Federal Reserve Bulletin, 1966-11

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

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

CONTENTS VOLUME 52 ■ NUMBER 11 ■ NOVEMBER 1966 Interest Rates in U.S. Capital Markets 1575 Staff Economic Studies: Toward Understanding of the Whole Developing Economic Situation 1591 A Revised Index of Manufacturing Capacity 1605 Law Department 1617 Announcements 1642 National Summary of Business Conditions 1644 Guide to Tabular Presentation 1646 Financial and Business Statistics, U.S. (Contents on p. 1647) 1648 International Financial Statistics (Contents on p. 1711) 1712 Board of Governors and Staff 1731 Open Market Committee and Staff; Federal Advisory Council 1732 Federal Reserve Banks and Branches 1733 Federal Reserve Board Publications 1734 Index to Statistical Tables 1737 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 stag editorial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN U. S. CAPITAL MARKETS Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1575 ■L ONG-TERM interest rates in the United States rose steeply from July 1965 through August 1966. Rates on long-term bonds then declined through late October, erasing as much as a third of their earlier advance. But most recently they have turned up again. During the earlier period of advance, increases in rates ranged up to 1% percentage points, and rate levels on good-quality issues reached the highest point in 40 years. At these highs, rates ex­ ceeded 6 per cent on new high-grade corporate bonds, 7 per cent on new investment-grade municipal bonds (after adjustment to a tax-equivalent-yield basis), and 7*/2 per cent on conventional mortgages in some parts of the country. The upswing in rates was caused by a combination of factors. Chief among these were mushrooming demands of businesses for external financing, large Federal borrowing through agency securi­ ties and participation certificates, and a monetary policy that exerted increasing restraint on growth in the supply of funds avail­ able to meet these demands. Business demands for funds rose when outlays for plant and equipment, inventories, and accelerated tax payments ran in­ creasingly ahead of the supply of internal funds. At the same time, the combination of sharply rising private and governmental expenditures pressed harder on the country’s resource capabilities, so that prices and wages began to rise faster. In these circum­ stances, the Federal Reserve gradually intensified its policy of monetary restraint. The counterpart of these developments in financial markets was a growing shortage of funds relative to rising demands, a progres- Long-term Interest Rates Change (percentage points) Level Type of rate 7/2/65 9/2/66 11/4/66 (percent), to to to 11/18/66 9/2/66 11/4/66 11/18/66 Bonds: U.S. Govt. (20-year maturity).... + .84 -.24 + .10 4.90 Corporate Aaa (new issue)........... + 1.40 - .38 + .30 5.90 State and local govt. Aaa (Tax equivalent value)1......... + 1.32 -.47 + .14 5.94 FHA mortgages (30-year maturity)...... + 1.14 n.a. n.a. 26.60 n.a. Not available. 1 Tax equivalent value calculated for individuals in 36 per cent personal income tax bracket. 2 September figure, the latest available. Note.—Changes are based on weekly averages except for FHA, which are based on bid quotations for 1 day each month. See also notes to Chart 1. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1576 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 sive worsening of investor expectations regarding the probable course of securities prices, and a sharp increase in interest rates of all kinds. As interest rates rose, shifts also developed in patterns of finan­ cial saving as among financial intermediaries and market securi­ ties. This added to constraints on the availability of funds in certain key markets, notably those for mortgages and State and local gov­ ernment securities. Much of the decline in bond yields from late August to late October represented a reversing of the sharp late-summer rate increases that had immediately preceded the August highs. Market developments in late summer were strongly influenced by expecta­ tions of large fall credit demands in a period when available funds were expected to be restrained further. But in the early fall, events did not bear out these expectations. In addition to administration actions designed to reduce the pressure of Federal borrowing op­ erations on interest rates, total funds raised by private borrowers declined. To some extent these lower demands for financing re­ flected supply constraints on funds and resources. In addition, they apparently reflected a temporary drop in financing because of * With call protection. Monthly averages. Yields on FHA-insured mortgages are weighted averages of private second­ ary market prices of certain new-house mortgages converted to annual yield—25-year mortgages through June 1961; 30-year mortgages thereafter. Yields on State and local govt. Aaa bonds are from Moody’s Investors Service, adjusted to tax equivalent basis assuming 36 per cent individual income tax rate; on corporate bonds, yields are weighted averages of new publicly offered bonds rated Aaa, Aa, and A by Moody’s Investors Service and adjusted to an Aaa basis (beginning January 1966, includes only issues with 5-year call protection). Thin-portion lines for FHAinsured mortgages indicate periods of adjustment to changes in FHA ceiling on contractual rates; break for corporate new issues indicates no eligible offerings. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN U.S. CAPITAL MARKETS 1577 previous anticipatory borrowing and postponements of borrowing prompted by expectations that interest rates would decline further. Most recently, a resurgence of demands for long-term funds has contributed to the recent upturn in bond yields. USERS OF The primary demand factor accounting for the steep rise in long­ LONG-TERM FUNDS term rates after mid-1965 was the sheer size and sustained in­ tensity of business demands for external financing. Businesses. Needs of nonfinancial corporations for external financing expanded primarily because of the record gap which opened up between capital outlays and internal sources of funds (chiefly depreciation allowances and retained earnings). After late 1964, and especially after mid-1965, dollar outlays for fixed CAPITAL OUTLAYS of corporations rise more than their internal funds particularly since mid-1965 Flow of funds data for nonfinancial corporate business. Quarterly totals at seasonally adjusted annual rates. Outlays comprise fixed investment and change in inventories. Funds comprise profits, less profits-tax accruals and dividend payments, plus capital consumption allowances. Third quarter 1966, preliminary. assets and inventories increased much more than the dollar flow of internal funds (Chart 2). During the first three quarters of 1966, such outlays exceeded internal funds by more than $13 billion (annual rate) or 23 per cent. In the same periods of 1960 and 1957, the excess amounted to 17 per cent. Thus the gap this year has been unusually wide, even when compared with crests in previous expansion periods. In addition to their enlarged capital outlays, corporations ex- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1578 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 panded their external financing to cover extensions of credit to customers and to meet expanded tax payments required under the revised schedules for prepayment of Federal income and withheld taxes. As a result, total funds raised by nonfinancial corporations in credit and equity markets, which had totaled $14 billion in 1964 and $19 billion in 1965, rose to an annual rate of more than $25 billion in the first three quarters of 1966. Almost all of the rise in external financing requirements from 1964 to 1965 had been accommodated at commercial banks (Chart 3). Hence, net funds raised in security markets during 1965 were no larger than the $5.4 billion raised in 1964. In 1966, on the other hand, while corporate borrowing at banks was at a record rate in the second quarter when accelerated tax payments were due, the total of such borrowing for the first three quarters as a whole was slightly below the 1965 annual rate. Thus, all of the year-to-year increase in corporate external financing for the threequarter period was centered in securities markets and the total of such offerings rose to a seasonally adjusted annual rate of more than $13 billion. This striking expansion in issues of nonfinancial corporations exerted strong upward pressures on long-term rates, which were offset to only a small extent by a reduction in the volume of offerings by financial corporations. CHART 3 1966 spurt in EXTERNAL FINANCING by corporations reflects expansion in security issues Flow of funds data for nonfinancial corporate business. Quar- Third quarter 1966, preliminary, teriy and 9-month totals at seasonally adjusted annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN U.S. CAPITAL MARKETS 1579 Had U.S. corporations and their foreign affiliates not issued more than $1 billion of securities in overseas markets during this period—chiefly to help implement the Commerce Department’s program of voluntary restraints on direct investment abroad— some part of this total would undoubtedly have been financed in U.S. securities markets and would have added further to upward rate pressures in this country. U.S. Government. In contrast with the upsurge in business finaning, net funds borrowed by the Federal Government showed an increase of less than $ 1 billion during the fiscal year beginning at mid-1965. This figure understates the demand pressures of Fed­ eral operations on long-term interest rates, however, for $3 billion of Federal cash requirements in fiscal 1966 were accommodated through the sale of certificates of participation in pools of out­ standing Federal loans. Cash Borrowing by U.S. Government (Billions of dollars) July ’64- July ’65- Item Change June ’65 June ’66 Net cash borrowing....................................... 4.3 2.6 -1.7 Pool sales1..................................................... .8 3.1 +2.3 Total..........5...1...................5....7...................+... ...6. Memo: Net offerings of Federal agencies2... . 1.4 4.1 + 2.7 1 Pool sales enter the Federal budget as negative expenditures and are not a part of net cash borrowing. 2 Federal agency debt offerings are a part of net Federal cash borrowing. Substitution of such “pool” sales for regular Treasury cash bor­ rowing put greater upward pressure on long-term interest rates than would have resulted from an equivalent volume of ordinary Treasury issues. Not only was the market for participation certifi­ cates less well developed, but also the average maturity of such certificates was longer than for issues offered in other recent Treas­ ury borrowing operations. Moreover, $1.8 billion of these pool sales were concentrated in the second quarter of 1966—at a time when the volume of debt offerings by Federal agencies was also rising steeply. Large net offerings of agency issues developed when weakness in the home mortgage and housing markets added abruptly to private demands Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1580_______FEDERAL RESERVE BULLETIN • NOVEMBER 1966 for funds from the Federal Home Loan Bank System and the Fed­ eral National Mortgage Association. This augmented the needs of these institutions for security market financing of their own. In the second quarter the combined net volume of both agency securities and participation certificates amounted to $16 billion at a seasonally adjusted annual rate. Even though $12 billion (an­ nual rate) of regular short-term Treasury debt was being retired in that period, interest rates on agency issues and on participa­ tion certificates rose more steeply than those on other types of securities. The projected Federal budget program calling for large addi­ tional pool sales in fiscal 1967 continued to exert an important impact on market expectations until early September. At that point, the President—as part of a broad program designed to re­ duce upward pressures on interest rates—announced that pool sales would be discontinued until market conditions were more favorable. On the other hand, with Federal cash outlays rising more rapidly because of the Vietnamese war, estimates of fourth­ quarter Treasury cash borrowing needs rose to the highest level since 1959 and, during the late summer and early fall, reinforced market expectations of further general increases in rates. Others. Both of the other two major types of borrowers in capi­ tal markets—State and local governments, and households seek­ ing mortgage financing for homes—reduced their financing in the first three quarters of 1966 relative to 1965. The impetus for this cut-back by both types of borrowers came chiefly from restraints imposed on the supply of funds. It should be noted that since multi­ family housing and commercial construction are undertaken by businesses, financing of such construction is included in the totals for nonfinancial corporations already discussed. While State and local government needs for funds may have been moderated to some extent by unexpectedly large tax receipts, over-all State and local outlays have continued to grow. Thus the volume of their financing appears to have been affected most strongly by the high costs of borrowing and by the tendency for market rates to exceed rate ceilings imposed on borrowers by statute or bond authorizations. During the latter half of 1965 home builders were expecting some rise in demands. While they anticipated no major revival, the abrupt cut-back of savings flows in 1966 to the types of lenders most active in home financing sharply curtailed the financial means for making these demands effective. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN U.S. CAPITAL MARKETS 1581 MONETARY POLICY Even before the December 1965 Federal Reserve discount rate action, a series of events including escalation of the war in Viet­ nam, the rapid further move of the economy toward full employ­ ment, and the sharp expansion of business demands for credit had all been widely interpreted in financial circles as presaging a period of intensified monetary restraint and higher interest rates. This combination of fact and forecast had set off a sizable—and partly anticipatory—general advance in rates even before the increase in the discount rate. SELECTED FINANCIAL INDICATORS level off and tend downward at different times in 1966 Monthly averages of daily figures, except total bank credit and negotiable CD’s which are last Wednesday of month figures (except June 30 and Dec. 31). AH data seasonally adjusted ex­ cept negotiable CD’s. Latest data plotted, September. Increased monetary restraint during 1966 reflected itself not only in a further rise in interest rates and tightening of other credit terms, which were also a result of expanded credit demands, but in changes in other financial variables as well. For example, the supply of nonborrowed reserves at member banks and the money stock both leveled off in the spring, and in the early fall both Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1582 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 measures tended downward. Total bank credit continued to grow until summer, but the funds financing this growth came wholly from increases in time deposits. Some of these funds in turn were bid away from nonbank intermediaries, thus adding further to constraints on other forms of credit expansion. Since August, bank credit has contracted slightly. A major factor contributing to this change has been the net run-off of large denomination negotiable time certificates of deposit (CD’s) at banks. Contraction of such CD’s after mid-August reflected in­ creases in rates on market instruments, which put CD’s limited to the 516 per cent ceiling rate at a competitive disadvantage. SPREAD OF The spread of credit restraint during 1965 and 1966 from the CREDIT RESTRAINT commercial banking system and the money market—where Fed­ eral Reserve actions exert their initial impact—to other types of financial institutions and to long-term markets has been charac­ teristic of periods of monetary stringency. But the relative steep­ ness of the rise in long-term rates after mid-1965 developed in part because of the particular institutional changes that had occurred during the preceding years of extended monetary ease. In that ear­ lier period, interest rate relationships had encouraged an unusually rapid growth of savings at depositary-type financial intermediaries, particularly the commercial banks. Because a large part of these essentially liquid savings were then loaned by the intermediaries in long-term markets, long-term rates tended to be held down even though short-term rates rose. During 1965 and 1966, as rates on market securities rose faster than those on claims at depositary-type institutions, savings growth at financial intermediaries slowed down. As a result, flows of insti­ tutional funds into long-term uses shrank, and long-term rates rose more relative to short-term than they had in periods of monetary restraint during the 1950’s. Bank response to monetary restraint. The combination of heavy business demands for credit and a more restrictive monetary policy exerted growing pressures on bank liquidity positions during 1965 and 1966. With business demands so large and business loans so profitable, however, bankers were naturally reluctant to turn down long-standing customers, and in many instances they could not do so because of prior commitments. To satisfy as much of the business demand as possible, bankers attempted to augment their business lending capacity by cutting back acquisitions of other assets and by continuing to bid aggressively for savings. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN U.S. CAPITAL MARKETS 1583 During the first three quarters of 1966, they liquidated $4.5 billion of U.S. Government securities at a seasonally adjusted an­ nual rate; their net acquisitions of municipal securities dropped to one-third the volume acquired in the comparable quarters of 1965; increases in loans to other types of borrowers—such as securities and finance companies—were cut back, in some cases drastically; and ultimately, in the face of continuing demands, many banks rationed credit to businesses. While bank extensions of mortgage credit held up surprisingly well in the first half of the year, they too dropped below the 1965 rate, particularly in the third quarter. Likewise bank extensions of consumer credit dropped below the 1965 rate in all quarters. On the liability side, bankers attempted to match the competi­ tion of market rates with rate increases of their own on time de­ posits. In the spring they raised rates paid on large CD’s to the 51/2 per cent maximum first permitted by regulation in December 1965. And later, without reducing the rate, they shortened the maturities of new CD’s to as little as 30 days. In addition, to buttress their savings flows further, they turned more actively to the promotion of smaller-denomination forms of consumer-type time deposits. Finally, banks with foreign branches added more than $2 billion to their U.S. funds by drawing on dollars acquired by their branches in the Euro-dollar market. As liquidation of securities, expanded competition for savings, enlarged money market borrowing, and repatriation of Euro­ dollars added to the cost of bank funds, bankers took advantage of the heavy credit demands to raise their own loan charges. The prime rate on short-term business loans was increased on four occasions—from 416 per cent in November 1965 to 6 per cent by August 1966. And some other loan charges were raised even more steeply. For example, by August some users of bank credit for stock market purposes were paying as much as 8 per cent. Impact on securities markets. Bank operations thus had a double­ barreled impact on interest rates in bond markets. On the one hand, with constraints on the growth in total bank credit forcing banks both to ration business loans and to raise their costs, the volume of business demands seeking accommodation in securities markets more than doubled relative to the first three quarters of 1965 (Chart 3). At the same time, with fewer bank funds avail­ able for investment, a rising share of security offerings had to be absorbed by other types of investors. The significance of this change was most noticeable in the market for State and local Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1584 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 government securities where bank takings as a share of net growth in securities outstanding dropped from more than 75 per cent in the first half of 1965 to about 40 per cent in the like period of 1966 and to only 3 per cent in the quarter ending with Sep­ tember. Similarly, in markets for Federal agency securities and participation certificates, the rate advance accompanying the large second-quarter expansion in net offerings would obviously have been less if the banks had had more funds to invest. NONFINANCIAL PUBLIC shows preference for market securities over depositary-type claims in '66 CHART 5 Flow of funds annua! data except for 1966, which is an average of the first three quarters at a seasonally adjusted annual rate. Nonfinancial public includes households, all nonfinancial busi­ ness, and State and local governments. Flows through deposi­ tary-type intermediaries are changes in time and savings de­ posits (including negotiable CD‘s) at commercial banks, de­ posits in mutual savings banks, and share capital at savings and loan associations and credit unions. Flows through insur­ ance and pension fund intermediaries include reserves of life insurance companies and private pension funds, plus employee retirement funds of State and local governments. Flows through market represent direct acquisition of securities by nonfinancial public. Total flows include demand deposits and currency. In corporate bond markets upward pressures on interest rates were created not only by the large over-all expansion in net debt offerings, already noted, but also by an increase in the proportion of new issues taking the form of public offerings. Dollar for dollar, public offerings generate stronger direct pressures on long-term rates than private placements do. While commitments on issues placed privately with institutional investors were large in late 1965 and early 1966, they dropped off sharply as the year Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN U.S. CAPITAL MARKETS 1585 progressed, reflecting a growing constriction in the availability of investment funds at life insurance companies. The volume of bonds offered publicly by nonfinancial corporations in the first three quarters of 1966 was thus almost 40 per cent larger than in the like period of 1965. The combination of greatly expanded security offerings, re­ duced bank takings, and growing constraints on new commitment activity at life companies could be resolved in only one way— namely, by increases in long-term rates large enough to draw funds directly from the nonfinancial public into the securities markets. The resulting redirection of savings flows was the largest experi­ enced since 1959—the last preceding period of monetary restraint and high rates on market securities (Chart 5). Competition among intermediaries. Increased buying of highyielding market securities by the nonfinancial public occurred largely at the expense of depositary-type financial savings. Although all types of institutions attracting such savings have experienced a shrinkage of their inflows during 1966 (Chart 6), Among depositary-type institutions, SAVINGS FLOWS down most at S & L’s CHART 6 COMMERCIAL BANKS SAVINGS I LOAN ASSNS. MOTUAL SAVINGS BANKS Flow of funds annual data except for 1966, which is an average of the first three quarters at a seasonally adjusted annual rate. Commercial bank flows include negotiable CD’s but exclude de­ mand deposits and currency. over the first 7 months the shrinkage occurred mainly at savings and loan associations and mutual savings banks. While commer­ cial banks also dropped somewhat behind the year-earlier growth rate in that period, 1965 had been their record year. The greater relative success of commercial banks in competing Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1586 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 for savings during this period reflected more aggressive efforts to match rising market rates by increasing rates paid on both large CD’s and consumer-type time deposits. Banks, with assets that are more diversified and of shorter average maturity than those of the savings and Ioan associations and mutual savings banks, found it easier to match higher costs for deposits with higher interest earn­ ings. Moreover, banks were more successful than the other two groups in differentiating the types of claims they offered. As a result, the maximum interest rate paid by banks usually applied to a relatively small share of their total liabilities. Finally, the freedom of the savings and loan industry to com­ pete was further constrained by the efforts of the Federal Home Loan Bank Board to limit increases in dividend rates and borrow­ ing by its member associations. These restraints were part of a con­ tinuing policy designed to achieve a sounder basis for growth than had occurred at some associations earlier in the 1960’s, when they had promoted high dividend rates and had greatly increased bor­ rowings from the home loan banks. Savings Growth at Major Depositary-Type Institutions (In per cent) Commercial banks Savings Mutual --------------------------- Period & loan savings Without With assns. banks CD’s’ CD’s 1964.............................................. 11.5 9.6 11.6 12.6 1965.................................................. 8.2 7.4 14.4 15.8 1966 (seas. adj. annual rates): January-July................... 2.4 4.1 9.8 II.0 August-October...................... 3.3 6.0 8.6 1.4 1 Excludes CD’s at weekly reporting banks. Note.—Net growth of share capital at all insured savings and loan associations, savings deposits at mutual savings banks, and time and savings deposits at commercial banks as percentage of amounts outstanding at end of preceding year. August-October rates are based on preliminary October data for S & L’s and mutuals. Because savings and loan associations and mutual savings banks are the major lenders that finance homes, the sharp further shrinkage of their net savings flows—along with added pressures on the more diversified commercial bank and life insurance com­ pany lenders—led to an abrupt tightening of the home mortgage market and a steep rise in mortgage rates. During the second and third quarters, commitments to make new mortgage loans dropped to a fraction of their early pace, and as the backlog of prior loan Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN U.S. CAPITAL MARKETS 1587 commitments was drawn down, housing starts declined sharply to less than their recession low of 1960. By the summer, questions of social and economic priority were being posed by the contrast between the abrupt squeeze on home financing and the continued strong support being pro­ vided by bank credit to the business capital boom. In these cir­ cumstances, even though further advances in short-term market in­ terest rates began to put CD rates at a competitive disadvantage, the maximum permissible deposit interest rates set by the Board’s Regulation Q were not raised—as they had been on four earlier occasions in the 1960’s when market rates had risen close to such ceilings. Also, when Congress acted to provide the necessary addi­ tional statutory flexibility, the maximum permissible rate payable on bank time deposits of less than $100,000 was rolled back from 514 to 5 per cent. This change was part of a coordinated set of rate actions by Federal supervisory agencies designed to stop the escalation of rate competition for savings among depositary­ type intermediaries. As the table shows, growth of total time deposits at banks did slow down rather abruptly from August through October. While most of this slow-down was attributable to the net liquidation of large CD’s, growth of consumer-type deposits at banks also slowed. Impact on life insurance companies. As has already been noted, changes in credit availability at life insurance companies played a part in the spread of monetary restraint. Because of their con­ tractual character, net savings flows to life insurance companies were not greatly affected by the intensified competition for savings created by high yields on market securities. As Chart 5 suggests, the relative insensitivity of contractual savings flows to cyclical swings in interest rates is typical, and was also evident in the 1959 period of high rates. Some life insurance companies have, nevertheless, found them­ selves with smaller than expected supplies of loan funds this year, because changes in interest rate relationships have caused their gross cash flows to fall short of anticipated levels. As a rule, in­ surance companies are able to predict their basic cash inflows with a high degree of accuracy. But this year, prepayments of mort­ gages dropped off with the rise in mortgage rates and the reduced turnover of existing housing. Withdrawals of policy proceeds that had been left on deposit with life companies (for a fixed rate of re­ turn) increased as rates on alternative types of financial assets rose. And policy loans—which most life companies are committed by Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1588 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 contract to make on the cash surrender value of their policies at rates no higher than 5 per cent—accelerated sharply, thereby pre­ empting an unexpectedly large share of the gross cash flow. As a result of the smaller than expected gross cash flow, some companies had a serious liquidity problem. This reflected two general characteristics of life insurance company operations, which have developed over the years: (1) Normally accurate predictions of cash flows have encouraged these companies to invest most of their available funds in illiquid, high yielding assets; and (2) their gross cash flows are so large that most com­ panies commit a large share of funds in advance. During the 1961-64 period when the supply of long-term funds was large relative to demands, insurance companies had sub­ stantially increased the share of anticipated cash flow being committed in advance. Late in 1965 and early in 1966 when long­ term rates first began their steep rise, this back-log of outstanding commitments was expanded still further to take advantage of the higher yields. But as 1966 progressed and it became clear that gross flows to life insurance companies were falling below projections, some companies had to resort to unusual actions in order to be in a position to meet take-downs of their outstanding commitments. Among other things they drew on their limited cash balances, liquidated securities, rescheduled acquisitions of mortgages from their servicing agents, and borrowed from banks. At the same time they began to stretch out the timing of new loan commitments, arranging for deferred delivery of a substantial part of the funds. When policy loan increases in particular continued their sharp rise, some companies most severely affected stopped making new loan commitments for the time being. RECENT During the third quarter spreading realization of the strength of DEVELOPMENTS prospective credit demands and of the growing effects of credit restraint created general market expectations of more sharply rising interest rates. This change in market psychology, together with the actions it both reflected and encouraged, led to an exag­ gerated late summer upsurge in bond yields (Chart 7). Large city banks in particular were confronted with the pros­ pect of a sizable net run-off of their near-dated CD maturities, as market rates rose. This prospect, occurring as it did at a time when new loan commitments were also being steeply curtailed at some life insurance companies, seemed to pose the possibility of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INTEREST RATES IN U.S. CAPITAL MARKETS 1589 a serious imbalance between available funds and fall credit de­ mands. In these circumstances, a variety of precautionary actions were undertaken by lenders and borrowers alike. A number of money­ market banks attempted to anticipate expected net September run-offs of their CD’s by liquidating large blocks of municipal securities in the secondary market. But they found it difficult to attract buyers for their securities even at sharply increased yields. At the same time, a number of large corporations moved to float new security issues in the capital markets in what is usually a slack period of financing. Their purpose was to insure coverage of future needs before the cost and availability of funds tightened further. As a result, the August volume of corporate bonds offered in the public market ballooned to $1.1 billion, the largest volume on record for a single month. August—October decline. When events failed to confirm the ex­ treme expectations of an early fall credit-availability crisis, the steep August advance in rates was reversed. Some of the roll-back reflected changes in administration policies in response to the August upsurge of rates. For example, President Johnson’s request for special legislation to help moderate the business capital boom, along with his announcements that nonmilitary Federal spending would be cut, that the volume of anticipated Federal agency bor­ rowing and pool sales would be reduced, and that further tax Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1590 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 action would be requested if needed to balance increases in spend­ ing for the Vietnamese war, all helped to calm the earlier fears of impending crisis. Fears were further alleviated when the Federal Reserve announced that its credit would be available to help banks adjust to reserve losses arising from time deposit withdrawals. Following these early September announcements, evidence suggesting that economic and financial developments in the pri­ vate sector might also not be living up to earlier market expecta­ tions reinforced the general rate decline. While bank credit expan­ sion was small and CD’s at banks experienced a net run-off of more than $21/2 billion from mid-August to the end of October, the drain was a smaller share of total CD maturities than many had feared— indicating that banks were able to encourage investors to hold CD’s on other bases than strict comparison of rate spreads. More­ over, as yields on short-term Treasury bills declined, rates paid on 30-day CD maturities became competitive again. Equally important, during September and October business capital market financing was not as large as in preceding months, even though business loan growth dropped to about one-third the rate earlier in the year. This evidence together with some other signs of a less ebullient economy raised questions among market participants whether private spending might be tapering off cycli­ cally. With questions also being raised whether spending to sup­ port the U.S. commitment in Vietnam might rise less rapidly in 1967, market expectations about interest rates shifted, and some investors began to position bonds in anticipation of further rate declines. Recent rate advance. Around the end of October bond yields started to reverse their course again, and by mid-November they had recovered a sizable part of their earlier fall declines—as was shown in the table on page 1575. The upturn was attributable chiefly to a resurgence of business demands for long-term funds in a period when the availability of bank credit was significantly lim­ ited. In addition. State and local government demands for funds expanded, and large borrowings by the U.S. Government in short­ term markets continued to exert general upward pressures on rates. Finally, interest rate expectations were apparently being affected by an increase in the odds that market participants were placing on the chance of a further offering of Federal participation certificates and a decrease in the odds being placed on a Federal tax increase early in 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDY TOWARD UNDERSTANDING OF THE WHOLE DEVELOPING ECONOMIC SITUATION Frank R. Garfield—formerly of the staff of the Board of Governors The Federal Reserve Bulletin from time ernors until his retirement on October 31, to time publishes, in full, staff studies on 1966. It was delivered at a seminar at the economic and financial subjects that are of Board of Governors on October 19, 1966. general interest in the field of economic As in all staff studies, the author is re­ research. sponsible for the analyses and conclusions This paper was prepared by Mir. Garfield, set forth, and the views expressed are not who was an Adviser in the Division of Re­ necessarily those of his colleagues or of the search and Statistics of the Board of Gov­ Board of Governors. The brief title first considered for this paper extent of control is bound to be limited, and —“Toward Understanding”—conveyed the partly because the term implies more re­ idea of continuing inquiry but otherwise sponsibility for the course of events than seemed rather vague. Even the present long most people who have a hand in public title is subject to more than one interpreta­ policy-making want to assume. “Prediction” tion. If someone thinks that the subject is in the world of economics is obviously a the whole developing economic situation very different sort of activity from predic­ late in the autumn of 1966, he will be sur­ tion in the world of astronomy. Partly on prised to find only a long list of observations this account “projections”—sometimes “A” concerning understanding of developing and “B” to take care of different basic economic situations in general. assumptions—have rather generally super­ seded “predictions.” Paradoxical as it may TOWARD UNDERSTANDING appear, in the world of economics “projec­ Why do some people spend most of their tions” seem more scientific and therefore working lives trying to understand what goes more persuasive than “predictions”—and on in the world? The justifying phrase in my at the same time are easier to live with when academic days was “prediction and control.” the facts make themselves known. Neither “prediction” nor “control” proved Many historians see little need to justify to be a good bureaucratic word. “Control” their search for understanding in terms of clearly is a word to be avoided, partly be­ impact on policy; it is enough to be known cause no one in this country wants a society to one’s self and one’s peers as an expert on controlled from the top, partly because the what happened—what happened only yes- 1591 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1592 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 terday or what happened in the olden times. that will permit life to sparkle and encour­ One advantage of going back a way is that age creative activity of many sorts, the world information on olden times is not subject to over. We seek—perhaps not actively enough further revision—at least until someone dis­ —more peaceful relationships among na­ covers some scrolls in a cave or some new tions. arrangements of pollen deep beneath the To achieve such broad objectives we set surface of a marsh. Another advantage in up more specific goals such as maximum dealing exclusively with olden times is that sustainable growth in output of goods and a high degree of objectivity is less difficult services; stability in broad averages of to achieve; not much can be done about prices; and viable financial relationships those times no matter how they are in­ within and among nations. Then we qualify terpreted. Thoughtful study of the past cer­ these goals. We do not really want maximum tainly is satisfying for its own sake, and it output at the expense of some sort of bal­ is important as a prerequisite to understand­ ance between population and nonhuman ing of the present and the future. resources such as air and water, and land For many students of affairs, however, that can be tilled or mined or subdivided. more significant as well as more exciting Nor do we want maximum output at the expense of a tolerable division of time be­ challenges are to be found in working at the tween shop and family life. shifting frontier of time dividing the present Now, just one more note about goals, from the future—in deriving from prelimi­ short-run and long-run. In a growing econ­ nary information fairly objective analyses omy, tomorrow and the day after tomorrow of prospects, analyses that hopefully will will be at least as important as today. They be serviceable in shaping current policies to should be so regarded today, with allowance achieve carefully considered goals. I have only for different degrees of uncertainty as in mind especially goals for large groups, one plans farther into the future. In this including people from many walks of life— view the Phillips trade-off between unem­ or social strata, if you prefer. ployment tomorrow and price advances to­ morrow is a quite inadequate formulation of STATING GOALS a problem; what about the impact of price Goals—many people’s goals—are impor­ advances tomorrow on unemployment the tant features of the whole developing situ­ day after tomorrow? ation. But here we can honor them and pass DESCRIBING AND PROJECTING on. Most of us want full employment, high DEVELOPMENTS and rising standards of living. We want an Moving now from comment on goals to equitable distribution of income, no longer comment on description and projection, I thinking much about the distribution of shall keep in mind a recent professorial wealth. We want money incomes whose observation that while mathematical models worth in real terms will not be jeopardized usually include too little, verbal models by sharp price advances. We also seek a usually include too much. balance of group participation and indi­ Perhaps we can simplify a little by noting vidual freedom—from government, busi­ that projection is only description of the ness. or other institutional domination— future subject to less restraint of hard facts Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TOWARD UNDERSTANDING 1593 than description of the past, and that policy more than one loose phrase such as “eco­ formation to achieve goals may be regarded nomic and financial,” we should no doubt for the moment only as part of what is to continually be searching for tighter lan­ be described and projected. guage. Also, suppose we take a short-cut, not stopping to look at and reflect on the bits INFORMATION and pieces of real life that we see around us 3. While well-developed frameworks and —and their interactions—but rather stating concepts are necessary for good analysis, observations and using selected bits and they are not sufficient; we need good data pieces as illustrative supporting evidence. both to fill in prearranged conceptual boxes Most of these observations are quite familiar, and to help determine the shape and but all are, I believe, of some significance arrangement of the boxes. And we need re­ to recall in moving toward understanding. straint in using poor data, not just recogni­ tion of the need for good data while reaching FRAMEWORKS for whatever numbers may be readily at 1. If we are to describe and project mean­ hand. Further, we need users of data who ingfully, we need to have one or more broad are not content to know that data are good frameworks into which we organize the for something but want to know whether heterogeneous mass of detail that is eco­ the data are good for their purposes, and nomic life; we should not expect newspaper how good. And we need producers of data editors to do this for us. Reserving further who really understand something about the comment until later, I hope you will be uses to which the information they collect thinking about frameworks in connection will be put. Much more needs to be written with each observation along the way. on this subject and I trust will be when projects are proposed for improving statis­ CONCEPTS tics by setting up various new arrangements 2. We need at all times to be as clear as for collecting and analyzing data. we can on concepts, on what, specifically, 4. We need information that cannot be we are talking about. We should try to under­ fully quantified, information, for example, stand, for example, such a distinction as about the way people who make decisions that indicated in a Survey of Current Busi­ think and react. We can obtain such in­ ness article for November 1962, where it is formation partly by studying opinion polls said that “when the aim is to get at a measure and intentions surveys, partly by being of productive capacity, the present tech­ acquainted with many people, including niques [of measuring real capital] are not people whose thinking is organized around satisfactory because identical amounts of problems quite different from our own. real capital as now measured will represent different capacities to produce goods and ANALYSIS OF INFORMATION services over time.” We might also inquire 5. In order to use numerical and other what a “household” is the next time we use information for serviceable analysis we need Census Bureau figures in analyzing housing first to study the information; then to apply demand. Again, although as a matter of such mathematical and other techniques as practice we seem to find acceptable uses for seem appropriate for adjustment and inter- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1594 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 pretation; then to review preliminary results the legacies of war. World War I and the in the light of information available on re­ terms of the peace that followed—including lated subjects; and finally to take such fur­ uncollectible war debts—were among the ther steps as may be required. This may important sources of the troubles of the mean going over the whole study to look 1920’s and 1930’s although, in the light of for significant errors in transcription or key post-World War II experience, they are not punching; or surprising interpretations of now usually put so high on the list of causes questions asked; or unusual circumstances as they once were. In the past year and a that make usual methods of adjustment in­ half, escalation of war activities in South­ appropriate. To the uninitiated the idea of east Asia has had an important influence on testing the reasonableness of methods in a new orders and expenditures, resource utili­ particular instance by the reasonableness of zation, and speculation about a variety of the results obtained in that instance may future war-related developments. (I might seem to involve a sort of circularity and to have referred to this influence as “decisive” open the way for abuse by analysts wishing rather than “important” if 40 years ago to discard results not to their liking. But Herbert Davenport had not pounded the risks are everywhere and the risks associated table when he said “at the margin, not by with ready acceptance of first results or un­ the margin.”) critical allegiance to a method seem to me very high indeed. ROLE OF GOVERNMENT Among the tools essential for transform­ 8. Again, we must assess the significance ing crude data into materials useful for in­ in our time of government actions not asso­ terpretation are electronic computers and ciated with war, actions reflected in numer­ electronic charting devices—and telephones. ous printed forms to be used in meeting pay­ Now, equipped with all these, what do we rolls, writing purchase contracts, collecting study? income taxes and customs duties, and keep­ ing track of social security affairs. Condi­ ECONOMIC LIFE tions in this respect are now appreciably 6. If we confine our analyses to “eco­ different from those in 1913 when the nomic life” we need to define economic life Federal Reserve Act was passed. At that broadly enough to include almost everything time total Federal outlays amounted to only —even though we know we cannot special­ $700 million—1913 dollars—although the ize in everything to quite the same degree. population was nearly half as large as it is today. Quite understandably, in writings of IMPACTS OF WAR that time by Wesley C. Mitchell and others, 7. We cannot ignore, for example, the profit was emphasized as even more of a impacts of war or even the diplomatic central organizing force in the economy than activities relating to war. The record is clear it is now and only modest hopes were held that for much of the past half century—the out for dampening of cyclical fluctuations whole life of the Federal Reserve System so through government action. There was not far—production, employment, price, and much of a budget to balance or unbalance, credit developments have been profoundly myth or no myth. affected by wars, preparations for war, and Today the situation is different—but how Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TOWARD UNDERSTANDING 1595 different? Are government functions now so individually owned electric cars were to be­ important and government economists and come popular for short distance travel. administrators so well informed and so in­ REAL AND FINANCIAL DEVELOPMENTS genious in shaping policies and gaining public support for them—especially for poli­ 10. Approaching the problem of what we cies of restraint in periods of excessive de­ are to deal with from another angle, we need mand—that only one projection has validity, information and analyses concerning the a projection of steady, rapid growth? In a “real” world of physical production and em­ luncheon conversation not long ago, one ployment, the “financial” world of trans­ man took the position that we could believe actions of the sort handled at banks and this; another talked about the recent emerg­ similar institutions, and the relationships ence of overcapacity for the production of among real and financial affairs. This might dacron and competitive products and the go without saying except that many of the announcement of a sharp cut in the price of early mathematical models ignored the finan­ dacron. While attributing the price cut cial world altogether and that financial anal­ chiefly to overcapacity, he noted that the yses often have treated the intricacies of the price cut would stimulate a number of new real world rather lightly. uses and would increase consumption in old In the market place, real and financial uses. A third participant in the discussion affairs are intertwined; production, distribu­ asked how much government expenditures tion, and consumption must be financed, and at large would have had to be increased to the demand for credit depends in good part bring about absorption of this particular on the volume of real output—and prices. overcapacity without a price cut. If in some analyses there is still under­ emphasis on financial affairs, it may be partly TECHNOLOGY because basic goals relate to real things such as jobs and goods and services. If in some 9. Still considering the wide range of sub­ analyses there is still underemphasis on real jects to be covered, we need to take account affairs, it may be partly because many policy —for some countries more than for others— actions relate directly to dollar amounts, of of the now highly organized search for better bank reserves to be required and provided, technical ways of doing things, whether in of tax receipts to be sought and expenditures connection with business, government, aca­ to be made. Other policy actions relate to demic, or other enterprises. Technological prices to be paid for the use of funds or, in developments—in the art of making glass or the case of income policies, to prices to be selling bonds or teaching the young—all paid for the services of workers and for have their economic impacts, impacts on currently produced goods. demands and the availability of resources to meet them, on costs and prices, and on PRICES, QUANTITIES, AND VALUES saving and investment. Population forecasts these days need to recognize in one way or 11. Prices of many sorts need to be another the potential effects of revolutionary studied—prices of commodities, prices of changes in techniques of birth control. Elec­ houses, prices of high buildings on city street tric power experts are already beginning to corners and low buildings in industrial think about problems that would develop if parks, prices of government and industrial Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1596 FEDERAL RESERVE BULLETIN ♦ NOVEMBER 1966 bonds and shares in enterprises; and a worth in this area—and that is a great deal variety of prices expressed as so much per —I am still impressed with the need for time period, including rentals of houses, thoughtful examination of series before they yields on fixed return securities over the are fed to the computer and with the desira­ whole range of maturities, and rates of pay bility, wherever possible, of making prior for work. Prices multiplied by quantities adjustments for important known irregulari­ yield values; and prices, quantities, and ties. The advantages of prior adjustments values together comprise an important part were demonstrated long ago for working­ of the raw material of our study. (The term day differences—now provided for in some “quantity,” incidentally, has a double usage, computer programs—and have been dem­ first as what we multiply by price to get onstrated more recently for steel strikes. value, and second as the value itself, which Programed procedures have not proved ade­ is what we intend when we speak of “the quate to handle periods of sharp cyclical quantity of money.” If, however, we say reversal of direction, such as the spring of that the quantity of money is equal to its 1958; this has been established for many value, we find that value has a second mean­ production series by study of the results of ing—the value of money is what in real adjustments on tier charts and by observa­ terms a unit of currency will command now tion of the subsequent reversal of changes as compared with what it did command a in the seasonal factors that might have been while ago.) Now, before further aspects of used. subject matter are explored, attention may be directed to various types of change en­ IRREGULAR FLUCTUATIONS countered in studying time series for prices, 14. With seasonal fluctuations taken care quantities, and values. of, changes shown by the commonly used seasonally adjusted measures need to be in­ TYPES OF CHANGE terpreted in terms of three types of change 12. Approximate identification of several that they reflect in all sorts of combinations types of change that go to make up the net —short-term irregular fluctuations, cyclical change reflected in time series is feasible changes, and long-term trends. For some much of the time and needs to be under­ series the irregular changes—reflecting both taken to facilitate understanding of the de­ the economic impact of hurricanes, strikes, veloping situation. new banking regulations and shifts in the SEASONAL FLUCTUATIONS timing of Treasury financing and the statis­ 13. First of all, seasonal variations— tical impact of reporting and processing mainly repetitive from year to year but in aberrations—are relatively unimportant. For some degree shifting over time, sometimes series of this sort month-to-month or at least suddenly—need to be measured as well as quarter-to-quarter changes shown by sea­ may be for two purposes. The first purpose sonally adjusted measures may be regarded is to take account of them, as in open mar­ as reflecting mainly cyclical changes and ket operations, and the second is to eliminate trends. Quarterly GNP figures and monthly them from series to permit analysis of non- figures for nonagricultural employment and seasonal movements. Recognizing the ad­ industrial production might be so classified. vantages of using the computer for all it is Changes shown by series at lower levels of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TOWARD UNDERSTANDING 1597 aggregation or for shorter periods of time TRENDS AND CYCLES are likely to be more subject to irregular 15. The trend-cycle curves that we have, fluctuations. once seasonal variations have been allowed When irregular fluctuations are important, for and irregulars have been brought under their causes may be known or not known. control, need to be studied to see how far If causes are known—and they often can be they reflect long-term trends and how far ascertained, if time does not run out on ef­ cyclical changes. In recent years efforts to forts to find out what happened—then ap­ measure trend have been extended—we now proximate special allowances can be made; have “growth triangles” that show growth for a strike this may mean lowering a pro­ rates calculated from every past year for duction series a little before and after the which data are available to each later year. strike, raising it considerably during the Meanwhile, the calculation of separate cycle strike. curves, pushed by some analysts in the When the causes of irregular fluctuations 1920’s, has never regained the position lost are not known, these fluctuations may be in the 1930’s. The National Bureau of allowed for informally in chart reading or Economic Research in its far-reaching study they may be formally suppressed, more or of cycles has preferred to work with “cycles less, by using moving averages, with the of experience,” including trends within cy­ length of the moving average depending on cles, excluding shifts in level from one cycle the relative importance of irregular fluctua­ to another. tions. Irregular changes are smoothed out While the basic idea of trends seems this way in many series shown in Business simple enough and while useful trends can Cycle Developments. be quickly established for some series in some periods, quite often great difficulties Useful as such smoothing often is, the are encountered and the results need to be curves so calculated do not come up to the interpreted with great care. Trends change. last minute; to do that they would need to Cycles, cycles of varying length, present be based in part on assumptions as to the problems in the choice of initial and terminal future. And they are averages, in which dates. significant short-term changes may be aver­ While the computer may be quite willing aged out along with the irregulars. to calculate trends from any set of data, Partly because irregular changes include the economist needs to take care, if the re­ many changes from causes unknown, they turns obtained are to be meaningful. Sup­ are sometimes lumped together, with or pose, for example, that there is a fairly long without irregular changes of known origin, period—say 5 years—of rapid advance due as “random” fluctuations. Considering the partly to growth in resources and partly to nature of many of these changes and what transition from under-utilization of resources ought to be done about them, the term “ir­ to nearly full utilization; suppose, further, regular” seems to me preferable. The posi­ that this period is followed by a period of tion might be taken that trends and cycles, less rapid advance; then, how should the two while clearly not random, are in varying periods be characterized in terms of trends degree irregular and that, therefore, the term and deviations therefrom? Pushing the time “irregular” has its limitations for use here. horizon back a decade or so or a cycle or Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1598 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 two might clarify the picture somewhat and and policy-making to achieve steady, rapid still leave some puzzling problems. growth need to take this basic idea into 16. We need to study the fluctuations account. that go under the name of “business cycles” How much help cyclical analysis of one whatever we think of that term. To some sort or another may be in projecting the people the term is objectionable because it course of events or in shaping and timing seems to promise more than can be de­ policy actions is another matter. In my view livered. Cyclical fluctuations are of varying cyclical analysis should not be limited to or amplitude and duration and shape; the thought of principally as leading-indicator troughs of the recessions of 1954 and 1958 analysis although investigation of leads and were well described by the letters U and V. lags throughout the economy is a very im­ Some periods, moreover, fit so poorly into portant part of all analytical work. I would any cyclical mold, of advance or decline, put much emphasis on the search for such that the idea that the economy is always in causal interconnections as may be evident one stage or another of a cycle seems open in sequences; on consideration of each cycli­ to question. Proponents of the term “busi­ cal fluctuation of the fairly recent past as a ness cycles” from the outset have pointed to whole; and on assessment of the basic nature dissimilarities as well as similarities among of the particular period ahead, certain to be periods; but in computing averages of dura­ unique in some respects, hopefully in some tion and other characteristics from small respects that can be discerned in advance samples of diverse cycles they may have from intensive study of recent developments. pushed the idea of regularity too far; aver­ With the necessity for understanding sea­ ages, like aggregates, sometimes confuse sonal movements, irregular fluctuations, rather than clarify. long-time trends, and cycles in mind, we are now in a position to consider more spe­ Again, to some people the concept of cifically—or less generally—what subjects business cycles is objectionable because it we need to study, what types of data we seems to imply inevitable failure of govern­ need to obtain, and what methods we may ment efforts to eliminate cyclical unemploy­ use most advantageously in describing the ment and achieve steady growth—steady, past and projecting the future. rapid growth. While these analysts might not assert that this is a new world, they might TIME PERIODS FOR FLOW INFORMATION prefer a term such as “economic fluctu­ ations” to “business cycles.” For our times 17. If budget messages and directives to “economic” may be preferable to “business.” the manager of the open market account are But “fluctuations” may be questioned as to be written to good purpose, those respon­ covering many types of change and not sible for writing them, quite aware of the having one significant connotation that the various types of economic change referred term “cycles” does carry; each situation does to above, need to have before them informa­ develop out of the previous situation in a tion and analyses for appropriate periods of continuous process, and advances and de­ time—promptly. They need specifically to clines are more intimately related by cumu­ have flow information for many different lative forces than the term “fluctuations” time intervals, including the calendar divi­ may seem to imply. Description, projection, sions of years, quarters, and months and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TOWARD UNDERSTANDING 1599 even some finer divisions; and also for such accounts, great emphasis was put on quar­ economic divisions of time as their views terly figures. Quarterly figures have the on stages of cycles or stages of growth may advantage of being less difficult to esti­ require. mate for areas not well covered in current Limiting ourselves to the calendar, we can reports. Also, even where reliable monthly see very quickly that annual data, serving figures are available, averaging them will some purposes well enough, are wholly in­ suppress some irregular changes and thereby adequate for many other purposes. They may facilitate current interpretation as well would have been of no help in solving the as the establishing of some relationships problem of autumnal pressures in the Lon­ among series. On the other hand, certain don money market that intrigued W. Stanley relationships significant to know about in Jevons in 1866. In a paper on this subject, dealing with some types of change disappear he used weekly, monthly, and quarterly fig­ when monthly figures are averaged; and sig­ ures based on the Bank of England accounts nificant monthly turning points such as that as he had done 4 years earlier in his pioneer­ in April 1958 are often lost from view. One ing paper on the subject of seasonal vari­ should not be obliged to choose between ations. Edwin W. Kemmerer, in his large- quarterly and monthly figures—or to think scale study of seasonals in interest rates for of the significance of the news reported every the National Monetary Commission in 1910, day only in terms of one particular seg­ had his Cornell students work from weekly ment of time. figures. In 1932, with runs on banks threat­ ened all the time and occurring all too often, RELATED STOCK AND FLOW INFORMATION the Board’s staff made daily seasonal adjust­ 18. We need analysis and data relating ments of currency in circulation. not only to what happens during a period During the 1920’s increased efforts were but also to conditions at the start and finish made to obtain monthly or shorter-term data of a period. Currently, there is great empha­ promptly in order to facilitate quick re­ sis on flows during a period—flows of goods sponses to economic changes. There was and services and funds—but economic bal­ also a new emphasis on benchmark data, ance sheets as well as income statements are used formally at first to improve the quality recognized as materials for study. Interest of past records and analysis, but not to make in measurement of capacity and rates of advance allowances for biases in currently capacity utilization continues. Also, im­ reported figures. For total manufacturing proved information on rental housing vacan­ employment the Board’s upward adjustment cies has been made available to help ana­ to levels established by the Census of Manu­ lyze residential real estate markets. It is true factures was at the rate of about 2 per cent per year after 1923. that no adequate analysis has yet been made Later, with a good many monthly data in of structural changes affecting the signifi­ strategic areas available—and combined cance of inventory-sales ratios, and that not into measures such as the Board’s index of enough attention may be given to the industrial production—and with a drive to amount and nature of mortgage debt out­ obtain the sort of completeness of coverage standing; but there are plenty of neglected for the economy represented by the national problems also in the area of flow analysis. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1600 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 NET AND GROSS prices of farm products and foods ordinarily 19. We need flow data net and gross. In reflect changes in supply factors to a greater the consumer credit area, for example, infor­ extent than prices of industrial commodities, mation on changes in outstandings is useful, occur in their own good time, and often but analysis of such net data can be greatly result in changes in the broad averages that improved by having gross figures on exten­ are subject to misinterpretation. Prices of sions and repayments. Being affected by de­ hogs and cattle, in particular, have their own velopments in quite different time periods, individual swings related to short and long extensions and repayments behave quite dif­ production cycles dependent in part on bio­ ferently on occasion. Besides, changes in the logical considerations. rate of credit extensions taken separately Detailed price, production, and other can be compared meaningfully with current data need to be studied to appraise fluctu­ developments in retail trade, and repay­ ations in prices for industrial commodities ments can be related usefully to disposable and their effects on expectations, new orders, income. and inventory accumulation, not to mention earnings, the amount of internal funds TOTAL AND PARTS available for capital outlays, and the de­ 20. Closely allied to the observation con­ mands of business for short- and long-term cerning net and gross is another concerning credit. the need for data and analysis at many levels One of the finer arts in economic analysis of aggregation. In the field of population, is to take full advantage of what can be for example, one figure quite relevant for learned from study of data at many levels high school construction programs and re­ of aggregation—or of “disaggregation,” if lated local expenditures is the number of you are accustomed to thinking of the broad children of high school age. For all public aggregates as the starting point for thinking. school construction, more age groups need The present leading view of one of the re­ to be included. In some recent periods, in­ lationships among broad aggregates most formation on total population would have important for making projections—the re­ been next to worthless for either purpose; lationship between consumer expenditures but a total population figure is useful for and personal disposable income—seems to making broad comparisons with the past or be that some components, notably auto sales, with other countries and for computing some should be estimated separately, taking ac­ per capita figures that are of significance. count of factors other than income. The In the field of prices, broad averages at ratio between expenditures and incomes the retail and wholesale levels are still often (and the saving rate) thus should be re­ used in analyses of general economic devel­ garded as changeable from quarter to quar­ opments, and a total consumer price index ter on this account as well as because of is often used in wage negotiations, without leads and lags that may appear in connec­ analysis in terms of components. But price tion with developments such as the tax cut analysis in depth needs to deal with prices of 1964. Moving away from the view that at many stages along the way from raw the saving rate should be expected to be con­ materials to finished products and from pri­ stant from quarter to quarter makes sense to mary markets to retail markets. Changes in me, especially in view of the many difficul- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TOWARD UNDERSTANDING 1601 ties in the way of calculating the income and Production may also be classified as to expenditure figures and consequent uncer­ whether it is going into business inventories tainties as to how closely they—and the dif­ or being delivered to final purchasers; the ference between them—reflect what is hap­ differences in behavior are often striking. pening. Aggregates, as sums of components, The rate of accumulation and the level of often benefit from offsets of errors of oppo­ holdings relative to production and sales are site direction but may still be subject to sig­ in themselves significant facts, and to the ex­ nificant net inaccuracies. Thus, estimating tent that information can be obtained con­ consumption expenditures requires discre­ cerning the areas of accumulation and the tion in the handling of numbers at many voluntary and involuntary nature of the points and not merely in the estimation of accumulation, the full significance of inven­ the “exogenous” elements so basic to income tory developments can be better appraised. estimates—notably, defense and other gov­ In general, at different times different ernment expenditures, plant and equipment lines of classification will be especially im­ outlays, residential building, and the rate of portant for indicating the type of situation inventory change. that may be developing. MULTIPLE CLASSIFICATIONS OF DATA COMPARABILITY OF GROUPINGS FOR 21. Fortunately for economic analysis, INDUSTRY ANALYSIS with proper care the same data can be used 22. Unfortunately for economic analysis, in different groupings to help answer many while some industry groupings are closely different questions. Production in one indus­ comparable with each other—those for man­ try, for example, can be grouped with ufacturing employment, hours, and pro­ production in other industries turning out duction, for example, all on an establish­ materials or finished products, as the case ment basis—not all groupings for the same may be, and also with production of goods industry are closely related; profit figures, more or less durable in use. Both lines of for example, are based on data for enter­ classification are among those important for prises reaching far across the industry lines understanding differences in amplitude and based on establishment data. Happily, the timing of fluctuations. Again, production of comparability of enterprise sales, inventory, goods can be usefully classified according to and order data with establishment data has the status of principal purchasers of prod­ been improved in recent years through re­ ucts, notably private producers, private con­ porting on a divisional basis by most large sumers, and governments, national and enterprises whose activities cross industry local. These groups have different objec­ lines. Also, increased efforts have been made tives, hold different positions in markets, to reconcile various types of data drawn make different credit arrangements, and alter from corporate and establishment reports. their demands at different times. In some At the higher levels of aggregation, prob­ periods such as the present, grouping of in­ lems of this particular sort tend to be re­ dustrial products as business equipment, de­ duced. fense equipment, consumer durables, and consumer staples points to important dif­ FLEXIBILITY IN ANALYSIS ferences in rates of expansion, already long 23. The usefulness of classifying and continued. studying data for the past in trying to see Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1602 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 what may lie ahead depends in part on the so far as important to understanding can be extent of our flexibility in using what we brought within any single framework? So learn to ferret out actual elements of con­ am I. How much of the whole developing tinuity in the economy and elements of situation, for example, is likely to be encom­ change that alter economic behavior and passed in study of real things such as produc­ economic relationships. If, for example, tion of goods and services, and employment? the goal of steady growth were to be achieved, How much in study of prices for goods and conclusions drawn from an era of cycles services and for the use of goods and funds? would need to be reexamined. This would How much in the study of values, particu­ be true whether or not earlier generaliza­ larly expenditures and incomes and flows of tions had been expressed in mathematical funds, as quantities of real things and of all terms. That formal models of the economy sorts of claims are transferred at prevailing —however elaborately conceived and con­ prices? structed to take care of accelerators, multi­ Perhaps, with everything related to every­ pliers, and the like—will be flexible enough thing else, one can go as far as one can go to capture the individual peculiarity of each anyway by starting out to explain changes in different period in a rapidly changing world quantities; or in prices; or in values. But seems much less certain than that those who wherever one starts, one winds up talking construct the models will in the course of about all three or one is not doing much of a their work learn a great deal about the op­ job of relating goals and policies and de­ eration of the economy. For current analysis velopments in the market place. All three, and current decision-making, one essential moreover, need enough direct attention to requirement I see is a degree of flexibility reveal whatever of significance they have to available only to human minds, human tell. And as a practical matter, all three need minds steeped in the history of economic to be approached in their own ways, not in developments—at home and abroad—and some way dictated by the desire to integrate trained to make use of a variety of tools of everything into one unified system. economic analysis. What are some of the problems involved One further note about flexibility: in all in measuring and relating values, quanti­ research more of it is needed than is culti­ ties, and prices and building a reasonably vated when pressure to define and test a complete account, beginning with study of particular hypothesis rigorously is so strong any one? In some ways the simplest broad that the researcher is unable to appreciate concepts are those of total value, value of what the data are trying to tell him about expenditures and value of income associ­ some other subject that may be just as im­ ated with production of goods and services. portant. (What constitutes rigorous testing Conceptually, the starting point for the ex­ is, incidentally, a subject that warrants a penditure total is the individual sales slip for further sharp look.) final products and such data as are needed to estimate the current dollar value of in­ FRAMEWORKS 24. If, as I requested, you have been ventory change. The values on sales slips thinking all along about frameworks, where reflect quantities and prices that have al­ have you come out? Are you perhaps ready been multiplied without any averag­ wondering how everything I have mentioned ing. In these figures, both quantities and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TOWARD UNDERSTANDING 1603 prices change from one period to another to analyze along with horizontal differences as they do in actual transactions. In contrast, in behavior among different groups of final a quantity index generally assumes constant products. price relationships and a price index con­ Recognizing the importance of quantity stant quantity relationships. And quantity and price measures, is it feasible to move measures relate to goods at various stages with assurance from measures of current of fabrication and distribution, not just to values to measures of quantities and prices? one. Thus, to avoid overlapping (such as The difficulties of working in the other direc­ occurs in shipments series), the structure in tion—from quantity and prices indexes to the weight year is taken as one of net output value measures-—are readily perceived. They at various stages of production, and the include various data and other problems in series used to carry this structure forward quantity and price measurement already through time must represent changes in net noted and also the technical problem of output—by what means best is one of the obtaining a value measure from quantity current issues of measurement in this area. and price measures; base-weighted quantity In practice, the sales slips needed to ob­ and indexes of prices, when multiplied, will tain total expenditures (current dollar not yield a precise value measure, and given GNP) are not all available; some values, (changing) year weighted indexes for either as for new autos, are calculated from totals have their special limitations. Problems of of units sold and estimates of average prices; the same nature are inherent in any move the value of services of government em­ from value to quantity or price measures ployees is the sum of paychecks rather than and, further, any differences between current sales slips; and estimating the value of in­ value estimates and actual values will affect ventory change involves many steps and quantity and price measures derived from more than a little uncertainty as to the current value estimates. Also, detail by stage results. For these and other reasons, the of fabrication and distribution needed for actual current value GNP derived from the analysis of changing supply and demand expenditure side is not the simple aggregate positions and the transmission of the impact that it may seem to be in broad concept. of events through the whole economy cannot The total value of current expenditures, be obtained from final product figures alone. no matter how well estimated at the final Direct approaches to quantity and price product level, cannot tell the whole story of measurement present problems of their own economic change; it is quantity of output— that should not be minimized; for many output of steel in tons or “constant” dollars products deflation of value figures may seem —that is related to all sorts of change in em­ to be the best way to handle baffling prob­ ployment and productivity, and it is prices lems of nonhomogeneity of product. But that are involved most directly in maintain­ the evidence seems to me clear that much ing the value of the currency and avoiding is to be gained by approaching quantity and such speculative developments as might arise price as well as value measurement and from widespread price changes in one direc­ analysis directly. One special advantage is tion or the other. Also, changes throughout that of potential improvement in quality the economy, along vertical lines from raw all around that can come from approaching material to finished product, are significant measurement problems from different points Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1604 FEDERAL RESERVE BULLETIN ■ NOVEMBER 1966 of view and then comparing the results. This developments to be some contribution to­ is one way that data limitations for ex­ ward policy-making—public and private. ample—going all the way back to the kind And public policy-making in the economic of records people keep and affecting analy­ area I take to be aimed at the variety of pur­ sis in different ways in different approaches poses touched on at the beginning of this —can be partially overcome. paper. They may be summarized in general This discussion of frameworks has focused terms, first as encouraging growth of a sort on approaches to quantity, price, and value sustainable and consistent with various other measurement and analysis, almost exclu­ broad goals and, second, as working actively sively with reference to currently produced toward meeting such major, persistent, spegoods and services. Transactions in existing ial problems as the present 8 per cent unem­ property, real and other, are also highly sig­ ployment rate for nonwhites in this country. nificant, as is readily apparent in analyzing No one set of policies—fiscal or monetary problems relating to housing and mortgage or other—has the versatility needed to markets and to international payment bal­ handle the variety of problems to be dealt ances. And, you may have noticed, the em­ with by one means or another. Whatever phasis on “real” aspects has left “financial” aspects—the financing of value transactions the organizational arrangements for policy­ of all sorts—scarcely mentioned. making may be in the future, the need for That, in some sense, analysis will always broad understanding on the part of indivi­ be incomplete seems inevitable, but that we duals dealing with highly specialized prob­ can make further substantial progress to­ lems in particular areas will be very great. ward a truly comprehensive story seems to Policies reasonably well adapted to the situ­ me equally clear. We can increase the range ation and to each other can best be devel­ and depth of our understanding, I think, by oped among people of such understanding looking at broad problems from several in whatever branch or agency of the govern­ points of view. “Framework” is a word that, ment they may be working. And such poli­ like “cycle,” seems to me more meaningful when used in the plural. cies can be adopted and then implemented With this comment on frameworks the effectively only if many people throughout discussion has returned to the point of the country take an active interest in eco­ beginning—almost. nomic affairs and work to broaden their understanding of economic developments TOWARD UNDERSTANDING—AGAIN As already noted, I take the chief aim of and economic policies, both domestic and working toward understanding of economic international. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDY A REVISED INDEX OF MANUFACTURING CAPACITY Frank de Leeuw—Staff, Board of Governors With Frank E. Hopkins and Michael D. Sherman The Federal Reserve Bulletin from time kins and Sherman, who were research as­ to time publishes, in full, staff studies on eco­ sistants at the Board during the summer nomic and financial subjects that are of of 1966. general interest in the field of economic As in all staff studies, the author is re­ research. sponsible for the analyses and conclusions This paper was prepared by Mr. de set forth, and the views expressed are not Leeuw, a member of the staff of the Board necessarily those of the Board of Governors of Governors, together with Messrs. Hop- or of other members of the Board’s staff. This article describes a set of estimates of METHODOLOGY AND USES capacity and capacity utilization in U.S. The method of calculating the capacity esti­ manufacturing industries. The estimates mates, described in detail below, can be represent a revision of a series maintained at summarized in a few sentences. The general the Federal Reserve Board for the past 6 level and major movements of capacity uti­ years.1 They are crude and subject to much lization in the estimates are those that larger measurement errors than many other emerge from McGraw-Hill surveys of ca­ time series in common use. Although the pacity utilization of manufacturing com­ estimates appear to be helpful in interpret­ panies. Dividing these utilization rates into ing current economic developments, users Federal Reserve indexes of production gives should bear in mind that more thinking the general level and trend of the capacity about underlying concepts, better coverage estimates. The final capacity estimates are of some key manufacturing industries, and extrapolated before the first utilization sur­ further experimentation with alternative ap­ vey and after the most recent one through proaches to collecting capacity information the use of capital stock estimates and all are probably necessary before truly re­ McGraw-Hill survey information on yearly liable estimates can be developed. capacity changes. These two sources of in­ formation are also used to smooth the ca­ lSee Frank de Leeuw, “The Demand for Capital pacity estimates during the period of the Goods by Manufacturers,” Econometrica, Vol. 30, No. 3, July 1962, pp. 410-11; Peter Gajewski and utilization surveys. Frank de Leeuw, “An Index of Manufacturing Ca­ The meaning of “capacity” as measured pacity,” July 1964 (unpublished); and U.S. Council of Economic Advisers, Annua! Report, 1966, p. 249. in these estimates is of necessity imprecise. 1605 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1606 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 The unit of measurement is output per gative time series. One such relationship, quarter, expressed as an index on a 1957-59 depicted in Chart 1, is that of capacity utili­ base. That is, the capacity index is an esti­ zation for all manufacturing to the backlog mate of the quantity of output per quarter, of appropriations for new plant and equip­ relative to quarterly output in 1957-59, ment by manufacturers, with the latter vari­ which the current stock of plant and equip­ able expressed as a ratio to estimated ca­ ment in manufacturing industries is capable pacity. Periods of high backlog follow, after of producing. But there are many ways of a brief lag, periods of high utilization, with interpreting the phrase “capable of pro­ the 1959 peak in both cases below the ducing.” It may refer to output that can be 1955-56 peak and the current level. The produced at minimum average cost, or it two series diverge in recessions, probably re­ may refer to output that can be produced flecting in part the influence of financial con­ at anything less than prohibitively high cost; ditions on the volume and timing of new it may refer to peak seasonal output, or it appropriations. CHART 1 CHART 2 Backlog of appropriations is the estimated dollar volume of backlog at the end of each quarter for all manufacturing, Price change is the absolute change from a year earlier in deflated by the GNP implicit deflator for producers* durable the quarterly average of a special Federal Reserve grouping equipment and divided by the capacity index for total manu­ of wholesale price indexes (1957-59=100) for industrial ma­ facturing. Capacity utilization is for total manufacturing. terials. Capacity utilization is for primary processing in­ Data are from National Industrial Conference Board, U.S. dustries. Data are from Bureau of Labor Statistics and Federal Commerce Department, and Federal Reserve. Reserve. may refer to output after adjustment for Price changes for industrial materials normal seasonal variation; it may refer to also appear to be related to estimated ca­ the sum of separate product capacities, or it pacity utilization, particularly to one of the may refer to some normal product-mix; it two components of the total—utilization in may be restricted to single-shift output, or primary processing industries. Chart 2 illus­ it may include second-shift or third-shift trates the general correspondence of fluctu­ potential. There is no information available ations in these two series. There are, of as to exactly what respondents to capacity course, important forces affecting materials surveys have in mind. prices not captured in the utilization meas­ The usefulness of the utilization estimates ure. At times, the influences of these other in spite of these defects, however, is illus­ forces—for example, changes in agricul­ trated by their relationship to other aggre- tural prices and in wage levels—have prob- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX OF MANUFACTURING CAPACITY 1607 ably outweighed the influence of capacity processing industries reached their highest utilization. postwar utilization rate just after the out­ break of the Korean war, whereas advanced SUMMARY OF REVISION processing industries did not reach their The changes responsible for the revision of postwar peak until near the end of that con­ past estimates are summarized before pres­ flict. Again, in 1965 primary processing uti­ entation of the new estimates in detail. The lization was not so high as it had been in new estimates differ from the old for three 1955-56, but advanced processing utiliza­ reasons: (1) Separate estimates have been tion was as high as in the earlier period. prepared of capacity (and of utilization) Those familiar with the timing of postwar for two subgroups of manufacturing, pri­ fluctuations in prices will appreciate the mary processing industries and advanced closer correspondence of industrial price processing industries. (2) On the basis of movements with primary processing utiliza­ recent evidence, it is now assumed that re­ tion than with advanced processing utiliza­ spondents to the McGraw-Hill surveys (the tion—a correspondence to which a number most important source of information for of economists have referred.2 The “primary these capacity estimates) adjust their re­ processing” and “advanced processing” clas­ sponses for seasonal variation. And (3) in sifications used here are not the same as the preparing the estimates additional data were “materials” and “finished products” classifi­ used—an additional year’s data for all the cation used in the industrial production in­ time series involved, and a completely dif­ dex. The ones used in the industrial produc­ ferent set of data for estimates of the stock tion index represent broader coverage and of capital goods owned by manufacturers. a cleaner separation of industries producing Estimated utilization rates for primary processing industries and advanced process­ 2 See, for example, Murray Altmann, “Price Anal­ ysis and Economic Developments,” Staff Economic ing industries generally move in the same Study, Federal Reserve Board, 1965; and Ruth Mack, direction, as seen in Chart 3. But the two “The Destabilizing Influence of Raw Materials Prices,” in U.S. Joint Economic Committee, The series show some significant differences Relationship of Prices to Economic Stability and during peak periods. For example, primary Growth, 1958, pp. 269-84. Latest figures, third quarter. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1608 FEDERAL RESERVE BULLETIN ■ NOVEMBER 1966 for further fabrication and industries pro­ The fact that minor changes in data have ducing for distributors or for final users; but caused revisions of one or two points in the data limitations make it impossible to use utilization rate for some quarters under­ the production index separation in the pres­ scores once more the large degree of un­ ent study. certainty surrounding these estimates and The changed assumption about seasonal the need for further work. adjustment underlies the difference between earlier and current estimates of total manu­ CONSTRUCTION OF THE ESTIMATES facturing utilization during the past 10 As earlier, three kinds of series entered into years, as illustrated in Chart 4. Earlier it the construction of capacity estimates: A was assumed that the end-of-year utilization perpetual inventory measure of the gross rates that companies reported to McGraw- stock of capital goods, a McGraw-Hill index Hill were not adjusted for seasonal vari­ of capacity, and a Federal Reserve index of ation. Because the end of the year is, on production divided by a McGraw-Hill ratebalance, a slack season for manufacturing of-operations measure. Tn contrast to pre­ production, our seasonally adjusted utiliza­ vious estimates, however, each of the three tion rates were above the figures reported by series was separated into two components, McGraw-Hill. Now it is assumed that the one for primary processing industries and rates reported to McGraw-Hill are season­ one for advanced processing industries. ally adjusted—for reasons discussed below Stock of capital goods. The data for the —and our seasonally adjusted utilization construction of the gross capital stock series estimates are lower than they were, and no were obtained principally from official cen­ longer above the McGraw-Hill reported suses of manufacturers and from the surveys rates. of manufacturers published in noncensus As for the other divergences, including years since 1947 (with the exception of the slight excess of the revised over the 1948). Census data rather than Commerce­ earlier estimates for the first few years, a Securities Exchange Commission data for great many minor changes in data are re­ plant and equipment investment expendi­ sponsible and no one factor is dominant. tures were employed because this informa- CHART 4 Latest figures, third quarter. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX OF MANUFACTURING CAPACITY 1609 tion is collected on an establishment basis at 2.9 per cent for primary processing in­ (rather than by companies which often pro­ dustries and 3.6 per cent for advanced proc­ duce in several industries). essing industries. A common method for measuring per­ The choice of a gross rather than a net petual inventory of gross capital stock con­ measure of capital was based on the as­ sists of adding each year’s gross investment sumption that the amount of services that a expenditure to the previous year’s stock of capital good yields per year or per quarter capital goods and subtracting from this total during its lifetime is approximated better the gross investment expenditure of n years as a constant amount than as an amount ago, where n is the useful life of capital proportional to the remaining lifespan of goods. An implication of this method is that the capital good. the change in the capital stock in the current Census figures for gross investment ex­ year depends not only upon current invest­ penditures were not available for 1948, ment expenditures, but also upon gross in­ 1965, and 1966. Thus estimates for these vestment expenditures exactly n years ago. years were obtained by interpolative and If gross investment expenditures n years ago extrapolative approximations utilizing the were subject to any unusual fluctuation, the Commerce-SEC data. Census data do not current capital stock measure would also include the sale of Government surplus tend to fluctuate abnormally. capital stocks to private manufacturing in­ In order to eliminate these echo effects, dustries. Because these sales were sizable in we used a technique similar to one devel­ the years just after World War II, estimates oped by Dale Jorgenson.3 This technique utilizing data based on a study by Bert consists of (1) assuming that retirement is Hickman 4 were added to the Census series a constant fraction of the capital stock, or to obtain the final expenditure estimates. in equation form . The two capital stock series are plotted in Chart 5, together with the other capacity Si +1 = (1 —k} S< + Z< indicators used in construction of the final where st is the stock at the start of period t, series. Noteworthy features of their time­ h is investment expenditures in period t, paths are (1) their very slight deceleration and k is the retirement rate; and (2) calcu­ during the years 1958-62, in contrast to lating the retirement rate k by averaging the much more marked deceleration in some common perpetual-inventory estimates of other capital stock estimates, and (2) their retirements as a fraction of capital stock acceleration during the last 2 or 3 years. over a period of years. McGraw-Hill capacity indexes. Annual An unpublished set of capital stock esti­ McGraw-Hill indexes 1 were combined into mates for industry prepared by Michael primary processing and advanced process­ Gort were used to obtain estimates of capi­ ing totals with weights based on points in the tal stock as of the end of 1947 and esti­ Federal Reserve index of industrial produc­ mates of k for materials and for final prod­ tion in December 1950, the base period of ucts. The retirement rate k was estimated * Bert Hickman, Investment Demand and U.S. Eco­ 3 Dale Jorgenson, “Anticipations and Investment nomic Growth, Brookings, 1964, pp. 234-35. Behavior,” in James S. Duesenberry, et. al., editors, The Brookings Quarterly Econometric Model of the 5 McGraw-Hill Company, Annual Surveys (re­ United States, Rand McNally, 1965, pp. 51, 57. leased in April). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1610 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 the capacity indexes. Proportions of total split into (1) industrial chemicals (S.I.C. capacity would be more appropriate as codes 281 and 282), assigned to primary weights than proportions of total output processing industries, and (2) chemical would be, but only the latter are readily products (S.I.C. codes 283 through 289), available. The two aggregate indexes also assigned to advanced processing industries. appear in Chart 5. Where only a total chemicals series was Industries classified as “primary process­ available, that total chemicals series was ing” in constructing the new capacity esti­ used with an industrial chemicals weight mates were textiles, lumber, paper, and and with a chemical products weight. In pulp, petroleum, rubber, stone, clay, and addition to chemical products, the food, glass, primary metals, fabricated metals, beverages, tobacco, apparel, furniture, and a portion of chemicals. printing and publishing, leather, machinery, Where possible the chemical industry was transportation equipment, instruments, ord- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX OF MANUFACTURING CAPACITY 1611 nance, and miscellaneous industry groups utilization reports for that month were first were classified as “advanced processing.’’ collected by McGraw-Hill.7 Besides pro­ Output divided by utilization. A company viding an interim check on capacity levels producing 100 units per year and operating during the year, these figures were employed at 80 per cent of capacity has a capacity of to determine whether McGraw-Hill re­ 100 divided by 80 or 125 units of output spondents, on the average, correct their re­ per year. If in a subsequent period the com­ sponses for normal seasonal variation. Sep­ pany produces 91 units per year and is tember figures are useful in this determina­ operating at 70 per cent of capacity, its tion because the level of capacity should dis­ capacity has risen to 91 divided by 70 or play almost no seasonal variation, for it 130 units per year. An output measure consists at any moment of time almost en­ divided by a utilization measure, in other tirely of equipment installed in the past and words, is one indicator of capacity. Two only to a very minor extent of equipment aggregative indexes constructed in this way, installed since the last month or last quarter. one for primary processing industries and If seasonally adjusted output divided by uti­ one for advanced processing industries, lization rates displays marked seasonal variwere the third kind of capacity series in this CHART 6 study. OUTPUT/UTILIZATION The output measures used for primary processing and advanced processing indus­ tries were groupings of the manufacturing component of the index of industrial pro­ duction index for each December, specially calculated according to the classification de­ scribed above. The utilization measures were weighted combinations of the Mc­ Graw-Hill end-of-year utilization rates.0 Weights for combining the utilization in­ dexes were based on the 1957 proportions of production through 1960 and on 1963 proportions starting in 1960. There was very little difference between the two 1960 estimates. Final utilization numbers for 1960 were averages of the two weighted in­ dexes, with 1959 and 1961 utilization rates adjusted slightly to avoid any abrupt changes due to changing weights. Utilization rates were constructed not only for the end of each year, but also for September of each year since 1959, when Adjusted figures are seasonally adjusted Federal Reserve in­ dexes divided by McGraw-Hill utilization rates. Unadjusted figures are Federal Reserve indexes not adjusted for seasonal variation divided by McGraw-Hill utilization rates. " Ibid. These utilization rates are based on answers to the survey question, “How much of your capacity 7 McGraw-Hill Company, Fall Surveys (released were you operating at the end of 19__?" each November). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1612 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 ation between September and December errors (at least, relative to errors in the and seasonally unadjusted output divided output index), but probably its dependence by utilization does not, reported utilization on single-month figures produces some ran­ rates are probably not corrected for sea­ dom errors. The ratio of the output-dividedsonal variations in output. If it is the ad­ by-utilization measure to each of the other justed output divided by utilization which two measures should depend upon time displays no seasonal variation, then re­ and a random disturbance. The mathe­ ported utilization rates are likely to have matical representation of this relationship, been corrected for seasonal fluctuations in which was estimated in logarithmic form output. and calculated separately for primary proc­ The second of these two possibilities fits essing and for advanced processing indus­ the facts much better than the first, as Chart tries, appears in Equations 1 and 2 below: 6 demonstrates. Unadjusted output divided by utilization rates produces a sawtooth sea­ w 1/X2 = ^but sonal pattern in estimated capacity and im­ (2) Xl/X = V2\ plies an actual drop in capacity from Sep­ tember to December each year. Adjusted output divided by utilization, in contrast, is where x, = Federal Reserve index of in­ a smooth line. Consequently the assumption dustrial production divided by McGraw-Hill that McGraw-Hill respondents adjust their estimates of end-of-year rate of operations; replies for normal seasonal variation seems Xi = McGraw-Hill capacity index; x = more logical. It is different from the assump­ capital stock series; a-, = the antilogarithm tion we had made in previous estimates of the intercept regression coefficient for the (and one we had decided on before /th equation ( i= 1, 2); bt — the antiloga­ McGraw-Hill began its September utiliza­ rithm of the time trend regression coefficient tion surveys), and its effect is to lower our for the /th equation (/ = 1,2); u,v, = ran­ estimates of seasonally adjusted utilization dom disturbances in the appropriate equa­ rates. tions; and t = time in years (1954 = 1). The final capacity measure was estimated COMBINING THE THREE CAPACITY by multiplying the “calculated” values in INDICATORS Equation 1 by x, and the “calculated” As in the earlier estimates, the McGraw-Hill values in Equation 2 by xt and averaging capacity index and the capital stock series these two estimates. Regression estimates of are assumed to have a gradually shifting re­ a and b for advanced processing industries lationship to the desired capacity measure; follow: many of their differences from the desired (1) Ratio of output divided by utilization to capac­ measure—in weighting, in treatment of ity index * capital retirements, and in implied treat­ a = 0.79915 b = 0.99397 (Z-ratio = 4.21) ment of quality changes—have effects that & = 0.56 develop by degrees over time. A randomly (2) Ratio of output divided by utilization to capital distributed bias is assumed in the output- stock a = 1.6567 divided-by-utilization measure; the direct b = 1.01227 (Z-ratio = 8.71) link of this measure to the output index fl’ = 0.86 probably prevents a major trend in its These regressions indicate a downward Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX OF MANUFACTURING CAPACITY 1613 trend in the output-divided-by-utilization [Equation not used; mean ratio of 0.8495 used instead. See below.] measure relative to the McGraw-Hill ca­ pacity index of about six-tenths of 1 per (4) Ratio of output divided by utilization to capital stock cent per year (because b is roughly equal (a) entire period, 1954-65 to 0.994). The output-divided-by-utilization a = 1.089 b = 1.01764 (/-ratio = 12.63) measure rose relative to the capital stock by R2 = 0.93 about 1.2 per cent per year. The McGraw- (b) first 4 years, 1954-57 a = 1.13837 Hill measure and the capital stock measure b = 0.99956 (/-ratio = .28) were adjusted for these differences in trends R2 = 0.19 (c) last 8 years, 1958-65 as well as for differences in level and then a = 1.15081 averaged to calculate capacity for advanced b_= 1.01947 (/-ratio = 9.80) R2 = 0.92 processing industries. There was one further adjustment in the [4c used for 1958-65; mean 1954-57 ratio of 1.1369 used for earlier years. See below.] capacity index for advanced products indus­ tries—namely, a flat reduction of 1 per cent The regressions for primary processing in the capacity index for each year starting industries indicated no significant trend in at the end of 1958. The reason for this output divided by utilization relative to the adjustment was to preserve consistency be­ McGraw-Hill capacity index. The /'-ratio of tween our estimate of the end-of-year utili­ the trend term in the regression was only zation rate for all manufacturing and the 0.5 and the value of R2 only 0.19. Instead published McGraw-Hill end-of-year manu­ of using the regression coefficients, there­ facturing utilization figures. In our calcula­ fore, the McGraw-Hill index was simply tions (except for the adjustment just re­ multiplied by the mean ratio of Ab to .Xa ferred to), the end-of-year utilization rate —0.8495—to form the first of the two for recent years tended to be a shade below semifinal capacity estimates for this group­ the McGraw-Hill published total figures, ing. partly because we had to estimate some of Output divided by utilization did display the unpublished detail of the McGraw-Hill a significant upward trend relative to capital surveys and partly because of weighting dif­ stock for primary processing industries, as ferences. Because our method of arriving at regression results 4a demonstrate. However, a total utilization rate is considered no more inspection of the data revealed that there accurate than McGraw-Hill’s, and because was no trend in one series relative to the it is a convenience to users to have the two other for the first few observed years and a end-of-year utilization estimates approxi­ rather sharp one in the last 8 years (see mately equal, we made the small arbitrary Chart 2). For this reason, regression equa­ adjustment referred to in order to bring the tion 4a was not used; instead regression two totals closer together. equation 4c was used for 1958 and subse­ Regression estimates for primary process­ quent years and the mean 1954-57 ratio of ing industries are as follows: Xi to .v3 —1.1369—was used in place of any regression results for 1957 and earlier (3) Ratio of output divided by utilization to capac­ ity index years. Separate regressions for subperiods a = 0.8450 were also run and tested for significant dif­ b = 1.0008 (/-ratio = .51) IP = 0.19 ferences in all other cases, but this was the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1614 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 only one in which a significant difference pated additions to capacity as reported to emerged. McGraw-Hill and anticipated capital spend­ Quarterly capacity estimates are simply ing as reported to the Commerce Depart­ linear interpolations between the final end- ment. Quarterly rates of utilization are avail­ of-year figures. Quarterly output estimates able a month or less after the end of each are quarterly averages of the specially cal­ quarter.8 culated breakdown of manufacturing output 8 Requests for the quarterly estimates should be described above. Capacity indexes for addressed to Publications Services, Division of Ad­ ministrative Services, Board of Governors of the 1966 are projected on the basis of antici­ Federal Reserve System, Washington, D.C. 20551. Total Manufacturing: Output and Capacity (1957-59 output - 100) Output Capacity 1 Year QI QII QIII QIV QI QU QIII QIV 1948................. 68.5 69.0 69.5 68.7 78 79 80 81 1949................. 66.5 64.2 65.1 64.6 82 82 83 84 1950................. 68.1 73.9 80.1 81.4 84 85 86 86 1951................. 83.0 83.0 80.7 81.0 87 88 90 91 1952................. 82.9 82.2 84.4 91.1 92 93 95 96 1953................. 93.2 94.5 94.1 88.8 97 99 100 101 1954................. 85.5 85.6 86.0 88.0 102 103 104 106 1955................. 92.7 96.8 99.0 100.7 107 108 109 111 1956................. 99.7 99.9 98.8 102.2 112 114 115 117 1957................. 102.5 101.9 102.0 96.7 118 120 121 123 1958................. 89.7 89.4 94.9 98.7 124 125 126 127 1959................. 103.0 109.4 105.9 105.4 128 129 131 132 I960................. 111.7 110.2 108.7 105.0 133 134 135 137 1961................. 103.1 108.4 112.3 115.0 138 139 140 141 1962................. 116.6 118.6 119.7 119.9 142 143 145 146 1963................. 121.3 124.9 126.0 127.2 147 149 150 151 1964................. 129.4 132.5 134.7 135.9 153 154 156 157 1965................. 141.4 143.5 146.1 148.9 159 162 165 167 1966”............... 154.5 157.7 160.0 170 173 176 » Preliminary. processing industries and utilization for advanced processing indus­ 1 When manufacturing output as shown here is divided by the tries, rather than as the ratio of total manufacturing output to total capacity index shown here, the result may differ very slightly from the manufacturing capacity. Output is seasonally adjusted. estimated utilization rate for total manufacturing as shown in the following table. The differences are due in part to rounding and Note.—Estimates based on data from Federal Reserve Board, in part to the fact that the utilization rate for manufacturing has Department of Commerce, and McGraw-Hill Economics Depart­ been calculated as a weighted average of utilization for primary­ ment. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX OF MANUFACTURING CAPACITY 1615 Relation of Output to Capacity (In per cent) Total manufacturing Primary processing industries Advanced processing industries Year QI QU QIII QIV QI QU qiii QIV QI QU QIII QIV 1948............. 88 88 88 86 89 90 89 87 88 87 86 85 1949............. 82 78 78 76 83 77 77 75 82 79 79 77 1950............. 80 87 94 95 83 91 98 99 79 84 91 92 1951............. 96 95 91 90 100 100 95 92 93 91 88 89 1952............. 91 88 88 95 92 84 87 96 90 90 90 95 1953............. 96 96 95 88 96 97 95 87 96 96 94 89 1954............. 84 83 82 84 82 82 82 85 85 83 83 82 1955............. 87 90 91 91 89 93 95 95 85 88 88 89 1956............. 89 88 86 88 93 92 86 91 86 86 86 86 1957............. 87 85 84 79 89 87 87 80 85 84 82 78 1958............. 72 71 75 78 71 71 77 80 73 72 74 76 1959............. 81 85 81 80 83 89 78 79 79 82 83 80 1960............. 84 82 80 77 86 82 79 74 83 82 81 79 1961............. 75 78 80 82 72 78 81 82 76 78 80 82 1962............. 82 83 83 82 83 82 81 81 82 83 84 83 1963............. 82 84 84 84 82 85 84 84 83 83 84 84 1964............. 85 86 87 87 86 87 88 89 84 85 85 85 1965............. 89 89 89 89 90 90 90 89 88 88 88 89 1966”........... 91 91 91 91 92 91 91 91 91 ” Preliminary. Reserve Board, Department of Commerce, and McGraw-Hill Eco­ Note.—Seasonally adjusted estimates based on data from Federal nomics Department. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations, new regulations, and similar material Loan Guarantees for Defense Producton SUPPLEMENT TO REGULATION V The Board of Governors has amended Regula­ Section 7. Maximum Rates of Interest, tion V entitled “Loan Guarantees for Defense Pro­ Guarantee Fees, and Commitment Fees duction” by adding a Supplement (section 7) con­ Effective September 27, 1966 taining the current maximum rates of interest, the Pursuant to the provisions of the Defense Produc­ tion Act of 1950 and Executive Order No. 10480, schedule of guarantee fees, and commitment fees dated August 14, 1953, as amended, the Board of on V-Loans. Section 1 of the Regulation was also Governors of the Federal Reserve System hereby prescribes the maximum rate of interest, guarantee amended to show the current Executive Order and fees, and commitment fees which may be charged with the present guaranteeing agencies, and section 5 respect to guaranteed loans executed through the was amended to contain a reference to the text of agency of any Federal Reserve Bank: the new Supplement. The amendment reads as (a) Maximum rate of interest.—The maximum interest rate charged a borrower by a financing insti­ follows: tution with respect to a guaranteed loan shall not exceed 716 per cent per annum. (b) Guarantee fees.—The schedule of fees with AMENDMENTS TO REGULATION V respect to guaranteed loans is as follows: (32A CFR Chapter XV) Guarantee fee (Per cent of interest Effective September 27, 1966, sections 1, 5 and payable by borrower 7 are amended to read as follows: Per cent of on guaranteed portion loan guaranteed of loan) 70 or less 10 Section 1. Authority 75 15 80 20 This regulation is based upon and issued pursuant to 85 25 the Defense Production Act of 1950 (referred to in 90 30 this regulation as the “act”), and Executive Order No. 95 35 10480, dated August 14, 1953 as amended (3 CFR Over 95 40-50 1949-1953 Comp., p. 962) (referred to in this regula­ In any case in which the rate of interest on the loan tion as the “order”), and after consultation with the is in excess of 6 per cent, the guarantee fee shall be heads of the guaranteeing agencies designated in the computed as though the interest rate were 6 per cent. act and the order, namely, the Department of the Army, the Department of the Navy, the Department of (c) Commitment fees.