Federal Reserve Bulletin, 1966-12

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

CONTENTS VOLUME 52 ■ NUMBER 12 ■ DECEMBER 1966 Time Deposits and Financial Flows 1739 Balance of Payments: Revised Guidelines for Banks and Nonbank Financial Institutions 1753 Law Department 1761 Announcements 1771 National Summary of Business Conditions 1776 Guide to Tabular Presentation 1778 Financial and Business Statistics, U.S. (Contents on p. 1779) 1780 International Financial Statistics (Contents on p. 1843) 1844 Board of Governors and Staff 1863 Open Market Committee and Staff; Federal Advisory Council 1864 Federal Reserve Banks and Branches 1865 Federal Reserve Board Publications 1866 Index to Statistical Tables 1870 Map of Federal Reserve System Inside back cover EDITORIAL COMMITTEE Charles Molony Ralph A. Young Robert C. Holland Robert Solomon Daniel H. Brill Elizabeth B. Sette The Federal Reserve Bulletin is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME DEPOSITS AND FINANCIAL FLOWS Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1739 T l-NFLOWS of time and savings deposits at commercial banks have declined sharply in 1966, especially since mid-August. This decline contributed to a reduction in the availability of bank credit to borrowers. The 1966 slowdown followed several years of very high rates of inflows of time and savings deposits at commercial banks. This success in attracting time and savings deposits since 1957— and especially in the period from 1962 through 1965—had a sig­ nificant influence on the role of commercial banks in the financial system. Commercial banks as a group became not only suppliers of money, but also one of the dominant issuers of nonmoney liquid assets. By the end of 1964 their interest-bearing deposits exceeded private demand balances for the first time in history; 10 years earlier time and savings deposits at banks had been less than one-half as large as private demand deposits. With this greater inflow of time deposits, total bank deposits grew at an accelerated rate, and banks showed a marked increase in their share of the total funds supplied in credit markets. Time deposit GROWTH slows since late summer '66 CHART 1 ^^^^^^^^^ Data arc for all commercial banks. Data for 1966 are at seasonally adjusted annual rates. The larger time deposit inflow at banks in the first half of the 1960’s was accompanied by substantial readjustments in the size and composition of financial flows throughout the economy. The public—consumers, businesses, and State and local governments —placed a greater share of its financial asset acquisitions in bank time deposits rather than in other interest-bearing assets and at the same time increased its rate of acquisition of total financial assets relative to income. Banks, meanwhile, expanded their share Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1740 FEDERAL RESERVE BULLETIN • DECEMBER 1966 of funds supplied in the markets for State and local government bonds and real estate mortgages. In the business sector, firms issued fewer securities and relied more on issues of mortgages and on loans from banks to finance their expenditures. With the decline in inflows of time deposits in 1966, these tendencies were reversed. Banks reduced their acquisitions of securities. Their sales and runoffs of U.S. Government securities were large all year, and since midyear many also liquidated municipal bonds. Furthermore, they became increasingly reluctant to make additional loans. As a result a larger share of credit demand was met in money and capital markets at rising yields. TIME DEPOSIT GROWTH The greater interest of banks in competing for time and savings deposits in the last 10 years emerged from earlier postwar de­ velopments. In the first decade after World War II bank deposits did not expand so fast as the over-all economy. This slower expansion reflected in part the excess liquidity left over from wartime finance and the recurrent need to temper inflation by restrictive monetary policy actions that curbed the expansion in bank reserves and deposits. At the same time, nonbank financial institutions were recording Percentage Increase, high growth rates as their deposits and shares gained increasingly 1946-56 widespread acceptance among consumers. As a result, commer­ cial banks lost their competitive position in the market for con­ Bank deposits 38 sumer savings. Concurrently, businesses were diversifying their GNP 101 liquid asset portfolios—nonfinancial businesses, attracted by Nonbank deposits 172 rising yields, turned more and more to market instruments as a Bank deposits are total deposits at repository for liquid funds, and their deposits at banks showed commercial banks; nonbank deposits include savings and loan assns., mu­ little growth. tual savings banks, and credit unions. With the growth of deposits limited, banks in the first postwar decade drew heavily on their previous accumulations of liquid assets to finance loan expansion. While banks had been expected gradually to liquidate part of their huge holdings of Government securities acquired during the war, the persistent erosion of liquid­ ity due to loan expansion and liquid asset sales led banks to try to find additional sources of funds to finance customers’ loan de­ mands. Banks were thus coming under pressure to compete more aggressively for time and savings deposits. The increase in Regulation Q ceilings at the beginning of 1957 gave banks added leeway to compete for these deposits, and the growth rate of time deposits began to accelerate soon thereafter. In the period from 1957 through 1961 time deposits at banks Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME DEPOSITS AND FINANCIAL FLOWS 1741 grew at about twice the rate of the first postwar decade. Con­ sumers were the major source of these increased inflows—ac­ counting for about two-thirds of the additional growth of total time and savings deposits during this period. Four increases in Regulation Q ceiling rates in the period from 1962 through 1965 permitted banks to continue to attract deposits from consumers. But the decision of large banks in early 1961 to issue large-denomination negotiable certificates of deposit (CD’s) to nonfinancial businesses broadened the area of bank competition for funds and signaled the beginning of more inten­ sive efforts to attract deposits. Time deposit inflows accelerated to an average annual rate of 15 per cent over the 1962-65 period. Acquisitions by consumers accounted for about one-half of the increased inflow, a smaller proportion than in the previous 5 years. On the other hand, ex­ panded purchases by nonfinancial corporations accounted for almost one-third of the additional inflow, as compared with about one-fourth in the 1957-61 period. Large banks obtained more than one-third of their time deposit inflows from negotiable CD’s in 1962-65 and accounted for most of the growth in total time deposits at all banks. But banks in all size groups, located all over the country, had accelerated time and savings deposit inflows in this period. With a vast increase in their time deposits, banks expanded sharply the amount of funds supplied to credit markets in the form of loans and investments. Annual growth rates of bank credit, which averaged about 4 per cent in the first 10 years after World War II, accelerated to an average of nearly 9 per cent in the period 1962-65. The share of bank credit in the total supply of funds to nonfinancial borrowers rose correspondingly. In the 1962-65 period of accelerated time deposit growth, bank credit accounted for more than one-third of the total, compared with only about one-fifth in the first postwar decade. PUBLIC FINANCIAL The larger inflows of time deposits at banks altered the per­ ASSET PORTFOLIOS centage distribution of financial asset acquisitions of the public —with time deposits gaining at the expense of other financial assets. In the period from 1957 through 1961 the increased share of financial asset purchases by the public that were allocated to time deposits was accompanied mainly by a relative decline in the public’s accumulation of money, as Chart 2 indicates. The pro­ portion devoted to acquisitions of market securities did decline Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1742 FEDERAL RESERVE BULLETIN • DECEMBER 1966 slightly, but that going to nonbank institutions increased as these institutions competed aggressively to maintain their relative posi­ tion in the market for individual savings. From 1962 through 1965, however, the further rise in the share devoted to time deposits was accompanied by a relative increase in the money component of the public’s financial asset acquisitions, even though corporations were reducing substantially the proportion of their liquid assets held as money balances. For the nonfinancial public as a whole, the rise in its time deposit share ACQUISITIONS of financial assets by public change dramatically CHART 2 MONEY TIME DEPOSITS SAVINGS SHARES CREDIT MARKET INSTRUMENTS ANNUAL AVERAGE Flow of funds data. Savings shares are claims on savings and loan assns., mutual savings banks, and credit unions. Credit market instruments include ail funds supplied directly to credit markets by the private domestic nonfinancial sector. reflected a sharp decline in its share of funds directed toward other interest-bearing financial assets. Most of the displacement of interest-bearing assets by time deposits during this period came at the expense of market securities, but the continued growth of these deposits also began to bite into the portion taken by non­ bank intermediaries. Total financial asset flows. Bank time deposit expansion during the early 1960’s also was accompanied by a sharp rise in the rate at which the public acquired total financial assets. Average annual accumulations of money, time deposits, other savings de- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME DEPOSITS AND FINANCIAL FLOWS 1743 posits and shares, and market securities totaled just over $20 billion in the period from 1957 through 1961, but rose to more than $40 billion from 1962 through 1965. This growth in private financial asset flows was relatively larger than the increased flow of private income. Thus, in the consumer sector, the share of income allocated to financial assets totaled 5.1 per cent in the period from 1957 through 1961, but rose to 7.2 per cent from 1962 through 1965. Some of this greater allocation of consumer income to financial assets reflected a smaller share of income used for purchasing consumer durable goods and housing. But most of it was asso­ ciated with a much higher level of borrowing, especially in the mortgage market. Thus, in the period from 1957 through 1961 average annual mortgage borrowing by consumers amounted to 61 per cent of their expenditures for new housing. From 1962 through 1965 mortgage borrowing rose to 81 per cent of consumer expendi­ tures on housing. Generally easy conditions in the mortgage mar­ ket in the later period encouraged a high turnover rate of existing houses and a withdrawal of owners’ equity from the housing market. And with returns on time deposits and other liquid assets quite generous, consumers found it relatively inexpensive to retain liquid assets while borrowing to finance outlays for housing or for other goods and services. Relative yields. The accelerated inflow of time deposits at com­ mercial banks over the past 10 years thus appears to have reflected a complex series of shifts in the volume and structure of financial asset acquisitions by the public. In these shifts changes in relative yields on financial assets and in the availability of credit played a dominant role. Rates paid by commercial banks on time deposits rose relative to rates on other financial assets available for pur­ chase by the public, and the public was encouraged to acquire more time deposits and less of other financial assets. At the same time, the abundant availability of mortgage credit on relatively easy terms encouraged the public to borrow more in relation to its expenditures. As a result, total financial asset acquisitions also rose relative to income and spending. The role of changes in relative yields on financial assets as a factor in time deposit growth is illustrated in Chart 3. The top panel shows changes in the annual growth rate of time deposits. The bottom panel, plotted on a reversed scale, shows the number of basis points by which the yield on 3- to 5-year Government Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1744 FEDERAL RESERVE BULLETIN • DECEMBER 1966 bonds exceeds the average effective rate paid on time and savings deposits. The higher the yield-spread line, the more attractive time deposits become; the lower the line, the less attractive they become. Changes in the yield spread between time deposits and market securities may arise from changes in offering rates by banks or, alternatively, from wide cyclical movements in market rates on securities. A good example of the response of time deposit growth to cyclical variations in market rates is provided by the 1958 to 1960 period, when rates paid by banks on time deposits changed TIME DEPOSITS expand as relative yield increases CHART 3 TIME DEPOSITS YIELD SPREAD 3-5 YEAR GOVTS. LESS TIME DEPOSIT RATE Time deposits at all commercial banks. Effective rate on time deposits is ratio of interest paid on deposits during year to average level of time deposits during year. Figures for 1966 are for first half; effective rate on time deposits for the first half of 1966 is estimated. slowly. In 1959 rate spreads moved substantially against time deposits, as interest rates on market securities rose to what were then record postwar levels, and time deposit growth showed a steep decline from the 1958 highs. Then in 1960 market rates dropped, and time deposit growth turned up again. It is clear that these cyclical swings in time deposit growth were affected by monetary policy. Federal Reserve open market opera­ tions were influencing market interest rates and were inducing the public to switch between time deposits and market securities. Policy actions that changed the availability of bank credit were thus influencing time deposit growth as well as the growth of demand balances and the money stock. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME DEPOSITS AND FINANCIAL FLOWS 1745 Growth in time deposits has also been spurred by favorable yield spreads caused by changes in offering rates by banks rather than by cyclical movements in market rates. Thus, the continued favorable yield spread for time deposits in the period from 1960 through 1965 reflected higher offering rates on time deposits— permitted by higher ceiling rates under Regulation Q—rather than declining market rates. Moreover, as indicated in the table, EFFECTIVE RATES PAID AT FINANCIAL INSTITUTIONS (Per cent per annum) Type of institution 1952-56 1957-61 1962-65 Average effective rate at: Commercial banks............................... . 1.33 2.38 3.40 Savings and loan associations.............. . 2.94 3.71 4.28 Mutual savings banks.......................... . 2.52 3.24 4.00 Spread above commercial bank rate: Savings and loan associations.............. . 1.61 1.33 .88 Mutual savings banks.......................... . 1.19 .86 .60 Note.—Effective rates are ratios of total interest or dividends paid during the year to average deposits or shares during year. Data are for all insured institutions. higher offering rates also made bank time deposits more attractive relative to deposits and shares at other financial institutions. In some localities during 1965 and 1966 the rates being offered by banks on specific kinds of time deposits exceeded those paid by local nonbank competitors. The continued favorable yield spread permitted banks to attract greater inflows of funds and thereby to enlarge their contribution to financing economic expansion through acquisitions of loans and investments. This accelerated inflow of time deposits during the 1960’s influenced borrowing and lending patterns and in­ terest rates throughout the economy as commercial banks sought assets with higher rates of return to cover the additional cost of time deposits. Bank’s Share For example, banks stepped up their purchases of mortgages in the period from 1962 through 1965; the proportion of funds sup­ New mortgages: % 1952-56 13.8 plied to that market was almost twice the annual average for 1957 1957-61 10.2 1962-65 19.4 through 1961. With banks, as well as nonbank institutions, bid­ Slate and local bond issues: ding aggressively for mortgages, total mortgage borrowing by con­ 1952-56 21.8 sumers and businesses showed a large expansion. 1957-61 32.7 1962-65 72.4 In the market for municipal securities the structural shift in sources of finance was even more striking. Commercial banks Based on How of funds data. Per­ centages arc averages for the period indicated. have long been important in the municipal bond market; during Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1746 FEDERAL RESERVE BULLETIN • DECEMBER 1966 the period 1952-56 they supplied about one-fifth of the net funds raised. As time deposit inflows rose after the 1957 change in the Regulation Q ceiling, banks increased their share of total funds supplied to this market. But the sharpest jump in bank purchases occurred in the early 1960’s, when large banks began to issue negotiable CD’s in volume and banks accounted for almost threefourths of the total supply of funds in the market for municipal securities. Businesses, like consumers, increased their total borrowings in the period from 1962 through 1965—to an annual average of about $22 billion compared with an average of about $12 billion in the previous 5 years. While most of the increased borrowing reflected more capital spending, businesses expanded their bor­ rowing by more than the rise in their net investment in fixed capital and inventories. The most striking aspect of the change in business external financing was its structure. On average, the volume of stock and bond financing was smaller in the period from 1962 through 1965 than in either of the two earlier periods shown in Chart 4, even though total external financing was much larger. Businesses BUSINESS BORROWING in 1962-65 changes composition Flow of funds data for nonfinancial corporations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME DEPOSITS AND FINANCIAL FLOWS 1747 apparently found credit available on easy terms at banks and in the mortgage market, and they relied relatively little on security financing. The abundance of mortgage credit at low cost encour­ aged a marked expansion in the volume of multifamily and com­ mercial construction and an attendant rise in mortgage borrowing by businesses during this period. These changes in the structure of financial flows—increased bank purchases of long-term assets, large demand for mortgages by financial institutions, and reduced financing by businesses in the open market—influenced the structure of interest rates during the expansion of economic activity in the period from 1961 LONG-TERM interest rates stable during most of the '60's ^m i iwimi^m^M?