16.8 20.4 18.6 16.7 14.3 16.3 15.0 15.5 16.6 18.0 18.7 20.6 12 13 Trade credit..................................... 2.3 2.2 2.4 2.3 2.4 2.3 1.7 1.7 1.8 1.8 2.0 2.5 2.7 3.1 13 14 Miscellaneous................................... 1.0 .9 1 .0 1.4 1 .9 2.5 2.8 3.1 3.7 3.5 4.2 4.6 4.6 4.5 14 15 Total liabilities...................................... 246.6 253.9 256.1 256.2 252.0 251.6 261.7 271.4 271.1 280.3 289.5 295.7 303.9 309.6 15 16 Life insurance reserves................... 6.2 6.3 6.0 5.8 6.1 6.2 6.2 6.4 6.4 6,5 6.6 6.8 6.9 7.0 16 17 Retirement fund reserves............... 8.4 8.9 9.4 10.0 10.9 11.3 12.3 13.2 14.1 15.0 16,0 17.2 18.4 19.7 17 18 Credit market instruments............ 223.0 229.9 232.1 232.0 226.4 225.5 234.4 243.3 241.3 249.0 256.9 261.9 269.0 272.5 18 19 U.S. Govt, securities.................. 222.4 227.7 229,7 231.0 225.6 225.2 233.6 243.1 240.7 248.1 255.5 260,7 267.2 271.2 19 20 Savings bonds........... 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45,9 45.6 46,4 46.9 48.0 49.0 49.6 20 21 Short-term mkt........................ 63.9 79.6 64.7 68.5 74.5 81.5 78.7 83,9 87.1 96,0 96,6 98.0 102,0 105.4 21 22 Other direct. .. ....................... 107.3 96.6 113.0 108,8 97.0 89.3 101.5 105,4 100.1 97,2 101.9 103.1 103.9 101.0 22 23 Nonguaranteed issues.............. 2.! 2. 1 2.1 3.6 4.0 6.2 3.7 7.9 7.9 8,5 10.1 11.7 12.4 15.2 23 24 Other loans................................... .6 2.3 2.3 1.0 .8 .3 .8 .2 .6 .9 1.4 1.2 1.7 1.3 24 25 Trade debt......................................... 2.8 2.6 2.4 2.3 2.6 2.8 2.8 2.9 3.1 3.4 3.7 3.6 3.4 3.9 25 26 Treasury currency liability....... 2.4 2.5 2.5 2.5 2.5 2.6 2.6 2.6 2.7 2.7 2.8 2.8 2.8 3.1 26 27 Miscellaneous liabilities................. 3.8 3.7 3.8 3.5 3.4 3.2 3.3 3.0 3.4 3.7 3.5 3.4 3.4 3.4 27 Dep. of svgs. and loan asso­ 28 ciations at FHLB................ .4 .6 .8 .7 .7 .7 .8 .6 .9 1.2 1.2 1.2 1.2 1.0 28 29 Other.................................... 3.3 3.2 3.0 2.8 2.7 2.6 2.5 2.5 2.5 2.5 2.3 2.3 2,3 2,4 29 (F) State and local governments I Total financial assets........................... 27.4 30.7 33.7 35.7 37.5 40.1 42.6 45.7 49.5 54.1 59.9 67.5 74.3 83.6 1 2 Liquid assets..................................... 10.7 13.0 13,0 13.1 13.8 15.3 15.4 17.0 17.9 18.9 21.5 25.6 28.2 32.7 2 3 Demand deposits and curr........ 7.5 8.0 7.6 7.4 7.0 7.2 7.1 7.2 6.1 6.4 7.3 9.7 11.0 12.1 3 4 Time deposits............................... 1.6 2.0 2.4 2.4 2.4 2.8 3.6 3.2 4.6 5.5 6.5 8.1 9.8 12.2 4 5 Short-term U.S. Govt, securities 1.5 3.1 2.9 3.3 4.3 5.3 4.7 6.6 7.2 7.1 7.7 7.8 7.3 8.4 5 6 Other U.S. Govt, securities.......... 9.7 9.8 11.7 12.2 12.2 11,6 12.2 11.8 12.1 12.6 13.2 13.9 14.8 16.0 6 7 State and local obligations............ 4.0 4.3 4.7 5.1 5.6 6.1 6.6 7.0 7.2 7.3 6.8 6.0 5.3 5.0 7 8 Corporate bonds............................. 2.1 2.7 3.5 4.1 4.8 5.9 7.1 8.2 10.2 12.6 15.3 18.4 21.7 25.1 8 9 1. to 4-family mortgages............... .2 .3 .4 .5 .8 1.2 1.7 2.1 2.4 2.8 3.2 9 10 Taxes receivable......................... .9 .9 .8 1.0 t.o .9 .8 .9 .9 1.0 1.1 1.3 1.4 1.5 10 11 Total liabilities...................................... 39.3 44.5 51.0 57.5 63.8 70.4 77.4 84.7 92.3 101.9 111.9 120.6 130.0 139.2 11 12 Credit market instruments............. 31.1 35.0 40.1 45.2 50.0 54.7 59.8 64,9 70.2 77.3 84.9 90.7 96,9 103.5 12 13 State and local obligations........ 29.9 34,2 39.7 44.8 49.4 53.9 58.8 63.7 68.7 75.5 82.5 88.0 93.9 100,0 13 14 Other loans (U.S. Govt.)...... l.l .8 .5 .5 .6 .7 1.0 1.2 1.5 1.8 2.4 2.7 3.1 3.5 14 15 Trade debt......................................... 1.3 1.4 1.6 1.7 1.8 2.0 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 15 Consumer svgs. in retirement 16 funds............................................... 6.9 8.1 9.3 10.6 12.1 13.7 15,5 17.4 19.7 22.1 24.5 27,1 30.2 32.8 16 See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 FLOW OF FUNDS 1543 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Amounts outstanding at end of year; in billions of dollars) Category 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 (G) Monetary authorities 1 Total financial assets . ...................... 53.6 53.6 52.4 53.0 53.5 53.5 53.3 53.3 52.2 53.6 55.3 57.5 60.8 63.1 1 2 Gold and fgn exchange *............... 23.2 22.0 21.7 21.6 21.9 22.8 20.5 19.4 17.7 16.8 16.0 15.6 15.6 14.3 2 3 Tr^AS^ry currency.............. 4.7 4.7 4.8 4.9 4.9 5.0 5.1 5.2 5.2 5,4 5.4 5.4 5.2 5.4 3 A Credit market instruments............. 24.7 25.9 25.1 24.8 25.0 24.3 26.4 26.7 27.5 28.9 30.9 33.8 37.2 41.0 4 C U S Govt securities.......... 24.7 25.9 24.9 24.8 24.9 24.2 26.3 26.6 27.4 28.9 30.8 33.6 37.0 40.8 5 Sh^rt-term mkt............... 14.6 16.5 19.9 21.2 22.2 21.8 21.0 20.2 19.2 18.2 20.2 25.2 27.3 30.9 6 7 Other....................................... 10.1 9.4 5.1 3.6 2.7 2.4 5.4 6.5 8.1 10.7 10.6 8.4 9.8 9.8 7 g F R float,........................................ 1.0 .9 .8 1.6 1.7 1.4 1.3 1.6 1.8 2.3 2.9 2.6 2.6 2.2 8 9 F.R, ioans to domestic banks. . . . .1 * * . 1 * . 1 * .5 * . 1 * • .2 .1 9 10 Total liA^’l't'M......................... 53.6 53.6 52.4 53.0 53.5 53.5 53.3 53.3 52.2 53.6 55.3 57.5 60.8 63.1 10 jj Vault Cash .................................. 2.8 2.5 2.5 2.7 3.3 3.3 3.2 3.0 3.3 3.7 4.3 5.0 4.5 4.9 11 12 Member hank reserves................... 20.0 20.2 18.9 19.0 19.1 19.0 18.5 18,2 17. 1 17,4 17.5 17.0 18.1 18.4 12 13 Demand deposits and currency........ 29.9 29.8 29.9 30.0 30.1 30.1 30.3 30.8 30.6 31.4 32.3 34.2 36.8 38.8 13 14 Due tn U S Government.......... 1.7 1.1 1.4 1.2 1.2 1.2 1.0 .9 .9 .9 1.0 1.2 1.4 1.4 14 15 Due tn rest of the world........... .6 .4 . 5 .4 .3 .4 .3 .4 .2 .3 . 3 .2 .3 .2 15 Currency outside banks............. 27.7 28.3 28.0 28.5 28.5 28.5 28.9 29.6 29.5 30.2 31.0 32.7 35.1 37.2 16 17 Other.................................................. 1.0 l.l 1.2 1.2 1.1 1.1 1.3 1.0 1.2 1.2 1.3 1.3 .9 .9 17 (H) Commercial banks 2 । "P^tgl financial assets........................... 166.1 170.5 179.7 185.1 191.3 197.0 211.7 217.0 226.0 243.2 264.0 283.5 307.0 337.2 I 2 Member hank reserves. ......... 20.0 20.2 18.9 19.0 19.1 19.0 18.5 18.2 17.1 17.4 17.5 17.0 18.1 18.4 2 3 Vault fs^h .................................... 2.8 2.5 2.5 2.7 3.3 3.3 3.2 3.0 3.3 3.7 4.3 5.0 4.5 4.9 3 4 Total loans and investments 3. ... 141.9 146.2 156.4 161.6 166.7 172.0 187.1 192.8 201.8 217.6 237.2 256.5 278.8 307.9 4 5 Credit market instruments........ 138.8 142.7 152.0 156.5 162.4 167.7 182.5 188.0 196.7 211.4 229.9 248.6 270.5 299.4 5 6 U $ Govt, securities4............ 64.6 64.8 70.3 63.6 60.9 61.3 69.4 61.9 63.6 69.2 70. 1 67.6 67.4 65.6 6 7 Short-term mkt.................. 23.5 32.1 17.0 12.1 15.8 19.2 19.2 15.6 22.6 31.9 26.6 23.1 27.1 25.4 7 g Other direct................... 39.6 31.4 51.9 49.6 43.5 40.0 48.0 44.6 39.3 35.2 40.4 41.0 36.8 35.4 8 9 Nonguaranteed................... 1.5 1.3 1.4 1.8 1.6 2.1 2.2 1.7 1.6 2.1 3.0 3.5 3.6 4.9 9 10 Other securities & mortgages. 28.0 29.6 32.9 35.2 36.7 38.4 43.1 46.3 47.3 51.5 59.9 70.0 78.1 88.6 10 11 State and local obligations. 10.2 10.8 12.6 12.7 12.9 13.9 16.5 17.0 17.6 20.3 24.8 30.0 33.5 38.5 11 12 Corporate bonds................. 2.1 2.1 1.9 1.7 1.3 1.4 1.3 1.2 1.0 ,9 .8 .8 .9 .8 12 13 1- to 4-family mortgages . . 11.1 11.9 13.2 14.9 16.1 16.2 17.4 19. 1 19.2 20.0 22.0 24,7 27.0 30.1 13 14 Other mortgages................. 4.6 4.8 5.2 5.9 6.4 6.9 7.8 8.9 9.5 10.4 12.3 14,4 16.7 19.2 14 15 Other credit exc. security.. .. 46.2 48.3 48.8 57.8 64.8 68.0 70.0 79.8 85.7 90.7 100.0 111.1 125.0 145.2 15 16 Consumer credit............... 9.4 10.9 10.9 13.2 14.6 15.8 15.9 18.8 20.6 21,4 23.7 27.2 31.0 35.8 16 17 Rank loans n.e.c.................. 35.1 34.0 34.2 42.3 48.1 50.4 51.5 59.1 61.9 64.8 71.1 78.7 87.4 103.8 17 18 Other loans.......................... 1.7 3.4 3.7 2.2 2.1 1,8 2.5 1.9 3.3 4.4 5.2 5.1 6.5 5.6 18 19 COO loans. ........... .6 2.3 2.3 1.0 .8 .3 .8 .2 .6 .9 1.4 1.2 1.7 1.3 19 20 Open market paper......... .7 .7 .9 .7 .7 .9 1.1 1.0 1.9 2.8 3.0 3.1 3.8 3.3 20 21 Hypothecated deposits.. .4 .4 .5 .5 .6 . 6 . 6 .7 .7 .8 .8 .8 1.0 1.1 21 22 Security credit.............................. 3.2 3.6 4.5 5.0 4.3 4.2 4.7 4.9 5. 1 6.2 7.3 7.9 8.4 8.5 22 23 Miscellaneous assets. ........... 1.5 1.6 1.9 1.9 2.3 2.7 2.8 3.0 3.8 4.5 5.0 4.9 5.5 6.0 23 24 Total liflhilitiM,......................... 154.5 158.3 166.7 171.5 176.9 181.8 195.6 200.1 207.9 223.9 243.6 262.8 284.7 313.6 24 25 Demand deposits net.................... 107.5 107.6 112,1 114.2 115.9 115.2 120.8 121.2 121.6 126.3 130.0 133.9 138.7 144.2 25 26 US Government..................... . 4.9 4.1 4.2 3.7 3.7 3.9 4.3 5. 1 5.9 5.9 7.2 6.5 6.5 5.5 26 27 Foreign.......................................... .5 .3 .4 .4 .7 .9 .9 .9 1.1 1.8 1.9 2.2 2.7 2.6 27 28 Other net...................................... 102.2 103.2 107.6 110.1 111.5 110.4 115.6 115.3 114.5 118.6 121.0 125.1 129.5 136.1 28 29 Time deposits.................................. 41.7 45.1 48.9 50.3 52.3 57.8 65.8 67.5 73.3 82.7 98.3 112.6 127.2 147.2 29 30 Foreign........................ 2.3 2.8 3.4 3,2 3.1 3.1 4.0 3.1 3.5 3.8 4.3 5.3 6.7 7.3 30 XI Stat*? and local govts................... 1.6 2.0 2.4 2.4 2.4 2.8 3.6 3.2 4.6 5.5 6.5 8.1 9.8 12.2 31 32 Nonfinancial corp. ...................... .9 ,9 l.l 1.0 1.0 1.0 1.9 1.5 2.8 4.6 8.3 12.2 15.4 19.2 32 33 Households.................................. 36.4 38.9 41.4 43.1 45.3 50.5 55.8 59.4 62.2 68.4 78.7 86.6 94.8 108.0 33 31 U,S Government...................... .3 .3 .4 .4 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 34 35 Mutual savings banks............ .2 .2 .3 .2 .2 .2 .1 .1 .2 .2 . 1 .2 .2 35 36 F.R. float.......................................... 1.0 .9 .8 1.6 1.7 1.4 1.3 1.6 1.8 2.3 2.9 2.6 2.6 2.2 36 37 Borrowing at F.R. Banks.............. .1 .1 . 1 .5 .1 .2 .1 37 38 Miscellaneous................................... 4.2 4.6 4.9 5.4 6.9 7.3 7,6 9.3 11.1 12.4 12.3 13.7 16.1 19.8 38 39 Memo: Total loans exc. mortgages. 49,3 51.9 53.2 62.8 69.1 72.2 74.6 84.6 90.8 96.9 107.3 119.0 133.4 153.7 39 i Monetary gold stock and F.R, holdings of foreign currencies. Ex­ 2 Excludes banks in territories and possessions. change Stabilization Fund holdings of gold and foreign exchange are in 3 Gross of bad debt reserves. Excludes corporate stock holdings. U.S. Govt, account, Table 8(E). 4 At par value. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1544 FLOW OF FUNDS OCTOBER 1966 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in. billions of dollars) Category 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 (I) Nonbank financial institutions1 1 Total financial assets............................ 168.5 185.6 206.6 233.2 251.6 268.3 298.1 326.5 351.7 391.2 416.3 462.2 507.5 553.1 1 2 Demand deposits and currency.., 6.9 7.2 7.6 8.2 8.4 8.8 9.5 9.5 10.0 11.0 12.0 12.2 12.6 13.4 2 3 Time deposits (Mut. svgs. bks.). . .2 .2 .3 .2 .2 . 1 .2 . 1 . 1 .2 .2 .2 .2 3 4 Svgs. and Ioan shares (Cr. unions). .3 .3 .3 .4 .4 .4 .6 .5 .3 .5 .6 .6 .7 .5 4 5 (7red it mkt instr............................. 155. 1 171.0 189.9 215.1 232.3 248.3 275.3 303.2 327. 1 362.9 386. 1 428.7 472 5 516.0 5 6 US Govt, securities.......... 32. 1 32.1 31.3 30.8 29.5 29.1 29.9 30.5 30.1 30.8 32.4 31 7 33 7 32 8 6 7 State and local obligations..... 3.6 4.8 6.2 7.2 8.0 8.9 10.0 11.5 12.8 14.0 14.9 15.5 15.7 15.8 7 R C nfpnM(fl bonds. ............ 40.0 44.3 47.8 50.4 54. 3 59.7 64.3 67.8 71.5 75.2 79.0 83 4 87 7 93 2 8 9 Corporate stock........................... 13.3 14.4 19,4 25.5 27.5 26.9 37.4 43.8 47.4 62.7 59.5 71.9 83.7 97.0 9 10 1- [n 4-fam*iy mortgages............ 36.6 42.6 50. 5 60.8 69.2 75.5 83.5 93.1 102.0 112.5 123.5 137.5 150.6 163.3 10 11 Other mortgages.......................... 15.6 16.8 18.1 19.7 21.6 23.1 25.3 27.5 30.3 34.2 39.9 46 8 54. 1 60.5 11 12 Consumer credit.......................... 8.3 10.2 10.9 14. 1 15.5 16.7 16.3 18.8 21.1 21.6 23.5 26.2 29 0 32.1 12 11 Other loans.................................... 5.6 5.8 5.6 6.5 6.7 8.4 8.6 10.2 11.8 12.0 13.6 15.7 18.1 21.4 13 14 Security credit.................................. 1.7 2.2 3. 1 3.6 3.7 3.5 4.5 4.5 4. 5 5.6 5.3 7.2 6.7 6.9 14 1 5 Trade credit ....................• •........... .9 1.0 1. 1 1.2 1.3 1.5 1,6 1.8 1.9 2.0 2.2 2.3 2.5 2.6 15 3.4 3.8 4.4 4.6 5.2 5.8 6.4 6.8 7.8 9.1 10.0 1 1 1 12 2 13 4 16 17 Total liabilities...................................... 148.6 164.4 182. J 206.1 223.2 239.9 266.4 292.7 316.4 351.2 375.1 416.8 458.9 501.3 17 1R T*m^ and savings deposits............. 43.2 48.9 55.6 62.8 70.1 77.0 85.9 94.0 103.5 114.8 127.9 143.1 159.0 171.8 18 10 In® and pension reserves. ....... 71.3 77.3 83.7 92.4 99.3 105.8 116.1 126.1 134.4 147.2 153.0 166.8 181.6 196.4 19 20 Credit mkt. instr...................... 12.7 14.5 16.7 23.1 24.7 25.6 30.2 37.1 40.2 47.6 49.8 59.6 67.8 79.8 20 71 Finance company bonds............ 2.3 3.7 4.0 5.4 6. 3 7.1 7.2 8.3 9.9 10.4 10.7 12.2 14.3 16.1 21 22 Investment company shares.... 3.9 4. 1 6. 1 7.8 9.0 8.7 13.2 15.8 17.0 22.8 21.3 25.2 29. 1 35.2 22 23 Mtg. loans in process................. .5 .6 .8 .9 .9 .9 1.2 1.3 1.2 1.6 2.0 2.5 2.2 2.2 23 94 Rank loans n.e.c......................... 3.7 3.5 3.5 5.8 5.3 5.4 5. 1 6.7 6.4 6.5 7.5 9.2 9.7 12.1 24 25 Other loans.................................... 2.3 2.6 2.4 3. 1 3.1 3.6 3.5 5.0 5.7 6.3 8.3 10.6 12.6 14.2 25 26 Finance co. paper................... 1.4 1.6 1.5 1.7 1.9 2.3 2.2 2.9 3.7 3.6 4.8 5.8 7.2 8.2 26 27 FHLB loans.............................. .9 1.0 .9 1.4 1.2 1 .3 1.3 2.1 2.0 2.7 3.5 4.8 5.3 6.0 27 78 Security credit.................................. 3. 1 3.4 4.5 4.7 4.2 4.3 4.8 4.9 5.4 6.3 7.2 7.7 7.9 7.6 28 29 Taxes payable................. .6 .9 .7 .7 .6 .7 .8 .9 .9 . 