—In any case in which a com­ the Air Force, the Department of Commerce, the mitment fee is charged a borrower with respect to a Department of the Interior, the Department of Agri­ guaranteed loan, such fee shall not exceed 16 of 1 per culture, the General Services Administration, the cent per annum. In any such case, the financing institu­ tion will pay to the guaranteeing agency a percentage Atomic Energy Commission, the Defense Supply of such commitment fee, based on the guaranteed Agency, and the National Aeronautics and Space portion of the credit, equal to the same percentage of Administration. the interest payable on the loan which is required to * * * be paid by the financing institution to the guarantor as a guarantee fee. Section 5. Rates and Fees Calculating Deposits in Determining Aggregate Rates of interest, guarantee fees, commitment fees, Liabilities of Edge Corporations and other charges which may be made with respect to The question has been raised as to the proper guaranteed loans and guarantees executed through the agency of any Federal Reserve Bank under this regu­ method of calculating deposits in determining ag­ lation will from time to time be prescribed, either gregate liabilities for the purpose of section 211.9 specifically or by maximum limits or otherwise, in (c) of Regulation K, which provides, in part, that section 7 (the Supplement) by the Board of Governors “Except with prior Board permission, a Corpora­ after consultation with the guaranteeing agencies. * * * tion’s aggregate outstanding liabilities, on account 1617 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1618 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 of acceptances, monthly average deposits, borrow­ Review of the New York Dormitory Authority ings, guarantees, endorsements, debentures, bonds, Act (N. Y. Public Authorities Law §§ 1675-1690), notes, and other such obligations shall not exceed the Authority’s interpretation thereof, and mate­ ten times its capital and surplus”. rials with respect to the Authority’s “Revenue The Board has concluded that in determining Bonds, Mills College of Education Issue, Series A” “monthly average deposits” in calculating the limi­ indicates that the Authority is not an “obligor” on tation on aggregate outstanding liabilities in sec­ those and similar bonds. Although the Authority tion 211.9(c), a Corporation may deduct from the promises to make all payments of principal and amount of its gross demand deposits the amounts interest, a bank that invests in such bonds cannot permitted in section 204.2(b) of Regulation D, be reasonably considered as doing so in reliance Reserves of Member Banks. on the promise and responsibility of the Authority. Despite the Authority’s obligation to make pay­ ments on the bonds, if the particular college fails Meaning of “obligor or maker” in Determining to perform its agreement to make rental payments Limitation on Securities Investments to the Authority sufficient to cover all payments of bond principal and interest when due, as a practical From time to time the New York State Dormi­ matter the sole source of funds for payments to tory Authority offers issues of bonds with respect the bondholder is the particular college. The Au­ to each of which a different educational institution thority has general borrowing power but no re­ enters into an agreement to make “rental” pay­ sources from which to assure repayment of any ments to the Authority sufficient to cover interest borrowing except from the particular colleges, and and principal thereon when due. The Board of rentals received from one college may not be used Governors of the Federal Reserve System has been to service bonds issued for another. asked whether a member State bank may invest Accordingly, th Board has concluded that each up to 10 per cent of its capital and surplus in each college for which the Authority issues obligations such issue. is the sole “obligor” thereon. A member State bank Paragraph Seventh of section 5136 of the United may therefore invest an amount up to 10 per cent States Revised Statutes (12 U.S.C. 24) provides of its capital and surplus in the bonds of a particu­ that “In no event shall the total amount of the in­ lar college that are eligible investments under the vestment securities of any one obligor or maker, Investment Securities Regulation of the Comp­ held by [a national bank] for its own account, ex­ troller of the Currency (12 CFR 1), whether issued ceed at any time 10 per centum of its capital stock directly or indirectly through the Dormitory Au­ . . . and surplus fund”. That limitation is made thority. applicable to member State banks by the twen­ tieth paragraph of section 9 of the Federal Reserve Financial Institutions Supervisory Act Act (12 U.S.C. 335). The Act of Congress, approved October 16, The Board considers that, within the meaning of 1966 (Public Law 89-695), known as the “Finan­ these provisions of law, “obligor” does not include cial Institutions Supervisory Act of 1966”, to any person that acts solely as a conduit for trans­ strengthen the regulatory and supervisory authority mission of funds received from another source, of the several Federal agencies over insured banks irrespective of a promise by such person to pay and insured savings and loan associations, author­ principal or interest on the obligation. While an izes such agencies to institute cease and desist pro­ obligor does not cease to be such merely because ceedings following prescribed determinations, and a third person has agreed to pay the obligor proceedings directed at the removal from office of amounts sufficient to cover principal and interest directors or officers of institutions under their su­ on the obligations when due, a person that promises pervision. Provision is also made for temporary to pay an obligation, but as a practical matter has cease and desist and removal orders, as well as for no resources with which to assure payment of the judicial relief therefrom on petition of the affected obligation except the amounts received from such institution or party. In addition, the Act increases third person, is not an “obligor” within the mean­ from $10,000 to $15,000 the insurance coverage ing of section 5136. of deposits insured by the Federal Deposit Insur- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1619 ance Corporation and acounts insured by the Fed­ bank. Such hearing shall be fixed for a date not earlier than thirty days nor later than sixty days after service eral Savings and Loan Insurance Corporation. The of such notice unless an earlier or a later date is set by provisions containing the regulatory and super­ the agency at the request of the bank. Unless the bank visory authority are made effective only until June shall appear at the hearing by a duly authorized representative, it shall be deemed to have consented 30, 1972. The text of the Act (except Title I con­ to the issuance of the cease-and-desist order. In the taining provisions relating entirely to the Federal event of such consent, or if upon the record made at Home Loan Bank Board and the Federal Savings any such hearing, the agency shall find that any viola­ tion or unsafe or unsound practice specified in the and Loan Insurance Corporation) reads as fol­ notice of charges has been established, the agency may lows: issue and serve upon the bank an order to cease and desist from any such violation or practice. Such order may, by provisions which may be mandatory or other­ AN ACT wise, require the bank and its directors, officers, em­ ployees, and agents to cease and desist from the same, To strengthen the regulatory and supervisory authority and, further, to take affirmative action to correct the of Federal agencies over insured banks and insured conditions resulting from any such violation or savings and loan associations, and for other practice. purposes. “(2) A cease-and-desist order shall become effective at the expiration of thirty days after the service of Be it enacted by the Senate and House of Repre­ such order upon the bank concerned (except in the sentatives of the United States of America in Con­ case of a cease-and-desist order issued upon consent, gress assembled. That this Act may be cited as the which shall become effective at the time specified “Financial Institutions Supervisory Act of 1966”. therein), and shall remain effective and enforceable as provided therein, except to such extent as it is stayed, modified, terminated, or set aside by action of the TITLE II—PROVISION RELATING TO THE agency or a reviewing court. FEDERAL DEPOSIT INSURANCE CORPORA­ “(c) (1) Whenever the appropriate Federal banking TION, THE BOARD OF GOVERNORS OF THE agency shall determine that the violation or threatened FEDERAL RESERVE SYSTEM, AND THE violation or the unsafe or unsound practice or prac­ COMPTROLLER OF THE CURRENCY tices, specified in the notice of charges served upon Sec. 201. Paragraph (6) of subsection (j) of section the bank pursuant to paragraph (1) of subsection (b) 7 of the Federal Deposit Insurance Act (12 U.S.C. of this section, or the continuation thereof, is likely to 1817(j)(6)) is repealed and section 3 of the Federal cause insolvency or substantial dissipation of assets or Deposit Insurance Act (12 U.S.C. 1813) is amended earnings of the bank, or is likely to otherwise seriously by adding the following new subsection (q): prejudice the interests of its depositors, the agency “(q) The term ‘appropriate Federal banking agency’ may issue a temporary order requiring the bank to shall mean (1) the Comptroller of the Currency in cease and desist from any such violation or practice. the case of a national banking association or a District Such order shall become effective upon service upon bank, (2) the Board of Governors of the Federal the bank and, unless set aside, limited, or suspended Reserve System in the case of a State member insured by a court in proceedings authorized by paragraph (2) bank (except a District bank), and (3) the Federal of this subsection, shall remain effective and enforce­ Deposit Insurance Corporation in the case of a State able pending the completion of the administrative pro­ nonmember insured bank (except a District bank).” ceedings pursuant to such notice and until such time Sec. 202. Section 8 of the Federal Deposit Insurance as the agency shall dismiss the charges specified in Act (12 U.S.C. 1818), is amended by redesignating such notice, or if a cease-and-desist order is issued subsections (b), (c), and (d) thereof as (o), (p), and against the bank, until the effective date of any such (q) and by adding after subsection (a) thereof the order. following new subsections (b) through (n), inclusive: “(2) Within ten days after the bank concerned has “(b) (1) If, in the opinion of the appropriate been served with a temporary cease-and-desist order, Federal banking agency, any insured bank or bank the bank may apply to the United States district court which has insured deposits is engaging or has engaged, for the judicial district in which the home office of or the agency has reasonable cause to believe that the the bank is located, or the United States District Court bank is about to engage, in an unsafe or unsound for the District of Columbia, for an injunction setting practice in conducting the business of such bank, or aside, limiting, or suspending the enforcement, opera­ is violating or has violated, or the agency has reason­ tion, or effectiveness of such order pending the comple­ able cause to believe that the bank is about to violate, tion of the administrative proceedings pursuant to the a law, rule, or regulation, or any condition imposed notice of charges served upon the bank under para­ in writing by the agency in connection with the grant­ graph (1) of subsection (b) of this section, and such ing of any application or other request by the bank, or court shall have jurisdiction to issue such injunction. any written agreement entered into with the agency, “(d) In the case of violation or threatened violation the agency may issue and serve upon the bank a notice of, or failure to obey, a temporary cease-and-desist of charges in respect thereof. The notice shall contain order issued pursuant to paragraph (1) of subsection a statement of the facts constituting the alleged viola­ (c) of this section, the appropriate Federal banking tion or violations or the unsafe or unsound practice or agency may apply to the United States district court, practices, and shall fix a time and place at which a or the United States court of any territory, within the hearing will be held to determine whether an order to jurisdiction of which the home office of the bank is cease and desist therefrom should issue against the located, for an injunction to enforce such order, and, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1620 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 if the court shall determine that there has been such officer and, whenever, in the opinion of the Comp­ violation or threatened violation or failure to obey, it troller, any other person participating in the conduct shall be the duty of the court to issue such injunction. of the affairs of a national banking association or a “(e)(1) Whenever, in the opinion of the appro­ District bank, by conduct or practice with respect to priate Federal banking agency, any director or officer such bank or other insured bank or other business of an insured State bank (other than a District bank) institution which resulted in substantial financial loss has committed any violation of law, rule, or regula­ or other damage, has evidenced his personal dis­ tion, or of a cease-and-desist order which has become honesty and unfitness to participate in the conduct of final, or has engaged or participated in any unsafe or the affairs of such bank, the Comptroller of the Cur­ unsound practice in connection with the bank, or has rency may certify the facts to the Board of Governors committed or engaged in any act, omission, or practice of the Federal Reserve System. which constitutes a breach of his fiduciary duty as such “(5) In respect to any director or officer of an director or officer, and the agency determines that the insured State hank (other than a District bank) or bank has suffered or will probably suffer substantial any other person referred to in paragraph (1) or (3) financial loss or other damage or that the interests of of this subsection, the appropriate Federal banking its depositors could be seriously prejudiced by reason agency may, if it deems it necessary for the protection of such violation or practice or breach of fiduciary of the bank or the interests of its depositors, hy written duty, and that such violation or practice or breach of notice to such effect served upon such director, officer, fiduciary duty is one involving personal dishonesty on or other person, suspend him from office and/or the part of such director or officer, the agency may prohibit him from further participation in any manner serve upon such director or officer a written notice of in the conduct of the affairs of the bank. Such suspen­ its intention to remove him from office. sion and/or prohibition shall become effective upon “(2) Whenever, in the opinion of the Comptroller service of such notice and, unless stayed by a court in of the Currency, any director or officer of a national proceedings authorized by subsection (f) of this sec­ banking association or a District bank has committed tion, shall remain in effect pending the completion of any violation of law, rule, or regulation, or of a cease- the administrative proceedings pursuant to the notice and-desist order which has become final, or has served under paragraph (1) or (3) of this subsection engaged or participated in any unsafe or unsound and until such time as the agency shall dismiss the practice in connection with the bank, or has committed charges specified in such notice, or, if an order of or engaged in any act, omission, or practice which removal and/or prohibition is issued against the constitutes a breach of his fiduciary duty as such director or officer or other person, until the effective director or officer, and the Comptroller determines date of any such order. Copies of any such notice shall that the bank has suffered or will probably suffer sub­ also be served upon the bank of which he is a director stantial financial loss or other damage or that the or officer or in the conduct of whose affairs he has interests of its depositors could be seriously prejudiced participated. by reason of such violation or practice or breach of “(6) In respect to any director or officer of a na­ fiduciary duty, and that such violation or practice or tional banking association or a District bank, or any breach of fiduciary duty is one involving personal dis­ other person referred to in paragraph (2) or (4) of honesty on the part of such director or officer, the this subsection, the Comptroller of the Currency may, Comptroller of the Currency may certify the facts to if he deems it necessary for the protection of the bank the Board of Governors of the Federal Reserve System. or the interests of its depositors that such director or “(3) Whenever, in the opinion of the appropriate officer be suspended from office or prohibited from Federal banking agency, any director or officer of an further participation in any manner in the conduct of insured State bank (other than a District bank), by the affairs of the bank, certify the facts to the Board of conduct or practice with respect to another insured Governors of the Federal Reserve System. bank or other business institution which resulted in “(7) In the case of a certification to the Board of substantial financial loss or other damage, has evi­ Governors of the Federal Reserve System under para­ denced his personal dishonesty and unfitness to con­ graph (2) or (4) of this subsection, the Board may tinue as a director or officer and, whenever, in the serve upon the director, officer, or other person in­ opinion of the appropriate Federal banking agency, volved, a written notice of its intention to remove any other person participating in the conduct of the him from office and/or to prohibit him from further affairs of an insured State bank (other than a District participation in any manner in the conduct of the bank), by conduct or practice with respect to such affairs of the bank. In the case of a certification to the bank or other insured bank or other business institu­ Board of Governors of the Federal Reserve System tion which resulted in substantial financial loss or other under paragraph (6) of this subsection, the Board may damage, has evidenced his personal dishonesty and by written notice to such effect served upon such direc­ unfitness to participate in the conduct of the affairs of tor, officer, or other person, suspend him from office such insured bank, the agency may serve upon such and/or prohibit him from further participation in any director, officer, or other person a written notice of manner in the conduct of the affairs of the bank. Such its intention to remove him from office and/or to suspension and/or prohibition shall become effective prohibit his further participation in any manner in the upon service of such notice and, unless stayed by a conduct of the affairs of the bank. court in proceedings authorized by subsection (f) of “(4) Whenever, in the opinion of the Comptroller this section, shall remain in effect pending the comple­ of the Currency, any director or officer of a national tion of the administrative proceedings pursuant to the banking association or a District bank, by conduct or notice served under the first sentence of this paragraph practice with respect to another insured bank or other and until such time as the Board shall dismiss the business institution which resulted in substantial finan­ charges specified in such notice, or, if an order of re­ cial loss or other damage, has evidenced his personal moval and/or prohibition is issued against the director dishonesty and unfitness to continue as a director or or officer or other person, until the effective date of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1621 any such order. Copies of any such notice shall also suspension and/or prohibition shall remain in effect be served upon the bank of which he is a director or until such information, indictment, or complaint is officer or in the conduct of whose affairs he has partic­ finally disposed of or until terminated by the agency. ipated. For the purposes of this paragraph and para­ In the event that a judgment of conviction with respect graph (8) of this subsection, the Comptroller of the to such offense is entered against such director, officer, Currency shall be entitled in any case involving a na­ or other person, and at such time as such judgment is tional bank or a District bank to sit as a member of not subject to further appellate review, the agency may the Board of Governors of the Federal Reserve System issue and serve upon such director, officer, or other and to participate in its deliberations on any such case person an order removing him from office and/or and to vote thereon in all respects as a member of prohibiting him from further participation in any such Board. manner in the conduct of the affairs of the bank except “(8) A notice of intention to remove a director, with the consent of the appropriate agency. A copy of officer, or other person from office and/or to prohibit such order shall also be served upon such bank, where­ his participation in the conduct of the affairs of an upon such director or officer shall cease to be a direc­ insured bank, shall contain a statement of the facts tor or officer of such bank. A finding of not guilty or constituting grounds therefor, and shall fix a time and other disposition of the charge shall not preclude the place at which a hearing will be held thereon. Such agency from thereafter instituting proceedings to re­ hearing shall be fixed for a date not earlier than thirty move such director, officer, or other person from office days nor later than sixty days after the date of service and/or to prohibit further participation in bank affairs, of such notice, unless an earlier or a later date is set pursuant to paragraph (1), (2), (3), (4), or (7) of by the agency at the request of (A) such director or subsection (e) of this section. officer or other person, and for good cause shown, or “(2) If at any time, because of the suspension of one (B) the Attorney General of the United States. Unless or more directors pursuant to this section, there shall such director, officer, or other person shall appear at be on the board of directors of a national bank less the hearing in person or by a duly authorized repre­ than a quorum of directors not so suspended, all pow­ sentative, he shall be deemed to have consented to the ers and functions vested in or exercisable by such issuance of an order of such removal and/or prohibi­ board shall vest in and be exercisable by the director tion. In the event of such consent, or if upon the rec­ or directors on the board not so suspended, until such ord made at any such hearing the agency shall find time as there shall be a quorum of the board of direc­ that any of the grounds specified in such notice has tors. In the event all of the directors of a national been established, the agency may issue such orders of bank are suspended pursuant to this section, the suspension or removal from office, and/or prohibition Comptroller of the Currency shall appoint persons from participation in the conduct of the affairs of the to serve temporarily as directors in their place and bank, as it may deem appropriate. Any such order stead pending the termination of such suspensions, shall become effective at the expiration of thirty days or until such time as those who have been suspended, after service upon such bank and the director, officer, cease to be directors of the bank and their respective or other person concerned (except in the case of an successors take office. order issued upon consent, which shall become effec­ “(h) (1) Any hearing provided for in this section tive at the time specified therein). Such order shall shall be held in the Federal judicial district or in the remain effective and enforceable except to such extent territory in which the home office of the bank is lo­ as it is stayed, modified, terminated, or set aside by cated unless the party afforded the hearing consents action of the agency or a reviewing court. to another place, and shall be conducted in accordance “(f) Within ten days after any director, officer, or with the provisions of chapter 5 of title 5 of the United other person has been suspended from office and/or States Code. Such hearing shall be private, unless the prohibited from participation in the conduct of the appropriate Federal banking agency, in its discretion, affairs of an insured bank under subsection (e) (5) or after fully considering the views of the party afforded (e) (7) of this section, such director, officer, or other the hearing, determines that a public hearing is nec­ person may apply to the United States district court essary to protect the public interest. After such hear­ for the judicial district in which the home office of ing, and within ninety days after the appropriate Fed­ the bank is located, or the United States District Court eral banking agency or Board of Governors of the for the District of Columbia, for a stay of such sus­ Federal Reserve System has notified the parties that pension and/or prohibition pending the completion of the case has been submitted to it for final decision, the administrative proceedings pursuant to the notice it shall render its decision (which shall include find­ served upon such director, officer, or other person un­ ings of fact upon which its decision is predicated) and der subsection (e) (1), (e) (3), or (e) (7) of this shall issue and serve upon each party to the proceed­ section, and such court shall have jurisdiction to stay ings an order or orders consistent with the provisions such suspension and/or prohibition. of this section. Judicial review of any such order shall “(g) (1) Whenever any director or officer of an be exclusively as provided in this subsection (h). Un­ insured bank, or other person participating in the con­ less a petition for review is timely filed in a court of duct of the affairs of such bank, is charged in any appeals of the United States, as hereinafter provided information, indictment, or complaint, authorized by in paragraph (2) of this subsection, and thereafter a United States attorney, with the commission of or until the record in the proceeding has been filed as so participation in a felony involving dishonesty or provided, the issuing agency may at any time, upon breach of trust, the appropriate Federal banking agen­ such notice and in such manner as it shall deem cy may, by written notice served upon such director, proper, modify, terminate, or set aside any such order. officer, or other person suspend him from office and/or Upon such filing of the record, the agency may modify, prohibit him from further participation in any manner terminate, or set aside any such order with permission in the conduct of the affairs of the bank. A copy of of the court. such notice shall also be served upon the bank. Such “(2) Any party to the proceeding, or any person Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1622 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 required by an order issued under this section to cease director or officer or other person concerned, or with and desist from any of the violations or practices stated respect to which no petition for review of the action of therein, may obtain a review of any order served pur­ the agency has been filed and perfected in a court of suant to paragraph (1) of this subsection (other than appeals as specified in paragraph (2) of subsection an order issued with the consent of the bank or the (h), or with respect to which the action of the court director or officer or other person concerned, or an in which said petition is so filed is not subject to further order issued under paragraph (1) of subsection (g) of review by the Supreme Court of the United States in this section) by the filing in the court of appeals of the proceedings provided for in said paragraph, or an United States for the circuit in which the home office order issued under paragraph (1) of subsection (g) of the bank is located, or in the United States Court of of this section, and (2) the term ‘violation’ includes Appeals for the District of Columbia Circuit, within without limitation any action (alone or with another thirty days after the date of service of such order, a or others) for or toward causing, bringing about, par­ written petition praying that the order of the agency ticipating in, counseling, or aiding or abetting a viola­ be modified, terminated, or set aside. A copy of such tion. petition shall be forthwith transmitted by the clerk of “(1) Any service required or authorized to be made the court to the agency, and thereupon the agency by the appropriate Federal banking agency under this shall file in the court the record in the proceeding, as section may be made by registered mail, or in such provided in section 2112 of title 28 of the United other manner reasonably calculated to give actual States Code. Upon the filing of such petition such court notice as the agency may by regulation or otherwise shall have jurisdiction, which upon the filing of the provide. Copies of any notice or order served by the record shall except as provided in the last sentence of agency upon any State bank or any director or officer said paragraph (1) be exclusive, to affirm, modify, thereof or other person participating in the conduct of terminate, or set aside, in whole or in part, the order its affairs, pursuant to the provisions of this section, of the agency. Review of such proceedings shall be shall also be sent to the appropriate State supervisory had as provided in chapter 7 of title 5 of the United authority. States Code. The judgment and decree of the court “(m) In connection wtih any proceeding under shall be final, except that the same shall be subject to subsection (b), (c) (1), or (e) of this section involv­ review by the Supreme Court upon certiorari, as pro­ ing an insured State bank or any director or officer vided in section 1254 of title 28 of the United States or other person participating in the conduct of its Code. affairs, the appropriate Federal banking agency shall "(3) The commencement of proceedings for judi­ provide the appropriate State supervisory authority cial review under paragraph (2) of this subsection with notice of the agency’s intent to institute such a shall not, unless specifically ordered by the court, proceeding and the grounds therefor. Unless within operate as a stay of any order issued by the agency. such time as the Federal banking agency deems appro­ t(i) The appropriate Federal banking agency may priate in the light of the circumstances of the case in its discretion apply to the United States district (which time must be specified in the notice prescribed court, or the United States court of any territory, with­ in the preceding sentence) satisfactory corrective ac­ in the jurisdiction of which the home office of the bank tion is effectuated by action of the State supervisory is located, for the enforcement of any effective and authority, the agency may proceed as provided in this outstanding notice or order issued under this section, section. No bank or other party who is the subject of and such courts shall have jurisdiction and power to any notice or order issued by the agency under this order and require compliance herewith; but except as section shall have standing to raise the requirements otherwise provided in this section no court shall have of this subsection as ground for attacking the validity jurisdiction to affect by injunction or otherwise the of any such notice or order. issuance or enforcement of any notice or order under “(n) In the course of or in connection with any this section, or to review, modify, suspend, terminate, proceeding under this section, the agency conducting or set aside any such notice or order. the proceeding, or any member or designated repre­ “(j) Any director or officer, or former director or sentative thereof, including any person designated to officer of an insured bank, or any other person, against conduct any hearing under this section, shall have whom there is outstanding and effective any notice or the power to administer oaths and affirmations, to take order (which is an order which has become final) or cause to be taken depositions, and to issue, revoke, served upon such director, officer, or other person quash, or modify subpenas and subpenas duces tecum; under subsections (e) (5), (e) (7), (e) (8), or (g) of and such agency is empowered to make rules and this section, and who (i) participates in any manner regulations with respect to any such proceedings. The in the conduct of the affairs of the bank involved, or attendance of witnesses and the production of docu­ directly or indirectly solicits or procures, or transfers ments provided for in this subsection may be required or attempts to transfer, or votes or attempts to vote, from any place in any State or in any territory or other any proxies, consents, or authorizations in respect of place subject to the jurisdiction of the United States any voting rights in such bank, or (ii) without the at any designated place where such proceeding is being prior written approval of the appropriate Federal bank­ conducted. Any party to proceedings under this section ing agency, votes for a director, serves or acts as a may apply to the United States District Court for the director, officer, or employee of any bank, shall upon District of Columbia, or the United States district court conviction be fined not more than $5,000 or im­ for the judicial district or the United States court in prisoned for not more than one year, or both. any territory in which such proceeding is being con­ “(k) As used in this section (1) the terms ‘cease ducted, or where the witness resides or carries on busi­ and desist order which has become final’ and ‘order ness, for enforcement of any subpena or subpena duces which has become final’ mean a cease-and-desist or­ tecum issued pursuant to this subsection, and such der, or an order, issued by the appropriate Federal courts shall have jurisdiction and power to order and banking agency with the consent of the bank or the require compliance therewith. Witnesses subpenaed Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1623 under this section shall be paid the same fees and ‘member bank’ in said section 2(b) shall be deemed to mileage that are paid witnesses in the district courts of refer to an insured bank.” the United States. Any court having jurisdiction of any Sec. 204. The first five sentences of section 8(a) of proceeding instituted under this section by an insured the Federal Deposit Insurance Act (12 U.S.C. bank or a director or officer thereof, may allow to 1818(a)) are amended to read as follows: any such party such reasonable expenses and attorneys’ “Sec. 8. (a) Any insured bank (except a national fees as it deems just and proper; and such expenses and member bank or State member bank) may, upon not fees shall be paid by the bank or from its assets.” less than ninety days’ written notice to the Corpora­ Sec. 203. Subsections (b) and (c) of section 10 of tion, terminate its status as an insured bank. Whenever the Federal Deposit Insurance Act (12 U.S.C. 1820 the Board of Directors shall find that an insured bank (b), (c) ) are amended to read as follows: or its directors or trustees have engaged or are engag­ “(b) The Board of Directors shall appoint exam­ ing in unsafe or unsound practices in conducting the iners who shall have power, on behalf of the Corpora­ business of such bank, or is in an unsafe or unsound tion, to examine any insured State nonmember bank condition to continue operations as an insured bank, (except a District bank), any State nonmember bank or violated an applicable law, rule, regulation or order, making application to become an insured bank, and or any condition imposed in writing by the Corpora­ any closed insured bank, whenever in the judgment of tion in connection with the granting of any application the Board of Directors an examination of the bank is or other request by the bank, or any written agree­ necessary. In addition to the examinations provided ment entered into with the Corporation, the Board of for in the preceding sentence, such examiners shall Directors shall first give to the Comptroller of the have like power to make a special examination of any Currency in the case of a national bank or a district State member bank and any national bank or District bank, to the authority having supervision of the bank bank, whenever in the judgment of the Board of Di­ in the case of a State bank, and to the Board of rectors such special examination is necessary to deter­ Governors of the Federal Reserve System in the case mine the condition of any such bank for insurance of a State member bank, a statement with respect to purposes. In making examinations of insured banks, such practices or violations for the purpose of secur­ examiners appointed by the Corporation shall have ing the correction thereof and shall give a copy thereof power on behalf of the Corporation to make such to the bank. Unless such correction shall be made examinations of the affairs of all affiliates of such within one hundred and twenty days, or such shorter banks as shall be necessary to disclose fully the rela­ period not less than twenty days fixed by the Corpora­ tions between such banks and their affiliates and the tion in any case where the Board of Directors in its effect of such relations upon such banks. Each exam­ discretion has determined that the insurance risk of iner shall have power to make a thorough examination the Corporation is unduly jeopardized, or fixed by the of all of the affairs of the bank and its affiliates, and Comptroller of the Currency in the case of a national shall make a full and detailed report of the condition bank, or the State authority in the case of a State bank, of the bank to the Corporation. The Board of Direc­ or Board of Governors of the Federal Reserve System tors in like manner shall appoint claim agents who in the case of a State member bank as the case may shall have power to investigate and examine all claims be, the Board of Directors, if it shall determine to for insured deposits. Each claim agent shall have pow­ proceed further, shall give to the bank not less than er to administer oaths and affirmations and to examine thirty days’ written notice of intention to terminate the and to take and preserve testimony under oath as to status of the bank as an insured bank, and shall fix a any matter in respect to claims for insured deposits, time and place for a hearing before the Board of Di­ and to issue subpenas and subpenas duces tecum, and, rectors or before a person designated by it to conduct for the enforcement thereof, to apply to the United such hearing, at which evidence may be produced, and States district court for the judicial district or the upon such evidence the Board of Directors shall make United States court in any territory in which the main written findings which shall be conclusive. If the Board office of the bank or affiliate thereof is located, or in of Directors shall find that any unsafe or unsound which the witness resides or carries on business. Such practice or condition or violation specified in such courts shall have jurisdiction and power to order and statement has been established and has not been cor­ require compliance with any such subpena. rected within the time above prescribed in which to “(c) In connection with examinations of insured make such corrections, the Board of Directors may banks, and affiliates thereof, the appropriate Federal order that the insured status of the bank be terminated on a date subsequent to such finding and to the expira­ banking agency, or its designated representatives, shall tion of the time specified in such notice of intention. have the power to administer oaths and affirmations Unless the bank shall appear at the hearing by a duly and to examine and to take and preserve testimony un­ authorized representative, it shall be deemed to have der oath as to any matter in respect of the affairs or consented to the termination of its status as an insured ownership of any such bank or affiliate thereof, and to bank and termination of such status thereupon may be issue subpenas and subpenas duces tecum, and, for the ordered. Any insured bank whose insured status has enforcement thereof, to apply to the United States dis­ been terminated by order of the Board of Directors trict court for the judicial district or the United States under this subsection shall have the right of judicial court in any territory in which the main office of the review of such order only to the same extent as pro­ bank or affiliate thereof is located, or in which the vided for the review of orders under subsection (h) of witness resides or carries on business. Such courts shall this section.” have jurisdiction and power to order and require Sec. 205. Subsection “Fourth” of section 9 of the compliance with any such subpena. For purposes of Federal Deposit Insurance Act (12 U.S.C. 1819 this section, the term ‘affiliate’ shall have the same “Fourth”) is amended to read as follows: meaning as where used in section 2(b) of the Banking “Fourth. To sue and be sued, complain and defend, Act of 1933 (12 U.S.C. 221a(b)) except that the term in any court of law or equity, State or Federal. All Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1624 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 suits of a civil nature at common law or in equity to Administrative Authority which the Corporation shall be a party shall be deemed to arise under the laws of the United States, and the Sec. 303. (a) Section 3(m) of the Federal Deposit Insurance Act (12 U.S.C. 1813(m)) is amended by United States district courts shall have original juris­ adding the following new sentence at the end: “For diction thereof, without regard to the amount in the purpose of clarifying and defining the insurance controversy; and the Corporation may, without bond coverage under this subsection and subsection (i) or security, remove any such action, suit, or proceed­ of section 7, the Corporation is authorized to define, ing from a State court to the United States district with such classifications and exceptions as it may court for the district or division embracing the place prescribe, terms used in those subsections, in subsection where the same is pending by following any procedure (p) of section 3, and in subsections (a) and (i) of for removal now or hereafter in effect, except that any section 11 and the extent of the insurance coverage such suit to which the Corporation is a party in its resulting therefrom.” capacity as receiver of a State bank and which involves (b) Section 405(a) of title IV of the National only the rights or obligations of depositors, creditors, Housing Act (12 U.S.C. 1728(a)) is amended by stockholders, and such State bank under State law adding the following new sentence at the end: “For shall not be deemed to arise under the laws of the the purpose of clarifying and defining the insurance United States. No attachment or execution shall be coverage under this subsection and subsection (b) of issued against the Corporation or its property before section 401, the Corporation is authorized to define, final judgment in any suit, action, or proceeding in with such classifications and exceptions as it may any State, county, municipal, or United States court. prescribe, terms used in those subsections and in sub­ The Board of Directors shall designate an agent upon section (c) of section 401 and the extent of the whom service of process may be made in any State, insurance coverage resulting therefrom.” Territory, or jurisdiction in which any insured bank is located.” TITLE IV—EXPIRATION Sec. 206. Nothing contained in this title shall be construed to repeal, modify, or affect the provisions of Sec. 401. The provisions of titles I and II of this section 19 of the Federal Deposit Insurance Act Act and any provisions of law enacted by said titles (12 U.S.C. 1829). shall be effective only during the period ending at the close of June 30, 1972. Effective upon the expiration Sec. 207. Section 3 0 of the Banking Act of 19 3 3 of such period, each provision of law amended by (12 U.S.C. 77) is hereby repealed. either of such titles, is further amended to read as it did immediately prior to the enactment of this Act TITLE III—INCREASE IN INSURANCE LIMIT and each provision of law repealed by either of such titles is reenacted. Federal Deposit Insurance Corporation Approved October 16, 1966. Sec. 301. (a) The first sentence of section 3(m) of the Federal Deposit Insurance Act (12 U.S.C. Orders Under Bank Merger Act 1813(m) ) is amended by changing “$10,000” to read "$15,000”. The following Orders and Statements were is­ (b) The first sentence of section 7(i) of the Fed­ sued in connection with actions by the Board of eral Deposit Insurance Act (12 U.S.C. 1817(i)) is Governors with respect to applications for ap­ amended by changing “$10,000” to read “$15,000”. (c) The last sentence of section 11(a) of the Fed­ proval of the merger of banks: eral Deposit Insurance Act (12 U.S.C. 1821(a)) is amended to read: “The maximum amount of the insured deposit of any depositor shall be $15,000.” DEPOSITORS TRUST COMPANY, (d) The fifth sentence of section ll(i) of the Fed­ AUGUSTA, MAINE eral Deposit Insurance Act (12 U.S.C. 1821(i)) is amended by changing “$10,000” to read “$15,000”. In the matter of the application of Depositors (e) The amendments made by this section shall Trust Company, for approval of merger with not be applicable to any claim arising out of the clos­ First Maine Trust Company. ing of a bank where such closing is prior to the date of enactment of this Act. Order Approving Merger of Banks Federal Savings and Loan Insurance Corporation There has come before the Board of Governors, Sec. 302. (a) Section 401(b) of title IV of the Na­ tional Housing Act (12 U.S.C. 1724(b)) is amended pursuant to the Bank Merger Act, (12 U.S.C. by changing “$10,000” to read “$15,000” each place 1828(c), as amended by Public Law 89-356), it appears therein. an application by Depositors Trust Company, (b) Section 405(a) of title IV of the National Hous­ ing Act (12 U.S.C. 1728(a)) is amended by changing Augusta, Maine, for the Board’s approval of the “$10,000” to read “$15,000”. merger of that bank and First Maine Trust Com­ (c) The amendments made by this section shall not be applicable to any claim arising out of a default, as pany, Augusta, Maine, a newly organized bank, defined in section 401(d) of the National Housing under the charter and title of Depositors Trust Act, where the appointment of a conservator, receiver, Company. Notice of the proposed merger, in form or other legal custodian as set forth in that section becomes effective prior to the date of enactment of this approved by the Board, has been published pursu­ Act. ant to said Act. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1625 Upon consideration of all relevant material in Bank and Trust Company would become branches the light of the factors set forth in said Act, in­ of the resulting bank. Notice of the proposed cluding reports furnished by the Comptroller of merger, in form approved by the Board, has been the Currency, the Federal Deposit Insurance Cor­ published pursuant to said Act. poration, and the Attorney General on the com­ Upon consideration of all relevant material in petitive factors involved in the proposed merger, the light of the factors set forth in said Act, in­ It is hereby ordered, for the reasons set forth cluding reports furnished by the Comptroller of in the Board’s Statement accompanying its Order the Currency, the Federal Deposit Insurance Cor­ of this date concerning the application of Deposi­ poration, and the Attorney General on the com­ tors Corporation, Augusta, Maine, to become a petitive factors involved in the proposed merger, bank holding company, that said application for It is hereby ordered, for the reasons set forth merger be and hereby is approved, provided that in the Board’s Statement of this date, that said said merger shall not be consummated (a) before application be and hereby is approved, provided the thirtieth calendar day following the date of that said merger shall not be consummated (a) this Order or (b) later than three months after before the thirtieth calendar day following the said date. date of this Order or (b) later than three months Dated at Washington, D.C., this 24th day of after said date. October, 1966. Dated at Washington, D.C., this 31st day of October, 1966. By order of the Board of Governors. Voting for this action: Chairman Martin, and Gov­ By order of the Board of Governors. ernors Robertson, Shepardson, Maisel, and Brimmer. Absent and not voting: Governors Mitchell and Voting for this action: Chairman Martin, and Gov­ Daane. ernors Shepardson, Mitchell, Daane, and Brimmer. (Signed) Kenneth A. Kenyon, Voting against this action: Governors Robertson and Maisel. Assistant Secretary. (Signed) Kenneth A. Kenyon, [seal] Assistant Secretary. Statement [seal] The Statement in this case was combined with the Statement accompanying the Board’s Order Statement approving an application by Depositors Corpora­ The Colonial Bank and Trust Company, Wa­ tion, Augusta, Maine, to become a bank holding terbury, Connecticut (“Colonial Bank”), with company: total deposits of about $128 million, has ap­ THE COLONIAL BANK AND TRUST COM­ plied, pursuant to the Bank Merger Act (12 PANY, WATERBURY, CONNECTICUT U.S.C. 1828(c), as amended by Public Law 89-356), for the Board’s prior approval of the In the matter of the application of The Colonial merger of that bank with Puritan Bank and Trust Bank and Trust Company for approval of merger Company, Meriden, Connecticut (“Puritan with Puritan Bank and Trust Company. Bank”), which has total deposits of about $10 Order Approving Merger of Banks million.1. The banks would merge under the charter and name of Colonial Bank, which is a There has come before the Board of Gover­ member of the Federal Reserve System. As an nors, pursuant to the Bank Merger Act, as incident to the merger, the four offices2 of Puritan amended (12 U.S.C. 1828(c), Public Law 89­ Bank would become branches of Colonial Bank, 356), an application by The Colonial Bank and increasing the number of its offices to 16. Trust Company, Waterbury, Connecticut, a State Competition. The head office and three member bank of the Federal Reserve System, for branches of Colonial Bank are in Waterbury; the the Board’s prior approval of the merger of that bank operates eight other branches within a radius bank and Puritan Bank and Trust Company, Meriden, Connecticut, under the charter and title 1 Figures are as of April 5, 1966. of The Colonial Bank and Trust Company. As an 2 Includes an authorized branch to be located in incident to the merger, the four offices of Puritan Meriden. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1626 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 of 12 miles of the city. Waterbury, located about office of each of these three banks and by two 29 miles southwest of Hartford, has a population offices of a New Haven-based bank. Puritan Bank of about 110,000, making it the fourth largest holds about 11 per cent and 12 per cent, respec­ city in Connecticut. The head office and one tively, of the deposits and loans held by the 12 branch of Puritan Bank are 16 miles east of banking offices in the Meriden-Wallingford area. Waterbury in Meriden, a community with an The other Meriden-headquartered bank holds estimated population of 55,000. The bank also about 37 per cent and 36 per cent, respectively, operates a branch six miles south of Meriden in of area deposits and loans. The remaining deposits Wallingford, a community with a 1960 population and loans in the area are held by offices of the of about 30,000. State’s second and tenth largest banks. Thus, the Puritan Bank, which has largely developed its extension of Colonial Bank, with its greater re­ business in the Meriden vicinity and southward, sources than Puritan Bank, into the Meridenobtains very little business from the area served Wallingford area, would tend to strengthen bank­ by Colonial Bank. Colonial Bank, which has ing competition in that market. largely developed its business to the west of the It does not appear that any banking offices Meriden-Wallingford area, derives some deposits would be adversely affected by the merger. and loans from the area served by Puritan Bank. The effect of the merger on competition would However, these amounts, drawn mostly from the not be significantly adverse. Meriden vicinity, are equal to less than three Financial and managerial resources and future per cent and eight per cent, respectively, of Puri­ prospects. The banking factors with respect to tan Bank’s deposits and loans. Further, it ap­ each of the banks proposing to merge are satis­ pears that this business arises chiefly from factory, as they would be with respect to the re­ customers whose needs cannot be met by Puritan sulting bank. Bank. The merger would eliminate the minor Convenience and needs of the communities. amount of competition that exists between Co­ The banking convenience and needs of the com­ lonial Bank and Puritan Bank, but the banks munities presently served by Colonial Bank would draw the vast bulk of their business from sepa­ not be appreciably affected by the merger. The rate geographical markets. replacement of Puritan Bank, the smallest bank It does not appear that significant competition in the Meriden-Wallingford area, by offices of would develop between Colonial Bank and Puri­ Colonial Bank would provide the Meriden and tan Bank if they did not merge. With the exception Wallingford communities with an alternative of Colonial Bank’s branch office at Cheshire, source of full banking services and an additional which is about five miles west of Meriden and the facility for meeting the growing credit needs that same distance northwest of Wallingford, none of are attendant upon the area’s rapid economic its branches is measurably nearer to Puritan Bank development. than is its main office. While adequate highways Summary and conclusion. In the judgment of connect Cheshire to Meriden and Wallingford, the Board, the proposed merger would clearly none of these routes is a major thoroughfare. The benefit the banking convenience and needs of the home-office-protection feature of State law pre­ Meriden-Wallingford area, and would not have cludes Colonial Bank from establishing a de novo significantly adverse effects for banking compe­ branch in Meriden and, although Colonial Bank tition. could enter Wallingord with a de novo branch, Accordingly, the Board concludes that the ap­ that community is already served by five branch plication should be approved. offices of four banks, so that the opportunity for establishing new branches there is limited. Dissenting Statement of Governor The merger would have no material effect on Robertson in which Governor banking competition in the area presently served Maisel Concurs by Colonial Bank; the principal effect would be In my judgment, the merger of Colonial Bank in the area served by Puritan Bank. In Meriden, and Puritan Bank is not warranted under the Puritan Bank and two other banks operate a total standards of the amended Bank Merger Act, of seven offices; Wallingford is served by one whether the Meriden-Wallinford area is treated Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1627 as the relevant geographical market, as it is by bank is doing in this respect now, and with what the majority, or whether the analysis of the merg­ reason dictates it will probably do in the future. In er’s effects for banking competition takes into ac­ this connection, I must confess surprise at the im­ count the combined area served by the merging plicit contention of the majority that the develop­ banks, as I think the facts require. ment of competition between the banking offices Potential competition and the relevant market. in Meriden, Wallingford and Cheshire is impeded There is every indication that if this merger appli­ by the fact that none of the routes connecting these cation were denied, Colonial Bank would seek communities is a major thoroughfare—it is neces­ other means to extend further into the Meriden- sary for the development of such competition that Wallingford area. Although the home-office-pro­ the communities be connected by adequate high­ tection feature of State law precludes Colonial ways, and they admittedly are. Bank from establishing a de novo branch in Meri­ Colonial Bank seeks to enhance its position in den at this time, the bank can establish branches the Meriden-Wallingford area for the simple rea­ on the outskirts of Meriden. In addition, Colonial son that it recognizes an excellent business oppor­ Bank can establish a de novo branch in Walling­ tunity when it sees one. Colonial Bank and Puritan ford. Unlike the majority, I am not convinced that Bank serve a populous area along, and to the west Wallingford—with a 1960 population of 30,000, of, a line between New Haven and Hartford. The reflecting an increase of 76 per cent over that of area is supported by diversified industry, and the 1950 and still growing rapidly—does not (or will level of economic activity is high. Particularly rapid not soon) have adequate business to support an growth is, and has been, taking place along the additional banking office. New Haven-Hartford corridor, which includes the As the majority acknowledges, Colonial Bank greater part of the area served by Puritan Bank. already draws deposits and loans from the area Colonial Bank, quite understandably—-from the served by Puritan Bank that are nearly equal to standpoint of its own corporate interests—wants a three per cent and eight per cent, respectively, of vantage point that will enable it to get a larger piece the total deposits and loans of Puritan Bank. The of the economic cake; its acquisition of Puritan record indicates that a large percentage of these Bank will serve this purpose well. But the fact that deposit accounts are derived from residents of the the bank has decided that it would be to its best Meriden-Wallingford area who commute to work corporate advantage to enhance its position in the in Waterbury. The development of further business Meriden-Wallingford area by the merger route is of this kind seems likely. Waterbury, only 16 miles not the sole consideration; the transaction must from Meriden, is the largest city in west-central meet the standards of the Bank Merger Act, which Connecticut. The city has over 400 manufacturing require that the public interest be accorded para­ plants as the base of its economy, and it also serves mount consideration. as a prominent retail trade center for an area con­ In short, the reasons advanced by the majority taining about 360,000 persons. If, as the majority for according no significance to potential competi­ concludes, much of the business derived by Colo­ tion cannot withstand close examination. Colonial nial Bank from the area served by Puritan Bank Bank already competes in the Meriden-Wallingford arises from customers whose needs cannot be met area and its proposal to acquire Puritan Bank is a by Puritan Bank, it only follows that Colonial Bank plain indication that it wishes to enlarge its role is vying for business with Puritan Bank’s local com­ in that area. This factor, the locations of the present petitors, the Meriden-Wallingford offices of the offices of the two banks and the future branching second and tenth largest banks in Connecticut. possibilities, considered in the light of the economic To facilitate the development of business in the character of (and orientations within) the region, Meriden-Wallingford vicinity, Colonial Bank es­ as well as its excellent growth prospects, lead me tablished a branch at Cheshire in 1963, only about to conclude that the combined area served by them five miles equidistant from Meriden and Walling­ is a meaningful market. ford. The observation of the majority that Colonial The competitive factor and the antitrust laws. Bank theretofore “largely developed its business to The merger will eliminate Puritan Bank, a sound the west of the Meriden-Wallingford area” is im­ institution, and strengthen the already dominant material; our concern ought to be with what the position of Colonial Bank, which now holds more Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1628 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 than 45 per cent of the commercial banking re­ credibly, actually concludes that the elimination of sources in the combined Waterbury, Meriden and Puritan Bank will tend to strengthen banking com­ Wallingford area. Following the merger, Colonial petition. Bank will hold nearly 50 per cent of the total com­ Outweighing anticompetitive effects. This mer­ mercial bank deposits (about 68 per cent together ger may not be allowed under the amended Bank with the next largest bank) and about 50 per cent Merger Act unless the diminution of competition of the total commercial bank loans (about 68 per (if not sufficient to be violative of section 2 of the cent together with the next largest bank). The Sherman Act) would be “clearly outweighed in the merger is anticompetitive within the meaning of public interest by the probable effect of the trans­ section 7 of the Clayton Act, as construed in United action in meeting the convenience and needs of the States v. Philadelphia National Bank, 374 U.S. 321 community to be served.” The comments of (1963); and the legislative history of the amended the principal sponsors of the bill that amended the Bank Merger Act makes it clear that the competi­ Merger Act indicate that this requirement of tive standard to be applied in bank merger cases is the law “intentionally creates a heavy burden for that of the antitrust laws, statutes and case law.1 the proponents of a merger, and .. . [that] very few In the Philadelphia case, the Court said: cases [were anticipated] in which this burden could be sustained.” 2 An example given of such a case [We] think that a merger which produces a firm controlling an undue percentage share of the rele­ suggests that one of the banks would have to be in vant market [here 30% of the “commercial banking difficulty with no feasible alternative solution to its business” in the relevant areal, and results in a sig­ problem.3 Certainly, a very rigid requirement in nificant increase in the concentration of firms in that market [the merger would have increased the mar­ this respect is appropriate, for it is fundamental ket share of the two largest banks from 44% to that a competitive banking market is the first req­ 59%], is so inherently likely to lessen competition substantially that it must be enjoined in the absence uisite to a proper meeting of the banking conveni­ of evidence clearly showing that the merger is not ence and needs of a community. likely to have such anticompetitive effects. Id. at The “convenience and needs” factor. The ma­ 363. jority concludes that the merger of Colonial Bank In addition, the Court observed that “if concentra­ and Puritan Bank will provide the Meriden and tion is already great, the importance of preventing Wallingford communities with an alternative even slight increases in concentration and so pre­ source of full banking services and an additional serving the possibility of eventual deconcentration facility for meeting local credit needs. In truth, the is correspondingly great.” Id. at 365 n. 42. merger will eliminate Puritan Bank—which is cer­ The competitive consequences are hardly better tainly in no difficulty—as an alternative source of if the analysis centers on the Meriden-Wallingford credit and other banking services. The Cheshire area. Following the merger, Colonial Bank, the office of Colonial Bank is only five miles from eighth largest commercial bank in Connecticut, to­ Meriden and Wallingford; these two communities, gether with offices of the State’s tenth and second only six miles apart, contain 12 banking offices, largest banks, will hold approximately 63 per cent including offices of the State’s second and tenth of the total commercial bank deposits and of the largest banks. The merger is in no way essential loans in the Meriden and Wallingford communi­ to the convenience and needs of the communities ties. These three large banks presently hold nearly involved, and the majority makes no claim that it one-fourth of all the commercial bank deposits in is. Even if it could be concluded that the merger is Connecticut; these three large banks and the re­ not anticompetitive within the meaning of section maining seven of the State’s 10 biggest banks hold 7 of the Clayton Act, the adverse competitive con­ nearly 80 per cent of all the deposits held by the siderations outweigh the evidence that can be mar­ 60-odd commercial banks in Connecticut. The im­ shalled to show a probable public benefit under the portance of preventing even slight increases in con­ convenience and needs factor. centration in these circumstances certainly ought Conclusion. The evidence in this case leads in­ to be regarded as great. But the majority, unac­ evitably to the conclusion that the merger of Colo­ countably, ignores this aspect of the case and, in- - 112 Cong. Rec. 2337 (1966); see also Id. at 2333­ lSee H.R. Rep. No. 1221, 89th Cong., 2d Sess. 3 34. (1966); 112 Cong. Rec. 2233-35, 2337 (1966). “See 112 Cong. Rec. 2338 (1966). 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LAW DEPARTMENT 1629 nial Bank and Puritan Bank contravenes section 7 Voting against this action: Governors Robertson and Mitchell. of the Clayton Act. The majority does not offer a single sound reason why the merger should be per­ (Signed) Merritt Sherman, mitted—indeed, I think there are none to be found. Secretary. And, by permitting the merger, the majority gives [seal] its sanction to one more step in the development Statement of a complete commercial banking oligopoly in The Bank of New York, New York, New York Connecticut—exactly the kind of development the (“BONY”), with total deposits of about $823 mil­ Bank Merger Act was designed to thwart. lion, has applied, pursuant to the Bank Merger I would deny the application. Act, as amended (12 U.S.C. 1828(c), Public Law 89-356), for the Board’s prior approval of the THE BANK OF NEW YORK, NEW YORK, merger of that bank with Empire Trust Company, NEW YORK New York, New York (“Empire”), which has In the matter of the application of The Bank of total deposits of about $295 million.1 The banks New York for approval of merger with Empire would merge under the charter and title of BONY. Trust Company, As an incident thereto, the two offices of Empire would become branches of BONY, increasing the Order Approving Merger of Banks number of its offices to eight. Competition. The head office of each bank is There has come before the Board of Governors, situated in the downtown financial district of New pursuant to the Bank Merger Act, as amended (12 York City. The five branch offices of BONY are U.S.C. 1828(c), Public Law 89-356), an applica­ in the midtown section of Manhattan, as is the tion by The Bank of New York, New York, New single branch of Empire. Both banks are essentially York, a State member bank of the Federal Reserve wholesale institutions, dealing in large loan and System, for the Board’s prior approval of the deposit relationships, and offering specialized serv­ merger of that bank and Empire Trust Company, ices. BONY has made an effort in recent years to New York, New York, under the charter and title attract retail business, savings and special checking of The Bank of New York. As an incident to the accounts. Empire is one of the few remaining merger, the two offices of Empire Trust Company commercial banks in the metropolitan area which would become branches of the resulting bank. No­ confines itself to wholesale business. The retail tice of the proposed merger, ia form approved by market is considered to be preponderantly local in the Board, has been published pursuant to said Act. character, and dependent largely on branching lo­ Upon consideration of all relevant material in cations, although capable of being expanded to the light of the factors set forth in said Act, includ­ some extent through banking by mail, specialized ing reports furnished by the Comptroller of the mobile offices, and the like. In that market, Empire Currency, the Federal Deposit Insurance Corpora­ and BONY are not present competitors. Nor is it tion, and the Attorney General on the competitive probable that the two would compete in this field factors involved in the proposed merger, in the future, were the application denied, since It is hereby ordered, for the reasons set forth Empire lacks resources to acquire the branches in the Board’s Statement of this date, that said ap­ that would be needed for any important expansion plication be and hereby is approved, provided that into retail banking. said merger shall not be consummated (a) before After consummation of the merger, both former the thirtieth calendar day following the date of this offices of Empire would, of course, offer retail Order or (b) later than three months after said services, and the addition of two offices to its pres­ date. . ent system would make BONY a slightly stronger Dated at Washington, D. C., this 7th day of No­ competitor in the retail banking field. Nevertheless, vember, 1966. the effect on competition in the relevant market, whether regarded as the metropolitan area, the City By order of the Board of Governors. of New York (comprising the five boroughs), or Voting for this action: Chairman Martin, and Gover­ nors Shepardson, Daane, Maisel, and Brimmer. ’Figures are as of March 31, 1966, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1630 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 the borough of Manhattan, would be minimal. The difficulty in serving customers that have grown to a resulting bank would operate, for example, eight size where banking prudence or statutory limits out of some 700 banking offices in New York City prevented one bank or the other from maintaining and some 350 in Manhattan or about 1 and 2 per its “lead” position in loans to such customers. In cent, respectively. Moreover, each of the eight addition, strengthening of the international de­ offices of the two banks is located in a highly com­ partment of the combined bank, as a result of the petitive area with numerous offices of commercial merger, would be of some benefit to that segment banks in the immediate vicinity. of the community which is interested in interna­ In the wholesale banking field, there is competi­ tional trade. tion between BONY and Empire, but this competi­ Summary and conclusion. In the judgment of tion is not regarded as important. The two institu­ the Board, the effect on banking competition would tions are relatively specialized, BONY having de­ not, on balance, be significantly adverse and there veloped expertise and customer connections in the would be some benefit to the community as a result fields of transportation, communications, public of the increased lending limit and improved inter­ utilities, commodities, and durable goods manufac­ national department of the resulting bank. turing, while Empire has emphasized the oil and Accordingly, the Board concludes that the appli­ natural gas, chemical and drug industries. Never­ cation should be approved. theless, changes in emphasis could bring the two into more active competition in the future, if the Dissenting Statement of Governor Mitchell merger did not take place. In addition, the two In Which Governor Robertson Concurs banks presently compete in the personal and cor­ In the world’s largest financial center the merger porate trust areas. of two banks, one with $932 million in resources In the wholesale field, however, BONY and and the other with $341 million, is likely to be Empire compete with other institutions of com­ slurred over as an insignificant transaction because parable and larger size in a market that is far of the giant size of the major banks in that com­ broader than New York City, that is indeed munity. But, looking at the United States instead of national, and at times international, in scope. In New York, even the smallest of these two banks this broader market, each plays a relatively minor is a large bank. Each is among the 1 per cent or so role. Reliable figures on the wholesale market, as of U.S. banks that control over 50 per cent of the such, are not readily available, but taking the rela­ nation’s deposits. Combined, they will become the tive importance of the two banks in the New York 35th or 36th largest bank in the country. No merger City banking structure as a rough indicator, the re­ resulting in a $1 billion bank can be dismissed sultant bank would have only about 2 per cent of summarily as one unlikely to have a substantial total deposits and would rank ninth among com­ effect on banking competition. mercial banks headquartered in New York City, as Both banks serve some routine local needs for against 1.5 per cent of such deposits and a rank of which there are numerous banking office alterna­ tenth for BONY at present. Accordingly, the tives, but in the aggregate these activities appear to merger would tend to create a slightly stronger constitute only about 10 per cent of their business. competitor for the largest banks not only in New Our concern is for the particular needs of indus­ York but in other financial centers as well. trial or public utility-type customers in which both The competitive effects of the proposal would banks have specialized. These clients are in New not be significantly adverse. York, elsewhere in the nation, and abroad. The Financial and managerial resources and future record shows that such services are available at prospects. The banking factors with respect to both other large New York banks with whom the on­ BONY and Empire are satisfactory, and would be going bank expects to be in more aggressive com­ satisfactory with respect to the resulting bank. petition. Convenience and needs of the communities. The managements of both banks clearly are of Customers of the two banks would benefit to some the view that their corporate interest will be served extent from the availability of a larger lending by the merger. But the Board’s responsibility is to limit as a result of consummation of the merger. consider the implication for the public interest. Both BONY and Empire have experienced some Size alone, in a financial institution, is not neces- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1631 sarily inimical to the public interest, and even if bank holding companies, and an Order and State­ achieved by merger, the anticompetitive effects of ment approving an application for an existing bank great size can be outweighed by other factors under holding company to acquire voting shares of an the statute. In this case, however, the applicant de­ additional bank: sires increased size in order more aggressively to VIRGINIA COMMONWEALTH seek out and service larger corporate customers CORPORATION, RICHMOND, VIRGINIA than either of the proponent banks individually is now able to satisfy. In this frame of reference, what In the matter of the application of Virginia happens to the less formidable among their present Commonwealth Corporation, Richmond, Virginia, customers? Potentially—and in our judgment— for approval of the acquisition of voting shares of they may well get the kind of attention that goes The First Valley Bank, Weber City, Virginia. to less-than-carload-lot customers when the same salesman handles carload lots, and sees the possi­ Order Extending Period of Time Prescribed bility of a trainload sale! By Proviso in Order of Approval Many alternatives for financing and technical Whereas, by Order dated July 28, 1966, the industrial know-how are available to our largest Board of Governors, pursuant to section 3(a) of corporations at several large U.S. and foreign the Bank Holding Company Act of 1956 (12 banks. The intermediate and smaller-sized com­ U.S.C. 1842(a), as amended) and section 222.4 pany’s business is not so prized. The applicant has (a) of Federal Reserve Regulation Y (12 CFR made it plain that it seeks such business now only 222.4(a)), approved an application on behalf of in default of larger accounts. It asks for approval of Virginia Commonwealth Corporation, Richmond, this merger in order to enable the on-going bank Virginia, a registered bank holding company, for “to compete more effectively with the larger whole­ the Board’s prior approval of the acquisition of sale banks for a principal role in serving commer­ 80 percent or more of the voting shares of The cial customers [of BONY] with growing credit re­ First Valley Bank, Weber City, Virginia, a pro­ quirements.” The applicant believes that a higher posed new bank; and said Order was made subject loan limit will enable the on-going bank “to com­ to the proviso “that the acquisition so approved pete for position as a principal bank of the large shall not be consummated . . . (b) later than three corporate customers of Empire which now use that months after said date [of Order]”, and “that The bank chiefly for special banking and financial First Valley Bank shall be opened for business services and do not utilize it as one of their prin­ within six months [of the date of the Board’s Or­ cipal banks in New York City.” In a world in der]”; and which time, attention, and credit are not unlimited, Whereas, Virginia Commonwealth Corporation the moderate-sized customers for whom each now has applied to the Board for an extension of the serves as a principal bank will be left to fend for time within which the approved acquisition may be themselves as best they may. consummated and within which The First Valley The anticompetitive effects of the proposed Bank is to be opened for business; and it appearing merger not only are not outweighed by the prob­ to the Board that reasonable cause has been shown able effect of the transaction in meeting the con­ for the extensions of time requested, and that such venience and needs of the community to be served, extensions would not be inconsistent with the pub­ but are reinforced in our view by an actual detri­ lic interest; ment to present customers of both banks. It is hereby ordered, that the Board’s Order of We would deny the application. July 28, 1966, as published in the Federal Register on August 4, 1966 (31 Federal Register 10485), Orders Under Section 3 of Bank Holding be and it hereby is amended so that the proviso Company Act relating to the dates by which the acquisition ap­ The Board of Governors issued the following proved shall be consummated, and The First Valley Order extending the period of time within which Bank opened for business, shall read: “(b) later a bank holding company may acquire voting shares than March 15, 1967, and provided, further, that of an additional bank, Orders and Statements ap­ The First Valley Bank shall be opened for business proving applications for permission to become no later than April 1, 1967.” Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1632 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 Dated at Washington, D. C., this 19th day of filed with the Board have been considered by it. October, 1966. It is hereby ordered, for the reasons set forth By order of the Board of Governors. in the Board’s Statement of this date, that said ap­ plication be and hereby is approved, provided that (Signed) Kenneth A. Kenyon, the acquisition so approved shall not be consum­ Assistant Secretary. mated (a) before the thirtieth calendar day follow­ [seal] ing the date of this Order or (b) later than three months after said date. FIRST FLORIDA BANCORPORATION, HAINES CITY, FLORIDA Dated at Washington, D. C., this 19th day of October, 1966. In the matter of the application of First Florida By order of the Board of Governors. Bancorporation, Haines City, Florida, for approval of the acquisition of voting shares of 11 banks in Voting for this action: Chairman Martin, and Gover­ the State of Florida. nors Robertson, Shepardson, Maisel, and Brimmer. Absent and not voting: Governors Mitchell and Daane. Order Approving Application Under Bank (Signed) Kenneth A. Kenyon, Holding Company Act Assistant Secretary. There has come before the Board of Governors, [seal] pursuant to section 3(a) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a), as Statement amended by Public Law 89-485) and section 222.4 First Florida Bancorporation, Haines City, (a) of Federal Reserve Regulation Y (12 CFR Florida (“Bancorporation” or “Applicant”), has 222.4(a)), an application by First Florida Ban­ requested prior approval of the Board, pursuant to corporation, Haines City, Florida, for approval of section 3(a)(1) of the Bank Holding Company action to become a bank holding company through Act of 1956, as amended (“the Act”), of a pro­ the acquisition of a sufficient number of voting posal whereby Bancorporation would become a shares in each of the following banks so as to bring bank holding company through the acquisition of Bancorporation’s direct ownership in each bank up a sufficient number of voting shares in each of the to at least 51 per cent: National Bank of Mel­ following 11 banks in the State of Florida so as to bourne and Trust Company, Melbourne; Florida bring its direct ownership in each bank up to at State Bank of Sanford, Sanford; State Bank of least 51 per cent: Haines City, Haines City; Bank of Zephyrhills, Zephyrhills; The DeSoto National Bank of Arcadia, National Bank of Melbourne and Trust Company, Melbourne Arcadia; Okeechobee County Bank, Okeechobee; (deposits, $21.9 million) (“Melbourne Bank”); The First State Bank, Fort Meade; Bank of Lake Florida State Bank of Sanford, Sanford Alfred, Lake Alfred; Bank of Mulberry, Mulberry; (deposits, $13.3 million) (“Sanford Bank”); National Bank of West Melbourne, West Mel­ State Bank of Haines City, Haines City (deposits, $9.3 million) (“Haines City Bank”); bourne; and The United State Bank of Seminole, Bank of Zephyrhills, Zephyrhills Sanford. (deposits, $11.5 million) (“Zephyrhills Bank”); As required by section 3(b) of the Act, the The DeSoto National Bank of Arcadia, Arcadia (deposits, $9.3 million) (“Arcadia Bank”); Board notified the Comptroller of the Currency Okeechobee County Bank, Okeechobee and the Comptroller of Florida of receipt of the (deposits, $6.0 million) (“Okeechobee Bank”); application and requested their views and recom­ The First State Bank, Fort Meade (deposits, $6.3 million) (“Fort Meade Bank”); mendations. Each of these authorities recommend­ Bank of Lake Alfred, Lake Alfred ed approval of the application. (deposits, $5.3 million) (“Lake Alfred Bank”); Notice of receipt of the application was pub­ Bank of Mulberry, Mulberry lished in the Federal Register on July 30,1966 (31 (deposits, $6.0 million) (“Mulberry Bank”); Federal Register 10343), which provided an op­ National Bank of West Melbourne, West Melbourne (deposits, $1.2 million) (“West Melbourne portunity for submission of comments and views Bank”); regarding the proposed transaction. Time for filing The United State Bank of Seminole, Sanford such views and comments has expired and all those (deposits, $1.8 million) (“Seminole Bank”). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1633 Bancorporation is an outgrowth of the so-called counties in Central and South-Central Florida. “McNulty Group of Banks”, which commenced Four of the banks (Lake Alfred, Haines City, Fort operations in 1934, was incorporated in 1960, and Meade, and Mulberry) are located in Polk Coun­ adopted its present corporate title in March 1966. ty; two (Melbourne and West Melbourne) serve Bancorporation presently owns more than 20 per the same area and are both in Brevard County; cent, but less than 25 per cent, of the outstanding and two (Sanford and Seminole) are in Seminole voting shares of six of the banks named, and be­ County and share the same service area. The tween 10 and 18 per cent of the remaining five Arcadia Bank, Okeechobee Bank, and Zephyrhills banks. As of December 31, 1965,1 the banks had Bank are located, respectively, in DeSoto, combined total deposits of approximately $92 mil­ Okeechobee, and Pasco Counties. The 11 banks, lion, and are organized and operated as a group alone or in combination, control the following under the direction of an executive committee percentage of total deposits in the six counties: composed of the principal executive officers of Brevard—14; Seminole—40; Polk—10; De­ each bank. In addition, the Melbourne and West Soto and Okeechobee—100 (Applicant’s pro­ Melbourne Banks are affiliated through common posed subsidiary is the only bank in stockholders, as are the two banks in Sanford, each county); and Pasco—27. Presently, and the Haines City Bank and Lake Alfred Bank. banks controlled by existing bank holding Views and recommendations of supervisory au­ companies operate in three of the six counties thorities. As required by section 3(b) of the Act, in which Applicant’s proposed subsidiary banks notice of receipt of the application was given to, are located. In Polk County, where four of and views and recommendations requested of, the Applicant’s proposed subsidiary banks are lo­ Comptroller of the Currency and the Comptroller cated, consummation of Applicant’s proposal of Florida. Each of these authorities recommended would result in bank holding company control approval of the application. (Applicant and one other holding company Statutory considerations. Section 3(c) of the group) of 29 and 30 per cent, respectively, of Act, as amended, provides that the Board shall total deposits and banking offices. In Brevard not approve this acquisition if it will result in a County, location of two of Applicant’s proposed monopoly, or if it is in furtherance of any com­ subsidiary banks, bank holding company banks bination or conspiracy to monopolize or to at­ would control 29 and 18 per cent, respectively, of tempt to monopolize the business of banking in total deposits and banking offices. In Seminole any part of the United States. Nor shall the Board County, bank holding company subsidiaries would approve this acquisition if the effect in any section control, respectively, 73 per cent of the total of the country may be substantially to lessen com­ deposits and operate three of the five (60 per petition, or to tend to create a monopoly, or if cent) banking offices. the transaction in any other manner would be in Upon consummation of this proposal, Appli­ restraint of trade, unless the Board finds that the cant’s 11 banks would control 2.5 per cent of the anticompetitive effects of the proposed transaction banking offices and 1 per cent of the total deposits are clearly outweighed in the public interest by of banks in the State. Of the eight bank holding the probable effect of the transaction in meeting companies operating in the State, Applicant’s the convenience and needs of the community to system would rank sixth in size of total deposits be served. The Board is required to take into held. The eight holding companies would control consideration the financial and managerial re­ 71 of the State’s 443 banks (16 per cent) and sources and future prospects of the proposed bank would hold $2.0 billion of deposits, representing holding company and the banks concerned, and 26 per cent of all such deposits in the State. Meas­ the convenience and needs of the communities to ured by total deposits, Applicant’s system would be served. rank fourteenth in size of the State’s banking Competitive effect of proposed acquisition. The organizations. The Board concludes that consum­ 11 proposed subsidiary banks are located in six mation of Applicant’s proposal would not result in a monopoly nor be in furtherance of an attempt 1 Unless otherwise noted, all banking data are as of this date. to monopolize the business of banking in the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1634 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 State of Florida, or in any part thereof served million of deposits) and Seminole Bank ($1.8 mil­ by Applicant’s proposed subsidiary banks. lion of deposits), there are three other banks with As to the likelihood of any substantial lessen­ deposits ranging from $12.5 to $4 million. ing of competition, or tendency to monopoly, as Consummation of Applicant’s proposal will a result of this proposal, the Board is unable to effect in both Brevard County and Seminole conclude that either circumstance is likely to County a holding company system affiliation of occur. The record establishes that little effective the largest and smallest banks, a result not likely competition now exists between or among Appli­ to adversely affect the larger banks in either coun­ cant’s proposed subsidiary banks. With the excep­ ty, nor the smaller banks therein which are pres­ tion of the banks in Melbourne-West Melbourne, ently competing successfully against banks of a Sanford, and Haines City-Lake Alfred, Applicant’s size nearly as large as or larger than that of Appli­ proposed subsidiary banks are separated by dis­ cant’s two proposed subsidiaries combined. tances ranging from 19 to 148 miles. Considera­ On the basis of the foregoing considerations, tion of these distances and of the size of the the Board concludes that consummation of Appli­ banks involved preclude a finding as to the exist­ cant’s proposal would not have the effect of ence of measurable competition between and substantially lessening competition, nor tending among them, or the likelihood that significant to create a monopoly. competition will develop in the foreseeable future. Financial and managerial resources and future A similar conclusion is warranted with respect to prospects. Applicant’s financial and managerial competition between Melbourne Bank and West resources and its prospects are considered satis­ Melbourne Bank, the two banks in Sanford, and factory. The financial and managerial resources Haines City Bank and Lake Alfred Bank. Al­ of the proposed subsidiary banks are viewed as though the two banks in each of the three areas generally satisfactory. Assuming the continuation are located near one another, and in two cases of the existing “group operation”, the prospects serve the same areas, the existing common owner­ of the 11 banks are also viewed as satisfactory; ship of the two banks in each of these areas nega­ however, their prospects would appear somewhat tives any suggestion of existing or potential viable more favorable if the existing affiliation were competition between them. formalized pursuant to Applicant’s proposal. This On the basis of the record before it, the Board conclusion reflects the Board’s judgment that the finds unlikely any substantial lessening of compe­ banks, operating under Applicant’s proposed tition as between Applicant’s proposed subsidiaries control, will be better able to raise any neces­ and the banks with which they compete. Four of sary equity capital, and to attract and retain Applicant’s proposed subsidiaries are the only qualified management personnel, a factor pres­ banks located in their respective primary service ently a problem in certain of the banks. areas. Five of the other subsidiaries have deposits Convenience and needs of the communities ranging from $1 million to approximately $9 mil­ involved. The aforementioned advantages likely lion. The proposed affiliation with Applicant will to be realized by the banks when operated under not, in the Board’s judgment, offer sufficient in­ Applicant’s control are also a factor in the Board’s creased competitive strength to these institutions analysis of the probable effect of this proposal as to constitute them an undue force with respect on the convenience and needs of the communities to banks competing in the same market areas. The to be served. The record in this matter does not largest of Applicant’s proposed subsidiary banks, reflect unserved major banking needs in any of Melbourne Bank ($22 million of deposits), is one the areas involved. However, in terms of more of 17 banks in Brevard County. The largest bank efficient, higher quality bank operations, such in the county, a bank holding company subsidiary results with respect to certain aspects of the banks’ with deposits of approximately $25.5 million, operations appear sufficiently probable under Ap­ competes within Melbourne Bank’s service area. plicant’s proposed increased ownership and con­ Also competing with Melbourne Bank in this area trol as to constitute a consideration favorable are nine other banks, two of which each has to approval of the application. deposits of about $12 million. In Seminole County, Summary and conclusion. On the basis of the the area primarily served by Sanford Bank ($13 findings herein, the Board concludes that consum- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1635 mation of Applicant’s proposal would not have (31 Federal Register 10704), providing an op­ resulting adverse competitive consequences, and portunity for interested persons to submit com­ that considerations relating to the banking fac­ ments and views with respect to the proposed tors involved and to the convenience and needs transaction. Time for filing such views and com­ of the communities to be served offer some weight ments has expired and all those received have toward approval of the application. been considered by the Board. In the light of the factors set forth in the It is hereby ordered, for the reasons set forth Bank Holding Company Act, and on the basis in the Board’s Statement of this date, that said of the relevant facts of record, it is the Board’s application be and hereby is approved, provided judgment that the subject proposal is in the that the transaction so approved shall not be public interest and that the application should be consummated (a) before the thirtieth calendar approved. day following the date of this Order or (b) later than three months after said date. DEPOSITORS CORPORATION, AUGUSTA, MAINE Dated at Washington, D. C., this 24th day of October, 1966. In the matter of the application of Depositors Corporation, Augusta, Maine, for approval of By order of the Board of Governors. action to become a bank holding company through Voting for this action: Chairman Martin, and Gover­ the acquisition of 100 per cent of the outstanding nors Robertson, Shepardson, Maisel, and Brimmer. voting shares of Depositors Trust Company, Au­ Absent and not voting: Governors Mitchell and Daane. gusta, Maine, and at least 80 per cent of the (Signed) Kenneth A. Kenyon, outstanding voting shares of The Liberty National Assistant Secretary. Bank in Ellsworth, Ellsworth, Maine. [seal] Order Approving Application Under Bank Holiding Company Act Statement There has come before the Board of Governors, Depositors Corporation, Augusta, Maine (“Ap­ pursuant to section 3(a)(1) of the Bank Holding plicant”), has filed with the Board, pursuant to Company Act of 1956 (12 U.S.C. 1842(a)(1), section 3(a)(1) of the Bank Holding Company as amended by Public Law 89-485), and section Act of 1956, as amended (“the Holding Company 222.4(a)(1) of Federal Reserve Regulation Y Act”), an application for approval of action to (12 CFR 222.4(a)(1) ), an application by De­ become a bank holding company through the positors Corporation, Augusta, Maine, for the acquisition of 100 per cent of the outstanding Board’s prior approval of action whereby Appli­ voting shares of Depositors Trust Company, Au­ cant would become a bank holding company gusta, Maine (“Depositors Trust”), and at least through the acquisition of 100 per cent of the 80 per cent of the outstanding voting shares of outstanding voting shares of Depositors Trust The Liberty National Bank in Ellsworth, Ells­ Company, Augusta, Maine, and at least 80 per worth, Maine (“Liberty National”). Incident to cent of the outstanding voting shares of The the holding company proposal, the Board’s ap­ Liberty National Bank in Ellsworth, Ellsworth, proval has also been requested, pursuant to the Maine. Bank Merger Act of 1960, as amended (“the As required by section 3(b) of the Act, the Merger Act”), of the proposed merger of De­ Board notified the Bank Commissioner of the positors Trust with First Maine Trust Company, State of Maine and the Comptroller of the Cur­ Augusta, Maine (a newly organized bank not yet rency of receipt of the application and requested in operation), under the charter and title of their views and recommendations. The Commis­ Depositors Trust Company. Application has also sioner expressed no objection to approval of the been made for the admission of First Maine application; the Comptroller recommended its Trust Company to membership in the Federal approval. Reserve System. Notice of receipt of the application was pub­ Applicant is newly organized and its financial lished in the Federal Register on August 11, 1966 resources will consist entirely of its equity in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1636 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 the capital accounts of the two proposed subsidiary and the convenience and needs of the communi­ banks. ties to be served. Depositors Trust Company was organized in Since the merger proposal is primarily one of 1933 and presently operates 29 offices generally form, incidental only to the formation of the within a 45-mile radius of Augusta, Maine. With holding company, the facts pertinent to both the deposits of $122 million, Depositors Trust is the holding company and merger proposals are dis­ largest commercial bank in the State. cussed in common; and while these facts have Liberty National, also organized in 1933, op­ been considered in relation to the statutory criteria erates three offices within a 20-mile radius of in both Acts, the Board’s Statement herein is Ellsworth, Maine, and has total deposits of $6 couched principally in terms of its consideration million. It is the smallest of the four commercial of the holding company proposal. banks doing business in this area. Competitive effects of the proposed transaction. Views and recommendations of supervisory Latest available banking office and deposit data authorities. As required by section 3(b) of the reflect that Depositors Trust operates 29 banking Holding Company Act, inasmuch as both a State offices in 9 of Maine’s 16 counties. An additional and nationally-chartered bank are involved, the office, to be located in Augusta, was approved Board notified the Bank Commissioner of the by the Board on August 12, 1966. With one excep­ State of Maine and the Comptroller of the Cur­ tion, all of the offices are within a 45-mile radius rency of receipt of the application and requested of Augusta, the head-office city. Within this area, their views and recommendations thereon. The which is Depositors Trust’s primary service area, Bank Commissioner offered no objection to the and considered by the Board to be the relevant formation of the holding company and the Comp­ area for purposes of competitive analysis, there troller of the Currency recommended its approval. are located 73 banking offices holding in the ag­ As required by the Merger Act, the Board gregate approximately $300 million of deposits notified the U. S. Attorney General, the Federal of individuals, partnerships, and corporations Deposit Insurance Corporation, and the Comp­ (“IPC deposits”). At year-end 1965, Depositors troller of the Currency of receipt of the applica­ Trust’s total IPC deposits of $100 million repre­ tion and requested them to furnish reports on the sented, respectively, 33 per cent and 17 per cent competitive factors involved in the merger pro­ of the total IPC deposits of all commercial banks posal. All three of said governmental authorities and of all banks1 in the aforementioned area. reported to the Board that competition would not Within Liberty National’s primary service area be adversely affected by consummation of Appli­ there are, in addition to Liberty National’s three cant’s merger proposal. offices, four commercial banking offices and one Statutory considerations. The statutory criteria savings bank office. Liberty National’s total IPC embodied in the Holding Company Act and the deposits of $6 million represent, respectively, 27 Merger Act are virtually identical. Both Acts per cent and 23 per cent of the total IPC deposits of all commercial banks and of all banks in that prohibit Board approval of a proposed transaction area. On a State-wide basis, of the $846 million which would result in a monopoly, or further any and $1,466 million of total deposits held by combination, conspiracy, or attempt to monopo­ commercial banks and all banks, respectively, lize the business of banking in any relevant area. Applicant’s proposed subsidiaries combined would Nor may approval be given where the Board finds control 14 per cent and 8 per cent. that the effect of a proposal may be substantially Little, if any, competition presently exists be­ to lessen competition, or in any other manner be tween the two proposed subsidiary banks. Neither in restraint of trade, unless such anticompetitive bank has offices located in the primary service effects are clearly outweighed by the probable area of the other, nor does either bank have offices effect of the transaction in meeting the conven­ in any of the counties served by the other. De­ ience and needs of the communities to be served. positors Trust’s Belfast office (being the nearest Both statutes require the Board to consider also the financial and managerial resources and future ’ Reference herein to “all banks” includes mutual prospects of existing and proposed institutions. savings banks as well as commercial banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1637 office to Liberty National) is located 18 miles subsidiary banks are regarded as only generally from Liberty National’s Bucksport office. The satisfactory, inasmuch as a strengthening of their record before the Board reflects that neither bank capital structures by the addition of new capital derives any significant portion of its deposits or appears warranted. Applicant’s potential ability loans from the service area of the other. Nor, in to render assistance in raising additional capital the Board’s judgment, is there likelihood that funds for both banks is a consideration consistent significant competition between the proposed sub­ with approval of the application. sidiary banks will evolve in the foreseeable future. Applicant’s management will be composed prin­ This conclusion takes into account the great cipally of the management of Depositors Trust, disparity in size of the two banks, the distance which is considered generally satisfactory. While separating their closest offices, and the presence the management resources of Liberty National between these offices of a competing bank office. are similarly satisfactory, existing problems related It also gives appropriate weight to the existence of to management succession would likely find a a State law which has the effect of limiting the more suitable and certain solution under Appli­ possibility of Depositors Trust’s expanding its op­ cant’s direction than would otherwise be the erations, through establishment of branches, into case. This likelihood weighs somewhat toward Liberty National’s primary service area. Accord­ approval of the application. ingly, it is concluded that consummation of Ap­ Applicant’s prospects mirror those of its pro­ plicant’s proposal will not result in the elimination posed subsidiary banks. The record reflects that of significant existing competition between its both proposed subsidiary banks have had favor­ two proposed subsidiary banks, nor foreclose any able growth in assets, loans, and deposits during real potential for future competition between them. the past five years. Indications of favorable future Regarding the probable effect of Applicant’s economic conditions in the banks’ operating areas control of Depositors Trust and Liberty National suggest a continuation of the banks’ favorable on the banks with which they are in competition, growth. Despite a favorable earnings record in the Board concludes that the competitive force and Depositors Trust, it would appear that the bank abilities of these banks will not be adversely af­ has not retained earnings commensurate with its fected in undue measure or manner. Depositors aforementioned growth. However, the prospects Trust’s affiliation with the $6 million Liberty Na­ for improvement in earnings retention appear tional will afford no marked competitive advan­ likely, in view of the bank’s continued favorable tage to Depositors Trust over that it may now earnings prospects, accompanied by a reduction have with respect to its larger and smaller com­ in previously substantial transfers to certain re­ petitors. More significant, but in the Board’s view serve accounts. not undue, would be the effect of the proposed On the basis of the foregoing, the Board con­ affiliation on Liberty National’s competitors. Lib­ cludes that Applicant’s prospects are satisfactory erty National is the smallest of the commercial and that the prospects of Depositors Trust and banks operating an office within its primary serv­ Liberty National are also satisfactory, whether ice area. While its competitive force would be the banks are operated under Applicant’s control strengthened somewhat under Applicant’s con­ or continue operations under existing ownerships. trol, the resulting impact cannot be regarded as Convenience and needs of the areas to be adverse to the larger banks with which it competes. served. The record establishes that the major Based on the foregoing considerations, it is the banking needs within the service areas of both Board’s judgment that consummation of Appli­ proposed subsidiary banks are presently being cant’s proposal will not create a monopoly or served, and that approval of the application would tend substantially to lessen competition, nor will have no significant effect within either area. The it be in any other manner in restraint of trade. benefits that Applicant asserts would be derived Financial and managerial resources and future by and through Liberty National as a result of its prospects. Applicant’s financial resources, to con­ affiliation with Depositors Trust, while consistent sist entirely of its equity in the capital accounts with approval of the application, offer but slight of the two proposed subsidiary banks, are con­ weight toward approval thereof. This for the rea­ sidered satisfactory. The financial resources of the son that, in major respects, similar benefits would Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1638 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 appear to be available to and through Liberty curity & Investment Company of 55 per cent of National on a corresponding bank basis. Only the 20,000 voting shares to be issued by First with respect to Liberty National’s access to De­ National Bank of Brooksville, Brooksville, Florida, positors Trust’s data processing equipment does it a proposed new bank. appear that the proposed affiliation will contribute As required by section 3(b) of the Act, the to the convenience and needs of Liberty National’s Board notified the Comptroller of the Currency service area beyond that bank’s present potential of receipt of the applications and requested his for such contribution. Accordingly, considerations views and recommendation. The Comptroller bearing on the convenience and needs of the com­ recommended approval of the applications. munities to be served, while consistent with ap­ Notice of receipt of the applications was pub­ proval of the application, offer but slight weight lished in the Federal Register on August 11, 1966 for approval. (31 Federal Register 10704), which provided an Summary and conclusion. On the basis of the opportunity for submission of comments and findings herein, the Board concludes that consum­ views regarding the proposed acquisition. Time mation of Applicant’s proposal would not have for filing such comments and views has expired resulting adverse competitive consequences, and and all those filed with the Board have been that considerations relating to the banking factors considered by it. involved and to the convenience and needs of the It is ordered, for the reasons set forth in the communities to be served offer some weight to­ Board’s Statement of this date, that said applica­ ward approval of the application. tions be and hereby are approved, provided that In the light of the factors set forth in the Hold­ the acquisition so approved shall not be consum­ ing Company and Merger Acts and on the basis mated (a) before the thirtieth calendar day fol­ of the relevant facts of record, it is the Board’s lowing the date of this Order or (b) later than judgment that the subject proposal is in the public three months after said date, and provided further interest and that the applications for the merger that the First National Bank of Brooksville shall of Depositors Trust and First Maine Trust Com­ be opened for business not later than six months pany and for the formation of the holding com­ after said date. pany should be approved. Dated at Washington, D. C., this 26th day of October, 1966. THE FIRST NATIONAL BANK OF TAMPA AND UNION SECURITY & INVESTMENT By order of the Board of Governors. COMPANY, TAMPA, FLORIDA Voting for this action: Chairman Martin, and Gover­ nors Robertson, Shepardson, Mitchell, and Brimmer. In the matter of the applications of The First Absent and not voting: Governors Daane and Maisel. National Bank of Tampa and Union Security & Investment Company for approval of the acquisi­ (Signed) Kenneth A. Kenyon, Assistant Secretary. tion of voting stock of First National Bank of Brooksville, Brooksville, Florida. [seal] Statement Order Approving Applications Under The First National Bank of Tampa (“First Bank Holding Company Act National”) and Union Security & Investment There has come before the Board of Governors, Company (“US & I”), both of which are regis­ pursuant to section 3(a) of the Bank Holding tered bank holding companies located in Tampa, Company Act of 1956 (12 U.S.C. 1842(a), as Florida, have filed with the Board, pursuant to amended by Public Law 89-485), and section section 3(a) of the Bank Holding Company Act 222.4(a) of Federal Reserve Regulation Y (12 of 1956, as amended (“the Act”), applications for CFR 222.4(a)), applications on behalf of The approval of the acquisition of 55 per cent of the First National Bank of Tampa and Union Security voting shares to be issued by First National Bank & Investment Company, both registered bank hold­ of Brooksville, Brooksville, Florida (“Bank”), a ing companies located in Tampa, Florida, for the proposed new bank. (First National and US & I Board’s approval of the acquisition by Union Se­ are referred to collectively herein as “Applicants”.) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1639 US & I, a majority of the stock of which is of those banks. Although the proportion of deposits trusteed for the benefit of the shareholders of in the County which are under control of the First National, owns controlling stock of Broadway Applicants is significant, the degree of concentra­ National Bank of Tampa and Second National tion in that area would not be increased by the Bank of Tampa. At December 31, 1965,1 the three proposed acquisition inasmuch as Bank will be banks in the group had total deposits aggregating located some distance away, in Hernando County. about $197 million. Bank, a proposed new institu­ Hernando County is located to the north of tion which will be located about 45 miles north of Hillsborough County, and is separated from Hills­ Tampa, is expected to have deposits of $5 million borough County by Pasco County. There are four after three years of operation. banks presently located in Pasco County and only Views and recommendation of supervisory one bank in Hernando County, Hernando State authority. As required by section 3(b) of the Act, Bank at Brooksville, which has deposits of about notice of receipt of the applications was given to, $11 million. There is also a savings and loan and views and recommendation requested of, the association located in Brooksville. Comptroller of the Currency. The Comptroller Applicants propose to establish and acquire con­ recommended approval of the applications. trol of a new bank in an area where no holding Statutory considerations. The Act prohibits companies are presently represented; and since Board approval of any proposed acquisition which there is some distance separating Bank’s location would result in a monopoly, or further any combi­ from Applicants’ existing subsidiaries, it is the nation, conspiracy, or attempt to monopolize the Board’s judgment that the transaction proposed business of banking in any relevant area. Nor may would not result in a monopoly, nor does it appear approval be given where the Board finds that the to be in furtherance of any combination or con­ effect of a proposal may be substantially to lessen spiracy to monopolize or to attempt to monopolize competition, or in any other manner be in restraint the business of banking in any relevant area. of trade, unless such anticompetitive effects are Since the proposal involves the acquisition of a clearly outweighed by the probable effect of the new bank, no existing competition will be elimi­ transaction in meeting the convenience and needs nated. Nor is there a likelihood that any significant of the area to be served. The Board is also re­ potential competition will be foreclosed between quired to consider the financial and managerial Bank and Applicants’ other subsidiaries as a result resources and future prospects of the bank holding of the proposal. As before noted, Bank will be company and banks concerned, and the conven­ located about 45 miles from Tampa and outside ience and needs of the communities to be served. the primary service areas of Applicants’ banks. Competitive effects of proposed acquisition. First National is the only one of the group’s banks There are eight bank holding company groups which derives deposits or loans from Hernando either operating, or approved by the Board to County. Such business, whether related to First commence operations, in the State of Florida. National’s total deposits and loans held, or to such Combined, they control 71 banks, or 16 per cent held by Bank, is insignificant in number or amount. of the banks in the State, and they hold about $2 It is not anticipated by Applicants, nor does it billion of deposits, representing 26 per cent of the appear likely in the judgment of the Board, that deposits of all banks in the State. Applicants’ Bank will derive any significant amount of business holding company system controls less than 3 per from the Tampa area. On the basis of the fore­ cent of the total deposits in the State. going, it is concluded that consummation of the First National’s service area includes generally proposal would have no significant effect on present all of Hillsborough County. The service areas of or potential competition between the proposed new the Applicants’ two subsidiary banks lie wholly bank and the banks now comprising Applicants’ within Hillsborough County. Applicants’ group group. represents 3 of 24 banks in Hillsborough County, Referring now to the probable competitive effect and controls about 32 per cent of the total deposits on the only existing bank in Hernando County, Hernando State Bank, Brooksville, it is noted that 1 Unless otherwise indicated, all banking data noted are as of this date. the county has a population of nearly 13,000. The Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1640 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 two neighboring counties of Citrus and Sumter, their past operations records, their prospects are with respective populations of about 12,000 and viewed as favorable. Management of US & I is 14,000, each has two banks. Pasco County, which drawn from the management staff of First National adjoins Hernando County to the south, has four and, with respect to both companies, is considered banks and a population of 40,800. The establish­ to be capable and experienced. Managements of ment of Bank in Hernando County will, in the the subsidiary banks are considered similarly Board’s judgment, prove beneficial in that it will satisfactory. introduce into that County an added source of The pro forma financial condition of Bank is banking service, and healthy competition for regarded as satisfactory and its prospects, viewed Hernando State Bank, a well-established institution in light of the satisfactory economic prospects for with $11 million of deposits and of adequate size the area it will serve, are considered favorable. to compete effectively with the proposed new bank. The Board finds reasonable Applicant’s position In this regard, the president of Hernando State that consummation of the proposed acquisition Bank submitted a written statement in opposition will assure the placement in Bank of experienced to Applicants’ establishment and control of Bank, and well-trained management. stating that Hernando State Bank would have no The Board finds the “banking factors” to be objection to local ownership and operation of consistent with approval of the application. Bank, but that it objected to the “adverse competi­ Convenience and needs of the area to be served. tive position in which our bank [Hernando State] Bank’s designated primary service area includes will be placed in competing with First National all of Hernando County. Hernando County, which Bank of Tampa and its affiliates.” The Board is situated north of Tampa on the Gulf Coast, has recognizes that Bank, as a subsidiary of Applicants’ a population of nearly 13,000—about double its system, will probably exert a stronger competitive 1950 population. Total employment in the county force initially than would a completely independent has increased moderately in recent years, with new bank. However, when considering that Tampa more than 30 per cent of the total labor force being is 45 miles away, that Applicants’ banks compete engaged in mining activities. Personal income in principally with more than 20 other banks in Hills­ Hernando County is reported to have nearly borough County, and that there are four banks doubled between 1956 and 1964, although per located in Pasco County, which separates Hills­ capita income is still below the State average. A borough County from Hernando County, the major portion of the County’s income is derived Board concludes that the establishment of Bank from mining, agriculture, and fisheries. While the in Brooksville, as proposed, would not be inimical economy of Hernando County should continue its to the competitive position of Hernando State relatively moderate growth in the immediate future, Bank. There appear to be no other banks in suffi­ the geographic expansion of the Tampa-St. Peters­ ciently close proximity to Bank’s proposed site as burg Metropolitan Area is expected to have, at a to be affected competitively to any measurable later date, a significantly favorable effect on the extent by the proposed establishment and operation economy of Hernando County. of Bank. As earlier noted, Hernando State Bank is pres­ It is the Board’s judgment, based on the fore­ ently the only bank located in Hernando County. going considerations, that Applicants’ acquisition Applicants do not propose that Bank will provide of Bank will not tend substantially to lessen com­ services of a scope or nature different than those petition nor will it in any other manner be in generally available in Bank’s service area either restraint of trade. through Hernando State Bank or other banks Financial and managerial resources and future located in surrounding counties. However, Bank’s prospects. Although Applicants’ bank holding establishment as an affiliate of Applicants will company system has been in operation only since make available to the public, more immediately mid-1964, US & I and each of the group’s banks and more certainly than would be the case were have been in existence for a number of years. The Bank to be independently established, an alterna­ financial resources of Applicants and their sub­ tive source of modern banking services and sidiary banks are satisfactory and, on the basis of facilities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1641 Although there is no evidence in the record that not have any significant adverse competitive con­ major banking needs in Hernando County are sequences, and that considerations relating to the going unserved or are being inadequately served, financial and managerial resources and prospects it is the Board’s judgment that the installation of of Applicants and Bank, and to the convenience another banking facility in the county will prove and needs of the area to be served, are consistent beneficial to the convenience and needs of certain with approval of the applications, and in certain of the area’s businesses and residents. It is there­ respects provide affirmative support for such fore concluded that considerations relating to the approval. convenience and needs of the area to be served provide some support for approval of the appli­ In light of the factors set forth in the Bank cations. Holding Company Act, and on the basis of the Summary and conclusion. On the basis of the evidence of record, it is the Board’s judgment that record before it, the Board concludes that the the proposed acquisition is in the public interest acquisition of control of Bank by Applicants will and that the applications should be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS CHANGES IN THE BOARD’S STAFF Carnegie Institute of Technology, Pittsburgh, Frank R. Garfield, an Adviser in the Division of Pennsylvania, who had resigned. Research and Statistics, retired on November 1, 1966, after 37 years as a member of the Board’s VOLUNTARY FOREIGN CREDIT RESTRAINT PROGRAM staff. Associated with the Federal Reserve since June During the third quarter of 1966 financial 1929, he began his career as a Research Assistant. institutions continued to cooperate in the volun­ In June 1946 he was made Chief of the Domestic tary foreign credit restraint program (VFCR). Business Section, Division of Research and Statis­ U.S. commercial banks helped by reducing their tics, and in January 1956 was appointed Adviser in holdings of foreign loans and investments by that Division. He is a Fellow in the American almost $300 million. As a result of the reduction, Statistical Association and in the American banks’ holdings of such loans and investments on Academy for the Advancement of Science and is September 30 were more than $375 million below a member of Phi Beta Kappa. the December 1964 base and about $1.2 billion Mr. Garfield is known for his contributions to below the Federal Reserve’s suggested ceiling on the development of the Federal Reserve index of credits effective on that date. industrial production, to the measurement of The number of banks with loans in excess of seasonal influences in economic time series, and to the suggested target was reduced from 24 at the the development of audio-visual presentation of end of June to 13 at the end of the third quarter, economic and statistical information. and the aggregate amount by which these banks The Board has announced the appointment of were over their targets was reduced from $26 Charles C. Walcutt as Assistant Chief Federal million to $17 million. Both of these figures are Reserve Examiner, effective November 29, 1966. the lowest since the beginning of the VFCR pro­ Mr. Walcutt is a graduate of Ohio State Uni­ gram; all of the banks involved have very small versity and a Certified Public Accountant. Prior bases, and most of them are in excess of their to his appointment, Mr. Walcutt was associated targets because of the necessity of meeting pre­ with the auditing firm of Haskins & Sells in New vious commitments or requests for priority credits. York City. He has also held positions as Assistant Nonbank financial institutions reduced those to the Controller at the Martin Marietta Corpora­ foreign assets for which targets were suggested tion, and as a Manager in the Army Audit Agency by $185 million during the first half of 1966. with responsibility for audit reviews of cost sys­ Most of the reduction occurred in equity invest­ tems of private firms engaged in defense contracts. ments in developed countries other than Canada and Japan. The total outflow of credit, including increased holdings of assets for which no targets APPOINTMENT OF DIRECTOR were suggested, was $173 million during the first On November 15, 1966, the Board of Governors half of 1966, which was more than accounted for announced the appointment of Lawrence E. by an increase in investments in Canada. This Walkley as a director of the Pittsburgh Branch of compares with a total outflow during 1965 of the Federal Reserve Bank of Cleveland to serve $730 million. for the remainder of the term expiring December 31, 1966. Mr. Walkley is President of Westing­ REVISIONS IN INDUSTRIAL PRODUCTION INDEXES house Air Brake Company, Pittsburgh, Pennsyl­ The Federal Reserve indexes of industrial produc­ vania. As a director of the Pittsburgh Branch he tion have been revised back to January 1964 to succeeds Dr. George L. Bach, former Maurice incorporate revisions in seasonal adjustment factors Falk Professor of Economics and Social Science, and in data. These changes have been combined 1642 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 1643 with a reprint of the 1961-63 Industrial Production ing center are shown annually. Full descriptions Indexes. This new booklet, Industrial Production are provided of revisions in the series during the Indexes, 1961-65, has been distributed with the period covered. November 1966 Business Indexes (G.12.3). Requests for copies should be sent to Publica­ Copies may be obtained from Publications Services, tions Services, Division of Administrative Services, Division of Administrative Services, Board of Board of Governors of the Federal Reserve Sys­ Governors of the Federal Reserve System, Wash­ tem, Washington, D. C. 20551. Remittance should ington, D.C. 20551. accompany order and be made payable to the order of the Board of Governors of the Federal SUPPLEMENT TO BANKING AND Reserve System (prices shown on page 1734). MONETARY STATISTICS “Bank Debits,” Section 5 of Supplement to ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM Banking and Monetary Statistics, is now available. Bank debits and deposit turnover are shown The following bank was admitted to membership annually and monthly for the period 1943-64, and in the Federal Reserve System during the period bank debits to demand deposit accounts are October 16 through November 15, 1966: shown annually. For the period 1941-64, bank South Carolina debits by Federal Reserve district and by report­ Johnsonville............Johnsonville State Bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Released for publication November 16 Industrial production and nonfarm employment Production of iron and steel and construction rose somewhat in October but retail sales changed materials declined while that of equipment parts little and construction activity declined further. changed little. Output of textile mill products has Industrial prices continued stable while prices of been declining since June and is now 4 per cent foodstuffs declined. Bank credit and the money below the peak. Production of some other non­ supply declined. Between mid-October and mid­ durable materials increased in October. November yields on U.S. Government, corporate, Construction and municipal securities declined and then rose, but on balance were about unchanged. Common New construction outlays declined further in stock prices advanced in this period. October and were at the lowest annual rate— $71.8 billion—in more than a year as residential Industrial Production construction expenditures continued downward. Industrial production in October was 158.6 per Both private nonresidential and public construction cent of the 1957-59 average—0.3 per cent above expenditures remained at about their September September and 9.0 per cent above a year earlier. rates. Auto assemblies increased while over-all produc­ Employment tion of other consumer goods was unchanged. Nonfarm payroll employment rose in October Output of business equipment rose slightly further by 192,000, reflecting substantial increases in retail but production of durable materials declined. trade and services. In manufacturing, advances Auto assemblies rose sharply in October from occurred in most durable and nondurable goods the low September rate to 178 per cent of the industries. Construction employment declined 1957-59 average. Schedules for November are set further to a level little higher than a year earlier. at about the October level. Output of furniture and The average workweek in manufacturing was some household appliances declined but produc­ 41.3 hours, down slightly from the September level tion of consumer nondurable goods was about un­ of 41.5 hours. The unemployment rate was 3.9 changed. Output of industrial and commercial per cent in October, as compared with 3.8 per cent equipment rose somewhat further. in September and 4.3 per cent a year earlier. Distribution INDUSTRIAL PRODUCTION The value of retail sales in October was un­ changed from September and 6 per cent higher than a year earlier. Sales at durable goods stores declined 2.5 per cent, largely because of declines in sales of new domestic autos and sales at furni­ ture and appliance stores. Sales at nondurable goods stores rose 1 per cent and were 7.5 per cent above a year ago. In early November, sales of new domestic autos apparently increased moderately. Commodity Prices The wholesale price index for industrial com­ modities was again stable from mid-September to mid-October, at a level 2 per cent higher than a year earlier, reflecting further decreases in such F.R. indexes, seasonally adjusted. Latest figures shown are sensitive materials as hides and lumber and confor October. 1644 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1645 tinuing increases among machinery and equip­ previous two months. Time deposits at commer­ ment and consumer goods. Since mid-October, cial banks declined slightly after showing sharply prices of sensitive materials have tended to level reduced growth in September, reflecting in part out. substantial run-offs of negotiable CD’s at city Wholesale prices of foodstuffs declined 2.5 per banks in both months. cent over the month to mid-October in response Net borrowed reserved averaged about $430 to expansion in supplies of meats and most other million over the four statement weeks ending Octo­ fresh foods. Since mid-October, with expansion in ber 26; they were relatively high early in the supplies continuing, prices of foodstuffs have de­ month but declined in the second half. Member clined about 1.5 per cent further. bank borrowings averaged the same as in Septem­ ber but excess reserves declined somewhat. Total Bank Credit, Money Supply, and Reserves and required reserves also declined. Commercial bank credit declined somewhat further in October, following a small net reduction Security Markets over the previous two months. An increase in loans was more than offset by heavy liquidation Yields on U.S. Government, corporate, and of U.S. Government securities, despite large bank municipal securities declined in the latter half of subscriptions to new Treasury bills in mid-October. October, but subsequently turned around and were The money supply declined $900 million in about unchanged on balance as of mid-November. October offsetting the September expansion. Since The 3-month Treasury bill was bid at 5.45 per March, there has been only a small net rise in the cent on November 15. Common stock prices ad­ money stock. U.S. Government deposits rose vanced between mid-October and mid-November somewhat in October following declines in the in moderately active trading. Bureau of Labor Statistics indexes. Latest figures shown for Discount rate, range or level for all F.R. Banks. Weekly consumer prices, September; for wholesale prices, October. average market yields for U.S. Govt, bonds maturing in 10 years or more and for 90-day Treasury bills. Latest figures shown, week ending Nov. 4. 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, n, L Liabilities III , IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified Amounts insignificant in terms of the par­ S.A. Monthly (or quarterly) figures adjusted ticular unit (e.g., less than 500,000 for seasonal variation when the unit is millions) (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. “U.S. Govt, securities” may include guaranteed issues of U.S. Govt, agencies (the flow of funds figures also in­ clude not fully guaranteed issues) as well as direct obligations of the Treasury. “State and local govt.” also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled Note (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds....................................................Oct. 1966 1526-35 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 Lht 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 1646 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 .... 1648 Reserve Bank discount rates; margin requirements; reserve requirements.................. 1653 Bank deposits; open market transactions; Federal Reserve Banks............................... 1655 Bank debits; currency in circulation ............................................................................ 1658 Money supply and bank reserves; banks and the monetary system............................. 1660 Commercial and mutual savings banks, by classes...................................................... 1662 Commercial banks, by classes ...................................................................................... 1666 Weekly reporting banks.................................................................................................. 1668 Business loans .............................................................................................................. 1672 Interest rates .................................................................................................................. 1673 Security prices; stock market credit ............................................................................ 1674 Open market paper; savings institutions ..................................................................... 1675 Federally sponsored credit agencies.............................................................................. 1677 Federal finance................................................................................................................ 1678 U.S. Government securities............................................................................................ 1680 Security issues.................................................................................................................. 1684 Business finance .......................................................................................................... 1686 Real estate credit .......................................................................................................... 1688 Consumer credit ............................................................................................................ 1692 Industrial production .................................................................................................. 1696 Business activity; construction .................................................................................. 1700 Employment and earnings .......................................................................................... 1702 Wholesale and consumer prices .................................................................................. 1704 National product and income series ............................................................................ 1706 Flow of funds ................................................................................................................ 1708 Guide to tabular presentation............................................................................ 1646 Index to statistical tables .............................................................................................. 1737 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). . 1647 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1648 BANK RESERVES AND RELATED ITEMS NOVEMBER 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 T U o .S ta . l G B o r v o o i t g u u , h t g s ­ t h e t c u R m r c a i e h g t e i p a r n e e s u s t e e s r ­ ­ c v D o a a a n u n i d s c n d ­ - e t s s Float1 t T al o ­ 2 G sto o c ld k T s c o r t u i u a e n u r a n r g y t - s ­ d ­ ­ r c C e t c u i i n i o 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 u r w e ry a i s th ­ r e F s F e . e i R o g rv . r n ­ e B s, a O nk th s er 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 . s re c r C s o e a e n n i u r n c d v r y ­ e 3 s 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 S3 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 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec.......... 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec.......... 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec.......... 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec......... 27,248 27,170 78 94 1,66529,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec.......... 29,098 29,061 37 152 1,921 31,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962—Dec.......... 30,546 30,474 72 305 2,29833,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Dec.......... 33,729 33,626 103 360 2,43436,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Dec.......... 37,126 36,895 231 266 2,42339,873 15.388 5,401 39,698 595 944 181 186 1,093 17,964 3,645 21,609 1965—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......... 42,280 42,130 150 730 2,29045,348 13,311 6,019 '42,884 '1,067 1,107 135 409 316 18,759 3,896 22,655 Sept......... 42,735 42,725 10 774 2,07445,631 13,258 6,072 42,991 1,078 869 131 407 217 19,268 3,972 23,240 Oct.......... 42,837 42,817 20 749 1,94945,604■■13,257 -6,138■’43,121 ■’1,122 758 145 439 5 19,409»3,924■>23,333 Week ending— 1965 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 1,63542,082 13,858 5,512 40,817 786 927 154 214 176 18,377 3,734 22,111 10.............. 40,253 40,249 4 369 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............ 41,014 40,911 103 514 1,86043,519 13,809 5,548 41,929 816 670 155 225 460 18,622 3,712 22,334 15.............. 40,879 40,824 55 518 2,053 43,571 13,808 5,556 42,260 803 637 158 225 410 18,442 4,021 22,463 22.............. 40,824 40,802 22 247 2,87644,066 13,809 5,572 42,367 802 720 146 230 359 18,822 3,982 22,804 29.............. 40,852 40,631 221 592 2,71344,289 13,786 5,585 42,348 817 687 159 226 349 19,074 4,006 23,080 1966 Jan. 5.............. 41,030 40,607 423 600 2,36644,181 13,733 5,583 42,053 788 612 166 295 346 19,237 4,033 23,270 12............. 41,145 40,823 322 613 2,390 44,309 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 5,60S 41,618 821 70S 136 242 479 18,459 4,001 22,467 26........ 40,210 40,210 •........ 374 2,08542.816 13,733 5,615 41,237 839 746 144 231 481 18,485 3,966 22.451 Feb. 2.............. 40,548 40,299 249 439 1,90743,005 13,732 5,635 41,085 830 834 178 235 540 18,669 3,869 22,538 9.............. 41,117 40,708 409 523 1,671 43,425 13,734 5,646 41,196 83’ 879 152 235 713 18,796 3,521 22,323 16..,. 40,809 40,542 267 473 1,73943,130 13,733 5,641 41,283 83’ 910 135 236 745 18,368 3,785 22,153 23.............. 40,224 40,224 .......... 540 2,041 42,912 13,733 5,660 41,219 840 681 129 232 876 18,329 3,777 22,106 Mar. 2.............. 40,152 40,152 484 1,97442,731 13,733 5,671 41,235 829 645 135 236 871 18,185 3,931 22,116 9.............. 40,425 40,425 634 1,77942,987 13,733 5,671 41,315 829 429 157 241 868 18,55; 3,492 22,045 16............. 40,399 40,352 47 556 1,741 42,848 13,73; 5,68! 41,480 822 34€ 18C 247 813 18,378 3,743 22,121 23............ 40,311 40,311 623 2,081 43,193 13,70< 5,701 41,459 863 506 140 303 679 18,650 3,741 22,396 30.............. 40,505 40,505 .........* 528 1,74142,916 13,632 5,734 41,348 936 560 131 376 610 18,310 3,860 22,176 Apr. 6.............. 40,924 40,779 145 643 1,63743,325 13,633 5,739 41,510 930 30S 173 387 607 18,782 3,570 22,358 13.............. 40,821 40,787 34 62' 1,86943,431 13,63; 5,76( 41,864 931 138 15$ 395 558 18,778 3,62. 22,402 20............. 40,301 40,301 706 2,17643,293 13,632 5,776 41,761 951 268 146 40€ 448 18,71’ 3,9N. 22,627 27............. 40,446 40,446 .......... 666 1,98843,254 13,632 5,781 41,563 94S 466 13’ 404 454 18,69S 3,9H 22,615 For notes sec opposite page Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 BANK RESERVES AND RELATED ITEMS 1649 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other P d e o a ri r t o e d T U o . t S a . l Go B r o v o ig u t u , h t g ­ s t h ec t u R a m c r g i e h t r e p a i e n e 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 Float 1 tai 2 s G to o c ld k T s r O c r e t i e a u n n U a n g r c t s - ’ d y - ­ r c C t e c u i i n o u i n l r c n a r ­ y ­ ­ T h c i r u n o a e r g l s a y d s h s ­ ­ Tr t u h e w r a a y i s n 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 > c O F o a t u . c h R n ­ e . t r s B W F a . n R it k h . M s e r m c e r C e s o a b e n n i u e r n c d r v r y ­ e J b s an T k o tal Averages of daily figures Week ending— 1966 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 ........6..74 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 ........7..76 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 2,54145,121 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 3,984 23,751 28.............. 42,493 42,493 662 2,19745,399 13,257 6,086 42,804 1,092 1,032 138 401 218 19,056 4,077 23,133 Oct. 5.............. 42,999 42,989 10 843 1,82545,722 13,258 6,106 42,878 1,091 693 146 442 88 19,748 3,866 23,614 12.............. 42,969 42,969 947 1,88045,891 13,258 6,121 43,228 1,099 680 157 445 92 19,570 3,788 23,358 19.............. 42,521 42,521 805 2,15545,532 13,256 6,145 43,267 1,120 706 148 439 -56 19,309’3,998’23,307 26.............. 42,794 42,715 79 533 2,04345,440 13,256 6,154 43,088 1,138 924 127 432 -45 19,187M,077’23,264 End of month 1966 Aug. 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. 30.............. 42,907 42,907 773 1,74845,475 13,258 6,109 42,802 1,077 760 159 430 73 19,538 4,332 23,870 Oct. 31.............. 42,975 42,975 ........4..10 2,04445,501 ’13,257’6,166’43,081 ’1,160 809 194 426 -84 19,338’3,787’23,125 Wednesday 1966 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 3,945’22,497 14.............. 42,623 42,623 238 1,90844,817 13,259 6,069 43,193 1,083 575 129 407 146 18,612 4,538’23,150 2t.............. 42,403 42,403 907 2,25645,614 13,259 6,070 42,955 1,090 1,079 115 400 209 19,095 4,416’23,511 28.............. 42,037 42,037 991 1,64744,723 13,259 6,086 42,838 1,091 1,313 159 404 193 18,070 4,555’22,625 Oct. 5.............. 43,330 43,262 68 844 1,75546,029 13,259 6,112 43,081 1,103 506 132 478 104 19,995 3,963 23,958 12.............. 42,833 42,833 458 1,53744,921 13,259 6,122 43,376 1,117 718 134 452 41 18,463 4,294 22,757 19.............. 42,296 42,296 810 2,06245,219 13,259 6,149 43,237 1,133 868 138 433 -63 18,881 ’4,378’23,259 26.............. 42,764 42,613 151 597 1,52444,974 13,259 6,163 43,111 1,156 840 141 428 -46 18,766’4,524’23,290 1 Beginning with 1960 reflects a minor change in concept; see Feb. 5 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 196t Bulleiw, 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. 21,1939.) For holdings of acceptances on Wed, and end-of-month dates, see subsequent tables on F.R. Banks. See also note I. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1650 BANK RESERVES AND RELATED ITEMS NOVEMBER 1966 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o e t ld al qu R ir e e ­ d Excess B r F i o a n a . n w g R t k s . ­ s s F e r r r e v e ­ e e s T h o e t l a d l qu R ir e e ­ d Excess B r F i o a n a . n w R g t k s . ­ s s F e r r r e v e ­ e e s T h o e t l a d l qu R i e re ­ d Excess B r F i o a n a . n w g R t k s ­ . s s F e r r r e v e ­ e e s 1929—June. 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933 June. 1 2,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec.. 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec.. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec.. 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec.. 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950—Dec........ 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1955—Dec.. 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 1,164 2 85 -83 1956—Dec.. 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 —86 1957—Dec.. 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958—Dec.. 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 7 39 -31 1959—Dec............ 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 1,038 104 -104 I960—Dec.. 19,283 18,527 756 87 669 3.687 3,658 29 19 10 958 953 4 8 -4 1961—Dec.. 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962—Dec.. 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 7 18 -11 1963—Dec.. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 26 -21 1964—Dec............ 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 -3 28 -31 1965—Oct.. 21,958 21,614 344 490 -146 4,112 4,104 8 36 -28 1,090 1,085 5 85 -80 Nov. 21,958 21,589 369 452 -83 4,002 3,992 10 87 -77 1,086 1,084 2 32 -30 Dec. .......... 22,719 22,267 452 454 -2 4,301 4,260 41 lit -70 1,143 1,128 15 23 -8 1966—Jan.. 22,750 22,392 358 402 -44 4,313 4,278 35 109 -74 1,112 1,116 -4 45 -49 Feb.. 22,233 21,862 371 478 -107 4,168 4.150 18 93 -75 1,092 1,088 4 30 -26 Mar. 22,160 21,855 305 551 -246 4,194 4,188 6 43 -37 1,102 1,099 3 65 -62 Apr. 22,528 22,170 358 626 -268 4,326 4,270 56 85 -29 1,128 1,123 5 38 — 33 May. 22,487 22,117 370 722 -352 4,276 4,230 46 86 -40 1,149 1,144 5 8 -3 June 22,534 22,212 322 674 -352 4,257 4,290 -33 110 -143 1,116 1,118 -2 10 -12 July r 23,090 22,682 408 766 -358 4,437 4,350 87 93 -6 1,142 1,130 12 66 -54 Aug. 22,655 22.317 338 728 -390 4,224 4,210 14 40 -26 1,098 1,094 4 28 -24 Sept. 23,240 22,842 398 766 -367 4,454 4,424 30 123 -93 1,122 1,117 5 69 -64 Oct.. ’23.333 ’23.028 ”305 733 ”-428 ”4,438 ’4,435 ”3 127 ”-124 ’1,112 ”1,109 ”3 98 ”-95 Week ending— 1965—Oct. 6.... 22,052 21,609 443 536 -93 4,209 4,205 4 4 1,090 1,089 1 119 -118 13.... 21,705 21.405 300 495 -195 4,035 3,998 37 83 -46 1,063 1,059 4 93 -89 20.... 22,274 21.781 493 591 -98 4,136 4,125 11 35 -24 1,098 1,092 6 154 -148 27.... 21,840 21,643 197 338 -141 4,115 4,108 7 11 -4 1,096 1,094 2 9 -7 1966—May 4.... 22,735 22,449 286 617 -331 4,456 4,441 15 115 -100 1,194 1,189 5 3 2 11.... 22,59; 22,25; 340 68C -34C 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 -34C 4,195 4,195 21 -21 1,115 1,106 9 8 1 15. ... 22,330 21,865 465 788 -323 4,194 4,164 30 107 -77 1,086 1,073 13 17 -4 22. 22,719 22,437 282 691 -409 4,438 4,387 51 185 -134 1,147 1,148 -I 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 8U -9< 4,291 4,259 31 120 -89 1,126 11118 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 22,671 276 680 -404 4,324 4,328 -4 16 -20 r,ii3 1,119 -6 16 -22 Aug. 3'... 22.987 22,634 353 778 -425 4,347 4,331 16 20 -4 1,129 1,117 12 27 -15 10'... 22.878 22,417 461 782 -321 4,239 4,230 9 133 -124 1'097 1,089 8 25 -17 17'... 22,606 22,329 277 730 -453 4,224 4,185 39 39 1,101 1,094 7 20 -13 24.... 22.454 22,080 374 719 -345 4,143 4,137 6 2 4 1,084 11083 1 29 -28 31’... 22,641 22,277 364 691 -327 4,266 4,220 46 46 1 ;097 i;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 8? 110 -22 1,119 1,103 16 135 -119 21.... 23,751 23,159 592 771 -179 4,528 4,528 159 -159 1,141 11141 46 -46 28.... 23,133 23,066 67 650 -583 4,578 4,539 39 161 -122 r,i24 1,123 48 -47 Oct. 5.... 23.614 23,300 314 828 -514 4,653 4,640 13 274 -261 1,147 1,144 30 -27 12.... 23.358 22,945 413 928 -515 4,389 4,355 3-1 234 -200 G073 1,084 -11 248 -259 19.... ’23,307 ’22,828 ”479 790 p-311 ”4,306 ’4,302 ”5 99 ”-94 ”1'093 ”l,08C ”13 136 ’-123 26.... ”23,264 ’23,117 ”147 518 p-371 ’4,514 ’4,501 ”13 8 ’5 ’1,139 ”11130 ”9 18 ’-9 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 BANK RESERVES AND RELATED ITEMS 1651 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In unions of dollars) Other reserve city banks Country banks Period Reserves Borrow­ Reserves Borrow­ ings at Free ings at Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o el t d al Required Excess B F a . n R k . s reserves 1929—June.............................. 761 749 12 409 -397 632 610 22 327 -305 1933—June.............................. 648 528 120 58 62 441 344 96 126 -30 1 1 9 94 3 1 9 — —D D e e c c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 , , 3 1 1 4 7 0 3 1, , 9 0 5 1 3 4 1 1, , 3 1 0 8 3 8 i 1 1 , , 1 3 8 0 8 2 2 1 , , 2 5 1 68 0 1,4 8 0 9 6 7 6 8 7 0 1 4 3 4 6 8 6 0 8 0 1945—Dec............................... 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947—Dec............................... 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec............................... 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1955—Dec............................... 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec............................... 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957—Dec............................... 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec............................... 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec............................... 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 1960—Dec............................... 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec............................... 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Dec............................... 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963—Dec............................... 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1964—Dec............................... 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 1965—Oct................................ 8,814 8,776 38 245 -207 7,941 7,650 291 124 167 Nov.............................. 8,800 8,757 43 221 -178 8,069 7,755 314 112 202 Dec........................... 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 1966—Jan................................ 9,033 9,010 23 164 -141 8,291 7,988 303 84 219 Feb................................ 8,827 8,771 56 204 -148 8,146 7,852 294 151 143 Mar...................... 8,768 8,743 25 243 -218 8,096 7,825 271 200 71 Apr............................... 8,905 8,882 23 261 -238 8,169 7,895 274 242 32 May............................ 8,936 8,852 84 309 -225 8,126 7,891 235 319 -84 June...................... 8,913 8,878 35 258 -223 8,249 7,926 323 296 27 July............................ 9,203 9,140 63 375 -312 8,308 8,067 241 232 9 Aug............................... 9,039 9,018 21 300 -279 8,294 7,995 299 360 -61 Sept............................... 9,269 9,198 71 288 -217 8,395 8,103 292 286 6 Oct.............................. *9,344 »9,310 *34 279 *-245 *8,439 *8,174 *265 229 *36 Week ending—• 1965—Oct. 6........................ 8,765 8,739 26 304 -278 7,987 7,576 411 109 302 13........................ 8,755 8,714 41 194 -153 7,853 7,635 218 125 93 20........................ 8,907 8,870 37 278 -241 8,133 7,693 440 124 316 27........................ 8,795 8,771 24 186 -162 7,833 7,670 163 132 31 1966—May 4........................ 8,982 8,938 45 263 -219 8,102 7,881 222 236 -14 11........................ 8,950 8,908 42 293 -251 8,207 7,944 263 298 -35 18........................ 8,902 8,865 37 323 -286 8,198 7,921 277 254 23 25........................ 8,827 8,775 52 231 -179 8,118 7,867 251 394 -143 June 1........................ 8,814 8,806 9 348 -340 8,178 7,830 348 367 -20 8........8..,.8...7..3........ 8,805 68 177 -110 8,021 7,891 130 341 -211 15........................ 8,786 8,744 42 303 -261 8,264 7,884 379 361 18 22........................ 8,992 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........................ 9,101 9,046 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 8,067 242 231 11 Aug. 3*...................... 9,169 9,154 15 386 -371 8,341 8,032 309 345 -36 10'...................... 9,108 9,054 54 311 -257 8,433 8,045 388 313 75 17'...................... 9,058 9,028 30 344 -314 8,223 8,022 201 327 -126 24........................ 8,947 8,919 28 312 -284 8,281 7,942 339 376 -37 31'...................... 9,085 9,008 77 218 -141 8,193 7,956 237 442 -205 Sept. 7........................ 9,054 9,004 50 334 -284 8,268 7,990 278 333 -55 14........................ 9,299 9,200 99 342 -243 8,375 8,076 299 301 -2 21........................ 9,325 9,289 36 293 -257 8,757 8,201 556 273 283 28........................ 9,293 9,268 25 196 -171 8,137 8,136 1 245 -244 Oct. 5........................ 9,418 9,383 35 238 -203 8,397 8,134 263 286 -23 12........................ 9,387 9,295 92 212 -120 8,508 8,211 297 234 63 19................ *9,256 *9,253 *4 348 *-344 *8,651 *8,192 *459 207 *252 26........................ *9,373 *9,320 *54 272 *-218 *8,238 *8,166 *72 220 p-148 i This, total excludes t and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. 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 arc 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