^^^ Rates are monthly averages. through 1965. Unlike developments in earlier expansion periods, long-term interest rates—represented in Chart 5 by the new-issue yield on high-grade corporate bonds—were on the whole stable or declining from early 1961 until the spring of 1965. On the other hand, yields on short-term instruments—represented by the rate on 4- to 6-month commercial paper—began to drift upward early in the expansion, but at a pace that was considerably slower than in earlier periods of economic expansion. With a gradual rise in short-term rates, there emerged a pattern of rate relationships be­ tween long- and short-term securities that was somewhat different from that of earlier expansions. Thus, during the first 2 years of the current expansion, long- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1748 FEDERAL RESERVE BULLETIN • DECEMBER 1966 term rates were trending downward, while short-term rates were rising. And it was not until the spring of 1965, when commercial paper rates had risen to a level near rates on corporate new issues, that long-term borrowing costs showed any significant rise. In previous expansions long-term rates had risen earlier, along with short-term rates. The relative stability of long-term rates contrib­ uted to expansion in the domestic economy, whereas the rising short-term rate helped to ameliorate short-term capital outflows. DEVELOPMENTS IN 1966 In mid-1965 interest rates began to rise throughout the maturity spectrum because of the mounting credit demands associated with the more rapid pace of economic activity that accompanied the increase in defense expenditures. Interest rates accelerated even faster in 1966, as monetary restraint reinforced the pressures on rates caused by heavy demands for credit. By the early autumn market yields on all classes of debt instruments had risen far above earlier postwar peaks. The changing relationship between market rates and the rates paid by banks on time and savings deposits reduced the relative attractiveness of bank deposits, and the expansion in time deposits began to slow down. Deposit flows. During the first 8 months of 1966 the deceleration in time deposit inflows of banks was relatively moderate. Yields on market securities showed substantial increases, but banks took advantage of the higher rate ceilings on time deposits established in December 1965 to maintain their competitive position. Despite large outflows of passbook savings—on which ceiling rates were not increased—total interest-bearing deposits of banks rose at an annual rate of more than 11 per cent in the period from the end of 1965 through August of 1966, compared with an average of 15 per cent for the 4 years 1962 through 1965. The increasing competition from banks and the market, how­ ever, led to a sharp reduction in inflows of funds to nonbank Nonbank Deposits intermediaries. Inflows had already slackened in 1965, but in the Per cent increase first three quarters of 1966 the combined inflow to savings and loan associations and mutual savings banks declined to an annual rate of just above 3 per cent. Several developments tended to retard the inflow of bank time deposits after mid-1966. The Board of Governors in July reduced Flow of funds data for savings and loan assns. and mutual savings the maximum rate that member banks may pay on time deposits banks. Data for 1966 are at a seasonally adjusted annual rate. on which the holder has more than one maturity option. Also in July, and again in September, reserve requirements on those time deposits—other than savings accounts—in excess of $5 million at Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME DEPOSITS AND FINANCIAL FLOWS 1749 individual member banks were raised, first from 4 to 5 per cent, and then to 6 per cent. Finally, in late September, pursuant to new legislative authority, the Board of Governors reduced the maximum rate member banks may pay on time deposits with denominations of less than $100,000 from 51i per cent to 5 per cent. This action—taken simultaneously with restrictions by the Federal Deposit Insurance Corporation on maximum rates paid by mutual savings banks and by the Federal Home Loan Bank Board on maximum rates paid by member savings and loan asso­ ciations—aimed to reduce the competitive escalation of rates among financial institutions. While these regulatory changes made it more difficult and costly for banks to attract time deposits, increasing market yields were also working in the same direction. Since mid-1966 most short-term market yields have exceeded the new 5 per cent ceiling on time deposits in denominations of less than $100,000, and many were above the 514 per cent ceiling on larger negotiable CD’s during much of the late summer and autumn. With the resultant reduction in the relative attractiveness of bank time deposits, MARKET YIELDS rise above Regulation Q ceilings in late summer of '66 CHART 6 REGULATION 0 CEILINGS PRIME COMM. PAPER TREASURY BILLS: 90-0 AY 30-DAY 4 All DENOMINATIONS ...-------DENOMINATIONS OF $100,000 OR MORE -------------DENOMINATIONS OF LESS THAN $100,000 Bill rates are for offering side of market and have been converted to an investment basis (differs from discount-basis rate in that it gives the return on the amount invested rather than on the face amount of the bill at maturity and expresses this return in terms of a 365-day rather than a 360-day year; the investment yield corrects a downward bias of the discount­ basis yield). Latest week, shown December 9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1750 FEDERAL RESERVE BULLETIN • DECEMBER 1966 inflows to commercial banks dropped to an annual rate of less than 1 per cent from August through November. In October seasonally adjusted time deposits at banks declined for the first time since early 1960. These developments, by reducing the ability of banks to extend loans, had the effect of reinforcing monetary restraint in the economy. Much of the reduction in time deposit inflows since late sum­ mer has occurred at the larger banks. These banks—which deal with highly interest-sensitive depositors and are the largest issuers of negotiable CD’s—had an outflow of $3.0 billion of negotiable CD’s from mid-August through November. The largest of these banks offset part of the outflow through increased borrowing from foreign branches; such borrowing increased by $1.2 billion from August through November. After mid-October, runoffs of negotiable CD’s slowed con­ siderably, as yields on very short-term market instruments—such as 30-day Treasury bills—declined enough to permit banks to attract funds in limited volume by selling short-term CD’s. These sales, however, resulted in a sharply declining average maturity of outstanding CD’s—accelerating the trend that had begun at midyear. In addition to outflows of negotiable CD’s, large banks in October and November began to face slower growth—and in some cases outflows—of other types of time deposits, in par­ ticular of consumer-type certificates. It is probable that this development reflected both the rollback in rate ceilings on smallerdenomination time deposits in late September and the movement of some funds by the public to longer-term market instruments in search of assured high yields for a longer period. The pressure on large banks—particularly that generated by runoffs of negotiable CD’s—reinforced the effort of the Federal Reserve to reduce the expansion of business loans by banks. Dur­ ing most of 1966 inflationary pressures were receiving impetus from the expansion in business capital outlays, and in the first 7 months of the year bank loans to nonfinancial businesses expanded at a seasonally adjusted annual rate in excess of 20 per cent— more than in 1965—despite some reduction in the availability of bank reserves at the initiative of the Federal Reserve. Lower time deposit inflows since late summer—and CD runoffs—reduced the ability of banks to make such loans. In addition, on September 1 the presidents of the Federal Reserve Banks wrote to all member banks calling upon them to rely more on curtailment of business Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME DEPOSITS AND FINANCIAL FLOWS 1751 loans in adjusting to liquidity pressures and permitting them more extended use of Federal Reserve discount facilities when needed to accomplish such adjustments. In the 4 months ended in November, business loans expanded at a rate of less than 7 per cent. Credit flows. Reductions in deposit inflows at banks and non­ bank financial institutions have produced a major shift in the sources of funds supplied for the financing of economic expansion. The share of total funds supplied by commercial banks fell from nearly 40 per cent in 1965 to an average of just over 20 per cent for the first three quarters of 1966. In the third quarter the com­ mercial banking system supplied only about 7 per cent of total funds raised by nonfinancial borrowers. The share supplied by PUBLIC increases its share of total funds supplied in ’66 Flow of funds data. Denominator of each ratio is total funds raised. Numerators as follows: Bank loans and investments, nonbank -depositary institutions’ acquisitions of credit market instruments, and domestic nonfinancial public’s net purchases of credit market instruments. 1966 data at seasonally adjusted annual rates. nonbank intermediaries also has shown a sharp decline. A much larger share of total funds has been supplied, therefore, by the nonfinancial public through direct purchases of market securities. The increasing share of total credit supplied directly through markets has been characteristic of earlier periods of monetary restraint. In 1966, however, higher alternative yields—on bank deposits and market instruments—have cut more into the public’s purchases of claims on nonbank institutions than at any other time in the postwar period. In the first three quarters of 1966 consumers allocated to nonbank depositary institutions a postwar low of less than 20 per cent of their total accumulation of money, all deposits and shares, and market securities. In previous periods of restraint, this ratio had never declined below 40 per cent. The declining share of total credit supplied to the public by nonbank institutions has resulted in a dramatic cutback in the availability of new residential mortgage financing. Most prospec- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1752 FEDERAL RESERVE BULLETIN • DECEMBER 1966 tive mortgage borrowers have only limited borrowing alternatives in securities markets. Since many nonbank financial institutions tend to specialize in residential mortgages, the supply of financing for—and the volume of expenditures on—housing has declined sharply as 1966 has progressed. Other borrowers—particularly some businesses—who find it difficult to obtain bank credit are able to shift their borrowing to money and capital markets. But such financing is an imperfect substitute for bank loans because of the greater inflexibility, higher interest rates, and transactions costs, as well as the institutional lags, associated with issuance of new stocks and bonds. As in earlier periods of restraint, market financing was made even more costly by the competition of increased liquidation of bank holdings of securities, and in 1966 demands of the Federal Government for funds added to the congestion in some markets. Still other borrowers who find it difficult to obtain bank credit have only limited alternative sources of financing because they are too small to issue open market paper and securities effectively. Institutional investors in 1966 reduced their financing of firms through private placements, as prior commitments and other drains limited their availability of funds. Trade credit has been relied on heavily by many businesses, but its usefulness is limited largely to inventory financing. Most other sources of financing for these borrowers are quite costly. Thus, the diversion of funds from claims on banks and other financial institutions by rising market yields has had a pronounced effect on credit markets. The greater cost and limited substituta­ bility of market financing for credit obtained at financial institu­ tions, and the institutional and structural obstacles to a smooth transfer of credit from one type of lender to another, have re­ duced the total borrowing of the nonfinancial public. Despite the increase in the public’s purchases of credit market instruments, businesses, consumers, and State and local governments in the third quarter of 1966 are estimated to have borrowed from all sources at a seasonally adjusted annual rate of about $60 billion, down 20 per cent from the second-quarter rate; borrowing by nonfinancial businesses was down by almost 40 per cent. While much of the quarter-to-quarter decline in the total funds raised by these sectors reflected increased financing needs in the second quarter because of accelerated tax payments, the rate of total borrowing in the third quarter by each of these sectors dropped below its 1965 rate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BALANCE OF PAYMENTS PROGRAM Revised Guidelines For Banks and Nonbank Financial Institutions During 1966, as in 1965, commercial tial leeway for an outflow of bank credit in banks and other financial institutions coop­ excess of $1.2 billion. However, each comerated admirably in the President’s voluntary merical bank is requested to limit the use of foreign credit restraint program and con­ its existing leeway so that it does not use tributed substantially toward the correction more than 40 per cent thereof before March of the disequilibrium in the international 31, 1967, more than 60 per cent before payments of the United States. Foreign June 30, 1967, and more than 80 per cent credits of commercial banks were actually before September 30, 1967. reduced by $508 million in the first 10 Furthermore, each bank is requested not months of 1966, with the result that the to use more than 10 per cent of its leeway to commercial banks are under the 1966 guide­ expand nonexport credits to developed coun­ line ceiling by more than $1.2 billion. Non­ tries between October 1, 1966, and Decem­ bank financial institutions reduced their for­ ber 31, 1967. For all banks combined, this eign assets subject to the guidelines by $321 would permit a maximum expansion of non­ million in the first three quarters of this year. expert credits to developed countries of Total foreign investments of these institu­ about $120 million. tions in this period declined by $46 million. In order to give a relatively larger leeway Long-term investment in Canada and in less to smaller banks so as to enable them more developed countries increased, but much easily to extend export financing, banks with less than in 1965. an original base between $500,000 and $10 Despite this record the balance of pay­ million, in calculating their leeway, are au­ ments continues to be a serious national thorized to use, instead of 109 per cent of problem. Therefore, it is necessary to con­ their 1964 base, the amount of that base tinue, and in some respects to intensify, the plus $900,000. voluntary effort to restrain the outflow of This revision in the guidelines, effective private capital. Accordingly, the Board of as of October 1, 1966, is designed to give a Governors of the Federal Reserve System further stimulus to banks to direct their for­ has revised the guidelines for financial insti­ eign credits toward export financing and the tutions as set out hereinafter. financing of the less developed countries. THE 1967 PROGRAM FOR COMMERCIAL THE 1967 PROGRAM FOR NONBANK BANKS FINANCIAL INSTITUTIONS The 1967 ceiling for commercial banks will Substantial changes are being made in the remain at 109 per cent of the 1964 base. No voluntary foreign credit restraint program increase is provided in view of the fact that for nonbank financial institutions in order as of October 1, 1966, there existed a poten­ to simplify both the reporting under the pro- 1753 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1754 FEDERAL RESERVE BULLETIN • DECEMBER 1966 gram and the guidelines with which the in­ panies, finance companies, employee retire­ stitutions are requested to comply. The ment and pension funds, college endowment three different guidelines used in the 1966 funds, and charitable foundations. Also in­ program are replaced with a single guide­ cluded are the U.S. branches of foreign in­ line, which permits an increase of 5 per cent surance companies and of other foreign non­ over the 15 months from October 1, 1966, bank financial corporations. Investment un­ through December 31, 1967. Covered assets derwriting firms, securities brokers and deal­ are redefined to exclude certain types of as­ ers, and investment counseling firms also are sets previously subject to target ceilings. covered with respect to foreign financial as­ The group of covered institutions includes sets held for their own account and are re­ trust companies and trust departments of quested to inform their customers of the commercial banks, mutual savings banks, program in those cases where it appears insurance companies, investment com- applicable. Guidelines for Banks 1. Base, ceiling, and reporting investment in and advances to foreign A. Base branches and subsidiaries, and all short­ (1) The base is a bank’s total claims on term claims (such as deposits, money market foreigners for own account, including for­ instruments, customers’ liability on accept­ eign long-term securities, on December 31, ances, and loans). 