8 .9 .9 1.0 1.0 29 30 Miscellaneous liabilities................. 17.7 19.3 20.9 22.5 24.5 26.5 28.6 29.6 32.1 34.5 36.3 38.6 41.7 44.6 30 (LI) Savings and loan associations I Total financial assets. .......................... 22.7 26.7 31.6 37.7 42.9 48.1 55.1 63.5 71.5 82.1 93.6 107.6 119.4 129.4 1 2 Demand dep. and currency1......... .9 .9 1.2 1.4 1.4 1.5 1.8 1.6 1.7 2.1 2.7 2.8 2.8 2.9 2 3 Credit market instruments............. 20.5 24.3 28.6 34.3 39.2 44.2 50.6 59.0 66.3 75.6 85.9 99.2 110. 3 119.7 3 4 US Govt securities.................. 1.8 1.9 2.0 2. 5 2.9 3.6 4.2 4.9 5.2 5.7 6.0 7.0 7.6 8.1 4 5 1 - to 4-family mortgages........... 17.6 21.0 25.0 30.0 34.0 38.0 42.9 49.5 55.4 62.4 69.8 79.1 87.0 94.6 5 6 Other mortgages . ........................ . 8 1.0 1.1 1.4 1.7 2.0 2.7 3.7 4.7 6.4 9.0 11.9 14.3 15.6 6 7 Consumer credit.......................... .3 .4 .4 .5 .6 .6 .8 .9 1.0 1.1 LI 1.3 1.3 1.4 7 8 Miscellaneous......................... 1.3 1.6 1.9 1.9 2.2 2.4 2.8 2.9 3.5 4.4 5.0 5.5 6.2 6.8 8 9 Total liabilities...................................... 21.0 24.8 29.4 35.1 39.9 44.8 51.3 59.1 66.5 76.4 87.1 100.4 111.5 120.7 9 10 Savings shares........................... 19.2 22.8 27.3 32. 1 37.1 41.9 48.0 54.6 62.1 70.9 80.2 91.3 101.9 110.3 10 11 Credit mkt. instr............................. 1.5 1.6 1.8 2.5 2.2 2.2 2.6 3.7 3.4 4.4 5.6 7.6 7.8 8.6 11 17 N4fg Ina ns in process ..................... . 5 .6 .8 .9 .9 .9 1.2 1.3 1.2 1.6 2.0 2. 5 2.2 2.2 12 13 Borrowing from FHLB.............. .9 1.0 .9 1.4 1.2 1.3 1.3 2.1 2.0 2.7 3.5 4.8 5.3 6.0 13 14 Bank Ioans n.e.c........................... . 1 . 1 . 1 . 1 . 1 . 1 .3 .2 .2 .2 .2 .3 .5 14 15 Other liabilities................................ .3 .4 .4 . 5 .5 .6 .7 .9 1.0 1.1 1.2 1.5 1.7 1.8 15 16 Memo: FHLB loans less dep............ .4 .4 . 1 .7 .5 .6 .5 1.5 1.0 1.5 2.3 3.6 4. 1 5.0 16 (1.2) Mutual savings banks 1 Total financial assets........................... 25.3 27.2 29.4 31.3 33.4 35.2 37.8 38.9 40.6 42.8 46.1 49.7 54.2 58.2 1 2 Demand dep. and currency........... .7 .7 .8 .7 .8 .8 .8 .7 .7 .8 .8 .8 .8 .8 2 3 Time deposits.................................... .2 .2 .3 .2 .2 . 1 .2 .1 . 1 .2 .2 . 1 .2 .2 3 4 Credit mkt. instr............................... 24.3 26.1 28.1 30.2 32.2 34.1 36.5 37.8 39.4 41.5 44.7 48.1 52.5 56.4 4 5 U.S. Govt, securities................... 9.5 9.3 8.8 8.6 8.2 7.9 7.6 7.3 6.7 6.6 6.7 6.5 6.5 6.2 5 6 State and local oblia.......... .3 .4 .6 .6 .7 .7 .7 .7 .7 .7 .5 .4 .4 .3 6 7 Corporate bonds. ........................ 2.5 2.8 2.9 2.6 2.7 3.2 3.8 3.6 3.8 3.6 3.5 3.2 3.1 3.0 7 8 Corporate stock............................ .3 .4 .6 .7 .7 .8 .9 .8 .8 .9 1.0 1.2 1.3 1.4 8 9 1- tn 4-family mortgages. ..... 6.2 7.4 9.0 11.1 13.0 14.1 15.6 16.9 18.4 20.0 22.1 24.7 27.4 30.1 9 10 Other mortgages.......................... 5.2 5.6 6.0 6.4 6.8 7.1 7.6 8.1 8.6 9.1 10.2 11.5 13.2 14.6 10 ] I Consumer credit.......................... . 1 .1 . 1 . 1 . 1 .2 .2 .2 .2 .3 .3 .3 .4 11 12 Other loans................................... . 1 . 1 .1 .1 . 1 .1 .2 .2 .2 .3 .4 .3 .4 .5 12 13 Miscellaneous assets. ........... . 1 . 1 .2 .2 .2 .3 .3 .3 .3 .4 .5 .7 .7 .8 13 14 Savings deposits................... 22.6 24.4 26.4 28.2 30.0 31.7 34.0 35.0 36.3 38.3 41.3 44.6 48.8 52.4 14 15 Miscellaneous liabilities..................... .2 .2 .3 .3 .3 .3 .5 .6 .7 .8 .8 .9 1.0 1.1 15 See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 FLOW OF FUNDS 1545 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; billions of dollars) Category 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 (1.3) Credit unions 1 Total financial assets ......................... 1.4 1.7 2.0 2.4 2.9 3.4 3.9 4.4 5.0 5.6 6.3 7.2 8 2 9 1 1 2 Demand dep. and currency........... .2 .2 .2 .2 .3 .3 .3 .3 .3 .4 .4 .4 .5 .5 2 3 Svgs and loan shares............. .3 .3 .3 .4 .4 .4 .6 .5 .3 .5 6 6 7 5 3 4 Credit mkt. instr.......................... .9 1.3 1.5 1.9 2.2 2.7 3.0 3.6 4.3 4.7 5.4 6.1 7.0 8 1 4 5 Consumer credit.......................... .8 1.1 1.3 1.7 2.0 2.4 2.7 3.3 3.9 4.3 4.9 5.6 6 5 7 5 5 6 [. to 4-family mortgages...... . 1 . 1 . 1 .2 .2 .3 .3 .3 .4 .4 . 5 . 5 . 5 .6 6 7 Credit union shares............................. 1.4 1.7 2.0 2.4 2.9 3.4 3.9 4.4 5.0 5.6 6.3 7.2 8.2 9.1 7 (1.4) Life insurance companies 1 Total financial assets............................ 71.4 76.6 82.1 87.9 93.2 98.3 104.3 110. 1 115.9 122.8 129.2 136.9 144.9 153 9 f 2 Demand dep. and currency........... 1.1 1.2 1.2 1.3 1.3 1.3 1.4 1.3 1.3 1.4 1.5 1.5 1.5 1.5 2 3 Credit mkt. instr.............................. 68.4 73.3 78.6 84.1 89.1 94.0 99.7 105.2 110.6 117.2 123.2 130. 5 138.1 146.7 3 4 U.S. Govt, securities.......... 10.3 9.9 9.1 8.6 7.6 7. 1 7.3 7.0 6.5 6.1 6.2 5.9 5.6 5. 1 4 5 State and local obligations........ 1.1 (.3 1.8 2.0 2.2 2.4 2.7 3.2 3.6 3.9 4.0 3.9 3.8 3.5 5 6 Corporate bonds......................... 30.6 33.3 35.3 37.0 39.2 41.8 44.3 46.5 48.2 50.7 53.2 56.0 58.3 61.0 6 7 Corporate stock......................... 2.4 2.6 3.3 3.6 3.5 3.4 4.1 4.6 5.0 6.3 6.3 7. 1 7.9 9.1 7 8 1. to 4- family mortgages...... 11.8 13.2 15.2 17.7 20.1 21.4 22.4 23.6 24.9 25.8 26.4 27.3 28.7 29.9 8 9 Other mortgages.......................... 9.5 10. 1 10.8 11.8 12.9 13.8 14.7 15.6 16.9 18.4 20.5 23.2 26.4 30.1 9 lb Other loans................................... 2.7 2.9 3.1 3.4 3.6 4. 1 4.3 4.7 5.5 5.9 6.6 7.0 7.4 7.9 10 11 Miscellaneous assets........................ 1.9 2.1 2.3 2.5 2.8 3.0 3.3 3.6 3.9 4.3 4.6 4.9 5.3 5.7 11 12 Total liabilities..................................... 67.8 72.5 77.3 82.4 87.4 92.3 97.5 103.1 108.5 114.2 120.3 126.8 134.0 141 9 12 13 Life insurance reserves................... 54.5 57.4 60.4 63.5 66.6 69.3 72.3 75.6 78.8 82.1 85.8 89.9 94.2 98 9 13 14 Pension fund reserves. .......... 7.7 8.8 10.0 11.3 12.5 14.1 15.6 17.6 18.9 20.3 21.6 23.3 25.3 27.3 Id 15 Other liabilities................................ 5.7 6.3 6.9 7.6 8.3 8.9 9.6 9.9 10.9 11.8 12.9 13.6 14.5 15.7 15 (1.5) Noninsured pension plans 1 Total financial assets........................... 9.1 11. 1 13.3 17.6 20. 1 22.4 28.2 33.0 36.8 44.8 45.7 53.7 62.2 70.2 1 2 Demand dep. and currency........... .3 .4 .4 .4 .4 ,5 .5 .5 .5 .7 .7 .8 .9 .9 2 3 Credit mkt. instr.............................. 8.8 10. 8 12.9 17.2 19.7 22.0 27.7 32.4 36.3 44.1 44.9 52.9 61.3 69.2 3 4 U.S. Govt, securities.......... 2.3 2.5 2.6 2.9 2.7 2.5 2.6 2.8 2.7 2.8 3.1 3.4 3.8 3.5 4 5 Corporate bonds......................... 4.5 5.6 6.9 7.9 9. 5 11.3 12.8 14. 1 15.7 16.9 18.1 19.6 21.2 22.7 5 6 Corporate stock........................... 1.8 2.4 3.2 6.1 7.1 7.5 11.6 14.5 16.5 22.9 21.9 27.7 33.5 39,7 6 7 1- to 4-family mortgages........... . 1 .2 .2 .3 .4 .6 .7 1 .0 1.3 1.6 1.9 2.2 2.7 3.3 7 (1.6) Other insurance companies [ Total financial assets............................ 15.4 16.8 19.2 21.0 21.8 22.1 24.8 27.1 28.2 31.6 32.1 35.2 37. 5 40.0 1 2 Demand dep. and currency........... 1.3 1.4 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1.4 1.4 1.3 1.3 2 3 Credit market instruments1.......... 13.1 14.4 16.8 18.5 19.2 19.4 21.9 23.9 24.9 28.2 28.5 31.5 33.7 36.1 3 4 U.S. Govt, securities................... 5.8 6. 1 6.2 6.1 5.7 5.6 5.5 5.8 5.6 5.6 5.7 5.9 6.0 6.0 4 5 State and local obligations........ 1.9 2.6 3.4 4.2 4.9 5.6 6.2 7.2 8.1 9.1 9.8 10.6 10.8 11.4 5 6 Corporate bonds......................... 1.0 1.1 1.1 1.2 1.2 1.4 1.5 1.6 1.7 1.7 1.8 1.9 2.2 3.3 6 7 Corporate stock..................... 4.3 4.5 5.9 6.9 7.2 6.7 8.4 9.1 9.4 11.8 11.1 13.0 14.6 15.2 7 8 Trade credit...................................... .9 1.0 1.1 1.2 1.3 1.5 1.6 1.8 1.9 2.0 2.2 2.3 2.5 2.6 8 9 Total liabilities 2................................... 9.1 10.1 10.6 11.2 11.8 12.9 13.8 14.9 15.9 16.7 17.4 18.4 19.7 21.5 9 (1.7) Finance companies 1 T^tal financial assets................................ 11.4 13.0 13.2 17.3 18.1 19.6 19.3 22.8 25.0 25.6 28.2 32.3 36.5 41.8 1 2 j. to 4-family mortgages.............. .6 .6 .8 1.4 1.3 .9 1.4 1.6 1.6 2.2 2.7 3.5 3.9 4.5 2 3 Consumer credit................... 7.1 8.6 9.1 11.8 12.8 13.5 12.7 14.5 16.0 15.9 17.2 19.1 20.8 22.8 3 4 Other loans........................................ 2.6 2.6 2.1 2.6 2.5 3.5 3.4 4.6 5.3 5.0 5.8 7.4 9.2 11.9 4 5 Total liabilities2......................... 7.6 9.1 9.1 13.0 13.7 15.0 14.6 17.9 20.1 20.6 23.2 27,1 31.1 36.2 5 6 Corporate bonds............... 2.3 3.7 4.0 5.4 6.3 7.1 7.2 8.3 9.9 10.4 10.7 12,2 14.3 16.1 6 7 Rank loans n.e.c............................... 3.6 3.4 3.4 5.7 5.2 5.3 4.9 6.4 6.2 6.3 7.4 8,9 9.4 11.6 7 8 Open market paper......................... 1.4 1.6 1.5 1.7 1.9 2.3 2.2 2.9 3.7 3.6 4.8 5.8 7.2 8.2 8 (1.8) Security brokers and dealers 1 Total financial assets........................... S.l 5.5 6.5 6.8 6.2 6.3 6.9 6.9 7.4 8.4 9.2 9.8 9.9 9.7 1 2 US. Govt, securities...................... .7 .6 .7 .3 .2 .4 .6 .4 1.0 1.3 2.0 .7 1.4 1.1 2 3 Other securities................................ 2.3 2.5 2.6 2.9 2.3 2.5 1.9 2.1 2.1 1.6 2.1 2.2 2.2 1.7 3 4 Security credit.................................. 1.5 1.9 2.7 3.1 3.1 2.8 3.8 3.8 3.6 4.7 4.6 6,1 5.6 6.1 4 5 T«tal liabilities......................... 3.1 3.5 4.5 4.8 4.2 4.3 4.9 4.9 5.4 6.4 7.2 7.8 7.9 7.7 5 6 Security credit liability.......... 3.1 3.4 4.5 4.7 4.2 4.3 4.8 4.9 5.4 6.3 7.2 7.7 7.9 7.6 6 7 From hanks................................ 2.1 2.4 2.9 3.3 2.6 2.6 2.8 3.0 3.3 4.1 5.2 5.3 5.5 5.3 7 8 From agencies of fgn. banks... .2 .3 .4 .5 .6 .7 .7 .8 .8 .9 .7 1.1 1.1 .8 8 9 Customer credit balances........... .8 .8 1.1 1.0 1.0 1.0 1.3 1.1 1.2 1.3 1.3 1.3 1.3 1.6 9 1 Includes mortgages not shown separately. 2 Includes tax liabilities not shown separately. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1546 FLOW OF FUNDS OCTOBER 1966 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; billions of dollars) Category 1952 1953 1954 1955 1956 1957 1958 1959 I960 1961 1962 1963 1964 1965 (1.9) Open-end investment companies 1 Total financial assets........................... 3.9 4.1 6.1 7.8 9.0 8.7 13.2 15.8 17.0 22.8 21.3 25.2 29.1 35.2 1 2 Demand dep and currency. ..... .1 .2 .2 .2 .2 .2 .2 .3 .4 .3 .6 .6 .6 1.0 2 3 Credit mkt. instr.............................. 3.8 4.0 6.0 7.7 8.8 8.5 13.0 15.5 16.7 22.5 20.7 24.6 28.6 34.2 3 4 US. Govt, securities................... .1 .1 .2 .3 . 3 .3 .4 .6 .6 .6 .7 ,7 .8 .8 4 5 Corporate bonds......................... .3 .3 .4 .5 .7 .8 .9 1.1 1.2 1.6 1.6 1.8 2.1 2.6 5 6 Corporate stock......... 3.3 3,5 5.4 6.9 7.9 7.4 11.7 13.9 14.8 20.3 18.3 22. 1 25.6 30.9 6 (1.10) Agencies of foreign banks 1 T<ifal financial assets........................... 1.9 2.0 2.2 2.4 2.8 2.9 3.1 3.2 3.6 3.8 3.6 3.6 4.2 3.9 1 2 Demand dep and currency...... .4 .4 .4 .5 .6 .6 .6 .6 ,7 .8 .7 .7 .8 .8 2 3 1J S. Govt, securities....................... 1.3 1.3 1.4 1.3 1.5 1.4 1.5 1.5 1.7 1.8 1.8 1.5 1.9 1.9 3 4 Security credit........................... .2 .3 .4 .5 .6 .7 .7 .8 .8 .9 .7 1.1 1.1 .8 4 5 Deposit liabilities........................ 1.9 2.0 2.2 2.4 2.8 2.9 3.1 3.2 3.6 3.8 3.6 3.6 4.2 3.9 5 (J) Rest of the world 1 Total financial assets........................... 30.7 33.5 37.7 41.0 43.6 43.4 50.1 55.9 60.5 66.9 68.5 74.3 80.4 84.2 1 2 Gold................................................... 12.6 14,2 15.1 15.9 16.0 15.9 18.9 20.7 22.7 24.2 25.4 26.7 27.6 29.5 2 3 U.S demand deposits.................... 1.0 .8 .9 .8 1.0 1.2 1.2 1.2 1.3 2.1 2.2 2.4 2.9 2.8 3 4 Time deposits............................. 2.3 2.8 3.4 3.2 3.1 3.1 4.0 3.1 3.5 3.8 4.3 5.3 6.7 7.3 4 5 Credit market instruments............ 8.3 8.9 10.8 13.0 14.4 14.1 16.3 20.3 21,5 24.5 24.4 27.2 29.4 30.4 5 6 U S Govt, securities................... 4.1 4.5 4.8 5.8 6.7 6.9 7.0 10.0 10.6 11.0 12.3 12.9 13.4 13.2 6 7 Corporate bonds. . ...................... .2 .3 .2 .3 .3 .4 .5 .5 .6 .6 .7 .7 .9 .9 7 8 Corporate stock............................ 3.7 3.7 5.3 6.6 7.0 6.1 8.3 9.4 9.3 11.8 10.3 12.5 13.8 14.6 8 9 Other loans................................... .3 .4 .6 .3 .5 .7 .6 .5 1.0 1.0 1.0 1.1 1.3 1.6 9 10 Security credit.................................. .1 . 1 .1 . 1 .1 .1 . 1 .1 .1 .1 .1 .2 10 Miscellaneous assets....................... 6.5 6.8 7.4 8.0 8.9 9.0 9.6 10.4 11.4 12.2 12.1 12.6 13.7 14.1 11 12 Direct investment in U.S........... 3.9 4.3 4.6 5.1 5.5 5.7 6.1 6.6 6.9 7.4 7.6 7.9 8.4 8.8 12 13 Total liabilities........... ........ 31.3 34.1 36.1 38.2 42.9 48.2 52.3 55.7 60.8 65.2 70.4 77.6 86.0 93.8 13 14 Official U.S. foreign exchange and net IMF position..................... 1.5 1.4 1.2 1.0 1.6 2.0 2.0 2.0 1.6 1.8 1.2 1.2 1.2 1.6 14 15 Credit market instruments.......... 13.9 15.3 15.8 16.2 16.9 18.2 19.9 20.5 22.4 24.6 27.1 30.5 35.3 37.8 15 16 Ronds........................................... 2.2 2.4 2.7 2.7 2.9 3.3 3.9 4.3 4.9 5.4 6,3 7.3 8.2 9.1 16 17 Rank loans n.e.c.............. .8 .7 1.0 1.4 1.8 2.1 2.6 2.9 3.0 3.7 4.1 4.9 6.9 7.2 17 18 Other loans............................... 10.9 12.2 12.1 12.1 12.3 12.8 13.4 13.4 14.5 15.5 16.7 18.2 20.1 21.5 18 19 Security debt................................ * . 1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 19 20 Miscellaneous.......................... 15.9 17.4 19.0 20.9 24.3 28.0 30.3 33.0 36.8 38.6 42.0 45.8 49.5 54.2 20 21 U.S. capital subscription to IBR D etc............................ .6 .6 .6 .6 .7 .7 .7 .7 .8 1.0 1.1 1.2 1.2 1.3 21 22 U.S. direct invest, abroad......... 14.8 16.3 17.6 19.3 22.2 25.2 27.3 29.7 32.7 34.7 37.2 40.7 44.4 49.2 22 23 Fgn. currency held by U.S..... .5 .5 .7 1.0 1.5 2.1 2.4 2.6 3.2 3.0 3.6 3.9 3.9 3.7 23 Note,—Data are revised from those shown in Nov. 1965 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL STATISTICS ★ INTERNATIONAL ★ Reported gold reserves of central banks and governments ............................................ 