552 MAJOR RESERVE CITY BANKS NOVEMBER 1966 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACHONS (In millions of dollars unless otherwise noted) Related transactions with Basic reserve position Interbank Federal funds transactions U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r c v e e ­ e s s s 1 r a o B t B w a F o n in . r k R ­ g s s . F f i b e n N u a d t n n e e e d t k r r s ­ a l S d u e r o f p i r c l u it s r P r e e e q s a r e u o v c r g i f v e r . e e n d s t c P ha u s r e ­ s Sales a 2 c t T r - t a o w io n t a a n s y l ­ s 2 b c o b P u h a f y a u n n s i r k n e e ­ s g s t s o b S e a f l a l n n l i e n k e s g s t d L e o a t a l o n e s r s2 de B f r i a r o n o o l w g e r m s r ­ ­ s * lo N a e n t s trans. Total—46 banks Sept. 7............J.7 219 818 -981 9.8 2,846 2,027 1,370 1,475 657 803 174 630 14...........1.77 395 1,481 -1,700 16.7 2,934 1,453 1,183 1,751 270 790 136 654 ............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 Oct. 5............44 361 825 -1,141 10.7 2,726 1,901 1,167 1,558 734 710 90 620 12............63 578 1,512 -2,028 19.9 3,298 1,786 1,377 1,921 409 535 118 417 19............22 431 1,332 -1,742 17.2 3,211 1,879 1,381 1,830 498 624 103 520 26............ 45 133 803 -891 8.5 2,844 2,041 1,412 1,431 629 782 75 707 ■ in New York City 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 Oct. 5............ 19 265 5 -251 5.8 915 909 461 454 448 550 78 472 12............32 234 656 -858 21.1 1,443 786 691 751 95 384 85 299 19............ 7 96 437 -525 13.1 1,330 893 693 637 200 431 62 370 26............ 13 7 -22 28 .7 999 1,021 675 324 346 458 63 395 38 outside New York City 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 2Q2 19 183 Oct. 5............ 25 96 819 -890 14.1 1,811 992 706 1,105 285 160 12 148 12............ 30 345 856 -1,171 19.0 1,855 999 685 1,170 314 151 32 119 19............ 14 335 896 -1,217 19.9 1,881 985 688 1,193 298 193 42 151 26............ 31 126 824 -919 14.7 1,844 1,020 737 1,107 283 324 13 312 in City of Chicago Sept. 7............ -2 49 314 -365 37.1 518 204 204 314 43 ............4..3 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 Oct. 5............2 11 413 -422 40.9 614 201 179 435 22 10 10 12.......... -12 237 317 -566 58.5 546 229 198 348 31 5 5 19............ 17 116 428 -526 54.5 613 186 144 470 42 7 7 26............ 3 329 -327 32.2 541 211 176 364 35 18 18 33 others 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 Oct. 5............ 23 84 407 -468 8.9 1,197 790 527 670 263 150 12 138 12............ 42 108 539 -604 11.7 1,309 770 487 822 284 146 32 114 19............ -3 220 468 -691 13.4 1,267 800 544 724 256 186 42 144 26............ 29 126 495 -592 11.3 1,304 809 561 743 248 306 13 293 Based upon reserve balances, including all adjustments applicable to * Federal funds borrowed, net funds acquired from each dealer by reporting period. Carryover reserve deficiencies, if any, are de­ clewing banks, reverse repurchase agreements (sales of securities to ed. dealers subject to repurchase), resale agreements, and borrowings secured Derived from averages for individual banks for entire week. Figure by Govt, or other issues. each bank indicates extent to which its weekly average purchases sales are offsetting. Note.—Weekly averages of daily figures. For description of series Federal funds loaned, net funds supplied to each dealer by clearing and back data, see Aug. 1964 Bulletin, pp. 944-74. 3, repurchase agreements (purchases of securities from dealers set to resale), or other lending arrangements. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 DISCOUNT RATES 1653 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 * Sec. 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Oct. 31 date rate Oct. 31 date rate Oct. 31 date rate N B e o w st o Y n o ... r . k ... * .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. . . . .. . .. . .. . .. . .. . . . .. . . 4% D D e e c c . . 8 6 , , 1 1 9 9 6 6 5 5 4 4 5 5 D D e e c c . . 8 6 , , 1 1 9 9 6 6 5 5 4 4) « 4 5 5 ) ) 4 4 N De o c v . . 2 6 4, , 1 1 9 9 6 6 5 4 ^ Philadelphia..........................*.... Dec. 10,1965 4 5 Dec. 10,1965 ^ Dec. 10,1965 C R l i e c v h e m la o n n d d « . * .. . . . . . . . . . . . . . . . . . . . . . . . . . . . * .. . . . . . . . . . . .. * . . .. . . . . . . . . . . . . . . . . . . . . . . D D e e c c . . 1 1 0 0 , , 1 1 9 9 6 6 5 5 4 4 5 5 D D e e c c . . 1 1 0 0 , , 1 1 9 9 6 6 5 5 4 4 ) ) 4 4 D De e c c . . 1 1 0 0 , , 1 1 9 9 6 6 5 5 1“ Atlanta............................ Dec. 8,1965 4 5 Dec. 8,1965 Dec. 8,1965 6 Chicago....................... Dec. 6,1965 4 5 Dec. 6,1965 4)4 5)4 Dec. 6,1965 5 St* Louis....,*........ Dec. 10,1965 4 5 Dec. 10,1965 4)4 5)4 Dec. 10,1965 5 Minneapolis......................*............. Dec. 10,1965 4 5 Dec. 10,1965 4)4 5)4 Dec. 10,1965 5 Kansas City..................................... Dec. 13,1965 4 5 Dec. 13,1965 4)4 Dec. 13,1965 5 Dallas............................................... Dec. 10,1965 4 5 Dec. 10,1965 4)4 Dec. 10,1965 5 San Francisco....................*........... 414 Dec. 10,1965 4 5 Dec. 10,1965 4)4 5)4 Dec. 10,1965 5 > 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 aU F.R. of date aUF.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. 1955 1959 In effect Dec. 31,1941......... 1 -1)4 1 1)4-1% Mar. 6............................. 2)4-3 3 1)4-1% 16............................. 3 3 1942 May 2............................. 1% 1% Oct. 15 . , lip 1 1 Aug. 4.................. F 3 3 - ) 3 4 )4 R 30.........................*. t)4 12............................. 2 -2% 2 ‘ 18....... 3 .. ) ..4 4 .. - .. 4 .. ...........4 2 -2% ' 13.................. 2% 1946 I960 t lj-1 1 23............................. 2)4 i June 3.................... 3)4-4 4 1956 10............................. 3)4-4 R Apr 13.....................1..8...:..1. 14............................. 1948 * 20............................. 3 *r4“ 18 2%-3 Sept. 9............................. 3 3 19 .. . 31............................. 3 3 Aug. 13.............................*. 18 23.................................. 1957 1963 1950 Nov 2 1 3 5 . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 - “ ) 3 4 3 ) ,/ 4 4 3 3 3 )4 July 2 1 6 7 .. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 3 3 - ) 3 4 )4 18 V 18 Dec* 2............................. 3 25.................................. 1964 1958 Jan 22.......................... IB 3 Nov. 24............................. 3)4-4 4 1953 24............................. 30............................. 4 4 1K-2 2 Mar. 7............................. 23.............. .. * 2 2 13.............................. 2%-2% 21............................. 2%- 1965 i%-2% Dec. 6................... 4 J^ 4)4 1954 1% 13............................. 4)4 4)4 Feb. 5........................l.%....-.2 i1% l%-2 15.............................. Sept. 12.............................. l%-2 ' 23............................. 2 2 1966 Oct 24............................. 2 -2J4 2 Nov. 7............................ 2)4 2)4 In effect Oct. 31................ 4)4 4)4 f Preferential rate of % 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 Statistics, 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23. Nov. 3, 1943, pp. 439-42. 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, The rate charged by the F.R. Bank of N.Y. on repurchase contracts 28,30,31,3.875; 1965—Jan. 4-8,3.875. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1654 RESERVE REQUIREMENTS NOVEMBER 1966 RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Net demand deposits2 Time deposits Ne d t e d p e o m si a ts n 2 d Time deposits Effective date * C r b e e c s a n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s ­ C r r e e e a s s n e n e t r r d r v v a e e l C ba t o r n u y k n s ­ Effective date1 R b e c a s i n e ty k rv s e C ba t o r n u y k n s ­ R b e c a s i n e ty k rv s e C ba t o r n u y k n s ­ banks In effect Dec. 31, 1949............ 22 18 12 5 5 1962—Oct. 25, Nov. 1 ... .............. 4 4 1951—Jan. 11,16.................... 23 19 13 6 6 1966—July 14,21.............. (4) (4) Jan. 25, Feb. 1............ 24 20 14 1953—July 9, 1...................... 22 19 13 Sept. 8, 15.............. (’) (’) 1954—June 24, 16................... 21 5 5 July 29, Aug. 1............ 20 18 12 In effect Nov. 1, 1966........ 1654 12 (’) (3) 1958—Feb. 27, Mar. 1............ 19% 1754 1!^ Mar. 20, Apr. 1........*. 19 17 Apr. 17............ 18% Apr. 24.......................... 18 1654 ......... Present legal 1960—Sept. 1.......................... 17% requirement: Nov. 24......................... 12 .............. Dec. 1.......................... 1614 Minimum........................ 10 7 3 3 1962—July 28.......................... (’) (3) ......... • ’ Maximum...................... 22 14 6 6 i When two dates are shown, the first applies to the change at central 3 On savings deposits—4 per cent; on other time deposits up to $5 reserve or reserve city banks and the second to the change at country million—4 per cent; on other time deposits in excess of $5 million— banks. . 6 per cent. 2 Demand deposits subject to reserve requirements are gross demand Note.—All required reserves were held on deposit with F.R. Banks, deposits minus cash items in process of collection and demand balances June 21,1917, until late 1959. Since then member banks have been allowed due from domestic banks. to count vault cash also as reserves as follows: country banks—in excess 3 Authority of the Board of Governors to classify or reclassify cities of 4 and 2% per cent of net demand deposits, effective Dec. 1,1959, and as central reserve cities was terminated effective July 28 1962. Aug. 25, 1960, respectively; central reserve city and reserve city banks— 4 On savings deposits—4 per cent; on other time deposits up to $5 in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1, 1960, million—4 per cent; on other time deposits in excess of $5 million— respectively; all member banks were allowed to count all vault cash as 5 per cent. reserves, effective Nov. 24, 1960. MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Nov. 1, 1933—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type and maturity of deposit Nov. Feb. Jan. Jan. Jan. July Nov. Dec. Type of deposit July Sept. 1. 1, 1, 17, 24, 6, 20, 26, 1933 1935 1936 1957 1962 1963 1964 1965 1966 1966 Savings deposits: Savings deposits.................... 4 4 12 months or more....... 3 254 254 3 4 4 4 4 Other time deposits: 1 Less than 12 months........ 3 254 254 3 354 354 4 4 Multiple-maturity: Other time deposits: t 90 days or more........ 5 5 12 months or more........... 3 254 2% 3 4 4 ^ 554 Less than 90 days..... 4 4 6 months to 12 months... 3 254 2% 3 354 4 554 (30-89 days) 90 days to 6 months.......... 3 254 2 2% 254 4 4% 554 Single-maturity: Less than 90 days.............. 3 254 1 1 1 1 4 554 $100,000 or more...... 554 5 (30-89 days) Less than 8100,000.... 554 5 i For exceptions with respect to foreign time deposits, see Oct. 1962 anY event exceed the maximum rate payable by State banks or trust cos. Bulletin, p. 1279, and Aug. 1965 Bulletin, p. 1094. 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 by Note.—Maximum rates that may be paid by member banks as estab­ insured nonmember commercial banks, as established by the FDIC, have lished by the Board of Governors under provisions of Regulation Q. been the same as those in effect for member banks. Under this regulation the rate payable by a member bank may not in For rates for postal savings deposits, see Board’s Annual Reports. MARGIN REQUIREMENTS Effective date Regulation Jan. 4, Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, 1955 1955 1958 1958 1958 1960 1962 1963 Regulation T: For extensions of credit by brokers and dealers on listed securities...................................................... 60 70 50 70 90 70 50 70 For short sales.............................................................. 60 70 50 70 90 70 50 70 Regulation U: For loans by banks on stocks................................ 60 70 50 70 90 70 50 70 Note.—Regulations T and U, prescribed in accordance with Securities ccnt5®e?£j*s market value at the time of extension; margin requirements Exchange Act of 1934, limit the amount of credit that may be extended on are the difference between the market value (100 per cent) and the maxi­ a security by prescribing a maximum loan value, which is a specified per- mum loan value. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 BANK DEPOSITS; OPEN MARKET ACCOUNT 1655 DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item m b e a A m n l k b l s er Y N o e r w k C o it f y Other C b o a u n n k t s ry Item m b e a A m n l k l b s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Aug. 17, 1966 Four weeks ending Sept. 14,1966 Gross demand—Total. *.. 143,287 27,299 6,592 53,146 56,250 Gross demand—Total.... 141,100 26,624 6,479 52,291 55,707 Interbank....................... 15,467 5,091 1,260 7,174 1,943 Interbank.......... 15,406 4 803 1 249 7 179 U.S. Govt....................... 5,244 969 292 2,173 1,810 U.S. Govt...................... 3,761 630 191 1 *472 1 467 Other............................ 122,576 21,241 5,040 43,799 52,497 Other..................... 121,933 21,192 5 040 43’439 52*263 Net demand 1.................... 115,582 20,249 5,258 42,081 47,994 Net demand1................... 113'768 19 895 5 15Q 41 * 301 47*415 Time.................................. 128,958 19,626 5,289 48,787 55,256 Time.................................. 129,415 19,499 5; 289 49 002 55 626 Demand balances due Demand balances due from dom. banks.......... 7,631 148 262 1,976 5,245 from dom. banks.......... 7,724 185 242 1 94g 5 350 Currency and coin........... 3,890 302 75 1,175 2,337 Currency and coin....... 3'925 309 78 i;i96 2*342 Balances with F.R. Balances with F.R. Banks.................. 18,965 3,981 1,035 7,960 5,990 Banks................ 18,824 3,966 1,022 7 90Q 5 938 Total reserves held........... 22,855 4,283 1,110 9,135 8,327 Total reserves held........... 22'749 4,275 1,100 9*096 r’?8O Required......................... 22,520 4,269 1,405 9,099 8,048 Required............. 22', 364 4,242 I 095 9*014 7 994 Excess............................. 335 14 5 36 279 Excess........................... 385 33 ’ 5 *62 *286 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) arc as of opening of business. 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 1-5 years Month Exch. c G p h r a u o s r s e ­ s s G sa r l o e s s s Re ti d o e n m s p­ c G h p r a u o s r s e ­ s s G sa r l o e s s s Re t d io e n m s p­ c G h p r a O u s r S e ­ S s G sa r l o e s s s m re s a d h t o e u i r f m r t i s p t y ­ c G h p r a u o s r s e ­ s s G sa r l o e s s s m E s a h x t o i u c f r r h t s i . t y tions 1965__Sept 1,692 770 198 1,541 770 198 107 Oct 652 671 98 652 671 98 Noy 1,666 598 150 1,666 598 150 -5,582 5,582 816 615 297 '816 615 297 1966- Tan 894 919 228 894 919 228 Feb 1,114 979 171 1,070 979 171 33 957 11 -957 960 314 101 ’873 314 101 78 9 144 929 748 201 887 748 201 18 25 1,208 392 50 1,174 392 50 -281 34 281 1,448 650 110 1^296 650 110 55 108 88 -108 July 2,607 2,489 2,526 2,489 29 1,602 1,273 98 1,602 1,273 98 84 76 >jcpi............. 1,976 1,419 170 1 ;976 1,419 170 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements acceptances Net (U.S. Govt. Net change 5-10 years Over 10 years securities) change in U.S. in U.S. Under Govt. Month Govt, Out­ repur­ securc G p h r a u o s r s e ­ s s G sa r l o e s s s m E s a h x t o i u c f r r h t i s . . ty c G p h r a u o s r s e ­ s s G sa r l o e s s s m E s a h x t o u i c f r r h t i s . . ty c G p h r a u o s r s e ­ s s G sa r l o e s s s se ti c e u s r­ r n ig e h t t, m a c g h n e r a e n e s t t e e s ­ , a t a c i n c c s c e e p & s t­ 1965__Sept 40 4 450 450 725 3 4 732 Oct 352 352 -117 2 21 -94 Nov 24 24 918 8 16 941 Dec 1,661 1,372 193 25 52 270 1966—Jan 1,595 1,545 -203 -2 -75 -280 Feb 272 611 -376 12 -365 — 144 222 222 545 3 1 549 682 682 -20 4 30 14 421 421 766 -1 20 786 8 185 185 689 2 58 748 July 39 12 120 26 212 -30 -157 24 -160 364 457 138 -3 135 97 97 388 -1 387 Note.—Sales, redemptions, and negative figures reduce System holdings; all other figures increase such holdings. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1656 FEDERAL RESERVE BANKS NOVEMBER 1966 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1966 1966 1965 Oct. 26 Oct. 19 Oct. 12 Oct. 5 Sept. 28 Oct. Sept. Oct. Assets Gnl4 certificate account .......................... 10,958 10,960 10,960 10,960 10,968 10,973 10,960 11,905 Redemption fund for F.R. notes.............................. 1,805 1,808 1,813 1,819 1,824 1,803 1,819 1,677 Total gold certificate reserves...................................... 12,763 12,768 12,773 12,779 12,792 12,776 12,779 13,582 Cash.......................................................... 306 308 310 317 320 306 324 146 Discounts and advances: Member hank borrowings........................... 582 795 443 829 979 395 758 452 Other.............................................................. 15 15 15 15 12 15 15 58 Acceptances: Fought outright................................................... 51 51 51 51 48 51 42 38 42 49 21 44 U.S, Govt, securities: Bought outright: Bills......................................................................... 10,796 10,479 11,016 11,445 10,220 11,158 11,090 8,279 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 6338 6,438 6,550 Total bought outright............................................... 42,613 42,296 42,833 43,262 42,037 42,975 42,907 39,657 Held under repurchase agreements........................... 151 68 Total U S. Govt, securities................................ 42,764 42,296 42,833 43,330 42,037 42,975 42,907 39,657 Total loans and securities......................... 43,450 43,157 43,384 44,274 43,076 43,457 43,727 40,253 Cash items in process of collection.............................. 6,728 8,033 7,037 7,025 6,817 6,345 6,325 5,764 Bank premises............................................... 104 104 104 104 104 104 104 103 Other'assets: Denominated in foreign currencies.......................... 730 726 727 727 600 783 742 820 IMF gold depositedi............................................... 211 211 211 211 203 211 211 All other................................................................... 490 468 453 407 386 513 391 448 Total assets.......................................................... 64,782 65,775 _64,999 65,844 64,298 64,495 64,603 61,116 Liabilities F.R. notes....................................................................... 37,914 38,038 38,196 37,910 37,696 37,900 37,618 35,888 Deposits: Member bank reserves........................................... 18,766 18,881 18,463 19,995 18,070 19,338 19,538 18,204 U.S. Treasurer—General account................ 840 868 718 506 1,313 809 760 1,053 Foreign............................................................... 141 138 134 132 159 194 159 144 Other: IMF gold deposit 1................................................. 211 211 211 211 203 211 All other................................................................ 217 222 328 267 201 215 219 211 Total deposits................................................................. 20,175 2,0320 19,854 21,111 19,946 20,767 20,887 19,612 Deferred availability cash items................................... 5,204 5,971 5,413 5,270 5,170 4,301 4,577 4,112 Other liabilities and" accrued dividends ............ 227 219 254 252 220 242 246 298 Total liabilities................................................................ 63,520 64,548 63 717 64,543 63,032 63,210 63,328 59,910 Capital Accounts Capital paid in............................................................... 566 566 566 566 566 566 565 546 Surplus.'........................................................................... 551 551 551 551 551 551 551 524 Other capital accounts............................................ 145 110 165 184 149 168 159 136 Total liabilities and capital accounts........................... 64,782 65,775 64,999 64,298 64,495 64,603 61,116 Contingent liability on acceptances purchased for foreign correspondents....................................... 222 225 234 238 248 230 243 156 U.S. Govt, securities held in custody for foreign account...................................................................... 7,278 7,348 7,287 7,222 7,097 7,336 7,092 7,974 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)...................... 41,133 41,273 41,437 41,393 41,515 41,109 41,449 38,692 Collateral held against notes outstanding: Gold certificate account........................ 6,455 6,547 6,547 6,547 6,547 6,455 6,547 6,470 Eligible paper........................................................... 39 50 9 39 88 61 87 34 U.S. Govt, securities............................................... 36,431 36,431 36,431 36,431 36,411 36,431 36,411 33,270 Total collateral......................................................... 42,925 43,028 42,987 43,017 43,046 42,947 43,045 39,774 1 See note 2 to table at bottom of p. 1714. 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NOVEMBER 1966 FEDERAL RESERVE BANKS 1657 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1966 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a ­ a­ C l l a e n v d e­ m Ri o c n h d ­ At t l a an­ C ca h g i o ­ Lo S u t i . s M ap i o n l n is e­ K C s a a it s n y ­ Dalias F c S i r s a a c n n o ­ Assets G Re o d ld em ce p r t t i i o fi n c a f t u e n a d c f c o o r u F n , t R ... . . . n ... o .. t . e .. s .. . . . . . . . . . . . . . . . 1 1 0 , , 8 9 0 7 3 3 7 9 5 9 0 2,4 4 4 2 3 9 78 94 5 9 1 4 4 1 8 9 1 0 62 0 8 1 4 0 3 4 1,7 3 9 2 1 5 3 6 9 3 4 20 3 4 2 3 7 32 0 28 6 3 0 1,3 2 0 1 7 7 Total gold certificate reserves.............. 12,776 849 2,872 879 1,089 1,062 947 2,116 457 236 402 343 1,524 F.R. notes of other Banks.................. 859 90 214 61 81 63 73 74 26 33 31 37 76 Other cash............................................. 306 14 30 12 42 19 31 45 33 7 15 20 38 Discounts and advances: Secured by U.S. Govt, securities... 269 3 31 3 5 14 83 38 17 2 7 41 25 Other.................................................. 141 1 8 41 1 11 9 2 2 • 1 63 2 Acceptances: Bought outright................................ 51 51 Held under repurchase agreements. ...»■«. U.S. Govt, securities: Bought outright.......................... 42,975 2,235 10,771 2,076 3,419 3,061 2,182 7,167 1,524 944 1,773 1,715 6,108 Held under repurchase agreements. Total loans and securities.................... 43,457 2,239 10,882 2,120 3,425 3,086 2,274 7,207 1,543 946 1,781 1,819 6,135 Cash items in process of collection... 8,248 569 1,377 504 585 655 668 1,412 421 257 525 524 751 Bank premises....................................... 104 3 9 3 5 5 20 20 8 3 8 10 10 Other assets: Denominated in foreign currencies. 783 38 1205 42 70 40 47 112 27 19 35 45 103 IMF gold deposited2....................... 211 211 All other............................................ 513 26 129 25 40 35 25 87 18 12 22 21 73 Total assets...................................... 67,257 3,828 15,929 3,646 5,337 4,965 4,085 11,073 2,533 1,513 2,819 2,819 8,710 Liabilities F.R. notes............................................ 38,759 2,306 8,857 2,193 3,210 3,546 2,221 7,075 1,419 694 1,474 1,240 4,524 Deposits: Member bank reserves. .............. 19,338 825 4,843 875 1,374 883 1,132 2,861 743 514 917 1,172 3,199 U.S. Treasurer—General account.. 809 53 301 46 22 34 63 42 56 14 79 31 68 Foreign........................................... 194 6 ’98 7 12 7 8 19 4 3 6 7 17 Other: IMF gold deposit 2...................... 211 211 All other......................................... 215 1 152 i * 4 1 1 1 i 2 1 50 Total deposits....................................... 20,767 885 5,605 929 1,408 928 1,204 2,923 804 532 1,004 1,211 3,334 Deferred availability cash items.......... 6,204 562 1,071 445 586 405 570 845 257 252 276 286 649 Other liabilities and accrued dividends. 242 13 62 11 19 17 12 40 8 5 10 10 35 Total liabilities...................................... 65,972 3,766 15,595 3,578 5,223 4,896 4,007 10,883 2,488 1,483 2,764 2,747 8,542 Capital Accounts Capital paid in............................ 566 27 147 30 51 29 35 82 20 14 25 33 73 Surplus.................................................. 551 27 144 30 50 28 33 79 19 13 24 32 72 Other capital accounts......................... 168 8 43 8 13 12 10 29 6 3 6 7 23 Total liabilities and capital accounts.. 67,257 3,828 15,929 3,646 5,337 4,965 4,085 11,073 2,533 1,513 2,819 2,819 8,710 Ratio of gold certificate reserves to F.R. note liability (per cent): Oct. 31, 1966.................... 33.0 36.8 32.4 40.1 33.9 29.9 42.6 29.9 32.2 34.0 27.3 27.7 33.7 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 Oct. 31, 1965............................ 37.1 36.0 37.5 36.0 36.5 35.7 35.8 37.3 34.2 34.4 37.4 44.4 38.5 Contingent liability on acceptances purchased for foreign correspond­ ents................................................. 230 11 <66 12 20 11 13 32 8 5 10 13 29 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R, notes outstanding (issued to Bank)................................................. 41,109 2,433 9,401 2,299 3,481 3,689 2,391 7,440 1,507 739 1,549 1,343 4,837 Collateral held against notes out­ standing: Gold certificate account.......... 6,455 500 1,000 459 600 785 450 1,100 294 127 225 180 735 Eligible paper.................................. 61 42 19 U.S. Govt, securities........................ 36,431 2,016 8,700 2,000 3,000 2,945 2,075 6,500 1,310 655 1,400 1,230 4,600 Total collateral............................. 42,947 2,516 9,700 2,501 3,600 3,730 2,525 7,600 1,623 782 1,625 1,410 5,335 1 After deducting $578 million participations of other F.R. Banks. 3 After deducting $96 million participations of other F.R. Banks. 2 See note 2 to table at bottom of page 1714. * After deducting $164 million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1658 FEDERAL RESERVEBANKSsBANKDEBTTS NOVEMBER 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 Oct. 26 Oct. 19 Oct. 12 Oct. 5 Sept. 28 Oct Sept. Oct. Tliscoiints and advances Total................................... 597 810 458 844 991 410 773 510 Within 15 days.......................................................... 579 794 442 826 975 392 723 470 16 days to 90 days................................................... 18 16 16 18 16 18 50 40 01 dnv« to 1 vear........................................................ * Acceptances^—Total....................................................... 89 51 93 100 48 72 47 86 Within 15 days........................................... 52 11 51 55 '7 34 6 53 16 days to 90 days................................................... 37 40 42 45 <41 38 41 33 U.S. Government securities—-Total........................ 42,764 42,296 42,833 43,330 42,037 42,975 42,907 39,657 Within 15 dayst................................................... 1,735 1,305 1,078 1,070 1,200 1,761 572 6,993 16 days to 90 days.................... ...... 5,427 5'456 6,127 6'317 5^589 5,146 6,499 3,774 91 days to 1 year...................... 20^314 20,247 20,340 20,655 19,960 20,780 20,548 18,572 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 f e ra lg n i c a s n C d a o n l a l d ar ia s n 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 g l u e a i n t l h d d e e s r r s ­ f S r w an is c s s 1965—Nov...................... 671 600 52 2 1 11 2 1 3 « Dec.............................. 629 534 53 2 34 1 1 3 * 1966—Jan................. 398 303 53 2 J 34 1 1 3 • Feb.• • .............. 166 51 53 2 1 44 1 3 10 Mar................. 218 51 53 2 74 9 1 3 24 Apr.,....................... 299 103 53 2 1 81 9 1 3 47 May................ 364 163 53 2 1 116 2 1 3 24 June. ............................ 482 271 54 1 124 1 24 July.............................. 702 566 54 2 1 75 2 1 « 2 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 (in billions of dollars) Turnover of demand deposits Period S T M 2 o 2 S t 5 a A l ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T 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 N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A 2 . l ) . 2 ’ s 4 S o M 2 th 1 S 8 e A r ’ s 1965—Aug............................... 5,146.8 2,128.0 1,141.0 3,018.8 1,877.8 48.4 99.4 44.9 35.5 31.7 Sept.............................. 5,126.9 2,104.3 1,142.9 3,022.6 1,879.7 47.2 95.4 44.1 35.3 31.4 Oct................................ 5,129.9 2,061.0 1,165.4 3,068.9 1,903.5 47.4 96.3 43.8 35.1 31.4 Nov..,......................... 5,408.3 2,229.4 1,215.0 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 J 38.3 33.5 Apr................................ 5,934.1 2,544.0 1,304.2 3,390.1 2,085.9 52.8 112.0 47,8 37.7 33.3 May.............................. 5,797.5 2,449.4 1,311.3 3,348.1 2,036.8 52.4 109.3 49,8 37^8 32.8 June............................. 5,868.8 2,491.7 1,314.7 3,377.1 2,062.4 53.7 109.1 51.1 39.0 33.7 July............................... 5,989.1 2,480.6 1,366.1 3,508.5 2,142.4 53.1 108.3 51.1 38.9 33.8 Aug............................... 6,149.9 2,676.1 1,348.5 3,473.8 2,125.3 54.4 112.7 52.2 39.3 34.1 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 Oct....................... 6,038.9 2,551.8 1,363.5 3,487.1 2,123.6 53.0 108.2 50.6 38.8 33.8 J Excludes interbank andU.S. Govt, demand deposit accounts. Note.—Total S MSA’s includes 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