1964, except for the exclusions in A(3) (b) (d) “Leeway” means the difference be­ below. tween the ceiling for 1967 as described in B (2) Meaning of terms: below and the amount of foreign credits out­ (a) “Foreigners” include individuals, standing on September 30, 1966. partnerships, and corporations domiciled (e) “Nonexport credit” means a foreign outside the United States, irrespective of credit other than one that arises directly out citizenship, except their agencies or branches of the financing of U.S. exports of goods or within the United States; branches, subsidi­ services. aries, and affiliates of U.S. banks and other (f) “Developed countries” are Abu U.S. corporations that are located in foreign Dhabi, Australia, Austria, the Bahamas, countries; and any government of a foreign Bahrain, Belgium, Bermuda, Canada, Den­ country or official agency thereof and any mark, France, Germany (Federal Repub­ official international or regional institution lic), Hong Kong, Iran, Iraq, Ireland, Italy, created by treaty, irrespective of location. Japan, Kuwait, Kuwait-Saudi Arabia Neu­ (b) “Foreign long-term securities” are tral Zone, Libya, Liechtenstein, Luxem­ those issued without a contractual maturity bourg, Monaco, Netherlands, New Zealand, or with an original maturity of more than 1 Norway, Portugal, Qatar, Republic of South year from the date of issuance. Africa, San Marino, Saudi Arabia, Spain, (c) “Other claims” include all long-term Sweden, Switzerland, and the United King­ claims other than securities, real assets, net dom. Also to be considered “developed” are Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISED GUIDELINES 1755 the following countries within the Sino- However, all banks are requested to limit Soviet bloc: Albania, Bulgaria, any part of their outstanding foreign credits: China that is dominated or controlled by in­ (a) During the fourth quarter of 1966 ternational communism, Cuba, Czechoslo­ and the first quarter of 1967, to an amount vakia, Estonia, Hungary, any part of Korea not in excess of the amount outstanding on that is dominated or controlled by interna­ September 30, 1966, plus 40 per cent of tional communism, Latvia, Lithuania, Outer the leeway. Mongolia, Poland (including any area under (b) During the second quarter of 1967, its provisional administration), Rumania, to an amount not in excess of the amount Soviet Zone of Germany and the Soviet sector outstanding on September 30, 1966, plus of Berlin, Tibet, Union of Soviet Socialist 60 per cent of the leeway. Republics and the Kurile Islands, Southern (c) During the third quarter of 1967, to Sakhalin, and areas in East Prussia that are an amount not in excess of the amount out­ under the provisional administration of the standing on September 30, 1966, plus 80 Union of Soviet Socialist Republics, and per cent of the leeway. any part of Vietnam that is dominated or (2) The ceiling for a bank with a base controlled by international communism. below $500,000 is 15 0 per cent of its base. (3) Specific inclusions and exclusions: However, any such bank, or a bank that (a) Claims on foreigners should be in­ had no foreign credits outstanding on De­ cluded without deduction of any offsets. cember 31, 1964, may discuss with the Fed­ Foreign customers’ liability for acceptances eral Reserve Bank of the Federal Reserve executed should be included whether or not district in which it is located the possibility the acceptances are held by the reporting of adopting a ceiling that would permit ex­ bank. Participations purchased in loans to pansion up to $900,000 above the bank’s foreigners (except participations in loans base. extended by the Export-Import Bank) also In discussing the ceiling of such a bank, should be included. the Federal Reserve Bank will ascertain the (b) Contingent claims, unutilized cred­ bank’s previous history in foreign transac­ its, claims held for account of customers, tions, including acceptance of foreign de­ acceptances executed by other U.S. banks, posits or handling foreign collections, and and participations in loans arranged by or the reasons why the bank considers it should guaranteed by the Export-Import Bank or have additional leeway. insured by the Foreign Credit Insurance (3) Within the limitations specified in Association should be excluded. paragraphs 1 and 2, all banks are requested B. Ceiling to limit their nonexport credits to developed (1) The 1967 ceiling with respect to countries so that the amount of such credits the amount of foreign credits outstanding outstanding will not, at any time between by a bank with a base of $10 million or October 1, 1966, and December 31, 1967, more is 109 per cent of its base. In lieu of a exceed the amount of such credits outstand­ ceiling of 109 per cent of its base, a bank ing on September 30, 1966, plus 10 per cent with a base of $500,000 but less than $10 of the leeway. million shall use as a ceiling for 1967 its C. Reporting base plus $900,000. (1) Banks that report on Treasury For- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1756 FEDERAL RESERVE BULLETIN • DECEMBER 1966 eign Exchange Forms B-2 or B-3 or that 4. Loan priorities have been granted a special ceiling under Within the ceiling, absolute priority paragraph B(2) should file a Monthly Re­ should be given to bona fide export credits. port on Foreign Claims (Form F.R. 391) Credits that substitute for cash sales or for with the Federal Reserve Bank of the Re­ sales customarily financed out of nonbank or serve district in which the bank is located. foreign funds are not entitled to priority. (2) Copies of Form F.R. 391 are avail­ With respect to nonexpert credits, banks able at the Reserve Banks. should give the highest priority to loans to less developed countries and should avoid 2. Loans involving Export-Import Bank restrictive policies that would place an un­ Loans guaranteed or arranged by the Ex­ due burden on Canada, Japan, and the port-Import Bank or insured by the Foreign United Kingdom. Credit Insurance Association are excluded It is expected that the outstanding amount from the ceiling. The role of the Export­ of nonexport credits to developed countries Import Bank within the framework of the in continental Western Europe will not be President’s program is coordinated by the increased during 1967 unless a bank is in a National Advisory Council for International position to meet all bona fide requests for Monetary and Financial Policies. priority credits within the over-all ceiling. 3. Credits in excess of ceiling 5. Trust departments A bank would not be considered as act­ Trust departments of commercial banks ing in a manner inconsistent with the pro­ should follow the guidelines with respect to gram if it at times exceeds its ceiling as a nonbank financial institutions. result of the (a) drawdown of binding com­ 6. Transactions for the account of customers mitments entered into before December 12, A bank should bear in mind the Presi­ 1966, or (b) extension of bona fide export dent’s balance of payments program when credits. acting for the account of a customer. Al­ The bank should, however, reduce its though the bank must follow a customer’s claims on foreigners to an amount within instructions, it should not encourage cus­ the ceiling as quickly as possible. It should tomers to place liquid funds outside the also take every opportunity to withdraw or United States. A bank should not place with reduce commitments, including credit lines, a customer foreign obligations that, in the that are not of a firm nature and to assure absence of the voluntary credit restraint pro­ that drawings under credit lines are kept to gram, it would have acquired or held for its normal levels and usage. At time of renewal, own account. each credit line should be reviewed for con­ sistency with the program. 7. Foreign branches A bank whose foreign credits are in ex­ The voluntary credit restraint .program is cess of the ceiling will be invited periodi­ not designed to restrict the extension of for­ cally to discuss with the appropriate Fed­ eign credits by foreign branches if the funds eral Reserve Bank the steps it has taken and utilized are derived from foreign sources proposes to take to reduce its credits to a and do not add to the outflow of capital level within its ceiling. from the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISED GUIDELINES 1757 Total claims of a bank’s domestic offices 10. Loans to U.S. residents and substitution of on its foreign branches (including perma­ domestic credit for credit from foreign sources nent capital invested in as well as balances due from such branches) represent bank There are a number of situations in which credit to nonresidents for the purposes of loans to domestic customers may be detri­ the program. mental to the President’s balance of pay­ ments program and hence should be avoid­ 8. “Edge Act” corporations ed. Examples are: “Edge Act” and “Agreement” corpora­ (A) Loans to U.S. companies that will tions are included in the voluntary credit aid the borrower in making new foreign restraint program. Foreign loans and invest­ loans or investments inconsistent with the ments of such corporations may be com­ President’s program. Banks should avoid bined with those of the parent bank, or a making new loans that would directly or separate ceiling may be adopted for the indirectly enable borrowers to use funds parent bank and each such subsidiary cor­ abroad in a manner inconsistent with the poration. If such corporation is owned by Department of Commerce program or with a bank holding company, its foreign loans the guidelines for nonbank financial insti­ and investments may be combined for pur­ tutions. poses of the program with any one or all of (B) Loans to U.S. subsidiaries and the banks in the holding company group. branches of foreign companies that other­ An “Edge Act” corporation established wise might have been made by the bank to before February 10, 1965, that had not the foreign parent or other foreign affiliate made any significant volume of loans and of the company, or that normally would investments before December 31, 1964, have been obtained abroad. may take as a base, alone and not in com­ bination with its parent, its paid-in capital 11. Management of a bank’s liquid funds and surplus, up to $2.5 million. A bank should not place its own funds 9. U.S. branches and agencies of foreign banks abroad for short-term investment purposes, Branches and agencies of foreign banks whether such investments are payable in located in the United States are requested foreign currencies or in U.S. dollars. This to act in accordance with the spirit of the does not, however, call for a reduction in domestic commercial bank voluntary credit necessary working balances held with for­ restraint program. eign correspondents. Guidelines for Nonbank Financial Institutions For the calendar year 1967, each institu­ lines used in the 1966 program. Covered tion is requested .to limit its aggregate hold­ foreign assets are defined below. ings of “covered” foreign financial assets “Base-date” holdings, on which the 105 to not more than 105 per cent of its “base per cent ceiling is based, are defined as the date” holdings. Thus there is only one guide­ lesser of (1) total holdings of covered for­ line applicable to all “covered” foreign as­ eign assets as of September 30, 1966, or sets, rather than the three different guide- (2) the amounts of covered foreign assets Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1758 FEDERAL RESERVE BULLETIN • DECEMBER 1966 that could have been held as of September estate activities, in which the U.S. institu­ 30, 1966, in compliance with the guideline tion has an ownership interest of 10 per cent ceilings established by the 1966 voluntary or more. Excluded are earnings of a foreign program. Base-date holdings are to be re­ affiliate directly retained in the capital ac­ duced in subsequent quarters, however, to counts of the foreign corporation. the extent that equity securities of compa­ 4. Long-term credits of foreign obligors nies domiciled in developed countries (ex­ domiciled in developed countries other than cept Canada and Japan),1 and included in Canada and Japan.1 Included in this cate­ the current base, are sold to American in­ gory are bonds, notes, mortgages, loans, and vestors. For institutions previously reporting other credits maturing more than 10 years under the program, Federal Reserve Banks after date of acquisition. Excluded are bonds will calculate current base-date holdings as of international institutions of which the indicated by the reports on file and commu­ United States is a member. nicate that calculation to the institutions. 5. Equity securities of foreign corpora­ Covered foreign financial assets, subject tions domiciled in developed countries other to the guideline ceiling, include the follow­ than Canada and Japan1 except those ing types of investments: acquired after September 30, 1965, in U.S. 1. Foreign bank deposits, including de­ markets from American investors. The test posits in foreign branches of U.S. banks, and of whether an equity security is covered will liquid money market claims on foreign depend on the institution’s obligation to pay obligors, generally defined to include mar­ the interest equalization tax on acquisition. ketable negotiable instruments maturing in Exclusion from covered assets under this 1 year or less. program normally will be indicated when, 2. All other claims on foreign obligors in acquiring an equity security that other­ written to mature in 10 years or less at date wise would be covered, the purchasing insti­ of acquisition. This category includes all tution receives a certificate of prior Ameri­ bonds, notes, mortgages, loans, and other can ownership, or brokerage confirmation credits, regardless of country of origin. Ex­ thereof. cluded are bonds and notes of international In making those foreign loans and invest­ institutions of which the United States is a ments subject to the guideline ceiling, insti­ member and loans guaranteed or arranged tutions are asked to observe certain priori­ by the Export-Import Bank or insured by ties. First, top priority should be given to the Foreign Credit Insurance Association. credits that represent the bona fide financing 3. Net financial investment in foreign of U.S. exports. Second, nonexport credits branches, financial subsidiaries, and affili­ and investments in less developed countries ates, located in developed countries other should be given priority second only to that than Canada and Japan.1 Such financial in­ for export financing. (Temporary excesses vestment includes payments into equity and above the guideline ceiling may be permit­ other capital accounts of, and net loans and ted, where necessary, in order to accommo­ advances to, foreign corporations engaged date these two types of priority credits.) principally in finance, insurance, or real Third, investment in shorter-term assets in Canada and Japan (aside from bank depos­ 'See Note on p. 1760. its and money market instruments) need be Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISED GUIDELINES 1759 limited only to the extent necessary to re­ 3. Equity securities of firms in developed main within the over-all guideline ceiling. countries other than Canada and Japan that Within the leeway provided by the 105 have been acquired in U.S. markets from per cent ceiling, however, institutions also American investors (see Point 5 above). are requested to observe the following limi­ tations. First, the investment of liquid funds GENERAL CONSIDERATIONS abroad, in both bank deposits and money In cooperating in the voluntary foreign market instruments, should be held to mini­ credit restraint program, the nonbank finan­ mum practicable levels consistent with the cial institutions are requested to refrain from operating policies of the institution. Second, making loans and investments inconsistent investments in assets of all types in the de­ with other aspects of the President’s balance veloped countries of continental Western of payments program. Among these are the Europe, except those directly financing U.S. following: (1) noncovered credits under exports, should be limited to the fullest this program that substitute for loans that practicable extent, and in any event should commercial banks would have made in the not be permitted to exceed the total of such absence of that part of the program appli­ assets held on September 30, 1966. cable to them; (2) credits to U.S. corporate Each nonbank financial institution hold­ borrowers that would enable them to make ing $500,000 or more in foreign financial new foreign loans and investments incon­ assets is requested to file a quarterly statis­ sistent with that part of the program admin­ tical report covering such assets with the istered by the Department of Commerce; Federal Reserve Bank of the Federal Re­ (3) credits to U.S. subsidiaries and branches serve district in which its principal office is of foreign companies that otherwise would located. The reports are due within 20 days have been made to the foreign parent, or following the close of each calendar quarter, that would substitute for funds normally ob­ and forms (F.R. 392R) may be obtained tained from foreign sources. by contacting the Federal Reserve Bank. The voluntary foreign credit restraint pro­ Foreign financial assets not covered by gram for nonbank financial institutions does the guideline are still reportable on the quar­ not apply to the investment, within the coun­ terly statistical reports to the Federal Re­ try involved, of reserves accumulated on in­ serve Banks, but arc not subject to ceiling surance policies sold abroad, in amounts up limitations. Such noncovered foreign invest­ to 1 10 per cent of such reserves. Furthermore, ments include the following: in view of the balance of payments objec­ 1. Bonds and notes of international insti­ tives of the program, it is noted that covered tutions of which the United States is a investments of nonbank financial institu­ member, regardless of maturity. tions may be permitted to exceed the guide­ 2. Long-term investments in Canada, line ceiling to the extent that the funds for Japan, and all less developed countries, in­ such investment are borrowed in developed cluding credit instruments with final maturi­ ties of more than 10 years at date of acquisi­ countries other than Canada and Japan. tion, direct investment in financial subsidi­ Any such arrangements to offset foreign bor­ aries, and all equity securities issued by rowing against foreign investment should be firms domiciled in these countries. discussed with the Federal Reserve Bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1760 FEDERAL RESERVE BULLETIN • DECEMBER 1966 Note.