1548 Gold production ............................... 1549 Net gold transactions and gold stock of the United States............................................ 1550 Foreign gold reserves and dollar holdings ...................................................................... 1551 International capital transactions of the United States ................................................. 1552 U.S. balance of payments................................................................................................... 1562 Foreign trade ....................................................................................................................... 1563 Money rates in foreign countries....................................................................................... 1564 Arbitrage on Treasury bills ............................................................................................... 1565 Foreign exchange rates ...................................................................................................... 1566 Guide to tabular presentation ........................................................................................... 1464 Index to statistical tables .................................................................................................... 1573 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 1547 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1548 GOLD RESERVES OCTOBER 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 m res a t t e o d f A i f s g t h an an­ A t r i g n e a n­ t A ra u l s ia ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world1 Fund2 world 1959............................ 40,195 2,407 19,507 18,280 56 154 292 1,134 327 960 43 1960............................ 40'540 2,439 17,804 20,295 104 147 293 1,170 287 885 45 1961............................ 41’140 2,077 16,947 22 J 15 36 190 162 303 1,248 285 946 48 1962............................ 41 370 2,194 16,057 23^220 36 61 190 454 1,365 225 42 708 43 1963............................ 42,310 2,312 15,596 24,400 36 78 208 536 1,371 150 42 817 43 1964............................ 43,060 2,179 15,471 25,410 36 71 226 600 1,451 92 84 1,026 43 1965—AUg................. 1,856 13,916 36 67 231 688 1,573 63 84 1,104 44 Sept................. 3 43,005 1,865 13,925 26,945 36 67 222 700 1,554 63 84 1,112 44 Oct.......... 1,865 13,937 35 67 223 700 1,558 63 84 1,124 44 Nov................. 1,868 13,879 35 66 224 700 1,558 63 84 1 138 43 Dec................. 3 43,300 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 1,076 43 Mar................. r43,330 2,358 13,738 '27,235 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 45 84 1,061 43 June............... M3,325 2,562 13,529 p27,235 35 64 222 700 1,555 45 84 1 ,024 43 July................. 2,586 13,413 35 67 224 700 1,532 45 84 986 44 Aug................ 2,645 13,319 35 226 700 1,529 84 997 45 Ger­ E pe n r d i o o d f lo C m o b ­ ia m D a e r n k ­ F la 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 2,203 247 1961............................ 88 107 47 2,121 3,664 87 247 43 130 84 10 2,225 287 1962............................ 57 92 61 2,587 3,679 77 247 44 129 98 41 2’243 289 1963............................ 62 92 61 3,175 3,843 77 247 35 142 98 60 2,343 289 1964............................ 58 92 85 3,729 4,248 77 247 141 112 56 2,107 304 1965—Aug................. 33 97 85 4,500 4,382 77 281 141 122 56 2,383 Sept................ 33 97 85 4,556 4,390 78 281 141 122 56 2; 390 327 Oct.......... 34 97 85 4,604 4,404 78 281 140 122 56 2,403 Nov......... 34 97 85 4,638 4,406 78 281 146 122 56 2,494 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 2,369 329 July................. 24 108 55 5,117 4,302 112 243 132 122 46 2,362 Aug......... 108 55 5,209 4,297 112 243 131 122 46 2,358 E pe n r d io o d f Kuwait a L n e o b n ­ Libya M c e o xi­ Mo c r o oc­ N l e an th d e s r­ Nigeria N w o ay r­ P s a ta k n i­ Peru P p h in il e i s p­ Po g r a t l u­ A S r a a u b d i i a 1959 ............................ 102 142 23 1,132 30 50 28 9 548 18 I960............................ 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—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 1966—Jan.................. 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 l’,756 20 31 53 67 42 595 69 Apr................. 58 193 68 133 21 1,756 20 31 53 65 43 600 69 May........ 58 193 68 142 21 11730 20 18 53 65 44 605 69 June............... 61 193 68 21 1,730 20 18 53 65 45 607 69 July................. 62 193 68 21 1,730 20 18 53 65 47 612 69 Aug................. 62 68 21 1,730 20 18 53 65 48 69 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 GOLD RESERVES AND PRODUCTION 1549 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f A So 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 i n t m g ed ­ U gu r a u y ­ V zu e e n l e a ­ Y sl u av g i o a ­ S I e f n t o t t r l i e . ­ ments 4 1959................................. 238 68 191 1,934 41 104 133 174 2,514 180 652 10 -134 I960................................. 178 178 170 2,185 41 104 134 174 2,800 180 401 4 -19 1961................................. 298 316 180 2,560 43 104 139 174 2,268 180 401 6 115 1962................................. 499 446 181 2^567 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 -50 339 810 202 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 ................ 581 785 203 2^630 55 92 116 139 155 401 20 -36 J une.................... 640 785 203 2^648 '59 92 116 139 2,041 155 401 20 -191 July.................. 677 785 203 2'683 59 92 '106 139 155 401 20 -401 Aug..................... 672 785 203 2^681 92 105 139 ...........1..5..5 401 -388 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., ^ther 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.—For back figures and description of the data in this and the countries. following tables on gold (except production), see “Gold,” Section 14 of 2 Beginning June 1965, excludes gold subscription payments made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc­ Congo tion * A So fr u ic th a R de h s o ia ­ Ghana s ( h K a i s n a ­ ) U St n a i t t e e s d C a a d n a ­ M ic e o x­ r N ag ic u a a ­ Co b l i o a m­ India P p h in il e ip s ­ t A ra u l s ia ­ ot A h l e l r 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 '803.0 20.1 29.2 8.1 54.8 156,6 9.4 7.9 14.0 5.5 14.8 37.7 '53.9 1962...................................... 11290.0 892.2 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...................................... n,355.0 960.1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 H.4 4.8 13.2 35.8 '64.3 1964...................................... 1,395.0 '1,018.0 20.1 30.3 '6.6 51.4 '133.0 7.4 7.9 12.8 5.2 14.9 33.7 '52.8 1965...................................... 1,430.0 1,069.4 19,0 26,4 2.3 58,6 125.6 7.6 6.9 11.2 4.6 15.2 30.7 52.5 1965 July................ 90.8 1.6 2.1 10.0 .6 1.2 .4 1.3 2.4 91.0 1.5 2.1 10.5 .9 1.0 .3 1.3 2.6 89.7 1.6 2.2 10.2 .4 1.0 .4 1.3 2.3 Oct........................... 90.4 1.7 10.5 .7 t.o 2.6 91.6 2.1 10.4 .5 .8 2.3 Dec......................... 89.3 24,7 2.3 10.2 .7 .7 4,1 24.O 2.6 91,2 9.8 .7 1.0 .4 2.5 Feb ..................... 87.8 9.6 .9 .9 .3 2.4 Mar,, 90.5 21.2 10.1 .9 23.7 2.6 90.8 10.1 .8 2.8 May. .............,,,.. 91.9 10.2 .8 2.8 89.3 9.2 .8 JuJy, . ,............, . . . 89.4 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

1550 U.S. GOLD OCTOBER 1966 U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Nel 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 -221 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 i i United Kingdom......... -900 -350 -550 -306 -387 329 618 150 29 i32 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: A Br r a g z e i n l. t . i .. n .. a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 67 -11 -5 -2 0 -9 -2 0 8 5 5 7 -3 7 0 2 54 25 28 -i -1 -i -1 Colombia.............................. —6 38 10 29 30 -1 7 Venezuela.............................. 65 -25 —25 Other...................................... 6 2 -35 -42 -17 -5 -11 -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 ‘ -101 2 -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 6-259 18 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 1 Includes sales of $21 million to Lebanon and $48 million to Saudi million in 1956 and $300 million in 1959 and in |1960) with the right of Arabia. repurchase; proceeds from these sales invested by IMF in U.S. Govt, 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and securities. $13 million to Saudi Arabia. 5 Payment to the IMF of $259 million increase in U.S, gold subscription 3 Payment to the IMF of $344 million increase in U.S. gold sub­ less gold deposits by the IMF. scription less sale by the IMF of $300 million (see note 4). 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 stock5,2 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 3 Treasury Total 3 Treasury 1953......... 22,091 22,091 22,030 -1,161 -1,161 1965—Sept.... 14,884 13,925 13,858 959 -69 9 1954......... 21,793 21.793 21,713 -298 -298 Oct.. . . 14,795 13,937 13,857 858 -89 12 1955 ......... 21,753 21,753 21,690 -40 -40 Nov.,.. 14,686 13,879 13,805 807 -109 -58 1956......... 22,058 22,058 21,949 305 305 Dec.. .. 14,587 13,806 13,733 781 -99 -73 1957......... 22,857 22,857 22,781 799 799 1966—Jan.....1..4,450 13,811 13,732 639 -137 5 1958......... 20,582 20,582 20,534 -2,275 -2,275 Feb.... 14,188 13,811 13,730 377 -262 1959......... 19,507 19,507 19,456 -1,075 5 -1,075 Mar.,.. 14,297 13,738 13,634 559 109 -73 1960......... 17,804 17,804 17,767 -1,703 -1,703 Apr... . 14,190 13,668 13,632 522 -107 -70 1961......... 17,063 16,947 16,889 116 -741 -857 May... 14,210 13,582 13,532 628 20 -86 1962......... 16,156 16,057 15,978 99 -907 -890 June... 14,251 13,529 13,433 722 41 -53 1963......... 15,808 15,596 15,513 212 -348 -461 July.... 14,506 13,413 13,332 1,093 255 -116 1964......... 15,903 15,471 15,388 432 95 -125 Aug.... 14,618 13,319 13,259 1,299 112 -94 1965......... 14,587 13,806 13,733 781 -1,316 « -1,665 Sept.... 14.504 13,356 13,258 1,148 -114 37 1 Includes gold sold to the United States by the International Mone­ 4 For holdings of F.R. Banks only, see pp. 1474 and 1476. tary Fund with the right of repurchase, which amounted to $800 million 5 Includes payment of $344 million increase in U.S. gold subscription on Sept. 30, 1966. Also includes gold deposit of IMF; see note 2. to the IMF. 2 Beginning Sept. 1965 includes gold deposited by the IMF to mitigate 6 Includes payment of $259 million increase in U.S. gold subscription the impact on the U.S. gold stock of purchases by foreign countries for to the IMF. gold subscriptions on increased IMF quotas. Amount outstanding was Note.—See Table 11 on p. 1559 for gold held under earmark at F.R. $211 million on Sept. 30, 1966. The United States has a corresponding Banks for foreign and international accounts. Gold under earmark is gold liability to the IMF. not included in the gold stock of the United States. 3 Includes gold in Exchange Stabilization Fund. See also Note to table on gold reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 GOLD RESERVES AND DOLLAR HOLDINGS 1551 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, I966p 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 I 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 1 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.............................................................. 780 795 837 898 889 892 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 r5,237 564 5,161 560 Other1................................................................... 508 49 341 50 393 50 34 50 r498 49 343 50 Total............................................................. 32,733 714 33,357 765 33,679 814 34,058 800 r34,034 806 34,651 811 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 1 200 249 1 200 1 206 1 Cuba...................................................................... 12 11 10 10 10 10 Mexico.................................................................. 904 1 852 803 861 874 1 740 1 Panama, Republic of....................................... 99 1 124 I 113 120 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 1 605 * 594 ♦ Total............................................................. 4,381 6 4,457 5 4,570 5 4,786 5 4,698 5 4,610 5 Asia: India...................................................................... 306 353 357 365 321 367 * Indonesia.............................................................. 73 1 58 1 58 1 66 1 72 1 84 1 Japan..................................................................... 3,071 5 3,170 9 3,274 9 3,342 9 3,294 9 3,226 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 2,428 41 Total............................................................. 6,327 49 6,688 53 6,822 51 7,002 51 7,026 51 7,(47 51 Africa: South Africa.................................................... 621 * 424 • 400 * 476 * 609 * 707 ♦ U.A.R. (Egypt)............................................... 163 161 159 169 155 162 * Other................................................................. 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 31 409 27 Total............................................................. 784 26 858 28 807 28 856 29 889 31 910 27 Total foreign countries2................................ 49,302 1,501 49,810 1,594 50,722 1,632 51,419 1,577 r51,178 1,592 51,774 1,596 International and regional5......................... 7,161 904 <6,689 799 <6,999 795 *6,878 752 47,659 556 <7,653 433 Grand total2............................................... 