NOVEMBER 1966 U.S. CURRENCY 1659 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir­ End of period cula­ tion 1 Total Coin $1 2 $2 $5 510 520 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 *>Zj 32 1941...................... 11,160 8^120 751 695 44 1,355 2 731 7'545 724 1 All □ JO Z4 1945..................... 28,515 261683 1,274 1 039 73 2,313 6 782 7*834 2 327 OAt 7 24 1947..................... 28,868 20 020 11404 1,048 65 2 J16 6 275 9*119 8 850 2 548 5 n?n /SZ 5 1/ 1950...................... 27,741 191305 1,554 11113 64 2,049 5*998 8*529 8*438 2 422 5 043 368 JcOoOo 11Z0 1955...................... 31,158 22,021 1,927 L312 75 2; 151 61617 9",940 91136 2J36 s!641 307 438 3 12 1 1 9 9 5 5 9 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 32 2 ^ ,1 5 9 91 3 2 23 2 1 ,8 2 5 6 6 4 2 2 , , 1 3 8 0 2 4 1 1 1 ,4 5 9 11 4 8 8 5 3 2 2 , , 2 1 1 8 6 6 6 6 6 6 7 2 2 4 1 1 0 0 *4 28 7 8 6 9 9 *3 3 2 37 6 7 2 7 8 9 03 2 5 5 *9 8 1 8 3 6 2 2 6 7 1 5 3 34 7 1 3 J c 1960...................... 32,869 23,521 2 427 11533 88 2,246 6,691 10*536 9*348 2*815 5*954 249 316 J in 1961...................... 33^918 241388 21582 11588 92 2,313 6 878 10*935 9*531 2*869 6*106 242 300 1A 1962...................... 35,338 251356 21782 1,636 97 2,375 7,071 113951 9983 2*990 6*448 240 293 10 1963...................... 37,692 261807 31030 11722 103 2,469 7,373 12 109 10*885 3*221 7* HO 249 298 3 4 1964...................... 39^619 28,100 31405 11806 111 2,517 7 543 12,717 11*519 3381 7*590 248 7.91 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............ 40343 28,724 31808 11783 120 2,474 7,599 12,941 11,719 3,392 7,792 243 286 3 4 Oct........ 40,754 281926 3,856 1,807 121 2,489 7,624 13 02911,828 3 411 7,883 243 285 3 4 Nov........... 411824 291829 31956 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 J69 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 291149 41096 1,818 128 2,495 7^586 13^027 I2J03 3,470 8,098 243 286 3 4 Mar........... 4k 469 291323 41152 1.824 129 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 May.......... 42,102 291868 41231 11876 133 2,555 7,’732 13,34212,234 3,507 8,196 241 284 3 4 42,554 30,228 4,264 1,884 135 2,570 7^805 13,569 12,326 3; 542 8^254 241 283 3 4 July............ 42,708 301311 4,'285 11880 136 2,550 7; 770 13,69012,'397 3,560 8,307 240 283 3 4 Aug....... 42^910 301455 4,317 1,885 138 2,561 7,780 13,77412'456 3^568 8,358 240 283 3 4 Sept........... 42,802 30,318 4,342 1,899 138 2,551 7; 730 13;65912,483 3,562 8J92 239 283 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; Si silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break­ Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Held by Total out­ F.R. Kind of currency s A ta u 1 n g 9 d . 6 i 6 3 n 1 g , , A g a s o s g l s i d a l e v i c n a e u n r s r t d i t y Tr c e a a s s h ury B F F a a . n n o R d k r . s A B a g a n e n d n k t s s Sept. 30 1966 Aug. 31 Se 1 p 9 t 6 . 5 30 certificates Agents Gold..................................... 13,258 (12,779) 2 479 Gold certificates................. (12 779) 312,778 1 F.R. notes............................ 41,450 114 3,835 37,501 37,630 35,506 Treasury currency—Total.. 6,109 (581) 485 .................. 324 5,300 5,280 4,937 Standard silver dollars.. 485 3 * 482 482 482 Silver bullion................... 811 578 233 Silver certificates............. (581) 2 13 566 569 721 Fractional coin4.............. 4,399 241 298 3,860 3,835 3,326 United States notes..... 323 8 13 302 303 301 In process of retirements 92 1 90 90 106 Tout—Sept. 30, 1966........ « 60,817 (13,360) 1,077 12,778 4,160 42,802.. Aug. 31, 1966........ 660,805 (13,375) 1,037 12,787 4,072 42,910 Sept. 30, 1965........ 057,639 (14,355) 779 13,585 2,832 40,443 1 Outside Treasury and F.R. Banks. Includes any paper currency held s Redeemable from the general fund of the Treasury. outside the United States and currency and coin held by banks. Esti­ 6 Does not include all items shown, as some items represent the security mated totals for Wed. dates shown in table on p. 1649. . . for other items; gold certificates are secured by gold, and silver certificates 2 Includes $156 million reserve against United States notes and $211 by standard silver dollars and monetized silver bullion. Duplications million gold deposited by and held for the International Monetary Fund. are shown in parentheses. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate Fund—Board of Governors, FRS; and (2) the Redemption Fund for F.R. Note.—Prepared from Statement of United States Currency and Coin and other data furnished by the Treasury. For explanation of currency notes. , . 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. 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1660 MONEY SUPPLY; BANK RESERVES NOVEMBER 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 co D d m e e m p p o o a s n n i e t d n t jus a t d ed ­ 1 d d e e p m os a i n ts d 1 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—t)ec................................................... 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 1954—Dec................................................... 159.7 34.2 125.4 126,6 164.0 35.0 129.1 125.2 5.5 1965—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 May............................................... 170.2 37.3 132.9 153.0 166.9 37.0 129.9 153.9 7.2 June............................................ 171.1 37.4 133.7 2153.7 168.8 37.3 131.5 2154.1 6.3 July................................................ 169.6 37.7 *132.0 155.3 167.9 37.8 130.1 155.8 8.1 Aug........................... 169.6 37.8 131.8 <•156.6 166.9 37.8 129.0 157.0 5.2 170.5 37.9 132.6 157.1 169.5 37.9 131.5 156.9 4.5 Oct.*’.............................................. 169.6 37.9 131.7 156.8 170.1 38.0 132.1 156.6 4.8 Week ending— Sept. 7........................ 170.5 37.8 132.6 157.1 168.4 38.2 130.2 157.1 4.7 ' 14 170.1 38.0 132.1 157.1 169.9 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 Oct. 5............................................ 170.7 37.9 132.8 157.0 169.8 37.9 131.9 156.9 6.7 12.................................. 170.2 38.0 132.2 156.9 170.0 38.3 131.7 156.9 4.5 19............................................ 169.6 37.9 131.7 157.0 170,3 38.1 132.2 156 8 3.2 26............................................ 168.9 37.9 131.0 156.6 169.5 37.8 131.7 156.3 5.6 l At all commercial banks. Averages of daily figures. Money supply consists of (I) demand * 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 description of revision of series and for back data begin­ banks other than those due to domestic commercial banks and the ning Jan. 1959, see Sept. 1966 Bulletin, pp. 1303-15; for monthly data U.S. Govt. 1947-5 8, 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 r it 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 r it e s q s u u ir b e je m c e t n to ts 2 Period Total ro N b w o o e r n d ­ ­ qu R i e re ­ d Total s T a a v i n m in d e g s de v P m a r t a i e ­ n d d G em U ov a .S n t, . d Total r N o b w o o r n e ­ d ­ qu R i e re ­ d Total sa T a v i n m in d e g s de v P m a r t a i e ­ n d d G e U m o .S v 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 1 1 9 9 6 6 4 3 — —D D e e c c . . . . . . . . . . . . . . 2 2 0 1 . . 9 8 6 4 2 21 0 . . 5 6 9 4 2 2 0 1 . . 5 5 1 3 2 2 0 1 1 6. . 7 5 1 9 0 2 4 . . 4 2 1 1 0 04 7 . . 3 5 4 5 . . 8 0 2 2 1 2 . . 4 3 8 9 2 21 2 . . 1 1 5 5 2 2 0 1 . . 9 9 4 8 2 21 0 9 3 . . 1 7 1 9 0 1 3 . . 3 0 1 1 0 1 7 1 . . 9 3 4 4 . . 5 8 1965—O N c o t v .. . .. . . . . . . . . 2 2 2 2 . . 7 7 5 4 2 2 2 2 . . 2 3 5 4 2 2 2 2 . . 4 4 4 0 2 2 3 3 4 3 . . 5 5 1 1 1 2 8 0 . . 7 2 1 1 1 1 0 0 . . 2 4 4 4 . . 0 5 2 2 2 2 . . 8 7 1 9 2 2 2 2 . . 3 3 2 4 2 22 2 . . 4 4 2 6 2 2 3 34 3 . . 1 5 1 11 1 9 8 . . 1 4 1 1 1 1 0 1 . . 6 5 4 3 . . 5 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 23.16 243.9 126.2 112.9 4.8 23.37 22.65 23.00 243,1 126.8 109.8 6.5 JuneJ... 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.... 23.73 22.96 23.32 246.0 128.0 112.4 5.6 23.73 22.96 23.32 246.5 128.4 111.0 7.2 Aug....... 23.33 22.66 23.03 245.4 129.0 112.1 4.2 23.07 22.34 22.73 243.4 129 2 109 7 4.5 Sept...... 23.46 22.67 23.03 245.3 129.2 112.6 3.5 23.36 22.60 22.97 244 6 129 0 111.8 3.9 Oct........ 23.26 22.53 23.01 244.6 128.7 111.6 4.3 23.33 22.60 23.03 244.6 128.3 112.0 4.3 t Back data on member bank reserves adjusted to eliminate effects sonal loans were eliminated from time deposits for reserve purposes* of changes in reserve requirement percentages. Series reflect current per­ Time and total deposits were thereby reduced by an estimated $850 mil­ centage reserve requirements made effective Sept. 15, 1966. lion; this reduced member bank reserves by $35 million. ing 2 s D d e e p p o o s s i i t t s s s a u n b d j e n c e t t to d e r m es a e n r d ve d r e e p q o u s i i r t e s m as e n d t e s fi i n n e c d lu d b e y t R o e ta g l u l t a im tio e n a n D d . s P a r v i ­ ­ the N O ot c e to .- b — e F r o 1 r 9 6 f 6 u r B th u e ll r e t e in x , p p la . n 1 a 4 ti 6 o 0 n . o B f a t c h k e s d e a t d a a f t o a r , t s h e e e p a e n ri n o o d u 1 n 9 c 4 e 8 m t e o n d t a i t n e vate demand deposits include all demand deposits except those due to the may be obtained from the Banking Section, Division of Research and U.S. Govt., less cash items in process of collection and demand balances Statistics, Board of Governors of the Federal Reserve System, Washing­ due from domestic commercial banks. ton, D.C. 20551. 3 Effective June 9. 1966. balances accumulated for renavment of tier. &«*V*%^M? <%<“ ^~«1«. 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NOVEMBER 1966 BANKS AND THE MONETARY SYSTEM 1661 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date ury U.S. Government securities liabil­ Capital cur­ ities Total and Gold s r t o e i a n n u n g c t d ­ y ­ Total L n o e a t n * s, Total s C a a v o n i m n d g ] , s R Fe e d se e r r v a e l Other O s ri e t t c i h e u e s ­ r ca a n p n e it d t a l, c d u e r a p r n o e d n si c ts y c m o n a u i e c s n t ­ c ts . , banks Banks 1 1 1 9 9 9 5 6 4 0 3 7 — — — D D D e e e c c c . . . 2 3 3 0 0 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 2 2 5 ,5 7 7 8 0 5 2 6 4 4 4 5 5 6 5 8 3 6 6 6 2 3 1 17 3 6 1 0 3 ’ 6 2 8 0 6 3 3 7 2 1 6 4 8 0 3 9 * 3 3 0 3 6 2 3 6 3 1 1 9 0 0 6 3 7 * * 2 5 0 7 6 8 3 0 6 7 6 81 q 2 * ’( 8 1 1 9 9 6R 4 9 2 2 3 0 3 2 7 5 5 7 5 5 8 2 9 7 3 6 R 3 5 S 2 3 8 ft 4 I 1 d 0 O 7 4 7 A 9 7 1 7 1 J3X JA# , 7J7/11 7 1 7 7 7 5 ,3 7< 4 1 8 3 1 > 1 4 2 , , . 1 6 8 1 2 0 8 4 0 1964—Dec. 31.................... 15,388 5,405 365,366 214,254 106^825 68,779 37’044 1,002 44*287 386,159 352,964 33,193 1965—June 30.................... 13 934 5 413 378,834 228 721 102 318 62 606 39 100 612 47 795 798 1 ftf 7^7 770 35,814 Oct. 27.................... 13 900 5,500 385 900 231 900 104 300 64 000 39,200 1 000 49’700 40S 7DO 76ft 1AA J7O< , oaa Nov. 24.................... 13,800 5,500 389^100 234’, 300 165’566 64*400 40 J00 1*100 49*300 40R son 370 ^aa J7o0 ,Auwnn Dec. 31.................... 13’733 5,575 399 779 242 706 106,716 65*016 40*768 *932 50*3^7 419 087 383 727 K Ko 1966—Jan. 26.................... 13,700 5,600 394,800 238,600 106,100 65 200 40 000 900 50 000 414 100 377 600 76 son Feb. 23.................... 13 700 51700 393 300 239^500 i03J00 62,900 40 000 900 50 700 413’366 374 906 7ft AAA Mar. 30.................... 1X600 5,700 397 366 244,100 102,366 61 boo 40*500 1 000 5LJ00 417’100 379 400 37 RAO 13’600 5 JOO 401 200 246.800 102 300 60 700 40 700 900 52 100 470*600 3R3 700 77 7AA May 25p.................. 13,500 5,900 402,100 248,500 101,000 58*800 41 J00 1,100 52^600 421 500 382 700 3R 900 June 29*.................. 13’400 6,000 406JOO 253,100 100,600 57,600 41 800 1 JOO 53,000 426 000 387’800 38 2OO July 27*............ 13’300 6^000 405,800 251;400 100,’400 57 660 42 000 900 54,100 425,100 387*300 37*ROG 13,300 6,000 407,800 252,000 101,800 58,500 42’500 800 54,100 427 200 387*200 39 QOQ Sept. 28 'p................ 13,300 6,100 409,600 253^500 10X700 58,400 42,000 1,300 54,400 428,900 387*400 41 600 Oct. 26*.................. 13,300 6 J00 409,400 253,000 102,200 58,200 42;800 1,200 54;100 428;800 387*800 41,000 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 n u s c i k r d y ­ s e d ju m e s D p a t a o d e e n d s ­ ­ d i t s 3 Total o b r u C e a t n u n s c i k r d y ­ s e d ju m e s D p a t a d o e e n s d ­ ­ d i t 3 s Total b m C a e n o r k c m s ia ­ l 1 b M sa a v n u i k t n u s g a s l 4 S P a S t o e v y s m i s t n a ­ g l s n F e e i o g t r n ­ 5 , T h c i r u o n a e r g l s a y d h s s ­ ­ s b a c a a v o A n n i m n 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 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 1964—Dec. 31.... 159,300 33,500 125,800 167,140 34,882 132,258 175,898 126.447 49,065 386 1,724 612 6,770 820 1965—June 30.... 161,000 34,100 126,900 158,878 34,524 124,354 188,348 137,088 50,918 342 1,631 779 12,062 672 Oct. 27.... 163,900 35,200 128,700 164,600 35,100 129,500 195,900 143,800 51,900 300 1,600 800 4,300 1,100 Nov. 24.... 162,600 35,300 127,300 165 JOO 36,300 128,800 196,500 144,200 52,000 300 1,500 800 5,700 900 Dec. 31.... 167,100 35,400 131,700 175,314 36,999 138,315 199,427 146,433 52,686 309 1,780 760 5,778 668 1966—Jan. 26.... 167,200 36,000 131,200 169,500 35,500 134,000 200,700 147,600 52,800 300 1,600 800 4,200 700 Feb. 23.... 165,000 36,100 128,900 164,200 35,700 128,500 201,700 148,400 53,000 300 1,600 800 5,700 900 Mar. 30.... 169,300 36,200 133,100 166,100 35,800 130,300 204,700 151,000 53,400 300 1,700 900 5,400 500 Apr. 27*... 169 JOO 36,200 133,000 169,300 35,900 133,400 205,800 152,400 53,100 300 1,700 900 5,300 300 165,800 36,300 129,500 163,900 36,200 127,600 207,300 153,800 53,200 300 1,700 1,000 8,000 700 June 29”... 167,600 36,300 131,300 165,400 36,600 128,800 207,800 154,100 53,500 200 1,800 1,100 10,900 800 July 27’... 166,800 36;800 130,000 166,700 37,000 129,700 209,900 156,000 53,700 200 1,800 1 JOO 6,600 1,300 168,200 36,800 131,400 166,900 37,100 129,800 210,800 156,700 53,800 200 1,900 1,100 5,100 1,600 Sept. 28»... 167 J00 36,800 130,400 166,100 36,900 129,200 210,800 156,400 54 JOO 200 1,800 1,100 6,400 1,800 Oct. 26»... 167,800 37,200 130,600 168,500 37,100 131,400 210,300 155,800 54,400 200 1,800 1,200 5,100 800 1 Beginning with data for June 29,1966, about $1.1 billion in “Deposits central banks in May 19 61 reduced this item by $1,900 million ($1,5 00 accumulated for payment of personal loans’* were excluded from “Time million to time deposits and $400 million to demand deposits). deposits’* and deducted from “Loans’* at all commercial banks. These changes resulted from a change in Federal Reserve regulations. Note.—For back figures and descriptions of the consolidated condition 2 Series begin in 1946; data are available only last Wed. of month. statement and the seasonally adjusted series on currency outside banks 3 Other than interbank and U.S. Govt., less cash items in process of and demand deposits adjusted, see “Banks and the Monetary System,” collection. 4 Includes relatively small amounts of demand deposits. Section I of Supplement to Banking and Monetary Statistics, 1962, and Beginning with June 1961, also includes certain accounts previously Bulletins for Jan. 1948 and Feb. 1960. Except on call dates, figures classified as other liabilities. 5 Reclassification of deposits of foreign are partly estimated and are rounded to the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1662 COMMERCIAL AND MUTUAL SAVINGS BANKS NOVEMBER 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars! Loans and investments Deposits Total assets— Securities Total Interbank > Other Total Num­ Cla a s n s d o d f a b te ank Total Loansf 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 i n d i ­ t ­ e a t s s l 2 Total > m D a e n ­ d Time U. D S. ema O n t d her Time! r B i o n o w g r s ­ ­ c c a o a p u c i n t ­ a ts l ba b o n e f k r s Govt. AU b 1 a 9 n 4 k 1 s: —Dec. 31.. 61.126 26.615 25,511 8,99927,344 90,908 81,816 10,982 44.355 26.479 238.414 14,826 1945—Dec. 31.. 140.227 30,361 101,288 8.57735,415 177,332 165,612 14,065 105.935 45,613 227 10,542 4.553 1947—Dec. 31 ‘ 134.924 43.002 81.199 10,72338,388 175,091 161,865 12,793 I240 1,346 94.381 53,105 6611,948 14,714 1964—Dec. 31.. 329,739216,674 68,77944,28761,493401,161 356,308 17,938 I821 6,517 155,248 175,785 2,70032,196 14,226 1965—June 30 342,138 231,737 62,60647,79558,083410,935362,611 16,172 1,034 11,802145,319 188,284 3,72634,015 14,295 Oct. 27. 351,010 237.290 64.04049,68053.870415,530363.760 15.710 1,030 4,120147,050 195.850 5,78034,510 14,303 Nov. 24. 353.070239,370 64,37049,33055,940419,650366,700 15,770 1,030 5,440148,020 196,440 5,97034,720 14,309 Dec. 31 362,320246,946 65,01650,35761,916435,483385,196 18,426 1,009 5,532160,847 199,381 4,56434,935 14,309 1966—Jan. 26 358,890 243,740 65,180 49,97055,420 425,520 372,850 15,410 1,050 3,930151,780200,680 6,170 34,910 14,299 Feb. 23 358,990 245,440 62,900 50,65056,560 426,640 372,700 15,830 1,060 5,440148,730201,640 6,75035,020 14,299 Mar. 30.. 361,710 249,580 61,030 51,100 55,030 428,100 374,580 15,240 1,070 5,120 148,470204,680 6,160 35,180 14,306 Apr. 27v. 364,070 251,280 60,740 52,050 57,490 432,790 380,280 15,560 1,090 5,030 152,890205,710 4,940 35,380 14,307 May 25v. 365.000253,590 58,790 52,62055,580 431,960 377,630 14,920 1,080 7,780146,560207,290 5,610 35,550 14,307 June 29v. 369,920 259,330 57,620 52,970 58,310 440,150 384,390 16,150 1,060 10,660 148,680207,840 7,100 35,690 14,307 July 27«. 369,210 257,570 57,560 54,08057,980 439,230 382,200 15,390 1,090 6,350 149,430209,940 7,230 35,760 14,305 Aug. 31 v. 371,280258,690 58,520 54.07056,980 440.390 382,480 15,840 1,130 4,830 149,890210,790 7,150 36,120 14,305 Sept. 28'v 372,320 259,520 58,420 54,38056,740 441,070 382,750 16,200 1,060 6,150148,490210,850 7,050 36,260 14,294 Oct. 26v. 371,650259.310 58,20054,14058,390441,810383,670 15,930 1,010 4,840151,490210,400 6,97036,350 14,294 Commercial banks: 1941—Dec. 31. 50.746 21.714 21.808 7.22526.551 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. 3H 116.284 38.057 69.221 9,00637.502 155,377144,103 12,792 I240 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 I819 6,510155,184 126.720 2.67927,795 13,761 1965—June 30 287,723 188,641 56,85342,229 57,063354,553 311,632 16,171 1,032 11,796 145,266 137,366 3,682 29,479 13,791 Oct. 27. 295,330 192,800 58.45044,080 52,890357.920 311.860 15,710 1,030 4.120 147.000 144.000 5,780 29.890 13,799 Nov. 24 297,140 194,560 58,82043,76055.040361,840 314,690 15,770 1,030 5,440 147,970 144,480 5,970 30,060 13,805 Dec. 31 306,060201,658 59.54744,85560,899377,264332,43618,426 1,008 5,525 160,780 146,697 4,47230,272 13,804 1966—Jan. 26 302,190 198,130 59,63044,430 54,500 366,930 319,970 15,410 1,050 3,930151,730 147,850 6,170 30,240 13,794 Feb. 23. 302,030 199,610 57,31045,110 55,640 367,790 319,670 15,830 1,060 5,440148,680 148,660 6,750 30,310 13,794 Mar. 30. . 304,350203,490 55,43045,430 54,130 368,840 321,090 15,240 1,070 5,120 148,420 151,240 6,16030,440 13,801 Apr. 27*’. 306,900205,080 55,40046,420 56,640 373,780 327,120 15,560 1,090 5,030 152,840 152,600 4,940 30,670 13,802 May 25”. 307,570207,130 53,45046,990 54,730 372,710 324.360 14,920 1,080 7,780146,510154,070 5,610 30,790 13,802 June 29v. 312,490212,740 52,46047,290 57,340 380,740330,880 16,150 1,060 10,660 148,630 154,380 7,100 30,930 13,802 July 27». 311,350210,590 52,45048,310 57,120379,460 328,480 15,390 1,090 6,350 149,380156,270 7,230 31,020 13,801 Aug. 31v. 312,960211,360 53,47048,130 56,150 380,230328,590 15,840 1,130 4,830 149,840156,950 7,150 31,290 13,801 Sept. 28 ’” 313,870212,020 53,34048,510 55,890380,740 328,480 16,200 1,060 6,150 148,440156,630 7,050 31,440 13,790 Oct. 26v 313.070211,510 53,27048,29057,590381,400329,220 15,930 1,010 4,840151,440156,000 6,97031,560 13,789 Member banks: 1941—Dec. 31 43.521 18.021 19.539 5.961 23.123 68,121 61.717 10.385 140 1,709 37,136 12.347 4 5.886 6.619 1945—Dec. 31 107.183 22.775 78.338 6.07029.845 138.304 129,670 13,576 6422,179 69.640 24,210 208 7,589 6.884 1947—Dec. 31 97.846 32.628 57.914 7.30432.845 132,060 122.528 12.353 50 1,176 80,609 28.340 54 8,464 6.923 1964—Dec. 31 228.497 147,690 48.71732.08952,737289,142255.724 17.007 664 5,838 128,539 103.676 2,481 22.901 6.225 1965—June 30 237,328 158,832 43,39635,10050,198296,049259,743 15,355 851 10,806 120,077 112,654 3,455 24,323 6,235 Oct. 27. 243,144 162.156 44.43836,55046.119297,674258,443 14.815 848 3,760 120,904 118,116 5,462 24,654 6,223 Nov. 24. 244,260 163,597 44,55236,111 48,110300,784260,630 14.875 850 4,927 121,503 118,475 5,691 24,768 6,225 Dec. 31 251,577 169,800 44,99236,78552,814313,384275,517 17,454 840 4,890132,131 120,202 4,23424,926 6,221 1966—Jan. 26 247,921 166,717 44,809 36,395 47,366 304,163264,155 14,606 879 3,387 124,179 121,104 5,873 24,896 6,212 Feb. 23. 247,810 168,112 42,732 36,966 48,453 305,117264,032 15,054 895 4,691 121,740 121,652 6,361 24,955 6,208 Mar.30 249,847 171,495 41,230 37,122 46,883 305,819265,256 14,477 897 4,431 121,5581123,893 5,757 25,050 6,203 Apr. 27. 252,103 172,702 41,37038,03149,323 310,342270,866 14,795 918 4,617125,479 125,057 4,55425,239 6,199 May 25. 252,528 174,354 39,686 38,488 47,548 309,186268,286 14,198 916 6,858 120,016 126,298 5,114 25,345 6,198 June 29v 257,305 179,604 39,031 38,67049,721 316,497274,069 15,291 891 9,430 121,879 126,578 6,614 25,451 6,194 July 27. 255,819 177,210 39,072 39,537 49,749 315,068271,464 14,630 923 5,523 122,416 127,972 6,805 25,531 6,184 Aug. 31. 257,315 178,023 39,984 39,30848,650 315,639 271,521 15,047 963 4,202 122,874 128,435 6,633 25,766 6,175 Sept. 28' 257,809 178,421 39,807 39.581 48,663 316,011 271,229 15,225 890 5,448 121,728 127,938 6,684 25,843 6,171 Oct. 26v 256,797 177,818 39,65239,32750,210316,324271,653 15,120 843 4,309124,263 127,118 6,571 25,942 6,163 Mutual savings banks: 1941—Dec. 31. 10,379 4,901 3.704 1.774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31. 16.208 4.279 10.682 1,246 609 17,020 15,385 14 15,371 7 1,592 542 1947—Dec. 312 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 7 53 50,918 43 4,536 504 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. 58,320 47,330 5,050 5,940 830 60,160 53,890 50 53,840 4,830 504 Sept. 28' 58,450 47,500 5,080 5,870 850 60,330 54,270 50 54,220 4,820 504 Oct. 26v 58,580 47,800 4,930 5,850 800 60,410 54,450 50 54,400 4,790 505 Digitized forF oFrR nAoSteEs Rse e end of table. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 1663 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 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 o u n e f m k r s ­ G U o . v S t . . Other co a u c n ­ ts 2 m D a e n ­ d Time U.S. Time Govt. Other Reserve city member banks: New York City: 5> 6 1941—Dec. 31.................. 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 1945—Dec. 31.................. 26,143 7,334 17,574 1,235 6; 439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31.................. 20,393 7; 179 11^972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 1964—bec. 31.................. 39,507 27,301 6J78 6; 028 11,820 53,867 45,191 5,088 436 1,486 23,896 4,285 1,224 4,471 3 1965 June 30......... 42,225 30,975 4,907 6,342 12,186 57,150 47,322 5,065 579 2,561 22,380 6,738 1,423 5,094 13 Oct. 27.......... 42,411 30,518 5,239 6,654 9',508 54,477 44,034 4,286 553 836 20,546 7 813 h808 5,137 12 41,922 30,840 4,897 6 185 10,098 54,647 43,957 4,370 546 789 20,434 7,818 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 7,988 1,987 5,114 2 1966—Jan. 26.......... 43,410 32,404 4,852 6,154 10,141 56,377 45,598 4,429 566 618 21,707 8,278 2,104 5.101 2 Feb. 23 43,167 32,602 4,260 6,305 11,181 57,358 46,014 5,001 578 822 21,745 7,868 2.304 5,115 2 Mar. 30................. 44,003 33,737 4,271 5,995 10,490 57,483 46,426 4,526 607 980 21,756 s;557 2,169 5^096 2 Apr. 27.......... 44,238 33,427 4,426 6,385 10,952 58,020 48,131 4,804 621 1,401 22,475 8,830 1,200 5,126 2 May 25.................. 44,233 34,316 3,942 5,975 10,733 57,972 47,202 4,564 626 1,400 21,613 8,999 1’708 5,148 2 June 29 ................ 46,435 36,347 4;063 6,025 11,274 60,733 49,081 5,144 589 2,102 22,195 9,051 2,472 5; 142 2 July 27............... 44,996 34,789 4,087 6,120 11,436 59,272 46,875 4,813 580 1,008 21,439 9.035 2,574 5,161 2 Aug. 31. .......... 45,740 35,287 4,430 6,023 10,574 59,392 46,869 4,647 568 857 21,955 8,842 2,071 5,250 2 Sept. 28.................. 45 ,'448 34,878 4,531 6,039 11,025 59,396 46,736 4,630 509 1,510 21,756 8,331 2,093 5,206 2 Oct 26p................ 44,547 34,411 4,242 5,89411,263 58,598 46,194 4,788 490 1,030 22,309 7,577 1,944 5,228 2 City of Chicago: 3 1941 Dec 31.................. 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 3 1945 Dec 31 . 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 2 1947 Dec 31 .. . 5,088 1,801 2,890 397 1,739 6,866 6.402 1,217 72 4,201 913 426 4 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 2 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 1 Oct. 27.................. 10,871 7,555 L619 1,697 2,343 13,619 11,547 1,236 19 268 5,031 4,993 623 1,114 11 Nov. 24 ........... 11,058 7,724 1,651 1,683 2,373 13.855 11,834 1,240 25 552 4,978 5,039 460 1,117 11 Dec. 31.................. 11,455 8,219 1,700 1,536 2,426 14,290 12,475 1,437 39 345 5,656 4,999 355 1,132 11 1966—Jan. 26................ 10,976 7,722 1.753 1,501 2,274 13,675 11,514 1,214 32 121 5,257 4,890 638 1,125 1 Feb. 23 10,940 7,877 1,533 1,530 2,444 13,857 11.606 1,174 34 223 5,100 5,075 613 1,122 1 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 1 Apr. 27.......... 1^260 8,161 1,470 1,629 2,568 14,289 12,319 1,222 32 530 5,412 5,123 367 1,131 1 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 1 June 29................. 11323 8,598 1,408 1,517 2,466 14,474 12,165 1,208 25 648 5,106 5,178 595 1,143 1 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 1 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 I 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 1 Oct. 26p.......... 11,298 8,193 1,425 1,680 2,641 14,368 11,671 1,193 27 405 5,239 4,807 830 1,166 1! Other reserve city:5* 6 1941 Dec 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31.................. 40,108 8,514 29,552 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31................. 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,99011,423 I 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 14,030 12,11619,864110,063 97,418 7,168 173 4,325 42,971 42,781 1,271 8,774 179 Oct. 27.................. 89,706 63,161 14,037 12,508 18,790111,469 97,290 7,299 205 1,472 43,62044,694 2,388 8,892 176 90,081 63,471 14,198 12,41219,810112.849 98,151 7,274 208 2,077 43,74944,843 2,562 8,928 172 Dec. 31.................. 91,997 65,117 14,35412,52621,147116,350103,034 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 12,68619,095 112,909 98,188 6,990 212 1,875 43,09546,016 2,676 9,032 171 Mar. 30.................. 91^071 66,041 12,25912,771 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 20,021 115,509100,917 6,896 194 1,720 44,75147,356 2,225 9,167 170 May 25.................. 92,355 66,817 11,83213,70619,064114,547100,037 6,702 193 2,824 42,36547,953 1,990 9,200 170 June 29 ................. 94,138 68,781 11,648 13,709 19,656117,020102,066 6,841 203 3,775 43,13548,112 2,568 9,260 170 J S A u e u l p y g t . . 2 3 2 7 1 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 9 93 3 3 ^ , , 5 9 8 1 9 9 9 9 4 6 6 6 7 8 8 , , , 7 1 3 3 0 5 8 2 9 1 1 1 2 1 1 , , , 0 7 7 9 8 1 1 8 5 1 1 1 3 3 3 , , , 9 8 8 9 0 2 0 7 2 2 1 1 0 9 9 , , , 0 6 5 7 0 9 8 0 01 1 1 1 1 1 6 6 7 , , , 9 8 0 5 7 2 1 3 71 1 1 0 0 0 1 1 1 , , , 5 1 4 7 0 8 2 0 9 7 6 7 , , , 2 7 0 6 9 5 1 5 6 2 2 28 3 9 1 8 2 2 1 1 , , , 2 5 92 4 6 1 2 2 4 4 4 3 3 3 , , , 7 7 2 1 2 6 6 7 2 4 4 4 8 8 8 , , , 4 7 5 9 3 8 8 0 0 2 2 2 , , , 8 7 6 2 0 4 1 0 4 9 9 9 , , , 3 2 3 6 9 6 1 1 8 1 1 1 7 7 7 0 0 0 Oct. 26”............... 93,627 68,231 11,76013,63620,426117,442101,512 7,158 252 1,630 44,06648,406 2,999 9,387 170 Country member banks:5* 6 1941—Dec. 31.............. 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31.................. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1 1 9 9 4 6 7 4 — D De e c c . . 3 31 1 .. . .. . .. . . . .. . .. . . . .. . .. . . . . 9 3 3 6 , , 7 3 5 2 9 4 5 1 5 0 , , 7 1 3 9 3 9 2 24 2 , , 3 8 4 5 1 7 1 3 3 , , 2 6 6 8 8 5 1 16 0 , , 9 7 4 7 4 8 1 4 1 7 2 , , 5 9 5 3 3 2 1 4 0 4 1 , , 4 58 4 1 3 2 1 , , 1 0 8 5 2 6 7 1 1 7 1,7 4 6 3 0 2 2 5 8 2 , , 3 3 7 9 8 84 1 5 4 , , 1 5 6 6 9 0 21 2 3 3 2 8 , , 9 8 3 8 4 6 6 6 , , 5 0 1 1 9 8 1965^June 30................. 97,043 59,411 22,69714,93515,837115,302103,304 1,825 71 3,222 49,80048,386 323 9,359 6,032 D O e c c t. . 2 3 7 1 ... . . . .. . . . .. . .. . . . .. . .. . . . . 1 1 1 0 0 0 3 0 1 , , , 3 1 1 5 9 6 6 9 2 6 6 6 1 0 3 , , , 5 9 3 6 2 3 2 2 8 2 2 2 3 3 3 , , , 5 7 8 4 3 0 3 5 6 1 1 1 5 6 5 , , , 8 2 6 3 8 9 1 8 1 1 1 1 5 7 5 , , , 4 3 8 7 2 6 8 9 6 1 1 1 1 1 2 8 9 3 , , , 1 4 2 0 3 2 9 3 71 1 1 1 0 0 0 5 6 , , , 7 5 6 3 7 8 8 2 8 2 1 1 , , , 9 9 3 9 9 7 1 4 ! 7 7 7 1 1 4 1 1 1 , , , 5 1 5 0 8 0 1 4 9 5 5 5 1 2 5 , , , 7 3 1 0 4 1 7 2 8 5 5 5 0 0 1 , , , 6 7 6 1 7 7 6 5 5 6 5 3 4 9 4 3 7 3 9 9 9 , , , 5 5 6 1 8 7 1 1 3 6 6 6 , , , 0 0 0 2 3 2 4 7 0 1966—J J J F M A N u a u e f p n n l a a b y r . r e y . . . 2 2 2 2 3 2 2 7 3 7 0 5 9 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 2 2 4 4 5 5 6 3 , , , , , , , 3 8 8 2 7 2 9 0 7 4 4 0 9 0 0 8 1 8 6 8 2 9 4 6 6 6 6 6 6 6 6 6 3 2 5 2 4 5 6 6 , , , , , , , , 6 6 8 4 3 1 3 2 1 7 2 4 7 5 5 7 7 1 1 5 1 7 2 0 2 2 2 2 2 2 2 21 3 3 4 2 1 2 1 , , , , , , , , 9 7 1 4 8 1 8 9 9 8 6 5 3 7 9 1 - 1 1 € 8 1 5 1 2 1 1 1 1 1 1 1 1 6 6 7 6 6 7 7 7 , , , , , , , , 7 2 4 7 9 4 8 1 2 2 4 8 4 1 2 8 1 8 5 9 2 - 6 6 1 1 1 1 1 1 1 1 5 5 5 5 5 6 6 5 , , , , , , , , 7 6 6 7 4 3 0 7 3 3 6 8 0 2 8 9 3 8 6 2 2 5 6 6 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 1 0 1 2 2 4 4 4 , , , , , , , , 9 0 6 5 6 2 5 9 9 8 6 2 7 7 5 2 3 0 6 4 8 0 2 3 1 1 1 1 1 1 1 1 0 0 0 0 0 1 1 1 8 8 8 9 9 0 1 1 , , , , , , , , 4 2 5 4 1 1 7 2 8 2 4 9 9 2 5 0 4 1 5 7 4 4 9 9 1 2 1 1 1 1 1 1 , , , , , , , , 9 8 0 8 8 7 8 9 7 8 9 6 7 6 6 3 1 9 8 9 3 3 2 8 7 7 7 7 7 7 7 7 1 1 1 1 1 4 4 4 1 1 1 2 2 1 1 , , , , , , , 7 2 6 1 9 5 9 9 7 8 3 6 3 7 6 0 1 0 8 3 5 6 ) ’ 5 5 5 5 5 5 5 5 2 1 1 2 0 1 2 2 , , , , , , , , 9 6 8 8 9 4 0 0 5 6 4 0 5 4 3 3 1 1 0 4 1 3 3 5 5 5 5 5 5 5 5 5 2 3 2 3 4 5 4 5 . , , , , , , 3 , 6 1 7 1 2 2 6 7 9 9 4 6 0 3 2 C 3 ! ! ' l,0 5 7 7 8 9 9 8 7 9 6 6 1 5 8 7 < C 4 8 2 4 ! ! 9 9 9 9 9 9 9 9 , , , , , , , , 6 6 7 8 8 9 9 9 5 8 4 1 5 3 0 9 ! ( ! 5 3 6 6 6 6 6 6 5 5 , , , , , , , , 0 0 0 0 0 9 0 9 1 1 0 9 1 0 0 8 8 1 1 4 0 6 5 2 O Se c p t. t . 2 28 6 p r. . . * . . ...... 1 1 0 0 6 7, , 3 9 2 2 5 4 6 6 6 6 , , 8 9 1 8 8 3 2 22 2 , , 2 07 2 ! 5 1 18 8 , , 1 0 1 2 7 ! 1 1 5 5 , , 5 8 4 8 2 0 1 1 2 2 5 5 , , 2 9 0 16 9 1 1 1 1 1 2 , , 6 2 4 7 2 € 2 1 , , 3 9 8 8 C 1 7 7 4 4 1 1 , , 6 2 5 * 5 5 5 1 2 , , 5 6 6 4 3 ! > 5 5 5 6 , , 9 3 6 2 7 7 3 9 1 1 0 0 , , 1 1 1 6 5. Digitized for FFoRr AnoSteEsR s ee end of table. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1664 COMMERCIAL AND MUTUAL SAVINGS BANKS NOVEMBER 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 1 Other Total Num­ b c C a a l l n a l k s d s a a o t n e f d Total Loans G U o . v S t . . Other as C s a e s ts h 1 c c o b a i u a l a l p i n i n c a t i d i ­ t t ­ e s a 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 a o a p u c i n ­ ta ts l ba b o n e f k r s Govt. Insured commercial 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,29815,699 10 6,84413,426 1943—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671i3,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,97534,882 61 9,73413,398 1963—Dec. 20.. 252,579 155,261 62,72334,594 50,337 310,730 273,657 15,077 443 6,712140,702110,723 3,57125,27713,284 1964—Dec. 31.. 275,053 174,234 62,49938,320 59,911 343,876 305,113 17,664 733 6,487 154,043 126,185 2,58027,37713,486 1965—June 30.. 285,375 187,207 56,42641,742 56,555 351,544 309,61215,920 928 11,761 144,205 136.798 3,56229,051 13,528 Dec. 31.. 303,593200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508159,659 146,084 4,32529,82713,540 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6 786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,83661,288 1,70413,548 4,615 1964—Dec. 31.. 151,406 96,688 33,40521,312 34,064 190,289 169,615 10,521 211 3,604 84,53470,746 1,109 15,048 4,773 1965—June 30.. 156,989103,377 30,23023,382 31,595 193,748 171,528 9,096 313 6,721 79,00976,389 1,68515,853 4,803 Dec. 31.. 176,605 118,537 32,34725,720 36,880 219,744 193,86012,064 458 3,284 92,53385,522 2,62717,434 4,815 State member banks: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4.411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,72529,642 1,795 7,506 1,497 1964—Dec. 31.. 77,091 51,002 15,31210,777 18,673 98,852 86,108 6,486 453 2,234 44,00532,931 1,372 7,853 1,452 1965—June 30.. 80,339 55,455 13,16611,718 18,603 102,301 88,215 6,259 538 4,085 41,06836,265 1,769 8,470 1,432 Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,59834,680 1,607 7,492 1,406 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 tO,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,14019,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,50422,509 99 4.488 7,262 1965—June 30.. 48,058 28,375 13,039 6,644 6,357 55,507 49,869 565 78 955 24,12824,144 108 4,739 7,294 Dec. 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 A 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 i;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 93? 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

NOVEMBER 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 1665 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 te k Total Loansf G U o .S vt . . Other a C ss a e s t h s 1 c b c o a i a l l a u p i i n c a t n i d i ­ t ­ e t a s s l 2 TotaD m D a e n ­ d Time U. D S. e mand Time 3 r B i o n o w g r s ­ ­ c c T a o a o p u c i t n ­ a ta t l s l b N a b o u n e m f k r s ­ Other Govt. Noninsured mutual savings banks: 1941—Dec. 31.................. 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31.................. 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec. 31 4............... 5,957 1,384 3,813 760 211 6,215 5,556 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 + See note 1 on p. 1661. $530 million and total deposits of $576 million were reclassified as country i Reciprocal balances excluded beginning with 1942. banks. 2 Includes other assets and liabilities not shown separately. Note.—Data are for all commercial and mutual savings banks in the 3 Figures for mutual savings banks include relatively small amounts United States (including Alaska and Hawaii, beginning with 1959). For of demand deposits. Beginning with June 1961, also includes certain definition of “commercial banks” as used in this table, and for other accounts previously classified as other liabilities. banks that are included under member banks, see Note p. 643, May 1964 * 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 s 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 Securities Securities Period Total! Loans > Total1 Loans1 G U o . v S t . . Other G U o .S vt . . Other 1957—Dec. 31............................................................ 166.4 91.5 56.9 17.9 169.3 93.2 58.2 17.9 1958—Dec. 31 181.2 95.6 65.1 20.5 184.4 97.5 66.4 20.6 1959—Dec. 31.............................................................. 185.9 107.5 57.9 20.5 189.5 110.0 58.9 20.5 I960—Dec. 31................................................................ 194.5 113.8 59.8 20.8 198.5 116.7 61.0 20.9 1961—Dec. 30................................................................. 209.6 120.5 62.2 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31................................................................. 227.9 134.1 64.5 29.2 233.6 137.9 66.4 29.3 1963—Dec. 31............................................................ 246.2 149.7 61.5 35.0 252.4 153.9 63.4 35.1 1964—Dec 31................................................................ 267.2 167.4 61.1 38.7 273.9 172.1 63.0 38.8 1965—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 43.8 294.4 192.0 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 45.1 300.3 198.6 56.0 45.7 298.5 197.6 55.4 45.4 Apr. 27p. * ........................................ 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 5305.4 2 203.7 54.5 47.1 2 307.8 2 207.6 52.9 47.3 July 27*............................................................... 308.2 4 205.9 54.1 448.2 306.1 4205.3 52.5 448.3 309.8 206.1 55.9 47.8 306.7 205.1 53.5 48.1 Sept. 28p................................... *................. 307.7 205.6 54.0 48.0 308.3 206.4 53.3 48.5 Oct. ..................................................................... 307.1 206.8 52.2 48.1 307.4 205.8 53.3 48.3 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 a Beginning June 9, about $1.1 billion of balances accumulated for pay­ are call dates. For back data, see July 1966 Bulletin, pp. 952-55. For ment of personal Ioans were deducted as a result of a change in Federal description of seasonally adjusted series, see July 1962 Bulletin, pp. Reserve regulations. _ 797-802. 4 Beginning July 13, 1966, Commodity Credit Corp, certificates of in­ terest and Export-Import Bank portfolio fund participation certificates totaling an estimated $1 billion are included in “Other securities” rather than “Other loans.” Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1666 COMMERCIAL BANKS NOVEMBER 1966 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments purc F h o a r s ing To U.S. Government Class of l T oa o n ta s l 1 Fed­ Com­ o s r e c cu ar r r it y i i e n s g in f s i t n i a tu n t c i i o a n l s Other, securities 3 State bank and and eral mer­ Agri- Real to and Other call date invest­ funds Total 2 cial cul- es­ in­ Other local secu­ ments and tur- To tate di­ govt, rities in­ al bro­ vid- Bills secu­ dus­ kers To Banks Others uals Total and Notes Bonds rities trial and others certifi­ deal­ cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,1671,660 8301,220 115 9,393 5,723 94769,221 9,982 6,03453,205 5,2763,729 1963—Dec. 20.. 254,162 156,00652,9477,47(15,3532,509 3,605 9,47939,05634,5504,03463,19612,71722,41528,06529,7865,173 1964—Dec. 31.. 277,376 175,58960,2177,5055,5422,843 3,491 10,91343,67539,8095,15262,991 13,37719,03930,57433,5335,263 1965—June 30.. 287,723 188,641 65,5468,0686,0662,912 3,78811,46346,22343,0565,14856,853 8,92014,67833,25536,541 5,688 Dec. 31.. 306,060 2,103 199,55571,4378,2125,2583,231 2,158 13,291 49,30045,4685,21559,547 n.a. n.a. n.a.38,6556,201 All insured 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,361 1,13288,91221,52616,04551,342 3,8733,258 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 52,7437,4445,321 2,476 3,594 9,41538,861 34,3834,01562,723 12,60122,31627,80629,5595,035 1964—Dec. 31.. 275,053 174,23459,7467,4825,3552,794 3,41910,81243,43639,6275,11262,49913,27518,93930,28533,2945,026 1965—June 30.. 285,375 187,20765,0538,0475,9252,860 3,68011,34245,951 42,8795,09256,426 8,84914,60332,97436,2955,447 Dec. 31.. 303,593 2,064198,04570,8878,191 5,0883,172 2,093 13,14849,02645,2905,15559,120 13,13413,23333,85838,4195,945 Member, total 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 8553,1333,378 47 3,455 1,9001,05778,33819,26014,271 44,807 3,2542,815 1947—Dec. 31.. 97,846...... 32,62816,9621,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,1993,105 1963—Dec. 20.. 210,127 131,71247,4034,6595,1242,136 3,439 8,87531,00927,9083,76549,342 9,33918,07221,93225,2103,864 1964—Dec. 31.. 228,497 147,69053,7174,6435,1422,411 3,25010,17934,58732,0244,82448,717 9,93215,23823,54828,3743,715 1965—June 30.. 237,328 158,83258,6404,9695,7292,442 3,51610,73536,57734,5824,78343,396 6,26011,43025,70631,0364,064 Dec. 31.. 251,577 i,861 167,93963,9795,0994,9152,714 2,00812,47538,98836,4184,83244,992 9,44110,10626,36932,5884,198 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 27217,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 ...... 7,179 5,361 545 267 93 111 564 23811,972 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 16,082 163,657 561 1,212 2,977 2,866 2,8321,419 4,907 1,036 1,120 2,752 5,799 543 Dec. 31.. 44,763 412 32,71318,075 202,866 665 1,010 3,471 3,139 2,9281,340 5,203 1,538 987 2,876 5,879 556 City of Chicago: 1941—Dec. 31.. 2,760 954 732 6 48 52 1 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 31,. 5,088 .......... 1,801 1,418 3 73 87 46 149 26 2,890 367 248 2,274 213 185 1963—Dec. 20.. 9,615 6,220 3,378 40 497 181 242 751 401 594 318 1,705 389 599 717 1,361 329 1964—Dec. 31.. 10,562 7,102 3,870 24 510 203 227 948 465 669 430 1,873 564 397 911 1,392 195 1965—June 30.. 10,835 7,367 4,099 26 465 232 266 1,007 514 702 308 1,761 473 299 989 1,493 214 Dec. 31.. 11,455 72 8,147 4,642 32 444 244 188 1,201 577 762 316 1,700 542 273 961 1,400 137 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1.508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 38729,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 ...... 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,3421,053 1963—Dec. 20.. 78,370 51,891 18,8621,2191,243 891 1,224 4,28612,525 11,1061,46216,686 2,697 6,600 7,390 8,810 981 1964—Dec. 31.. 84,670 57,55521,1021,095 1,060 986 1,134 4,88713,611 12,8021,97716,326 3,200 5,662 7,463 9,871 918 1965—June 30.. 87,225 61,07922,817 1,214 978 1,034 1,241 5,07614,213 13,6361,981 14,030 1,819 4,161 8,05011,1081,008 Dec. 31.. 91,997 471 64,64624,7841,206 9541,108 635 5,82015,05614,3051,99914,354 2,972 3,281 8,43211,5041,022 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1.528 4,377 110 481 3,787 1,2221,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 35926,999 5,732 4,54416,722 1,3421,067 1947—Dec. JI.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 22422,857 3,063 2,10817,687 2,0061,262 1963—Dec. 20.. 87,316 50,023 12,831 3,374 708 496 966 1,591 16,11413,951 91724,797 4,395 8,531 11,871 10,3852,111 1964—Dec. 31.. 93,759 55,733 14,5563,493 830 599 710 1,73017,96415,8991,04724,341 4,209 7,20612,925 11,5312,154 1965—June 30.. 97,043 59,411 15,641 3,713 629 616 796 1,675 18,98417,413t,07422,697 2,932 5,84913,915 12,6372,299 Dec. 31.. 103,362 905 62,433 16,4783,840 650 698 174 1,98320,21718,423 1,17723,735 4,389 5,56514,09813,8052,483 Nonmember 1947—Dec. 31.. 18,454 .......... 5,432 1,205 614 20 156 2 2,266 1,061 10911,318 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 26913,854 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 32814,273 3'445 3,801 7,026 5,159 1,548 1965—June 30.. 50,394 29,809 6,9063,099 336 470 272 729 9,646 8,474 36613,457 2,660 3; 248 7,549 5,5041,624 Dec. 31.. 54,483 242 31,616 7,4583,113 343 516 151 81710,312 9,050 383 14,555 □.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