—Developed countries other than Canada and dominated or controlled by international communism, Japan: continental Western Europe—Austria, Bel­ Cuba, Czechoslovakia, Estonia, Hungary, any part of gium, Denmark, France, Germany (Federal Republic), Korea which is dominated or controlled by interna­ Italy, Liechtenstein, Luxembourg, Monaco, Nether­ tional communism, Latvia, Lithuania, Outer Mon­ lands, Norway, Portugal, San Marino, Spain, Sweden, golia, Poland (including any area under its provisional and Switzerland; other developed countries are: Abu administration), Rumania, Soviet Zone of Germany Dhabi, Australia, the Bahamas, Bahrain, Bermuda, and the Soviet sector of Berlin, Tibet, Union of Soviet Hong Kong, Iran, Iraq, Ireland, Kuwait, Kuwait-Saudi Socialist Republics and the Kurile Islands, Southern Arabia Neutral Zone, Libya, New Zealand, Qatar, Sakhalin, and areas in East Prussia which are under Republic of South Africa, Saudi Arabia, and the the provisional administration of the Union of Soviet United Kingdom. Also to be considered “developed” Socialist Republics, and any part of Vietnam that is are the following countries within the Sino-Soviet dominated or controlled by international communism. bloc: Albania, Bulgaria, any part of China which is Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations, new regulations, and similar material Member Banks Dealing in Certain Insured “or which are insured by the Secretary of Housing and Urban Development pursuant to title XI of the Na­ Obligations tional Housing Act.” By Act of Congress, approved November 3, Delegation of Functions of 1966 (Public Law 89-754), entitled the “Demon­ Board of Governors stration Cities and Metropolitan Development Act of 1966”, paragraph “Seventh” of section 5136 of By Act of Congress, approved November 5, the Revised Statutes was amended so as to permit 1966 (Public Law 89-765), section 11 of the national banks to deal in and underwrite obliga­ Federal Reserve Act as amended by adding a new tions which are insured by the Secretary of Hous­ subsection (k) authorizing the Board of Gov­ ing and Urban Development under the new Title ernors to delegate certain of its functions to hear­ XI of the National Housing Act, which provides ing examiners, members and employees of the mortgage insurance on facilities for the group Board, or Federal Reserve Banks. The text of the practice of medicine, dentistry, and optometry. Act reads as follows: Purchase of such securities for investment is also AN ACT excepted from the usual limitation of 10 per cent of the national bank’s capital and surplus. Subject, To authorize the Board of Governors of the Federal of course, to any applicable provision of State law, Reserve System to delegate certain of its functions, and for other purposes. the permission also extends to all State member Be it enacted by the Senate and House of Represent­ banks of the Federal Reserve System, as section atives of the United States of America in Congress 9 of the Federal Reserve Act makes this paragraph assembled. That section 11 of the Federal Reserve of section 5136 applicable to State member banks. Act (12 U.S.C. 248) is amended by adding after sub­ section (j) the following subsection: The text of the provision of this Act reads as “(k) To delegate, by published order or rule and follows: subject to the Administrative Procedure Act, any of its functions, other than those relating to rulemaking Sec. 504. (a)(1) The sixth sentence of paragraph or pertaining principally to monetary and credit poli­ “Seventh” of section 5136 of the Revised Statutes, as cies, to one or more hearing examiners, members or amended (12 U.S.C. 24), is amended by inserting employees of the Board, or Federal Reserve banks. after “Federal Home Loan Banks,” the following: “or The assignment of responsibility for the performance obligations which are insured by the Secretary of of any function that the Board determines to delegate Housing and Urban Development under title XI of shall be a function of the Chairman. The Board shall, the National Housing Act.” upon the vote of one member, review action taken at a delegated level within such time and in such manner National Bank Real Estate Loans as the Board shall by rule prescribe.” Approved November 5, 1966. Public Law 89-754 also amended section 24 of Order Under Section 3 of Bank Holding the Federal Reserve Act so as to make certain Company Act limitations and restrictions on real estate loans by national banks inapplicable to loans insured by The Board of Governors issued the following the Secretary of Housing and Urban Development Order and Statements in connection with actions pursuant to the new Title XI of the National Hous­ approving applications by bank holding companies ing Act, which provides mortgage insurance on for the acquisition of voting shares of banks: facilities for the group practice of medicine, dentistry, and optometry. The text of the provision OTTO BREMER FOUNDATION AND OTTO of this Act reads as follows: BREMER COMPANY, ST. PAUL, Sec. 504. (a)(2) The third sentence of the first MINNESOTA paragraph of section 24 of the Federal Reserve Act, as amended (12 U.S.C. 371), is amended by inserting In the matter of the applications of Otto Bre­ after “or sections 1471-1484 of title 42,” the following: mer Foundation and Otto Bremer Company for 1761 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1762 FEDERAL RESERVE BULLETIN • DECEMBER 1966 approval of the acquisition of additional voting Statement stock of The Citizens State Bank, Rugby, North Otto Bremer Foundation (“Foundation”) and Dakota. . Otto Bremer Company (“Company”), both of St. Paul, Minnesota, have filed with the Board, pur­ Order Approving Applications Under suant to section 3(a) of the Bank Holding Com­ Bank Holding Company Act pany Act of 1956, as amended (“the Act”), ap­ There have come before the Board of Gover­ plications for approval of the acquisition, directly nors, pursuant to section 3(a) of the Bank Hold­ or indirectly, of an additional 50 per cent of the ing Company Act of 1956 (12 U.S.C. 1842(a), voting shares of The Citizen State Bank, Rugby, as amended by Public Law 89-485), and section North Dakota (“Bank”), a subsidiary bank, 49 222.4(a) of Federal Reserve Regulation Y (12 per cent of the stock of which is presently owned CFR 222.4(a)), applications on behalf of Otto or controlled by Foundation and Company (here­ Bremer Foundation and Otto Bremer Company, after referred to collectively as “Applicants”). both bank holding companies located in St. Paul Company is a wholly-owned subsidiary of Foun­ Minnesota, for the Board’s approval of the acquisi­ dation. Company registered as a bank holding tion, directly or indirectly, of an additional 50 per company under the Act’s original provisions, and cent of the voting shares of The Citizens State Foundation became a bank holding company for Bank, Rugby, North Dakota, a subsidiary bank of purposes of the Act as a result of the 1966 Applicants. amendments thereto. Applicants own, directly and As required by section 3(b) of the Act, the indirectly, over 25 per cent of the stock of 32 Board notified the State Examiner for North Da­ banks with deposits at December 31, 1965,1 of kota of receipt of the applications and requested $242 million; and they own less than 25 per his views and recommendation. The Acting State cent of the stock of eight additional banks. The Examiner recommended approval of the applica­ subsidiary banks are located in Minnesota, North tions. Dakota, and Wisconsin. Notice of receipt of the applications was pub­ Bank operates a single office in Rugby, North lished in the Federal Register on September 30, Dakota, and has deposits of about $4 million. 1966 (31 Federal Register 12814), which pro­ Company has owned 46 per cent of the outstand­ vided an opportunity for submission of comments ing voting shares of Bank since prior to enact­ and views regarding the proposed acquisition. ment of the Act, and Foundation owns an addi­ Time for filing such comments and views has ex­ tional 3 per cent of Bank’s shares. Company pro­ pired and all those filed with the Board have been poses to acquire for cash an additional 50 per cent considered by it. of Bank’s voting shares—25 per cent is to be It is hereby ordered, for the reasons set forth purchased from Bank’s president, and 25 per cent in the Board’s Statement of this date, that said from a trust. Although Bank is presently a sub­ applications be and hereby are approved, provided sidiary of Applicants, Board approval of the that the acquisition so approved shall not be con­ proposed acquisition of additional shares is re­ summated (a) before the thirtieth calendar day quired under section 3(a) of the Act since following the date of this Order or (b) later than Applicants do not own or control a “majority of three months after said date. the voting shares” of Bank. The operations of Applicants’ banking sub­ Dated at Washington, D.C., this 16th day of sidiaries, measured in terms of total deposits, are November, 1966. principally conducted in the State of Minnesota, By order of the Board of Governors. and have been so conducted since prior to enact­ Voting for this action: Chairman Martin, and Gov­ ment of the Act. Section 3(d) of the Act pro­ ernors Robertson, Shepardson, Maisel, and Brimmer. hibits Board approval of any application which Voting against this action: Governor Mitchell. Absent and not voting: Governor Daane. would permit a bank holding company to acquire, (Signed) Merritt Sherman, Secretary. 1 Unless otherwise indicated, all banking data noted [seal] are as of this date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1763 directly or indirectly, any voting shares of “any surrounding agricultural area within a radius of additional bank located outside of the State in approximately 35 miles.2 None of the seven banks which the operations of such bank holding com­ is a subsidiary of a bank holding company. Bank pany’s banking subsidiaries were principally con­ is the third largest of the seven, and holds about ducted on . . . the date on which such company 18 per cent of their aggregate total deposits. There became a bank holding company.” The term “addi­ are 12 other banks located outside the primary tional bank” is interpreted by the Board to mean service area which are believed to compete therein a bank other than a subsidiary bank. Therefore, to some extent. Two of these banks are also sub­ since Bank is already a subsidiary of Applicants, sidiaries of Applicants, and their total deposits the subject applications may be approved provided combined with those of Bank represent about 21 such approval is authorized by and consistent with per cent of the aggregate total deposits of the 19 other provisions of the Act. banks. Four of the other competing banks located Views and recommendation of supervisory au­ outside the primary service area are subsidiaries of thority. As required by section 3(b) of the Act, the two Minneapolis-based bank holding compa­ notice of receipt of the application was given to, nies. The seven holding company subsidiaries in and views and recommendation requested of, the the area hold about 66 per cent of the aggregate State Examiner for North Dakota. The Acting total deposits of the 19 banks. State Examiner responded recommending approval There is one other bank located in the town of the application. of Rugby—Merchants Bank of Rugby, which has Statutory considerations. The Act prohibits deposits of $6 million, representing about 59 per Board approval of any proposed acquisition which cent of the total deposits held by the two. would result in a monopoly, or further any Merchants Bank has been in operation for many combination, conspiracy, or attempt to monopo­ years and its rate of deposit growth over the lize the business of banking in any relevant area. past 10 years exceeded slightly the deposit growth Nor may approval be given where the Board finds of Bank. that the effect of a proposal may be substantially Since Bank is already a subsidiary of Applicants, to lessen competition, or in any other manner be the proposed acquisition of additional shares of in restraint of trade, unless such anticompetitive its stock will have no measurable effect on banking effects are clearly outweighed by the probable concentration either under Applicants’ system or effect of the transaction in meeting the conveni­ under all holding company systems in any rele­ ence and needs of the area to be served. The vant area. Further, the fact that Bank is already Board is also required to consider the financial a subsidiary of Applicants precludes the likelihood and managerial resources and future prospects of any present or potential competition between of the bank holding company and banks con­ or among Applicants’ three local banks being cerned and the convenience and needs of the eliminated or foreclosed by this proposal. For the communities to be served. same reason, there is, in the Board’s judgment, Competitive effects of proposed acquisition. little likelihood that the acquisition of additional Only nine of Applicants’ 32 subsidiary banks are shares of Bank by Applicants would have any located in North Dakota. The nine subsidiaries, significant effect on the competitive force or posi­ including Bank, hold deposits of about $70 million, tion of other banks located or competing in Bank’s representing 7 per cent of the total deposits of all primary service area. Applicants assert that banks in the State. Applicants’ holding company Bank will more effectively serve the banking needs system is the third largest banking organization in of its area following their acquisition of majority North Dakota. The two largest banking organiza­ control. While there is reason to question the tions in the State are bank holding companies logic of this assertion, if such occurrence should headquartered in Minnesota. Combined, the three take place it is not likely to alter the competitive largest banking organizations control about 38 per situation presently existing in the area. cent of the deposits in North Dakota. There are seven banks located in Bank’s pri­ 2 The area from which all of Bank’s deposits of mary service area, which consists of the cor­ individuals, partnerships, and corporations (“IPC porate limits of the town of Rugby and the deposits”) originate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1764 FEDERAL RESERVE BULLETIN • DECEMBER 1966 Applicants presently have no monopoly on the ion, consistent with approval of the application. banking business in any relevant area, nor does Convenience and needs of the area concerned. Applicants’ proposed acquisition offer evidence of Rugby, a town of about 3,000 people in the north a tendency to monopolize such business. Since central part of North Dakota, is in the center of Bank is already a subsidiary of Applicants, the a 4,000 square mile agricultural area which is proposal will not result in any substantial lessening considered to be Bank’s primary service area. The of competition, and will in no other manner be population of that area, estimated at 25,000 in restraint of trade. persons, has reportedly been somewhat static Financial and managerial resources and future during the past 10 years due to the change in prospects. Foundation, owner of all of the out­ agricultural economy from smaller to larger farms. standing shares of Company, is a charitable foun­ The economic outlook for the area, including its dation organized under the laws of Minnesota. future growth prospects, appears to be good in It annually disperses its income to charitable, re­ light of a reservoir project which will provide ligious, and educational organizations in Min­ water for irrigation to a great portion of the service nesota, North Dakota, and Wisconsin. The finan­ area and will permit farms to increase their yield cial condition of Applicants and their subsidiary and productivity. banks appears to be generally satisfactory, and Although Bank has had satisfactory deposit their prospects appear favorable. Applicants’ growth and earnings, Applicants assert that it has managements are considered to be capable and not adequately met the credit needs of the com­ experienced. munity and area it serves. An apparent lack of The financial condition of Bank is considered aggressiveness on the part of Bank’s management satisfactory, although, on the basis of a relatively is evidenced to some extent by the fact that its low ratio of loans to deposits, it appears that loans represent only about 28 per cent of total Bank’s management has not vigorously sought new deposits (with over half of those being Govern­ or increased loan business. Bank’s prospects, ment insured), while the loans for the seven viewed in light of Applicants’ proposal to furnish banks located in the service area in the aggregate it with young and aggressive management, appear amount to about 40 per cent of their total deposits. favorable. Although Bank may become somewhat more Bank is currently faced with a management aggressive in seeking out new and increased busi­ succession problem. The cashier recently resigned ness following Applicants’ introduction into Bank and the executive vice president, who is reaching of a young and experienced chief executive officer, normal retirement age, is, according to Applicant, this result, in the Board's judgment, could prob­ contemplating retirement by the end of the year. ably be accomplished by Applicants with their The president, who is owner of 25 per cent of present 49 per cent control. As before stated, this Bank’s stock, is 77 years old and upon consum­ facet of Applicants’ proposal, while consistent with mation of this proposal will retire from active approval of the application, provides little affirma­ operating management. Bank has no other officers. tive support therefor. It is contemplated that a vice president of one of One aspect of the operations of Applicants’ Applicants’ other North Dakota subsidiaries will banks, having direct bearing on the convenience become president and chief executive officer of and needs of their customers, is of concern to the Bank upon consummation of the proposed stock Board. Eleven of Applicants’ 32 subsidiary banks, acquisition. While Applicants’ proposed manage­ including Bank, are “nonpar banks”, i.e., they ment implementation is a favorable consideration, charge exchange fees for checks forwarded to its weight is rendered less significant in view of them for payment. Although nonpar clearance of Applicants’ present 49 per cent interest in Bank. checks is permitted under the laws of the States Such ownership, in the Board’s judgment, pres­ where Applicants’ 11 nonpar banks operate, non­ ently enables Applicants to furnish Bank with par clearance is, in the Board’s judgment, incom­ adequate management succession, and maintain patible with good banking practice and the public Bank in sound financial condition, without the interest. This view has prompted the Board to alleged benefit of majority stock ownership. recommend to Congress enactment of legislation The “banking factors” are, in the Board’s opin­ that would require all insured banks to pay at Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1765 “par” all checks drawn upon them (see Fifty-Sec­ considerable influence on the policies of the Rugby ond Annual Report of the Board of Governors of bank in that period. If they had been desirous of the Federal Reserve System (1965) at page 240). improving or expanding banking service in Rugby As indicated, the Board does not view favorably they surely could have accomplished both goals this aspect of Applicants’ system operations. long ago. In fact, the