56,463 2,405 56,499 2,393 57,721 2,427 58,297 2,329 r58,837 2,148 59,427 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.’’ non marketable 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. 1558. See also Note to table on gold reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1552 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 1966 1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS (Amounts outstanding; in millions of dollars) End of period G to r t a a n l d 1 reg I a i n o n t n d i a . l 1 c F o o u r n e t i r g ie n s E W u e ro st p e e rn 2 Canada A re m p L u e a b r ti i l n c ic a s n Asia Africa co O u t n h t e ri r e s 1963................................................ 19,505 5,855 13,650 7,867 1,664 1,058 2,731 154 176 1964................................................ 20,221 5,876 14,345 8,266 1 '483 1,238 3'020 160 178 1965—'Aug,................................. 19,036 5,853 13,183 6,888 1,378 1,356 3,176 194 191 Sept.................................... 19,370 5^920 13^450 7,136 1,385 1,385 3,162 184 198 Oct............................... 191407 5'891 13,516 7,173 1 ',410 1,347 3,188 187 211 Nov..................................., 19,520 5,836 13'684 7,192 1 ,440 1,343 3'297 187 225 Dec..................................... 19,922 5,751 14'171 7,532 1 '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................................... U9,403 5,848 U3.555 r7,017 1,308 1 ,359 3,410 218 243 Apr.................... ............. U9,'412 r5,785 U3,'627 r6,968 1 ',262 1’415 3'519 229 r234 May................................... U9J38 *•5'633 *■13,905 *•7'238 1 '239 1,438 3'532 235 223 June................................... 19,286 5,515 13,771 7,415 1 '202 1,225 3,438 237 254 July*................................. 19’497 5'623 13’874 7,725 1' 163 1,163 3^365 234 224 Aug.*................................ 19,586 5; 827 13,759 7,618 1 ,096 1,177 3,397 252 219 1 Excludes $776 million letter of credit issued by the U.S. Treasury Dept, as reported by hanks in the United States, and estimated foreign official to the International Monetary Fund in payment of the dollar portion of holdings of marketable U.S, Govt, securities with an original maturity the U.S. quota increase which became effective on Feb. 23, 1966. 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 r t a a n l d 2 Total 2 Inti. 2 E p u ea ro n ­ L r .A e­ . Total Offi­ Other Europe Canada Am La e t r i i n ca Asia Africa c t o ri u e n s ­ . re" gional cial 4 gional 3 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 51145 4,938 34 173 19,874 11,963 7,911 10J62 3,349 21448 31444 319 152 1963................... 25;967 4.637 4,501 18 118 21’330 12'467 8,863 101770 2,988 31137 4.001 241 194 1964 5............... 28,873 4,974 4,802 22 150 23;899 131220 101679 12,236 2,984 31563 4',687 238 192 1965—Aug....... 28,540 5,058 4,919 9 130 23,482 12,059 11,423 11,310 2,783 3,793 5,095 283 218 Sept.... 28,912 5,125 4,988 14 122 23,787 12,326 11,461 11,554 2,816 3,804 5,119 271 223 Oct........ 29,234 5,097 4,964 12 120 24,137 12,403 11,734 11,576 3,042 3,827 5,176 272 244 Nov.... 29,171 5,085 4,948 12 125 24,086 12,579 11,507 11,461 2,970 3,836 5,288 274 257 Dec........ 29,072 5,000 4,882 10 107 24,072 13,066 11,006 11,627 2,574 4,027 5,286 280 278 1966—Jan......... 29,277 5,095 4,967 9 119 24,182 12,844 11,338 11,672 2,561 4,043 5,326 312 268 Feb........ 29,154 5,210 5,083 10 117 23,944 12,474 11,470 11,358 2,589 4,055 5,356 335 253 Mar....... ’•29,246 5,292 5,177 12 103 *•23,954 *■12,455 11,499 UI ,660 2,308 4,026 5,359 330 272 Apr........ *■29,498 5,297 5,180 10 106 *•24,201 *■12,527 **11,674 UI,522 2,460 4,099 5,526 328 266 May.... *•29,706 5,195 5,083 12 101 *•24,511 *•12,805 11,706 UI ,868 2,359 4,154 5,541 336 262 June.... 29,629 5,082 4,972 14 96 24,547 12,665 11,882 12,331 2,171 3,936 5,470 334 305 July*. .. 30,705 5,191 5,081 12 98 25,514 13,021 12,493 13,348 2,291 3,885 5,392 329 269 Aug.*... 31,218 5,438 5,333 10 95 25,780 12,907 12,873 13,777 2,164 3,826 5,408 339 265 2a. Europe Ger­ E p n er d i o o d f Total Austria Belgium m D a e r n k ­ l F a i n n d ­ France m F a e n d y . , Greece Italy N la e n th d e s r­ Norway Po g r a t l u­ Spain Sweden Rep. of 1961................... 10,322 255 326 52 91 989 2,842 67 1,234 216 105 99 153 406 1962................... 10,162 329 177 67 73 1,157 21730 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—Aug....... 11,310 263 444 242 100 1,181 1,233 148 1,486 316 224 256 271 707 Sept.... 11,554 259 418 238 94 1,111 1,363 150 1,368 330 231 277 254 704 Oct........ 11,576 261 411 260 113 1,036 1,385 143 1,328 356 240 280 229 699 Nov.... 11,461 263 404 275 105 1,045 1,424 133 1,328 373 239 303 210 667 Dec..... 11,627 250 398 305 108 997 1,429 151 1 ,620 339 323 322 183 647 1966—Jan........ 11,672 232 392 323 102 985 1,449 148 1,483 255 231 299 152 644 Feb........ 11,358 202 366 331 103 997 1,438 157 1,325 257 240 291 115 658 Mar....... *•11,660 211 370 341 95 1,071 1,420 144 1,326 271 254 294 118 651 Apr....... UI, 522 203 380 347 91 1,024 1,409 142 1,378 242 284 295 120 661 May.... '11,868 208 379 323 86 1,068 1,479 144 1,409 272 311 281 132 671 June.... 12,331 206 378 321 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 Aug.*.. . 13,777 180 389 271 66 1,137 2,086 129 1,659 331 299 322 174 673 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1553 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 e d ri o o d f Sw la it n z d er­ Turkey U K d n i o i n 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 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 15 531 1963................... 906 21 1,483 16 465 2 24 3,137 375 179 143 169 11 669 1964................... 1,370 36 1,884 32 358 3 19 3,563 291 258 176 209 12 735 1965—Aug.... 1,319 19 2,727 56 292 I 25 3,793 354 410 184 171 10 622 Sept....... 1,383 24 2,962 57 303 2 27 3,804 382 412 205 167 10 642 Oct........ 1,333 30 3,146 49 245 2 29 3,827 414 356 195 191 10 611 Nov....... 1,268 27 3,032 48 287 3 27 3,836 397 382 188 201 10 644 Dec........ 1,369 34 2,714 36 369 4 30 4,027 432 383 219 214 10 703 1966—Jan......... 1,331 34 3,212 14 353 4 30 4,043 424 364 210 189 9 728 Feb........ 1,353 35 3,095 20 345 4 27 4,055 461 367 186 174 11 742 Mar....... 1,456 39 '3,201 14 358 3 27 4.026 487 281 202 177 10 740 Apr....... 1,466 28 '3.062 16 342 3 27 4,099 503 266 199 196 9 727 May.... 1,585 28 '3,117 16 330 3 27 4,145 518 337 205 193 9 717 June.,,, 1,610 21 .3,120 21 353 2 29 3,936 485 325 195 182 10 598 JulyP. .. 1,696 18 3,360 20 397 4 31 3,885 473 309 198 189 9 575 Aug+... 1,692 26 3,901 27 380 6 29 3,826 489 322 201 182 9 555 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 7 A S n u N t r i e i l n l t e h a s . m & Am O La e th t r i i e n c r a7 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 o si ­ ­ a Israel 1961................... 87 84 57 418 226 111 89 15 2,974 35 56 78 76 63 1962................... 98 105 101 405 267 123 97 10 3,444 36 65 41 28 81 1963................... 129 158 113 591 355 136 93 15 4,001 35 66 51 48 112 1964................... 99 206 111 734 416 189 114 14 4,687 35 95 59 38 133 1965—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 5 2 139 May..,. 146 233 167 762 529 183 125 19 5,541 36 117 141 55 128 June.... 156 247 179 700 534 181 126 19 5,470 35 114 124 49 118 Julyp... 144 230 180 736 541 164 117 19 5,392 36 118 125 44 119 Aug.P.,. 145 227 166 698 537 158 117 20 5,408 36 128 134 49 106 2c. Asia—Continued 2d. Africa 2e. Other countries E pe n r d i o o d f Japan Korea P p h i i n l e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total C s ( h K o a n i s n g a o ­ ) ro M cc o o ­ 7 A So fr u i t c h a ( U E . g A y . p R t) . A O f t r h i e ca r Total t A ra u l s ia ­ ot A he ll r 7 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—Aug...... 2,897 92 265 228 503 764 283 17 16 61 24 164 218 196 22 Sept.......... 2,947 101 278 227 502 712 271 14 22 58 20 157 223 199 24 Oct........... 2,972 103 283 228 506 718 272 12 31 53 19 157 244 222 22 Nov,. 3,020 110 290 220 513 762 274 11 30 57 19 158 257 235 22 Dec........... 3,014 108 304 211 542 718 280 12 17 51 30 170 278 254 24 1966—Jan,...... 2,965 118 295 213 577 768 312 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., .... 2,959 121 313 217 580 832 328 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......... 2,897 119 329 227 576 881 334 9 22 67 23 213 305 279 26 Julyp..... 2,780 120 325 241 596 890 329 10 25 63 25 205 269 241 28 Aug.P..,. 2,760 129 316 242 603 905 339 12 35 56 22 215 265 237 28 i International Bank for Reconstruction and Development, Inter­ 4 Foreign central banks and foreign central govts, and their agencies, national Monetary Fund, International Finance Corp., International and Bank for International Settlements and European Fund. Development Assn,, and other international organizations; Inter-Amer­ 5 Includes revisions arising from changes in reporting coverage as ican Development Bank, European Coal and Steel Community, European follows (in millions of dollars): Total +50; Foreign other +50; Europe Investment Bank and other Latin American and European regional — 17; Canada +1; Latin America +26; Asia +49; Africa —9. organizations, except Bank for International Settlements and European 6 Includes Bank for International Settlements and European Fund. Fund, which are included in “Europe.” 7 Data based on reports by banks in the Second F.R. District only for 2 See Note 1 to Table I. year-end 1961-62, 3 Not reported separately until 1962. For Note see end of Table 2. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1554 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 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 8; (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 (inch Okinawa). 25,6 32.7 24.0 39.5 Ecuador. ..................................... 67.1 65.2 69.6 62.3 Saudi Arabia....................... 197,2 288.0 283.6 291.0 El Salvador...................................... 56.0 71.7 67.0 78.3 Syria..................... ............... 7.6 3.2 4.0 4.8 Guatemala........................................ 48.7 71.6 68.1 86.9 Vietnam.......................................... 19,0 19.7 39.0 123.8 Haiti................................................... 14.3 15.4 16.3 16.7 Honduras......................................... 26.0 33.0 31.4 43.2 J N P a a i m c ra a a g r i a u c g a a u y ... a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .. . . .. .. . . .. .. . . . . . .... 4 1 7 2 1 . . . 0 4 4 6 1 7 7 2. . . 1 8 4 6 1 8 7 3 . . . 0 6 8 7 1 1 5 1 5 . . . 0 5 0 Ot A E he t l h g r i e o A r p i f a i r a . i . c , . . a . ( . : . i . n .. c .. h .. .. E ... r . i . t .. r . e .. a .. ) .. . . . . . . . . . . . . . . . . . . . . ..... 33 1. . 5 7 4 2 5 . . 1 2 4 7 4. . 1 6 5 1 8 3 . . 9 6 Trinidad & Tobago............... 7.4 8.6 3.6 6,3 L G i h b a e n ri a a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 0 . . 6 0 1 5 7 . , 1 6 1 2 7 . . 6 9 1 2 9 . . 9 7 Other Latin America: Libya.............................................. 28.9 26,8 34,8 26.7 B Fr r e it n is c h h W W e e st s t I n I d n i d e i s e . s .. ... & ... ... F .. r .. e .. n .. ch 8.0 16.0 11.5 8.9 N M i o g z e a ri m a. b ... i . q .. u ... e .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 5 , , 5 7 20 1 . . 3 6 21 1 . . 7 6 n 1 . . a 7 . Guiana.......................................... 1.1 1.4 2.2 1.5 Somali Republic........................... .5 .8 .8 .9 Southern Rhodesia...................... 93.4 2.6 3.3 3.5 Other Asia: Sudan.............................................. 2.2 2.2 3.7 3.3 Afghanistan................................. 5.5 6.3 5.6 8.0 Tunisia............................................ .9 1.0 1.8 1.0 Burma............................................... 32.5 35.9 49.1 n.a. Zambia........................................... (’) .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 8 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 9 Includes data reported for Malawi (formerly Nyasaland) and Zambia ment Assn, and the Inter-American Development Bank. For data on (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 institutions1 To all other foreigners Payable End of period Total 1 in foreign Total Dem D an e d pos T it i s me 2 c T e b r i r l t U e l i s f a . i s S c a u . a n r t d y e s n S o p U t e . e c S s i . a 3 l Other 4 Total Dem D an e d pos T it i s me 2 c T e b r i r l t e U l i s f a . i s S c a u a . n r t d y e s Other 4 currencies 1961........................ 22,533 20,025 8,707 7,363 2,388 1,567 2,358 1 ‘>77 149 232 150 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—Aug,...... 28,540 24,942 7,080 4,003 7,319 3,434 3,106 3,485 1,480 1,471 88 447 113 28’912 25,291 6,977 3,926 7,709 3,494 3,185 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............ 29J171 25,481 6,810 4,005 8,078 3,470 3,118 3,591 1,551 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.....2..9..,.2...7.7 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............ r29,246 r25,188 7,117 3,823 7,643 3,592 0,012 3,676 1,530 1,703 89 354 381 Apr r29,498 ’•25,380 7,080 3,895 7,548 3,597 '3,260 3,712 1,578 1,693 106 336 406 May ......... r29,706 r25,566 7,293 3,769 7,464 3,627 0,412 3,704 1 ,531 1 ,718 88 367 437 June...... 29,629 25,430 7,297 3,656 7,384 3,614 3,479 3,743 1 ,526 1,756 72 389 456 July?........... 30'705 26,499 7,872 3,682 7,605 3,680 3,660 3,720 1,498 1,755 80 386 485 Aug,?......... 31^218 27,004 8,214 3,700 7,521 3,923 3,645 3,658 1,413 1,770 81 394 556 i See Note I to Table 1. 