NOVEMBER 1966 COMMERCIAL BANKS 1667 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Bal- Deb c C a a l n l a l k s d s a a o n te d f B s F w e a r . i n v R t k h e . s s r C c e a o n n u i c d r n y ­ b m a a w d n e n i o c s k t t e h ­ s i s c 4 ju p m s o d a a t d s e e n i - ­ d t d s 5 D In o t - erbank G U o .S vt . . S l a o t n c a a d te l C o a f e i f n e f r d d i t - i ­ IPC I b n a t n e k r­ G P U a o o n . s S v d ta t . , l S l a o t n c a d a te l IPC r B i o n o g w r s - ­ c C o a a u c p n ­ i t - s meslic4 eign6 checks, Sav- govt. etc. Total:2 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1963—Dec. 20.... 17,150 4,048 12,312126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908102,8863,66425,677 1964—Dec. 31.... 17,581 4,532 15,111 134,671 16,369 1,569 6,510 13,519 5,970 135,694 819 272 9,812116,6352,67927,795 1965—June 30.... 17,842 4,978 13,023 126,714 14,696 1,47611,796 13,291 6,001 125,974 1,032 27810,573 126,5163,68229,479 Dec. 31.... 17,992 4,851 15,300 140,936 16,794 1,632 5,525 14,244 5,978 140,558 1,008 263 12,186134,2474,47230,272 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1963—Dec. 20.... 17,150 4,033 11,984125,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853102,6003,571 25,277 1964—Dec. 31.... 17,581 4,515 14,613 133,336 16,210 1,454 6,487 13,423 5,856 134,764 733 272 9,766 116,147 2,58027,377 1965—June 30.... 17,842 4,961 12,599 125,471 14,532 1,38711,761 13,199 5,906 125,100 928 278 10,522 125,9983,56229,051 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 9,057 108,324 15,604 1,403 5,838 10,293 5,368 112,878 664 239 8,012 95,425 2,481 22,901 1965—June 30.... 17,842 3,853 7,831 101,733 14,009 1,34610,806 10,127 5,449 104,502 851 247 8,592103,8143,45524,323 Dec. 31.... 17,992 3,757 8,957112,569 15,977 1,477 4,890 10,840 5,386 115,905 840 23610,041 109,9254,23424,926 New York City: 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1963—Dec. 20.... 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 76 449 10,9201,438 3,984 1964—Dec. 31.... 3,730 278 180 17,729 4,112 976 1,486 441 2,940 20,515 436 74 677 13,534 1,224 4,471 1965—June 30.... 4,274 314 199 16,430 4,115 950 2,561 561 3,270 18,549 579 87 682 15,969 1,423 5,094 Dec. 31.... 3,788 310 122 18,190 4,191 1,034 1,271 620 2,937 20,708 522 84 807 17,0971,987 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 35,728 841 8,488 7; 274 1'149 2,202 34,279 6,874 294 4,325 3,280 1,091 38,600 173 75 4,163 38,543 1,271 8,774 Dec. 31.... 7,700 1,139 2,341 37,703 8,091 330 1,773 3,532 1,180 42,380 206 71 4,960 40,5101,548 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 Nonntember: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 1 1 9 9 6 6 4 5 — —J D u e n c e . 3 30 1 . . . . . . . . ............ 1 1, , 1 0 2 4 5 2 6 5, , 1 0 9 5 2 4 2 2 6 4 , . 3 9 4 8 8 2 7 6 6 8 5 6 1 1 6 3 6 0 9 6 8 7 9 2 3 3 , , 2 1 2 6 7 4 6 5 0 5 2 2 2 2 2 1 , , 8 4 1 7 6 3 1 18 5 1 6 3 3 3 0 l 1 , , 8 9 0 8 C 1 2 2 1 2 , , 2 7 1 0 0 2 2 1 2 9 8 8 4 5 , , 8 1 9 5 4 6 Dec. 31.... ............ liO93 6,343 28,367 817 155 635 3,404 592 24,653 168 27 2,145 24,322 238 5,345 4 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p 589, May 1964 5 Through 1960, detmind deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt, less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and 6 For reclassification of certain deposits in 1961, see note 6, p. 589, by mergers, etc. . . u Mav 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 aU 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

1668 WEEKLY REPORTING BANKS NOVEMBER 1966 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans2 For purchasing To financial institutions or carrying securities Loans! Wednesday m i T I n o a e v o n a n e t n d a t s s s t l ! ­ v s n e t a e i r r o l t e v u n ­ o e a s f ­ i C n m t a c r o d n i i e a u m a d r l l s ­ ­ ­ A t c u u g r l r a ­ i l ­ G c U a T s t u o i n e . e o r S v d ­ s i t . ­ b , d r e o a O k c l t s e u e t i e h e r r r ­ s s s i e ­ r G c U t s T u i o . e e r S v o s ­ i . t ­ , o th O c e t s u t i r e e h s r ­ s e i­ r F ei o g r B n ­ ank m c m D s c t o i i e e a o m c s r l ­ ­ ­ ­ f P s c i a e a n o N e n t l c r a s e d o s . . n s , , n . ba O n t k her e R st e a a t l e s i C m n u s m o e t n n a e l t ­ r ­ g F e o i o v g r t n s ­ . o A th l e l r V se t r a i r o e v lu ­ n e a s ­ Large banks— Total 1965 Oct. 6.......... 174,069 122,825 50,543 1,736 386 3,001 98 2,103 1,611 2,633 5,364 5,009 25,050 27,765 2,474 13.......... 176,281 123,181 50,793 1,738 863 2,967 97 2,109 1,638 2,339 5,134 5,012 25,138 27,826 2,473 20.......... 176,079 122,910 50,660 1,739 742 2,993 98 2,111 1,608 2,474 4,985 5,004 25,172 27,797 2,473 27.......... 175,949 122,923 50,639 1,729 687 2,936 99 2,110 1,592 2,618 4,940 4,980 25,227 27,838 2,472 1966 Sept. 7...... 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.......... 184,764 134,387 58,619 1,794 658 3,154 108 2,176 1,488 2,999 5,932 4,722 27,230 15,979 1,152 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 1,148 11,134 2,766 28.......... 185,581 134,954 59,399 1,795 531 3,014 106 2,170 1,510 2,942 6,130 4,692 27,331 15,996 1,132 10,972 2,766 Oct. 5.......... 185,466 135.681 59,611 1,786 390 3,158 96 2,154 1,515 3,172 6,482 4,676 27,332 15,976 1,143 10,974 2,784 12.......... 184,043 134,920 59,568 1,779 384 2,926 92 2,140 1,509 2,979 6,287 4,597 27,373 15,973 1,162 10,935 2,784 19.......... 185,416 135,178 59,584 1,781 886 2,885 94 2,142 1,511 3,123 5,977 4,519 27,412 16,070 1,159 10,819 2,784 26.......... 183,882 134,039 59,483 1,780 611 2,657 95 2,133 1,523 2,981 5,692 4,516 27,448 16,075 1,155 10,670 2,780 New York City 1965 Oct. 6.......... 40,238 29,686 16,247 20 181 1,677 20 573 812 1,058 1,666 1,138 2,829 4,074 609 13.......... 40,583 29,430 16,334 20 448 1,631 19 577 833 553 1,559 1,132 2,835 4,097 608 20.......... 41,051 29,799 16,229 21 484 1,637 22 579 819 1,092 1,460 1,145 2,839 4,082 610 27.......... 40,812 29,501 16,156 21 369 1,598 22 583 809 1,039 1,437 1,148 2,838 4,089 608 1966 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.......... 43,156 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 Oct. 5.......... 43,292 33,860 19,916 13 177 1,866 29 584 839 926 1,993 1,163 3,269 1,267 750 1,833 765 12.......... 42,750 33,505 19.923 15 134 1,688 29 577 825 943 1,880 1,131 3,266 1,262 767 1,831 766 2 1 6 9. . . . . . . . . . . . . . . . . . . . 4 4 3 2 , , 5 7 5 2 7 0 3 3 3 3 , , 8 1 6 8 6 0 1 1 9 9 , , 8 8 4 0 6 7 1 1 6 5 3 33 8 2 5 1 1 , , 5 3 5 97 5 2 3 9 0 5 57 7 8 7 8 84 3 7 2 1 1 , , 4 0 5 6 2 6 1 1 , , 7 6 2 9 2 2 1 1 , , 0 1 9 0 2 2 3 3, , 2 2 6 6 8 4 1 1 , , 2 2 6 6 1 2 7 7 6 6 7 5 1 1 , , 8 7 3 8 3 5 7 7 6 6 5 6 Outside New York City 1965 Oct. 2 1 6 0 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 3 3 3 3 3 5 5 5 , , , , 8 0 1 6 3 2 3 9 1 8 7 8 9 9 9 9 3 3 3 3 , , , , 7 1 1 4 5 1 3 2 1 1 9 2 .3 3 3 3 4 4 4 4 , , , , 4 4 4 2 3 5 8 9 1 3 9 6 1 1 1 1 , , , , 7 7 7 7 1 1 0 1 8 8 8 6 4 2 2 3 1 5 0 1 8 5 5 8 1 1 1 1 , , , , 3 3 3 33 2 3 5 8 4 6 6 7 7 7 7 8 6 8 7 1 1 1 1 , , , , 5 5 5 5 3 2 3 3 2 7 2 0 7 7 7 8 9 8 8 0 9 9 3 5 1 1 1 1 , , , , 5 3 7 5 7 8 8 7 9 2 6 5 3 3 3 3 , , , , 5 6 5 5 9 0 7 2 8 3 5 5 3 3 3 3 , , , , 8 8 8 8 7 5 8 3 1 9 0 2 2 2 2 2 2 2 2 2 , , , , 2 3 3 3 2 0 3 8 1 3 3 9 2 2 2 2 3 3 3 3 , , , , 6 7 7 7 9 2 1 4 1 9 5 9 1 1 1 1 , , , , 8 8 8 8 6 6 6 6 3 5 5 4 1966 Sept. 2 2 1 7 8 1 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 4 4 4 4 1 1 1 1 , , , , 9 9 6 3 7 1 0 7 6 8 0 2 1 1 1 1 0 0 0 0 1 1 0 1 , , , , 4 3 8 1 8 4 3 3 1 1 6 6 3 3 3 3 9 9 9 9 , , , , 1 6 5 2 0 0 7 6 1 5 0 5 1 1 1 1 , , , , 7 7 7 7 8 8 8 9 1 2 2 2 2 3 2 3 9 8 9 2 7 4 9 4 1 1 1 1 , , , , 3 3 3 3 4 0 3 4 8 2 5 8 7 7 7 7 7 7 6 9 1 1 1 1 , , , , 5 5 5 5 7 7 8 8 3 7 6 0 6 6 6 6 5 5 6 6 9 7 9 9 2 2 1 1 , , , , 1 0 8 9 3 6 2 0 5 3 8 7 4 4 4 4 , , , , 0 3 3 0 7 7 4 6 1 2 9 6 3 3 3 3 , , , , 4 5 5 5 9 0 1 4 8 9 0 7 2 2 2 2 4 3 3 4 , , , , 0 9 9 0 2 9 3 6 1 2 8 7 1 1 1 1 4 4 4 4 , , , , 6 6 6 7 6 9 8 2 5 8 8 2 3 3 3 3 9 9 8 9 1 3 0 4 9 9 9 9 , , , , 2 3 2 1 8 2 8 2 0 0 0 2 2 2 2 2 , , , , 0 0 0 0 0 0 0 0 2 0 4 0 Oct. 2 1 1 6 5 9 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 4 4 4 4 1 1 1 2 , , , , 8 1 2 1 6 5 9 7 2 9 3 4 1 1 1 1 0 0 0 0 0 1 1 1 , , , , 8 8 4 3 2 5 1 1 1 9 5 2 3 3 3 3 9 9 9 9 , , , , 7 6 6 6 3 7 9 4 5 5 8 6 1 1 1 1 , , , , 7 7 7 7 7 6 6 6 3 4 5 5 2 2 2 5 1 0 7 5 1 3 9 0 1 1 1 1 , , , , 2 2 3 2 9 3 3 6 8 2 0 0 6 6 6 6 7 3 5 5 1 1 1 1 , , , , 5 5 5 5 6 6 7 5 3 5 5 0 6 6 6 6 7 7 7 8 9 6 6 4 2 2 1 1 , , , , 2 0 6 9 4 3 7 1 1 6 5 6 4 4 4 4 , , , , 4 4 2 0 8 0 5 0 9 7 5 0 3 3 3 3 , , , , 5 4 4 4 1 6 2 1 3 6 7 4 2 2 2 2 4 4 4 4 , , , , 0 1 1 1 6 4 0 8 3 8 7 0 1 1 1 1 4 4 4 4 , , , , 7 7 8 8 1 0 0 1 1 8 9 4 3 3 3 3 9 9 9 9 3 5 2 0 9 9 8 8 , , , , 1 1 9 8 4 8 0 8 1 5 4 6 2 2 2 2 , , , , 0 0 0 0 1 1 1 1 9 8 8 5 For notes see p. 1671. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 WEEKLY REPORTING BANKS 1669 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments Cash assets U.S. Government securities Other securities Balances with— Obligations Cer­ No m te a s tu an ri d n g b — onds o p s f o u a l S b n i d t t d i a i c t v a e . l s O co t s h r e p e c a r , u n r s b i d t o t o i n e c s d k s s , Total p C i r t o e i a n m c s e h s s s Do­ For­ r C e a n n u c d r y ­ s w e R r i v e th e ­ s a o s A t s h e l e l t s r Wednesday Total Bills tifi­ of mestic eign coin F.R. cates col. banks banks Banks W 1 i y i n t r h . ­ 5 1 y t r o s . 5 A y f r t s e . r ra w T n a a t x r s ­ J o A th l e l r p p C a a e t r o i r t o f i t c i n f i * . ­ O s ri e t t c h ie u e s ­ r Large banks— Total 1965 25,009 2,848 ....4..,.3..9.3 10,443 7,325 ............ 26,235 35,545 16,144 3,854 198 2,18913,160 7,134 Oct. 6 26,781 4,661 4,390 10,448 7,282 26,319 40,432 19,769 4,148 206 2,441 13,868 7,007 13 26,938 4,839 4,357 10,468 7,274 26,231 37,028 16,984 3,953 208 2,371 13,512 6,853 20 26,858 4,776 4,374 10,419 7,289 26,168 35,408 15,833 3,834 215 2,44913,077 6,826 27 1966 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 2,60814,018 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 2,56214,283 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 22,332 2,632 726 3,232 9,209 6,533 3,023 21,118 1,072 2,240 41,584 19,968 3,847 217 2,32915,223 7,804 Oct. 5 21,784 2,181 706 3,239 9,147 6,511 2,998 21,061 1,063 2,217 40,521 20,132 4,125 193 2,56613,505 7,785 12 23,045 3,465 696 3,245 9,166 6,473 2,879 21,008 1,064 2,242 40,251 ■8,828 4,356 200 2,561 14,306 7,724 19 22,699 3,154 695 3,286 9,159 6,405 2,911 20,891 1,076 2,266 39,150 18,086 3,918 216 2,645 14,285 7,577 26 New York City 1965 4,111 614 665 1,420 1,412 6,441 8,849 5,101 138 90 299 3,221 2,782 Oct. 6 4,732 1,240 668 1,413 1,411 6,421 11,673 7,024 157 97 326 4,069 2,687 13 4,929 1,393 671 1,448 1,417 6,323 9,730 5,641 158 97 303 3,531 2,525 20 5,008 1,433 688 1,460 1,427 6,303 9,368 5.150 184 105 303 3,626 2,480 27 1966 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 3,804 803 216 487 951 1,347 856 3,959 263 550 12,262 7,302 195 92 318 4,355 2,886 Oct. 5 3,623 624 217 483 953 1,346 872 3,933 267 550 10,914 6,870 166 68 333 3,477 2,892 12 4,170 1,152 232 491 924 1,371 803 3,896 258 564 10,310 6,287 207 77 321 3,418 2,853 19 4,065 1,052 221 524 963 1,305 773 3,856 262 584 11,073 6,956 197 91 325 3,504 2,708 26 Outside New York City 1965 20,898 2,234 3,728 9,023 5,913 19,794 26,696 11,043 3,716 108 1,890 9,939 4,352 Oct. 6 22,049 3,421 3,722 9,035 5,871 19,898 28,759 12,745 3,991 109 2,115 9,799 4,320 13 22,009 3,446 3,686 9,020 5,857 19,908 27,298 11,343 3,795 111 2,068 9,981 4,328 20 21,850 3,343 3,686 8,959 5,862 19,865 26,040 10,683 3,650 110 2,146 9,451 4,346 27 1966 18,621 1,822 513 2,691 8,341 5,254 2,209 17,181 752 1,773 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 81346 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 18,528 1,829 510 2,745 8,258 5,186 2,167 17,159 809 1,690 29,322 12,666 3,652 125 2,011 10,868 4,918 Oct. 5 18,161 1357 489 2; 756 8,194 5,165 2,126 17,128 796 1,667 29,607 13,262 3,959 125 2,233 10,028 4,893 12 18,875 2,313 464 2,754 8,242 5,102 2,076 17,112 806 1,678 29,941 12,541 4,149 123 2,24010,888 4,871 19 18,634 2,102 474 2^762 8J96 5,100 2,138 17,035 814 1,682 28,077 11,130 3,721 125 2,32010,781 4,869 26 For notes see p. 1671. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1670 WEEKLY REPORTING BANKS NOVEMBER 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 Totals IPC p s i o u c l a b i l t ­ ­ G U o . v S t . . c m o ti e m c r ­ ­ Govt, C m o e m r­ ­ Total’ Sav­ Other p s i o u c l a b i l t ­ ­ i m n ti t e c e s r ­ ­ Govt, C m o e m r­ ­ divi­ cial etc. $ cial ings divi­ bank etc. cial sions banks banks sions banks Large banks— Total 1965 Oct. 6.................... 185,335 101,635 74,047 5,327 2,707 13,223 690 1,320 83,700 49,791 22,190 6,642 609 4,048 241 13.................... 191,915 107,985 77,847 5,057 4,884 13,469 748 1,357 83,930 49,874 22,334 6,674 613 4,015 241 20.................... 188,761 104,626 76,809 4,925 4,119 12,340 795 1,340 84,135 49,956 22,480 6,661 610 3,992 253 27.................... 186,941 102,479 76,248 5,287 3,121 11,759 709 1,337 84,462 50,014 22,662 6,741 607 4,022 238 1966 Sept. 7............ 195,333104,252 76,343 5,462 2,217 13,249 636 1,443 91,081 47,196 30,816 7,905 659 4,099 243 14.................... 198,422107,531 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 Oct. 5.................... 198,089108,033 77,065 5,899 4,244 13,251 648 1,415 90,056 47,192 30,147 7,696 611 4,018 222 12.................... 195,810105,894 78,181 5,267 2,058 13,544 635 1,453 89,916 47,085 30,102 7,731 602 4,005 223 19.................... 196,908107,776 78,638 5,160 4,328 12,886 834 1,464 89,132 47,014 29,513 7,664 585 3,952 229 26.................... 194,729105,562 77,184 5,553 3,491 11,947 676 1,467 89,167 47,022 29,441 7,674 572 4,063 234 New York City 1965 Oct. 6.................... 41,801 24,731 16,223 347 715 3,481 544 892 17,070 5,258 7,736 561 423 2,877 134 13.................... 44,339 27,210 17,383 322 1,317 3,724 588 937 17,129 5,264 7,775 583 429 2,862 134 20.................... 43,205 26,038 17,309 304 1,038 3,283 617 895 17,167 5,261 7,838 554 431 2,859 144 27.................... 42,458 25,114 17,159 335 737 3,067 548 889 17,344 5,267 7,953 593 423 2,900 128 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 Oct. 5.................... 45,418 28,050 17,703 468 1,264 3,619 523 982 17,368 4,645 8,570 721 381 2,851 119 12.................... 43,441 26,215 17,470 296 444 3,548 495 1,002 17,226 4,613 8,452 750 373 2,838 120 19 ................ 44,334 27,608 17,885 327 1,362 3,647 672 1,010 16,726 4,599 8,000 744 369 2,808 126 26............ 44,381 27,620 17,837 402 995 3,453 534 1,009 16,761 4,591 7,935 750 367 2,921 123 Outside New York City 1965 Oct. 6........... 143,534 76,904 5.7,824 4,980 1,992 9,742 146 428 66,630 44,533 14,454 6,081 186 1,171 107 13.................... 147,576 80,775 60,464 4,735 3,567 9,745 160 420 66,801 44,610 14,559 6,091 184 1,153 107 20............... 145,556 78,588 59,500 4,621 3,081 9,057 178 445 66,968 44,695 14,642 6J07 179 1,133 109 27.................... 144,483 77,365 59,089 4,952 2,384 8,692 161 448 67,118 44,747 14,709 6; 148 184 1,122 110 1966 Sept. 2 2 1 7 1 8 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 15 5 5 5 0 3 1 1 , , , , 1 4 7 1 8 6 9 5 1 3 3 7 7 7 8 7 8 8 0 7 , , , , 0 9 3 3 4 4 7 0 8 6 6 4 5 6 5 5 8 8 2 9 , , , , 3 9 8 0 7 6 5 1 1 1 7 9 5 4 4 5 , , , , 9 2 9 3 2 2 2 0 3 8 4 6 2 3 1 1 , , , , 6 1 7 0 8 8 4 1 3 7 8 4 9 9 9 8 , , , , 8 7 0 4 1 7 7 1 5 3 6 7 1 1 1 1 4 3 2 3 4 2 6 6 4 4 4 4 4 3 3 2 1 8 0 8 7 7 7 7 3 3 2 2 , , , , 0 1 8 8 8 0 4 7 7 9 7 7 4 4 4 4 2 2 2 2 , , , , 4 5 4 5 7 9 8 2 1 7 2 4 2 2 2 2 1 1 1 1 ' , , , J 6 8 7 6 0 5 8 0 1 8 8 6 7 7 7 7 , , , , 1 1 0 1 4 9 8 0 1 8 9 5 2 2 2 2 5 4 6 4 1 5 0 4 1 1 1 1 , , , 3 1 1 1 6 7 8 6 7 9 7 5 1 1 1 1 0 0 0 0 3 2 3 3 Oct. 2 1 1 5 6 9 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 5 5 5 5 2 2 0 2 , , , , 6 3 5 3 7 4 7 6 1 8 4 9 7 7 7 8 7 0 9 9 , , , , 1 9 9 6 6 8 7 4 8 3 9 2 5 6 6 5 9 0 0 9 , , , , 7 7 3 3 1 5 4 6 1 3 7 2 5 4 4 5 , , , , 4 9 1 8 3 7 5 3 1 1 1 3 2 2 2 1 , , , , 9 9 4 6 8 6 9 1 0 6 6 4 9 9 9 8 , , , , 2 6 9 4 3 3 9 9 9 2 6 4 1 1 1 1 2 4 6 4 5 0 2 2 4 4 4 4 5 5 3 5 1 4 3 8 7 7 7 7 2 2 2 2 , , , , 6 6 4 4 8 9 0 0 8 0 6 6 4 4 4 4 2 2 2 2 , , , , 5 4 4 4 4 3 1 7 7 1 5 2 2 2 2 2 1 1 1 1 , , J , 5 5 5 6 7 1 0 5 3 7 0 6 6 6 6 6 ^ , ' , 9 9 9 9 2 7 8 2 1 5 0 4 2 2 2 2 2 3 1 0 9 5 0 6 1 1 1 1 , , , , 1 1 1 1 6 6 4 4 7 7 4 2 1 1 1 1 1 0 0 0 1 3 3 3 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 WEEKLY REPORTING BANKS 1671 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Memoranda Total assets— Other Capital Total liabilities accounts liabilities Toul Large certificates Wednesday From and Total loans Demand of deposit10 F.R. From capital Ioans (net), deposits Banks others accounts (net), adjusted, adjusted adjusted» and in­ vestments 8 Total Issued Issued issued to IPC's to others Large banks- Total 1965 392 4,981 7,869 18,171 216,748 120,192 171,436 69,561 16,541 ................. Oct. 6 848 4,848 7,942 18,167 223,720 120,842 173,942 69,863 16,660 13 310 4,924 7,814 18,151 219,960 120,436 173,605 71,183 16,537 20 242 4,946 7,859 18,195 218,183 120,305 173,331 71,766 16,513 27 1966 525 6,083 10,405 18,980 231,326 131,057 181,341 70,028 17,984 12,628 5,356 Sept. 7 123 6,247 10,793 18,937 234,522 131,388 181,765 71,953 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 28 614 6,549 10,566 19,036 234,854 132,509 182,294 70,570 16,672 11,522 5,150 Oct. 5 355 6,309 10,823 19,052 232,349 131,941 181,064 70,160 16,618 11,437 5,181 12 722 6,003 10,747 19,011 233,391 132,063 182,301 71,734 15,941 10,832 5,109 19 451 5,713 10,699 19,017 230,609 131,058 180,901 72,038 15,891 10,772 5,119 26 New York City 1965 1,585 3,482 5,001 51,869 28,628 39,180 15,434 6,897 Oct. 6 180 1,900 3,522 5,002 54,943 28,877 40,030 15,145 6,957 13 23 1,675 3,403 5,000 53,306 28,707 39,959 16,076 6,992 20 79 1,699 3,424 5,000 52,660 28,462 39,773 16,160 6,948 27 1966 48 2,367 5,216 5,075 56,882 32,249 41,997 15,730 6,927 4,980 1,947 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 28 228 2,470 5,233 5,091 58,440 32,934 42,366 15,865 6,398 4,606 1,792 Oct. 5 8 2,571 5,447 5,089 56,556 32,562 41,807 15,353 6,321 4,525 1,796 12 40 2,094 5,162 5,090 56,720 32,414 42,105 16,312 5,845 4,092 1,753 19 55 1,838 5,145 5,082 56,501 32,114 41,654 16,216 5,826 4,052 1,774 26 Outside New York City 1965 392 3,396 4,387 13,170 164,879 91,564 132,256 54,127 9,644 Oct. 6 668 2,948 4,420 13,165 168,777 91,965 133,912 54,718 9,703 13 287 3,249 4,411 13,151 166,654 91,729 133,646 55,107 9,545 20 163 3,247 4,435 13,t95 165,523 91,843 133,558 55,606 9,565 27 1966 477 3,716 5.189 13,905 174,444 98,808 139,344 54,298 11,057 7,648 3,409 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 31584 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 28 386 4,079 5,333 13,945 176,414 99,575 139,928 54,705 10,274 6,916 3,358 Oct. 5 347 3,738 5,376 13,963 175,793 99,379 139,257 54,807 10,297 6,912 3,385 12 682 3,909 5,585 13,921 176,671 99,649 140,196 55,422 10,096 6,740 3,356 19 396 3; 875 5,554 13,935 174,108 98,944 139,247 55,822 10,065 6,720 3,345 26 1 After deduction of valuation reserves* 7 Includes U.S. Government and postal savings, not shown separately 2 Individual items shown gross. , . . 8 Exclusive of loans to domestic commercial banks. 3 Includes short-term notes and bills (less than 1 year to maturity) 5 All demand deposits except U.S. Government and domestic com­ issued by States and political subdivisions. mercial banks, less cash items in process of collection* 4 Federal agencies only. . 1 o Certificates of deposit issued in denominations of $100,000 or more. 5 Includes certified and officers’ checks, not shown separately. Note.—Beginning June 29, 1966, coverage of series was changed from 6 Deposits of foreign governments and official institutions, central Weekly Reporting Member Banks to Weekly Reporting Large Commer­ banks, and international institutions. cial Banks; also, detailed breakdown is shown of "AU other loans,” of ‘‘Other securities,” and of ownership of time certficates of deposit in denominations of $100,000 or more. For description of revisions, see Aug. 1966 Bulletin, pp. 1137-40. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1672 BUSINESS LOANS OF BANKS NOVEMBER 1966 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1966 1966 1966 1966 1965 Industry Oct. Oct. Oct. Oct. Sept. 1st 2nd 26 19 12 5 28 Oct. Sept. Aug. III II I half half Durable goods manufacturing: Primary metals.............................. 963 968 971 979 1,010 -47 -75 18 -75 80 153 233 17 Machinery......................................... 3,957 3,974 3,960 3,947 3,903 54 241 -16 360 467 213 680 121 Transportation equipment.............. 1,761 1,755 1,804 1,784 1,766 -5 52 142 239 233 125 358 130 Other fabricated metal products. . . 1,627 1,639 1,638 1,641 1,674 -47 27 -14 72 169 96 265 70 Other durable goods........................ 1,982 1,986 1.999 1,997 1,981 1 31 -1 78 234 156 390 83 Nondurable goods manufacturing: Food, liquor, and tobacco.......... 2,451 2,424 2,351 2,374 2,289 162 112 55 56 -117 -39 -156 760 Textiles, apparel, and leather.......... 2,011 2,087 2,142 2,177 2,205 -194 -53 111 106 225 325 550 -164 Petroleum refining............................ 1,777 1,773 1,773 1,769 1,775 2 -1 -15 -92 107 149 256 259 Chemicals and rubber..................... 2,215 2,214 2,239 2,239 2,216 -1 106 19 81 23 330 353 83 Other nondurable goods.................. 1,525 1,541 1,570 1,592 1,592 -67 28 34 127 216 93 309 62 Mining, including crude petroleum and natural gas...................... 3,979 4,004 3,999 3,994 4,023 -44 156 -72 222 226 118 344 243 Trade: Commodity dealers................. 1,205 1,212 1,178 1,178 1,170 35 -39 32 22 -222 -100 -322 436 Other wholesale....................... 2,866 2,887 2,877 2,869 2,870 -4 51 -44 42 155 6 161 183 Retail........................................ 3,513 3,541 3,507 3,504 3,404 109 92 -164 -116 466 -11 455 -77 Transportation, communication, and other public utilities....... 6,814 6,795 6,779 6,800 6,710 104 303 -98 370 343 -123 220 961 Construction......................................... 2,610 2,618 2,617 2,617 2,636 -26 -55 -27 -74 153 36 189 26 AU other:1 Bankers’ acceptances................... 387 352 379 394 363 24 14 -61 -101 -231 -1 -232 -186 All other types of business, mainly services.................................... 6,730 6,721 6,738 6,732 6,712 18 33 -85 -56 226 243 469 381 Total classified loans....................... 48,373 48,491 48,521 48,587 48,299 74 1,023 -186 1,261 2,753 1,769 4,522 3,388 Commercial and industrial loans— All weekly reporting banks....... 59,483 59,584 59,568 59,611 59,399 84 1,147 -441 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 Joans 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. ;t 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 1 1 9 9 5 57 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . ..... 4 4 . .3 6 5 5. . 5 5 5 5 . . 1 0 4 4 . . 8 6 4 4. . 1 5 1966— D M ec ar............ 5 5. . 4 0 1 8 5 5. . 9 7 2 4 5 5 . .5 7 9 8 5 5 . . 3 6 4 6 4 5 . . 9 3 9 4 1959........................... 5.0 5.8 5.5 5.2 4.9 June.............. 5.65 6.14 6.11 5.87 5.57 I960........................... 5.2 6.0 5.7 5.4 5.0 Sept.............. 6.13 6.60 6.57 6.39 6.05 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: 1 1 1 9 9 9 6 6 6 5 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5. . 1 0 5 5 . . 9 9 5 5 5 . . . 5 6 6 5 5 5 . . . 3 2 4 4 4 4 . . . 8 8 9 1 1 9 96 6 6 5 — — D S M e e a p c r t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 . . . 0 5 3 3 8 2 5 5 6 . . . 9 8 1 5 8 0 5 6 5 . . . 0 8 6 5 0 2 5 5 5 . . . 3 5 8 1 6 2 4 5 5 . . . 8 4 1 7 6 9 Qu 1 a 9 r l t a e r r g :1 e cities: J S u e n p e t. . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 . . 8 4 6 0 6 6 . . 6 3 2 2 6 6 . . 3 7 5 5 6 6 . . 0 6 8 0 5 6. . 3 7 1 4 11 southern and 1965—Sept........................ 5.00 5.90 5.60 5.32 4.80 western cities: Dec....................... 5.27 5.96 5.74 5.51 5.II 1965—Sept.............. 5.31 6.02 5.73 5.45 5.03 1966— S J M u e n p a e t r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... 6 5 5 . . . 3 8 5 0 2 5 6 6 6 . . . 7 3 1 3 3 9 6 5 6 . . . 6 2 9 5 5 6 6 5 6 . . . 0 5 7 1 3 6 5 5 6 . . . 4 6 1 1 8 8 1966— J D S M u e e n a p c e r t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 5 5 6 . . . . 4 4 7 0 6 0 2 0 6 6 6 6 . . . . 2 5 8 0 3 7 2 4 5 6 6 6 . . . . 0 6 8 2 1 5 0 8 5 5 6 6. . . . 5 5 7 0 1 9 7 8 ‘5 6 5 5 . . . . 2 8 2 5 3 2 6 0 1 Based on new loans and renewals for first 15 days of month. thereafter occurred on the following dates (new levels shown in per cent): n N“i£■^Weigh‘'d averaS“- For description see Mar. 1949 Bulletin, a’p^^ti’etf ^nk prime rate was 3(4 percent Jan. 1, 1956-Apr. 12, 1956. Changes ?7^.,956-D“- 6> * ln<l ’’^ ,0’ 5*: JU"e 29’ ^ and Au6' Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 INTEREST RATES 1673 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period coml. paper bankers’ Federal 3-month bills 5 6-month bills 5 9- to 12-month issues paper placed accept­ funds 4- to 6- directly, ances, rate 3 3- to 5months 1 m 3 o - n to th s 6 - 2 90 days 1 on i R s s a n u t e e e w M y a ie r l k d et on R is s a n u t e e e w M y a ie r l k d et ( y m i B e a i l l d r l k s ) e 5 t Other 6 is y su e e a s r 7 1965............................. 4.38 4.27 4.22 4.07 3.954 3.95 4,055 4.05 4.06 4,09 4.22 1965—Oct................... 4.38 4.32 4.25 4.08 4.032 4.02 4,197 4,18 4.16 4.18 4.33 Nov................. 4.38 4.38 4.25 4.10 4.082 4.08 4,238 4.24 4.23 4.29 4.46 Dec.................. 4.65 4.60 4.55 4.32 4.362 4.37 4.523 4.54 4.56 4.66 4.77 1966—Jan................... 4.82 4.82 4.75 4.42 4.596 4.58 4.731 4.71 4.69 4.83 4 89 Feb................... 4.88 4.88 4.86 4.60 4.670 4.65 4.820 4.82 4.81 4.92 5.02 Mar................. 5.21 5.02 4.96 4.65 4.626 4.58 4.825 4.78 4.81 4.96 4.94 Apr............. 5.38 5.25 5.00 4.67 4,611 4.61 4.742 4.74 4.76 4.87 4.86 May................. 5.39 5.38 5.18 4.90 4.642 4.63 4.814 4.81 4.85 4.90 4.94 June......... 5.51 5.39 5.39 5.17 4.539 4.50 4.696 4.65 4.78 4.94 5.01 July.................. 5.63 5.51 5.58 5.30 4.855 4.78 4.982 4.93 4.94 5.17 5.22 Aug.................. 5.85 5.63 5.67 5.53 4.932 4.95 5.189 5.27 5.34 5.52 5,58 Sept.......... 5.89 5.67 5.75 5.40 5.356 5.36 5.798 5.79 5.80 5.80 5.62 Oct................... 6.00 5.82 5.72 5.53 5.387 5.33 5.652 5.61 5.52 5.57 5.38 Week ending— 1966—Oct. 1.......... 5.95 5.75 5.75 4.50 5.503 5.39 5.804 5.69 5.79 5.74 5.49 8........6....00 5.75 5.75 5.86 5.408 5.36 5.673 5.65 5.63 5.61 5.39 15.......... 6.00 5.75 5.75 5.50 5.471 5.44 5.750 5.71 5.56 5.59 5.42 22........... 6.00 5.88 5.75 5.64 5.424 5.36 5.651 5.60 5.48 5.58 5.37 29........... 6.00 5.88 5.65 5.04 5.246 5.22 5.536 5.53 5.44 5.53 5.36 1 Averages of daily offering rates of dealers. * Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance cos., for varying maturi­ closing bid prices. ties in the 90-179 day range. 5 Bills quoted on bank discount rate basis. 3 Seven-day average for week ending Wed. 6 Certificates 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 Total1 (long­ 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 fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ 1965............................................... 4.21 3.34 3.16 3.57 4.64 4.49 4.87 4.61 4.72 4.60 4.33 3,00 5.87 1965—-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 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 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 6.13 4.55 3.68 3.46 4.06 5.16 4.96 5.41 5.09 5.19 5.21 4.78 3.15 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 Jujy ...................... 4.74 4.01 3.77 4.31 5.36 5.16 5.68 5.33 5.37 5.39 5.00 3.37 4.80 4.16 3.91 4.46 5.50 5.31 5.83 5.49 5.48 5.54 5.18 3,60 4.79 4.18 3.93 4.48 5.71 5.49 6.09 5.71 5.65 5.78 5.23 3.75 4.70 4.09 3.82 4.42 5.67 5.41 6.10 5.63 5,67 5,72 5.28 3.76 Week ending— 1966_ 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 8 4.75 ..4....1..2... 3.86 4.45 5.69 5.44 6.08 5.66 5.65 5.77 5.30 3.89 15 .............. 4.76 4.12 3.86 4.45 5.67 5.43 6.10 5.64 5.65 5.73 5.26 3.77 72 4.71 4.09 3.83 4.42 5.67 5.40 6.11 5.61 5.68 5.71 5.30 3,73 29............................... 4.62 4.01 3.75 4.35 5.65 5.37 6.11 5,61 5.68 5.67 5.25 3.66 ............ Number of issues.......................... 10-11 20 5 5 120 30 30 40 40 40 14 500 500 * 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

1674 SECURITY MARKETS NOVEMBER 1966 MORTGAGES: NEW AND EXISTING HOMES SECURITY PRICES (Per cent) Bond prices Co ( m 1 m 94 o 1 n ^ s 3 to - c k 10 ) prices V um ol e ­ Contract interest rate on of Period o i n n Y F s 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 ag s e e s ries Period ( G U lo o . n S v g t . ­ , S l a o t n a c d a te l C p a o o te r r ­ ­ Total d t I r u n ia s ­ l ­ R ro a a U d - P u l u t i i c b l ­ ­ ( s t h t h r i a n a o r g d u e s s ­ ) , term) AAA ity New New Existing New Existing 1964.............. 84.46 111.5 95.1 81.37 86.19 45.46 69.91 4,888 1965............. 83.76 110.6 93.9 88.17 93.48 46.78 76.08 6,174 1961. . ..... 5.69 5.97 6.04 19$2 ____ 5.60 5.93 5.99 1965—Oct... 82.97 108.4 92.7 91.39 97.20 48.46 76.69 7,809 1963.................. 5.46 5.81 5.87 5.84 5.98 Nov.. 82.22 107.7 92.3 92.15 98.02 50.23 76.72 7,360 1964................. 5.45 5.80 5.85 5.78 5.92 Dec... 81.21 106.3 91.1 91.73 97.66 51.03 75.39 8,690 1965.................. 5.47 5.83 5.89 5.76 5.89 1966—Jan... 81.15 106.9 90.5 93.32 99.56 53.68 74.50 8,935 1965—Sept......5. .46 5.80 5.90 5.75 5.89 Feb... 79.32 105.2 89.5 92.69 99.11 54.78 71.87 8,753 Oct......5... 49 5.85 5.90 5.75 5.87 Mar,. 78.92 103.9 87.9 88.88 95.21 51.52 69.21 8,327 Nov..... 5.51 5.90 5.95 5.80 5.91 Apr... 79.75 105.9 87.6 91.60 98.17 52.33 70.06 9,310 Dec......5...62 6.00 6.05 5.78 5.91 May.. 79.56 104.5 87.6 86.78 92.85 47.00 68.49 8,165 June.. 78.93 103.2 86.9 86.06 92.14 46.35 67.51 6,393 1966—Jan...... 5.70 6.00 6.05 5.81 5.97 July.. 77.62 100.9 86.0 85.84 91.95 45.50 67.30 5,997 Feb........ 6.05 6.10 5.85 5.97 Aug.. 77.02 97.7 84.1 80.65 86.40 42.12 63.41 7,064 Mar....... 6.00 6.15 6.20 5.90 6.01 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 Oct... 78.07 100.5 83,5 77.13 82.01 39.44 65.41 7,000 May.... 6.32 6.30 6.35 6.02 6.16 June.... 6.45 6.40 6.50 6.07 6.18 Week July....... 6.51 6.45 6.55 6.12 6.24 ending— Aug....... 6.58 6.55 6.65 6.18 6.35 Sept....... 6.63 6.65 6.70 6.22 6.40 Oct. 1....... 77.46 99.7 82.7 77.19 82.36 40.15 63.11 5,915 6.70 6.75 8....... 77,53 99.9 83.0 74.39 79.21 38.64 62.06 7,512 15........ 77.49 100.1 83.4 75.99 80.89 39.07 63.72 7,858 22....... 78.03 100.4 83.6 78.05 82.90 39.80 66.90 6,355 Note.—Annual data are averages of monthly figures. The 29........ 78.96 101.5 83.8 79.47 84,43 39.87 68.26 6,379 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 table at bottom of payment at the end of 15 years. Gaps in the data are due to preceding page on basis of an assumed 3 per cent, 20-year bond. Municipal and periods of adjustment to changes in maximum permissible con­ corporate bonds, derived from average yields as computed by Standard and Poor’s tract interest rates. The FHA series on average interest rates Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. Common on conventional first mortgages are unweighted and are rounded stocks, Standard and Poor’s index. Volume of trading, average daily trading in to the nearest five basis points. For FHLBB series, see footnote stocks on the N.Y. Stock Exchange for a 5%-hour trading day. to table on Conventional First Mortgages, page 1691. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N. f Y irm . s S t s o e c c k u re E d x c b h y a — nge bro c k h e a rs s i a n n g d o d r e c a a l r e r r y s i n fo g r — pur­ Money borrowed on— Cus­ Month Total tomers’ securities net o U t . h S e . r G t o h v an t. se G c U u o . r S v it t . i , e s se O cu th ri e ti r e s se G c U u o r . v S it t . i ­ es se O cu th ri e ti r e s se G c U u o . r S i v t . i t e s Oth C e u r s s t e o c m u e ri r t ies Other c a f b r n r e a e c d l e 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—Sept.... 7,036 22 4,994 88 2,042 86 3,522 2,978 544 1,369 Oct........ 7,117 23 5,073 95 2,044 150 3,403 2,882 521 11475 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 31588 2,935 653 1,839 June.... 8,001 29 5,770 87 2,231 126 3; 683 2,977 706 11658 July.... 7,870 34 5,667 116 2,203 55 3,731 31127 604 1,595 Aug....... 7,811 35 5,609 115 2,202 109 3,676 31082 594 11595 Sept..... 7,525 45 5,355 106 2,170 103 3,434 2; 859 575 1^28 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 large balances maintained with reporting firm by other member firms of national commercial banks reporting weekly. securities exchanges and balances of reporting firm and of general part­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 OPEN MARKET PAPER; SAVINGS INSTITUTIONS 1675 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by— Based on— End of period Accepting banks F.R. Goods stored in or Total th P r la o c u e g d h P di l r a e c c e t d ­ Total Banks Others p i I n o m t r o t ­ s p f E r o o x r m t ­ s D e o x ll ­ ar shi p p o p i e n d t s b i e n tw — een dealers 1 ly 2 Total O bi w ll n s bo B u il g ls h t O ac w ct n . F ei o g r n ­ U St n a i t t e e s d U S n ta i t t e e s d change United Foreign corr. States countries 1959...................... 3,202 677 2,525 1,151 319 282 36 75 82 675 357 309 74 I960............... 4^497 1,358 31139 21027 662 490 173 74 230 1 060 403 me 1961...................... 4^686 11711 2,’975 21683 I 272 896 376 51 126 1 *234 485 969 117 1962...................... 6,000 21088 31912 2,650 1,153 865 288 no 86 1*301 541 778 186 117/11 1963...................... 6^747 1,928 4,819 21890 1 291 1 031 260 162 92 1 345 567 908 56 1 717 1964...................... 8,361 21223 6,138 3,385 1,671 1 301 370 94 122 1 *49R 667 999 111 1965 Sept.......... 9,692 2,194 7,498 3,314 1,311 1 114 198 63 152 1 787 820 942 17 20 11 , J10 Oct............. 101554 21250 8,304 31310 1,264 1,099 165 86 156 1 804 842 919 L8 16 1 **l 5 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 11903 71114 31392 11223 11094 129 187 144 1 837 722 974 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........... 101275 11828 81447 31313 11294 1,177 117 122 135 1,762 738 920 35 22 1 <500 Mar....... 161649 21066 81583 3',388 11266 11037 229 126 129 1'867 775 887 36 21 1 668 Apr....... 111142 2,253 8,889 3,464 1,284 1,060 224 159 137 1,884 829 875 34 20 1 *706 May...... 11 335 2J13 9,222 31418 11269 L034 235 180 159 1*810 834 847 39 20 1 679 June........... 161675 2,090 8,585 3,420 1,061 927 134 238 252 1,869 881 833 34 24 1 * 648 July........... 12,094 21361 91733 31369 1,005 912 93 51 257 2^056 911 790 54 23 1 *591 Aug............ 121720 21653 10,067 31387 '909 824 84 48 272 2,158 946 781 64 54 1 *541 Sept............ 11,649 2,773 8; 876 3,370 935 846 89 47 243 2345 957 760 62 60 1,53! 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other 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 General Mortgage loan Corpo­ Other liabili­ Depos­ Other reserve commitments * End of period M ga o g r e t­ Other G U o .S vt . . S l g a o o t n c a v d a t t e l . 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 1'582 1959 4 ........................ 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 1960. 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--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 Dae.. . _ ............ 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 120,476 2,697 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................... 45335 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 Juner................. 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 2,352 Aug.................... 46,232 1,095 5,062 276 5,659 826 1,007 60,156 53,689 1,641 4,827 101,682 2,274 1 Also includes securities of foreign governments and international Note.—National Assn, of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S, Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 4, p. 1661. from those shown elsewhere in the Bulletin ; the latter are for call dates 3 Commitments outstanding of banks in N.Y. State as reported to the and are based on reports filed with U.S. Govt, and State bank supervisory Savings Bank Assn, of the State of N.Y, . agencies. Loans are shown net of valuation reserves. 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1676 SAVINGS INSTITUTIONS NOVEMBER 1966 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities Total Mort­ Real Policy Other End of period assets Total U St n a i t t e e s d Sta lo te c a a l nd Foreign1 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 1960......................................... 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961......................................... 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962......................................... 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963......................................... 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,3t9 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 Rook value: 1961- 141,121 12,464 5,813 3,868 2,783 59,434 53,770 5,664 50,596 4,325 6,656 7,646 —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-—Aug. ^.............. 155,387 12,033 5,353 3,624 3,056 64,737 57,902 6,835 58,073 4,653 7,520 8,371 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................. 1571641 111677 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 51159 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.......................... 161i476 11,332 51019 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 101950 41803 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 Aug.............................. 163;937 10,950 4,840 3,214 2,896 68,057 60,698 7,359 63,336 4,791 8,449 8,354 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item separately but are included in total, in “other assets/’ SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E p n er d i o o d f M ga o ge rt s ­ s G e U c o . u S v r t . i , ­ Cash Other1 a li s a T s b e o i t l t s i a t 2 i l — e s S c a a v p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n c s e s i s n Other c m o l m e o n a m t n s i 4 t­ ties profits 1941 4,578 107 344 775 6,049 4,682 475 256 6:6 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 ................. 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 1960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,230 1963 90,944 6,445 3,979 6,i5l 107,559 91,308 7,209 5,015 2,528 1,499 2.614 1964 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 2,590 1965--Aug.......... 107,513 7,160 3,300 7,670 125,643 106,199 8,341 6,140 2,382 2,617 3,124 Sept.......... 108,255 7,170 3,398 7,795 126,618 107,239 8,345 6,169 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 Nov...... 109,507 7,439 3,539 8,101 128,586 108,628 8,357 6,071 2,217 3,313 2,911 Dec.......... 110,202 7,405 3,899 7,936 129,442 110,271 8,708 6,440 2,189 h834 2,745 1966--Jan....... 110,700 7,694 3,321 7,799 129,514 110,194 8,713 6,262 2,107 2,238 2,808 Feb....... 111,246 7,842 3,391 7,868 130,347 110,722 8,730 6,102 21104 2', 689 2,937 Mar......... 112,001 7,850 3,249 8,018 131,118 111,560 8,721 61070 2,223 2,544 31281 Apr.......... 112,736 7,637 3,096 8,129 131,598 110,787 8,720 6,949 2,289 2,853 31200 May..... 113,249 7,632 3,179 8,542 132,602 111,174 8,726 7,139 21278 31285 2,927 June........ 113,669 7,340 3,369 8,421 132,799 112,359 9,002 71345 2,161 1,932 21568 July'........ 113,750 7,304 2,818 8,288 132,160 110,851 9,005 7,887 11992 21425 2,302 Aug.......... 113,897 7,353 2,717 8,463 132,430 110,975 9,002 7,748 1,814 2,891 2,062 1 Includes other loans, stock in the Federal home loan banks, other 4 Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on opposite page) would include loans in process. and fixtures. 2 Before 1958, mortgages are net of mortgage-pledged shares. Asset Note.—Federal Savings and Loan Insurance Corp, data; figures are items will not add to total assets, which include gross mortgages with no estimates for all savings and loan assns. in the United States. Data deductions for mortgage-pledged shares. Beginning with Jan. 1958? no beginning with 1954 are based on monthly reports of insured assns. and deduction is made for mortgage-pledged shares. These have declined annual reports of noninsured assns. Data before 1954 are based entirely consistently in recent years and amounted to $42 million at the end of on annual reports. Data for current and preceding year are preliminary 1957. even when revised. 1 Consists of advances from FHLB and other borrowing. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 FEDERALLY SPONSORED CREDIT AGENCIES 1677 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home Ioan banks Federal National Mortgage Assn, Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m b a A t n e e o d c r m s e ­ ­ s I m nv e e n s ts t­ p C a o d a n s e s d i ­ h t s B n a o o n n t d e d s s M po b d e s e e m i r ­ t s ­ C s a to p c it k al M l g o ( a A a o g n r ) e t s ­ D n t e a u ( o L n b r t e e d e ) s s n ­ c L a o t ( o o i t A v o a p e n ) e s s r ­ D t e ( u L b re e ) s n­ c L o a d ( o u A n i a s n d ) n ­ t s s D t e u (L b re ) e s n­ M l g o (A a a o g n r ) e s t ­ B ( o L n ) ds 1957........... 1,265 908 63 825 653 685 1,562 1,315 454 222 1958.............. 1 ^298 999 75 714 819 769 1,323 1,100 510 252 1 157 1, * j 1959.............. 2,134 1,093 103 1,774 589 866 1,967 1 640 622 364 1 391 1960.............. 1,981 1,233 90 1,266 938 989 2,788 2,523 649 407 1 501 1 454 1961.............. 2,662 1,153 159 1,571 1,180 1,107 2,770 2^453 697 435 1 *650 1’585 1962.............. 3'479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1 840 1 *727 1963.............. 4'784 1,906 159 4'363 I35I 1,171 2,000 L788 840 589 2*099 11952 J 310 1964.............. 5,325 11523 141 4,369 1J99 1,227 1^940 1,601 958 686 2’247 2 112 3*718 3 169 1965—Sept... 5,802 1,567 85 5,046 944 1,270 2.108 1,756 940 708 2,725 2,603 4,171 3,612 Oct... 5,826 1,574 75 5,018 965 1,272 2,169 1,845 1,009 744 2,617 2,501 4,204 3,671 Nov... 5,724 1,838 80 5,221 936 1,275 2,290 1,918 1,082 787 2,501 2,386 4,245 3,671 Dec... 5,997 1,640 129 5,221 1,045 1,277 2,456 1,884 1,055 797 2,516 2,335 4,281 3,710 1966—Jan... 5,898 1,424 80 5,068 844 1,281 2,666 2,338 1,113 797 2,541 2,342 4,328 3,710 Feb... 5,739 1,539 91 5,050 796 1,292 2,912 2,397 1,145 819 2,601 2,404 4,385 3,813 Mar... 5,687 1,632 89 5,060 824 1,303 3,188 2,648 1,137 819 2,708 2,470 4,477 3,813 Apr... 6,516 1,187 76 5,435 812 1,325 3,358 2,820 1,148 859 2,843 2,602 4,553 3,813 May.. 6,704 1,510 84 5,895 841 1,335 3,502 3,144 1,106 835 2,947 2,744 4,647 3,980 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 Sept... 7,175 1,832 86 6,765 734 1,360 3,965 3,178 1,199 882 3,077 2,991 4,900 4,295 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, SEPTEMBER 30, 1966 Amount Amount Amount Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions of dollars) of dollars) of dollars) Federal home loan banks Federal National Mortgage Federal land banks—Cont. Notes: Association—Cont. Bonds: Oct. 25, 1966......................5.15 506 Debentures: Feb. 20, 1967.....................4% 126 Nov. 25, 1966......................5.30 325 Sept. 10, 1970..................4i/8 119 Feb. 20, 1967...................5.60 125 Jan. 25, 1967.......................5.65 250 Aug. 10, 1971......................494 64 May 22, 1967.....................4 180 Feb. 27, 1967......................5.40 543 Sept. 10, 1971......................454 96 July 20, 1967...................6.05 302 Mar. 27, 1967.......................5.40 575 Feb. 10, 1972......................514 98 Aug. 21, 1967.....................454 179 Apr. 25, 1967.......................5.55 656 June 12, 1972......................4% 100 Oct. 1, 1967-70...............454 75 June 12, 1973......................454 146 Oct. 23, 1967.....................454 174 Bonds: Feb. 10, 1977......................454 198 Oct. 23, 1967.....................5% 150 Nov. 15, 1966........................4*4 275 Jan. 22, 1968.....................554 130 J J u an n . e 2 2 5 6 , , 1 1 9 9 6 6 7 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 4 5 1 % ,$ 3 5 7 0 5 0 Banks for cooperatives M Ma a y r. 2 2 0 0 , , 1 1 9 9 6 6 8 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 5 5 4 4 2 1 4 11 2 J A S J S M u a e e u n l a p p g y . r t t . . . . 2 2 2 2 1 8 7 5 1 5 6 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 7 7 7 7 8 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 5 6 5 5 % % % % 4 2 5 5 6 2 1 5 3 9 5 5 8 5 0 5 0 0 0 De D O N F b e c e o e b t c v n . . . 3 . t u , r 1 1 1 1 e , , , 9 s 1 1 6 1 : 9 9 6 9 6 6 . 6 . 6 6 . 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 . . . . . . . . . . 3 5 5 5 0 1 . . 9 4 4 0 0 2 2 2 1 6 3 3 51 6 6 0 J J A J O M u u u u c l l n a y t y g r e . . . 2 2 2 2 1 1 0 0 0 0 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 8 8 9 9 9 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 4 4 4 5 5 5 5 % 4 4 4 4 2 1 1 1 1 0 6 8 0 6 3 6 9 0 0 0 0 Mar. 25, 1969........................5% 300 Feb. 20, 1970.....................554 82 Apr. 1, 1970.....................354 83 Federal intermediate credit banks Fede t r i a o l n — Na s t e io co n n a d l a M ry o r m tg a a r g k e e t A s o s p o e c r i a a ­ ­ De O b c e t n . tu 3 r , e 1 s 9 : 66..................4.90 312 J M ul a y y 20 1 , , 1 19 9 7 7 1 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 55 5 4 4 8 6 5 0 tions D N e o c v . . 1 1, , 1 1 9 9 6 6 6 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5. . 1 0 5 0 3 3 7 6 1 0 S F e e p b t . . 2 1 0 5 , , 1 1 9 9 7 7 2 3 . - . 7 .. 8 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 5 54 4 1 1 0 4 9 8 De D F b e e e b c n . . t u 1 1 r 2 0 e , , s : 1 1 9 9 6 6 6 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 ... ^ 5 6 1 9 4 5 3 8 0 A J F M M a e p n a a b r y r . . . . 3 1 1 3 1 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 7 7 7 7 7 . . . . . . ♦ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 5 5 5 • . . . . 5 3 3 6 6 % 5 5 0 0 2 3 2 3 3 9 8 9 8 1 8 3 3 6 2 A J F F A u e e p p l b b y r r . . . . 2 2 2 2 2 1 0 4 0 0 , , , , , 1 1 1 1 1 9 9 9 9 9 7 7 7 7 7 4 5 6 6 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 5 5 5 5 5 % 5 4 4 4 2 1 1 1 1 0 2 5 5 5 0 3 5 0 0 J O M u c n a t e y . 1 1 1 1 0 2 , , , 1 1 1 9 9 9 6 6 6 7 7 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 S 4 M H % o o 2 4 1 5 0 5 0 0 0 June 1, 1967........................6 278 Te S nn h e o s r s t e -t e e r V m a ll n e o y t A es u .. t . h .. o .. r . i . t .. y . . 140 A A S M e p p a p r r r t . . . . 1 1 1 1 0 1 0 0 , , , , 1 1 1 1 9 9 9 9 7 6 6 6 0 8 9 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 5 4 4 J % % % 4 3 1 5 8 8 4 8 0 7 2 Fe B de o D F r n a e e d l b c s l . . : a n 2 1 d 0 5 , , b 1 1 a 9 9 n 6 6 k 6 7 s . - . 7 .. 2 .. . . . . . . . . . . . . . . . . . . . . . . .. 4 .. 5 . 4 454 23 7 9 2 Bo J N F n u e o d l b y v s . : . 15 1 1 , , , 1 1 1 9 9 9 8 8 8 7 6 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 . .4 4 .4 5 5 0 4 4 4 5 5 5 0 0 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

1678 FEDERAL FINANCE NOVEMBER 1966 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U. S. Government cash transactions Receipts from the public, Payments to the public,, Net cash borrowing other than debt other than debt or repayment Period Net rects. or Change Less: Less: Bu n d e g t et f T P u r l n u u d s s s : t g I L n o e v t s r t s a . : ­ 1 E r T e q c o u t t a s a . l l s 2 : Budget f T P un l r u u d s s s : t 3 A m L d e e j n s u t s s s : t 4 ­ E p T q a o u y t a t a s l l s . : payts. (d d i i e r n b e c t t a I g nv e b e y n s . t & , N d ca e o s b n h t ­ Eq N u e a t ls: &agen.) trusts 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 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*7. ... 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—Sept......1..0..,.9..99 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 Junep.............. 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 Sept................. 12,475 2,681 330 14,748 11,883 2,655 1,388 13,150 1,598 350 142 118 89 Effects of operations on Treasurer’s account Net operating transactions Net financing transactions Change in Treasurer’s account cash balances (end of period) Period Agencies & trusts Change Operating bal. Budget in surplus Trust Clearing gross Held Treas­ Other de o fi r c it funds 3 accounts i M ss s u e a o a c r f k n . 3 e ce t i I n G n s e v o U c e v . . s t S 3 t , , . p d d u i e r b e b l c i t c t T o r u e t a s s i u d r e y ac u c r o er u ’ n s t Balance B F a . n R k . s a l T a c o n c a a d t x n s . as n s e e t t s 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: 19m—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—Sept.........1..,.5.48 -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 Sept............... 593 26 939 22 -142 328 100 1,666 8,610 760 6,415 1,435 1 Primarily interest payments by Treasury to trust accounts and accumu­ • !^On?1!y adjusted data include accelerated corporate tax payments lations to U.S. employee trust funds. in 1965 and 1966; data for 1966 also include adjustments for initiation of 2 Includes small adjustments not shown separately. graduated withholding of personal income taxes and change in schedule 3 Includes net transactions of Govt.-sponsored enterprises. for depositing withheld and OASI taxes. 4 Primarily (1) intragovt transactions, (2) noncash debt, (3) clearing accounts. Note.—Based on Treasury Dept, and Bureau of the Budget data. * Includes technical adjustments not allocated by functions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 FEDERAL FINANCE 1679 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Total W I i n th d ­ ivid O u t a h l er C r o a 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 1 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 n a t d . y t s ­ fu R n e d ­ s Other held Fiscal year—1963... 109.739 38,71914,269 22,336 13,410 5,521 3,405 19,729 15,128 4,107 2,187 1,241 1,815 6,571 2,604 1964... 115,530 39,25915,331 24,301 13,950 5,630 3,646 21,936 17,405 4,037 2,416 1,284 1,702 7,148 2,499 1965... 119,699 36,84016,820 26,131 14,793 5,921 3,782 22,138 17,833 3,817 2,746 1,478 2,097 6; 030 2,686 1966’.. 134,382 42,76918,486 30,835 13,407 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 19,10813,222 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 22,80514,680 19,943 6,361 2,825 1,969 15,927 13,498 2,166 1,815 913 977 6,190 2,127 Month: 1965—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 3,374 351 878 971 361 357 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 Sept........... 14,748 3,792 2,608 4,547 1,156 n.a. 354 1,894 1,803 46 214 170 191 158 334 Cash payments to the public Period Total 5 t f i N e o d 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 r e a a c ­ t l e ­ s t m C ra a e o n n r m s d c p e ­ . & H d e i c o n v o u g e m s l. ­ . l H w ab e el a o f l r a t r h & e , Ed ti 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........ U3.751 53,429 3,805 2,552 5,623 2,535 5,777 -268 25,698 1.214 5,971 7,427 1,953 1964...1..2..0.,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—Sept........... 11,090 4,610 346 489 '630 '290 748 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 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 Sept................ 13,150 6,035 375 483 909 329 807 218 3,047 368 593 368 243 1964 1965 1966 1964 1965 1966 Item IV I II in IV I II’ III IV 1 II III IV I H’ III Seasonally adjusted Not seasonally adjusted Cash budget: Receipts................................ 28.8 29.7 632.6 30.6 30.7 33.7639.6 36.3 24.3 30.7 37.7 29.2 25.8 33.3 46.1 34.6 Payments............................... 29.8 30.2 32.4 32.1 33.1 36.9 35.8 40.0 30.6 28.3 32.6 33.1 34.0 34.6 36.0 41.3 Net..................................... -1.0 -.4 .3 -1.5 -2.4 -3.2 3.8 -3.7 -6.3 2.4 5.1 -3.9 -8.1 -1.3 10.1 -6.7 For notes, see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1680 U.S. GOVERNMENT SECURITIES NOVEMBER 1966 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 5 End of period d T g e r o b o t t s a s l 1 d T g i r o r o e t s a c s l t Marketable C ve o r n t­ ­ Nonmarketable i S ss p u e e c s ia 6 l debt 2 Total ible Sav­ Total BiUs C c e a r t t e i s fi­ Notes Bonds 4 bonds Total 5 b i o n n g d s s 1941 Dec ............................. 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945 Dec............ . ............ 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947 Dec... ............................ 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 1958—Dec.................................... 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959 Dec............................ 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960—Dec............................. 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec.................................... 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—Dec................................. 304.0 303.5 255.8 203.0 48.3 22.7 53,7 78.4 4.0 48.8 47.5 43.4 1963—Dec..................................... 310.1 309,3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Dec.................................... 318.7 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 1965__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 Mar......................... 321.5 321.0 270.6 215.2 59.5 1.7 50.9 103.1 2.8 52.7 50.4 46.0 Apr.............................. 320.1 319.6 270.3 215.0 59.5 1.7 50.8 103.1 2.7 52.8 50.4 44.9 May.................................... 322.8 322.4 269.1 213.8 59.5 1.7 50.6 102.0 2.7 52.7 50.5 48,8 June............................... 320.4 319.9 264.3 209.1 54.9 1.7 50.6 101.9 2.7 52.5 50.5 51.1 July.................................... 319.8 319.2 264.2 209.1 54.9 1.7 50.7 101.9 2.7 52.4 50.6 50.7 Aug.................................... 324.9 324.4 266.5 211.4 57.9 7.0 45.9 100.6 2.7 52.4 50.6 53.2 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 Oct..................................... 327.4 326.9 270.4 215.3 62.3 7.0 45.6 100.5 2.7 52.4 50.7 51.9 1 Includes non-interest-bearing debt (of which $266 million on Oct. 31, 5 Includes (not shown separately): depositary bonds, retirement plan 1966, was not subject to statutory debt limitation) and guaranteed secu­ bonds, foreign currency series, foreign series, and Rural Electrification rities not shown separately. 2 Excludes guaranteed securities. Administration bonds; before 1954, armed forces leave bonds; before 3 Includes amounts held by U.S. Govt, agencies and trust funds, which 1956, tax and savings notes; and before Oct. 1965, Series A investment totaled $16,017 million on Sept. 30, 1966. bonds. 6 Held only by U.S. Govt, agencies and trust funds. * 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 io 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 a a v u n i t n u k g a s s l p I c a n a o n n s m c u ie e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S l a o o t n c v a d a t t s e l . Savi I n n g d s i vidu O al t s her n F a i o t n a i r n o t e e d n i r g a ­ n l! 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—Sept................ 317.3 63.6 39.8 213.9 57.5 5.7 10.6 14.7 23.0 49.4 22.8 16.3 14.0 Oct................ 319.4 62.3 39.7 217.5 59.7 5.5 10.5 15.6 23.0 49.4 22.8 16.3 14.5 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 1966—Jan................. 322.4 60.0 40.6 221.9 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 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 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 Mav............... 322.8 64.5 41.5 216.9 54.9 5.2 10.0 16.5 24.7 49.7 24.8 15.3 320.4 66.7 42.2 211.5 54.5 5.1 9.7 14.4 23.9 49.8 24.4 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 r49.9 r24.8 15.4 H4.7 Sept........ 325.3 69.2 42.9 213.2 54.2 5.0 9.7 14.4 23.6 49.9 25.5 15.8 15.0 1 Includes investments of foreign balances and international accounts Note.—Reported data for F.R. Banks and U.S. Govt, agencies and in the United States. trust funds; Treasury estimates for other groups. 2 Includes savings and loan assns., dealers and brokers, nonprofit institutions, and corporate pension funds. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 U.S. GOVERNMENT SECURITIES 1681 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—Aug. 31 ........................................................ 211,402 92,238 57,936 34,302 62,957 30,783 8,437 16,’987 Sept. 30........................................................ 211,771 92,642 58,341 33,301 62,952 30,774 8,436 16;967 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—Aug. 31................................................. 13,856 1,792 769 1,023 3,804 2,698 2,083 3’479 Sept. 30.................................................. 13,915 1,857 827 1,030 3.794 2,701 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—Aug. 31................................................. 42,518 27,231 10,702 16,529 13,699 1,192 153 244 Sept. 30................................................. 42,907 27,619 11,090 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—Aug. 31................................................. 155,028 63,215 46,465 16,750 45,454 26,893 6,201 13,264 Sept. 30................................................. 154,949 63,166 46,424 15,742 45,459 26,881 6,200 13,244 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—Aug. 31........................................ 45,005 13,992 6,481 7,511 19,900 10,235 401 478 Sept. 30......................................... 44,722 13,739 6,318 7,421 19,856 10,253 408 466 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—Aug. 31......................................... 4,811 671 335 336 1,458 1,336 297 1,049 Sept. 30........................................ 4,812 772 436 336 1,426 1,294 297 1,023 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—Aug. 31......................................... 8,152 617 300 317 1,990 1,757 1,086 2,703 Sept. 30.,...............»................. 8,167 696 364 332 1,960 1,729 1,079 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—Aug. 31.......................................... 6,719 5,022 3,108 1,914 1,405 231 6 54 Sept. 30................................ 5,714 4,095 2,574 1,521 1,366 199 6 48 Savings and Ioan 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—Aug. 31.......................................... 3,612 530 342 188 1,099 1,258 258 467 Sept. 30..................... 3,645 570 373 197 1,075 1,274 258 467 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—Aug. 31.......................................... 16,534 6,388 5,362 1,026 2,165 1,671 1,949 4,362 Sept. 30.......................................... 15,948 6,020 4,995 1,025 2,041 1,646 1,927 4,315 All others: 1963—Dec. 31.....6..6...,.3..2..0...........3..3..,.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—Aug. 31.................................... 70,194 35,995 30,538 5,457 17,438 10,406 2,204 4,152 Sept. 30..............♦...♦•♦............. 71,941 37,274 31,364 4,910 17,735 10,486 2,225 4,222 Note.—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,924 commercial banks, 504 mutual savings Ownership. • . „ , banks, and 765 insurance cos. combined; (2) about 50 per cent by the Data complete for U.S. Govt, agencies and trust funds and F.R. Banks 469 nonfinancial corps, and 488 savings and loan assns.; and (3) about but for other groups are based on Treasury Survey data. Of total mar­ 70 per cent by 507 State and local govts. ketable issues held by groups, the proportion held on latest date by those “All others,’* a residual, includes holdings of all those not reporting reporting in the Survey and the number of owners surveyed were: (1) in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1.682 U.S. GOVERNMENT SECURITIES NOVEMBER 1966 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt, Period agency Dealers and brokers securities. Total W 1 y it e h a in r y 1 e - a 5 rs y 5 e - a 1 r 0 s 10 O y v e e a r r s U.S. Govt, m b C e a o r n c m k ia s ­ l o A th U e r securities Other 1965—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............................. 21100 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 11564 202 86 30 514 78 746 543 221 June.................. I ',927 1,614 186 94 33 646 69 729 483 278 July............................ 1,820 1'560 155 76 29 607 64 726 423 284 1'785 1'497 189 62 38 573 78 721 413 175 Sept.............................. 2,004 1,682 198 82 43 742 101 730 432 170 Week ending— 1966__Sept. 7....................... 2,031 1,646 211 108 66 672 122 733 504 160 * 14........................ 11734 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 Oct. 5........................ 2,430 2,078 239 79 35 834 94 876 626 158 12........................ 1 '966 1'711 156 80 20 673 88 792 414 155 19........................ 2’662 2'362 179 83 39 825 85 1 217 537 193 26........................ 2367 1,992 228 98 49 948 105 781 534 208 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 i y t e h a in r y 1 e - a 5 rs 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 so A ur l c l es Y N o e r w k Else­ C t o io rp n o s r 1 a­ o A th l e l r where City 1965—Sept......... 2,858 2,622 75 161 298 Oct....... 2,562 2,381 68 112 289 3,050 807 643 1 284 316 Nov......... 3,198 2,928 176 94 302 Oct............. 2,579 823 605 *871 279 Dec.......... 3,049 2,856 187 5 280 3 016 829 519 1 451 217 Dec............ 3^275 1 014 531 1 *389 340 1966—Jan........... 2,651 2,725 -58 -16 244 Feb.......... 1,927 1,937 8 -20 316 1966—Jan............. 2,708 767 652 383 A M M p a a r r y . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 , , , 8 2 9 6 3 6 7 9 3 2 2 2 , , , 0 0 7 6 4 9 1 5 8 -1 1 0 4 1 2 6 2 6 3 3 0 6 3 8 67 5 1 5 6 4 F M A e p a b r r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 1 ’ 9 3 2 5 0 4 8 9 9 1,2 5 3 0 6 4 9 5 9 4 6 3 2 6 4 1 9 0 1 1 ’ 9 0 1 7 7 5 3 2 5 3 2 1 6 1 8 7 0 7 June........ 1,548 1,353 92 102 665 M ay...... 2,787 744 602 1 067 375 J A u u ly g . . . . . . . . . . . . . . . . . . 2 1 , , 1 68 8 1 8 2 1 , , 0 5 0 8 1 7 18 4 1 9 45 6 4 2 0 0 8 8 J J u u n ly e . . . .. . . . .. . .. . .. . 2 2 0 1 6 2 5 7 5 6 2 2 3 3 4 4 8 7 1 6 737 2 2 7 8 0 7 Sept......... 2,230 2,042 108 79 269 2’229 430 480 Week ending— Sept....... 2; 410 725 615 731 340 Week ending— 1966—Aug. 3.. 2,132 2,037 74 22 262 10.. 1,895 1,597 279 19 191 1966—Aug. 3... 2,214 459 517 778 460 2 3 1 1 4 7 . . . . . . 2 2 1 , , , 6 3 8 2 5 8 7 8 4 2 2 1 , , , 4 2 6 7 1 7 9 3 2 2 1 1 0 5 4 4 6 8 -10 8 1 2 1 1 4 9 9 0 5 4 2 1 17 4 0 . . .. . . . 2 2 1 , , , 2 3 8 2 1 3 3 4 4 2 4 2 9 6 3 8 5 7 3 3 3 6 9 0 3 5 4 9 9 8 0 9 5 1 7 2 7 5 3 0 0 5 5 0 6 31... 2,520 579 633 1,011 297 Sept. 7.. 2,626 2,429 144 53 177 2 2 1 8 1 4 . . . . . . 2 2 1 , , , 6 1 80 1 1 0 2 6 2 1 1 , , , 9 4 6 4 4 1 1 3 6 1 1 6 0 1 8 9 9 7 6 8 7 7 8 2 2 3 4 1 9 8 5 8 Sept. 2 1 7 4 1 . . . . . . . 2 2 2 , , , 5 7 4 6 4 7 0 5 6 7 6 8 9 9 5 5 6 6 6 7 6 1 0 3 1 2 0 6 9 8 4 5 5 6 9 9 3 3 3 9 1 1 3 9 6 28... 1,956 559 525 542 I 331 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 corporations, except commercial banks and insurance contract is matched by a reverse repurchase (resale) agreement or delayed companies. delivery sale with the same maturity and involving the same amount of securities. Included in the repurchase contracts are some that more clearly represent investments by the holders of the securities rather than Note.—-Averages of daily figures based on the number of calendar days dealer trading positions. in the period. Both bank and nonbank dealers are included. See also Average of daily figures based on number of trading days in the period. note to the opposite table on this page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 GOVERNMENT SECURITIES 1683 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, OCTOBER 31, 1966 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Nov. 3, 1966. 2,290 Apr. 6, 1967. 1,000 Apr. 1, 1968......1ft 212 Oct. 1, 1969..........4 6,256 Nov. 10, 1966. 2,303 Apr. 13, 1967. 1,000 Oct. 1, 1968......1ft 115 Feb. 15, 1970..........4 4,381 Nov. 17, 1966. 2,302 Apr. 20, 1967. 1,001 Apr. 1, 1969......1ft 61 Aug. 15, 1970..........4 4,129 Nov. 25, 1966. 2,301 Apr. 21, 1967. 2,510 Oct. 1, 1969... 159 Aug. 15, 1971..........4 2,806 Nov. 30, 1966. 1,001 Apr. 27, 1967. 1,000 Apr. 1, 1970... 88 Nov. 15, 1971..........3ft 2,760 "De c. 1, 1966, 2,301 Apr. 30, 1967. 1,001 Oct. 1, 1970......ift 113 Feb. 15, 1972..........4 2,344 Dec. 8, 1966. 2,303 May 31, 1967. 1,001 Nov. 15,1970... 7,675 Aug. 15, 1972..........4 2,579 Dec. 15, 1966. 2,302 June 22, 1967. 2,007 Apr. 1,1971......1ft 35 Aug. 15, 1973..........4 3,894 Dec. 22, 1966. 2,301 June 30, 1967. 1,502 May 15, 1971......5ft 4,267 Nov. 15, 1973.........4ft 4,356 Dec. 29, 1966. 2,303 July 31, 1967. 1,495 Oct. 1, 1971......1ft 2 Feb. 15, 1974.........4ft 3,130 Dec. 31, 1966. 1,001 Aug. 31, 1967 1,000 May 15, 1974.........4ft 3,592 Jan. 5, 1967. 2,301 Sept. 30, 1967. 900 Nov. 15, 1974.........3ft 2,242 Jan. 12, 1967. 2,302 Oct. 31, 1967. 905 Treasury bonds May 25, 1975-85...4ft 1,217 Jan. 19, 1967. 2,303 June 15, 1962-67...2ft 1,429 June 15, 1978-83...3ft 1,578 Jan. 26, 1967. 2,302 Certificates Dec. 15, 1963-68...2ft 1,790 Feb. 15, 1980..........4 2,606 Jan. 31,1967. 1,001 Nov. 15, 1966 1,135 June 15, 1964-69...2ft 2,546 Nov. 15, 1980.........3ft 1,911 Feb. 2,1967. 1,001 Aug. 15, 1967. 5,870 Dec. 15, 1964-69...2ft 2,494 May 15, 1985.........3ft 1,124 Feb. 9, 1967. 1,000 Mar. 15, 1965-70...2ft 2,291 Aug. 15, 1987-92...4ft 3,818 Feb. 16, 1967. 1,001 Treasury notes Nov. 15, 1966..........3ft 1,264 IF-e.'b-.. 15, 1988-93...4 250 Feb. 23,1967. 1,003 Nov. 15, 1966, .4 1,672 Mar. 15, 1966-71...2ft 1,394 May 15, 1989-94...4ft 1,560 Feb. 28, 1967. 1,000 Feb. 15, 1967. 3ft 2,358 June 15, 1967-72...2ft 1,266 "Fe b1 . 15, 1990.........3ft 4,895 Mar. 2, 1967. 1,000 Feb. 15, 1967. 5,151 Sept. 15, 1967-72...2ft 1,952 _F_e_b. 15, 1995..........3 2,036 Mar. 9, 1967. 1,004 Apr. 1, 1967, 1ft 270 Nov. 15, 1967.......... 3ft 2,019 Nov. 15, 1998..........3ft 4,399 Mar. 16, 1967. 1,000 May 15, 1967, 9,748 Dec. 15, 1967-72...2ft 2,655 Mar. 22, 1967. 2,006 Aug. 15, 1967. 2,929 May 15, 1968. .3’/, 2,460 Mar. 23, 1967. 1,000 Aug. 15, 1967. 2,117 Aug. 15, 1968. 33/4 3,747 Convertible bonds Mar. 30, 1967. 1,001 Oct. 1, 1967. 457 Nov. 15, 1968. 3ft 1,591 Investment Series B Mar. 31, 1967. 1,000 Nov. 15, 1967. ■ 4J$ 8,135 Feb. 15, 1969. 4 3,728 Apr. 1, 1975-80...2ft 2,667 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 capita! Type of issue Type of issuer Total Use of proceeds amount Period deliv­ Total G o e b a n l l e i­ r­ R n e u v e e­ PHA1 G l U o o a .S v n . t s , State S di p s a s t e n t a r c d t i i , c a t l Other2 ered 3 Total c E at d i u on ­ b R r a o i n d a g d d e s 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 gations auth. 1960. 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961. 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2,821 1,167 1,700 385 478 1,913 1962. 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963. 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1964................. 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,06910,201 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 ........1..5..5 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 91 145 1966—Jan........ 1,218 889 304 25 471 286 462 n.a. 1,183 388 230 152 2 412 Feb....... 867 614 240 13 19C 172 505 n.a. 851 208 68 137 444 Mar.... 878 554 201 96 28 151 311 416 n.a. 868 380 25 159 99 ........2..0..5 Apr....... rl,210 '815 '350 46 454 '366 '391 n.a. '1,193 329 105 '141 2 616 ^06 507 378 21 he '319 469 n.a. ■905 251 134 280 2 237 June.... '1,139 582 '396 110 51 275 '429 435 n.a. '1,137 506 118 197 '124............ '192 July.... r698 '405 '273 '20 '174 '245 '279 n.a. '697 '225 '136 '68 '8 '260 Aug...... '769 '433 '301 '35 '132 '275 '363 n.a. '76! '277 '32 '101 '6 '353 Sept.... 995 425 433 120 17 65 563 368 n.a. 983 202 218 211 124 ........... 228 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract 3 Includes urban redevelopment loans. requiring the Public Housing Administration to make annual contributions to the local authority. . Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt loans. and payment to issuer, which occurs after date of sale. Investment Bankers Assn, data; par amounts of long-term issues 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