Bremer Company and Foun­ However, since Bank is presently a nonpar bank dation seem simply to have been impersonal in­ with respect to its payment of checks, approval of vestors with little direct concern for the conveni­ this proposal will not introduce or further facili­ ence and needs of the individuals and businesses tate the criticized practice so as to warrant denial in the vicinity of Rugby. of the application. Bremer Foundation and Company own 25 per In summary, because of Applicants’ apparent cent or more of the stock of 32 banks in Minnesota working control of Bank, considerations relating and North Dakota. Eleven of these, including the to the convenience and needs of the area served by bank at Rugby, are nonpar banks. The Board of it are considered to provide only slight, if any, Governors has often expressed the view that non­ support for approval of the applications. par banking is anachronistic and incompatible with Summary and conclusions. In light of the factors modern commercial and financial practices. The set forth in the Bank Holding Company Act, and Board’s 1965 Annual Report contains this state­ on the basis of the record before it, the Board con­ ment: “In the Board’s opinion, under today’s cludes that the acquisition of additional shares of highly developed system of check collections there Bank by Applicants will not have any significant is no sound reason for any bank to pay less than adverse competitive consequences, and that con­ the face amount of checks drawn upon it (empha­ siderations relating to the financial and managerial sis added), even though that practice provides a resources and prospects of Applicants and Bank, source of revenue to the drawee bank.” Although and to the convenience and needs of the area to nonpar banking is permitted in the areas served be served, are consistent with approval of the by Applicants’ 11 nonpar banks, it hardly seems applications. Accordingly, it is the Board’s judg­ consistent for the Board of Governors to expect the ment that the applications should be approved. management of a holding company with 11 nonpar banks to be dedicated to improving banking serv­ Dissenting Statement of Governor Mitchell ice to the Rugby public. Nor, in my opinion, does the record before us show that the Bremer banks This is a case where, in my opinion, the public are noted for progressive managements or service interest is being subordinated to the corporate con­ policies especially responsive to public demand. venience of the Otto Bremer Foundation and the Approval by the Board of this application is not Otto Bremer Company. The Foundation owns the only unlikely to improve banking in Rugby, it is Company and together they own 49 per cent of an implicit endorsement of banking policies that the shares of The Citizens State Bank, Rugby, the Board has officially and publicly condemned. North Dakota. The Bremer Foundation and Com­ pany are located in St. Paul, Minnesota. Consum­ Order Under Bank Merger Act mation of the proposal would increase to 99 per The following Order and Statements were issued cent the holding companies' ownership of their in connection with action by the Board of Gover­ North Dakota subsidiary. nors with respect to an application for approval There is no significant anticompetitive effect in­ of the merger of banks: volved in this case. It seems to me that the majority sustains its position, in part, by a finding that the ST. JOSEPH VALLEY BANK, ELKHART, convenience and needs of the people in the Rugby INDIANA area will be better served as a result of the In the matter of the application of St. Joseph Bremer interest controlling 99 instead of 49 per Valley Bank for approval of merger with First cent of the Rugby bank’s stock. Old State Bank It is hard to believe that having owned 49 per cent of the stock for over 10 years the Bremer Order Approving Merger of Banks interests did not, at least by acquiescence, have a There has come before the Board of Governors, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1766 FEDERAL RESERVE BULLETIN • DECEMBER 1966 pursuant to the Bank Merger Act, as amended (12 the two offices of Old State Bank would become U.S.C. 1828(c), Public Law 89-356), an appli­ branches of St. Joseph Bank, increasing the num­ cation by St. Joseph Valley Bank, Elkhart Indiana, ber of its offices to eight. a State member bank of the Federal Reserve Sys­ To assist in the consideration of this application, tem, for the Board’s prior approval of the merger the banking factors being of particular concern, a of that bank and First Old State Bank, Elkhart, private oral presentation was held, pursuant to sec­ Indiana, under the charter and title of St. Joseph tion 262.2(f)(3) of the Board’s Rules of Proce­ Valley Bank. As an incident to the merger, the dure (12 CFR § 262.2(f)(3)), at which the two offices of First Old State Bank would become president and the chairman of the board of direc­ branches of the resulting bank. Notice of the pro­ tors of each bank presented views in support of posed merger, in form approved by the Board, has approval, and submitted to questioning by the been published pursuant to said Act. Board. Upon consideration of all relevant material in Competition. The head office and four branches the light of the factors set forth in said Act, in­ of St. Joseph Bank, and the head office and sole cluding reports furnished by the Comptroller of the branch of Old State Bank, are in Elkhart; St. Currency, the Federal Deposit Insurance Cor­ Joseph Bank also operates a branch at Nappanee, poration, and the Attorney General on the com­ about 17 miles to the south. Elkhart, located petitive factors involved in the proposed merger, approximately 15 miles east of South Bend, has It is hereby ordered, for the reasons set forth a population of about 45,000 and is the seat of in the Board’s Statement of this date, that said Elkhart County. A large number of manufactur­ application be and hereby is approved, provided ing firms support the economy of the city, and it that said merger shall not be consummated (a) is also an important trade center. before the thirtieth calendar day following the date St. Joseph Bank and Old State Bank—respec­ of this Order or (b) later than three months after tively, the second largest and the smallest banks in said date. Elkhart—are in direct competition with each other. The service area 2 of each bank encompasses the Dated at Washington, D.C., this 30th day of city of Elkhart and its immediate environs, the November, 1966. only non-coterminous portion being the area By order of the Board of Governors. served by the Nappanee branch of St. Joseph Voting for this action: Chairman Martin, and Gov­ Bank. There is only one other bank in Elkhart and, ernors Shepardson, Mitchell, Daane, and Maisel. Vot­ like St. Joseph Bank and Old State Bank, it draws ing against this action: Governors Robertson and Brimmer. the preponderance of its business from the city and (Signed) Merritt Sherman, its environs. These three banks compete in vary­ Secretary. ing degrees with the offices of eight other banks [seal] that are located beyond the city (including four headquartered in Elkhart County) and that range in deposit size from about $6 million to more Statement than $40 million. It does not appear that any of St. Joseph Valley Bank, Elkhart, Indiana (“St. these offices would be adversely affected by the Joseph Bank”), with total deposits of about $60 merger. million, has applied, pursuant to the Bank Merger The principal impact of the merger on banking Act (12 U.S.C. 1828(c), as amended by Public competition would be in Elkhart. Following the Law 89-356), for the Board’s prior approval of acquisition of Old State Bank by St. Joseph Bank, the merger of that bank with First Old State Bank, the city would be served by the offices of only two Elkhart, Indiana (“Old State Bank”), which has banks, one (the resulting bank) with deposits of total deposits of about $20 million? The banks about $80 million, and the other with deposits of would merge under the charter and name of St. about $95 million. As discussed below under the Joseph Bank, which is a member of the Federal Reserve System. As an incident to the merger, 2 The area from which a bank derives 75 per cent or more of its deposits of individuals, partnerships and 1 As of June 30, 1966. corporations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1767 banking factors, Old State Bank is headed for prove harmful—to effect reforms in the lending serious capital and management problems for practices of the bank. The failure of this effort which there appears to be no feasible solution must be attributed in part to the fact that the other than merger. But, the merger would elimi­ directors and their families altogether hold only nate substantial existing competition between the about 35 per cent of the bank’s voting shares. participating banks. The largest stockholder of the bank is its chief The effect of the merger on competition would operating officer. He has been associated with the be substantially adverse. bank for many years and apparently enjoys a wide Financial and managerial resources and future following, both among the bank’s other stockhold­ prospects. A merger with anticompetitive effects ers and in the community generally. Although he of the magnitude that are present in this case holds less than 8 per cent of the voting shares, may not be allowed under the amended Bank he is the dominant force in the bank. Thus, it Merger Act unless the adverse effects for com­ seems unlikely that Old State Bank will veer from petition would be “clearly outweighed in the public its potentially hazardous course, given the bank’s interest by the probable effect of the transaction present ownership. In turn, the bank’s condition in meeting the convenience and needs of the and prospects, together with the fact that its stock community to be served”. The banking factors is widely held, combine to make it of dubious are relevant to this consideration to the extent that attractiveness to individuals or groups who might “they throw light on the capacity of the existing be prospective buyers. While these considerations and proposed institutions to serve the com­ pose no immediate threat to Old State Bank, they munity”.3 are a cause for concern about its future. In short, Old State Bank has experienced substantial unless corrective action is taken, the bank is growth in both deposits and loans during the past headed for serious capital and management prob­ few years. This growth, however, has exceeded the lems. bank’s ability to effectuate the needed correspond­ A solution to the predicament of Old State Bank ing additions to its capital account, even though it by means other than merger with one of the two sold capital stock twice within the last five years. remaining Elkhart banks—which are by far its Old State Bank has enjoyed gross operating reve­ principal competitors—is patently desirable. State nues that are considerably above the average for law prohibits branching across county lines, how­ member banks of comparable size in Indiana; since ever, and it also restricts a bank from branching in 1964, however, the bank’s net income has been a town, other than the location of its head office, much less than the average for banks similarly where banking facilities already exist. Thus, the situated. This incongruity is occasioned essentially only other possibilities for Old State Bank to be by loan losses that are attendant upon the impru­ acquired by merger lie with two Elkhart County dent lending policies of Old State Bank. banks,* the larger of which has deposits of about The ability of Old State Bank to augment its $6 million. Due to the small size of these banks, capital is affected by its recent record of less-than- a merger with one of them would not materially average net earnings and by its greater-than-aver- alter the prospects for Old State Bank. Finally, age asset weaknesses. Both of these factors result State law also precludes the acquisition of Old from the bank’s lending policies. At the same time, State Bank by a bank holding company. these factors impede the ability of the bank to The banking factors with respect to St. Joseph attract the personnel needed to facilitate imple­ Bank are generally satisfactory, and it is capable mentation of the lending practices that are required of coping satisfactorily with the difficulties that for improvement in its net earnings performance would be attendant upon the absorption of Old and in its asset condition. State Bank. There is evidence that the directors of Old State Convenience and needs of the community. The Bank have endeavored—although not to the point merger would eliminate an alternative source of of precipitating open discord, which could well * And this assumes that the acquiring bank would 3H.R. Rep. No. 1221, 89th Cong., 2d Sess. 4 be permitted by State authorities to transfer its head (1966). office to Elkhart. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1768 FEDERAL RESERVE BULLETIN • DECEMBER 1966 banking services from the Elkhart community, but the adverse consequences likely to result from the it would also result in an orderly disposition of the capital and management problems of Old State problems that beset Old State Bank. The adverse Bank. There is about an even chance—as near as competitive consequences of the merger could be it can be reckoned—that, unless corrective action minimized at some point in the future if Indiana is taken, the condition of Old State Bank will should decide to change the restrictions on the steadily worsen, and there is no feasible alternative establishment and operation of branch banking solution to its problems. offices. On the other hand, the adverse impact on Accordingly, the Board concludes that the appli­ the community if the condition of Old State Bank cation should be approved. should ultimately decline to failure could not be so easily minimized and, indeed, probably could Dissenting Statement of Governor not be materially lessened at all. Robertson It should be stressed that Old State Bank cannot The Bank Merger Act, as amended this year, now be fairly characterized as a “failing firm”; the forbids the Board of Governors to approve a bank is nowhere near that condition.5 But the law merger “whose effect . . . may be substantially to permits a merger, notwithstanding its adverse com­ lessen competition”, unless the anticompetitive petitive consequences (if not sufficient to be viola­ effect is “clearly outweighed in the public interest tive of section 2 of the Sherman Act), provided by the probable effect ... in meeting the conveni­ one of the banks faces difficulty of sufficient grav­ ence and needs of the community. . . .” ity to warrant remedial action in the interests of Although conceding that this merger will have maintaining its soundness, and there is no feasible a substantially adverse impact on banking com­ alternative solution to its problem.8 It is the best petition in Elkhart, the majority states that this judgment of the Board that the evidence in the injury to the public interest is overbalanced by the case before it meets this test. The Board has not been unmindful, in its pro­ importance of “avoiding for the Elkhart commu­ tracted deliberations on this matter, of the merit nity the adverse consequences likely to result from in the considerations advanced by the dissenters the capital and management problems of Old State in arguing for denial of the application. But the Bank.” I am unable to find any basis for that hold­ complex and difficult circumstances faced by Old ing. The majority Statement does not mention any State Bank, considered in the light of the likely “adverse consequences” whatsoever; the only other ramifications for the bank and the community it mention of that matter is an equally indefinite serves if the merger is not allowed, cause the reference to “the likely ramifications for . . . the Board to conclude that the wiser course for the community ... if the merger is not allowed”. public interest is to opt on the side of caution. Furthermore, the majority acknowledges that Summary and conclusion. The effect of the Old State Bank is “nowhere near” the condition merger of St. Joseph Bank and Old State Bank on of a “failing firm”, and that the present situation competition would be substantially adverse. It is poses no immediate threat to the bank. On the the judgment of the Board, however, that the anti­ basis of more than thirty years of bank super­ competitive consequences would be clearly out­ vision, and careful scrutiny of the examination re­ weighed in the public interest by the effect of the ports, I do not consider Old State Bank to be a transaction in avoiding for the Elkhart community “serious problem” case, and, indeed, the majority does not claim that the bank has serious problems. 