4 Principally bankers’ acceptances, commercial paper, and negotiable 2 Excludes negotiable time certificates of deposit which are included time certificates of deposit. in “Other,” 5 Includes revisions arising from changes in reporting coverage as 3 Nonnegotiable, non-interest-bearing special U.S. notes held by the follows (in millions of dollars): Total +50; foreign banks, etc. +55; International Monetary Fund; excludes such notes held by the Inter­ other foreigners +23; payable in foreign currencies —28. national Development Assn, and the Inter-American Development Bank, which amounted to $167 million on Aug. 31, 1966, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1555 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g i i , o a n n a d l Europe Canada A L m a e t r in ic a Asia Africa 1 co O un th tr e ie r s 2 1961......................................................................................... 4,820 767 556 1,522 I 891 85 1962......................................................................................... 5,163 877 526 1,606 2 017 137 1963 ........................................................................................ 5^975 i 939 638 1,742 2 493 104 58 1964......................................................................................... 7.469 1 1,217 725 2,212 3 137 120 58 19643...................................................................................... 7,957 * 1 '230 (,004 2,23$ 3,294 131 64 1965—Aug.................................................................. 7,541 1,121 758 2 124 3,337 142 59 Sept............................................................................. 7; 498 * 1^213 678 2 J 36 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.............................................................................. 7^32 1’201 593 2'288 3^343 139 67 Dec.4.......................................................................... 7',728 ♦ 1,208 669 2^293 3’,351 139 67 1966—Jan............................................................................... 7,551 1,207 625 2,210 3,292 142 76 Feb.............................................................................. 7'466 1 1'145 631 2'188 3,294 132 76 Mar............................................................................. 7S584 I 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 June............................................................................ 7,644 1 1,285 643 2,221 3 293 140 62 Julyp.......................................................................... 7^496 2 1 '291 641 2’244 3,127 128 63 Aug.p........................................................................ 7,408 1 1,304 563 2,'271 3,080 128 61 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 1964 3.................................. 1,230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965—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.4..................... 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 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....................... 1,285 12 56 40 92 72 200 13 108 34 47 34 63 60 July*..................... 1,291 13 54 54 93 71 209 13 100 52 50 37 68 65 Aug.1’........... 1,304 10 58 53 90 71 217 15 106 42 49 38 62 65 4a. Europe—Continued 4b. Latin America End of period S l w a e n r i ­ t d z­ T k u ey r­ U K d n o i i n 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 5 U.S.S.R. E E O u as t r h o te e p r r e n 6 Total A t r i g n e a n­ Brazil Chile l C o bi m 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 1964 3................................. 111 37 310 16 20 ♦ 20 2,235 203 126 176 338 17 644 1965—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.4.................... 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 May............... 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 Julyp. ................... 78 50 198 20 35 3 25 2,244 192 106 163 254 16 729 Aug.P.................... 92 42 214 17 37 2 25 2,271 183 110 158 279 16 743 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1556 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 1966 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 4b. Latin America—Continued 4c. Asia Baha­ Neth. E pe n r d i o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ r O l e L i p c t . h s A u e b . 7 r ­ m B m u & d e a r a s ­ 1 A S n n u a t & i m r l i l ­ es A O L ic m a t a h t e i e n 8 r r ­ Total C M la h a n i i n d n a ­ H K o o n n g g India I n n e d si o a ­ Israel 1961................... 32 74 55 144 56 13 74 1,891 2 9 8 36 1962................... 30 85 122 102 66 9 98 2,017 2 13 20 * 37 1963................... 35 99 65 114 135 42 9 16 2,'493 2 11 17 * 22 1964.................. 41 102 76 165 222 58 18 20 3,137 2 26 22 7 44 19643................. 49 108 78 168 224 65 18 21 3'294 2 28 21 7 47 1965—Aug....... 48 122 68 172 210 52 13 21 3,337 1 32 19 2 53 Sept....... 51 125 67 177 217 56 13 21 3,266 1 28 18 2 54 Oct........ 53 138 67 184 222 55 14 22 3,189 1 27 19 2 67 Nov....... 55 147 50 181 234 52 14 22 3,253 I 28 16 1 76 Dec....... 59 170 45 220 250 53 14 23 3,343 1 29 17 2 86 Dec *..., 59 170 45 220 250 53 14 23 3,351 1 29 17 2 86 1966—Jan........ 59 169 49 185 237 51 13 23 3,292 1 24 22 2 86 Feb........ 63 160 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 57 16 21 3,293 1 33 29 I 89 July”... 66 177 57 180 218 55 17 16 3,127 1 32 26 2 88 Aug. ”... 69 177 39 184 224 56 17 16 3,080 1 30 28 2 90 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 1 C s ( h K o a n i s n g a ­ o ) M c o o r o 1 c­ A So fr u i t c h a ( U E . g A y . p R t) . A O f t r h ic e a r ! Total 2 A t l r u i a a s ­ ­ ot A h U er 9 1961............................ 1,528 4 114 10 34 145 6 10 13 85 29 27 1962............................ 1,740 3 70 9 41 80 2 10 26 137 41 57 1963............................ 2,171 25 113 8 52 71 104 1 i 15 28 59 58 48 9 1964............................ 2,653 21 202 9 64 88 120 1 2 19 42 56 58 48 10 19643.......................... 2,810 21 203 9 65 82 131 1 2 20 42 67 64 48 16 1965—Aug................. 2,830 21 196 10 74 101 142 I 2 31 36 72 59 46 14 Sept................ 2,755 20 212 9 72 93 146 1 2 36 38 69 59 45 14 Oct.................. 2,656 20 219 9 70 98 146 1 2 36 35 71 66 52 15 Nov................. 2,683 20 240 11 71 104 134 1 2 33 32 67 69 55 14 Dec................. 2,751 22 231 15 82 108 139 I 2 34 43 60 67 52 15 Dec. 4............. 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 I 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 June............... 2,728 16 191 17 69 118 140 1 2 41 48 48 62 52 9 July».............. 2,585 19 173 16 67 118 128 2 38 44 43 63 54 9 Aug.”............. 2,535 20 183 17 64 112 128 * 2 37 44 44 61 52 9 1 Not reported separately until 1963, 8 Until 1963 includes also the following Latin American republics; 2 Includes Africa until 1963. Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, 3 Differs from December data in line above because of the exclusion and Trinidad and Tobago. as of Dec, 31, 1964, of $58 million of short-term U.S. Govt, claims 9 Until 1963 includes also African countries other than Congo (Kin­ previously included; and because of the addition of $546 million of short­ shasa), South Africa, and U.A.R. (Egypt). term claims arising from the inclusion of claims previously held but first reported as of Dec. 31, 1964, and revision of preliminary data. Note.—Short-term claims are principally the following items pavable 4 Differs from December data in line above because of the addition on demand or with a contractual maturity of not more than 1 year; loans of short-term claims held in custody for domestic customers, but reported made to and acceptances made for foreigners; drafts drawn against by banks for the first time as of Dec. 31, 1965. foreigners where collection is being made by banks and bankers for 5 Until 1963 includes Eastern European countries other than U.S.S.R., their own account or for account of their customers in the United States; Czechoslovakia, Poland, and Rumania. and foreign currency balances held abroad by banks and bankers and g Czechoslovakia. Poland, and Rumania only until 1963. their customers in the United States. Excludes foreign currencies held 7 Bolivia, Dominican Republic, El Salvador, and Guatemala only until by U.S. monetary authorities. 1963. See also Note to Table 2. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1557 5, SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total Total O i t n i f L o s f t i n o i c s t a i u a n 1 ­ l s to B — anks Others C s t o t o i i a o n u l n l n g t e d ­ s c ­ ­ f e o A m o i r a g c f n a a c n f c d c e e o e c e p r r s t s t ­ , ­ 2 Other3 Total D w ei e i g t p h n o e f s r o i s t r s ­ g c F a o u n c o n v o r a r i d t n m e t , i c i e l f g s e . i s e ­ n , ­ Other4 paper2 1961 ... ............... 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 5344 1,915 186 955 774 832 2,214 384 631 432 157 42 1964................................ 7,469 6,810 2,652 223 1,374 1,055 1,007 2,600 552 659 400 182 77 19645 7,957 7,333 2,773 221 1,403 1,150 1,135 2,621 803 624 336 187 102 1965--Aug.................... 7,541 7,032 2,821 233 1,458 1,129 1,158 2,509 544 509 298 125 87 Sept..................... 7'498 6,965 2,813 239 1,468 1,106 1,189 2,454 510 533 364 78 90 Oct...................... 7,392 6,895 2,806 265 1,440 1,101 1,191 2,422 476 496 321 82 93 Nov..................... 7,486 6,983 2,887 251 1,535 1,101 1,207 2,411 477 503 325 75 103 Dec..................... 7,632 7,158 2,967 271 1,566 1,130 1,268 2,501 422 474 325 54 95 Dec. 6................. 7,728 7,236 2,967 271 1,567 1,129 1,272 2,501 495 492 329 68 96 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 2,812 224 1,497 1,091 1,264 2,478 476 436 260 61 115 Mar..................... 7^584 7,139 2,864 231 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 J une................... 7^644 7,175 2,911 248 1,584 1 ,079 1,320 2,471 473 469 294 63 113 July?................... 7 396 7,071 2,859 215 1,570 1 ,074 1,336 2,380 497 425 252 59 113 Aug.?................. 7,408 6,968 2,822 216 1,548 1 ,058 1,370 2,323 453 440 260 57 123 1 Includes central banks. . previously included; and because of the addition of $546 million of short­ 2 Not reported separately until 1963. term claims arising from the inclusion of claims previously held but first 5 Until 1963 includes acceptances made for account of foreigners. reported as of Dec. 31, 1964, and revision of preliminary data. 4 Until 1963 includes foreign government securities, commercial and 6 Differs from December data in line above because of the addition finance paper. of short-term claims held in custody for domestic customers, but reported 5 Differs from December data in line above because of the exclusion by banks for the first time as of Dec. 31, 1965. as of Dec. 31, 1964, of $58 million of short-term U.S. Govt, claims 6. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Claims Type Country or area Total End of period liabili­ ties Total Payable in dollars Payable claims Loans 1 oth A e ll r 1 r f e o n c r i c u e n i i r e g ­ s n 1 U K d n i o i n m t g ed ­ E O u t r h o e p r e Canada A L m a e ti r n ica Japan O A t s h i e a r Africa1 ot A he ll r 2 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 3 194 113 68 1964................................ 306 3,971 3,777 195 77 1,611 273 1,162 385 238 123 104 19644.............................. 310 4,285 3,995 288 1 87 1,632 327 1,275 430 255 156 122 1965—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.................... 1,007 4,389 4,108 272 8 87 1,386 311 1,306 406 410 198 283 July?................... 1,066 4,388 4,110 270 8 81 1,349 328 1,300 403 427 202 300 Aug.?................. 1,076 4,365 4,092 265 8 78 1,328 322 1,293 393 428 204 319 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 Diners 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

1558 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 1966 7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES. BY TYPE (In millions of dollars) U.S. Govt, bonds and notes 1 U. s S e . c u c r o it r i p e o s ra 2 te Foreign bonds Foreign stocks Net purchases or sales Period Inti, Foreign c P ha u s r e ­ s Sales c N ha e s t e p s u o r r ­ ch P a u s r e ­ s Sales c N ha e s t e p s u o r r ­ c P ha u s r e ­ s Sales c N ha e s t e p s u o r r ­ Total and sales sales sales 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—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 —i I -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 i 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 Feb..................... -118 -136 19 19 489 487 2 83 189 -106 71 75 — 5 Mar.................. -54 -50 -4 ♦ -4 r683 546 4 37 243 352 -109 100 101 — I Apr.................... -66 -68 2 2 577 565 12 106 260 -154 88 105 -17 May,.................. -60 -51 -9 ♦ -9 716 576 141 152 161 -8 94 55 39 June................... 6 -5 11 6 5 592 497 96 198 209 -10 91 52 40 JuiyP.................. -246 -246 -253 7 402 423 —20 133 247 -113 68 38 30 Aug.P................. -21 -44 23 -1 24 391 369 22 69 61 8 76 65 11 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 [962—Dec............................. 251 200 5t 1963—Dec............................. 730 50 30 275 200 175 163 125 13 25 1964—Dec............................. 1,086 50 30 679 327 354 329 ................... 25 1965—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 30 150 125 110 512 299 188 25 Aug............................. 415 50 30 100 125 110 512 299 188 25 Sept............................. 340 25 30 50 125 110 512 299 188 25 i 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-Sept. 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

OCTOBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1559 9. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Stocks Bonds France S l z a w e n r i d ­ t­ U K d n i o i n m t g ed ­ E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r ­ Asia Africa1 O c tr o 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 -1 18 1965.............. -461 -499 38 14 -63 -522 47 -523 37 -15 24 -4 -1 21 1965—Aug... -100 -93 -8 -8 -82 -2 -92 -13 -1 4 1 Sept... -28 -38 11 4 20 -56 -4 -36 -3 1 7 2 Oct.. . -6 -6 -1 4 10 -21 -7 -4 * 4 * 1 Nov.. -27 -35 8 2 -2 -16 -16 -13 -1 2 * 1 Dec... 37 -94 130 -10 4 -25 48 17 17 -2 1 -1 * 5 1966—Jan... 35 13 22 5 3 2 18 27 -3 3 6 ♦♦ 1 Feb... 2 -20 22 2 -28 3 -23 11 5 8 1 2 Mar... '137 -39 '177 9 17 '-14 24 '36 24 5 1 ♦ 71 Apr... 12 -21 34 2 19 -54 3 -30 24 8 7 3 May.. 141 -9 150 11 31 -68 9 -18 52 13 -8 * 101 June.. 96 -43 139 9 3 73 -19 66 3 4 9 13 July”. -20 -34 14 I 15 -92 26 -50 7 5 -8 -1 * 26 Aug.p. 22 -13 35 2 3 -23 -6 -24 39 * 7 * ♦ * 1 Not reported separately until May 1963. Note.—Statistics include State and local govt, securities, and securities 2 Yearly figures through 1963 include Africa. of U.S. Govt, agencies and corporations that are not guaranteed by the United States, 10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 11. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Total Assets in custody Period Total I a r n n e t d ­ i, c e f o i o g u r n n ­ ­ r E op u e ­ C ad an a ­ A L i m a c t a i e n r­ Asia r A ica f­ 1 O c tr o i t e u h s n e 2 r ­ E pe n r d io o d f Deposits U.S. Govt, Earmarked gional tries securities1 gold 1962 ................... -1,048 -235 -813 -188 -360 -41 -175 -50 1962.............. 247 6,990 12,700 1963 ................... -1’044 -96 -949 -49 -614 -26 -252 -8 1963 ............... 171 8^675 12354 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—Sept... 213 7,805 12,923 1965—Aug......... -23 1 -23 18 -46 5 -1 * 1 Oct... 144 7,974 12,905 Sept......... -108 -17 -92 27 -117 -5 12 4 -12 Nov... 149 8,171 12,824 Oct.......... -101 6 -107 -9 -101 3 -2 3 Dec.., 150 8,272 12,896 Nov. -70 6 -76 30 -30 -17 -29 -6 -24 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.......... -111 7 -118 -8 -83 -26 -3 * 1 May.. 263 7,631 12,975 Mar......... -110 -94 -16 77 -138 21 29 5 -10 June.. 313 7,517 12,955 Apr.......... -172 -31 -140 -8 -167 36 -3 * 2 Julv... 548 7,307 13,016 May........ 31 -22 53 75 -13 -14 4 1 Aug... 170 7,042 13,066 June........ 29 11 18 20 24 -4 -8 * -13 Sept... 159 7,092 12,904 J A u u l g y . ” P . .. . . . . . -8 1 3 8 -50 7 -3 1 3 1 15 3 -3 1 6 3 -11 4 - - 5 9 ♦ 1 4 * i U.S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign i Not reported separately until May 1963. currencies. 2 Yearly figures through 1963 include Africa. Note.—Excludes deposits and U.S. Govt, securities held for international organizations. Earmarked gold is gold held for foreign and international accounts 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

1560 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 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. Mar. June Sept. Dec. DecJ Mar. 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 48 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......................................... 102 100 132 139 141 365 294 310 312 315 433 Yugoslavia..................................................... 1 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 1,039 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 2 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 1! 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....................................................... 107 108 105 102 105 426 416 422 442 429 424 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 I 6 7 5 6 6 5 Japan................................................. 22 30 28 32 27 181 172 168 170 164 174 Korea.............................................................. I I 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........................................................ I 1 1 2 1 7 7 7 6 6 8 Other Asia..................................................... 25 24 32 32 33 62 66 68 67 66 76 Total...................................................... 87 98 109 113 112 339 332 328 331 322 333 Africa: Congo (Kinshasa)........................................ 1 1 2 3 1 2 2 2 South Africa................................................. 22 22 16 11 11 19 24 23 20 20 18 U.A.R. (Egypt)............................................. I 2 I I I 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 40 40 40 AU 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 2,468 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

OCTOBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1561 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 l in l a a b r l s e P fo ay r i e n a i b g l n e Total P d a o y i l n l a a b r l s e Deposits with currencies banks abroad in reporter’s Other name 1962 Mar . .................................................................................... 675 577 98 1,780 1,461 144 175 June.......................................................................................... 616 518 99 I ,776 1,449 178 149 June t.................................................................................... 665 551 114 1'974 1,598 208 168 Sept .............*........................................................ 678 554 123 2 J 36 1,685 197 254 Dec...............,.......................................................................... 637 508 129 2'051 1,625 214 212 Dec ' ..................................................................................... 644 513 130 2,098 1’668 217 212 1963 Mar........................................................................................... 614 470 144 2,113 1,712 201 200 Mar i....................................................................................... 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.4....................................................................................... 700 556 144 2,853 2,338 205 3 io 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........................................................................................... 848 616 232 2,468 2,027 211 229 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 4 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 Africa1 ot A he ll r 1 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 10 June2............ 159 882 12 88 28 145 101 192 115 85 99 18 Sept.................. 153 881 14 85 42 127 102 188 123 87 98 16 Dec.3....................... 148 734 16 83 56 61 69 154 90 93 96 16 1964—Mar.......................... 143 761 30 85 58 64 74 158 89 94 96 13 June4....................... 140 815 68 92 64 67 78 145 94 99 94 14 Sept,......................... 112 832 64 102 90 68 74 142 90 96 93 13 Dec........................... 107 962 51 109 95 215 72 135 89 95 88 14 Dec. 5....................... 107 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. s,..................... 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 1963 Africa included in “All other." 4 As a result of an increase in the exemption level from $100,000 to 2 Data include claims previously held but reported for the first time. $500,000, data exclude $3 million of liabilities and $3 million of claims 3 Data include $12 million of claims reported by firms reporting for held by firms previously reporting but now exempt. the first time and claims previously held but not reported. 5 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

1562 U.S. BALANCE OF PAYMENTS OCTOBER 1966 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1965 1966 Item 1963 1964 1965 I II III IV I*- 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—Totali........................ 32,339 36,958 38,993 8,776 10,136 10,016 10,065 10,456 10,565 Merchandise.................................................................. 22,071 25,297 26,276 5,625 6,798 6,826 7,027 7,121 7,111 Military sales................................................................. 657 747 844 200 229 199 216 198 258 2,115 2,324 2 415 ^^^546* ^“^629* 617 632 640 631 Travel.............................................................................. 934 1,095 11212 282 295 305 330 333 329 Investment income receipts, private......................... 4,156 4,932 5,389 1,422 1,470 1,321 1,176 1,392 1,447 Investment income receipts, Govt............................ 498 460 512 139 146 149 78 149 149 Other services................................................................ 1,908 2,103 2,345 562 578 599 606 623 640 Imports of goods and services—Total........................... -26,442 -28,468 -32,036 -7,164 -8,087 -8,245 -8,540 -8,922 -9,238 Merchandise.................................................................. -16,992 -18,621 -21,488 -4,656 -5,481 -5,595 -5,756 -6,003 -6,258 Military expenditures................................................... -2,936 -2,834 -2,881 -664 -701 -745 -771 -854 -913 Transportation.............................................................. -2,316 -2,462 -2,691 -638 -686 -661 -706 -719 -728 Travel............................................................................... -2,090 -2,201 -2,400 -597 -586 -603 -614 -640 -649 Investment income payments.................................... -1,271 -1,404 -1,646 -373 -404 -411 -458 -436 -436 Other services................................................................ -837 -946 -930 -236 -229 -230 -235 -270 -254 Balance on goods and services J...................................... 5,897 8,490 6,957 1,612 2,049 1,771 1,525 1,534 1,327 Remittances and pensions................................................ -867 -879 -994 -227 -288 -244 -235 -236 -243 1. Balance on goods, services, remittances and pensions...................................................................... 5,030 7,611 5,963 1,385 1,761 1,527 1,290 1,298 1,084 2. U.S. Govt, grants and capital flow, net.................... -3,581 -3,560 -3,375 -802 -949 -743 -881 -948 -961 Grants2, loans and net change in foreign currency holdings and short-term claims............. -4,551 -4,263 -4,277 -989 -1,141 -1,117 -1,030 -1,156 -1,165 Scheduled repayments on U.S. Govt, loans. . . 644 580 681 177 187 191 126 205 197 Nonscheduled repayments and selloffs............... 326 123 221 10 5 183 23 3 7 3. U.S. private capital flow, net..................................... -4,456 -6,523 -3,690 -1,605 -346 -827 -912 -908 -1,104 Direct investments................................................... -1,976 -2,416 -3,371 -1,212 -859 -569 -731 -687 -957 Foreign securities..................................................... -1,104 -677 -758 -202 -62 -285 -209 -324 7 Other long-term claims: Reported by banks.............................................. -754 -941 -231 -468 169 -58 126 122 -45 Reported by others............................................. 163 -343 -91 6 -6 -20 -71 -17 -56 Short-term claims: Reported by banks.............................................. -781 -1,523 325 21 144 51 109 142 -87 Reported by others............................................. -4 -623 436 250 268 54 -136 -144 34 4. Foreign capital flow, net, excluding change in liquid assets in U.S................................................... 689 685 194 325 -131 -251 251 270 890 Long-term investments........................................... 326 109 -149 285 -309 -235 110 279 902 Short-term claims..................................................... -23 113 146 -5 68 39 44 39 56 Nonliquid claims on U.S. Govt, associated with: Military contracts................................................ 347 228 314 51 130 -16 149 71 -46 U.S. Govt, grants and capital.......................... 94 50 -85 -8 -25 -34 -18 -64 -4 Other specific transactions................................ 1 208 -25 2 6 -5 -28 -2 3 Other nonconvertible, nonmarketable, medium-term U.S. Govt, securities3.......... -56 —23 -7 -1 * -6 -53 -21 5. Errors and unrecorded transactions.......................... -352 -1.011 -429 ..........-.1...0...9 -240 -80 -268 -66 Balances A. Balance on liquidity basis Seasonally adjusted (= 1+2+34-4+5)... -2,670 -2,798 -1,337 -697 226 -534 -332 -556 -157 Less: Net seasonal adjustments................ -512 37 472 3 -488 27 Before seasonal adjustment.......................... -2,670 -2,798 -1,337 -185 189 -1,006 -335 -68 -184 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted........................... -2,670 -2,798 -1,337 -697 226 -534 -332 -556 -157 Plus Seasonally adjusted change in liquid assets in the U S. of: Commercial banks abroad................................ 470 1,454 116 -15 -30 707 -546 232 513 Other private residents of foreign countries.. 385 345 306 135 56 65 50 138 62 International and regional organizations other than IMF..........-..2..3...6.............-..2..4...5.......... -290 -64 -29 -24 -173 -35 -377 Less: Change in certain nonliquid liabilities to foreign central banks and govts................. -7 302 100 -23 -16 -18 157 25 227 Balance B, seasonally adjusted............................. -2,044 -1,546 -1.305 -618 239 232 -1,158 -246 -186 Less: Net seasonal adjustments...................... -659 184 508 -33 -628 182 Before seasonal adjustment.................................... -2,044 -1,546 -1,305 41 55 -276 -1,125 382 -368 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1966 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 1563 U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1965 1966 Item 1963 1964 1965 I II in IV I' IIP Transactions by which balances were settled—Not seasonally adjusted A To settle balance on liquidity basis......................... 