1684 SECURITY ISSUES NOVEMBER 1966 TOTAL NEW ISSUES (In millions of dollars) Proposed use of net proceeds, Gross proceeds, all issues 1 aU corporate issues 6 Noncorporate Corporate New capital Re­ Period tire- Bonds Stock ment Total G U o . v S t . .2 G a U g o . e S v n t . ­ , S U a t n a .S d te . Other 5 Total Pub­ Pri­ Pre­ Com­ Total Total m N on ew ey s O p p o t u h s r e e ­ s r s ri e o t c ie f u s ­ cy 3 local * Total licly vately ferred mon offered placed 1958................... 34.443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959.................... 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 1960.................... 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961.................... 35,527 12,253 1,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 868 1962................... 29,956 8,590 1,188 8,558 915 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—Aug........ 2,354 371 239 718 95 930 837 369 468 15 78 919 850 760 91 69 Sept..... 3,029 342 150 984 14 1,538 1,370 664 706 92 76 1,523 1,392 1,249 143 130 Oct......... 2,661 369 375 867 65 986 861 287 574 8 116 973 924 834 90 49 Nov..... 6,340 3,463 375 1,018 86 1,398 1,142 613 529 92 165 1,377 1,325 1,183 143 52 Dec........ 2,948 331 179 768 25 1,646 1,487 326 1,161 87 72 1,632 1,496 1,279 217 136 1966—Jan.......... 3,021 475 1,176 30 1,339 1,152 460 692 119 68 1,325 1,302 1,214 88 22 Feb......... 3,008 345 503 845 42 1,273 1,143 560 583 75 55 1,259 1,237 1,068 169 22 Mar.'.... 4,250 457 410 848 54 2,482 2,065 753 1,311 21 396 2,452 2,446 2,039 407 7 Apr......... 3,668 426 392 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 Aug........ 3,721 387 799 764 10 1,760 1,619 1,140 480 71 70 1,736 1,719 1,652 67 17 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 capital* secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital* secu­ capital* 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 1960............................................... 1,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1961............................................... 3,691 287 1,109 36 651 35 2,883 106 1,435 382 2,248 22 1962............................................... 2,958 228 803 32 543 16 2,341 444 1,276 11 1,825 23 1963............................................... 3,312 190 774 55 873 83 1,935 699 726 356 2,933 144 1964............................................... 2,772 243 1,024 82 941 32 2,445 280 2,133 36 3,723 80 1965............................................... 5,015 338 1,302 79 967 36 2,546 357 847 92 4,128 93 1965—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 1966—Jan....................... 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 Aug..................................... 536 15 142 2 255 317 1 317 152 1 Gross proceeds are derived by multiplying principal amounts or « Estimated gross proceeds less cost of flotation. nuPVxrI 1111115 offering price. 7 For plant and equipment and working capital. Includes guaranteed issues. 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. 1 $ee NQtE t0 table at bottom of opposite page. ... Note.—Securities and Exchange Commission estimates of new issues 5 Foreign governments. International Bank for Reconstruction and maturing in more than 1 year sold for cash in the United States. Development, and domestic nonprofit organizations. * Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 SECURITY ISSUES 1685 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 In co ve s s .1 t. Other In c v o e s s .1 t. Other I c n o v s e .> st. 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............... 6,333 2,529 3,803 4,007 1,252 2,755 1,243 1,083 515 762 728 321 Ill............... 5,064 2,570 2,494 3,207 1,232 1,975 1,124 733 477 861 647 -128 IV................ 5,809 2,847 2,962 3,261 1,178 2,084 1,770 778 657 1,012 1,113 -235 1966—1............... 7,782 3,158 4,624 4,568 1,335 3,233 2,204 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 facturing and other 2 tation 2 utility cation and financial 4 Period & B n o o nd te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks I960........................ 399 462 261 -46 173 -42 1,689 635 901 356 1,572 2,182 1961........................ 2,012 415 516 -447 71 -7 1,648 704 149 1,457 775 3,224 1962........................ 1,355 -242 294 -201 -85 -25 1,295 479 1,172 357 833 2,619 1963........................ 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 1,696 1964........................ 1,303 -516 507 -483 317 -30 1,408 476 458 1,699 2,644 2,694 1965........................ 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 3,319 1965^11................. 814 138 234 -36 57 -28 293 116 201 139 1,156 719 Ill............... 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 * Open-end and closed-end companies. foreign and include offerings of open-end investment cos., sales of securi­ 2 Extractive and commercial and misc. companies. ties held by affiliated cos. or RFC, special offerings to employees, and also 2 Railroad and other transportation companies. new stock issues and cash proceeds connected with conversions of bonds * Includes investment companies. 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 opposite page. actions only. As contrasted with data shown on p. 1683 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 > Re ti d o e n m s p­ s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales 1 Re t d io e n m s p­ s N al e e t s Total 2 po C si a t s i h o n3 Other 1955.............. 1,207 443 765 7,838 438 7,400 1965—Sept... 381 183 199 32,824 1,787 31,037 1956........ 1.347 433 914 9,046 492 8,554 Oct... 394 173 220 33,921 1,758 32,163 1957............... 1.391 406 984 8,714 523 8,191 Nov... 360 163 197 34,533 1,847 32,686 1958............... 1,620 511 1,109 13,242 634 12,608 Dec... 475 176 299 35,220 1,803 33,417 1959............... 2,280 786 1,494 15,818 860 14,958 1966—Jan.... 507 191 316 36,213 2,009 34,204 1 I 1 9 9 9 6 6 6 2 0 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 , , , 6 9 0 5 9 9 1 9 7 1 1 , , 1 1 8 2 6 4 3 0 2 1 1 1 , , , 7 5 2 9 7 5 1 5 6 2 2 1 1 2 7 , , , 2 7 0 7 8 2 1 9 6 1,3 9 9 1 7 8 5 3 0 2 1 1 1 9 6 , , , 8 9 0 0 5 5 6 9 3 A F M e p b a r . r . . . . . . . 4 5 5 4 3 9 0 8 2 2 2 2 2 5 4 9 5 4 2 2 3 1 8 4 1 8 4 3 3 3 6 6 7 , , , 1 1 1 7 7 3 8 3 6 2 2 2 , , , 0 1 0 4 0 9 0 7 4 3 3 3 4 4 5 , , , 1 0 0 3 8 2 3 4 9 May.. 478 216 261 35,453 2,278 33,175 1 1 1 9 9 9 6 6 6 3 4 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2 3 , , , 3 4 4 5 0 6 9 4 0 1 1 1 , , , 8 9 5 7 6 0 5 2 4 2 1 , , 3 5 9 9 2 5 5 8 2 2 2 3 9 5 5 , , , 1 2 2 1 2 1 6 0 4 1 1 1 , , , 3 8 3 4 0 2 1 3 9 2 2 3 3 7 3 , , , 8 7 4 7 8 1 3 7 7 J J A S u u e u l n p y g t e . . . . . . . . . . . 3 3 3 3 6 8 5 2 3 7 0 7 1 1 1 1 5 4 9 8 3 5 7 4 2 1 1 1 1 8 8 7 0 2 6 0 3 3 3 3 5 2 5 2 , , , , 0 5 4 2 8 5 2 2 2 3 3 9 2 2 2 3 , , , , 3 6 4 0 3 5 7 3 7 7 6 2 3 2 3 2 3 9 2 9 , , , , 0 8 6 1 9 9 1 8 0 7 2 6 1 Includes contractual and regular single purchase sales, voluntary Note.—Investment Company Institute data based on reports of mem­ and contractual accumulation plan sales, and reinvestment of invest­ bers, which comprise substantially all open-end investment companies ment income dividends; excludes reinvestment of realized capital gams registered with the Securities and Exchange Commission. Data reflect dividends. * Market value at end of period less current liabilities. newly formed companies 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

1686 BUSINESS FINANCE NOVEMBER 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 I II Manufacturing Total (177 corps.): 123,669 136,545147,380158,253 176,676 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 2,031 2,150 2,265 2,408 2,541 690 606 607 617 711 650 662 Durable goods industries (99 corps.):2....... 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 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.): 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................................... 625 729 816 829 980 208 259 248 328 213 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 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 1 Includes 17 corps, in groups not shown separately. . Telephone: Data obtained from Federal Communications Commis­ 2 Includes 27 corps, in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Nott.—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 mcome 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

NOVEMBER 1966 BUSINESS FINANCE 1687 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a r a o f x t f e e i r t s 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 t e s s d ­ co c a n a t l i l s p o o u i w n t m a ­ l p ­ 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 s r 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 t e s s d ­ co c a n a l t l i s p o o u i w n t m a ­ l p ­ ances 1 ances 1 1958.............. 41.4 19.0 22.3 11.6 10.8 22.0 1964—IV... 67.7 28.6 39.0 17.7 21.4 34.8 1959............... 52.1 23.7 28.5 12.6 15.9 23.5 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 n.... 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 HI... 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 IL... 82.8 34.1 48.7 21.1 27.6 38.5 i Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data arc 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.i GovtJ 1961............................... 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 1962.............................. 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 1963.............................. 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 1964.......................... 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—I....,................ 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 II...................... 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 in...................... 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—I................. 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 Period Total Mining u P t u il b it l i i e c s n C i o ca m ti m on u s ­ Other 1 a ( n S n .A ua . l Durable d N ur o a n b ­ le Railroad Other rate) 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—1....................................* 10.79 2.25 2.28 .29 .39 .58 1.32 1.08 2.59 49.00 II................................... 12.81 2.76 2.70 .33 .44 .77 1.71 1.24 2.85 50.35 in................................ 13.41 2.91 2.82 .32 .44 .72 1.88 1.22 3.10 52.75 IV. ... a a . a............ 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 .......1..5....2..9 3.51 3.27 .40 .55 1.00 2.09 1.42 3.06 60.10 a a . a a a......1..5.64 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 5a19 63.55 1 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

1688 REAL ESTATE CREDIT NOVEMBER 1966 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other Multifamily and Mortgage holders2 1 - to 4-family houses commercial properties ♦ type 5 E pe n r d io o d f h A e o r l l s d l ­ t F u i t i n c i n i s o a a t n l i n ­ s ­ ! a U c g i . e e S n s . ­ v o I i a t n d h n u d e d a i r ­ l s s h A e o r l l s d l ­ t F u i t n i c i n i s o a a t n l i n ­ s ­ 1 O h e o r th s ld e 3 ­ r h A o er l U s d ­ Total tu F i t n i i n o s a t n i n ­ s , 1 O h e o t r h l s d e ­ r Total t F u i t i n n i s o a t n i n ­ s , 1 O h e o 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 1960............ 206.8 157.6 11.2 38.0 12.8 4.7 8.2 194.0 141.3 117.9 23.4 52.7 35.0 17.7 62.3 131.7 1961............ 226.3 172.6 11.8 41.9 13.9 5.0 8.9 212.4 153.1 128.2 24.9 59.3 39.4 19.9 65.5 146.9 1962........... 251.6 192.5 12.2 47.0 15.2 5.5 9.7 236.4 166.5 140.4 26.0 69.9 46.6 23.4 69.4 167.0 1963........... 281.2 217.1 11.2 52.9 16.8 6.2 10.7 264.4 182.2 156.0 26.2 82.2 54.9 27.3 73.4 190.9 1964........... 311.6 241.0 11.4 59.2 18.9 7.0 11.9 292.7 197.6 170.4 27.2 95.1 63.7 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.S 6.2 10.7 264.4 182.2 156.0 26.2 82.2 54.9 27.3 73.4 190.9 1964—1.... 287.4 222.0 11.3 54.1 17.3 6.4 10.9 270.0 185.4 159.0 26.4 84.6 56.5 28.1 74.2 195.8 II... 295.5 228.5 11.3 55.7 18.1 6.7 11.4 277.5 189.8 163.2 26.6 87.7 58.6 29.1 74.9 202.6 III... 303.6 234.9 11.3 57.4 18.5 6.9 11.7 285.1 193.9 167.0 26.9 91.2 61.0 30.2 76.2 208.9 IV... 311.6 241.0 11.4 59.2 18.9 7.0 II.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 77.9 220.4 325.9 252.2 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—1»... 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 H*.. 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 82.6 250.1 IIP'. 361.2 * 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 Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ f n a o r n m ­ Farm Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ O n fa o t r h n m e ­ r Farm sured anteed tional sured anteed tional 1941................................ 4,906 3,292 1,048 566 4 812 3 884 900 28 1945................................ 4,772 3,395 856 521 4,208 3 387 797 24 I 1 9 9 6 6 0 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 30 8 ^ ,8 4 0 4 6 2 2 2 0 1 , ’, 3 2 6 25 2 5 5 , , 8 9 5 7 1 5 2 2 , ’ 8 6 5 2 9 ’7 1 1 1 2 * 6 6 5 23 2 6 7 3 4 9 7 6 0 I 1 M 74 8 7 2 29 6 $ 1 3 4 6 5 2 2 6 4 3 34 0 1 6 7 2 m nA A ^ 0O o .7 O 70A SA 07 0 02 , m 7AAW o A 7 Z , < / 7 A $ A 51 1962................................ 34’476 23^482 6320 2 654 143Q8i 8372 2 022 32 * 320 2Q*121 O 732 /of iLnU ,11 JeUx J3 , nvosos 1963................................ 39,414 26376 7,105 2,862 16 509 10311 2*327 36’22-4 IViDSS m AOA 1 1 <AA 3 A<A 62 1964................................ 43,976 28,933 7,315 2,742 18376 iijws 2^638 40^556 36,487 12,287 11,121 13,079 4,016 53 1965................................ 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 1963—IV........................ 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964—I.......................... 40,200 26.894 7,110 2,824 16,960 10 894 2,412 .37 155 33 606 11 004 1A ATO 11 11 ,SSOAAT J3 .J^707 / 52 I I l I l . .. . .. . .. . .. . .. . .. . . . . . . . . . . . . . . . . . . . . . . 4 4 1 2 , ’ 6 9 4 4 8 8 2 27 8 ^ ’ 7 4 5 3 0 2 7 7, ’ 2 1 5 5 0 8 2 2 3 3 9 8 3 6 1 18 7 ,7 3 9 9 9 6 1 1 1 1 , 3 8 4 9 0 6 2 2 , 3 5 2 5 0 8 3 3 8 9* 3 1 8 9 1 9 3 is 4 *4 4 0 4 7 9 1 I 1 t ’ * 2 3 7 7 A 6 m 1A 0 S 7 7A 7 1 1 1 1 Z 7 7 Z , , Z7 AO U h n AA sa O J 3 .O 73 fi 0 r 5 5 3 3 IV........................ 43,976 28i933 7,315 2,742 18,876 12,405 2; 638 40,’556 36387 12,287 11,121 t3,079 4,016 53 1965—1......................... 44,799 29,388 7,329 2322 19337 12,723 2 688 41 521 37 357 12 664 1 1 772 1 3 A AS A 117 52 II........................ 46’548 30383 7’,469 2312 20,202 13 371 2’794 42*467 38 214 13 036 1111 ,A37X7Z 1A,©AU Ah , 7ZU07Z 54 III... ................ 48,353 31 374 7341 2300 21^233 13,926 2353 43*539 39*163 13*412 11 11 ,A3AO2S 1A 17T A , A33AAH 52 IV................... 49,675 32387 7; 702 2,688 21,997 14,377 2,911 44*617 40*096 13’791 1 1 1 1 , A ‘H G U O S 1A CQ7 4 469 52 1966—1*........................ 50,575 45,361 II*........................1 52,024 45,875 1 Includes loans held by nondeposit trust cos,, but not bank trust depts. and possessions. First and third quarters, estimates based on FDIC data 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. for insured banks for 1962 and part of 1963 and on special F.R. inter­ polations thereafter. For earlier years, the basis for first and third quarter Note.—Second and fourth quarters, Federal Deposit Insurance Corp, estimates included F.R. commercial bank call data and data from the series 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

NOVEMBER 1966 REAL ESTATE CREDIT 1689 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H u A re - d a g n V u t A e a e r - ­ d Other 1 Farm 1 Total Total in F s H u A re - d a g n V u t A e a e r - ­ d Other Farm 1 1 9 9 4 6 5 0 , . .............................................. 6,0 9 8 7 6 6 5,622 1,401 291 3,930 464 41 6 , , 7 6 7 3 1 7 3 5 8 , , 8 7 6 89 0 9 1 , , 0 3 3 9 2 4 6,901 2 4 2 , , 4 8 6 56 6 2,9 7 8 6 2 6 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--Aug.'................................. 886 820 147 45 628 66 58,073 53,416 11,912 6,344 35,160 4,657 Sept................................... 932 868 142 45 681 64 58,411 53,723 11,950 6,326 35,447 4,688 Oct...................................... 932 868 161 44 663 64 58,824 54,103 12,010 6,316 35,777 4,721 Nov.................................. 959 890 149 41 700 69 59,276 54,525 12,063 6,307 36,155 4,751 Dec..................................... 1,248 1,079 154 42 883 169 60,021 55,197 12,094 6,292 36,811 4; 824 1966--Jan...................... 972 865 168 52 645 107 60,518 55,675 12,183 6,307 37,185 4,843 Feb..................................... 817 703 143 39 521 114 60,881 55,988 12,246 6,294 37,448 4,893 Mar..................................... 978 815 139 40 636 163 61,288 56,321 12,259 6,282 37,780 4,967 Apr..................................... 897 756 121 29 606 141 61,710 56,653 12,299 6,262 38,092 5,057 May.................................... 816 709 93 31 585 107 62,101 56,980 12,310 6,244 38,426 5,121 June.......................... 908 830 107 34 689 78 62,547 57,381 12,330 6,225 38,826 5,166 July.................................... 869 815 106 31 678 54 62,969 57,778 12,335 6,210 39,233 5,191 Aug..................................... 791 746 94 38 614 45 63,336 58,128 12,340 6,201 39,587 5,208 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because (1) 1959 and with “other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Advances outstanding (end of period) Period Total 1 s h N c t o r o e u m n w c ­ e ­ H c p h o u a m r s ­ e e Total 2 F su H in re A ­ d - a g n V u t A e a e r - d ­ t C i v o e o n n n a ­ ­ l Period va A n d c ­ es R m e e p n a ts y­ Total t S e h rm or t­ 1 t L e o rm ng ­ 2 M de e p m o b si e t r s s tion 1945....................... 278 213 195 176 19 46 1945 1,913 181 1,358 5,376 I960....................... 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 2i005 11474 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 1,921 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 3i 074 2’,923 1,043 1965............ 23,847 5,922 10,697 110,202 5,141 6,391 98,670 1965—Sept.......... 310 278 5,802 2,908 2,894 942 1965—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 98,670 386 485 5,898 3,071 2,826 843 1966—Jan.. 1,549 322 640 '110,700 5,160 6,364 99,176 Feb............. 171 330 5,739 2,837 2,901 795 Feb.. 1,554 307 645 111,246 5,177 6,361 99,708 Mar............ 214 266 5,687 2,598 3; 089 823 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 1,629 340 823 113,669 5,245 6,279102,145 July............ 838 279 7,342 4,471 2,871 710 July.. l',234 266 643 113,750 5,235 6,254 102,261 Aug........... 146 262 7j 226 4; 625 2^601 698 1,314 272 722 113,897 5,246 6,236102,415 Sept............ 99 150 7; 175 4; 627 2^48 727 Sept.” 1,118 239 573 113,967 5,253 6,202 102,512 1 Secured or unsecured loans maturing in 1 year or less. 1 Includes loans for repairs, additions and alterations, refinancing, etc. 2 Secured loans, amortized quarterly, having maturities of more than not shown separately. , . . . 1 year but not more than 10 years. 2 Beginning with 1958 includes shares pledged against mortgage loans, and beginning with 1966 includes real estate sold on contract not acquired Note.—Federal Home Loan Bank Board data. by foreclosure. Note.—Federal Home Loan Bank Board data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1690 REAL ESTATE CREDIT NOVEMBER 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 je P c r t o s ­ 1 m p P r e e i r o m r n o t v y t p ­ s e ­ ­ 2 Total! h N om M ew e o s rtga h i g s o E t e m i x s n ­ e g s E pe n r d io o d f Total Total s F u i H n re ­ A d - a g n V u te A a e r - d ­ 1 t C i v o e o n n n a ­ ­ l 1945................ 18.6 4.3 4.1 .2 14.3 1945............................. 665 257 217 20 171 192 1959................ 130.9 53.8 23.8 30.0 77.0 I960................ 141.3 56.4 26.7 29.7 84.8 I960............................. 6,293 2,197 2,403 711 982 1,985 1,554 428 196i...................... 6,546 1,783 21982 926 855 1,829 11170 656 1961......... 153.1 59.1 29.5 29.6 93.9 1962............... 7'184 1,849 3,421 1,079 834 2,652 1,357 1,292 1962................ 166.5 62.2 32.3 29.9 104.3 1963............................. 7,216 1,664 3,905 843 804 3.045 1,272 11770 1963................ 182.2 65.9 35.0 30.9 116.3 1964.......................... 8430 1 ,’608 4,965 895 663 2,846 1,023 1,821 1964................ 197.6 69.2 38.3 30.9 128.3 1965............................. 8^689 1405 5,760 591 634 2,652 '876 11774 1965».............. 213.5 73.1 42.0 31.1 140.4 1965—Sept................. 860 159 597 42 62 254 78 177 1963—IV........ 182.2 65.9 35.0 30.9 116.3 Oct................... 811 161 554 45 52 245 81 163 Nov............ 824 156 550 61 57 243 79 163 1964—1........... 185.4 66.6 35.7 31.0 118.8 Dec.................. 780 165 533 38 43 228 77 151 II.......... 189.8 67.3 36.3 30.9 122.5 Ill........ 193.9 68.4 37.4 31.1 125.4 1966—-Jan................... 800 180 547 42 30 236 80 156 IV........ 197.6 69.2 38.3 30.9 128.3 Feb................... 639 134 378 96 32 190 69 121 Mar......... 753 160 447 68 78 163 59 104 1965—1...... 200.7 70.1 39.0 31.1 130.7 Apr.................. 636 139 376 66 54 132 51 81 H....2...0..5..2 70.7 39.7 31.0 134.4 May.......... 608 137 361 56 55 167 62 104 HP.... 209.5 72.0 40.9 31.1 137.4 June................. 685 152 405 69 60 205 71 134 IV’.... 213.5 73.1 42.0 31.1 140.4 July.......... 604 136 368 42 58 219 72 147 Aug.......... 622 159 387 18 57 287 96 191 1966—P......... 216.7 74.1 43.0 31.1 142.6 Sept.................. 610 149 367 27 66 257 96 161 IP........ 220.4 74.6 43.7 30.9 145.8 1 Monthly figures do not reflect mortgage amendments included in annual totals. i Includes outstanding amount of VA vendee 2 Not ordinarily secured by mortgages. accounts held by private investors under repurchase J Includes a small amount of alteration and repair loans, not shown separately; only such agreement. loans in amounts of more than $1,000 need be secured. Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans FH N L o B t B e. — a F n o d r t F o . t R al . d e e s b ti t m a o te u s ts . tan F d o i r n g, co f n ig v u e r n e t s i on a a r l e , represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans figures are derived. closed. Figures do not take into account principal repayments on previously insured or Based on data from Federal Home Loan Bank guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on Board, Federal Housing Admin., and Veterans Admin. number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY MORTGAGE DEBT OUTSTANDING (In millions of dollars) ON INCOME PROPERTIES (In billions of dollars) Mortgage holdings Mortgage transactions Com­ (during mit­ Nonfarm E p n er d i o o d f Total F su H in r A e ­ d - a g n V u t A e a e r - ­ d c P ha u s r p e ­ e s riod S ) ales b m u d u e r i n n s s ­ e ­ ts d End of period Total Total in F s H u A re - d C ti o o n n v a e l n­ Farm 1945................................ 17.0 12.2 12.2 4.8 I960 ....................... 6,159 3,356 2,803 1,248 357 576 1 1 9 9 5 6 9 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 65 0 . . 5 0 4 5 7 2 . . 9 7 5 5. . 9 4 4 4 2 6 . . 5 8 1 1 2 2 . . 1 8 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 5 4 2 3 1 . . . . . 4 4 4 6 5 , , , , , 7 4 6 0 9 3 9 2 1 5 1 3 3 2 0 2 3 3 3 3 , , , , , 9 5 0 4 4 7 9 1 0 9 1 6 7 4 0 2 2 1 1 1 , , , , , 6 3 3 4 6 0 5 2 1 3 3 3 7 6 4 2 4 7 9 8 2 1 9 4 1 3 5 4 0 0 1,1 4 2 5 2 5 1 4 9 0 1 1 8 0 4 6 3 7 3 1 3 5 9 1 9 1 5 1 3 3 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 1 2 3 4 5» . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 9 7 8 1 2 5 9 3 4 8 . . . . . 1 2 0 0 2 1 5 6 8 9 0 9 5 9 2 7 . . . . . 1 3 9 2 0 6 7 7 7 8 . . . . . 2 5 9 4 0 5 6 7 8 9 2 2 4 7 9 . . . . . 9 7 7 2 0 1 2 1 1 1 3 1 5 6 8 . . . . . 9 2 8 9 2 1965--Sept................ 4,372 3,083 1,289 78 443 O D N e c o c t v . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 , , , 7 4 5 3 3 5 1 6 9 3 3 3 , , , 1 2 4 4 5 0 5 5 4 1 1 1 , , , 3 3 2 2 9 0 7 0 4 2 1 9 0 5 6 5 5 7 5 6 9 5 7 3 9 4 1963—1 I IV 1 l . l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 9 9 1 5 9 . . . 7 2 0 7 7 8 5 8 2 . . . 5 6 2 7 7 7 . . . 5 5 4 6 7 7 8 1 4 . . . 1 2 7 1 1 1 6 6 6 . . . 2 8 6 1966—Jan................. 4,948 3,588 1,360 246 62 923 1964—1........................... 101.9 84.6 7.6 77.0 17.3 Feb................. 5,215 3,811 1,404 295 829 .....1..0..5....8...........8..7.7 7.7 80.0 18.1 A M p a r r .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 , , 5 7 2 4 8 4 4 4, , 2 0 6 7 8 7 1 1 , , 4 4 5 7 1 6 2 3 5 44 0 7 69 5 1 0 IV........................ .....1 1 ..0 1 ..9 4 ... . .7 0 ...........9 9 . 5 1 . . 1 2 7 7 . . 8 9 8 8 3 7 . . 5 2 1 1 8 8. . 5 9 M Ju a n y e . . . . . . . . . . . . . . . . . 5 6 , , 9 0 2 8 2 2 4 4 , ,5 4 8 3 1 0 1 1, , 5 4 0 9 1 2 2 1 0 9 9 4 6 6 5 2 0 5 1965—1........................... 117.0 97.5 7.9 89.6 19.5 July................ 6,319 4,787 1,532 265 511 ....1..2...0....7.........1...0..0.5 8.0 92.5 20.2 Aug................. 6,464 4,916 1,548 180 512 IIP...................... 124.4 103.7 8.0 95.7 20.7 Sept................ 6,592 5,028 1,564 159 ....... 532 IV»...................... 128.2 107.0 8.0 99.0 21.2 1966—1»......................... 131.4 109.6 8.0 101.6 21.8 Note.—Federal National Mortgage Assn, data including mortgages IP........................ 134.8 112.3 8.0 104.3 22.5 subject to participation pool of Government Mortgage Liquidation Trust, but excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage Co., the Defense Homes Corp., the Public Nott.—Based on data from same sources as shown for “Mortgage Housing Admin., and Community Facilities Admin. “ Debt Outstanding’* table (second preceding page), and for table immedi­ ately above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 REAL ESTATE CREDIT 1691 CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a o a n e t c n t e r ) t ­ c F c h e e ( a p e n r e s t g ) r e & ! s M (y a e t a u r r s i ) ty L c p r ( a e o p r n t i a e c i t n r o e ) / (t d h c o p o P h l r u u l i a 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 a n n n r t s s ) c C t ( r r e p a o a n e t c n e t r ) t ­ c F c h e ( e a p e n r e s t g ) r e & 1 s M (y a e t a u r r s i ) ty L c p r ( a e o p r n t i a e c i t r o n e ) / (t d h c o p o P h l r u l u a i a c s r s r . ­ e e s o ) f o ( a m f L m d i o o l 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—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 5.81 51 24.6 73 4 24 7 Feb.............. 5.85 .55 24.6 73:2 2<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 1L2 May....... 6.02 .57 24.7 73 4 26 5 19,2 56 20 6 71 8 June............ 6.07 .57 24.8 74.4 26.7 19 7 6118 47 20'0 70 6 21*0 July............. 6.12 .67 24.2 72.1 27 1 19 3 152 19 9 70 5 20 5 Aug............ 6.18 .83 25.4 74.0 27 3 20 1 6135 61 1^8 70 6 20*8 14 7 Sept............. 6.22 .83 24.3 71J 27.0 19.0 6.40 .64 19^4 69.5 20^4 14^0 i Fees and charges—related to principal mortgage amount—include based on probability sample survey of characteristics of mortgages loan commissions, fees, discounts, and other charges which provide originated by major institutional lender groups (including mortgage added income to the lender and are paid by the borrower. They exclude companies) for purchase of single-family homes. Data exclude loans for any closing costs related solely to transfer of property ownership. refinancing, reconditioning, or modernization; construction loans to home-builders; and permanent loans that are coupled with construction Note.—Compiled by Federal Home Loan Bank Board in cooperation loans to owner-builders. See also the table on Mortgages; New and with Federal Deposit Insurance Corporation. Data are weighted averages Existing Homes, p. 1674. delinquency rates on home mortgages nonfarm mortgage foreclosures (Per 100 mortgages held or serviced) Rate Loans not in foreclosure Period (th N o u u m sa b n e d r s ) ( m pe o r r t c g e a n g t e o d f 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—1............................ 27.9 .48 1964.......................... 3.21 2.35 .55 .31 .38 ri................................. 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—1................................... 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 IL................. 2.95 2.16 .49 .30 .38 of nonfarm mortgaged structures at end of period and of non­ Ill.................. 3.09 2.25 .52 .32 .36 farm properties acquired during period through foreclosure proceedings (excluding voluntary deeds in lieu of foreclosure and defaults on real estate contracts). Data exclude Alaska and Note.—Mortgage Bankers Association of America data from reports on 1- Hawaii. to 4—family FHA-insured, VA-guaranteed, and conventional mortgages held by more than 400 respondents, including mortgage bankers (chiefly), commercial banks, savings banks, and savings and loan associations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1692 CONSUMER CREDIT NOVEMBER 1966 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e i o l r e ­ co O g n o s t o h u d e m s r er e a r n R n d i e z p m 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 loans1 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......................................... 63i164 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 181354 19,319 7,682 6,746 4,891 1965—Sept.............................. 83,801 65,979 28,175 16,229 3,664 17,911 17,822 7,600 5,496 4,726 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 3^89 18,070 18,123 7,648 5,740 4,735 Dec............................... 87,'884 68,565 28,843 17,693 3 ,'675 18 ,'354 19,'319 7,682 6,746 4,891 1966 Jan............................... 87,027 68,314 28,789 17,566 3,634 18 325 18,713 7,666 6,107 4,940 Feb............................... 86^65 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 3397 18'532 18,232 7,795 5,393 5,044 Apr............................. 88;184 69^43 29,597 17,597 3,602 18,747 18,641 7', 836 5; 670 5', 135 89;092 70 ,'209 29308 17,732 3; 642 18’927 18,883 7 ,'925 5,860 5,'098 90,'070 71J 94 30J402 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.................... 91s483 72,640 30,918 18,390 3,755 19,577 18,843 7; 849 5,973 5; 021 Sept.............................. 91;639 72; 829 30,793 18J64 3,771 19 JOI 18,810 7^14 5; 993 5,003 1 Holdings of financial institutions; holdings of retail outlets are in­ hold, family, and other personal expenditures, except real estate mortgage cluded in “other consumer goods paper.** loans. For back figures and description of the data, see “Consumer Credit,’’ Section 16 (New) of Supplement to Banking and Monetary Note.—Consumer credit estimates cover loans to individuals for house­ Statistics, 1965, and May 1966 Bulletin. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m C b e a o r n c m k ia s ­ l fi S n c a a o l n s e . c s e u C n r i e o d n i s t f s i C n u a m o n n e c ­ r e 1 Other 1 Total D st m e o p r e e a n s r t t 2 ­ F s t t u u o r r r n e e i s ­ A s a t p o n p r c e l e i s ­ d m A ea o u l b e to i r l s ­ e 3 Other 1939.............................. 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941.............................. 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945.............................. 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1960.............................. 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1,402 1961.............................. 43,527 37,935 17,008 11,273 4,330 3,799 1,525 5,595 2,421 1,058 293 342 1,481 1962............................ 48,034 41,782 19,005 12,194 4,902 4,131 1,550 6,252 3,013 1,073 294 345 1,527 1963.............................. 54,158 47,405 22,023 13,523 5,622 4,590 1,647 6,753 3,427 1,086 287 328 1,625 1964.............................. 60,548 53,141 25,094 14,762 6,458 5,078 1,749 7,407 3,922 1,152 286 370 1,677 1965.............................. 68,565 60,273 29,173 16,138 7,512 5,606 1,844 8,292 4,488 1,235 302 447 1,820 1965—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 15,876 7,363 5,422 1,826 7,406 3,979 1,138 293 438 1,558 6 6 7 8 , , 1 5 6 6 8 5 5 60 9 , , 2 5 7 6 3 7 2 2 8 9 , , 8 1 5 7 5 3 1 1 5 6 , , 9 1 6 3 3 8 7 7 , , 4 5 3 1 6 2 5 5 , , 4 6 6 0 5 6 1 1 , , 8 8 4 4 8 4 7 8 , , 6 2 0 9 1 2 4 4 , , 1 4 0 8 1 8 1 1, , 2 1 3 6 5 7 2 3 9 0 7 2 4 4 4 4 3 7 1 1 , , 5 8 9 2 3 0 1966— S J A J F u a e e u n p l b g y t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 6 7 7 7 6 6 6 2 1 2 8 0 1 9 8 8 , , , , , , , , , 6 8 8 8 2 5 1 2 3 4 2 6 4 2 0 9 7 1 0 9 2 3 7 9 9 4 4 6 6 6 6 6 6 6 6 6 4 0 4 0 3 2 3 1 0 , , , , , , , , , 3 6 8 7 4 1 0 5 2 3 1 6 4 7 9 5 3 0 1 3 8 7 3 5 9 4 2 2 3 3 2 2 3 3 3 3 1 1 9 9 0 0 1 9 1 , , , , , , , , , 2 7 7 6 1 5 3 0 3 0 3 7 8 1 2 0 9 1 1 7 8 4 3 7 7 8 2 1 1 1 1 1 1 1 1 1 6 6 6 6 6 6 6 6 6 , , , , , , , , , 1 2 5 7 1 7 1 4 0 9 6 8 5 0 0 3 7 5 1 3 5 6 9 6 2 4 2 7 7 7 7 7 8 8 8 8 , , , , , , , , , 7 4 4 5 0 2 8 0 3 1 4 7 9 9 3 3 0 2 1 7 3 3 3 8 9 9 4 5 5 5 5 5 5 5 5 5 , , , , , , , , , 7 6 8 6 8 5 6 6 7 9 2 5 9 9 3 4 7 4 1 1 8 8 5 0 6 0 2 1 1 1 1 1 1 1 1 1 , , , , , , , , , 9 8 8 8 8 8 8 8 8 0 5 7 5 4 7 9 5 7 1 3 8 0 0 9 4 0 4 7 8 8 8 8 8 7 8 8 , , , , , , , , , 0 1 9 0 2 9 1 1 0 3 1 4 6 0 1 8 1 9 1 7 8 4 4 6 6 2 7 4,4 n n n n n n n n 1 . . . . . . . . a a a a a a a a 9 . . . . . . . . 1, n n n n n n n n 2 . . 0 . . . . . . a a a a a a a a 8 . . . . . . . . n n n n n n n n 3 . . . . . . . . 0 a a a a a a a a 0 . . . . . . . . 4 4 4 4 4 4 4 4 4 5 8 5 8 8 4 7 8 6 1 7 9 5 9 8 2 0 6 1,7 n n n n n n n n 3 . . . . . . . . a a a a a a a a 7 . . . . . . . . JnCi«nUmer ft13”" C0S’ included with "oth«” financial institutions 3 Automobile paper only; other instalment credit ield by automobile j dealers is included with “other” retail outlets. Includes mail-order houses. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 CONSUMER CREDIT 1693 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Aut p o a m pe o r bile O co th n e ­ r R a e n p d a ir Per­ Auto­ O co th n e ­ r R a e n p d a ir Per­ End of period Total sumer mod­ sonal End of period Total mobile sumer modern­ sonal ch P a u s r e ­ d Direct g p o a o p d er s e l r t o n i a o i n z n s a ­ loans paper g p o a o p d er s i l z o a a ti n o s n loans 1939.......................... 1,079 237 178 166 135 363 1 1 9 9 3 4 9 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. . .. . .. . . 1 1 ,1 7 9 9 7 7 1 3 8 6 7 3 8 1 1 6 1 7 5 2 1 0 4 1 8 56 1 1 9 9 4 4 1 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,7 7 2 45 6 44 66 7 3 1 3 43 8 3 1 0 14 9 1 16 1 1 0 4 3 7 1 2 i 1945................................. 300 164 24 58 54 1960................................. 11 472 7,528 2 739 139 1960......................... 16,672 5,316 2 820 2,759 2 200 3,577 1961................................. 11,273 6811 3 100 1£1 1 701 1961.......................... 17,008 5,391 2,860 2,761 2 198 3,798 1962................................. 12,194 7 449 3*123 1962......................... 19,005 6,184 3’451 2,824 2,261 4,285 1963................................. 13,523 8 2?-8 3*383 158 I 754 1963.......................... 22'023 71381 4,102 3’213 2 377 4,950 1964................................. 14;762 8,701 3; 889 142 23)30 1964.......................... 251094 8,691 4;?34 3,670 2,457 5,542 1965................................ 16,138 9 241 4 429 123 2 345 1965.......................... 29,173 16^310 5;72i 4,266 2 543 6,333 1965—Sept...................... 15,802 9 196 4,204 129 2 273 1965—Sept.............. 28,343 9,985 5,516 4,062 2,539 6 241 Oct....................... 15,876 9 201 4^269 128 2 278 28,618 10,119 5,570 4 125 2’550 6 254 15363 9 210 4 332 126 2’295 Nov........ 28i855 10,220 5; 645 4,172 2 553 6 265 Dec.................... 16,138 9,241 4*429 123 7 345 Dec............... 29373 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 16;072 9 187 4'423 117 2*345 Feb............... 29,312 10^361 51785 4311 2; 484 61371 Mar............ 16,106 9 214 4,422 116 2*354 Mar.............. 29,684 10,533 5 J 885 4351 2,476 6,439 I6J91 9 261 4 448 114 2*368 Apr............... 30,127 16;699 5; 967 4,423 2,481 6,557 May.................... 16,263 9 289 4*479 Hj 2*382 301507 10,852 6,037 4,491 2,502 6,625 16 454 9 395 4’5.38 111 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 6372 4,795 2,580 6; 851 Sept..................... 16;759 9,427 4,’693 | 112 2;527 Sept.............. 31,778 11,313 6,113 41864 2,593 6; 895 See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT (In millions of dollars) (In millions of dollars) Other Repair Single­ Auto­ con­ and Per­ payment Charge accounts End of period Total mobile sumer modern­ sonal loans paper goods ization loans paper loans End of period Total Com­ Other De­ S c e r r e v d i i c t e mer­ finan­ part­ Other Credit 1 1 1 9 9 9 4 4 3 1 5 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 7 73 5 8 1 7 9 1 5 8 2 1 4 2 2 2 3 0 4 6 1 1 1 5 4 4 6 6 7 4 8 6 3 5 9 b c a i n a k l s tu in c ti i s o a t l i n ­ s s m to e r n es t 1 o r u e t t l a e i t l s cards 2 1960................................. 9,074 1,665 771 800 5,837 1961.................................. 9;654 1 743 832 6,257 1939.............. 2,719 625 162 236 1,178 518 1962.................................. 10,583 2; in 751 815 6,906 1941 .......... 3;087 693 152 275 L370 597 1963................................ 111859 2^94 835 870 7,760 1945.............. 3; 203 674 72 290 1,322 845 1964................................. 13,285 2,699 997 933 8,656 1965................................ 141962 3,124 1,153 1,009 9,676 1960.............. 13,196 3,884 623 941 3,952 436 3,360 1961.............. 14,151 4,413 723 948 3,907 469 3,691 1965—Sept...................... 14,558 3,045 1,120 996 9,397 1962............ 15,130 4,690 766 927 4,252 505 3,990 Oct................. 14,611 3; 065 1,130 998 9,418 1963.............. 16,303 5,205 912 895 4,456 520 4,315 14,749 3',094 1,135 1,010 9,510 1964.............. 17,894 5,950 1,004 909 4,756 635 4,640 Dec...................... 14,962 3,124 1,153 1,009 9,676 1965............. 19,319 6,587 1,095 968 5,055 723 4,891 14,895 3,100 1,149 1,004 9,642 1965—Sept... 17,822 6,520 1,080 647 4,078 771 4,726 Feb....................... 14,947 3,110 1,155 1,002 9,680 Oct... 17,954 6,546 1,078 682 4,221 742 4,685 Mar............ 15,073 3,157 1,172 1,005 9,739 Nov... 18,123 6,555 1,093 725 4,291 724 4,735 Apr...................... 15,221 3; 204 1,188 1,007 9,822 Dec.. * 19,319 6,587 1,095 968 5,055 723 4,891 May.................... 15,408 3 ,'258 1,203 1,027 9,920 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............ 15,985 3,420 1,266 1,063 10,236 Mar... 18,232 6,676 1,119 n.a. n.a. 755 5,044 Sept...................... 16,076 3,453 1,278 1,066 10,279 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 June.. 18,876 6,767 1,134 n.a. n.a. 824 5,067 un N io o n t s, e .— ind In u s s t t i r t i u a t l i o l n o s a n re p c r o e m se p n a t n e i d e s a , r e m c u o t n u s a u l m s e a r v i f n in g a s n c b e a n co k m s, p s a a n v i i e n s g , s c r a e n d d it J A u u ly g . . . . . . 1 1 8 8 , , 8 7 4 8 3 8 6 6, , 7 7 1 2 8 0 1 1, , 1 1 3 2 1 4 n n . . a a . . n n . . a a . . 9 86 1 1 6 5 5, , 0 0 2 5 1 6 loan assns., and other lending institutions holding consumer instalment Sept... 18,810 6,692 1,122 n.a. n.a. 932 5,003 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

1694 CONSUMER CREDIT NOVEMBER 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 s p u e m r er mode R r e n p iz a a ir ti o a n n d l oans Personal Ioans Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1960......................................... 49,560 17,654 14,470 2,213 15,223 1961......................................... 48,396 16,007 14,578 2,068 1962......................................... 55,126 19,796 15,685 2,051 1963......................................... 61,295 22,292 17,102 2,198 1964......................................... 67,505 24,435 19,473 2,204 21,393 1965......................................... 75,508 27,914 • • * ...........* 21,454 2,238 23,902 1965—Sept.............................. 6,434 6,085 2,385 2,088 1,859 1,849 176 189 2,014 1,959 Oct................................ 6,425 6,247 2,338 2,318 1,907 1,899 179 183 2,001 1,847 Nov.............................. 6,530 6,608 2,480 2,410 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 June............................. 6,675 7,236 2,419 2,746 1,944 2,013 189 215 2,123 2,262 July.............................. 6,732 6,670 2,383 2,466 2,050 1,945 189 203 2,110 2,056 Aug.............................. 6,689 7,025 2,431 2,543 1,995 2,023 187 225 2,076 2,234 Sept.............................. 6,578 6,189 2,387 2,070 1,958 1,935 175 187 2,058 1,997 Repayments 1960......................................... 45,972 16,384 13,574 1,883 14,130 1961......................................... 47,700 16,472 14,246 2,015 14,967 1962......................................... 50,620 17,478 14,939 1,996 16,206 1963......................................... 55,171 19,400 15,850 2,038 17,883 1964......................................... 61,121 21,676 17,737 2,078 19,630 1965......................................... 67,495 24,267 19,355 2,096 21,777 1965—Sept.............................. 5,748 5,616 2,056 2,024 1,638 1,617 171 173 1,883 1,802 Oct................................ 5,805 5,714 2,080 2,099 1,670 1,636 171 171 1,884 1,808 Nov.............................. 5,831 5,955 2,148 2,193 1,683 1,700 176 177 1,824 1,885 Dec............................... 5,855 6,120 2,107 2,097 1,720 1,760 175 176 1,853 2,087 1966—Jan................................ 5,947 5,837 2,115 2,055 1,778 1,811 176 171 1,878 1,800 Feb............................... 5,954 5,552 2,135 1,979 1,781 1,707 174 161 1,864 1,705 Mar.............................. 6,024 6,317 2,216 2,322 1,708 1,826 176 180 1,924 1,989 Apr............................... 5,974 5,942 2,145 2,137 1,729 1,727 175 173 1,925 1,905 May.............................. 5,979 6,028 2,159 2,215 1,784 1,763 172 175 1,864 1,875 June............................. 6,126 6,251 2,211 2,252 1,767 1,786 176 180 1,972 2,033 July.............................. 6,168 6,002 2,238 2,188 1,803 1,739 174 169 1,953 1,906 Aug.............................. 6,087 6.247 2,223 2,305 1,792 1,798 172 181 1,900 1,963 Sept.............................. 6,103 6,000 2,213 2,195 1,784 1,761 168 171 1,938 1,873 Net change in credit outstanding 2 1960......................................... 3,588 1,270 896 330 1,093 1961......................................... —465 332 53 777 1 19 9 6 6 3 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 6 , , 5 1 0 2 6 4 2 2 , , 3 8 1 9 8 2 .......... 1,2 7 5 4 2 6 .........* • • • • 1 5 6 5 0 .........1 1 .., , .3 8 ..8 2 ..8 0 .. 1 1 9 9 6 6 4 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 8 , , 3 01 8 3 4 ................ 2 3 , , 7 6 5 4 9 7 2 1 , , 0 7 9 3 9 6 ............ 1 .1. 4 2.. 2 6.. ........ 2 .1. , ., 1 .7.. 2 6..3 5 .. 1965—Sept............................. 686 469 329 64 221 232 5 16 131 157 O N c o t v .. . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .. . ....... 6 6 2 9 0 9 6 53 5 3 3 2 3 5 3 8 2 2 2 1 1 9 7 2 1 3 9 7 0 2 3 6 0 3 4 3 9 1 1 2 2 1 1 1 6 7 8 1 3 2 9 0 Dec............................... 634 1,399 336 231 142 897 10 -13 146 284 1966—J F M A a e p n a b r r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 5 5 5 4 3 9 3 1 9 8 7 -2 — 5 7 5 4 1 3 1 8 5 6 2 2 2 1 6 2 0 5 3 5 5 7 - 3 3 1 5 5 4 0 4 4 5 9 2 2 2 1 5 0 2 7 1 5 6 9 - - 1 1 1 2 8 6 4 7 0 4 7 -3 0 7 5 - - 4 3 -6 1 1 5 1 1 1 1 2 6 6 4 8 7 0 0 - 2 1 2 7 1 3 9 1 5 6 S J J A M u u e u p l n a g y t y e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 5 5 6 7 9 6 4 0 5 3 4 9 2 9 7 6 6 1 8 7 6 6 8 8 5 8 9 6 2 2 1 1 1 0 4 0 7 3 5 8 8 9 4 -1 2 3 2 4 2 1 7 3 9 5 1 8 8 4 2 2 1 1 1 0 4 7 4 7 3 7 9 4 7 2 2 2 1 1 2 0 2 3 7 5 5 6 7 4 1 1 1 1 7 5 3 5 4 4 3 4 3 1 0 4 4 5 6 1 1 1 1 15 9 5 7 2 1 1 7 6 0 2 2 1 1 1 7 2 2 5 8 1 9 4 0 0 2 J?*?1!!!? a<*i'“tme°}? ^r <J*Serences in trading days. the amount of extensions and repayments without affecting the amount 2 Net changes in credit outstandmg equal extensions less repayments. outstanding. repayment wiurou. . tSSS^ ^t^^ sales of instalment paper, and certain other transactions may increase Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 CONSUMERCREDIT 1695 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Period T□tai Commercial banks S c a o le m s p f a in n a i n es ce Ot i h ns e t r i t f u in ti a o n n c s ial Retail outlets S.A.> N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1 1 I 1 9 9 9 9 6 6 6 6 1 3 0 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 4 6 5 1 8 9 , , , , 2 1 3 5 9 2 9 6 5 6 6 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 1 3 0 7 8 , , , , 7 3 4 2 1 4 7 6 1 4 4 9 .......... ...... 1 1 1 1 .. 2 0 1 1.. , , , ., 6 6 9 .4. 6 9 . 6 5. 7 9 . 4 6.. ....... 1 1 1 1 ..3 4 2 2 .., , , , .5 8 2 0 ..2 9 7 8 ..5 3 4 2 .. 1 9 7 7 0 , , , , 1 7 3 7 2 9 3 6 3 8 6 2 1 19 9 6 6 5 4 7 6 5 7 , , 5 50 0 5 8 2 2 5 9 , ,7 9 3 5 8 0 1 15 4 , , 0 0 7 2 5 0 1 1 6 8 , , 2 1 5 2 1 0 1 1 1 2 , , 2 57 8 5 4 1965-—Sept............................. 6,434 6,085 2,567 2,386 1,311 1,228 1,514 1,440 1,042 1,031 Oct................................ 6,425 6,247 2,581 2,488 1,214 1,223 1,508 1,404 1,122 1,132 Nov................. 6,530 6,608 2,659 2,517 1,267 1,293 1,512 1,574 1,092 1,224 Dec................................ 6,489 7,519 2,610 2,579 1,291 1,425 1,514 1,788 1,074 1,727 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 1,338 1,186 879 Mar................. 6,673 6,865 2,619 2,784 1,273 1,318 1.573 1,634 1,208 1,129 Apr................................ 6,505 6,658 2,539 2,717 1,226 1,225 1,559 1,579 1,181 1,137 May.............. 6,472 6,694 2,547 2,722 1,228 1,254 1,547 1,600 1,150 1,118 June.............................. 6,675 7,236 2,619 2,912 1,260 1,383 1,643 1,772 1,153 1,169 July............................... 6,732 6,670 2,673 2,717 1,255 1,265 1,593 1,577 1,211 1,111 Aug,........... 6,689 7,025 2,683 2,819 1,260 1,336 1,589 1,713 1,157 1,157 Sept........ 6,578 6,189 2,634 2,422 1,242 1,162 1,587 1,517 1,115 1,088 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 13,618 9,016 1964.......................................... 61,121 22,971 13,161 14,825 10,164 1965.......................................... 67,495 25,663 13,699 16,443 11,690 1965—Sent............................... 5,748 5,616 2,183 2,152 1,180 1,147 1,410 1,350 975 967 Oct................................ 5,805 5,714 2,253 2,212 1J30 1,149 1,422 1,351 1,000 1,002 Nov.................... 5,831 51955 2,264 2,284 1,194 1.206 1,377 1,436 996 1,029 Dec............................ 5,855 6J20 2,252 2,259 1,203 1,250 1,401 11575 999 ^036 5,947 5,837 2,273 2,212 1,202 1,133 1,406 1,365 1,066 1,127 Feb................................ 5,954 5,552 2,292 2,132 1,137 1,091 1,420 1,286 1,105 1,043 Mar..................... 6,024 6,317 2,299 2,412 1,175 1,284 1,463 1,508 1,087 1 113 Apr....................... 5,974 5,942 2,293 2,274 1,129 1,140 1,442 1,431 1,110 1,097 May. 5,979 6,028 2,270 2,342 1,164 1,182 1,414 1,413 1,131 1,091 June.............................. 6,126 6,251 2,348 2,406 1,172 1,192 1,501 1,550 1,105 1,103 July.............................. 6,168 6,002 2,382 2,332 1,180 1,134 1,476 1,445 1,130 1,091 Aug.. 6,087 6,247 2,362 2,480 1,179 1,189 1,458 1,490 1,088 1,088 Sept............................... 6,103 6,000 2,396 2,381 1,156 1,135 1,481 1,426 1,070 1,058 Net change in credit outstanding 2 3,588 1,446 1,152 1,051 -61 1^61 696 335 -199 578 -20 1962 4,506 1,997 921 932 656 1963 6,124 3,018 1,329 1,276 501 1964 6,384 3,065 1,239 1,426 654 1965 8,013 4,075 1,376 1,677 885 1965—Sent . 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 J J M u u l n a y e y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. . .. . .. . .. . .. . .. . . . . 4 5 5 9 4 6 3 9 4 9 6 6 8 6 6 5 8 6 2 2 2 9 7 7 1 1 7 3 3 5 8 0 8 5 6 0 7 6 8 5 8 4 1 1 7 3 9 1 1 2 1 1 1 3 1 4 3 7 2 2 1 1 2 8 3 2 7 2 4 8 1 1 8 9 2 2 6 7 0 6 Aug................. 602 778 321 339 81 147 131 223 69 69 Sept............................... 475 189 238 41 86 27 106 91 45 30 1 Includes adjustments for differences in trading days. , l payments for some particular holders do not equal the changes in their 2 Net changes tn 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