5 See International Shoe Co. v. FTC, 280 U.S. 291 Consequently, it is difficult to see any legal justifi­ (1930), which established it to be a defense to an cation for the authorization of a merger that ad­ action under section 7 of the Clayton Act if, before mittedly is substantially anticompetitive. the merger, “there being no other prospective pur­ chaser,” one of the firms “faced the grave probability To describe the situation bluntly, the Board’s of business failure”. Id. at 302. action today appears to rest solely on the fear that, “See H.R. Rep. No. 1221, 89th Cong., 2d Sess. 3 some time in the future, Old State Bank might (1966); 112 Conn. Rec. 2337-38 (1966). See also, United States v. Philadelphia NatT Bank, 374 U.S. become a less effective force in banking competi­ 321, 372 n. 46 (1963). tion in Elkhart because it might develop serious Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1769 capital and management problems, and that the Dissenting Statement of Governor Brimmer best way to guard against the future possibility As the majority acknowledges, the merger of that the community may cease to have three ac­ Old State Bank and St. Joseph Bank is unquestion­ tively-competing banks is to eliminate one of them ably anticompetitive within the meaning of sec­ now by permitting one of the others to absorb it. tion 1 of the Sherman Act and, consequently, I have no desire to caricature the Board’s decision, within the meaning of section 7 of the Clayton but I am unable to see its rationale in any other Act. I agree that a merger with anticompetitive light. effects of this magnitude may be in the public in­ At best, the authorization of this merger is terest, “provided one of the banks faces difficulty premature. It permits immediately a substantially of sufficient gravity to warrant remedial action in anticompetitive transaction in order to forestall the interests of maintaining its soundness, and the possibility that such a transaction might have there is no feasible alternative solution to its prob­ to be permitted at some time in the future. The lem.” 1 But I can find no basis for the majority’s Board’s action is analogous to amputating the pa­ assessment that the evidence in the case before us tient’s arm because treatment designed to save the meets the requisites of this proviso. arm would be painful and might fail, in which The majority concludes that the substantially event amputation might be necessary later. adverse effects of the merger—which they admit At worst, the Board’s action involves an admis­ are inescapable—will be “clearly outweighed in sion—which I consider unwarranted—that bank the public interest” by the avoidance for the Elk­ supervision is impotent to achieve correction or hart community of “the adverse consequences improvement in a bank whose management or likely to result from the capital and management policies we regard as unsatisfactory. We are told problems of Old State Bank.” Thus, by slighting a that the directors of the bank, although aware of virtually certain—but undesirable—result in favor defects in its lending practices, have hestitated to of only a remotely probable outcome, the majority effect reforms for fear of “precipitating open dis­ provides a tenuous peg on which to hang a doubt­ cord”. Needless to say, even temporary discord ful decision. among the managers of a bank is undesirable, but Thus, we must examine carefully the logical termination of the very existence of the bank is an basis of the majority’s judgment. What exactly are absurdly high price to pay for the avoidance of the “adverse consequences” that the merger will managerial discord in the course of correcting an avoid? Surprisingly, just this: “unless corrective unsound policy. action is taken, the condition of Old State Bank Furthermore, correction of the situation does will steadily worsen.” How likely is this to occur? not depend solely on appropriate action by the “There is about an even chance.” Which means, bank’s officers and directors. The powers of Fed­ of course, there must be about an even chance that eral bank supervisors were recently expanded by the expected worsening will not occur. Congress for the very purpose of enabling us to But leaving aside this different appraisal of the cope with problem situations in the banks we probable future of Old State, what is its present supervise and thereby to avoid the need for amal­ condition? The majority admits that “Old State gamations that lessen banking competition. The Bank cannot now be fairly characterized as a principal function of supervision is to preserve a ‘failing firm’; the bank is nowhere near that con­ sound and competitive banking system by helping dition.” Does Old State Bank currently have any banks to overcome the problems that inevitably serious problems? No. The majority merely holds arise. A merger that substantially lessens competi­ that “unless corrective action is taken, the bank tion should be a final recourse, rarely resorted to, is headed for serious capital and management rather than a ready “out” that may be convenient problems.” and profitable for stockholders and may enable After much consideration, I have come—re­ supervisors to shake off a problem, but is detri­ luctantly—to the conclusion that the majority has mental to the public interest. For these reasons, the merger should not be 1 Emphasis supplied in this quotation (and in others approved. below) from the majority’s Statement. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1770 FEDERAL RESERVE BULLETIN • DECEMBER 1966 made a most peculiar decision that cannot be sup­ must be ample time for a vigorous effort to resolve ported by the facts in the record before us. If the its difficulties by means other than merger. I feel bank does not yet have capital and management strongly, therefore, that the bank should be re­ problems of a serious nature (and there is not even quired to get on with the task. a suggestion of the time horizon over which such The denial of the application to merge would problems can be expected to emerge), where is cast into sharp focus for the stockholders of Old the threat to the bank’s soundness? Where is the State Bank two basic alternatives: (1) do nothing gravity that compels the approval of this substan­ and, to the extent that the expectations of the tially anticompetitive merger? The simple—and majority are warranted, ultimately risk putting lamentable—truth is that there is presently no into jeopardy their investment in the institution; clear threat to the bank’s soundness; nor is there or (2) forge the necessary reforms—if for no any urgency necessitating such a drastic remedy. other reason than to make the bank as attractive Old State Bank is a particularly vigorous com­ as possible for prospective buyers. These options petitor, as its record of substantial growth and embody the crux of the matter. To be sure, the high gross earnings clearly reflects. The bank has merger will permit the stockholders of Old State made an extra effort to tailor its business to meet Bank to sever their association with the institu­ the needs of those members of the community tion conveniently and on reasonably attractive who are not conveniently served by the conven­ terms, but the cost to the community will be ex­ tional modes of the banking business. For ex­ tremely high—the loss of a vita!, competitive ample, it is still the only bank in Elkhart that commercial bank. opens its doors on Saturdays, thus making bank I do not believe the facts indicate that Old services more conveniently available—an espe­ State Bank faces any particularly “complex and cially significant contribution in view of the com­ difficult circumstances”, or that merger is the only munity’s heavy concentration of industrial em­ feasible solution to its so-called “predicament”. ployees. Moreover, Old State Bank has not been I do not doubt for a moment the sincerity of the reluctant to innovate; it was the first bank in majority in its stated belief that the “wiser course Elkhart to provide drive-in service. In short, all for the public interest is to opt on the side of of the relevant evidence indicates that Old State caution” and approve the merger. To me, how­ Bank is a highly effective competitor; indeed, the ever, the logical gaps and fallacies in the analysis majority does not purport to make a finding to on which the majority bases its approval suggest the contrary. that the option was not simply for caution but for The problems of Old State Bank stem directly unwarranted diffidence. from imprudent leanding policies and practices. I am confident that, with the merger route The responsibility for coping with this situation closed as the easy way out for the stockholders properly belongs, in the first instance, to the of Old State Bank, the appropriate reforms in bank’s directors and stockholders. And, if the ap­ the bank’s policies and practices would be forth­ plication were denied, they would be forced to coming. This course would spare the Elkhart com­ confront their failures to date and to search for munity, not only the impact of a bank failure means to change the inadequate policies and prac­ (which currently is simply a mirage), but also tices, and rectify the mistakes, of the bank’s op­ the certain adverse consequences of a substan­ erating management. There is every reason to tially anticompetitive merger. Given these con­ conclude that, at the very least, there is an even chance that this course would succeed. Since it siderations, I am convinced that it is plainly cannot be claimed that the bank yet has “serious premature and contrary to the public interest to capital and management problems” (it is said allow the merger at this juncture. merely to be “headed for” such problems) there I would deny the application. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS ELECTION OF CLASS A AND CLASS B DIRECTORS The Federal Reserve Banks have announced the results of the annual elections by their member banks of Class A and Class B directors as shown below. The directors have been elected to serve for three years beginning January 1, 1967, unless otherwise indicated. Boston Class A Charles A. Beaujon, Jr., President, The Canaan National Bank Canaan, Connecticut. Mr. Beaujon succeeds Darius M. Kelley, Presi­ dent, The Orange National Bank, Orange, Massachusetts. Class B F. Ray Keyser, Jr., Personnel Director and Counsel, Vermont Marble Company, Proctor, Vermont. Mr. Keyser succeeds William R. Rob­ bins, Vice President for Finance, United Aircraft Corporation, East Hartford, Connecticut. W. Gordon Robertson, President, Bangor Punta Alegre Sugar Cor­ poration, Bangor, Maine. Mr. Robertson was elected for unexpired por­ tion of term ending December 31, 1968, to succeed John R. Newell, Vice Chairman, Bath Iron Works Corporation, Bath, Maine, who had resigned. New York Class A Eugene H. Morrison, President, Orange County Trust Company, Middletown, New York. Mr. Morrison succeeds Robert H. Fearon, President, the Oneida Valley National Bank of Oneida, New York. Class B Maurice R. Forman, President, B. Forman Company, Inc., Rochester, New York. Mr. Forman succeeds Albert L. Nickerson, Chairman of the Board, Mobil Oil Corporation, New York, New York. Philadelphia Class A Robert C. Enders, President, Bloomsburg Bank-Columbia Trust Company, Bloomsburg, Pennsylvania. Mr. Enders succeeds Charles R. Sharbaugh, Senior Vice President, United States National Bank in Johnstown, Pennsylvania. Cleveland Class A Richard R. Hollington, The Ohio Bank and Savings Company, Find­ lay, Ohio. (Re-elected) 1771 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1772 FEDERAL RESERVE BULLETIN • DECEMBER 1966 Cleveland-Cont. Class B R, Stanley Laing, President, The National Cash Register Company, Dayton, Ohio. Mr. Laing succeeds Edwin J. Thomas, Chairman of the Executive and Finance Committees, The Goodyear Tire and Rub­ ber Company, Akron, Ohio. Richmond Class A Robert C. Baker, President and Chairman of the Board, American Security and Trust Company, Washington, D.C. Mr. Baker succeeds Robert T. Marsh, Jr., Honorary Chairman of the Board, First and Merchants National Bank, Richmond, Virginia. Class B Thaddeus Street, President, Carolina Shipping Company, Charles­ ton, South Carolina. Mr. Street succeeds Robert E. L. Johnson, Former Chairman of the Board, Woodward and Lothrop, Inc., Washington, D.C. A tlanta Class A William B. Mills, President, The Florida National Bank of Jackson­ ville, Florida. Mr. Mills succeeds George S. Craft, Chairman of the Board, Trust Company of Georgia, Atlanta, Georgia. Class B Philip J. Lee, Vice President, Atlantic Coast Line Railroad Company, Jacksonville, Florida. Mr. Lee suceeds W. Maxey Jarman, Chairman, Geneseo, Inc., Nashville, Tennessee. Chicago Class A Kenneth V. Zwiener, Chairman of the Board, Harris Trust and Savings Bank, Chicago, Illinois. (Re-elected) Class B William H. Davidson, President and Director, Harley-Davidson Motor Company, Milwaukee, Wisconsin. Mr. Davidson succeeds G. F. Langenohl, formerly Treasurer and Assistant Secretary, Allis-Chalmers Manufacturing Company, Milwaukee, Wisconsin. St. Louis Class A Cecil W. Cupp, Jr., President, Arkansas Bank and Trust Company, Hot Springs, Arkansas. Mr. Cupp succeeds H. Lee Cooper, President, Ohio Valley National Bank of Henderson, Kentucky. Class B Roland W. Richards, Senior Vice President, Laclede Steel Company, St. Louis, Missouri. (Re-elected) Minneapolis Class A John Bosshard, Executive Vice President and Director, First National Bank of Bangor, Wisconsin. Mr. Bosshard succeeds Harold C. Refling, Executive Vice President, First National Bank in Bottineau, North Dakota. Class B Leo C. Studness, Manager, Studness Company, Devils Lake, North Dakota. Mr. Studness succeeds Ray C. Lange, President, Chippewa Canning Company, Inc., Chippewa Falls, Wisconsin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 1773 Kansas City Class A Eugene H. Adams, President, The First National Bank of Denver, Colorado. (Re-elected) Class B Fred W. Gilmore, President, Union Stock Yards Company of Omaha, Nebraska. (Re-elected) Dallas Class A Murray Kyger, Chairman of the Board, The First National Bank of Fort Worth, Texas. (Re-elected) Class B C. A. Tatum, Jr., President and General Manager, Dallas Power and Light Company, Dallas, Texas. Mr. Tatum succeeds D. A. Hulcy, Chairman of the Board, Lone Star Gas Company, Dallas, Texas. San Francisco Class A Carroll F. Byrd, Chairman of the Board and President, The First National Bank of Willows, California. (Re-elected) Class B Joseph Rosenblatt, Honorary Chairman of the Board, The Eimco Corporation, Salt Lake City, Utah. (Re-elected) CHANGES IN THE BOARD’S STAFF Interest on Deposits”) designed to sharpen the technical distinctions between “time deposits” and The Board of Governors has announced the “savings deposits.” The amendments, which will appointment of Robert Solomon as Director of become effective lanuary 1, 1967, are substan­ the Division of International Finance, effective tially the same as those proposed on September December 1, 1966. He succeeds Ralph A. Young 23, 1966. who will continue to serve as the Senior Adviser At present, deposits of individuals or certain to the Board. Mr. Solomon will continue as an nonprofit organizations as to which the depositor Adviser to the Board, a position he has held since is required by the deposit contract to give notice November 1965. in writing not less than 30 days before making a Appointed to the Board’s staff in December withdrawal may be either “savings deposits” or 1947, Mr. Solomon has held the position of “time deposits” (time certificate of deposit or time Economist in the Division of International Finance, deposit, open account). Under the regulations as and in the Division of Research and Statistics the now amended, such a deposit can only be a “time positions of Senior Economist, Chief of the Capital deposit.” The distinguishing feature of “savings Markets Section, Assistant to the Director, Associ­ deposits,” in this respect, will be the reservation ate Adviser, and Adviser. Mr. Solomon received by the bank of the right to require 30 days’ notice an A.B. degree from the University of Michigan of withdrawal. In practice, banks routinely reserve and M.A. and Ph.D. degrees from Harvard such a right, although it is rarely exercised. University. The amendments are also designed to make clear that a deposit payable on a specified date or CHANGES IN REGULATIONS D AND Q AND at the expiration of a specified period of time after REDUCTION IN CERTAIN REQUIRED RESERVES the date of the deposit (sometimes referred to as a The Board of Governors of the Federal Reserve “fixed maturity” deposit) does not constitute a System announced on December 8, 1966, the “savings deposit.” adoption of amendments to its Regulations D and In a companion action, the Board announced a Q (“Reserves of Member Banks”; “Payment of reduction, effective January 5, 1967, in the re- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1774 FEDERAL RESERVE BULLETIN • DECEMBER 1966 quired reserve percentages that must be maintained annual rate achieved by compounding should be by member banks against Christmas and vacation stated unless the annual rate of simple interest club accounts. At present, a member bank is is presented with equal prominence. required to maintain reserves at the rate of 6 per (2) No reference should be made to “profit” cent against such accounts if its other time deposits to the investor for use of his funds over a period (other than savings deposits) exceed $5 million. of time. Effective January 5, the applicable rate for Christ­ (3) If an advertised rate is payable only on mas and vacation club accounts will be 4 per cent, investments or deposits that meet fixed time or which is the rate prescribed for savings deposits. amount requirements, such requirements should The Board considers that Christmas and vacation be stated. club accounts serve the same function as savings (4) No statement should be made implying deposits and that there is therefore no reason why that more than $15,000 of Federal insurance is reserves against them should be any higher than provided for each depositor in a bank or each for savings deposits. This technical adjustment in member in a savings and loan association. reserve requirements will not substantially affect “The Securities and Exchange Commission has the total of member bank reserves. expressed the opinion that deposit and share ac­ counts are subject to the anti-fraud provisions of the Securities Act of 1933 and the Securities LETTER ON ADVERTISING PRINCIPLES Exchange Act of 1934 and that advertisements On December 16, 1966, the Board of Governors by financial institutions that are contrary to such of the Federal Reserve System addressed the fol­ principles may violate those anti-fraud provi­ lowing letter to the presidents of all State member sions.” banks: Sincerely, “In recent years, competition among financial (Signed) J. L. Robertson, institutions for funds has become intense. An out­ Vice Chairman growth of such competition has been the develop­ ment and use by a few institutions of advertising practices that could be detrimental to the public’s attitude toward the nation’s financial system. In REVISED EDITION OF THE FEDERAL RESERVE ACT some respects, certain of the advertising practices The Board of Governors of the Federal Reserve are considered misleading. System has published a revised edition of the Fed­ “Under the circumstances, the Comptroller of eral Reserve Act, as amended through November the Currency, the Federal Deposit Insurance Cor­ 5, 1966, with an Appendix containing provisions poration, the Federal Home Loan Bank Board, of certain statutes affecting the Federal Reserve and the Board of Governors of the Federal Re­ System. serve System have concluded that it would be help­ A complimentary copy is being sent to each ful, both to the financial institutions that they member bank of the Federal Reserve System. Ad­ supervise and to the public, to outline certain ditional copies may be obtained by member banks principles that such institutions should follow in at a cost of $1.25 each. Copies are also available their advertisements directed toward attracting for sale to the public at the same price, from the funds. Board’s Division of Administrative Services or “The supervisory agencies regard the following as any Federal Reserve Bank. minimum principles that financial institutions should follow in advertising for funds: (1) Interest or dividend rates should be stated SUPPLEMENT TO BANKING AND in terms of annual rates of simple interest, and MONETARY STATISTICS the advertisement should state whether such earn­ ings are compounded and, if so, the basis of “Bank Income,” Section 6 of Supplement to Bank­ compounding. Neither the total percentage re­ ing and Monetary Statistics, is now available. In­ turn if held to final maturity nor the average come statistics for all member banks of the Federal Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 1775 Reserve System and for all insured commercial For insured commercial banks, a breakdown of banks are presented in this section. Details of in­ data is presented for 1965 by size of bank. come and expenses annually for 1941-65 are Requests for copies should be sent to Publica­ shown for both groups of banks. For member tions Services, Division of Administrative Services, banks, there are additional breakdowns for 1965 Board of Governors of the Federal Reserve Sys­ by size of bank or by class of bank and Federal tem, Washington, D.C. 20551. Remittance should Reserve district. For selected years a breakdown accompany order and be made payable to the of member bank data by class of bank is shown. order of the Board of Governors of the Federal There are similar breakdowns for income ratios. Reserve System (prices shown on page 1866). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Released for publication December 14 Industrial production and retail sales were off some major producers announced curtailments in slightly in November, while personal incomes production schedules. and nonfarm employment continued to increase. The unemployment rate returned to the year’s low Employment of 3.7 per cent. Bank credit rose slightly follow­ Nonfarm payroll employment increased ing two months of decline. Interest rates declined, strongly again in November, rising by 270,000 to sharply in the case of Treasury bills. 64.7 million. Manufacturing accounted for onethird of the rise with gains in most industries, Industrial Production although work stoppages limited increases in The Board’s production index was 158.3 per some durable goods lines. Government and ser­ cent of the 1957-59 average in November as com­ vice employment also moved up strongly. Con­ pared to 158.6 in October and an average of 157.9 struction employment declined moderately further. in September and August. The November results The average factory workweek continued at 41.3 showed further increases in output of business hours, slightly below the postwar peak reached and defense equipment but these were offset by last spring and the year-ago level. Unemployment declines in some consumer goods and materials. declined moderately in November and the rate Iron and steel production decreased somewhat returned to the year’s low of 3.7 per cent, pre­ further in November to a rate 7 per cent below viously reached in February and April. the midyear level. A further decline occurred in early December. Auto assemblies in November Distribution were off 6 per cent from the advanced October Retail store sales declined 1 per cent in Novem­ rate when dealers’ stocks returned to earlier high ber, following two months of little change, and the levels. Stocks of major home goods also rose in year-over-year dollar increase narrowed to 3 per October and output continued at advanced levels cent from 8 per cent earlier in the year. A decline in November—although at the end of the period at durable goods stores in November reflected mainly reported decreases at auto dealers. Sales at nondurable goods stores were about unchanged. Commodity Prices Wholesale prices of industrial commodities edged up between mid-October and mid-November as continuing increases in furniture, machin­ ery, and some other metal products outweighed further declines in such sensitive materials as leather and lumber. Since mid-November, sensitive materials have been relatively stable, but metal products and machinery have continued to rise. Wholesale prices of foodstuffs fell 1.5 per cent further over the month to mid-November, mainly reflecting declines for livestock and meats. In re­ cent weeks, the average for foodstuffs has tended F.R. indexes, seasonally adjusted. Latest figures shown are to level out. for November. 1776 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1777 Bank Credit, Money Supply, and Reserves Total and required reserves, seasonally ad­ justed, dropped somewhat in November. Over the Commercial bank credit showed a slight in­ 5 statement weeks ending November 30, member crease in November, offsetting only in small part banks’ excess reserves averaged slightly more, the substantial reduction over the previous two borrowings declined, and net borrowed reserves months. This increase was due to a half billion fell to an average level of about $240 million. dollar rise in bank holdings of U. S. Government securities—associated with the sale of 1.6 billion dollars of new bills by the Treasury during the Security Markets week ending November 30. The increased holding of U.S. Government securities was offset in part Yields on short- and intermediate-term U.S. by reduction in bank portfolios of municipal and Government securities declined substantially be­ agency issues. Total loans were unchanged over tween mid-November and mid-December, and the month, following an increase in October. rates on long-term bonds were also down slightly The daily average money supply declined $400 on balance. The 3-month Treasury bill rate was million from the October level, after having close to 5.00 per cent on December 13 compared shown no net change over the preceding 3 to about 5.40 per cent a month earlier. months. Time and savings deposits increased by Yields on corporate and municipal bonds ad­ only a nominal amount in November, following a vanced in the latter half of November, but turned $300 million decline in October. The small rise down in December. Common stock prices moved reflected a moderating but continuing run-off of irregularly higher through mid-December in active CD’s at city banks. trading. PRICES WHOLESALE CONSUMER Discount rate, range or level for all F.R. Banks. Weekly Bureau of Labor Statistics indexes. Latest figures shown for average market yields for U.S. Govt, bonds maturing in 10 consumer prices, October; for wholesale prices, November. years or more and for 90-day Treasury bills. Latest figures shown, week ending Dec. 9. 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...................................O...c..t.... ...1.9..6..6.. ....1..526-35 Banking and monetary statistics, 1965............... Mar. 1966 414-23 June 1966 901-04 Banks and branches, number of, by class and Semiannually State.................................................................... Apr. 1966 600-01 Banking offices: Analysis of changes in number of................... Aug. 1966 1248 Flow of funds (assets and liabilities).................. Oct. 1966 1536-46 On, and not on. Federal Reserve Par List number of..................................................... Aug. 1966 1249 Income and expenses: Federal Reserve Banks.................................. Feb. 1966 270-71 Member banks: Annually Calendar year............................................... June 1966 892-900 Operating ratios............................................... Apr. 1966 602-04 Bank holding companies: Insured commercial banks................................. July 1966 1046 List of, Dec. 31, 1965.................................... June 1966 905 Banking offices and deposits of group banks, Stock exchange firms, detailed debit and credit Dec. 31, 1965................................................ Aug. 1966 1250 balances............................................................. Sept. 1966 1408 1778 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 1780 Reserve Bank discount rates; margin requirements; reserve requirements................... 1785 Bank deposits; open market transactions; Federal Reserve Banks................................. 1787 Bank debits; currency in circulation .................................................................................. 1790 Money supply and bank reserves; banks and the monetary system.............................. 1792 Commercial and mutual savings banks, by classes ......................................................... 1794 Commercial banks, by classes ........................................................................................... 1798 Weekly reporting banks....................................................................................................... 1800 Business loans .................................................................................................................... 1804 Interest rates ........................................................................................................................ 1805 Security prices; stock market credit .................................................................................. 1806 Open market paper; savings institutions ........................................................................ 1807 Federally sponsored credit agencies.................................................................................... 1809 Federal finance...................................................................................................................... 1810 U.S. Government securities................................................................................................. 1812 Security issues........................................................................................................................ 1816 Business finance ................................................................................................................ 1818 Real estate credit ................................................................................................................ 1820 Consumer credit .................................................................................................................. 1824 Industrial production ....................................................................................................... 1828 Business activity; construction ...................................................................................... 1832 Employment and earnings ............................................................................................... 1834 Wholesale and consumer prices ...................................................................................... 1836 National product and income series ................................................................................ 1838 Flow of funds ...................................................................................................................... 1840 Guide to tabular presentation ............................................................................................. 1778 Index to statistical tables ................................................................................................... 1870 The data for F.R. Banks and member banks and eral finance, and Federal credit agencies are ob­ for 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). 1779 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1780 BANK RESERVES AND RELATED ITEMS DECEMBER 1966 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F. R. Bank credit outstanding Deposits, other P d e o a ri r t o e d T U o . t S a . l G B o r o v o ig u t u , h g t­ s t h e t c u R c r a i e h g t p i a r e s e u s e e r ­ ­ c v D o a a a n u n d i c n s d ­ e ­ t s s Float1 t T al o ­ 2 s G to o c ld k T s r o c e t r u i a n u n u e r n g a r c y t ­ ­ d y s ­ ­ r c C t e c i u i n o i u n l r c n a r ­ y ­ ­ T h c i r u n o a e r g s l a y d h s s ­ ­ T t u r h e w r a y a i n s t h ­ m r e F F e e s . e i m R o g r r v n b . ­ e e B s r , a O b n t a k h n s e k r 1 c O F o a t u . h c R n ­ e . t r s B W F a . n R it k M h . s e r m e r C a s e b e n n u e r c d r r v y ­ e b s an T k o tal ments coin 3 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 21211 1939—Dec. 2^10 2,510 8 83 2^612 17318 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec. 2’219 2,219 5 170 2404 22’759 3’239 10385 2; 189 592 1,531 292 12’812 12,812 1945—Dec. 23,708 23,708 381 652 24;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 1,117 21,60S 22'879 4’629 27,806 1,290 615 920 353 739 17^391 17,391 1955—Dec. 24,602 24,318 284 840 1,389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec. 24,765 24,498 267 706 1,63327,156 21'942 5’064 31;775 772 463 372 247 998 19,535 19,535 1957—Dec. 23,982 23,615 367 716 1,44326,186 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 19^82 5JH 32J75 396 524 361 348 1J95 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 2,298 33,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Dec. 33,729 33,626 103 360 2,434 36,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Dec. 37,126 36,895 231 266 2,423 39,873 15,388 5,401 39,698 595 944 181 186 1,093 17,964 3,645 21,609 1965—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 2,253 43,449 13,733 5,608 41,588 819 700 160 245 465 18,812 3,938 22.750 Feb. 40,635 40,437 198 498 1,87043.116 13,734 5,653 41,224 834 798 140 234 789 18,482 3,751 22,233 Mar. 40,398 40,387 11 571 1,82442,943 13,700 5,700 41,394 861 479 158 291 746 18,414 3,746 22,160 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 43,122 1,121 758 145 439 5 19,409 3,924 23,333 Nov. 43,347 43,165 182 626 2,02946,087 P13.251 "6,214"43,747 Pl ,174 682 152 429 143 19,225 ”4,021 ”23,246 Week ending— 1965 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 1,925 42^16 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 2^6442;501 13,843 5,542 41,520 806 884 180 217 319 17,959 3,791 21,750 Dec. 40,535 40,535 567 1,80243,018 13,808 5,544 41,734 818 761 159 235 412 18,253 3,939 22,192 8 41,014 40’911 103 514 1,86043,519 13,809 5,548 41,929 816 670 155 225 460 18,622 3,712 22,334 15 40,879 40,824 55 518 2,05343,571 13,808 5,556 42,260 803 637 158 225 410 18,442 4,021 22,463 22 40,824 40,802 22 247 2,87644,066 13,809 5,572 42,367 802 720 146 230 359 18,822 3,982 22,804 29 40,852 40,631 221 592 2,713 44,289 13,786 5,585 42,348 817 687 159 226 349 19,074 4,006 23,080 1966 Jan. 5. 41,030 40,607 423 600 2,36644,181 13,733 5,583 42,053 788 612 166 295 346 19,237 4,033 23,270 12 41,145 40,823 322 613 2,39044,309 13,734 5,597 41,963 804 681 178 232 490 19,291 3,941 23,232 19, 40,333 40,333 242 2,441 43,128 13,733 5,609 41,618 827 708 136 242 479 18,459 4,008 22,467 26. 40^10 40,210 374 2'08542^16 13,733 5,615 41,237 839 746 144 231 481 18,485 3,966 22.451 Feb. 2 40,548 40,299 249 439 1,90743,005 13,732 5,635 41,085 830 834 178 235 540 18,669 3,869 22,538 9 41,117 40,708 409 523 1,671 43,425 13,734 5,646 41,196 833 879 152 235 713 18,796 3,527 22,323 16 40,809 40,542 267 473 1,73943,130 13,733 5,647 41,283 833 910 135 236 745 18,368 3,785 22,153 23 40,224 40,224 540 2,041 42,912 13,733 5,660 41,219 840 681 129 232 876 18,329 3,777 22,106 Mar. 2 40,152 40,152 484 1,97442,731 13,733 5,671 41,235 829 645 135 236 871 18,185 3,931 22,116 9 40,425 40,425 634 1 '77942,987 13,733 5,677 41,319 829 429 157 241 868 18,553 3,492 22,045 16 40,399 40,352 47 556 1,741 42,848 13,733 5,685 41,480 822 346 180 247 813 18,378 3,743 22,121 23 40,311 40,311 623 2,08743,193 13,704 5,709 41,459 863 506 140 303 679 18,656 3,740 22,396 30 40'505 40,505 528 1 '741 42,916 13,632 5,734 41,348 936 560 135 376 610 18,316 3,860 22,176 Apr. 6 40,924 40,779 145 643 1,63743,325 13,633 5,739 41,510 930 309 173 387 607 18,782 3,576 22,358 13 40,821 40,787 34 623 1,86943,431 13,633 5,760 41,864 933 138 158 395 558 18,778 3,624 22,402 20 40,301 40,301 706 2,17643,293 13,632 5,776 41,768 951 268 146 406 448 18,713 3,914 22,627 27, 40,446 40^446 666 1'98843,254 13,632 5,781 41,563 949 466 133 404 454 18,699 3,916 22,615 May 4 40,837 40,755 82 637 1,92843,560 13,633 5,797 41,605 935 510 157 400 417 18,966 3,769 22,735 41,239 40,940 299 702 1,77743,831 13,618 5,819 41,834 941 517 131 391 411 19,044 3,549 22,593 18 40,947 40,812 135 685 2,025 43,771 13,532 5,833 41,924 966 591 137 384 436 18,700 3,775 22,475 25 41,015 41,015 ........... 674 1 ,983 43,827 13,532 5,860 41,859 988 855 130 375 640 18,372 3,869 22,241 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 BANK RESERVES AND RELATED ITEMS 1781 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 t u u , h t g ­ s t h e t c u R a m c r g e i h t r e p i a e n e u s e s t e r ­ s ­ c v D o a a a n u n d i c d n s ­ e ­ ts s Float 1 t T al o ­ 2 s G to o c ld k T r s o c e t r u i a n u n e u r n g a y c r t ­ ­ d y s ­ ­ r c C t e c i u i n o i u n l r c a n r ­ y ­ ­ T h c I u o r n a e r g s l y d a h s s ­ ­ T t u r h w e r a y a i n t s h ­ m F r F e e e .R i s m o g e . r n r b ­ v B e e r a s O n , b k t a h s n e k r 1 c O F o a t . u c h R n ­ e . t r s B W F a R n it k h M s e r m e c r C s o a e b e n i n u e n r d c r v r ­ y e 3 b s an T k o tal Averages of daily figures Week ending— 1966 41,457 41,457 832 1,670 44,139 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 1,809 44,450 13,533 5,911 42,356 1,018 909 136 388 567 18,518 3,812 22,330 22............... 41,528 41,528 697 2,25444,665 13,505 5,931 42,327 1,052 799 155 394 499 18,876 3,843 22,719 29............... 41,795 41,795 776 1,97944,783 13,432 5,933 42,251 1,076 855 152 390 472 18,952 3,984 22,936 42,585 42,581 4 832 2,006 45,659 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 2,430 46,085 13,435 5,972 43,019 1,066 1,022 147 418 437 19,383 3,869 23,252 20............... 41,684 41,684 631 3,225 45,615 13,434 5,966 42,921 1 ,062 1,156 160 433 332 18,951 3,984 22,935 27............... 41,873 41,873 682 2,775 45,396 13,406 5,969 42,747 1,076 1,216 144 400 270 18,916 4,031 22,947 42,445 42,287 158 778 2,439 45,713 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 2,324 45,743 13,333 6,003 42,908 1,047 1,105 139 404 283 19,194 3,684 22,878 17............... 42,003 41,809 194 731 2,52445,305 13,332 6,014 43,000 1,069 1,065 131 414 265 18,708 3,898 22,606 24............... 41,813 41,813 720 2,541 45,121 13,312 6,030 42,894 1,081 1,056 126 401 386 18,519 3,935 22,454 31............... 42,597 42,597 693 1,77545,114 13,258 6,041 42,771 1,079 1,083 138 412 352 18,578 4,063 22,641 r 14............... 4 4 2 2 , , 9 9 7 3 7 6 4 4 2 2 , , 9 8 7 9 7 5 41 7 8 5 9 1 3 1 1 , , 7 9 5 1 4 4 4 4 5 5 , , 5 7 3 9 1 1 1 1 3 3 , , 2 2 5 5 8 8 6 6 , , 0 0 5 6 0 9 4 4 2 3 , , 9 2 8 2 2 8 1 1 , , 0 07 6 1 3 9 8 8 3 8 5 1 1 2 2 7 5 4 4 1 0 0 9 2 2 8 3 6 4 1 1 8 9 , , 9 2 8 1 1 8 4 3 , , 0 6 1 8 3 8 2 2 2 3 , ,2 6 3 6 1 9 21............... 42,525 42,525 782 2,485 45,841 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 ,880 45,891 13,258 6,121 43,228 1,099 680 157 445 92 19,570 3,788 23,358 19............... 42,521 42,521 805 2,155 45,532 13,256 6,145 43,267 1,120 706 148 439 -56 19,309 4,009 23,318 26............... 