2,670 2,798 1,337 185 -189 1,006 335 68 184 Change In U.S. official reserve assets (ln- 378 171 1,222 842 68 41 271 424 68 Gold..................................................................... 461 125 1,665 832 4 590 124 119 68 209 Convertible currencies..................................... "113 -220 -349 -58 -56 -413 178 222 -163 IMF gold tranche position............................. 30 266 -94 68 4 -466 330 -26 134 22 Change In liquid liabilities to all foreign accounts 2,292 2,627 115 -657 -257 965 64 -356 116 Foreign central banks and govts.! Convertible nonmarketable U.S. Govt. 703 375 123 51 122 -50 -366 -176 Marketable U.S. Govt, bonds and notes 3. 466 -59 -20 16 -15 -2 -19 -5 6 Deposits, short-term U.S. Govt, securi- 504 757 -154 —927 -92 125 740 -591 225 IMF (gold deposits)............ 34 8 26 131 18 470 1,454 116 164 -206 697 -539 404 330 Other private residents of foreign countries. 385 345 306 104 82 72 48 109 69 International and regional organizations -236 -245 -290 -65 -26 -57 -142 -38 -356 2,044 1,546 1,305 -41 -55 276 1,125 -382 368 Change in U.S. official reserve assets (in- 378 171 1,222 842 68 41 271 424 68 Change in liquid liabilities to foreign central banks and govts, and IMF (see detail above 1,673 1,073 -17 -860 -107 253 697 -831 73 Change in" certain nonliquid liabilities to foreign central banks and govts.: Of U S private organizations..................... 9 148 -38 -21 -29 -16 28 43 248 Of U S Govt.................................................. -16 154 138 -2 13 -2 129 -18 -21 * Excludes military transfers under grants. 3 With original maturities over 1 year. 2 Excludes military grants. 3 Includes certificates sold abroad by Export-Import Bank, Note.—Dept, of Commerce data. Minus sign indicates net payments 4 Reflects $259 million payment of gold portion of increased U.S. (debits); absence of sign indicates net receipts (credits), subscription to IMF. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 1 Imports 2 Export surplus Period 1963 1964 1965 1966 1963 1964 1965 1966 1963 1964 1965 1966 Month: Jan................... 3986 2,040 3 1,215 2,249 3 1,100 1,418 3 1,193 1,936 3 -114 622 3 22 313 Feb....................... 32,124 2,058 3 1,599 2,335 3 1,510 1,459 3 1,600 1,993 3 614 599 3 -1 342 Mar...................... 3 1,958 2,075 3 2,755 2,594 3 1,485 1,518 3 1,861 2,073 3 473 557 ’894 522 Apr....................... 3 1,914 2,061 3 2,380 2,331 3 1,415 1,537 3 1,833 2,138 3 499 524 3 547 193 May..................... 1,895 2,047 3 2,260 2,364 1,416 1,530 J 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 41,741 2,207 391 546 4 515 254 Aug...................... 1,922 2,100 2,333 2,460 1,497 1,608 4 1,854 2,148 425 492 4 479 312 Sept...................... 1,958 2,261 2,324 1,443 1,563 41,865 515 698 4 459 Oct....................... 1,967 2,156 2,342 1,455 1,551 41,885 512 605 4 457 Nov...................... 1,966 2,206 2,408 1,466 1,698 41,952 500 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 3 915 1,177 II.......................... 3 5,612 6,185 3 6,870 7,181 3 4,262 4,581 3 5,452 6,323 3 1,350 1,604 3 1,418 858 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 4 5,729 ................1.,623 3 1,897 4 1,377 ................. Year3....................... 22,424 25,671 26,567 ................. 17,142 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. 3 Sum of unadjusted figures. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Note.—Bureau of the Census data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1564 MONEY RATES OCTOBER 1966 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Sept. 30, 1965 Rate as of Country 1965 1966 Sept.30, 1966 Per Month cent effective Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. 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 Riirma . 4.0 Feb. 1962 4.0 Canada 3 . .. 4.25 Nov. 1964 4.75 5.25 5.25 r^Avlnn ...,. .»...•..».....•..»....• ...... 5.0 May 1965 5.0 Chile 2 ......................... 15.30 July 1965 15.86 15.84 15.84 F’nJnmhtJ, 8.0 May 1963 8.0 Costa R ica. ....................... 3.0 Apr. 1939 3.0 Denmark,...................................... 6.5 June 1964 6.5 Ecuador • • 5.0 Nov. 1956 5.0 Fl Salvador , . 4.0 Aug. 1964 4.0 Finland ........ . 7.0 Apr. 1962 7.0 France ....................... 3.5 Apr. 1965 3.5 Oermany Fed Rep. of..... 4.0 Aug. 1965 5.0 5.0 Obana ................... 4.5 Oct. 1961 7.0 7.0 Cre^^e . ............. 5.5 Jan. 1963 5.5 Honduras 3................................... 3.0 Jan. 1962 3.0 Ireland ....................... 8.0 Jan. 1965 9.0 9.0 India,, t •. .................. 6.0 Feb. 1965 6.0 Indonesia , - 9.0 Aug. 1963 9.0 T ran ...................................... 4.0 Oct. 1963 5.0 5.0 Ireland...................................... 5.84 Sept. 1965 5.08 5.88 5.75 5.91 5.94 5.87 5.94 6.87 6.94 6.94 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 Ropea ........................... 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 N^w 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 Peru .................................. 9.5 Nov. 1959 9.5 Philippine Rftpuhlic 4 6.0 Jan. 1962 4.75 4.75 Portugal ................... 2.5 Sept. 1965 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 ............................ 14.04 July 1963 14.04 Thailand ............ 5.0 Oct. 1959 5.0 Tunisia t r .............................. 4.0 Oct. 1962 4.0 .... Turkey.................................... 7.5 May 1961 7.5 United Arab Rep. (Egypt).. 5.0 May 1962 5.0 JInjted Kingdom. ,............. 6.0 June 1965 7.0 7.0 Venezuela ....................... 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some continue to be .25 of 1 per cent above latest weekly Treasury bill tender of these countries follow: average rate but will not be more than the bank rate. Argentina—-3 and 5 per cent for certain rural and industrial paper, de­ 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis­ BrazilS per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia—5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent occur. for rediscounts in excess of an individual bank’s quota; 3 Rate shown is for advances only. Costa RicaS per cent for paper related to commercial transactions 4 Beginning with June 1, 1962, the rediscount rate for commercial (rate shown is for agricultural and industrial paper); bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for commercial purposes; under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, /ndonesia—various rates depending on type of paper, collateral, com­ 1962, the rediscount rate for commercial bank financing of 9 categories modity involved, etc.; of development loans was reduced from 6 to 3 per cent. Japan—penalty rates (exceeding the basic rate shown) for borrowings s Rate shown is for call loans. from the central bank in excess of an individual bank’s quota; Peru—8 per cent for agricultural, industrial and mining paper; and 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

OCTOBER 1966 MONEY RATES; ARBITRAGE 1565 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la i n tz d er­ Month 3 T m r b e o i a l n s ls u t , h ry s 1 D m a o d y n a - e y t y o 2 ­ 3 B a a m a c n n c o c k e e n p e s t r h t , ­ s s ’ 3 T m r b e i o a ll s n s u t , h ry s D m a d o y a n - y e t o y ­ a B d ll e o a p n w o o k n a s e n i r t c s s e ’ m D o a d y n a e - y t y o 3 ­ Tr 6 d b e 0 a i a - l y s l 9 s s u 0 , 4 r y D m a o d y n a - e y t y o s ­ 3 T r m b e i a o l s l n s u t , h ry s D m a d o y a n - y e t o y ­ d P is r r c i a v o te a u t n e t 1963—Dec.............. 3.71 3.55 3.91 3.74 3.00 2.00 4.66 2,63 2,56 2.25 1.56 2.00 1964—Dec............... 3.85 3.84 6.84 6.62 5.87 5.00 4.16 2.63 2.88 3.68 2.09 2.68 1965—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 3.50 July............. 5.07 5.01 6.56 6.31 5.48 4.58 4.79 5.00 5.75 4.94 5.11 3.88 Aug.............. 5.07 4.75 6.97 6.70 5.98 5.00 5.00 5,44 4.90 4.65 4.00 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. Note—For description and back data, see “International Finance,” 4 Rate in effect at end of month. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Premium Date K U in n g i d te o d m Spread d ( is + c ) o u o n r t in ( c f N e a n v e t o t i r v e Canada Spread d ( ( i - + sc ) ) o o u o n n r t in ( c f N e a n v e t o t i r v e q ( u a o U d t j a S . t . i t o o n U St n a i t t e e s d L ( o f n a o v d f o o r n ) f ( p o - r o ) w u n a o r d n d Lon o d f o n) qu A i o n s t e d qu A o U d t j . a . S ti . t o o n U S n ta i t t e e s d C ( a fa n o v a f o d r a ) C f d a o 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 May 6................ 5.49 4.65 .84 -.75 + .09 5.11 4.98 4.65 + .33 -.17 + .16 13................ 5.49 4.59 .90 -.72 + .18 5.10 4.97 4.59 + .38 -.17 + .21 20............... 5.52 4.62 .90 -.69 + .21 5.09 4,96 4.62 + .34 -.17 + .17 27................ 5.52 4.61 .91 -.67 + .24 5.11 4.98 4.61 + .37 -.19 + .18 June 3................ 5.52 4.53 .99 -.62 + .37 5.09 4.96 4.53 + .43 -.22 + .21 10............... 5.55 4.54 1.01 -.79 + .22 5.07 4.94 4.54 + .40 -.17 + .23 17............... 5.55 4.47 1.08 -.62 + .46 5.06 4.93 4.47 + .46 -.22 + .24 24............... 5.61 4.31 1.30 -.61 + .69 5.01 4.88 4.31 + .57 .00 + .57 30................ 5.61 4.43 1.18 -.59 + .59 5.00 4.87 4.43 + .44 -.11 + .33 July 8................ 5.67 4.63 1.04 -.72 + .32 5.07 4.94 4.63 + .31 .00 + .31 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 Aug. 5............... 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 9................ 6.60 5.16 1.44 -.95 + .49 5,00 4.87 5,16 -.29 + .09 -.20 16................ 6.60 5,42 1.18 -.85 + .33 5.05 4.92 5.42 -.50 + .41 -.09 23................ 6.60 5.47 1.13 -.90 + .23 4.97 4.84 5.47 -.63 + .32 -.31 30................ 6.60 5.30 1.30 -.94 + .36 5,00 4.87 5.30 -.43 + .32 -.11 Oct. 7................ 6.52 5.34 1,18 -.77 + .41 5,09 4.96 5.34 -.38 + .41 + .03 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 11 a.m. Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures see Oct. 1964 Bulletin, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 Bulletin. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1566 FOREIGN EXCHANGE RATES OCTOBER 1966 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period Ar ( g p e e n so ti ) na (poun A d) ustra ( li d a ollar) (s A ch u i s l t l r in ia g ) B ( e fr l a g n iu c m ) C (d a o n ll a a d r a ) ( C ru ey p l e o e n ) D (k en ro m n a e r ) k ( F m i a n r l k an k d a) ( F f r r a a n n c c e ) 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--Sept................................ .5632 222.84 3,8721 2.0140 92.888 20,952 14.457 31.060 20.400 Oct.................................. .5542 223.35 3,8707 2.0130 92.999 20,989 14.502 31.059 20.393 Nov................................. .5546 223.40 3.8700 2,0145 93.009 21,008 14.506 31.061 20.403 Dec................................. .5322 223.27 ................... 3.8680 2.0141 92.939 21.003 14.520 31.061 20.402 1966--Jan.................................. .5291 223.42 3.8673 2,0115 93.035 21,012 14,518 31.060 20.399 Feb.................................. .5284 4 223.38 5 111,62 3.8669 2.0107 92.895 21.005 14.496 31.059 20.401 Mar................................. .5290 111.36 3.8676 2,0087 92.901 20.959 14.491 31.059 20.402 Apr................................. .5292 111.29 3.8677 2.0054 92.836 20.945 14.485 31,064 20.403 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 111.11 3.8718 2.0122 92.992 20.929 14.436 31.062 20.394 Sept................................. .4594 111.13 3.8720 2.0035 92.904 20.928 14.471 31,063 20.314 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 e a n n ) ( M do s a l i l l a a a y r) ­ M (p e e x s i o c ) o ( e g N r u la i e l n t d h d e ­ s r) Z (p e N o a u e la w n n d d ) I960. 23.976 20.968 280,76 .16104 .27785 32.817 8.0056 26.513 277.98 1961. 24.903 20.980 280.22 .16099 .27690 32,659 8.0056 27.555 277,45 1962. 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1963. 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 277.22 1964. 25.157 20,923 279.21 .16014 .27625 32.566 8.0056 27.724 276.45 1965. 25.036 20.938 279.59 .16004 .27662 32.609 8,0056 27,774 276.82 1965-—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 June................................. 24.963 6 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 Sept.................................. 25.069 13.252 278.93 . 16029 .27574 32,458 8.0056 27,627 276.17 Philip- 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 (es g cu al d o) (pound) (rand) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( S e fr 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 .................1..39.27 1.6662 19.386 23.106 279.59 1965--Sept.................................. 13.990 3.4786 139.31 1.6662 19.352 23.162 279.67 Oct.................................... 13.998 3.4871 139.63 1.6658 19.329 23.150 280.31 Nov.................................. 14.001 3.4928 139.66 1.6657 19.329 23.150 280.37 Dec................................... 13.999 3.4922 139.58 1.6663 19.327 23.162 280.21 1966--Jan.................................... 13.998 3.4932 139.67 1,6661 19.339 23.102 280.39 Feb................................... 13.992 3.4921 139.60 1.6660 19.346 23.077 280.25 Mar.................................. 13.981 3.4867 139.24 1.6659 19,384 23.040 279.52 Apr................................... 13.976 3.4834 139.15 1.6659 19,385 23.102 279,34 May................................ 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 Sept.................................. 13.989 ................... 3.4773 .................1..38.95 1.6639 19.345 23,102 278.93 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 I, 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 1 ratio, the new franc introduced Jan. 1, I960. Note.