1696 INDUSTRIAL PRODUCTION: S.A. NOVEMBER 1966 MARKET GROUPINGS (1957-59=100) 1957-59 1965 1965 1966 pro­ aver­ Grouping p ti o o r n ­ age Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept. 100.00 143.4 144.1 145.5 146.7 149.0 150.6 152.4 153.7 153.9 155.3 156.5 157.2 158.2 158.1 47.35 142.3 143.7 145.7 148.0 148.9 130.3 132.1 152.5 152.9 153.7 154.9 155.3 156.5 156.7 32.31 140.3 141.3 141.9 143.7 144.2 144.6 146.1 146.2 146.4 146.2 147.1 146.5 147.2 147.0 Equipment, including defense. . .. 15.04 147.0 149.0 153.9 157.3 159.0 162.6 164.8 166.2 166.9 169.8 171.4 174.4 176.5 177.7 52.65 144.2 144.9 145.3 146.1 148.8 150.9 152.6 154.4 154.5 157.1 158.0 158.8 159.6 159.6 Consumer goods 3.21 167.2 165,2 168.0 168.5 169.1 168.1 167.9 170.0 168.4 160.7 162.3 154.5 146.4 151.1 Autos, ............................ 1.82 182.6 178.1 181.1 182.5 182.4 180.3 177.8 180.5 178.9 166.0 167.8 151.5 141.7 148.6 Auto parts and allied products........ 1.39 146.8 148.2 150.8 150.0 151.5 152.0 155.0 156.2 154.6 153.6 155.2 158.6 152.7 154.4 f{(tn(f ^finds and apparel................... 10.00 143.8 144.8 146.7 147.9 151.0 150.9 151.1 151.3 133.8 154.0 153.8 152.3 153.1 151.4 Home goods..................................... 4.59 154.8 155.3 158.8 159.7 165.8 166.8 165.7 164.1 168.4 169.9 168.3 168.0 169.1 166.7 Appliances TV, and radios.......... 1.81 152.3 151.6 158.4 157.2 163.7 166.3 160.5 156.2 166.7 165.9 163.9 165.5 165.0 161.5 Appliances................................. 1.33 153.3 152.9 159.3 156.5 162.0 163.2 163.1 150.6 167.9 165.5 165.2 171.1 166.7 163.1 TV* and home radios.......... .47 149.8 148.1 156.0 159.3 168.7 174.8 153.1 171.8 163.0 166.9 160.3 149.8 160.2 157.1 Furniture and rugs......................... 1.26 154.3 154.2 154.9 157.4 161.0 163.3 164.0 165.5 166.3 169.1 170.1 165.2 168.0 166.1 Miscellaneous home goods....... 1.52 158.2 160.4 162.5 164.5 172.2 170,2 173.4 172.5 172.2 175.5 171.9 173.2 174.7 173.3 Apparel knit goods and shoes . 5.41 134.5 136.0 136.4 137.9 138.5 137.5 138.7 140.4 141 4 140.5 141.6 139.0 139.5 Cnnwmfr staples................. 19.10 134.0 133.4 133.7 137.3 136.3 136.7 139.4 139.5 138.9 139.7 141.6 142.1 144.3 144.0 Processed foods......................... 8.43 122.2 122.6 123.1 124.5 123,2 123.1 125 8 125.2 125.1 123.9 126.4 126.0 128.0 128.0 Beverages and tobacco...................... 2.43 127.2 129.0 127.8 131.0 128.8 129.7 131.1 133.6 130.2 129.5 131.5 130.2 134.3 Drugs "soap, and toiletries............... 2.97 157.0 158.2 158.6 162.5 163.2 164.0 167.2 168.6 167.3 173.4 174.7 174.5 175.4 173.6 Newspapers,’ magazines, and books. 1.47 127.0 128.4 128.2 129.3 130,4 131.9 133.6 134.2 134.1 136.9 138.5 138.9 138.2 137.2 Consumer fuel and lighting. ....... 3.67 149.4 152.9 154.0 153.3 152.7 151 6 155.3 154.7 154.6 155 8 157.1 161.1 165.0 Fuel oil and gasoline............ 1.20 122 4 122.6 124.8 126.6 126.4 125.1 124.0 125*2 128.4 128.7 128.6 128.8 129.1 130.6 Residential utilities........................ 2.46 162.6 167.7 168.2 166.3 165.6 164.5 170.5 169.0 167.4 169.0 171.0 176.8 182.5 Electricity.................................... 1.72 171.6 178.2 179.1 176.3 175.3 173.2 181.5 179.0 176.7 179.0 181.9 190.0 197.9 Gas......................... .74 141.9 Equipment Business equipment........................... 11.63 136.7 139.0 163.S 167.2 169.1 174.0 175.4 175.9 178.3 180.0 182.7 184.6 185.7 Industrial equipment......................... 6.85 153.1 155.3 159.4 162.0 162.4 164.2 166.1 167.4 167.3 168.5 171.0 174.9 176.3 177 3 Commercial equipment..................... 2.42 164.4 166.4 169.7 172.7 175.8 177.5 180.8 184.2 186.4 190.1 191.0 189.8 194.1 155*7 Freight and passenger equipment.,. 1.76 162.4 164.2 178.7 180.4 188.0 194.9 198.9 198.9 201.3 204.9 205.7 208.8 209.3 210.2 Farm equipment............................... .61 148.8 155.4 155.7 165.8 163.9 161.2 158.0 163.0 157.6 164.7 168.2 167.5 169.1 Defense equipment......................... 3.41 Materials Durable goods materials............ 26.73 144.3 144.3 144.3 143.6 147.3 149.9 132.6 155.6 156.7 157.7 159.3 159.1 160.2 160.1 Consumer durable................... 3.43 166.8 168.8 168.7 168.7 168.3 170.0 173.6 169.1 169.0 166.0 165.2 162.8 173.6 175.4 Equipment......................................... 7.84 151.9 154.2 158.4 160.0 163.2 165.8 170.0 171.9 173.6 177.1 179.1 183.7 187.9 189.3 Construction................................ 9.17 133.8 134.5 135.3 137.2 140.3 142.7 143.6 146.1 144.3 141.8 142.3 141.0 140.2 140.3 Metal materials n.e.c.............. 6.29 137.8 130.6 127.1 123.2 130.6 138.8 143.2 147,1 145.1 144.8 148.0 146.9 145.4 142.3 N B o u C n si d o n u n e r s t a s a b i s n l u e e p r m p s. a l . i . t . e e .. s r . . i . . . a . . . . l . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 9 3 3 . . . 1 0 9 1 3 2 1 1 1 4 3 3 4 6 6 . . . 1 6 4 1 1 1 4 3 3 3 8 8 . . . 2 4 4 1 1 1 3 4 3 8 7 7 . . . 5 1 8 1 1 1 4 4 4 4 8 1 . . . 7 6 6 1 1 1 4 4 3 4 2 0 . . . 1 5 4 1 1 1 3 4 43 1 4 . . . 5 0 2 1 1 1 5 4 4 2 3 4 , . . 1 5 4 1 1 1 3 4 4 3 5 6 . . . 1 2 0 1 1 1 5 4 4 2 2 5 . . . 3 3 4 1 1 14 4 5 6 7 6 . . . 1 8 5 1 1 1 5 5 4 0 8 6 . . . 3 0 4 1 1 1 4 5 4 9 8 3 . . . 9 6 2 1 1 1 5 5 4 0 8 3 . . . 3 9 6 1 1 1 5 4 5 9 5 0 . . . 0 9 4 No G n e d n u e r r a a b ! l e b u m si a n t e e s r s ia s ls u p n p .e li . e c s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 . . 0 4 7 0 1 1 7 3 4 6 . . 1 4 1 1 3 7 8 8 . . 1 4 1 17 3 9 8 . . 5 8 1 18 4 0 0 . . 8 0 1 18 4 3 1 . .7 7 1 1 8 4 5 4 . .5 3 1 1 8 4 7 4 . .9 2 1 18 4 6 6 . . 3 4 1 1 4 8 6 8 . . 7 4 1 1 4 9 8 2 . . 6 0 1 15 9 2 2 . . 2 9 194.5 1 1 9 5 5 3 . . 0 6 1 1 5 9 3 4 . .8 7 Bu N M si o n E G in n e l s a e r C G e s e r s c a o s . e f . t i l m . n u r d . f i . e e c m . c u l r . n . i a e . e t a t . l y l i r . n s a . c i . . d . l n . . i . . . a . . . d . u . p . l . . . u t . . o . a . i . . s . . l . n w . . i t . . . t . r d . . . i . . i e . e . . a . . . r o . s . . l . . . . . . . t . . . . . . . h . . . . . . . . . . . e . . . . . . . . . . r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 6 2 2 1 1 . . . . . . . 4 0 2 8 3 0 5 1 1 7 3 6 2 4 1 1 1 1 1 1 1 6 5 1 2 7 5 5 1 9 5 7 0 7 2 . J . . . . 5 9 0 6 0 4 1 1 1 1 1 1 2 6 1 6 6 7 6 0 2 3 1 1 . . . . . . 5 7 4 5 6 9 1 1 1 1 1 1 3 6 1 5 7 6 0 1 8 9 2 3 . . . . . . 0 2 3 0 6 0 1 1 1 1 1 1 1 6 3 6 7 6 8 2 0 0 3 2 . . . . . . 0 7 0 2 2 4 1 1 1 1 1 1 3 1 6 7 6 6 1 9 6 4 3 4 . . . . . . 9 0 7 6 0 4 1 1 1 1 1 1 3 7 6 6 1 6 5 0 3 5 7 6 . . . . . . 1 7 7 4 0 4 1 1 1 1 1 1 1 6 3 6 6 7 8 7 1 8 3 9 . . . . . . 1 1 8 7 9 4 1 1 1 1 1 1 2 7 3 6 6 8 0 0 3 5 8 1 . . . . . . 3 9 5 6 0 6 1 1 1 1 1 1 7 3 1 7 6 8 2 0 4 0 8 2 . . . . . 8 9 6 2 6 2 1 1 1 1 1 1 3 2 7 7 7 8 6 3 2 1 0 2 . . . . . . 9 8 8 2 0 0 1 1 1 1 1 1 3 2 7 8 7 7 0 4 8 4 3 2 . . . . . . 1 1 0 9 8 2 1 1 1 1 1 1 3 7 2 7 7 8 8 6 4 4 4 6 . . . . . . 7 7 6 6 6 2 1 1 1 1 1 1 3 2 8 7 7 7 8 4 7 5 4 7 . . . . . . 3 9 8 5 6 4 .. 1 1 .. 2 3 .. 4 . 8 . . . . 1 . 7 Supplementary groups of consumer goods A A p u p to a m re o l t a iv n e d a s n ta d p h le o s m ... e .. . g .. o .. o ... d .. s . . . . . . . . . . . . . . . . . . . . . . . 24 7 .8 5 0 1 1 13 5 4 9 . . 1 9 1 1 3 5 5 9 . .3 5 1 13 6 5 2 . . 9 6 1 1 6 3 3 7 . . 3 4 1 1 6 3 7 6 . . 1 9 1 1 6 3 7 6 . . 3 9 \ \ 1 1 6 3 6 9 . . 6 2 1 1 3 6 9 6 . , 7 6 1 1 6 3 8 9 . . 4 4 1 1 6 3 6 9 . . 1 8 1 1 6 4 5 1 . . 8 6 1 1 4 62 1 . . 5 4 1 1 5 4 9 3 . . 7 2 160.3 For notes sec opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 INDUSTRIAL PRODUCTION; S.A. 1697 INDUSTRY GROUPINGS (1957-59=100) 1957-59 1965 1966 pro­ 1965 Grouping por­ aver­ tion age Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June । iuiyr Aug.r Sept. Total index................................ 100.00 143.4 144.1 145.5 146.7 149.0 150.6 152.4 153.7 153.9 155.3 156.5 157.2 158.2 158.1 Manufacturing, total........................... 86.45 145.0 145,8 147.0 148.6 151.0 152.9 154.7 155.9 156.6 157.6 158.9 159.4 160 3 160 3 Durable........................................... 48.07 148.4 149 2 150 8 151.8 155 2 158 1 167.4 Nondurable. .................................. 38.38 140.8 141 5 142.3 144 5 145 7 146 4 147 3 Mining.................................................. 8.23 114.8 112.5 116.4 il6.4 1183 1173 117.7 120.0 115*6 izo’? 122 0 122 0 122 0 121 3 Utilities...................................... 5.32 160.9 164.4 164.7 164.1 164.9 164.7 168.7 168,8 169.1 170.2 Durable manufactures Primary and fabricated metals........... 12.32 I42J 138.8 136 3 135.0 139 5 143 2 148.5 150 5 150 7 15t 7 Primary metals.................................. 6.95 137.6 132.6 125 0 120 6 126 5 131 9 138 3 141 8 142 4 146 5 Iron'and steel.................. 5.45 133.6 125.0 115.8 110 5 118 5 122 9 129.1 136 7 138 8 141 1 142 1 Nonferrous metals and products.. 1.50 152.2 152.3 155.3 158.8 161.3 164.3 172.5 174;s 166;o 165.0 166; 2 162.4 16L7 163.3 Fabricated metal products......... 5.37 147.8 146.7 150.9 153.6 156.3 157.7 161.6 161 7 161.4 162 9 161 8 Structural metal parts........... 2.86 145.4 144.7 148 2 152.6 154.0 154 2 158 9 15819 159 1 158 4 1581s 157 7 Machinery and related products........ 27.98 154.3 157.0 160.2 162.2 164.9 168.3 170.1 170.8 172.4 173.7 175.5 177.4 179.1 180,4 Machinery.......................................... M.80 160.5 164.3 166.4 168.3 171.0 174.5 176.4 176 1 178 6 180 6 182 8 186 6 IRQ 6 Irq 2 Nonelectrical machinery.......... 8.43 160.4 164.7 165,8 167.8 169.2 171.9 174.4 174 0 174 5 177 7 180.3 184 7 186 7 188 0 Electrical machinery...................... 6.37 160.6 163.7 167.3 169.0 173.5 177.9 179.2 178.9 184.1 184.4 186.0 189 J 193 4 190 7 Transportation equipment............... 10.19 149.2 149.8 154 9 157.2 160.4 163.0 164.1 166 1 165 9 165 8 167.1 166 0 166 3 Motor vehicles and parts........... 4.68 175.2 175,8 177.1 178.0 178 7 176.7 175.5 176.9 176 1 169.9 169.4 161 2 158 7 165 9 Aircraft and other equipment.... 5.26 125.3 125.6 134.4 138.0 143.4 150.1 153.1 155.8 156,4 161.9 164.7 169.6 172;5 172J Instruments and related products... 1.71 151.4 155.7 158.0 159.0 162.2 166.8 169.4 171.9 174.6 176.4 176.5 177.0 177.4 179.6 Ordnance and accessories................ 1.28 Clav, glass and lumber.............. 4.72 127.6 128.4 130.1 130.3 135 0 136.2 136.4 138.0 137.8 133.3 134.4 131.7 129 8 129 7 Clay^ glass; and stone products........ 2.99 133.5 135.5 137.0 136.8 140.6 142.4 142.2 143.0 141.9 139.5 141.0 138.5 140.6 140.4 Lumber and products....................... 1.73 117.4 116.2 118.3 119.1 125.4 125.6 126.5 129 3 130.7 122.7 122.9 119.9 111.3 111 3 Furniture and miscellaneous......... 3.05 151.8 152.7 155.1 157.8 160.9 158,4 161.6 162.9 163.5 166,7 167.0 163.5 167,1 165.3 Furniture and fixtures....................... 1.54 157.4 158.1 159.7 162.6 166.2 165.4 167.7 168.8 169.6 173.8 174.6 169,7 175.3 173.3 Miscellaneous manufactures........ 1.51 146.0 147.1 150.4 153,6 155.5 151.2 155.3 156.8 157.2 159.5 159.3 157.2 158.7 157.1 Nondurable manufactures Textiles, apparel, and leather............ 7.60 135.8 136.5 137.3 138.7 140.2 138.6 139.8 141.1 142.6 142.0 143.4 141.6 140.4 139.8 Textile miU products................. 2.90 134.9 136.5 137.7 139.1 140.1 140.4 140.7 142.0 143.5 143.7 144.0 143,4 142.3 140.8 Apparel products........................ 3.59 145.1 145.2 145.7 147.2 148.5 145.6 148.4 149.4 150.3 149.9 152.0 149.7 148.4 Leather and products ................ 1.11 108.2 108.2 109.3 110.1 113.9 111.4 109.7 112.2 115.5 112.1 114.2 111.1 109.9 Paper and printing............ 8.17 135.3 136.0 136.4 139,2 140.6 142.1 142.7 144.2 143.5 146.6 148.3 149.6 148.6 147.8 Paper and products............... 3.43 142.3 144.6 143,6 147.4 149.3 150.6 148.5 150.2 150.2 153.0 154.1 156.2 153.1 152.4 Printing and publishing............ 4.74 130.3 129.8 131.1 133.2 134.2 136.0 138.6 139.8 138.6 142.1 144.1 144.8 145.3 144.4 Newspapers..................................... 1.53 124.2 121.5 125.1 127.2 129.5 131.1 131.4 133.1 128.5 133.8 135.4 136.3 137.7 139.1 Chemicals, petroleum, and rubber.... 11.54 164.6 166.3 167.9 170.6 172.8 174.6 175.1 176.6 177.3 179.3 180.1 180.9 183.5 183.5 Chemicals and products.............. 7.58 173,4 175.9 177.4 179.3 182.3 183.1 185.5 187.8 187.7 191.4 192.7 194.5 194.3 193.7 Industrial chemicals....................... 3.84 196.3 201.0 202.0 203.5 209.3 208.7 210.7 213.7 215.4 218.2 219,9 222.0 222.0 Petroleum products................ 1.97 123.5 124.2 124.0 126.1 127.8 130.5 125.5 125.6 127.7 127.4 127.7 126.9 128.5 130.3 Rubber and plastics products ...... 1.99 171 8 171 2 175 5 181.6 181,3 185.8 184.7 184,5 186.9 184.3 184.1 812.7 197.1 Foods, beverages, and tobacco,...... 11.07 123.4 123.4 123.3 125.1 124.8 125.7 126.8 127.4 126.9 125.5 126.8 127.2 128.7 128.4 Foods and beverages.............. 10.25 123.7 123.6 124,0 125.6 125.4 126.2 126.8 127.5 127.8 126.1 127.1 128.1 129.4 129.1 Food manufactures.......................* 8.64 122.3 121.8 122.1 123.5 123.7 124.6 125.6 125.7 126.0 124.4 125.5 126.4 127.1 127.1 Beverages...................................... 1.61 130.6 133.2 134.5 137.1 134.7 134.8 133.4 137.0 137.5 135.4 135.9 137.2 141.6 Tobacco products ................... .82 120.3 120.6 114.5 118.9 117.1 119.6 126.7 126.8 115.8 117.9 122.7 116.5 119.9 Mining Coal, oil, and gas............................... 6.80 112.5 109.8 114.6 114.6 115.7 113.6 114.3 116.7 111.6 118.8 119.5 119.5 119.7 119.1 Coal*... 1.................. 1.16 113.3 108.1 117.2 116.6 118.9 114.4 111.2 117.7 85.3 116.9 120.7 120.8 120.7 114.7 Crude oil and natural gas................. 5.64 112.3 110.1 114.0 114.1 115.0 113.5 115.0 116.5 117.0 119.1 119.3 119.2 119.5 120.0 Oil and gas extraction................... 4.91 116.1 113.4 118.1 118,3 119.8 118.1 119.7 121.2 121.9 125.5 125.9 125.5 125.8 126.3 Crude oil...................................... 4.25 111*9 108.5 114,0 114.5 116.0 114.1 115.1 117.0 117.2 121.3 121.4 120.9 121.2 121.4 143 0 144 5 142 6 143.9 143.8 149.0 148.1 152.2 152.2 154.4 155.1 Oil and gas drilling...................... .73 87 J 87^8 86*4 86.0 82.8 81.9 83.0 84.4 83.6 76.2 74.6 76.4 77.0 77.9 Metal, stone, and earth minerals....... 1.43 125.5 125.3 125.1 125.1 130.7 134.6 133.6 136.0 134.6 130.1 133.7 133.8 133.0 131.5 Metal mining....................................... .61 124.2 122.4 124.6 114.2 120.6 133.4 130.8 134.5 139.7 133.6 134.2 134.0 132.0 128.5 Stone and earth minerals................... .82 126.5 127.4 125.5 133.2 138.2 135.5 135.6 137.1 130.9 127.5 133.3 133.7 133.8 133.7 Utilities Electric . . .......... 4 04 165 6 169 8 169 9 168.9 169.9 169.3 174.2 174.0 174.1 175.5 177.2 182.4 186.1 146.2 147.7 148.4 148.9 149.3 150.5 151.4 152.3 153.3 153.7 154.1 Note.—PubUshed 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

1698 INDUSTRIAL PRODUCTION: N.S.A. NOVEMBER 1966 market groupings (1957-59=100) 1957-59 1965 1965 1966 Grouping p p ti r o o o r n ­ ­ a a v g e e r­ Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July' Aug.r Sept. 100.00 143.4 146.0 150.1 148.2 146.7 148.5 152.3 154.6 154.8 156.0 159.3 150.9 156.9 161.7 47.35 142.5 145.7 151.5 148.7 146.6 148.5 151.7 153.4 152.6 152.9 157.8 150.0 154.8 161.8 C(jn$uttler goods............................ 32.31 140.3 143.8 150.3 145.3 140.1 142.0 145.7 146.7 145.5 144.8 150.0 139.8 146.1 154.2 Equipment?including defense.... 15.04 147.0 149.7 154.2 156.1 160.3 162.3 164.6 167.8 167.9 170.3 174.6 172.0 173.6 178.0 52.65 144.2 146.2 148.8 147.6 146.8 148.5 152.7 155.7 156.7 158.7 160.7 151.8 158.7 161.7 Consumer goods 3.21 167.2 129.6 185.3 184,6 172.4 178.0 177.7 180.9 178.6 170.9 174.2 127.5 86.2 154.0 AlltOS >.............................................. 1.82 182.6 114.0 206.4 211.7 191.5 198.3 195.6 202.2 196.8 184.3 190.4 112.1 32.6 150.1 Auto parts and allied products........ 1.39 146.8 150.1 157.5 148.9 147.3 151.2 154.1 153.0 154.8 153.3 152.8 147.7 156.9 159.3 Home g^^dsanti apparel *.......... 10.00 143.8 148.7 155.8 149.8 144.0 144.0 154.5 156.0 155.3 153.3 156.4 138.9 153.1 156.5 Home goo<Js ................... 4.59 154.8 161.4 167.6 165.4 166.0 160.6 166.8 167.0 169.2 169.2 170.5 152.8 164.2 175.2 Appliances TV and radios. ..... 1.81 152.3 158.1 166.0 162.0 160.9 160.1 168.2 166.4 174.2 169.4 171.7 140.8 149.3 173.2 Appliances ..................... 1.33 I5J.3 154.3 157.3 155.3 157.6 159.6 170.7 165.2 179.9 174.5 177.2 150.5 145.8 171.2 TV and home radios.......... .47 149.8 168.7 190.6 181.6 170.4 161.5 161.1 169.9 158.3 154.7 156.3 113.4 159.1 178.9 Furniture and rugs....................... 1.26 154.3 158.5 163.0 163.2 167.0 159.7 162.0 163.5 161.6 162.7 167.2 157.3 171.0 170.8 1.52 158.2 167.6 173.2 171.4 171.3 162.0 169.1 170.6 169.6 174.4 171.9 163.3 176.4 181.1 Apparel knit goods and shoes........ 5 41 134.5 138.0 145.9 136.5 125.3 129.9 144.2 146.7 143.5 139.8 144.4 127.2 143.7 Consumer staples................. 19.10 134.0 143.7 141,4 136.4 132.7 134.9 135.8 136.1 134.8 136.0 142.5 142.3 152.5 153.1 Processed foods................................. 8.43 122.2 137.6 136.6 128.6 119.9 116.9 116.9 116.8 117.1 117.7 123.9 125.4 138.2 144.7 Pfvrrages and tobacco............ 2.43 127.2 132.3 131.7 124.5 111.1 114.4 120.4 130.7 131.6 139.0 150.2 136.4 145.3 Pmgs soap and toiletries............... 2.97 157.0 162.9 162.4 161.7 159.4 165.6 1 AS. 5 166.7 167.3 171 8 180.8 167.5 181.2 178.8 Newspapers, magazines, and books. 1.47 127.0 129.6 128.1 127.6 130.1 130.7 133 J 136.2 134.6 136.5 137.9 137.5 139.9 138.4 Consumer fuel and lighting............. 3 67 149.4 155.1 146.6 144.6 156.0 165.7 158.6 150.2 146.4 150.7 166.3 171 8 Fuel oil and gasoline..................... 1.20 122.4 122.6 121.6 125.8 129.4 130.3 127^3 123.9 121.7 124.4 127,1 131.1 132.9 130.6 Residential utilities........................ 2.46 162.6 Electricity.................................... 1.72 171.6 182.8 165.5 158.5 180.2 199.7 200.7 188.3 171 9 162.0 169.2 199.5 209.8 Gas..................................... .74 141.9 Equipment Rininevs equipment........... 11.63 156.7 159.8 163.8 164.9 169.7 170.9 173.9 177.7 177.6 179.3 184.3 180.3 181.3 186.2 Industrial equipment........................ 6.85 153 1 156.7 158.4 159.7 163.4 162.9 165.3 167.6 167.3 168.7 174.6 173.2 175.8 178,9 Commercial equipment. ............. 2.42 164.4 168.9 172.6 174.8 179.7 177.7 179.5 182.5 182.9 187.8 191.6 187.1 194.1 198.6 Freight and passenger equipment... 1.76 162.4 164.2 178.7 176.8 184.2 194.9 198.9 207.9 209.4 211.0 213.9 208.8 200.9 207.0 Farm equipment................................. 61 148.8 145.5 146.1 149.2 159.8 164.1 176.3 185.1 179.9 173.6 179.3 149.8 136.4 Defense equipment.............................. 3.41 Materials Durable good? materials..................... 26.73 144.3 146.6 147.8 145.4 145.9 147.7 152.3 155.9 158.3 160.0 162.4 152.1 158.5 163.0 Consumer durable................. 3 43 166.8 165.4 171.2 173.2 176.7 176.0 176.2 174.2 174.1 171.0 166.9 141.6 158.0 175.4 E C q o u n i s p tr m u e c n ti t o .. n .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9. . 1 8 7 4 1 1 5 3 1 3 . . 9 8 1 1 5 4 2 2 . . 7 6 1 14 5 2 7 . . 7 9 1 1 6 3 0 6 . . 2 9 1 1 6 31 5 . . 9 6 1 1 6 2 7 8 . . 3 9 1 1 3 7 2 1 . . 1 5 1 1 7 3 3 7 . . 8 3 1 1 7 4 5 2 . . 5 9 1 1 7 4 8 5 . . 3 3 180.9 1 1 7 4 8 6 . . 0 6 1 1 8 5 2 0 . . 3 0 1 1 8 4 7 8 . . 4 7 Metal materials n.e.c........................ 6.29 137.8 134.5 130.1 124.2 124.9 135.2 144.5 150.6 150.9 152.8 152.7 133.7 141.2 146.6 Nondurable materials.......... 25.92 144.1 145.9 149.7 149.9 147.8 149.3 153.3 155.6 155.0 157.4 159.1 151.4 158.9 160.3 Business supplies................. 9.11 136.4 139.8 144.1 143.5 137.5 139.1 143.9 148.7 149.4 150.3 151.8 141.4 150.1 154.1 No C G n o e d n n u e t r a r a a i b n l l e e b r u s m s .. i a n . t e . e s . r s i . a . s l u . s . p n . p . . e li . . e . c s . . . . . . . . . . . . . . . . . . . . . . .. . . .. . . . 7 3 6 . . . 0 0 4 3 7 0 1 1 1 7 3 3 4 6 6 . . . 1 6 4 1 1 1 4 3 7 3 8 6 . . . 1 1 6 1 1 1 4 4 8 3 4 0 . . . 7 8 4 1 1 1 4 4 8 0 4 2 . . . 6 9 6 1 1 1 2 4 8 7 2 0 . . . 8 4 0 1 1 1 4 3 8 0 6 4 . . . 5 3 4 1 1 1 4 4 9 1 4 0 . . . 8 9 9 1 1 1 5 4 9 0 5 1 . . . 1 9 0 1 19 5 4 0 . . 1 4 1 1 5 9 1 4 . . 6 9 1 1 1 5 5 9 0 2 5 . . . 9 2 8 1 1 1 4 4 8 2 0 3 . . . 5 9 4 1 1 19 5 4 2 2 9 . . . 1 2 0 1 1 1 5 9 5 0 3 6 . . . 3 8 0 Bu N M si o n in n e e r s e s ra s f l i u d f e e u l n e a t l i n s a d . l . . u p .. t o . i .. w l . i . t . e i .. e r . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 9 6 2 . . . 4 0 8 1 7 6 1 1 1 1 2 5 5 7 9 . . . 5 9 4 1 1 1 27 1 . . 7 2 1 1 3 1 1 8 . . 1 9 1 11 3 9 0 . . 5 4 1 1 2 3 1 2 . . 4 4 1 1 3 19 1 . . 5 6 1 12 3 1 2 . . 7 7 1 12 3 3 4 . . 2 4 1 1 1 2 6 9 . . 3 7 1 13 2 4 2 . . 8 6 1 1 3 2 7 2 . . 2 7 1 1 3 1 5 6 . . 8 6 1 1 2 4 3 1 . . 3 4 1 1 2 3 2 9. . 9 6 G El a e C G c s o e t . m r n . i . e c . m . r i . a t . e . y l . r . . c . i . . . n i . . a . d . . l . . u . . a . . . s . n . . t . . d . . r . . i . . a . . o . . l . . t . . . h . . . . . . e . . . . . . r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 . . . . 2 3 0 5 1 3 2 4 1 1 1 1 6 5 7 5 1 7 0 2 . . . . 1 6 0 0 1 1 1 6 7 8 3 1 6 . . . 1 9 0 1 1 1 6 6 7 5 1 4 . . . 1 0 9 1 1 1 6 6 6 2 0 4 . . . 0 9 4 1 1 1 6 6 6 2 1 9 . . . 5 5 4 1 1 1 6 6 7 3 2 0 . . . 7 9 7 1 1 1 6 5 7 2 9 0 . . . 1 6 4 1 1 1 6 6 7 4 4 1 . . . 8 8 2 1 1 1 6 6 6 4 6 8 . . . 1 0 9 1 1 1 6 7 7 7 0 2 . . . 8 0 4 1 1 1 7 8 7 3 6 6 . . . 5 8 9 2 1 1 0 7 8 6 3 7 . . . 7 7 0 2 1 1 1 9 7 0 1 9 . . . 8 9 9 Supplementary groups of consumer goods A A u p t p o a m re o l t a iv n e d a s n ta d p h le o s m ... e .. . g .. o .. o .. d ... s . . . . . . . . . . . . . . . . . . . . . . . . 2 7 4 . .5 8 1 0 1 13 5 4 9 . . 1 9 1 1 4 48 2 . . 3 4 1 1 7 4 4 2 . . 9 4 1 1 7 3 3 6 . . 3 4 1 13 6 1 8 . . 1 7 1 13 6 3 7 . . 8 8 1 17 3 1 7 . . 3 6 1 1 7 3 2 8 . . 7 5 1 1 7 3 3 6 . . 1 7 1 1 6 3 9 6 . . 9 9 1 1 7 4 2 2 . . 0 9 1 13 4 9 2 . . 0 4 1 1 3 5 2 0 . . 1 5 166.5 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 INDUSTRIAL PRODUCTION; N.S.A. 1699 INDUSTRY GROUPINGS (1957-59=100) 1957-59 1965 1965 1966 Grouping p p r o o r ­ ­ aver­ age tion Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July' Aug. r Sept. Total index....................... 100.00 143.4 146.0 150.1 148.2 146.7 148.5 152.3 154.6 154.8 156.0 159.3 150.9 156.9 161.7 Manufacturing, total........................... 86.45 145.0 147.5 152.3 150.5 148.3 150.1 154.4 157 J 157.9 158.9 162.2 152.1 158 I 164,0 N D o u n ra d b u l r e a . b ... l . e .. . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 4 38 8 . . 3 0 8 7 1 1 4 4 0 8 . . 8 4 1 1 4 4 8 6 . . 3 6 1 14 5 9 4 . . 5 6 1 1 4 5 5 4 . . 5 5 1 13 5 9 5 . . 5 4 1 14 5 2 6 . . 1 5 1 1 6 4 0 6 . . 6 6 1 1 4 6 8 3 . . 6 9 1 1 6 4 4 9 . . 9 2 1 1 6 4 6 9 . . 1 8 1 1 5 6 3 9 . . 8 0 1 1 4 5 4 8 . ,2 4 1 1 5 6 5 0. , 5 0 1 1 5 6 6 9 . . 9 6 Mining............................................. 8.23 114.8 114.4 119.1 117.3 117.5 115.6 117.0 118.7 115.5 121.3 122.7 118.2 123.5 123.1 Utilities................................................. 5.32 160.9 Durable manufactures Primary and fabricated metals........... 12.52 142.1 141.0 139.0 136.8 137.0 142.3 149.1 153.7 154.2 155.5 156.3 143.8 151.4 155.3 Primary metals................................... 6.95 137.6 131.1 126.3 121.8 122.7 133.2 143.4 150.6 150.5 150.3 149.5 131.5 139.7 144.5 Iron and steel.................................. 5.45 133.6 125.0 117.5 111.6 115.5 125.4 134.7 143.5 144.3 143.9 142.1 127.5 134.0 139.0 Nonferrous metals and products.. 1.50 152.2 153.4 158.2 158.8 149.0 161.5 175.1 176.4 172.3 173.7 176.5 146.2 160.1 164.4 Fabricated metal products................ 5.37 147.8 153.7 155.4 156.1 155.5 153.9 156.3 157.8 159.0 162.1 165.0 159.7 166.5 169.3 Structural metal parts.................... 2.86 145.4 150.5 152.6 154.9 155.5 151.1 152.5 152.7 154.3 157.6 162.0 157.7 162.8 163.6 Machinery and related products..... 27.98 154.3 152.0 163.3 165.6 168.1 169.5 172.2 174.3 175.0 175.9 179.1 168.1 166.5 180.7 Machinery..................................... 14.80 160.5 163.3 167.8 169.2 173.7 173.4 177.8 179.2 180.8 182.2 186.5 178.1 183.2 190.4 Nonelectrical machinery................ 8.43 160.4 160.3 162.8 165.1 171.2 171.9 176.1 178.9 179.7 182.1 184.6 180.1 179.8 185.6 Electrical machinery....................... 6.37 160.6 167.4 174.3 174.6 177.1 175.4 180.1 179.6 182.4 182.5 189.0 175.6 187.8 196.7 Transportation equipment................. 10.19 149.2 137.3 160.9 164.6 164.6 168.0 168.0 171.3 170.6 169.7 171.4 153.5 140.7 168.4 Motor vehicles and parts........ 4.68 175.2 149.5 189.4 191.8 184.9 186.6 184.1 187.2 185.0 178.5 180.9 138.5 106.7 164.4 Aircraft and other equipment. .. . 5.26 125.3 125.1 135.1 140.1 146.3 151.6 153.4 156.6 157.2 161.3 162.4 165.5 169.4 171 .6 Instruments and related products... 1.71 151.4 157.4 159.7 161.9 164.1 164.8 168.6 171.0 170.2 174.6 178.3 175.2 178.8 181.6 Ordnance and accessories.......... 1.28 Clay, glass, and lumber...................... 4.72 127.6 138.0 138.0 130.1 123.6 119.8 125.1 131.6 136.5 138.0 143.6 137.2 142.0 139.3 Clay, glass, and stone products........ 2.99 133.5 143.2 144.5 138.2 131.7 125.2 127.3 136.6 141.3 144.5 151.3 147.2 152.1 148.4 Lumber and products. . ................. 1.73 117.4 129.0 126.6 116.1 109.7 110.5 121.4 122.8 128.1 126.7 130.3 119.9 124.7 123.5 Furniture and miscellaneous............... 3.05 151.8 159.0 163.4 163.1 162.4 152.2 156.4 159.9 159.2 162.9 167.3 159.1 171.9 172.1 Furniture and fixtures........................ 1.54 157.4 162.8 165.8 165.5 169.2 162.1 163.5 166.8 165.0 168.6 174.3 167.2 180.2 178.5 Miscellaneous manufactures.............. 1.51 146.0 155.2 160.9 160.6 155.5 142.1 149.1 152.9 153.3 157.1 160.1 150.9 163.5 165.7 Nondurable manufactures Textiles, apparel, and leather............. 7.60 135.8 137.4 144.8 138.6 128.7 135.5 146.5 147.7 146.2 143.8 145.7 127.2 143.7 140.8 Textile mill products.......................... 2.90 134.9 136.5 141.8 139.8 130,3 139.7 143.5 143.4 146.4 148.7 147.6 129.1 144.4 140.8 Apparel products................. 145.1 146.7 147.2 134.4 139.8 158.0 160.6 156.3 149.9 154.3 134.0 151.4 Leather and products. ............ Lil 108.2 109.8 112'0 107.9 106.3 110.8 117.3 117.8 113 2 111 .5 113.1 100,0 117.0 Paper and printing....................... 8.17 135.3 137.8 142.8 142.1 137.3 138.4 142.6 145.9 146.5 147.9 148.2 140.2 146.6 149.8 Paper and products............................ 3.43 142.3 146.8 152.9 148.1 137.4 148.3 152.2 153.2 154.7 153.8 154.9 143.7 153.1 154.7 Printing and publishing...................... 4.74 130.3 131.4 135.4 137.8 137.3 131.2 135.7 140.7 140.5 143.5 143.3 137.7 141.9 146.2 Newspapers...................................... 1.53 124.2 120.9 134.2 139.9 132.7 119.3 126.1 135.1 136.8 142.6 136.1 118.6 126.0 138.4 Chemicals, petroleum, and rubber.... 11.54 164.6 169.0 170.7 169.2 168.2 173.2 176.7 178.2 180.7 181.0 186.0 174.7 183.3 186.5 Chemicals and products......... 7.58 173.4 178.1 178.3 178.1 177.8 181.5 187.2 189.4 192.7 193.7 198.3 187.4 194.8 196.1 3.84 196.3 202.0 202.0 204.5 207.2 206.6 216.0 216.9 220.8 220.4 223.2 214.2 218.7 Petroleum products............................ 1.97 123.5 127.6 125.2 124.5 124.7 126.6 123.0 121.2 122.6 126.1 131.5 133.6 135.3 133.8 1.99 171.8 175,1 186.9 179.8 175.0 187.7 190.2 192.1 192.7 187 1 193.3 167.0 187.2 Foods, beverages, and tobacco............ 11.07 123.4 136.1 135.6 128.1 118.5 117.0 118.4 120.4 120.5 122.8 129.8 127.6 139.3 142.4 Foods and beverages.......................... 10.25 123.7 136.9 136.5 128.6 120.4 116.9 117.7 120.1 120.9 122.8 129.7 129.6 140.1 143.8 Food manufactures. ......................* 8.64 122.3 137.1 136.7 129.1 120.6 117.7 117.8 117.5 117.4 118.2 124.1 125,1 137.6 144.0 Beverages. ...... ................... 1.61 130.6 135.9 135.2 126.1 119.2 112.4 117.4 133.6 139.7 147.6 159.8 153.4 153.3 Tobacco products................................ .82 120.3 125.3 124.7 121.3 95.3 118.3 126.1 124.9 115.6 122.1 131.3 103.1 129.7 .......... Mining Coal, oil. and gas................................ 6.80 112.5 109.3 II5.6 115.8 117.2 115.6 117.4 118.6 112.3 117.3 117.4 112.4 118.9 118.4 Coal....................................................... 1.16 113.3 114.4 127.8 121.4 116.8 112.1 112.5 118.6 85.9 118.1 120.0 93.1 127.0 121.3 Crude oil and natural gas................. 5.64 112.3 108.2 113.1 114.7 117.3 116.3 118.4 118.6 117.8 117.2 116.8 116.4 117.2 117.8 Oil and gas extraction.................... 4.91 116.1 110.4 116.8 119.0 122.5 121.2 123.9 124.3 123.5 123.7 123.3 122.2 122.5 123.0 Crude oil.............................. 4.25 111.9 106.3 112.9 114.5 117.2 115.8 118.6 119.3 119.1 120.1 120.2 118.5 118.8 119.0 .66 143.0 136.7 141.5 147.9 155.8 155.6 157.5 156.1 151.4 146.3 143.7 145.8 Oil and gas drilling......................... .73 87.1 93.2 88.6 85.6 82^6 83.1 81.8 79.9 79.3 73.6 73.0 76.9 81.9 82.7 Metal, stone, and earth minerals....... 1.43 125.5 138.7 135.7 124.4 118.5 115.8 114.6 119.3 130.4 140.2 147.7 145.6 145.6 145.5 Metal mining....................................... .61 124.2 138.3 133.3 110.8 108.5 117.4 117.7 119.7 129.9 147.0 151.6 143.4 142.6 145.2 Stone and earth minerals.......... ........82 126.5 138.9 137.4 134.5 125.8 114.6 112.4 119.0 130.9 135.1 144.9 147.2 147.8 145.7 Utilities Electric.......................................... 4.04 165.6 176.6 165.3 159.6 170.0 179.1 178.6 174.8 167.4 165.3 173.5 192.3 199.5 1. 1.28 146.2 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

1700 BUSINESS ACTIVITY; CONSTRUCTION NOVEMBER 1966 SELECTED BUSINESS INDEXES (1957-59= 100) Manu­ Industrial production3 facturing 2 Prices * Nonag- Major market groupings Major industry s C tr o u n c ­ ­ r t i u c r u a l l - F c re a i r g - ht Total Period Total Final products Mate­ groupings t c r ti a o o c n n t ­ s T m p o e l e m t o n a y t ­ l — ­ 1 m p E lo e m n y ­ t - P ro a l y ls ­ l i o n a g d s ­ s r a e l t e a s il 3 s C um on e ­ r W m c s o o h a m l d o e i l ­ t e y ­ Total s C u o m n e ­ r E m q e u n ip t ­ rials Mfg. M in i g n­ U iti t e i s l­ 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 196L................... 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..................... 132.3 131.8 131.7 132.0 132.8 133.1 111.5 151.3 137 111.1 101.5 124.3 95.5 127 108.1 100,5 1965..................... 143.4 142.5 140.3 147.0 144.2 145.0 114.8 160.9 143 115.7 106.5 136.3 96.6 138 109.9 102.5 1965—Sept.......... 144.1 143.7 141.3 149.0 144.9 145.8 112.5 164.4 147 116.5 107.2 137.2 93.5 139 110.2 103.0 145.5 145.7 141,9 153.9 145.3 147.0 116.4 164.7 147 117.0 107.7 139.0 93.4 142 110.4 103.1 Nov.......... 146.7 148.0 143.7 157.3 146.1 148.6 116.4 164.1 141 117.8 108.8 141.2 97.9 144 110.6 103.5 149.0 148.9 144.2 159.0 148.8 151.0 118.3 164.9 153 118.5 109.4 143.0 102.4 145 111.0 104.1 1966—Jan........... 150.6 150.3 144.6 162.6 150.9 152.9 117.3 164.7 152 118.9 190.8 145.1 99.3 146 111.0 104.6 Feb........... 152.4 152.1 146.1 164.8 152.6 154.7 117.7 168.7 157 119.6 110.9 147.5 97.2 148 111.6 105.4 153.7 152.5 146.2 166.2 154.4 155.9 120.0 168.8 158 120.4 111.5 148.1 100.2 149 112.0 105.4 153.9 152.9 146.4 166.9 154 5 156.6 115.6 169.1 161 120.6 11.9 148.9 97.0 146 112.5 105.5 May...... 155.3 153,7 146.2 169.8 157.1 157.6 120.7 170.2 156 120.9 112.4 149.0 100.0 143 112.6 105.6 June......... 156.5 154.9 147.1 171.4 158.0 158.9 122.0 171.7 147 121.8 113.4 150.1 95.1 149 112.9 105.7 July.......... 157.2 155.3 146,5 174.4 158.8 159.4 122.0 175.7 147 122.0 112.7 148.9 93.6 148 113,3 106.4 Aug....... 158.2 156.5 147.2 176.5 159.6 160.3 122.0 178.6 139 122.2 113.8 ”151.4 94.0 150 113.8 106.8 Sept.” 158.1 156.7 147.0 177.7 159.6 160.3 121.3 179.0 146 122.2 ”113.3 ”152.8 95.0 ”150 114.1 106.8 Oct.*........ 158.6 158.2 148.6 178.9 159.2 160.8 121.7 179.0 .......... 122.5 113.8 153.7 93.9 150 .....1..0..6....2 1 Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 F.R. index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. 3 For description of revisions see announcement on page 1642. Prices: Bureau of Labor Statistics data. . Note.—Data are seasonally adjusted unless otherwise noted. Freight carloadings: Based on data from Association of American Construction contracts: F. W. Dodge Co. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1965 1966 Type of ownership and type of construction 1964 1965 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total construction............................. 47,330 49,272 4,141 4,356 3,745 3,698 3,374 3,270 4,737 5,098 5,132 4,854 4,774 4,302 4,083 By type of ownership: P P r u i b v l a ic te .. . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . .. * .. . . . . . . . . . . . . . . . . . . . . . . . .. . .. . .. . . . .. 3 1 1 5 , ,3 9 7 5 1 9 3 1 2 6 , , 9 3 7 0 0 2 2 1 , , 8 3 0 3 9 2 3 1 , , 0 2 6 9 1 4 2 1 , , 5 1 8 6 2 3 2 1 , , 3 3 9 0 5 4 2 1 , , 2 1 4 25 9 2 1 , , 2 0 0 6 4 6 3 1 , , 2 4 7 6 4 3 3 1 , , 5 5 2 7 4 4 3 1 * 9 2 0 3 2 0 1 937 2 Q20 2 1 ,7 5 3 6 3 8 By type of construction: N N Re o o s n n i r d b e e u s n i i l t d i d e a i l n n t b g ia u .. l . i . l b . d .. u i .. n i . l . g d .. . . i . . n . . . . g . . . . . . . . . . . . . . . . . . . . . . . .. . . 2 1 1 0 5 1 , , , 5 5 2 6 2 4 5 2 4 2 1 1 1 7 0 , , , 2 2 8 4 1 0 9 7 5 1 1 , , 4 7 9 4 6 3 3 4 4 1 1 , , 8 5 8 9 8 7 7 2 7 1 1, , 3 6 7 2 9 2 8 6 1 1 1, , 4 4 8 3 4 1 3 6 9 1 1 , , 1 2 9 7 9 0 7 0 6 1 1 , , 2 2 7 5 9 1 9 9 2 2 1 1 , , , 0 7 0 0 2 0 4 6 7 2 1 1 , , , 0 8 1 8 8 3 1 3 4 1 1 1 , , , 8 9 3 2 7 3 6 5 0 1 1 1 , , , 8 8 1 2 8 4 8 5 0 1 1 1 , , , 4 8 4 6 1 9 1 3 9 1 1 1 , , , 7 4 0 2 7 9 9 9 4 1 1 1 , , , 2 6 1 6 7 4 1 6 6 ^T1'-™?'^ y^6/?^*0^ “"^ 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 have8been published. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 CONSTRUCTION 1701 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Non­ Business Other Conser­ Total d f e r a e n r s t m i i ­ a l Total In tr d ia u l s­ m C e o r m cia ­ l P u u ti b li l t i y c n d r t e o e ia s n n i l - - - Total M ta i r l y i­ H w i a g y h­ de v m v a e & t e i l n o o t n p ­ Other 1 1956 47,601 34,869 20,178 11,076 3,084 3,631 4,361 3,615 12,732 1,360 4,415 826 6,131 195/ 49,139 35,080 19,006 12,029 3,557 3,564 4,908 4,045 14,059 1,287 4,934 971 6’867 1958 ........................... 50,153 34,696 19,789 10,659 2,382 3,589 4,688 4,248 15,457 1,402 5,545 1,019 7; 491 1959 2................................... 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 1,465 5,761 1,121 7,723 I960 53,941 38,078 21,706 11,652 2,851 4,180 4,621 4,720 15,863 1,366 5,437 1,175 7^885 1961 55,447 38,299 21,680 11,789 2,780 4,674 4,335 4,830 17,148 1,371 5,854 1,384 8,539 1962 ........................ 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-—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 1,009 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........... 73,827 50,061 25,115 18,933 7,163 6,280 5,490 6,013 23,766 800 8,709 2,127 12J30 Aug.p............... 73,089 49,273 23,810 18,975 7,062 6,289 5,624 6,488 23,816 8,708 2,195 Sept.p............... 72,479 48,684 23,239 .............. 5,597 ....2..3..,.7..9..5. • ............ 8,706 i Sewer and water, formerly shown separately, now included in Other. Note—Monthly data are at seasonally adjusted annual rates. Be­ 2 Beginning with 1959, includes data for Alaska and Hawaii. ginning with 1959, figures are Census Bureau estimates. Data before 3 Beginning July 1962, reflects inclusion of new series affecting most 1959 are joint estimates of the Depts, of Commerce and Labor. private nonresidential groups. 4 Beginning 1963, reflects inclusion of new series under Public (for State and local activity only). NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership S.A. Government- (private only) underwritten Period Total Non­ Private Metro­ Total f N ar o m n­ politan p m o e ll t t r a o n - Total fam 1- i ly fam 2- i ly M fam uh il i y - Public Total FHA VA 1955............................. 1.646 1,627 19 670 277 103 1 19 9 5 5 7 6 . . . . . . . . . . . . . . . .. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , , 3 2 4 2 9 4 1 1 , , 1 3 7 2 5 5 4 2 9 4 4 3 6 2 5 2 1 19 9 5 3 771 1958............................. 1 ^382 1,314 68 439 337 1 ZO IUZ 1959............................. 1,554 1,077 477 1,517 1,234 56 227 37 458 349 I960............................. 1 296 889 407 1 252 *995 44 213 44 336 261 1961............................. 1 365 948 417 1,313 r974 44 295 52 328 744 aJ 1 19 9 6 6 3 2 . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I 1 4 64 9 1 2 1 1 , , 1 0 5 5 1 4 4 4 3 9 9 0 1 1 , , 4 6 6 0 3 9 1, r 0 9 2 9 1 1 4 5 9 3 4 5 2 35 2 3 3 0 2 3 2 3 9 9 2 2 2 6 2 1 1 7 7 IOQ 1 1964............................. 1 591 1,119 472 1,557 ’972 54 532 33 264 705 co 1965............................. 1 543 1,068 475 1 505 962 50 493 38 249 '97 j J 1965—Sept................... 1,453 1,436 126 88 38 124 80 4 40 2 21 17 *» Oct.................... 1.411 1,380 136 95 41 134 87 4 43 2 22 18 4 1,547 1,531 118 79 39 116 71 4 41 2 20 16 Dec................... 1 ^769 1,735 103 76 27 102 60 3 39 1 18 15 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 Mar........... 1,569 1,538 131 91 40 126 81 5 41 5 23 L9 3 Apr................... l,'5O2 1,481 149 107 42 147 95 5 47 2 22 IS 3 May ................ 1*318 1,287 139 92 48 135 88 4 43 4 18 14 3 June................. 1 1285 1,261 131 88 43 128 84 4 40 3 19 15 J A uly. u .... g ..... . .. . . . . . . . . . . . . . . . P 1 l , , 0 1 8 0 8 2 P 1 l , , 0 0 6 7 8 9 P1 10 0 5 7 7 71 0 3 3 5 5 P1 1 0 0 5 4 7 7 1 1 3 3 3 31 0 p2 1 1 1 7 8 1 1 3 4 74 Sept................... PU073 ’1,048 P95 64 31 *92 64 3 26 P3 13 10 3 Note.—Beginning with 1959, Census Bureau series includes both farm available bv 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

1702 EMPLOYMENT NOVEMBER 1966 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period i p T n o s o N t p t i a t . u S u l l t . a n A i t o o i . o n n n a - l l N ab N o o t . r S in . f A o t . r h c e e T l f S a o o b . r A t c o a e . r l Total Employed1 Unem­ U (p n e m r e r a m e t c e n p e 2 t l n o t y ) ­ Total In c n u o lt n u a ra g l r i- In ployed S.A. industries agriculture I960........................... 125,368 52,242 73,126 70,612 66,681 60,958 5,723 3 931 5 6 1961.......................... 127,852 53,677 74 J 75 71’603 66,796 61,333 5’,463 4 806 6.7 1962........................... 130,081 55300 74,681 71’854 67'846 62’657 5,190 4 007 5 6 1963.......................... 132,125 56,412 75:712 72,975 68'809 63,863 4,946 4,166 5.7 1964.......................... 134'143 57,172 76,971 74;233 70,357 65*596 4,761 3,876 5 2 1965.......................... 136,24! 57,884 78,357 75',635 72,179 67,594 4,585 3 456 4 6 1965—Oct................. 136,862 58,149 78,606 75,846 72,561 68,010 4,551 3 285 4 3 Nov............... 137'043 58,445 78'906 76,111 72,914 68*641 4’273 3 197 4 2 Dec................ 137,226 58'749 791408 76,567 73'441 68,955 4,486 3* 126 4* 1 1966 Jan................. 137,394 59,985 79,644 76,754 73,715 69,286 4,429 3,039 4.0 Feb................ 137,565 59,930 79,279 76,355 73,521 69'079 4*442 2,834 3.7 Mar............., 137,741 59,707 79,315 76,341 73,435 69,072 4 ,'363 2,906 3.8 Apr................ 137,908 58.994 79,674 76,666 73,799 691317 4*482 2 867 3.7 May............... 138,100 58,349 79,313 76'268 73,231 69,155 4*076 L037 4.0 June.............. 138,275 55,575 80,185 77,086 73,997 69*759 4,238 3,089 4 0 July................ 138'444 55,673 80,233 77 ,’098 74,072 69,928 4,144 3,’026 3.9 Aug................ 138,648 56,180 80,549 77,371 74,338 70,180 4,158 3,033 3.9 Sept............... 138,839 58,787 80,342 77,113 74,165 701116 4,049 2’948 3.8 Oct................ 139,041 58,511 80,414 77,135 74,163 70,192 3,971 2*972 3.9 1 Includes self-employed, unpaid family, and domestic service workers. Note.—Information relating to persons 14 years of age and over is ob­ 2 Per cent of civilian labor force. tained on a sample basis. Monthly data relate to the calendar week that contains the 12th day; annual data are averages of monthly figures, Bureau of Labor Statistics. EMPLOYMENT IN NON AGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g ac­ Mining c C o o n t n i s o t t r n r a u c c t ­ T ti l o i r c a n n u & s ti p l i o p ti r u e t b s a ­ ­ 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 11337 2,731 71664 8',594 1962 ...................................................... 55,596 16,853 650 2,902 3; 906 111566 21800 81028 81890 1963......................................................... 56,702 16,995 635 2,963 3,903 11,778 21877 8,325 91225 1964.................................................. 58,332 17,274 634 3,050 3,951 12,160 2,957 8,709 91596 1965 ................................................ 60,770 18,032 632 3,181 4^033 121683 31019 9,098 10,091 SEASONALLY ADJUSTED 1965 Oct.............................................. 61,437 18,242 627 3,186 4,071 12,809 3,041 9,226 10,235 Nov............................................. 61,864 18,392 631 3,234 41080 12,880 3,045 9,282 101320 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 3,323 4'105 13,045 3,051 9,410 10,521 Mar............................................. 63,247 18,840 637 3,419 4'109 13,085 3,064 9,463 10,630 63,350 18,923 595 3’,333 4,114 13,128 3,068 9,484 10,705 .............................................. 63,517 19,002 628 3,238 4,132 13J64 31076 9,515 101762 June ....................................... 63,983 19,167 632 3,300 4; 143 131217 3 1090 9,549 101885 July.............................................. 64,072 19,128 636 3,297 4,122 13 256 3 095 9 609 10 929 64'199 19'262 636 3,251 4' 105 13 264 3 100 9’647 10 934 Sept.*........................................... 64,159 19,199 629 3,229 4*167 13,268 3,099 9 648 10 920 Oct v .......................................... 64,351 19,274 626 3,199 4; 160 13,337 3,104 9,700 10,951 NOT SEASONALLY ADJUSTED 1965 Oct.............................,........... 62,141 18,461 633 3,431 4,104 12,852 3,038 9,263 10 359 Nov............................................. 62^392 18,496 635 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 9 245 10638 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 121738 3,024 9 250 10,622 621243 18,651 620 2,981 4'056 121826 3,043 9 331 10,735 Apr.................................................................. 62,928 18,774 590 3,156 4; 077 13,015 31056 9’465 10,795 631465 18,906 630 3,277 4,115 13,061 3,070 9 572 10,834 June 64^563 19,258 645 3,521 41180 13,239 3,112 9,702 10,906 July........................................ 64,274 19,123 645 3,623 4,171 13,225 3,148 9,782 10,557 Aug.............................................. 64>84 19,391 649 3'641 4,'154 13,224 3,146 9 772 10,507 Sept.”........................................... 64,855 19,525 638 3,526 4,217 131253 3,108 9,706 10,882 Oct.”........................................... 65,073 19,499 632 31445 4 J93 13,382 3,101 9,739 11,082 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

NOVEMBER 1966 EMPLOYMENT AND EARNINGS 1703 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1965 1966 1965 1966 Oct. Aug. Sept? Oct.* Oct. Aug. Sept.* Oct.” Total............................................................................... 13,567 14,330 14,266 14,330 13,793 14,417 14,579 14,555 Durable goods................................................................ 7,825 8,395 8,392 8,427 7,908 8,304 8,498 8,511 Ordnance and accessories.............................. 100 124 126 129 101 123 127 130 Lumber and wood products.................................. 535 542 531 528 547 570 553 540 Furniture and fixtures............................................ 359 382 380 379 366 388 387 386 Stone, clay, and glass products............................. 507 512 507 508 517 533 526 518 Primary metal industries........................................ 1,052 1,100 1,091 1,103 1,035 1,100 1,094 1,084 Fabricated metal products.................................... 997 1,060 1,054 1,057 1,011 1,058 1,070 1,072 Machinery except electrical.................................. 1,234 1,338 1,340 1,348 1,222 1,325 1,333 1,335 Electrical machinery..........................*................. 1,177 1,353 1,350 1,353 1,196 1,346 1,366 1,374 Transportation equipment..................................... 1,267 1,353 1,388 1,392 1,287 1,215 1,392 1,413 Instruments and related products......................... 253 278 277 281 255 279 279 283 Miscellaneous manufacturing industries.............. 344 353 348 349 371 367 371 376 Nondurable goods........................................................... 5,742 5,935 5,874 5,903 5,885 6,113 6,081 6,044 Food and kindred products.............................. 1,155 1,170 1,145 1,149 1,242 1,291 1,284 1,236 Tobacco manufactures........................................... 72 68 67 65 89 76 82 80 Textile-mill products.............................................. 830 856 847 846 837 862 855 853 Apparel and other finished textiles............ 1,214 1,239 1,233 1,247 1,231 1,265 1,256 1,264 Paper and allied products...................................... 502 528 521 527 506 533 528 531 Printing, publishing, and allied industries........... 628 659 656 657 633 658 660 662 Chemicals and allied products.............................. 547 582 576 578 546 584 577 577 Products of petroleum and coal.......'........ 113 115 114 114 114 118 116 115 Rubber products.................................................... 373 406 404 408 379 406 410 414 Leather and leather products................................ 308 312 311 312 308 320 313 312 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 Oct. Aug. Sept.* Oct.’ Oct. Aug. Sept.* Oct.* Oct. Aug. Sept.* Oct.* Total 41.2 41.4 41.5 41.3 109.03 111.78 113.71 113.85 2.64 2.70 2.74 2.75 Durable goods................................................. 42.1 42.1 42.3 42.3 118.72 120.54 123.94 124.36 2.82 2.87 2.93 2.94 Ordnance and accessories....................... 42.4 42.1 42.5 42.7 134.73 134.82 136.95 138.67 3.17 3.21 3.23 3.24 Lumber and wood products.................. 41.1 40.3 40.3 40.5 91.91 94.07 94.83 95.06 2.22 2.30 2.33 2.33 Furniture and fixtures............................ 41.5 41.6 41.2 41.3 90.73 93.26 93.21 94.08 2.15 2.21 2.23 2.24 Stone, clay, and glass products............. 41.9 41.8 41.9 41.7 112.94 115.75 116.05 116.20 2.67 2.73 2.75 2.76 Primary metal industries....................... 41.6 42.4 42.6 42.9 130.06 138.09 141.10 140.10 3.18 3.28 3.32 3.32 Fabricated metal products..................... 42.2 42.2 42.6 42.3 118.58 121.26 124.55 123.97 2.79 2.86 2.91 2.91 Machinery except electrical.................. 43.5 43.8 44.3 43.9 129.47 133.55 136.53 136.34 2.99 3.07 3.11 3. 12 Electrical machinery.............................. 41.0 41.2 41.3 41.2 107.12 107.68 110.12 110.54 2.60 2.62 2.66 2.67 Transportation equipment..................... 42.8 43.2 43.0 42.3 141.48 139.35 145.18 146.29 3.26 3.31 3.40 3.41 Instruments and related products...... 41.8 41.7 42.2 42.2 110.20 112.17 114.78 115.48 2.63 2.69 2.72 2.73 Miscellaneous manufacturing industries 40.0 40.0 39.9 39.8 86.46 88.22 89.20 90.45 2.14 2.20 2.23 2.25 Nondurable goods................................................... 40.1 40.2 40.2 40.2 95.68 99.23 99.54 99.94 2.38 2.45 2.47 2.48 Food and kindred products...................... 41.1 41.1 41.2 40.7 100.19 103.34 104.92 103.32 2.42 2.49 2.51 2.52 Tobacco manufactures............................... 37.7 37.8 38.4 37.2 77.22 82.68 83. 18 82.04 1.97 2.17 2.09 2.12 Textile-mill products................................. 41.8 42.0 42.1 41.4 79.99 83.36 83.80 83.40 1.90 1.98 2.00 2.00 Apparel and other finished textiles........... 36.4 36.3 35.6 36.9 67.52 70.11 67.83 71.02 1.86 1.90 1.90 1.93 Paper and allied products......................... 43.3 43.3 43.4 43.1 117.12 120.77 121.92 121.37 2.68 2.77 2.79 2.79 Printing, publishing, and allied industries. 38.5 38.9 39.0 39.0 119.66 122.85 125.44 124.73 3.10 3.15 3.20 3.19 Chemicals and allied products.................. 41.9 42.0 42.0 42.2 122.06 125.70 127.14 127.56 2.92 3.00 3.02 3.03 Products of petroleum and coal......... 42.5 41.9 41.9 42.4 141.10 142.72 147.15 144.58 3.32 3.39 3.43 3.41 Rubber products........................................ 42.3 41.8 41.9 42.2 112.36 111.04 113.94 114.21 2.65 2.65 2.70 2.70 Leather and leather products.................... 38.5 38.6 38.3 38.9 71.82 75.85 74.09 75.25 1.90 1.94 1.96 1.97 Note.—Bureau of Labor Statistics; data are for production and related workers only. 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1704 PRICES NOVEMBER 1966 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em U s Food Total Rent o H w s o h n m ip e e r - ­ c F a o o u n 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 i p F a n i n e u s g r d h 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 5S 2 1945.......................... 62.7 58.4 67.5 66.1 53.6 86.4 55,4 57.5 63,6 75 6 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 LOO. 3 100.1 100.4 100 8 99 8 1959......................... 101.5 100.3 101.3 101.6 101.4 100.2 102,8 100.7 100,6 103,8 102.8 104.4 102,4 102 4 101.8 I960......................... 103,1 101.4 103.1 103,1 103.7 99.5 107,0 101,5 102.2 103,8 105.4 108.1 104.1 104.9 103.8 1961......................... 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107,3 111.3 104.6 107.2 104.6 1962......................... 105.4 103.6 104.8 105.7 105.6 102,1 107.9 101.5 103.6 107.2 109,4 114.2 106.5 109 6 105 3 1963......................... 106.7 105.1 106.0 106,8 107.0 104.0 107.8 102,4 104.8 107.8 111,4 117.0 107.9 111 B 107 J 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—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 UI.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 1 10,2 115.8 107.0 108,1 104.8 109.4 112.2 118.7 127.0 112,2 117.0 114.9 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 Sept.............. 114.1 115,6 UL8 110,7 116.8 107.4 108.1 105.7 110.7 IB.3 119.9 129.4 113.0 117.5 115.7 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with Jan. 1964. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities All Period m c t o i o e m d s i ­ ­ F p u r a c o r t m d s ­ f e P o s r s o o e d c d s ­ Total T t e il e t e c x s . ­ , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m s . , ­ R b e u e tc r b . , ­ L b e u t e c m r . , ­ P e a t p c e . r, M e a t l c e s . t , ­ c M e h r i a y n ­ ­ F t e u u t r r c e n . , i ­ N t m m a o l i l e n n i ­ c ­ - b T e a t c o c c . ­ o, n c M e e o l i l s u a ­ s ­ erals 1957............................. 99.0 99.2 97.9 99,2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98 0 96,6 1958............................. 100.4 103,6 102.9 99,5 98.9 96.0 98,7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99 7 101 5 1959............................. 100.6 97,2 99,2 101,3 100.4 109. L 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102 2 101 9 1960............................. 100.7 96.9 100.0 101,3 101.5 105.2 99,6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102 5 99.3 1961............................. 100,3 96,0 100.7 100.8 99.7 106.2 100,7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103 2 103 9 1962............................. 100.6 97.7 101.2 100.8 100.6 107.4 100,2 97.5 93.3 96.5 100.0 100,0 102.3 98.8 101.8 104 J 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 LOL,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 1110 1965—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 Hl 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 2 104.1 103,0 109.4 103.2 102.0 114.6 100,6 97,6 93,5 101.9 100,9 106.6 104.2 98.2 101 6 107 9 1125 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................. 105.7 104.2 110.6 104.9 102.2 122,9 101,5 97.6 95.4 107.7 103.0 108.7 105.9 98.9 102.5 109 8 115 7 July................. 106.4 107.8 111.7 105.2 102.4 122.7 101.4 97.9 95.1 106.6 103.2 108.8 106.0 99.0 102.7 110 0 120 5 Aug................... 106,8 108.1 113.8 105.2 102.4 121.2 r102,0 97.9 95.1 106.2 103.2 108.5 106.2 r99.1 102.7 M10 I r121 1 Sept................... 106.8 108.7 114,0 105.1 102.1 119,9 102,2 98,0 94.6 105.7 103.2 108.4 106.2 99.1 103.0 110*. 1 120.4 See next page for composition of other commodities. 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NOVEMBER 1966 PRICES 1705 WHOLESALE PRICES: DETAIL (1957-59= 100) 1965 1966 1965 1966 Group Group Sept. July Aug. Sept. Sept. July Aug. Sept. Farm products: Pulp, paper, and allied products: Fresh and dried produce..................... 9 8 6 9 . . 1 3 1 10 0 3 7 . , 1 0 1 9 0 7 5 , . 7 6 1 1 1 0 0 4 . . 4 6 98.1 98.0 98.0 98.0 L P F i l |q v an i e d s t t a o m n c i k d lk a a n n - i d - m . p . a . o . l . . u . f . l i . b t . r . e . y . r . . s * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 9 0 0 0 0 4 5 2 . . . . 0 8 9 6 1 1 9 9 0 1 0 8 7 9 . . . . 1 5 5 3 '1 1 1 2 7 0 0 4 2 8 9 . , . . 1 3 6 4 1 1 1 7 2 0 2 1 5 6 8 . . . . 7 7 7 0 Converted paper and paper board .... 1 9 9 9 0 6 9 4 7 . , . . 1 4 6 3 1 1 1 9 0 0 1 7 2 8 3 . . . . 2 7 2 2 1 1 1 9 0 0 0 7 2 8 6 . , , . 8 2 4 7 1 1 1 9 0 0 0 7 3 8 2 . , , . 2 0 9 4 Hay and seeds..................................... 105.4 135.2 139.2 126.3 93.4 92.9 '93.0 93.0 Father farm products........................... 100.8 101.3 102.5 102,3 Metals and metal products: Processed foods: Iron and steel...................................... 101.2 102.2 '102.7 102,5 nAt-Aai and haV^rv nroducts................ 109.1 115.5 '118.9 118.9 Nonferrous metals............................... 117.0 122.9 120.4 119.9 105.3 110.0 111.1 112,3 Metal containers.................................. 108.3 110,1 110.1 110.1 109.1 120.4 r125 1 125.3 Hardware........................................... 106.5 109.8 110.1 110.4 Canned and frozen fruits and veg- Plumbing equipment........................... 103.4 110,0 110.0 110.6 ClAUlCe • 101.8 104.5 402.3 103.6 Heating equipment.............................. 91.9 92,9 '92.7 92.9 Sugar and confectionery..................... 108.8 109.8 110.9 111.4 Fabricated structural metal products. 101.8 104.2 104.2 104,3 Packaged beverage materials. ....... 93.4 93,5 93.5 89.8 Fabricated nonstructural metal prod- 119.7 106.3 '120.9 116,7 ucts.................................................. 109,9 111.2 '112.3 112.4 100.3 113.0 '127.5 112.8 B»»finpd vegetable oils 91.0 109.8 118.4 107.6 Machinery and motive products: 101.2 103.8 '108,7 110.9 Miscellaneous processed foods........... 114.3 114.0 114,i 114.1 Agricultural machinery and equip.... 115.0 118,5 '118.3 118,3 Construction machinery and equip... 115.6 118.9 '118.9 119.2 Textile products and apparel: Metalworking machinery and equip.. 117.9 123.5 '124,0 125.0 C W O M A o t p o a h t p n o t e o a - l r m n r p t e e a r p l x o . d r . t . e d o i . l . u d e . f . i c . u b . p t . c e s . r . t r . o . . s . . d t . . . . e . . . . u . x . . . . . c . t . . . i . . t . . l . . s . . e . . . . . . . . . . . . p . . . . . . . . r . . . . . o . . . . . . . . . . d . . . . . . . . . u . . . . . . . . c . . . . . . . . t . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 9 2 0 3 0 0 4 7 5 4 4 0 . . . . . . 7 2 9 2 2 6 1 1 1 1 1 9 5 0 0 0 2 0 2 6 3 5 3 . . . . , . 1 1 7 0 0 3 ’1 1 1 1 1 '8 5 0 0 2 0 9 6 3 5 1 6 . . , . . . 6 7 3 0 2 6 1 1 1 1 1 8 0 0 0 5 2 6 8 3 5 0 8 . . . . . , 1 1 6 3 0 6 G S E p l e e e e n c q c e t i u r r a i i a l c p l a m l i e m p n n u d a t u r c p t s h ^ o t i a r n s y n e e . r y 1 m 7 m a 0 a n a 1 c c d = h h e i i i n n q u e e u u r r y i y j p . . . . , .. . a a . . . n n . . . d d . .. . 1 1 1 1 9 0 0 0 0 6 4 5 0 8 . . . . . 7 5 6 9 2 1 1 1 1 9 1 1 0 0 9 0 2 6 0 . . , . , 7 0 0 2 2 '1 1 1 1 '9 1 1 0 0 9 0 2 6 0 . . , . . 1 6 5 8 2 1 1 1 1 9 1 0 0 1 1 9 6 0 3 , . . , . 1 2 4 0 0 Transportation equip., R.R. rolling Hides, skins, leather, and products: stock (Jan. 1961 = 100)................ 101.0 101,0 101.0 101 .0 124.9 156.4 141.2 134.2 T gather ,,.....,,............................ 110.9 126.0 ’124.9 121.8 Furniture and other household durables: Fnntwftnr ........................................... 110.3 119.0 rl 19.1 119.1 Miner leatner piuuuk.ua ...................... 109.3 116.6 '116.0 115.2 Household furniture........................... 106.2 109,1 '109.4 109.7 Commercial furniture......................... 103.7 105,8 105.8 106,0 Fuels and related products, and power: Floor coverings............ 97.5 96.8 96.6 96,6 Household appliances......................... 88.6 89.2 '90.0 88,8 .............................................................. 96.6 97.6 '98.5 99.6 Television, radios, and phonographs.. 84.4 83.5 '83.1 83,1 Hoke ........................................ 107.3 112.0 112.0 112.0 Other household durable goods......... 105.4 107 4 '107.8 107.9 Floc FuaIq /Tan 1958=3 100)................. 125.3 128.3 '128.9 128.9 Electric power (Jan. 1958= 100)..... 100.8 100.3 100.3 100.3 NonmetalUc mineral products: 96.4 99.9 100.7 101.0 Flat glass............................................ 99.9 100.3 '99.7 100.6 Chemicals and allied products: Concrete ingredients............. 103.2 103.7 103.8 103.9 I P P D F n r a a r d e i t u n s u p g t a s a s t r m n r e a i d d a n a l t d o p e c i r a p l h i s i a h e , n l m a i s t r n . . i . m . e c . . . . d a . a . . . l i . c . s b . . . e . . l . . . u . e . . . . . . t . . . . . i . . . . . c . . . . . . . a . . . . . . . l . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 9 8 9 0 0 5 3 9 5 8 . . , . . 0 7 9 2 4 1 1 9 9 9 0 0 4 5 0 5 6 . . . . . 5 9 8 4 3 4 1 ' 0 9 9 9 0 5 4 5 0 6 . . . . . 5 7 5 8 8 1 1 9 9 9 0 0 5 0 4 3 6 . . . . . 8 8 3 8 8 S C O G A t o t y s r h p u n p e h c c s r r u a t u e l m n t t r e o a r n l p o p m r o c r o l f o e a d i d t n y a u u g l c p l c . t i . r t s c . o s . . . . . . d m . . . . . . u . . . i . . . . c n . . . . . . t . e . . s . . . r . . . . a . . . . . . . l . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 9 9 0 0 0 5 9 1 1 5 . . . . . 3 9 0 6 4 1 1 1 1 9 0 0 0 0 7 3 6 2 1 . . , , . 1 5 7 7 6 ' ' 1 1 1 1 0 0 9 0 0 1 6 7 3 2 . . . . . 8 7 6 3 7 1 1 1 1 9 0 0 0 0 7 6 2 1 3 . , , . . 6 7 7 8 6 Fertilizers. ................ 105.9 105.5 105.4 105.8 Fertilizer materials............................... 102.5 104.2 102,5 102.5 Tobacco products and bottled beverages: Other chemicals and products............ 99.9 100.3 100,7 101.0 Tobacco products.............................. 106.1 110,3 110.3 110.3 Rubber and products: Alcoholic beverages............................ 100.9 101.0 101.0 101.0 Nonalcoholic beverages...................... 128.5 131 .8 '132.2 132,2 Crude rubber....................,................. 88.7 89.0 88.8 87.9 Tjre® and tubes.................................... 91.1 93.9 93.9 93.1 Miscellaneous rubber products.......... 97.5 99.0 99.0 99.0 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms.... 103.2 104.5 104,9 104.6 Manufactured animal feeds................ 116.8 132.6 133.6 132.3 Lumber................................................ 103.1 110.3 109.9 109.3 Notions and accessories..................... 99.1 '100.8 '100.8 100.8 Millwbrk........................................... 107.8 110.7 ’’110.9 110.9 Jewelry, watches, photo equipment... 105.1 105.5 105.3 105.2 Plvwnnd 93.3 91.5 90.0 89.2 Other miscellaneous products............ 104.6 105.4 ’105.7 105.9 Note.—Bureau of Labor Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1706 NATIONAL PRODUCT AND INCOME NOVEMBER 1966 GROSS NATIONAL PRODUCT (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965 in IV I II III* GroM nntinnd product..................................... 103.1 55.6 124.5 284.8 520.1 560.3 590.5 631.7 681.2 686.5 704.4 721.2 732.3 744 6 Final purchases.................... 101.4 57.2 120.1 278.0 518.1 554.3 584.6 627.0 672.1 677.8 694.0 712.3 720.0 734 6 Personal consumption expenditures......... 77.2 45.8 80.6 191.0 335.2 355.1 375.0 401.4 431.5 435.0 445.2 455.6 460.1 469 9 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 70.2 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 1 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 5 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 US 0 Fixed investment...................................... 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 1 Nonresidential........... 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 3 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 7 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 6 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 0 24 8 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 3 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 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 10*4 Net exports of goods and services................... 1.1 .4 1.3 1.8 5.6 5.1 5.9 8.5 7.0 7.1 6.1 6.0 4 7 4 2 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 4 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* 2 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 107.6 117.1 122.5 128.9 136.2 137.7 141.2 145.0 149.0 155.5 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 13 8 14 1 47.8 51.6 50 8 50 0 50 1 50 7 52 5 54 6 57 t Other ...................................... 3 J 4.3 9.6 11.8 13 5 15 2 167 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 > 70.2 71.4 73.1 75^0 77^2 Gross national product in constant (1958) dollars............................................................ 203.6 141.5 263.7 355.3 497.3 529.8 551.0 580.0 614.4 618.2 631.2 640.5 643.5 649.3 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For back data and explanation of series see the Aug. 1965 and July 1966 Survey of Current Business. NATIONAL INCOME (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965 III IV I II HI" National income................................................ 86.8 40.3 104.2 241.1 427.3 457.7 481.9 517.3 559.0 562.7 577.8 595.7 604.1 614.0 Compensation of employees............................. 51.1 29.5 64.8 154.6 302.6 323.6 341.0 365.7 392.9 395.6 406.5 419.6 427.9 438.3 Wages and salaries....................................... 50.4 29.0 62.1 146.8 278.1 296.1 311.1 333.6 358.4 360.8 370.8 380.0 387.4 396.7 Private....................................................... 45.5 23.9 51.9 124.4 225.9 240.1 251.6 269.3 289.1 291.1 298.5 305,9 311.5 318,0 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 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 oi 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 79.3 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 82.1 Profits tax liability............................................ 1.4 7.6 17.8 23.1 24.2 26.3 28.4 31.2 30.9 32.4 34.1 34.1 33.8 Profits after 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 48.3 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 27.2 Inventory valuation adjustment.................. .5 -2.1 -2.5 -5.0 -.1 .3 -.5 -.4 -1,5 -1.0 -1.8 -2.8 -2.9 -2.8 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

NOVEMBER 1966 NATIONAL PRODUCT AND INCOME 1707 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 II IIP Cross national product........................................ 103.1 55.6 124.5 284.8 520.1 560.3 590.5 631.7 681.2 686.5 704.4 721.2 732.3 744.6 1 pw• 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 H.3 23.3 47.7 51.5 54.7 58.5 62.7 62.7 63.6 63,0 64.7 66.3 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 -.5 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 1.5 Equals: National income.................................. 86.8 40.3 104.2 241.1 427.3 457.7 481.9 517.3 559.0 562.7 577. 8 595.7 604.1 614.0 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 79.3 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 38.5 Excess of wage accruals over disburse­ ments.............................................. plus ■ Government transfer pavments............ .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 42.3 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 23.0 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 Equals: Personal income.................................. 85.9 47.0 96.0 227.6 416.8 442.6 465.5 496.0 535.1 541.9 552.8 564.6 573.5 585.2 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 77.4 Equals' Disposable personal income. ............... 83.3 45.5 92.7 206.9 364.4 385.3 404.6 436.6 469.1 476.2 486.1 495.1 499.9 507.8 Less • Personal 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 3 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 335.2 355.1 375 0 401.4 431.5 435.0 445.2 455.6 460.1 469.9 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 24.5 Disposable personal income in constant (1958) dollars...................................................... 150.6 112.2 190.3 249.6 350.7 367.3 381.3 406.5 430.8 436.8 443.9 448.4 447.9 452.2 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.p Total personal income......................... 496.0 535.1 547.2 553.2 558.2 560.2 564.7 569.0 570.5 573.0 577.2 580.0 585.4 590.0 594.6 Wage and salary disbursements.......... 333.6 358.4 366.9 371.4 374.1 376.8 380.1 382.9 384.7 387.0 390.5 393.7 397.0 399.5 402.1 Commodity-producing industries... 134.0 144.3 146.9 149.2 150.7 152.1 153.9 155.4 156.0 156.8 158.1 158.2 159.8 160.7 161.6 Manufacturing only......................... 107.2 115.5 117.9 119.6 120.3 121.8 123.3 124.0 125.2 125.9 127.0 127.1 128.9 129.6 130.7 Distributive industries..................... 81.2 86.7 88.4 89.2 89.7 90.1 90.9 91.4 91.5 91.9 92.8 93.6 93.9 94.4 94.9 Service industries............................ 54.1 58.1 60.0 60.6 60,9 61.1 61.2 61.7 62.0 62.5 63.0 64.0 64.5 64.9 65.4 Government.................................... 64.3 69.2 71.6 72.4 72.9 73.6 74.1 74.5 75.2 75.9 76.6 78.0 78.8 79.5 80.2 Other labor income............................. 16.6 18.5 19.2 19.4 19.6 19.8 20.0 20.2 20.4 20.6 20.7 20.9 21.1 21.3 21.5 Proprietors’ income............................. 51.9 55.8 56.6 57.1 57.5 58.1 58.3 58.8 58.2 57.9 57.6 57.3 57.3 57.3 57.2 Business and professional............... 39.9 40.7 40.8 41.1 41.3 41.3 41.3 41.5 41.5 41.6 41.7 41.8 4L9 42.0 42.1 Farm................................................ 12.0 15. 1 15.8 16.0 16.2 16.8 17.0 17.3 16.7 16.3 15.9 15.5 15.4 15.3 15.1 Rental income...................................... 17.7 18.3 18.5 18.6 18.6 18.6 18.7 18.7 18.7 18.8 18.8 18.9 18.9 19.0 19.0 Dividends............................................. 17.3 19.2 20.0 20.2 20.5 20.8 21.0 20.9 21.0 21.2 21.1 21.1 21.0 21.2 21.2 Personal interest income..................... 34.6 38.4 39.4 39.7 40.0 40.5 41.0 41.4 41.8 42.1 42.3 42.6 43.1 43.8 44.4 Transfer payments.............................. 36.8 39.7 39.8 40.3 41.4 42.3 42.6 42.9 42.6 42.5 43.2 43.5 45.1 46.0 47.4 Less: Personal contributions for social insurance............................ 12.5 13.2 13.3 13.5 13.6 16.8 16.9 16.9 17.0 17.1 17.2 17.9 18.1 18.2 18.3 Nonagricult oral income....................... 479.7 515.6 526.9 532.6 537.2 538.8 543.0 547.0 549.1 551.9 556.5 559.8 565.4 570.1 574.8 Agriculture income............................... 16.3 19.5 20.3 20.6 21.0 21.4 21.7 22.0 21.4 21.0 20.7 20.2 20.1 20.0 19.8 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also Note to table opposite. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1708 FLOW OF FUNDS NOVEMBER 1966 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1964 1965 i 1966 Transaction category, or sector 1961 1962 1963 1964 1965 II III IV I II III IV I II I. Saving and investment 1 Gross national saving......................... 119.7 134.5 144.S 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 11 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—Nonfinan. 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 25 Loans............................................. 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 25 26 Securities........................................ .8 1.0 1 .0 ,7 .9 .9 2.0 1.3 1.0 .7 .8 1.7 1.0 26 27 Pvt. domestic nonfin. 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 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 29 30 Bank loans n.e.c......................... 2.2 4.8 5.4 6.5 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 4.5 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-fam!ly 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 67.0 72.1 73.1 67.6 67.2 76.6 72.5 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 H.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 instit.............. 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 52 Pvt. credit mkt. instruments. .. 4.1 2.5 2.3 7.8 6.1 11.5 9.2 4.6 1.8 6.2 10,4 6.0 14.3 14.4 52 53 Less security debt..................... 1.3 -.2 2.0 -.2 .6 -.8 .3 -.7 -.2 3.0 .3 -.6 53 I[I. 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 59 Total.......................................... 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 59 60 Less change in U.S. Govt. cash. .1 .3 .2 .8 .4 .2 - .3 1.2 -I .2 - .4 2.0 60 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 Less chg. in U.S. Govt. cash... 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 .1 .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 5.1 .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.Q .3 -.6 74 Note.—-Quarterly data are seasonally adjusted totals at annual rates. For notes see p. 1529 of October 1966 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 FLOW OF FUNDS 1709 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1964 1965 1966 Transaction category, or sector 1961 1962 1963 1964 1965 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 1 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 1.1 .2 .3 .7 1.1 -.7 .5 .5 .9 1.5 -2.0 .6 8 9 Mail 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 II. 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 5.7 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........................... . 1 .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 1.0 2.8 - 1.1 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 . 1 .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......................................... 51 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 —. 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 -.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 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 .1 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. For notes see p. 1529 of October 1966 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 .............................................. 1712 Gold production .................................................................................................................... 1713 Net gold transactions and gold stock of the United States.............................................. 1714 Foreign gold reserves and dollar holdings ........................................................................ 1715 International capital transactions of the United States ................................................... 1716 U.S. balance of payments....................................................................................................... 1726 Foreign trade ........................................................................................................................... 1727 Money rates in foreign countries.......................................................................................... 1728 Arbitrage on Treasury bills ................................................................................................... 1729 Foreign exchange rates ......................................................................................................... 1730 Guide to tabular presentation .............................................................................................. 1646 Index to statistical tables ....................................................................................................... 1737 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 1711 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1712 GOLD RESERVES NOVEMBER 1966 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ End of mated Mone­ United mated Afghan­ Argen­ Aus­ Aus­ Bel­ period total tary States rest of istan tina tralia tria gium Brazil Burma Canada Chile world1 Fund2 world 1959 40,195 2,407 19,507 18.280 n.a. 56 154 292 1,134 327 960 43 1960 40,540 2’439 17,804 20,295 104 147 293 1' 170 287 885 45 1961 41'140 2^077 16,947 22,115 36 190 162 303 1,248 285 946 48 1962 41'470 2,194 16,057 23,220 36 61 190 454 1^365 225 42 708 43 1963 42’310 2^12 15,596 24,400 36 78 208 536 1371 150 42 817 43 1964 43'060 2,179 15,471 25,410 36 71 226 600 1 ;45i 92 84 1,026 43 1965-—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 11124 44 Nov,..«........ 1,868 13^879 35 66 224 700 1 '558 63 84 11138 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 11076 43 Mar......... 43,330 2,358 13,738 27,235 35 65 223 700 l',556 63 84 1,086 43 Anr................ 2'369 13,668 35 65 224 700 1,556 45 84 1 ,'096 44 May.............. 2'557 13,582 35 65 223 700 11556 45 84 1,061 43 June.............. *43,325 2,562 13^29 *27,235 35 64 222 700 1 ’555 45 84 1,024 43 July................ 2,586 13,413 35 67 224 700 11532 45 84 '986 44 Aug............... 2'645 13,319 35 70 226 700 1 ,’529 84 997 45 Sept............... 2; 645 13,356 35 225 701 1 ,527 84 1,009 45 Ger­ E pe n r d i o o d f lo C m o b ­ ia D m e ar n k ­ l F a i n n d ­ France m F a e n d y . , Greece India I n n e d si o a ­ Iran Iraq Israel Italy Japan Rep. of 1959 71 57 38 1,290 2,637 26 247 33 140 84 2 1,749 244 1960 78 107 41 1,641 2,971 76 247 58 130 98 2,203 247 1961 88 107 47 2,121 3,664 87 247 43 130 84 10 2,225 287 1962 57 92 61 2,587 3,679 77 247 44 129 98 41 2,243 289 1963 62 92 61 3,175 3,843 77 247 35 142 98 60 2,343 289 1964 58 92 85 3,729 4,248 77 247 ........... • 141 112 56 2,107 304 1965--Sept............... 33 97 85 4,556 4,390 78 281 141 122 56 2,390 327 Oct................. 34 97 85 4,604 4,404 78 281 140 122 56 2,403 Nov............... 34 97 85 4,638 4,406 78 281 146 122 56 2,404 Dec................ 35 97 84 4,706 4,410 78 281 ..........1..4..6 122 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............... 25 108 55 5,209 4,297 112 243 131 122 46 2,358 Sept............... ................. 108 55 5,241 4,295 116 243 131 ............4..6 2,356 .............. E pe n r d i o o d f Kuwait a L n e o b n ­ Libya M c e o xi­ Mo co roc­ N l e an th d e s r­ Nigeria N w o ay r­ P st a a k n i­ Peru P p h in il e i s p­ Po g r a t l u­ A S r a a u b d i i a 1959 n.a. 102 142 23 1,132 30 50 28 9 548 18 I960 n.a. 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—Sent............... 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 1,756 20 31 53 67 42 595 69 58 193 68 133 21 1,756 20 31 53 65 43 600 69 v/^y.............. 58 193 68 142 21 1,730 20 18 53 65 44 605 69 June.............. 61 193 68 141 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............... 62 193 68 21 1,730 20 18 53 65 48 626 69 Sept............... 62 .............. 68 .............. 21 1 ,730 20 18 53 65 49 ............6..9 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 GOLD RESERVES AND PRODUCTION 1713 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 n i m t g ed ­ U gu r a u y ­ V zu e e n l e a ­ Y sl u av g i o a ­ S I e f n t o t t r i l . 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 2,667 43 104 140 174 2^582 180 401 4 50 1963............................. 630 573 182 2^820 50 104 115 174 2'484 171 401 14 279 1964.............................. 574 616 189 2,725 55 104 104 139 2,136 171 401 17 50 1965—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 Apr................... 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 June.................. 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 59 92 105 139 155 401 20 388 664 785 203 2,681 92 100 139 401 20 -299 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas; for regional organizations, central banks, and govts, of countries listed in most of these countries the increased quotas became effective in Feb. 1966. this table and also of a number not shown separately here, and gold to be 3 Adjusted to include gold subscription payments to the IMF, except distributed by the Tripartite Commission for the Restitution of Monetary those matched by gold mitigation deposits with the United States and Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ United Kingdom. Adjustments are as follows (in millions); 1965 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 1 A So fr u ic th a d R e 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 a i g c u a a ­ Co b l i o a m­ India P p h in il e ip s ­ t A ra u l s ia ­ ot A h l e l r 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 1960, 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 r803.0 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, 1'290.0 892.2 19.4 31.1 7.1 54.5 146.2 8.3 7.8 13.9 5.7 14.8 37.4 51 6 1963,................................... 1,355.0 960.1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 11.4 4.8 13,2 35.8 64.3 1964,. .................................. L395.0 1,018.9 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-—Aug........................ 91.0 1.5 2.1 10.5 .9 1.0 .3 1.3 2 6 Sept....................... 89.7 1.6 2.2 10,2 .4 1.0 .4 1.3 2.3 Oct......................... 90.4 1.7 10.5 .7 1.0 2.6 Nov............. 91.6 2.1 10,4 .5 .8 2.3 Dec........................ 89.3 24.7 2.3 10.2 .7 7 21.1 2 4.0 2 6 1966- 91.2 9.8 .7 1 0 .4 2 5 Feb........................ 87.8 9.6 .9 9 .3 2 4 Mar....................... 90.5 21.2 10.1 9 .3 23.7 2.6 Apr........................ 90.8 10.1 8 .4 2 8 91,9 10,2 .8 2.8 June....................... 89.3 9.2 .8 July.................. 89.4 9.1 Aug........................ 90.1 8.9 1 Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly data. countries and Bureau of Mines. Data for the United States are from the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1714 U.S. GOLD NOVEMBER 1966 U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sales (—) or net acquisitions; in millions of dollars at $35 per fine troy ounce) 1965 1966 Area and country 1957 1958 1959 I960 1961 1962 1963 1964 1965 II in 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 11 United Kingdom............... -900 -350 -550 -306 -387 329 618 150 29 132 64 — 19 -7 Bank for Inti. Settlements. -178 -32 -36 -23 Other.................................. 8 -41 -48 -96 -53 -12 1 -7 -37 -4 -9 -7 -34 -4 Total........................... 68 -2,326 -827 -1,718 -754 -1,105 -399 -88 -1,299 -334 -82 -81 -174 -221 Canada ................................. 5 190 100 50 Latin American republics: Argentina............ 75 67 -50 -90 85 -30 Brazil.................................. -11 -2 -2 57 72 54 25 28 -1 -1 — 1 -1 Colombia........................... -6 38 10 29 30 -1 7 Venezuela........................... 65 -25 -25 Other................................. 6 2 -35 -42 -17 -5 -ii -9 -13 * —3 —3 —6 —3 Total........................... 81 69 19 -100 -109 175 32 56 17 58 -4 -29 ♦ -4 Asia: Tapan............................ -30 -157 -15 —56 Other.................................. is -4 -28 -97 1 -101 2 -93 ii 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 TntI Monetary Fund ........ 600 3 -44 4 300 150 5-225 6-259 7 8 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 stock1-2 Foreign Month Gold stock1-2 Foreign Total c h u o r l r d e i n ng cy s Total T g o o t l a d l Total h c o u l r d re in n g c s y 4 Total T g o o t l a d l Total 3 Treasury Total 3 Treasury 1953 . 22,091 22,091 22,030 -1,161 -1,161 1965—Oct... . 14,795 13,937 13,857 858 —89 12 1954 . 21,793 21,793 21'713 -298 -298 Nov.... 14^86 13;879 13'805 807 — 109 58 1955........ 21,753 21,753 21’690 -40 -40 Dec.... 14,587 13,'806 13,733 781 —99 -73 1956... 22’058 22'058 21;949 305 305 1957........ 22,857 22,857 22,781 799 799 1966—Jan.....1.4,450 13,811 13,732 639 — 137 5 Feb.... 14,188 13,811 13^730 377 -262 1958 20,582 20,582 20,534 -2,275 —2,275 Mar.... 14,297 13,738 13,634 559 109 -73 1959 19,507 19,507 19,456 -EO75 5 —1 075 Apr.... 14i190 131668 13,632 522 — 107 70 1960 17,804 17,804 17,767 -L703 -1’703 May... 14,210 13,582 13,532 628 20 —86 1961........ 17,063 16,947 16,889 116 -741 -857 June... 14,251 13,529 13 ,'433 722 41 -53 1962........ 16,156 16,057 15,978 99 -907 -890 July.... 14,506 13,413 13,332 1,093 255 -116 1963........ 15,808 15,596 15,513 212 -348 -461 Aug.... 14,618 13,319 13,259 1,299 112 -94 1964........ 15,903 15,471 15,388 432 95 -125 Sept.... 14,504 13,356 13,258 1,148 -114 37 1965........ 14,587 13,806 13,733 781 -1,316 « -1,665 Oct.. .. 14,524 13,311 13,257 1,213 20 -45 1 Includes gold sold to the United States by the International Mone­ 4 For holdings of F.R. Banks only, see pp. 1656 and 1658. 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 Oct. 31, 1966. Also includes gold deposit of IMF; see note 2. to the IMF. 2 Beginning Sept. 1965, includes gold deposited by the IMF to mitigate 6 Includes payment of $259 million increase in U.S. gold subscription the impact on the U.S. gold stock of purchases by foreign countries for to the IMF. gold subscriptions on increased IMF quotas. Amount outstanding was Note.—See Table 11 on p. 1723 for gold held under earmark at F.R. $211 million on Oct. 31, 1966. The United States has a corresponding Banks for foreign and international accounts. Gold under earmark is gold liability to the IMF. not included in the gold stock of the United States. 3 Includes gold in Exchange Stabilization Fund. See also Note to table on gold reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 GOLD RESERVES AND DOLLAR HOLDINGS 1715 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, 1966^ Area and country Gold & U.S. Gold & U.S. Gold & U.S. Gold & U.S. Gold & U.S. Gold & U.S. short­ Govt, short­ Govt, short­ Govt, short­ Govt, short­ Govt, short­ Govt, term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Western Europe: Austria.............................................. • 923 3 885 3 959 3 950 3 911 3 906 3 Belgium........................................................... 1,887 1,983 1,972 1,956 1,926 1,933 Denmark................................................ 428 14 368 14 335 14 402 14 443 13 429 13 Finland........................................................... 212 1 189 1 179 [ 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 | 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 j 3,695 ] 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 5,237 564 5,161 560 Other t ........................................................... 508 49 '341 50 393 50 34 50 498 49 343 50 Total........................................................ 32,733 714 33,357 765 33,679 814 34,058 800 34,034 806 34,651 811 Canada............................................................ 4,010 690 3,492 727 3,928 718 3,725 676 3,394 681 3,195 686 Latin American republics: Argentina................................................... 362 * 378 449 498 552 549 Brazil............................................................... 350 402 475 Jr 446 * 344 370 * Chile............................................................... 219 240 249 263 245 * 238 * Colombia........................................................ 267 190 I 200 1 249 1 200 | 206 I Cuba............................................................... 12 11 10 10 10 10 Mexico............................................................ 904 | 852 803 861 Jr 874 1 739 1 Panama, Republic of..................................... 99 124 1 113 | 120 ! 135 1 156 1 Peru............................................................... 273 | 330 1 323 1 324 1 319 1 312 1 Uruguay....................................................... 282 295 299 * 292 312 334 Venezuela............................................. 1,135 1,097 1,091 1,139 1 1,102 1 1,101 1 Other.............................................................. 478 2 538 2 558 2 584 I 605 * 594 ♦ Total...................................................... 4,381 6 4,457 5 4,570 5 4,786 5 4,698 5 4,609 5 Asia: India............................................................... 306 353 357 365 321 367 Indonesia....................................................... 73 1 58 1 58 | 66 | 72 1 84 1 Japan.............................................................. 3,071 5 3,170 9 3,274 9 3,342 9 3,294 9 3,226 9 T P h hi a l i i l p a p n i d n . e . s .. . . . . . . . . . . . . . . . . . . .. . . . . . .. . . . . . . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . .. . .. . . . . . . . . . . . . . . . . . . . . . 2 5 5 62 6 * 2 5 8 9 1 2 3 5 1 9 2 8 * 6 3 3 42 8 * 3 71 5 9 2 3 66 7 8 4 Jr 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 7,147 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 1.6 392 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 51,178 1,592 51,773 1,596 International and regional....................... 7,161 904 46,689 799 46,999 795 46,878 752 4 7,659 556 4 7,653 433 Grand total2........................................... 56,463 2,405 56,499 2,393 57,721 2,427 58,297 2,329 58,837 2,148 59,426 2,029 1 Includes, in addition to other Western European countries, unpub­ millions): 1965 June 30, $259; Sept. 30, $285 ; Dec. 31, $313; 1966 Mar. 31, lished gold reserves of certain Western European countries; gold to be $2; and June 30, $1. distributed by the Tripartite Commission for the Restitution of Mone­ tary Gold; European Fund; and the Bank for International Settlements Note,—Gold and short-term dollars include reported and estimated (the figures for the gold reserves of the BIS represent the Bank’s net official gold reserves, and official and private short-term dollar holdings gold assets). (principally deposits and U.S. Treasury bills and certificates); excludes 2 Excludes gold reserves of the U.S.S.R., other Eastern European nonnegotiable, non-interest-bearing special U.S. notes held by the Inter­ countries, and China Mainland. American Development Bank and the International Development Assn. 3 Includes international organizations and Latin American and Euro­ U.S. Govt, bonds and notes are official and private holdings of U.S. pean regional organizations, except the Bank for International Settlements Govt, securities with an original maturity of more than 1 year; excludes and European Fund, which are included in “Other Western Europe.” nonmarketable U.S. Treasury bonds and notes held by official institutions 4 Excludes gold subscription payments by member countries in anticipa­ of foreign countries as shown in Table 8 on p. 1722. tion of increase in IMF quotas. Amounts outstanding as follows (in See also Note to table on gold reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1716 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 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 L pu e a b r ti i l n c ic a s n Asia Africa co O u t n h t e ri r e s 1963............................................ 19,505 5,855 13,650 7,867 1,664 1,058 2,731 154 176 1964................................. 20,221 5,876 14,345 8,266 1 ’483 I ’238 3’020 160 178 1965—Sept................................. 19,370 5,920 13,450 7,136 1 ,385 1 ,385 3,162 1 84 198 Oct.......................... 19,407 5,891 13,516 7,173 1 '410 1'347 3,188 187 211 Nov................................. 19,520 5,836 13,684 7,192 I 340 1,343 3,297 1 87 225 Dec........................... 19,922 5,751 14,171 7,532 1 '403 1’497 3’300 1 94 245 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 1 325 3339 210 224 Mar............................... 19,403 5,848 13,555 7,017 I ',308 1 359 3 410 218 243 Apr............... 19'412 5,785 13^627 6’968 1,262 1 ,415 3,519 229 234 May.,....................... 19,538 5,633 13,905 7^238 1 ,239 1 338 3,512 235 223 June........................... 19'286 5,515 13,771 7’415 l'2O2 1 '225 3338 237 254 July................................. 19'497 5,623 13,874 7,'726 1'163 1 ’ 163 3 364 234 224 Aug.**............................. 19'586 5,827 13'759 7'618 I ,096 1 ’ 177 3,397 252 219 Sept. >’............................. 19,182 5,827 13,355 7,278 1 ,090 1 .056 3 340 266 225 1 Excludes $776 million letter of credit issued by the U.S. Treasury Dept, as reported by banks 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 LN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional Foreign End of Grand Latin Other period total1 Europe Canada America Asia Africa coun­ Total 1 IntlJ.2 gi R on e a ­ l3 Total c O ia ff l i ­ 4 Other tries 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............................ 25319 5,145 4338 207 19,874 11,963 7,911 io;162 3 349 2'448 3'444 319 152 1963............................. 25367 4,637 4,501 136 21,330 12,467 8,863 10'770 2388 3’137 4,001 241 194 19645........................... 28,873 4,974 4,802 172 23,899 13 320 10379 12336 2384 3,563 4 387 238 192 1965—Sept................... 28,912 5,125 4,988 136 23,787 12,326 11,461 11,554 2,816 3,804 5.119 271 223 Oct.................... 29’234 5 397 4,964 132 24;137 12303 11 334 11,576 3,042 3,827 5,176 272 244 29,171 5,085 4348 137 24,086 12,579 11,507 11,461 2,970 3,836 5,288 274 257 Dec................... 29'072 5300 4382 117 24 372 13 366 11,006 11,627 2374 4’027 5,286 280 278 Iygg—jan..................... 29,277 5,095 4,967 128 24,182 12,844 11,338 11,672 2,561 4,043 5,326 312 268 Feb.................... 29'154 5,210 5,083 127 23,944 12,474 11,470 11,358 2,589 4,055 5,356 335 253 Mar........... 29’246 5,292 5,177 115 23,954 12,455 11,499 11,660 2,308 4,026 5,359 330 272 Apr.................... 29,498 5,297 5,180 116 24,201 12,527 11,674 11,522 2,460 4,099 5'526 328 266 May.................. 29'706 5’195 5 383 113 24'511 12'805 11'706 11,868 2359 4345 5'541 336 262 J une............ 29629 5 382 4372 110 24,547 12,665 11 382 12,331 2,171 3’936 5'470 334 305 July................... 30'707 5,191 5,080 111 25,516 13,021 12,495 13 349 2,291 3 384 5'393 329 269 Aug.1’............... 31',218 5,438 5,332 106 25,780 12,907 12,873 13377 2,164 3,826 5'408 339 265 Sept. 5'............... 31392 5338 5,311 127 25,654 12,503 13,'151 13343 2J91 3; 808 5'483 363 267 2a. Europe Ger­ E p n er d i o o d f Total Austria Belgium m De a n rk ­ l F a i n n d ­ France m F a e n d y . , Greece Italy N la e n th d e s r­ Norway Po g r a t l u­ Spain Sweden Rep. of 1961................. 10322 255 326 52 91 989 2,842 67 1,234 216 105 99 153 406 1962................. 10,162 329 177 67 73 1,157 2,730 119 1,384 248 125 161 177 490 1963................. 10370 365 420 161 99 I'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-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....... 11358 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....... 11,522 203 380 347 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. . 13,349 205 406 295 70 1,169 2,025 131 1,725 344 347 306 138 672 Aug.*.. . 13,777 180 389 271 66 1,137 2,086 129 1,659 331 299 322 174 673 Sept.”.. 13,543 233 377 287 61 1,075 2,224 131 1,525 325 284 320 181 693 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1717 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Conlinued (Amounts outstanding; in millions of dollars) 2a. Europe—Continued 2b. Latin America E p n er d i o o d f Sw la i n tz d er­ Turkey U K d n i o n i m t g e ­ d Y sla u v g i o a ­ W E O u e r t 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—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........ 1,33! 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....... I ,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 July. . . . 1,696 18 3,350 20 397 4 31 3,884 473 309 198 189 9 575 Aug?’... 1,692 26 3,901 27 380 6 29 3,826 489 322 201 182 9 555 Sept J’... 1 ,766 24 3,609 32 358 6 32 3,808 474 340 238 186 10 546 2b. Latin America—Continued 2c. Asia E pe n r d i o o u f Panama Peru g U u 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 L e a th r ti i e n c r a7 Total C M la h a n i i n d n a ­ H K o o n n g g India n d I e n o s ­ i ­ 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—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 Hl 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 5H 164 119 18 5,326 35 112 86 34 123 Feb....... 135 235 164 721 541 182 118 18 5,356 35 119 94 28 120 Mar...... 135 252 157 701 546 186 127 24 5,359 36 112 78 37 125 Apr....... 145 240 161 787 547 174 128 16 5,526 36 119 159 52 139 May.... 146 233 167 762 529 183 125 19 5,541 36 117 141 55 128 June.... 156 247 179 700 534 181 126 19 5,470 35 114 124 49 118 July.. .. 144 230 180 735 541 164 117 19 5,393 36 118 125 44 119 Aug.*’.. . 145 227 166 698 537 158 117 20 5,408 36 128 134 49 106 Sept.''... 149 216 156 669 510 179 115 21 5,483 36 135 151 53 115 2c. Asia—Continued 2d. Africa 2e. Other countries Congo 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 s ( h K a i s n a ­ ) 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—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 19! 268 244 24 Feb.......... 2,964 117 302 211 604 760 335 H 19 95 18 192 253 226 27 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 ll 20 89 17 192 266 231 35 Nfay........ 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 July......... 2,780 120 325 241 595 891 329 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 SeptT.... 2,740 134 317 245 612 945 363 13 40 64 15 231 267 240 28 i See Note 1 to Table 1. 5 Includes revisions arising from changes in reporting coverage as 2 International Bank for Reconstruction and Development, Inter­ follows (in millions of dollars): Total +50; Foreign other +50; Europe national Monetary Fund, International Finance Corp., International — 17; Canada +1; Latin America +26; Asia +49; Africa —9. Development Assn., and other international organizations. 6 Includes Bank for International Settlements and European Fund. 3 European regional organizations, except Bank for International 7 Data based on reports by banks in the Second F.R. District only for Settlements and European Fund which are included in “Europe”, Latin year-end 1961-62. American regional, and Asian regional. 4 Foreign central banks and foreign central govts, and their agencies, For Note see end of Table 2. and Bank for International Settlements and European Fund. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1718 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 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 J 5.8 4.0 Iran....................................... 23.4 62.0 66.9 79.2 Ireland, Rep, of.................. 8.7 6.3 6.2 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 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 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 T N a r i m i c n a a id r i a c a g d a u . . & . a . . . . . T . . . . . . o . . . . b . . . . . . a . . . . g . . . . o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 1 7 7 2 1 . . . . 4 0 4 4 6 1 8 7 7 2 . . . . 1 8 6 4 6 1 3 8 7 3 . . . . 6 6 0 8 7 1 1 6 5 1 5 . . . . 3 5 0 0 Ot A E L G he t i l h h b g r a i e e A o n r r p i i a f a a i r . . a . i . . . c . , . . . . . a . . . ( . . : . i . . . . n . . . . . . c . . . . . h . . . . . . . . . . E . . . . . . . . . r . . . . . i . . . t . . . . r . . . . . e . . . . . . a . . . . ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 5 0 3 1 . . . . 5 0 6 7 4 1 2 5 5 7 . . . . 1 1 6 2 4 1 7 2 4 7 . . . . 1 6 6 9 5 1 1 2 8 9 3 . , . . 9 7 9 6 Ot B h F e r r e i r t n i L s c h h a t W in W e A s e t s m t I n e I r d n ic i d e a i s e : . s .. ... & .. ... F .. r . e .. n .. c .. h ... 8.0 1 1 6 . . 4 0 11.5 8 1 . . 9 5 S L N M o i i b m o g y z e a a a r l i m i . a . . . R . b . . . . i e . . q . . p . . u . . u . . e . b . . . . . . . l . . . i . . . c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 2 8 5 . . . , 5 9 5 7 2 2 6 0 1 , . . . 8 3 6 8 3 21 4 1 . . . 8 8 6 7 2 n 6 1 . , . . a 7 7 9 . Southern Rhodesia.,................. 9 3.4 2.6 3.3 3 5 Ot A B he u f r g r h m A a s a n i . a i . s . : . t . a .. n .. . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 5 2 . . 5 5 3 6 5 . . 3 9 4 5 9. . 1 6 n 8 . . a 0 . S T Z u u am d n a i b s n i i a . a .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . ....... 2 ( . . 9 2 9 ) 2 1 . . . 2 9 0 3 7 I . . 7 2 8 n 3 I . . a 3 0 . Cambodia..................................... 1.5 1.7 2.7 Ceylon........................................... 2.4 2.7 2.4 3.3 All other: New Zealand.............................. 12.0 19.7 18.7 27 I 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 for i e n i gn Deposits U.S. Special Deposits U.S. currencies Total Demand Time 2 c T b er i r l t e l i s f a i s c a u a n r t d y e s no U t . e S s . 3 Other 4 Total Demand Time 2 c T e b r i r t l e i l f s a i s c a u a n r t d e y s Other 4 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 Sept........... 28,912 25,291 6,977 3,926 7,709 3,494 3,185 3,503 1,504 1,492 81 426 118 Oct........ 29^34 25,587 7,048 4,073 7,819 3,489 3,158 3,546 1,515 1,529 91 410 101 Nov....... 29'171 25,481 6', 810 4,005 8,078 3,470 3,118 3,591 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............. 29,277 25,319 6,871 4,043 7,848 3,558 2,999 3,592 1 ,563 1,627 94 308 365 Feb............ 29J54 25,108 6,795 3,991 7,822 3,548 2,952 3,658 1,586 1,636 95 341 388 Mar.......... 29’246 25,188 7,117 3,823 7,643 3,592 3,012 3,676 1,530 1,703 89 354 381 Apr........... 29,498 25,380 7,080 3,895 7,548 3,597 3,260 3,712 1 ,578 1,693 106 336 406 May...... 29’706 25,566 7,293 3,769 7,464 3,627 3,412 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............ 30307 26,492 7,863 3,684 7,605 3,680 3,660 3,729 1,490 1,762 80 397 485 Aug."........ 31,218 27,004 8,214 3,700 7,521 3,923 3,645 3,658 1,413 1,770 81 394 556 Sept.”........ 31,092 26,640 7,900 3,847 7,363 3,958 3,572 3,843 1,531 1,807 108 397 608 i See Note 1 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 Sept. 30, 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1719 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; tn millions of dollars) End of period G to ra ta n l d I r n e t g i, i o a n n a d l Europe Canada A L m a e t r i i n c a Asia Africa 1 co O un th tr e ie r s 2 1961................................................................................. 4.820 767 556 1,522 1 ,891 85 1962................................................ .................... 5,163 877 526 1 ’,606 2,017 137 1963................................................................................. 5,975 1 939 638 1 ,742 2,493 104 58 1964................................................................................. 7,469 1 1,217 725 2,212 3,137 120 58 19643.............................................................................. 7’957 * 1 J30 1,004 2'235 3 ' 294 131 64 1965—Sept...................................................................... 7,498 1,213 678 2,136 3,266 146 59 Oct....................................................................... 7,392 1 J56 679 2,156 3; 189 146 66 Nov...................................................................... 7,486 1,169 685 2’175 3,253 134 69 Dec....................................................................... 7,632 1,201 593 2,’288 3 ,'343 139 67 Dec.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.. 7'584 1 1'176 647 2'199 3'360 135 66 Apr........................ 7’468 I 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 July....................................................................... 7’500 2 1J91 641 2,244 3,131 128 63 Aug,p........................................................... 7'408 1 1,304 563 2,271 3,080 128 61 Sept.p................................................................... 7',413 1 1'315 556 2; 303 3'055 124 59 4a. Europe End of period Total A tr u ia s­ g B iu e m l­ m De ar n k ­ l F a i n n d ­ France G Fe e d rm . 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 ga r­ 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—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 Mar...................... 1,176 11 47 38 91 84 185 13 102 44 50 31 48 51 Apr...................... 1,166 10 47 39 86 74 182 13 102 37 51 31 64 53 May.............. 1^220 U 66 36 87 70 174 14 99 39 57 32 73 58 1 J85 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.?.................. 1,304 10 58 53 90 71 217 15 106 42 49 38 62 65 SeptJ1.................. 1 JI 5 13 60 60 92 72 225 17 105 40 51 42 56 68 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 b o i 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 18! 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 19643............................... 111 37 310 16 20 * 20 2'235 203 126 176 338 17 644 1965—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 2J75 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 July...................... 78 50 198 20 35 3 25 2,244 192 106 163 254 16 729 Aug.?..,....,.., 92 42 214 17 37 2 25 2^ 271 183 HO 158 279 16 743 Sept.P.................. 78 47 216 18 34 2 17 2; 303 182 1 12 150 287 16 736 For notes see the following page. 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1720 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1966 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 4b. Latin America—Continued 4c. Asia E pe n r d i o o d f Panama Peru g U u r a u y ­ V zu e e n l e a ­ r O e l L i p c t . h s A u e b . 7 r ­ B B m a & e h a r s a ­ ­ A N S n u e t & i t r l h i l ­ e . s 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 muda 1 nam 1961................. 32 74 55 144 56 13 74 1 891 2 9 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—Sept...... 51 125 67 177 217 56 13 21 3,266 1 28 18 2 54 Oct....... 53 138 67 184 222 55 14 22 3,189 1 27 19 2 67 Nov...... 55 147 50 181 234 52 14 22 3,253 1 28 16 I 76 Dec....... 59 170 45 220 250 53 14 23 3,343 1 29 17 2 86 Dec 4.... 59 170 45 220 250 53 14 23 3,351 1 29 17 2 86 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 J 67 44 171 217 45 13 27 3,360 I 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 1 89 July.. .. 66 177 57 180 218 55 17 16 3,131 1 32 26 6 88 Aug.*'... 69 177 39 184 224 56 17 16 3,080 1 30 28 2 90 Sept.**. . 65 175 39 212 234 57 20 17 3,055 1 28 28 6 88 4c. Asia—Continued 4d. Africa 4e. Other countries End of period Japan Korea P p h in il e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total i 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 i e c r a1 Total 2 A t l r u i a a s ­ ­ oth A e ll r ^ 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 I 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—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 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 1 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 1 2 38 38 63 76 62 14 Feb................ 2,694 24 227 15 81 117 132 2 37 34 58 76 62 14 Mar............... 2,777 24 206 15 72 115 135 I 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 41 48 48 62 52 9 July............... 2,585 19 173 16 67 118 128 2 38 44 43 63 54 9 Aug J'............ 2,535 20 183 17 64 112 128 2 37 44 44 61 52 9 Sept.p........... 2,479 27 195 15 65 122 124 1 2 34 38 49 59 50 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 because of revision of preliminary data. Note.—Short-term claims are principally the following items payable 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 6 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. Sec also Note to Table 2. 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NOVEMBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1721 5. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies Loans to— Accept­ Foreign End of period Total Total Official C t o o io u ll n t e ­ s c ­ fo m a r n a a c d c e e c s t , Other 3 Total D w e it p h o f s o it r s ­ g c o u c v o ri t m t , i e l s . s e , ­ Others Total i t n i s o t n it s u 1 ­ Banks Others st i a n n g d­ e o ig f n f e o r r s ­ 2 eigners a n n a d n c f e i­ 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 5'344 1,915 186 955 774 832 2,214 384 631 432 157 42 1964............................. 7,469 6,810 2,652 223 1,374 1,055 1,007 2,'600 552 659 400 182 77 1964 5........................... 7,957 7,333 2,773 221 1 ,403 1,150 1,135 2,621 803 624 336 187 102 1965 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 I ' 101 1,191 2,422 476 496 321 82 93 Nov................... 7,486 6,983 2,887 251 1,535 1,101 1 ,207 2,41 1 477 503 325 75 103 Dec................... 7,632 7,158 2,967 27! 1,566 1 J 30 1 '268 2,501 422 474 325 54 95 Dec.6................ 7,728 7,236 2,967 271 1 ,567 r, 129 1,272 2,501 495 492 329 68 96 1966—Jan.................... 7,551 7,076 2,862 257 1,498 1,107 1,252 2,484 478 475 292 65 118 Feb.................... 7,466 7,030 2,812 224 1,497 1,091 1 ,264 2^478 476 436 260 61 115 Mar.,............. 7^584 7J39 2,864 231 1,508 1,125 1 ,287 2'539 449 445 286 53 106 Apr................... 7 368 7,062 2,716 220 1 ,425 1 ^070 1 '305 2^573 469 406 252 61 94 May.................. 7’554 7,134 2,832 224 1 ,520 1 '088 1 '298 2,537 467 421 253 62 106 June................. 7'644 7,175 2,911 248 1,584 1 ,079 1,320 2,471 473 469 294 63 113 July................... 7,500 7,075 2,860 215 I ,570 1 '075 1,340 2,380 495 425 252 59 113 Aug.p............... 7^408 6,968 2,822 216 1 ,548 1 '058 1 ^370 2,323 453 440 260 57 123 Sept*............... 7,413 6,986 2,942 255 1,619 1 '068 1,375 2,259 410 427 241 61 125 t Includes central banks. previously included; and because of the addition of $546 million of short­ 1 Not reported separately until 1963. term claims arising from the inclusion of claims previously held but first 3 Until 1963 includes acceptances made for account of foreigners. reported as of Dec. 31, 1964; and because of 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 l r l 1 r f e o n c r i u e c n i r i g e . n s 1 U K d n i o n i m t g ed ­ E O u t r h o e p r e Canada A L m a e ti r n ica Japan O A t s h i e a r Africa1 ot A h l e l r2 1961............................. 2 2,034 H 482 274 931 24 146 166 1962............................. 7 2,160 25 552 304 886 74 148 171 1963............................ 69 J 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 I 87 1,632 327 1,275 430 255 1 56 122 1965 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.................... 5U 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 r,4i9 330 1 i265 434 410 192 255 Apr................... 726 4,418 4,127 283 8 85 I ,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................... 1,065 4,389 4,111 270 8 81 1 ' 349 328 1,300 403 428 202 300 Aug.”............... 1 ,076 4,365 4,092 265 8 78 1,328 322 1'293 393 428 204 319 Sept.77.............. 1,097 4,286 4,004 266 16 75 1'270 320 1'306 374 430 202 308 I Not reported separately until 1963, this amount are claims on: Europe $5 million, Latin America $134 2 Includes Africa until 1963. million, and Asia $54 million. 3 Includes claims previously held, but reported for the first time as of 4 Differs from Dec. data in line above because of the inclusion of long­ May 1963; on that date such claims were $86 million. Also includes term liabilities and claims previously held, but first reported as of Dec. $193 million reported for the first time as of Dec. 1963, representing 31, 1964, and because of 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

1722 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 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 i r ti p e o s r 2 ate Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d i, Foreign c P ha u s r e ­ s Sales c N h s a e a s t l e e p s s u o r r ­ ch P a u s r e ­ s Sales c N h s a e a s t l e e p s s u o r r ­ ch P a u s r e ­ s Sales c N h s a e a s t l e e p s s u o r r ­ regional Total Official Other 1962............................. -728 -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—Sept............6. .. 6 6 365 393 -28 289 419 -130 75 54 21 Oct.......-.4 4 -44 -33 434 441 -6 101 217 -116 67 52 15 Nov.. -56 -8 -5 426 453 -27 125 213 -88 69 5! 18 Dec....... 2 644 607 37 94 134 -41 83 71 13 1966—Jan.........-..9... ..... -5 6 471 436 35 109 308 -199 73 65 7 Feb................... -118 19 19 489 487 2 83 189 -106 71 75 -5 Mar.................. -54 -4 -4 683 546 137 243 352 -109 100 101 -1 Apr.................. -66 2 2 577 565 12 106 260 -154 88 105 -17 May................. -60 -9 -9 716 576 141 152 161 -8 94 55 39 June.............6.. .. 6 5 592 497 96 198 209 -10 91 52 40 July.................. -246 -246 -253 7 421 436 -15 135 248 -113 69 39 30 Aug.*............... -21 23 24 391 369 22 69 61 8 76 65 11 Sept.*........ -35 -35 -35 496 360 137 100 193 -93 86 42 45 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 * Total Canada 2 Italy Sweden 1962—Dec........................... 251 200 51 1963—Dec........................... 730 50 30 275 200 175 i63 125 13 25 1964—Dec........................... 1,086 50 30 679 327 354 329 ..............2..5. 1965—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 Oct........................... 238 25 30 125 58 385 174 186 25 > 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-Oct. 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

NOVEMBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1723 9. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Stocks Bonds France S l z a w e n r i d ­ t­ U K d n i o n i m t g e ­ d E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r­ Asia Africa1 c O tr o i t u e h s n e 2 ­ 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 I 17 1963............. 207 198 9 -8 -14 206 16 199 -47 14 17 1 22 1964............. -173 -349 176 -37 -200 -4 14 -228 3 25 10 -1 18 1965............. -461 -499 38 14 -63 -522 47 -523 37 — 15 24 -4 -1 21 1965—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 J une.. 96 -43 139 9 3 73 -19 66 3 4 9 * 13 July. . -15 -30 15 2 16 -92 26 -48 9 6 -8 -1 * 26 Aug.p. 22 -13 35 2 3 -23 -6 -24 39 7 * * Sept.p. 137 10 127 -2 16 96 2 112 18 7 -2 * * 2 i Not reported separately until May 1963. Note.—Statistics include State and local govt, securities, and securities 2 Yearly figures through 1963 include Africa. of U.S. Govt, agencies and corporations that are not guaranteed by the United States. 10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 11. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Total Assets in custody Period Total g I a i r n o n e t n d ­ i, a l c e t f o r i o i u g e r n n s ­ ­ r E op u e ­ C a a d n a ­ A L i a m c t a i e n r­ Asia r A ic f a ­ 1 O c tr o i t e u h s n e 2 r ­ E pe n r d io o d f Deposits U se . c S u . r G iti o e v s t 1 . Ear g m o a ld rked 1962................... -1,048 -235 -813 -188 -360 -41 -175 -50 1962............. 247 6,990 12,700 1963................... -1,044 -96 -949 -49 -614 -26 -252 -8 1963............. 171 8’675 12^954 1964................... -728 -140 -588 163 -670 -36 -77 7 25 1964............. 229 8’389 12’698 1965................... 953 -164 -788 108 659 55 -131 3 54 1965—Oct... 144 7,974 12,905 1965—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 1966—Jan......... -191 7 - 198 6 -192 -9 -8 1 4 Mar... 329 7,617 12,944 Feb......... -111 7 -118 -8 -83 -26 -3 1 Apr... 192 7,455 13,001 Mar..... -110 -94 -16 77 -138 21 29 5 -10 May.. 263 7,631 12,975 Apr........ -172 -31 -140 -8 -167 36 -3 * 2 June.. 313 7,517 12,955 May....... 31 -22 53 75 -13 -14 4 1 Julv... 548 7,307 13,016 June....... 29 11 18 20 24 -4 -8 -13 Aug... 170 7,042 13,066 July........ -83 -50 -33 15 -37 -11 -5 1 4 Sept... 159 7,092 12,904 Aug.P.. . . 18 7 11 3 13 4 -9 * Oct.... 194 7,336 12,876 Sept’.... -48 6 -54 20 -75 5 5 * -9 l U.S. Treasury bills, certificates of indebtedness, i Not reported separately until May 1963. notes, and bonds; includes securities payable in foreign 2 Yearly figures through 1963 include Africa. currencies. 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

1724 INTL. CAPITALTRANSACTIONS OFTHE U.S. NOVEMBER 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 June Sept. Dec. Mar. JuneP June Sept. Dec. Dec.1 Mar. June^ Europe: Austria...................................................... 2 2 2 2 2 5 6 6 6 8 7 Belgium..................................................... 21 23 24 27 29 16 20 39 45 46 45 Denmark................................................... 1 1 1 1 2 11 11 9 9 8 8 Finland...................................................... 1 I 1 1 1 6 6 6 6 6 6 France....................................................... 47 51 51 45 48 71 81 82 82 97 94 Germany, Fed. Rep. of........................... 73 59 71 60 70 118 105 112 112 118 98 Greece....................................................... 6 7 3 3 3 8 10 13 13 11 18 Italy........................................................... 16 18 18 23 27 81 76 77 77 118 111 Netherlands.............................................. 50 45 55 54 65 31 30 41 41 48 42 Norway.................................................. 5 2 2 2 2 7 7 8 8 8 7 Portugal.................................................... 2 6 3 7 6 10 7 5 5 9 8 Spain.......................................................... 5 13 21 21 23 33 48 50 50 56 63 Sweden............................................... 9 11 10 12 12 23 20 20 20 28 30 Switzerland............................................... 35 49 39 45 61 41 40 27 27 20 20 Turkey....................................................... 7 4 4 4 4 8 8 8 7 10 6 United Kingdom...................................... 100 132 139 141 139 294 310 312 315 433 487 Yugoslavia................................................ 1 1 1 1 1 5 5 2 2 2 2 Other Western Europe............................. 5 6 3 4 2 8 8 8 8 9 9 Eastern Europe........................................ 2 1 1 2 3 3 3 3 6 Total.................................................. 386 431 451 453 497 778 797 828 834 1,039 1,065 Canada.......................................................... 82 84 94 120 I 17 774 753 685 599 566 550 Latin America: Argentina.............................................. 2 3 4 6 5 29 37 32 31 34 34 Brazil......................................................... 11 14 13 11 11 93 91 94 93 80 78 Chile.......................................................... 4 4 4 5 4 27 30 31 30 31 31 Colombia.............................................. 13 13 9 8 7 22 21 20 19 21 22 Cuba.......................................................... ♦ 4 4 3 3 3 3 Mexico...................................................... 6 4 5 9 10 76 71 82 76 74 78 Panama..................................................... 21 12 11 9 4 9 12 13 13 It 13 Peru........................................................... 5 6 6 7 5 27 26 29 28 30 28 Uruguay.................................................... 2 1 1 2 1 11 11 8 8 7 5 Venezuela................................................. 19 20 22 27 26 43 47 50 49 52 49 Other L.A. republics............................... 15 15 16 11 12 53 53 59 55 56 55 Bahamas and Bermuda........................... 2 2 2 2 1 9 5 8 8 12 8 Neth. Antilles & Surinam....................... 6 8 7 7 9 3 5 4 4 4 3 Other Latin America............................... 1 2 2 1 2 9 10 9 9 9 9 Total............................................ 108 105 102 105 98 416 422 442 429 424 416 Asia: Hong Kong............................................... 2 2 2 2 2 8 8 7 7 5 7 India.......................................................... 24 26 25 25 20 41 36 37 36 35 29 Indonesia................................................... 7 9 9 12 11 6 4 3 3 3 3 Israel........................................................ 2 3 3 1 2 7 5 6 6 5 4 Japan......................................................... 30 28 32 27 27 172 168 170 164 174 155 Korea........................................................ 1 I 2 6 14 13 13 6 4 Philippines................................................ 6 6 6 7 7 14 14 17 17 16 18 Taiwan...................................................... 1 1 5 6 7 5 6 5 6 5 Thailand.................................................... 1 1 2 1 1 7 7 6 6 8 9 Other Asia................................................ 24 32 32 33 32 66 68 67 66 76 76 Total................................................. 98 109 113 112 HI 332 328 331 322 333 308 Africa: Congo (Kinshasa).................................... * * 1 1 * 3 1 2 2 2 1 South Africa............................................. 22 16 11 11 H 24 23 20 20 18 18 U.A.R. (Egypt)......................................... 2 1 1 1 2 12 14 10 10 11 17 Other Africa............................................. 7 6 7 9 9 29 28 30 30 27 30 Total............................................. 32 23 20 22 22 68 66 61 61 58 66 Other countries: Australia............................................... 25 21 23 31 35 36 33 40 40 40 45 All other.................................................... 9 6 7 4 5 7 7 8 8 7 10 Total................................................. 34 27 29 35 40 43 40 49 48 47 55 International and regional......................... * ♦ * * * * * * * • I Grand total....................................... 740 779 809 848 884 2,411 2,406 2,397 2,294 2,468 2.461 1 Data differ from that shown for December in preceding column be­ mercial concerns and other nonbanking institutions in the United States, cause of changes in reporting coverage. Data exclude claims held through U.S. banks, and intercompany accounts between U.S. companies and their foreign affiliates. Note.—Reported by exporters, importers, and industrial and com­ See also Note to Table 2. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1725 13. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Payable Pay i a n b le Payable Total dol in la rs cu f r o r r e e n ig c n ie s Total do i l n la rs D ba e n p k o s s i a ts b r w o i a t d h in reporter’s Other name 1962—June.................................................................................. 665 551 114 1,974 1,598 208 168 Sept................................................................................... 678 554 123 2,136 1.685 197 254 Dec.................................................................................. 637 508 129 2,051 1,625 214 212 Dec. i................................................................................ 644 513 130 2,098 1,668 217 212 1963 Mar................................................................................... 614 470 144 2,113 1,712 201 200 Mar.1................................................................................ 616 472 144 2,162 1,758 204 200 June.................................................................................. 674 529 146 2^282 1,877 222 183 Sept................................................................................... 691 552 139 2,257 1,830 225 202 Dec.................................................................................... 626 478 148 2,131 1,739 201 191 Dec.2............. ................................. 626 479 148 2,188 1,778 199 211 1964-—Mar................................................................................... 631 475 156 2,407 1,887 239 282 June............................................................................... 622 471 151 2482 2,000 220 262 June3................................................................................ 585 441 144 2,430 1,952 219 260 Sept.................................................................. 650 498 152 2,719 2,168 249 302 Dec.................................................................................... 695 553 141 2,776 2,306 189 281 Dec.4................................................................................. 700 556 144 2,853 2,338 205 310 1965 Mar........................................ 695 531 165 2,612 2,147 189 277 June........................................................................ 740 568 172 2,411 1,966 198 248 Sept................................................................................... 779 585 195 2,406 1,949 190 267 Dec.................................................................................... 809 602 207 2,397 2,000 167 229 Dec.4................................................................................ 809 602 207 2,294 1,906 166 222 1966—Mar................................................................................... 848 616 232 2,468 2,027 211 229 June”................................................................................. 884 650 234 2,461 2,055 192 215 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 End of period lia T b o il t i a ti l e s Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e n ic r a Japan O A t s h i e a r Africa1 ot A h l e l r1 1963—June....................... 159 882 12 88 28 145 101 192 115 85 99 18 Sept........................ 153 881 14 85 42 127 102 188 123 87 98 16 Dec.2..................... 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 June3..................... 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.4.............. 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.4..................... 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 June*..................... 186 1,209 27 170 251 205 61 217 90 90 86 14 1 Until June 1963 Africa included in “All other." $500,000, data exclude $3 million of liabilities and $3 million of claims 2 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. 4 Data differ from that shown for December in line above because of 2 As a result of an increase in the exemption level from $100,000 to changes in reporting coverage. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1726 U.S. BALANCE OF PAYMENTS NOVEMBER 1966 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1965 1966 Item 1963 1964 1965 I II III IV I I^ Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total1...................... 32,339 36,958 38,993 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 Transportation.............................................. 2,115 2,324 2,415 546 620 617 632 640 631 Travel....................................................................... 934 1,095 1,212 282 295 305 330 333 329 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*.................................. 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 Grants, 2 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, securities’................. -56 -23 -7 .............-..1 * -6 -53 -21 5. Errors and unrecorded transactions....................... -352 -1,011 -429 -109 -240 -80 -268 -66 Balances A. Balance on liquidity basis Seasonally adjusted (= 14-2+3+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.......................................... -236 -245 -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 -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

NOVEMBER 1966 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 1727 U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1965 1966 Item 1963 1964 1965 I II III 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 (increase, -).................................................... 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 ail foreign accounts 2,292 2,627 115 -657 -257 965 64 -356 116 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities 5............................................... 703 375 123 51 122 —50 -366 176 Marketable U.S. Govt, bonds and notes3. 466 -59 -20 16 -15 -2 -19 -5 6 Deposits, short-term U.S. Govt, securities, etc........................................................ 504 757 -154 -927 -92 125 740 -591 225 34 8 Commercial banks abroad............................ 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 other than IMF.......................................... -236 -245 -290 -65 -26 -57 -142 -38 -356 B. Official reserve transactions................................... 2,044 1,546 1,305 -41 -55 276 1,125 -382 368 Change in U.S. official reserve assets (increase, —)...................................................... 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 under A.)........................................................ 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 t Excludes military transfers under grants. 5 With original maturities over 1 year. 2 Excludes military grants, 3 Includes certificates sold abroad by Export-Import Bank. Note.—Dept, of Commerce data, Minus sign indicates net payments < Reflects S259 million payment of gold portion of increased U.S. (debits); absence of sign indicates net receipts (credits). subscription to IMF. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 1 Imports 2 Export surplus Period 1963 1964 1965 1966 1963 1964 1965 1966 1963 1964 1965 1966 Month: Jan.................. 3 986 2,040 11,215 2,249 31,100 1,418 3 1,193 1,936 3 -114 622 3 22 313 Feb................. 32,124 2,058 3 1,599 2,335 31,510 1,459 3 1,600 1,993 3 614 599 3 -1 342 Mar................ 3 1 ,958 2,075 J 2,755 2,594 3 1,485 1,518 3 1,861 2,073 3 473 557 3 894 522 Apr................. 3 1,914 2,061 J2.380 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 3 1,789 2,070 479 517 3 471 294 June................ 1,803 2,077 3 2,230 2,486 1,431 1,514 3 1,830 2,115 372 563 3 400 371 July................ 1,841 2,119 2,256 2,461 1,450 1,573 41,741 2,207 391 546 <515 254 Aug................. 1,922 2,100 2,333 2,461 1,497 1,608 1,854 2,148 425 492 479 313 Sept................ 1,958 2,261 2,324 2,580 1,443 1,563 1,865 2,311 515 698 459 269 Oct................. 1,967 2,156 2,342 1,455 1,551 1,885 512 605 457 Nov................ 1,966 2,206 2,408 1,466 1,698 1,952 500 3 508 456 Dec................. 2,091 2,426 2,356 1,480 1,642 1,892 611 3 784 464 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........................ 35,612 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 7,501 4,390 4,744 45,459 6,665 1,331 1,736 41,453 836 IV....................... 6,024 3 6,788 7,106 4,401 34,891 5,729 1,623 31,897 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. 5 Sum of unadjusted figures. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Note.—Bureau of the Census data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

rr^ MONEY RATES NOVEMBER 1966 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Oct. 31, 1965 Rate Country 1965 1966 O a c s t. o 3 f 1 , Per Month 1966 cent effective Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Arcypntina 6.0 Dec. 1957 6.0 Austria. ■ .................. 4.5 June 1963 4.5 Rfdciiim . 4.75 July 1964 5.25 5,25 Brazil..................................... 12.0 Jan. 1965 12.0 Burma . 4.0 Feb. 1962 4.0 Canada 1 4.25 Nov. 1964 4.75 5.25 5.25 fVvInn ..... ... ...•••.•.•.•.•.•. 5.0 May 1965 5.0 Chile 2 ........................... 15.30 July 1965 15.86 15.84 15.84 Colombia.............................. 8.0 May 1963 8.0 Costa Rica. 3.0 Apr. 1939 3.0 Denmark - ................ 6.5 June 1964 6.5 Ecuador ............................... 5.0 Nov. 1956 5.0 El Salvador..................... 4.0 Aug. 1964 4.0 Finland ........................... 7.0 Apr. 1962 7.0 France ..................... 3.5 Apr. 1965 3.5 C»*rmany Fed Rep. of .... 4.0 Aug. 1965 5.0 5.0 Chana ........................... 4.5 Oct. 1961 7.0 7.0 Creece ............................... 5.5 Jan. 1963 5.5 Honduras 3.,...................... 3.0 Jan. 1962 3.0 Iceland.................................. 8.0 Jan. 1965 9.0 9.0 6.0 Feb. 1965 6.0 Indonesia...................... 9.0 Aug. 1963 9.0 4.0 Oct. 1963 5.0 5.0 Ireland .............................. 5.08 Oct, 1965 5.88 5.75 5.91 5.94 5.87 5.94 6.87 6.94 7.00 7.00 Israel ..................... 6.0 Feb. 1955 6.0 Italy ........................... 3.5 June 1958 3.5 Jamaica . ..............-......... 5.0 Nov. 1964 5.5 5.5 Tapan ........................... 5.48 June 1965 5.48 10.5 Mar. 1964 21.0 28.0 28.0 Mexico , ........................... 4.5 June 1942 4.5 Netherlands.......................... 4.5 June 1964 5.0 5.0 New Zealand............ 7.0 Mar. 1961 7.0 Nicaragua............................. 6.0 Apr. 1954 6.0 Norway ........................... 3.5 Feb. 1955 3.5 Pakistan.............................., , 5.0 June 1965 5,0 Peru ................................. 9.5 Nov. 1959 9,5 Philippine Republic 4. ... 6.0 Jan. 1962 4.75 4,75 Portugal............................... 2.5 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 Ta iwan 5 T....................... . 14.04 July 1963 14.04 Thailand ........................... 5.0 Oct. 1959 5.0 Tunisia.................................. 4.0 Oct. 1962 4.0 Turkey................................... 7.5 May 1961 7.5 United Arab Rep. (Egypt).. 5.0 May 1962 5.0 1 Jnitcd 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 Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia—5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent occur. for rediscounts in excess of an individual bank’s quota; 3 Rate shown is for advances only. Costa Rica—5 per cent for paper related to commercial transactions * Beginning with June 1, 1962, the rediscount rate for commercial (rate shown is for agricultural and industrial paper); bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for commercial purposes; under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Indonesia—various rates depending on type of paper, collateral, com­ 1962, the rediscount rate for commercial bank financing of 9 categories modity involved, etc.; of development loans was reduced from 6 to 3 per cent. Japan—penalty rates (exceeding the basic rate shown) for borrowings 3 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

NOVEMBER 1966 MONEY RATES; ARBITRAGE 1729 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 r s y 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 t h . ­ s s ’ 3 T r m b e i a o l s l n s u t , h ry s D m a d o y a n - y e t o y ­ a B l d lo e a w p n o o k n a s e n i r c t s s e ’ m D o a d y n a - e y t y o ­ 3 T 6 r d b e 0 a i a y l - l s 9 s s u 0 , 4 r y D m a o d y n a - e y t y o ­ 5 T 3 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 i c a v o t a e u te n 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—Sept............. 4.IL 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 4.78 5.00 5.44 4.90 4.65 4.00 Sept............ 5.03 4.82 7.01 6.75 6.05 5.00 ................ 5.00 5.50 4.73 3.89 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,” * Rate in effect at end of month. Section 15 of Supplement to Ranking 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 i a n U d n g j i . . d S t e o t . d o m U S n ta i t t e e s d S (f p a o r v e f o a d r d f ( ( p o i 4 “ s o r c - w u ) ) o n a o u o r d n n r d t i L n ( o c f N n a e o v n d e f o t t o i r v n e ) qu A ot s e d C anada A U dj . . S . t o U St n a i t t e e s d S (f p a o r v e f o a d r C d f ( ( a o i + s - n r c w ) a ) o d o a u o i r n r a n d n t i C n ( a c f N e n a o n v a e f t o d t i v r a e ) quotation London) in quotation Canada) dollars basis) Canada basis 1966 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 4-. 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 4.3[ + .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 14............. 6.44 5.45 .99 -.78 + •21 5.11 4.98 5.45 -.47 + .41 -.06 21.............. 6.47 5.31 1.16 -.52 + .64 5. 14 5.01 5.31 -.30 + .37 + .07 28.............. 6.35 5.21 1.14 -.65 + .49 5. 19 5.05 5.21 -.16 + .24 + .08 Nov. 4............. 6.38 5.29 1.09 -.60 + .49 5.22 5.08 5.29 -.21 + .28 + .07 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

1730 FOREIGN EXCHANGE RATES NOVEMBER 1966 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Period Argentina Austria Belgium Canada Ceylon Denmark Finland France (peso) (pound) (dollar) (schilling) (franc) (dollar) (rupee) (krone) (markka) (franc) I960 ........................... 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961........................................ 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962 ............................... .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963 ................................... .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 l31.057 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--Oct....................... .5542 223.35 3.8707 2.0130 92.999 20.989 14.502 31.059 20.393 .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- .5291 223.42 3.8673 2.0115 93.035 21.012 14.518 31.060 20.399 Feb............................ .5284 4 223.38 5111.62 3.8669 2.0107 92.895 21.005 14.496 31.059 20.401 Mar ............... .5290 111.36 3.8676 2.0087 92.901 20.959 14.491 31.059 20.402 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 Oct.............................. .4590 111.22 3.8700 2.0001 92.631 20.929 14.488 31.062 20.247 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 re o l 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 l i a e l n t d h d e ­ r s ) ( 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 ......2..5.....0..3..6...........2..0....9..3..8............2..79.59 .16004 .27662 32.609 8.0056 27.774 276.82 1965-Oct.................. 24.968 20.978 280.31 .16003 .27602 32.694 8.0056 27.772 277.53 Nov ................ 24.997 20.990 280.37 .16003 .27661 32.679 8,0056 27.756 277.59 Dec.............................. 24.992 20.994 280.21 .16004 .27689 32.666 8.0056 27.724 277.43 1966-—Jan ........................... 24.926 21.005 280.39 .16002 .27695 32.678 8.0056 27.659 277.61 Feb................................ 24.904 20.998 280.25 .16003 .27631 32.671 8.0056 27,603 277.48 Mar............................... 24.914 20.949 279.52 .16003 .27615 32.600 8.0056 27.618 276.75 Apr .......................... 24.902 20.936 279.34 .16011 .27591 32.588 8.0056 27.538 276.58 May......................... 24.894 20.928 279.23 .16010 .27603 32.588 8.0056 27.547 276.47 24.963 614.393 278.98 .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 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 Oct . . . .................... 25.109 13.260 279,16 . 16003 .27573 32.473 8.0056 27.625 276.40 Period N (k o r r o w n a e y ) R P ( e p p h p e i i u n s li b o e p l ) ­ ic (e P s o g c r a u t l d u o ­ ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a ) (krona) z ( e f S r r w a la n i n t c ­ d ) ( U p K d o n o i u n i m t n g e d d ­ ) I960 .................................................... 14.018 49.770 3.4937 279.71 1.6635 19.349 23.152 280.76 1961 .................................................... 14.000 3.4909 279.48 139.57 1.6643 19.353 23.151 280.22 1962 .................................................. 14.010 3.4986 139.87 1.6654 19.397 23.124 280.78 1963 .................................................. 13.987 3.4891 139.48 1.6664 19.272 23.139 280.00 1964 ............................................... 13.972 3.4800 139.09 1.6663 19.414 23.152 279.21 ......................................... 13.985 3.4829 139.27 1.6662 19.386 23.106 279.59 1965--Oct ........................... 13.998 3.4871 139.63 1.6658 19.329 23.150 280.31 T^ny ,........................... 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 13.998 3.4932 139.67 1.6661 19.339 23.102 280.39 Feb................................ 13.992 3.4921 139.60 1.6660 19.346 23.077 280.25 13.981 3.4867 139.24 1.6659 19.384 23.040 279.52 Apr............................ 13.976 3.4834 139.15 1.6659 19.385 23.102 279.34 May,............................. 13.971 3.4829 139.09 1.6660 19.398 23.167 279.23 13.971 3.4806 138.97 1.6658 19.383 23.169 278.98 Tqly ........................... 13.974 3.4777 138,92 1.6655 19,352 23.164 278.88 13.988 3.4776 138.92 1.6639 19.358 23.110 278.88 Sept ......................... ■ 13.989 3.4773 138.95 1.6639 19.345 23.102 278.93 Ocf ....................... < . . 13.993 3.4807 ................1.39.06 1.6641 19.330 23.064 279.16 1 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 1, 1963. 7.5 rupees per U.S. dollar. Quotations not available June 6 and 7. a 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, 1960. Note.—'Averages of certified noon buying rates in New York for 3 Quotations not available Aug. 8 and 9. cable transfers. For description of rates and back data, see “International 4 Based on quotations through Feb. 11, 1966. Finance,” Section 15 of Supplement to Banking and Monetary Statistics^ s Effective Feb. 14. 1966, Australia adopted the decimal currency 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 James C. Smith, Assistant Director Howard H. Hackley, General Counsel Lloyd M. Schaeffer, Chief Federal Reserve David B. Hexter, Associate General Counsel Examiner Thomas J. O’Connell, Assistant General Andrew N. Thompson, Assistant Director Counsel Frederick R. Dahl, Assistant Director Jerome W. Shay, Assistant General Counsel Charles C. Walcutt, Assistant Chief Federal Wilson L. Hooff, Assistant General Counsel Reserve Examiner DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS Daniel H. Brill, Director Edwin J. Johnson, Director Albert R. Koch, Deputy Director John J. Hart, Assistant Director J. Charles Partee, Associate Director Kenneth B. Williams, Adviser DIVISION OF ADMINISTRATIVE SERVICES Stephen H. Axilrod, Associate Adviser Joseph E. Kelleher, Director Lyle E. Gramley, Associate Adviser Harry E. Kern, Assistant Director Stanley J. Sigel, Associate Adviser Tynan Smith, Associate Adviser OFFICE OF THE CONTROLLER John Kakalec, Controller DIVISION OF INTERNATIONAL FINANCE OFFICE OF DEFENSE PLANNING Ralph A. Young, Director Robert L. Sammons, Associate Director Innis D. Harris, Coordinator A. B. Hersey, Adviser Reed J. Irvine, Adviser DIVISION OF DATA PROCESSING Samuel I. Katz, Adviser Lawrence H. Byrne, Jr., Director John E. Reynolds, Adviser Lee W. Langham, Assistant Director Ralph C. Wood, Adviser David S. Staiger, Assistant Director 1731 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1732 FEDERAL RESERVE BULLETIN • NOVEMBER 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 1733 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. 5. Bank Debits. 1966. Annual Report. 36 pp. $.35. Sec. 9. Federal Reserve Banks. Federal Reserve Bulletin. Monthly. $6.00 per 1965. 36 pp. $.35. Sec. 10. Member Bank Re­ annum or $.60 a copy in the United States and serves and Related Items. 1962. 64 pp. $.50. its possessions, Bolivia, Canada, Chile, Co­ Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 12. lombia, Costa Rica, Cuba, Dominican Republic, Money Rates and Securities Markets. 1966. Ecuador, Guatemala, Haiti, Republic of Hon­ 182 pp. $.65. Sec. 14. Gold. 1963. 24 pp. $.35. duras, Mexico, Nicaragua, Panama, Paraguay, Sec. 15. International Finance. 1962. 92 pp. Peru, El Salvador, Uruguay, and Venezuela; 10 $.65. Sec. 16 (New) Consumer Credit. 1965. or more of same issue sent to one address, $5.00 103 pp. $.65. per annum or $.50 each. Elsewhere, $7.00 per Bank Mergers & the Regulatory Agencies: annum or $.70 a copy. Application of the Bank Merger Act of Federal Reserve Chart Book on Financial and 1960. 1964. 260 pp. $1.00 a copy; 10 or more Business Statistics. Monthly. Annual subscrip­ sent to one address, $.85 each. tion includes one issue of Historical Chart Book. Banking Market Structure & Performance $6.00 per annum or $.60 a copy in the United in Metropolitan Areas: A Statistical Study States and the countries listed above; 10 or more of Factors Affecting Rates on Bank Loans. of same issue sent to one address, $.50 each. 1965. 73 pp. $.50 a copy; 10 or more sent to Elsewhere, $7.00 per annum or $.70 a copy. one address, $.40 each. Historical Chart Book. Issued annually in Sept. Farm Debt. Data from the 1960 Sample Survey Subscription to monthly chart book includes one of Agriculture. 1964. 221 pp. $1.00 a copy; 10 issue. $.60 a copy in the United States and coun­ or more sent to one address, $.85 each. tries listed above; 10 or more sent to one ad­ dress, $.50 each. Elsewhere, $.70 a copy. Merchant and Dealer Credit in Agriculture. 1966. 109 pp. $1.00 a copy; 10 or more sent to Treasury-Federal Reserve Study of the Gov­ one address, $.85 each. ernment Securities Market. Pt. I. 1959. 108 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. Monetary Theory and Policy: A Bibliography. 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. 1955. 390 pp. $2.75. Regulations of the Board of Governors of the Federal Reserve System. Debits and Clearing Statistics and Their Use. 1959. 144 pp. $1.00 a copy; 10 or more Rules of Organization and Procedure—Board sent to one address, $.85 each. of Governors of the Federal Reserve Sys­ 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. 1734 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1735 FEDERAL RESERVE BOARD PUBLICATIONS 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.) The Postwar Boom in Hotels and Motels, by Me Y x v i e c s o ’ M s a E r c o o n n i. o O m c ic t. a 1 n 96 d 6 . Financial Record, by 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. Kaufman. Feb. 1966. The History of Reserve Requirements for 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. b in y t R h o e d n S e p y a n H i . s h M E ill c s o , n Jr o . m M y, a y 1 9 1 5 9 9 6 6 to . Mid-1965, *Part I, All-Bank Statistics, 1896-1955. Re­ 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

1736 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 Flow of Funds Seasonally Adjusted. Nov. Interest Rates in Capital Markets. Aug. 1962. 15 pp. 1965. 13 pp. A Sectoral Analysis of Velocity, Staff Paper Measures of Banking Structure and Competi­ by Paul F. McGouldrick. Dec. 1962. 14 pp. tion. Sept. 1965. 11 pp. U.S. International Payments. Oct. 1965. 9 pp. Changes in Structure of the Federal Debt. Mar. 1963. 10 pp. Time Deposits in Monetary Analysis, Staff Economic Study by Lyle E. Gramley and Sam­ New Foreign Bond Issues in the U.S. Market, uel B. Chase, Jr. Oct. 1965. 25 pp. Staff Paper by Robert F. Gemmill. May 1963. Fiscal Policy and Debt Management. Nov. 13 pp. 1965. 11 pp. Recent Changes in Liquidity, Staff Paper by Cycles and Cyclical Imbalances in a Chang­ Daniel H. Brill. June 1963. 10 pp. ing World, Staff Paper by Frank R. Garfield. Measures of Member Bank Reserves. July Nov. 1965. 15 pp. 1963. 14 pp. Balance of Payments Program: Guidelines A Bank Examiner Looks at Agricultural for Banks and Nonbank Financial Institu­ Lending, Staff Paper by Brenton C. Leavitt. tions. Dec. 1965. 9 pp. July 1963. 8 pp. Bank Credit and Monetary Developments in 1965. Feb. 1966. 14 pp. Measuring and Analyzing Economic Growth, Staff Paper by Clayton Gehman. Aug. 1963. Treasury and Federal Reserve Foreign Ex­ 14 pp. change Operations. Mar. 1966. 14 pp. Changes in Banking Structure, 1953-62. Sept. Research on Banking Structure and Per­ 1963. 8 pp. formance, Staff Economic Study by Tynan Smith. Apr. 1966. 11 pp. Economic Change and Economic Analysis, Staff Paper by Frank R. Garfield. Sept. 1963. Recent Changes in U.S. Trade and Payments. 17 pp. Apr. 1966. 11 pp. Bank and PCA Lending to Farmers. Sept. 1963. Banking and Monetary Statistics, 1965. Se­ 11 PP- lected series of banking and monetary statistics The Open Market Policy Process. Oct. 1963. for 1965 only. Mar. and June 1966. 15 pp. 11 PP- Recent Credit and Monetary Developments. July 1966. 12 pp. Survey of Financial Characteristics of Con­ sumers. Mar. 1964. 9 pp. Revision of Bank Credit Series. July 1966. 6 pp. Flows Through Financial Intermediaries. May 1964. 9 pp. Commercial Bank Liquidity, Staff Economic Revision of Bank Credit Series. June 1964. Study by James Pierce. Aug. 1966. 9 pp. 5 PP- Changes in Time and Savings Deposits, De­ Federal Reserve Security Transactions, 1954­ cember 1965-May 1966. Aug. 1966. 35 pp. 63, Staff Paper by Stephen H. Axilrod and Revision of Weekly Reporting Member Bank Janice Krummack. July 1964. 16 pp. Series. Aug. 1966. 4 pp. Ministerial Statement of the Group of Ten Interest Rates in Western Europe. Sept. and Annex Prepared by Deputies. Aug. 1964. 1966. 19 pp. 25 pp. Revision of Money Supply Series. Sept. 1966. Yield Differentials in Treasury Bills, 1959­ 13 pp. 64, Staff Paper by Samuel I. Katz. Oct. 1964. Treasury and Federal Reserve Foreign Ex­ 20 pp. change Operations. Sept. 1966. 11 pp. Research into Banking Structure and Com­ petition. Nov. 1964. 17 pp. Interest Rates in U.S. Capital Markets. Nov. 1966. 16 pp. Bank Credits to Foreigners. Mar. 1965. 10 pp. Toward Understanding of the Whole De­ Revision of Bank Debits and Deposit Turn­ veloping Economic Situation. Nov. 1966. over Series. Mar. 1965. 4 pp. 14 pp. Revision of the Money Supply Series. July A Revised Index of Manufacturing Capacity. 1965. 11 pp. Nov. 1966. 11 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

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