—Averages of certified noon buying rates in New York for * Quotations not available Aug. 8 and 9. cable transfers. For description of rates and back data, see “International 4 Based on quotations through Feb. LI, 1966. Finance,” Section 15 of Supplement to Banking and Monetary Statistics, 5 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 Brenton C. Leavitt, Assistant Director Howard H. Hackley, General Counsel James C. Smith, Assistant Director David B. Hexter, Associate General Counsel Lloyd M. Schaeffer, Chief Federal Reservi Thomas J. O’Connell, Assistant General Examiner Counsel Andrew N. Thompson, Assistant Director Jerome W. Shay, Assistant General Counsel Frederick R. Dahl, Assistant Director 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 DIVISION OF ADMINISTRATIVE SERVICES Frank R. Garfield, Adviser 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 DIVISION OF DATA PROCESSING Reed J. Irvine, Adviser 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 1567 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1568 FEDERAL RESERVE BULLETIN • OCTOBER 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 1569 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. 1, 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. 1570 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1571 STAFF ECONOMIC STUDIES A Theory of Household Asset Selection, by William J. Hocter. Aug. 1966. Studies and papers on economic and financial sub­ jects that are of general interest in the field of Liquidity Considerations and Monetary economic research. Management, by Leonall C. Andersen (with commentaries by Arthur L. Broida and Rich­ ard G. Davis). Sept. 1966. Summaries only printed in the Federal Reserve Bulletin. The Overseas Dollar Bond Market and Re­ (Limited supply of mimeographed copies of cent U.S. Borrowing Abroad, by Carl H. Stem. Sept. 1966. full text available upon request for single copies.) Mexico’s Economic and Financial Record, by The Postwar Boom in Hotels and Motels, by Yves Maroni. Oct. 1966. Royal Shipp and Robert Moore Fisher. Dec. 1965. Printed in full in the Federal Reserve Bulletin. Manufacturers’ Inventory Investment and (Reprints available as shown in following list.) Monetary Policy, by Jimmie F. Monhollon. Jan. 1966. REPRINTS Some Fiscal Implications of Expansion of the Social Security System, by Nancy H. Teeters. (From Federal Reserve Bulletin unless preceded Jan. 1966. by an asterisk.) The Demand for Currency, by George G. The History of Reserve Requirements for Kaufman. Feb. 1966. Banks in the United States. Nov. 1938. The Demand for Money: A Review of the 20 pp. Empirical Literature, by David M. Jones. Feb. 1966. ' Adjustment for Seasonal Variation. Descrip­ tion of method used by Board in adjusting eco­ The Demand for Money: Speed of Adjust­ nomic data for seasonal variation. June 1941. ment. Interest Rates, and Wealth—A 11 PP- Sequel, by Patric H. Hendershott. Mar. 1966. The Private Demand for Gold, 1931-53. Sept. The Process of Inflation: A Review of the 1954.10 pp. ' Literature and Some Comparisons of Cy­ clical Performance, 1953-65, by Glenn H. Bankers’ Acceptance Financing in the United Miller, Jr. Apr. 1966. States. May 1955. 13 pp. The Federal Reserve System and World Seasonal Factors Affecting Bank Reserves. Feb. 1958. 12 pp. Monetary Problems, by Robert Solomon. May 1966. Open Market Operations in Long-Term Secu­ The Spanish “Miracle”: Growth and Change rities. Nov. 1958. 15 pp. in the Spanish Economy, 1959 to Mid-1965, *Part I, All-Bank Statistics, 1896-1955. Re­ by Rodney H. Mills, Jr. May 1966. print of the U.S. Summary containing a descrip­ Consumer Credit Regulation: A Review and tion of revised statistics for all banks in the Response, by Jerome W. Shay. June 1966. United States, by class of bank, together with Empirical Aspects of Cost vs. Demand in revised statistics. Apr. 1959. 94 pp. Commodity Pricing, by Addison T. Cutler. June 1966. Statistics on the Government Securities Market. Apr. 1961. 8 pp. A Model of Federal Reserve Behavior, by John H. Wood. June 1966. Liquidity and Public Policy, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. Cyclical Determinants of Capital Expendi­ tures: A Regression Study of the United Revised Indexes of Freight Carloadings. Dec. States Steel Industry, by James P. Bennett. 1961. 3 pp. July 1966. Interest Rates and Monetary Policy, Staff The European Economic Community’s Com­ Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. mon Agricultural Policy and Its Impact on U.S. Exports, by Thomas M. Klein. July Industrial Production—1957-59 Base. Oct. 1966. 1962. 10 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1572 FEDERAL RESERVE BULLETIN • OCTOBER 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. 13 pp. Time Deposits in Monetary Analysis, Staff 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. May 1964. 9 pp. Recent Credit and Monetary Developments. 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 1464) Acceptances, bankers’, 1473, 1491, 1493 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 1484, 1486 Adjusted, and currency, 1479 Arbitrage, 1565 Banks, by classes, 1472, 1480, 1485, 1488, 1493 Assets and liabilities (See also Foreign liabilities and Federal Reserve Banks, 1474, 1559 claims): Member banks, subject to reserve Banks and the monetary system, 1479 requirements, 1478 Corporate, current, 1505 Postal savings, 1472, 1479 Domestic banks, by classes, 1480, 1484, Discount rates, 1471, 1564 1486, 1493 Discounts and advances by Federal Reserve Federal Reserve Banks, 1474 Banks, 1466, 1474, 1476 Automobiles: Dividends, corporate, 1504, 1505 Consumer instalment credit, 1510, 1511, 1512 Dollar assets, foreign, 1551, 1559 Production index, 1514, 1515 Earnings and hours, manufacturing industries, 1521 Balance of payments (See U.S. balance of payments) Employment, 1518, 1520, 1521 Bankers’ balances, 1485, 1487 (See also Foreign liabilities and claims) Farm mortgage loans, 1506, 1507, 1508 Banks and the monetary system, 1479 Federal finance: Banks for cooperatives, 1495 Cash transactions, 1496 Bonds (See also U.S. Govt, securities): Receipts and expenditures, 1497 New issues, 1501, 1502, 1503 Treasurer’s balance, 1496 Prices and yields, 1491, 1492 Federal funds, 1470, 1484 Brokers and dealers in securities, bank loans Federal home loan banks, 1495, 1507 to, 1484, 1486 Federal Housing Administration, 1492, 1506, Business expenditures on new plant and 1507, 1508 equipment, 1505 Federal intermediate credit banks, 1495 Business indexes, 1518 Federal land banks, 1495 Business loans (See Commercial and industrial loans) Federal National Mortgage Assn., 1495, 1508 Federal Reserve Banks: Condition statement, 1474 Capital accounts: U.S. Govt, securities held, 1466, 1474, 1476, Banks, by classes, 1480, 1485, 1489 1498, 1499 Federal Reserve Banks, 1474 Federal Reserve credit, 1466, 1474, 1476 Carloadings, 1518 Federal Reserve notes, 1474, 1477 Central banks, foreign, 1548, 1564 Federally sponsored credit agencies, 1495 Certificates of deposit, 1489 Finance company paper, 1491, 1493 Coins, circulation, 1477 Financial institutions, loans to, 1484, 1486 Commercial and industrial loans: Float, 1466 Commercial banks, 1484 Flow of funds: Weekly reporting member banks, 1486, 1490 Financial assets and liabilities, 1536 Commercial banks: Saving and financial flows, 1526 Assets and liabilities, 1480, 1483, 1484, 1486 Foreign central banks, 1548, 1564 Consumer loans held, by type, 1511 Foreign currency operations, 1474, 1476, 1550, 1558 Number, by classes, 1480 Foreign deposits in U.S. banks, 1466, 1474, 1479, Real estate mortgages held, by type, 1506 1485, 1488, 1559 Commercial paper, 1491, 1493 Foreign exchange rates, 1566 Condition statements (See Assets and liabilities) Foreign liabilities and claims: Construction, 1518, 1519 Banks, 1552, 1554, 1555, 1557, 1559 Consumer credit: Nonfinancial concerns, 1560 Instalment credit, 1510, 1511, 1512, 1513 Foreign trade, 1563 Noninstalment credit, by holder, 1511 Consumer price indexes, 1518, 1522 Consumntion expenditures, 1524, 1525 Gold: Corporations: Certificates, 1474, 1477 Sales, profits, taxes, and dividends, 1504, 1505 Earmarked, 1559 Security issues, 1502, 1503 Net purchases by U.S., 1550 Security prices and yields, 1491, 1492 Production, 1549 Cost of living (See Consumer price indexes) Reserves of central banks and govts., 1548 Currency in circulation, 1466, 1477, 1478 Reserves of foreign countries and international Customer credit, stock market, 1492 organizations, 1551 Stock, 1466, 1479, 1550 Gross national product, 1524, 1525 Debits to deposit accounts, 1476 Debt (See specific types of debt or securities) Demand deposits: Hours and earnings, manufacturing industries, 1521 Adjusted, banks and the monetary Housing starts, 1519 system, 1479 Adjusted, commercial banks. 1476. 1478, 1485 Income, national and personal, 1524, 1525 Banks, by classes, 1472, 1480, 1488 Industrial production index, 1514, 1518 Member banks, subject to reserve Instalment loans, 1510, 1511, 1512, 1513 requirements, 1478 Insurance companies, 1494, 1498, 1499, 1507 Turnover, 1476 Insured commercial banks, 1482, 1484 Type of holder, at commercial banks, 1485 Interbank deposits, 1472, 1480, 1485 1573 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1574 FEDERAL RESERVE BULLETIN • OCTOBER 1966 Interest rates: Reserves: Business loans by banks, 1490 Central banks and govts., 1548 Federal Reserve Bank discount rates, 1471 Commercial banks, 1485 Foreign countries, 1564, 1565 Federal Reserve Banks, 1474 Money market rates, 1491, 1565 Foreign countries and international Mortgage yields, 1492, 1509 organizations, 1551 Time deposits, maximum rates, 1472 Member banks, 1466, 1468, 1472, 1478, Yields, bond and stock, 1491 1485, 1487 International capital transactions of the U.S., 1552 Residential mortgage loans, 1506, 1507, 1508, 1509 International institutions, 1548, 1550, 1551 Retail credit, 1510 Inventories, 1524 Retail sales, 1518 Investment companies, new issues, 1503 Investments (See also specific types of investments): Sales finance companies, loans, 1510, 1511, 1513 Banks, by classes, 1480, 1484, 1487, 1493 Saving: Commercial banks, 1483 Flow of funds series, 1526 Federal Reserve Banks, 1474, 1476 National income series, 1525 Life insurance companies, 1494 Savings and loan assns., 1494, 1499, 1507 Savings and loan assns., 1494 Savings deposits (See Time deposits) Savings institutions, principal assets, 1493, 1494 Labor force, 1520 Securities (See also U.S. Govt, securities): Loans (See also specific types of loans): Federally sponsored agencies, 1495 Banks, by classes, 1480, 1484, 1486, 1493 International transactions, 1558, 1559 Commercial banks, 1483 New issues, 1501, 1502, 1503 Federal Reserve Banks, 1466, 1474, 1476 Silver coin and silver certificates, 1477 Insurance companies, 1494, 1507 State and local govts.: Insured or guaranteed by U.S., 1506, 1507, 1508 Deposits of, 1485, 1488 Savings and loan assns., 1494, 1507 Holdings of U.S. Govt, securities, 1498, 1499 New security issues, 1501, 1502 Manufactures, production index, 1515, 1518 Ownership of obligations of, 1484, 1493, 1494 Margin requirements, 1472 Prices and yields of securities, 1491, 1492 Member banks: State member banks, 1482 Assets and liabilities, by classes, 1480, 1484 Stock market credit, 1492 Borrowings at Federal Reserve Banks, 1468, Stocks * 1474, 1489 New issues, 1502, 1503 Deposits, by classes, 1472 Prices and yields, 1491, 1492 Number, by classes, 1481 Reserve position, basic, 1470 Tax receipts, Federal, 1497 Time deposits, 1472, 1478, 1479, 1480, 1485, 1488 Reserve requirements, 1472 Treasurer’s account balance, 1496 Reserves and related items, 1466, 1478 Treasury cash, Treasury currency, 1466, 1477, 1479 Weekly reporting series, 1486 Treasury deposits, 1466, 1474, 1496 Mining, production index, 1515, 1518 Turnover, deposit, 1476 Money rates (See Interest rates) Money supply and related data, 1478 Unemployment, 1520 Mortgages (See Real estate loans) U.S. balance of payments, 1562 Mutual funds (See Investment companies) U.S. Govt, balances: Mutual savings banks, 1479, 1480, 1482, 1493, 1498, Commercial bank holdings, by classes, 1485, 1488 1499, 1506 Consolidated monetary statement, 1479 Member bank holdings, 1478 National banks, 1482 Treasury deposits at Federal Reserve Banks, National income, 1524, 1525 1466, 1474, 1496 National security expenditures, 1497, 1524 U.S. Govt, securities: Nonmember banks, 1482, 1484, 1485 Bank holdings, 1479, 1480, 1484, 1487, 1493, 1498, 1499 Open market transactions, 1473 Dealer transactions, positions, and financing, 1500 Federal Reserve Bank holdings, 1466, 1474, Payrolls, manufacturing, index, 1518 1476, 1498, 1499 Personal income, 1525 Foreign and international holdings, 1474, Postal Savings System, 1472, 1479 1551, 1559 Prices: International transactions, 1558 Consumer, 1518, 1522 New issues, gross proceeds, 1502 Security, 1492 Open market transactions, 1473 Wholesale commodity, 1518, 1522 Outstanding, by type of security, 1498, Production, 1514, 1518 1499, 1501 Profits, corporate, 1504, 1505 Ownership of, 1498, 1499 Prices and yields, 1491, 1492, 1565 Real estate loans: United States notes, 1477 Banks, by classes, 1484, 1486, 1493, 1506 Utilities, production index, 1515, 1518 Delinquency rates on home mortgages, 1509 Mortgage yields, 1492, 1509 Vault cash, 1466, 1472, 1485 Nonfarm mortgage foreclosures, 1509 Veterans Administration, 1506, 1507, 1508 Type of holder, 1506, 1507, 1508 Type of property mortgaged, 1506, 1507, 1508 Weekly reporting member banks, 1486 Reserve position, basic, member banks, 1470 Reserve requirements, member banks, 1472 Yields (See Interest rates) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES * (O THE FEDERAL RESERVE SYSTEM q) a 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