42,794 42,715 79 533 2,04345,440 13,256 6,154 43,088 1,138 924 127 432 -45 19,187 4,080 23,267 43,019 42,958 61 610 1,770 45,472 13,257 6,167 43,089 1,154 805 156 435 -33 19,290 4,090 23.380 9............... 43,474 43,281 193 661 1,89046,100 13,258 6,185 43,406 1,163 740 162 435 17 19,620 3,735 23,355 16............... 43,415 45,265 150 726 1,951 46,165 13,259 6,212 43,765 1,168 714 130 452 59 19,347 *4,006 *23,353 23............... 42,977 42,959 18 455 2,450 45,967 13,257 6,230 43,876 1,180 707 148 409 258 18,875 *4,043 *22,918 30............... 43,527 43,171 356 650 1,90246,191 *13,230*6,241 *44,101 *1,188 556 162 417 279 18,958 *4,251 *23,209 End of month 1966 42,907 42,907 773 1,748 45,475 13,258 6,109 42,802 1,077 760 159 430 73 19,538 4,332 23,870 42,975 42,975 410 2,04445,501 13,257 6,182 43,113 1,144 809 194 426 -84 19,338 3,785 23,123 43,912 43,290 622 458 1 ,78046,281 *13,159 *6,239 *44,213 Pl,179 299 196 399 301 19,093 *4,785 *23,878 Wednesday 1966 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 1,537 44,921 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 4,390 23,271 26............... 42,764 42,613 151 597 1,52444,974 13,259 6,163 43,111 1,156 840 141 428 -46 18,766 4,528 23,294 43,549 43,247 302 845 1,71046,174 13,259 6,166 43,224 1,159 714 175 430 11 19,886 4,234 24,120 9.. .•......... 43,281 43,281 552 1,141 45,044 13,259 6,194 43,717 1,172 791 148 434 18,235 4,164 22,399 16............... 43,234 43,234 548 2,135 45,990 13,259 6,214 43,833 1,180 821 139 416 251 18,823 *4,398 *23,221 23............... 42,962 42,833 129 392 1,65545,092 13,259 6,238 44,076 1,189 525 146 404 256 17,993 *4,490 *22,483 30............... 43,912 43,290 622 458 1,78046,281 *13,159*6,239 *44,213 Pl,179 299 196 399 301 19,093 *4,785 *23,878 1 Beginning with 1960 reflects a minor change in concept; see Feb. 3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 1961 Bulletin, p 164. thereafter. Beginning with Jan. 1963, figures are estimated except for 2 Includes industrial loans and acceptances, when held, (Industrial weekly averages, loan program discontinued Aug. 21 1959.) For holdings of acceptances on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See also note 1. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1782 BANK RESERVES AND RELATED ITEMS DECEMBER 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 r i o n w gs ­ Free r i o n w gs ­ Free r i o n w gs ­ Free T h o e t ld al qu R ir e e ­ d Excess F a .R t . se r r e v ­ es T h o e t ld al qu R ir e e ­ d Excess F a .R t . se r r e v ­ es T h o e t ld al qu R ir e e ­ d Excess F a .R t . se r r e v ­ es Banks Banks Banks 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 I ,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 ...........1..04 -104 19«0—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—Nov. 21 ,958 21,589 369 452 -83 4,002 3,992 10 87 -77 1 ,086 1 ,084 2 32 -30 Dec. 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 -8 1966—Jan.. 22,750 22,392 358 402 -44 4,313 4,278 35 109 -74 1,112 1,116 -4 45 -49 Feb. 22,233 21,862 371 478 -107 4,168 4,150 18 93 -75 1,092 1,088 4 30 -26 Mar. 22,160 21,855 305 551 -246 4,194 4,188 6 43 -37 1,102 1 ,099 3 65 -62 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. 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 -368 4,454 4,424 30 123 -93 1,122 1,117 5 69 -64 Oct. 23,333 23,031 302 733 -431 4,438 4,435 3 127 -124 1,112 1,109 3 98 -95 Nov. ........... *23,246*22,863 *383 611 *-228 *4,338 *4,299 *40 111 *-71 *1,079 *1,077 *2 26 *-24 Week ending—■ 1965—Nov. 3 . . . . 22,111 21,730 381 486 105 4,173 4,142 31 102 -71 1 ,105 1,102 3 33 -30 10. . .. 21,904 21,475 429 334 95 4,016 3,939 77 79 -2 1 ,066 1 ,060 6 -6 17. ... 21 ,877 21,561 316 489 -173 3,823 3,971 -148 59 -207 1 ,065 1 ,062 3 105 -102 24.... 21 ,750 21 ,514 236 361 -125 3,958 3,969 -11 50 -61 1 ,078 1 ,074 4 .............4 June 1 . ... 22,368 21,932 436 812 -376 4,260 4,175 86 90 -4 1,115 1,121 -5 7 -12 8. 22,204 21,997 207 547 -340 4,195 4,195 21 -21 1,115 1,106 9 8 1 15. ... 22,330 21,865 465 788 -323 4,194 4,164 30 107 -77 1 ,086 1 ,073 13 17 -4 22.. 22,719 22,437 282 691 -409 4,438 4,387 51 185 -134 1,147 1,148 -1 12 -13 29.... 22,936 22,477 459 771 -312 4,386 4,375 11 150 -140 1,142 1,142 5 -5 July 6.. 23,173 22,823 350 827 -477 4,596 4,482 114 167 -54 1,175 1,167 8 107 -100 13. . .. 23,252 22,528 724 818 -94 4,291 4,259 31 120 -89 1,126 1,118 8 129 -121 20. 22,935 22,764 171 631 -460 4,465 4,360 105 104 1 1,140 1,128 12 30 -18 27.... 22,947 22,671 276 680 -404 4,324 4,328 -4 16 -20 1,113 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 1 ,083 1 29 -28 31.... 22,641 22,277 364 691 -327 4,266 4,220 46 46 1,097 1 ,093 4 31 -27 Sept. 7.... 22,669 22,332 337 749 -412 4,249 4,237 12 21 -9 1,098 1,101 -3 61 -64 14... . 23,231 22,729 502 888 -386 4,438 4,350 88 110 -22 1,119 1,103 16 135 -119 21.... 23,751 23,159 592 771 -179 4,528 4,528 159 -159 1,141 1,141 46 -46 28. ... 23,133 23,066 67 650 -583 4,578 4,539 39 161 -122 1,124 1,123 1 48 -47 Oct. 5.. .. 23,614 23,300 314 828 -514 4,653 4,640 13 274 -261 1,147 1,144 3 30 -27 12.... 23,358 22,945 413 928 -515 4,389 4,355 34 234 -200 1 ,073 1,084 -11 248 -259 19.... 23,318 22,829 489 790 -301 4,306 4,302 4 99 -95 1,093 1 ,080 13 136 -123 26.... 23,267 23,120 147 518 -371 4,514 4,501 13 8 5 1,139 1,130 9 18 -9 Nov. 2.... 23,380 23,101 279 594 -315 4,471 4,463 8 43 -35 1,130 1,127 3 12 -9 9.... 23,355 22,977 378 646 -268 4,349 4,326 23 213 -190 1,095 1,092 3 43 -40 16.... *23,353 *22,804 *549 711 *-162 *4,234 *4,206 *28 152 *-124 *1,071 *1 ,071 p — 26 *-26 23. . .. *22,918 *22,751 *167 439 *-272 *4,260 *4,233 *27 ■— *27 *1,068 *1,062 *6 13 *-7 30.... *23,209 *22,771 *438 636 *-198 *4,361 *4,345 *16 90 *-74 *1,065 *1,059 *6 26 *-20 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 BANK RESERVES AND RELATED ITEMS 1783 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow­ Reserves Borrow­ ings at Free ings at Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t ld al Required Excess B F a . n R k . s reserves 1929—June............................... 761 749 12 409 -397 632 610 22 327 -305 1933—June............................... 648 528 120 58 62 441 344 96 126 -30 1939—Dec................................. 3,140 1 ,953 1,188 1,188 1 ,568 897 671 3 668 1941—Dec................................. 4,317 3,014 1 ,303 1 1,302 2,210 1,406 804 4 800 1945—Dec................................. 6,394 5,976 418 96 322 4,576 3,566 1 ,011 46 965 1947—Dec................................. 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec................................. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1955—Dec................................. 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec................................. 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957—Dec................................. 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec................................. 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec................................. 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—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 9,311 33 279 -246 8,439 8,176 263 229 34 Nov................................ *9,304 *9,258 *46 293 *-247 *8,524 *8,229 >-295 181 p| 14 Week ending— 1965—Nov. 3.................... 8,842 8,802 40 238 -198 7,991 7,685 306 113 193 10......................... 8,769 8,725 44 129 -85 8,053 7,752 301 126 175 17......................... 8,784 8,762 22 208 -186 8,206 7,766 440 117 323 24......................... 8,758 8,710 48 212 -164 7,956 7,760 196 99 97 1966—June 1......................... 8,814 8,806 9 348 -340 8,178 7,830 348 367 -20 8. ....................... 8,873 8,805 68 177 -110 8,021 7,891 130 341 -211 15......................... 8,786 8,744 42 303 -261 8,264 7,884 379 361 18 22......................... 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......................... 9,261 9,254 7 348 -341 8,658 8,193 465 207 258 26......................... 9,373 9,320 53 272 -219 8,241 8,170 71 220 -149 Nov. 2......................... 9,382 9,345 37 344 -307 8,396 8,166 230 195 35 9.........9..,..3..7..2........ 9,312 60 213 -153 8,538 8,247 291 177 114 16......................... *9,300 *9,269 *30 362 *~332 *8,751 *8.260 "491 171 "320 23.......................... *9,277 *9,225 *52 228 *-176 *8,313 *8,231 *82 198 *-116 30......................... *9,244 *9,171 *73 341 *-268 *8,541 *8,196 *345 179 "166 1 This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov, million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banks and open­ ing figures for allowable cash; see also note 3 to preceding table. Note.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. weeks ending on Wed. that fall within the month. Beginning with Jan. 1964, reserves are estimated except for weekly averages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1784 MAJOR RESERVE CITY BANKS DECEMBER 1966 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In minions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks and Total Bor­ week ending— s E e x r r v c e e e ­ s s s 1 r a o B t B w a F o n in . r k R ­ g s s . F f t i b e r u n N a d a n t n n e e e d r k t s 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 o u v c r g i f v r e . e e n d s t c P ha u s r e ­ s Sales a 2 c tr t - a i w o n a n s y s ­ 2 b c o b u h P a f y a u n n s i r k n e e ­ s s g t s o b S e a f l a n l l n i e k n e s g s t d L e o a a t l o e n r s s 3 de f r i a r o n o l w g e m s r ­ s * ' lo N a e n t s Total—46 banks 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 Nov. 2............. 28 187 835 -994 9.5 2,655 1,821 1 ,258 1,397 562 953 85 868 9.............37 320 1,718 -2,001 19.6 3,310 1 ,592 1 ,361 1,949 231 831 70 761 16............. 34 390 1,722 -2,078 20.8 3,494 1 ,773 1 ,461 2,033 312 647 83 564 23............. 171 110 1,498 -1,437 14.6 3,561 2,063 1,508 2,054 556 496 119 377 30............. 78 232 731 -885 8.8 3,036 2,305 1,425 1 ,611 880 512 144 368 8 in New York City 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 Nov. 2............. 8 43 233 -268 6.4 1,053 820 568 485 252 583 82 501 9.............17 213 624 -820 20.3 1,221 598 574 647 24 511 70 441 16............. 22 152 835 -965 24.7 1 ,551 716 716 835 408 82 326 23............. 28 446 -418 10.6 1,315 869 724 591 145 368 114 255 30............. 30 90 -75 15 .4 1,083 1,157 705 378 453 355 128 227 38 outside New York City 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 Nov. 2............. 20 144 602 -725 11.6 1 ,603 1 ,001 691 912 311 370 3 367 9.............20 108 1,095 -1,182 19.1 2,088 994 786 1,302 207 320 320 16............. 12 238 887 -1,113 18.2 1 ,943 1 ,056 745 1,198 311 239 I 239 23............. 144 110 1,052 -1,018 17.2 2,247 1,195 784 1,463 411 128 6 123 30............. 47 142 806 -900 14.8 1,953 1,147 720 1,233 428 157 16 141 5 in City of Chicago 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 Nov. 2............. 3 1 309 -307 30.4 488 179 152 336 27 15 15 9.............2 42 425 -465 47.8 648 223 200 448 23 12 12 16............. -1 16 446 -464 48.7 655 208 187 468 21 15 15 23............. 2 3 488 -488 51.7 737 249 214 523 35 30............. 4 11 508 -516 54.7 675 167 143 532 24 15 ............« • 15 33 others 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 Nov. 2............. 18 143 293 -418 7.9 1,114 822 538 576 284 354 3 351 9.............18 66 669 -717 13.8 1,441 771 586 854 185 309 309 16............. 13 222 440 -649 12.6 1 ,288 848 558 730 290 224 1 224 23............. 141 107 564 -530 10.8 1 ,510 945 570 940 376 128 6 122 30............. 44 130 298 -385 7.5 1,278 980 577 701 403 143 16 126 1 Based upon reserve balances, including all adjustments applicable to 4 Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve deficiencies, if any, are de­ clearing banks, reverse repurchase agreements (sales of securities to ducted. dealers subject to repurchase), resale agreements, and borrowings secured 2 Derived from averages for individual banks for entire week. Figure by Govt, or other issues. for each bank indicates extent to which its weekly average purchases and sales are offsetting. Note.—Weekly averages of daily figures. For description of series 3 Federal funds loaned, net funds supplied to each dealer by clearing and back data, see Aug. 1964 Bulletin, pp. 944-74. banks, repurchase agreements (purchases of securities from dealers subject to resale), or other lending arrangements. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 DISCOUNT RATES 1785 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 133 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Nov. 30 date rate Nov. 30 date rate Nov. 30 date rate Boston. . ............................................. Dec. 8, 1965 4 5 Dec 8 1965 Nov 24, 1964 New York...................................... Dec. 6, 1965 4 5 Dec 6 1965 Dec 6 1965 5 Philadelphia....................................... Dec. 10, 1965 4 5 Dec 10 1965 414 Dec 10* 1965 5 Cleveland............................................ 4ft Dec. 10, 1965 4 5 Dec 10, 1965 6 Dec 10* 1965 Richmond . ......................................... 4ft Dec. 10, 1965 4 5 Dec 10, 1965 Dec 10 1965 5 Atlanta................................................ Dec. 8’ 1965 4 5 Dec’ 8, 1965 614 6 Chicago............................................... 414 Dec. 6, 1965 4 5 Dec 6, 1965 Dec 6 1965 5 St Louis............................................. 4’^ Dec. 10' 1965 4 5 Dec, 10, 1965 514 Dec 10 1965 5 Minneapolis........... Dec. 10’, 1965 4 5 Dec 10 1965 514 Dec 10* 1965 5 Kansas City................................ Dec. 13, 1965 4 5 Dec. 13, 1965 41A 514 Dec 13 1965 5 Dallas.................................................. Dec. 10' 1965 4 5 Dec. 10, 1965 4ft Dec 10 1965 5 San Francisco.................................... 4ft Dec. 10; 1965 4 5 Dec. 10, 1965 4ft 34 Dec’ 10, 1965 5 1 Discounts of eligible paper and advances secured by such paper or obligations are limited to 15 days. by U.S. Govt, obligations. Rates shown also apply to advances secured 2 Advances secured to the satisfaction of the F.R. Bank. Maximum by obligations of Federal intermediate credit banks maturing within 6 maturity: 4 months. months. Maximum maturity: 90 days, except that discounts of certain 3 Advances to individuals, partnerships, or corporations other than bankers' acceptances and of agricultural paper may have maturities not member banks secured by U.S. Govt, direct obligations. Maximum matu­ over 6 months and 9 months, respectively, and advances secured by FICB rity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date all F.R, of Banks N.Y. Banks N.Y. Banks N.Y. I O n c t e ffe 3 1 c 0 5 t . D .. . . . e . . . . c . . 1 . . . . . 9 . . . . 3 4 . . . . 1 2 . . . . , . . . . . . 1 . . . . 9 . . . . 4 . . . . . . 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ; 1 r -1ft t 1 1 I 1^ A S M e u ‘ a p g ’ y t . . 1 1 2 4 5 9 5 2 . . . . . . A . . . . . . . . . . . . . . . . . . . p . . . . . 1 . . . . . . . 9 . . . . . r . . . . . . . 5 . . . . . . . . . . . . 5 . . . . . . . . . . . . 1 . . . . . . . . . . . . 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........ 2 2 1 i 1 l . % . f M .'.4 2 t 1 . - . - - - % . - w 2 2 . i 2 1 > y * ’ W ‘ 4 4 4 4 . 2 2 ? l i ' < 4 t S M ep ar t, . 1 6 1 . . . . . . . . . . 1 . . 9 . . . . 5 . . . . 9 . . . . . . . . . . . . . . . . . .. . .. ’ ...... 1 1 .. 8 6 .. . . . . . . . . . . . . . . 2 3 3. . . . ' ' . . 4 4 . .4 3 3. . . . - - -. . '4 . . 3 4 3. . . . . . '. . 4. . . . . . . . . . . . . . . . . . . . . . . . 3 3 4 4 3 3. . 1 > 4 4 * 13................................ 2'4 1946 t ft-1 1 Nov. 2 1 3 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2I/^ 1960 1 1 34-4 4 1956 10............................... 3'4-4 314 Apr. 13.......................2...f.t..-.3. 2^: 14................................ 3'4 3^ 1948 * 20................................ 2’4-3 Aug. 12................................ 3 -3'4 1 -1% 114 Aug. 24............................... 2’4-3 3 3 3 19.................................... 1’/. 1% ’ 31............................... 3 3 IK-Ui IB ° 23.................................... 1ft 1957 1963 1950 No ~ v . 2 1 3 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 - - '4 3 3 ' ' 4 4 3 3 3 '4 July 17...................... ' .. .... 2 .. 6 . ....... 3 .. ..3.. - .'4. 3 .. ' . 4 ... ........... Aug. 21.................................... ^ Dec. 2............................... 3 3 “ 25.................................... 1958 1964 Jan. 22.......................2..’.4...-.3. 3 3'4—4 4 1953 24............................... 30................................ 4 4 1’4-2 2 Mar. 7............................... 23.................................. 2 2 13............................... 2'4-2’4 21................................ 2'4 1965 Apr. 18............................... 1’4-2'4 4 -4'4 4'4 1954 May 9............................... 1’4 13................................ 4'4 4ft Feb 5........................‘..^........ IV4 Aug. 15............................... 1^ 15.................................. ‘ 16.................................. 1^ Oc ' t. 2 2 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 -2'4 2 2 1966 May 21.................................. 1’4 Nov. 7............................... 2'4 2'4 In effect Nov. 30............... 4'4 4'4 t Preferential rate of one-half of 1 per cent for advances secured by against U.S. Govt, obligations was the same as its discount rate except U.S. Govt, obligations maturing in I year or less. The rate of 1 per cent in the following periods (rates in percentages): 1955—May 4—6, 1.65: was continued for discounts of eligible paper and advances secured by Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. such paper or by U.S. Govt, obligations with maturities beyond one year. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17. Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July Note.-—Discount rates under Secs. 13 and 13a (as described in table 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, above). For data before 1942, see Banking and Monetary Statistics, 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, 1943, pp 439-42. 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875. The rate charged by the F.R. Bank of N.Y. on repurchase contracts Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1786 RESERVE REQUIREMENTS DECEMBER 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 t n s2 d Time deposits Central Effective date * C re e s n e t r r v a e l Reserve Coun­ re a s n er d v e Coun­ Effective date1 Reserve Coun­ Reserve Counb c a i n ty k s b c a i n ty k s ba tr n y k s re c s i e t r y v e ba tr n y k s b c a i n ty k s ba tr n y k s b c a i n ty k s J ba r n y k s banks 22 18 12 5 5 1962—Oct. 25, Nov. 1 ... 4 4 1951—Jan. 11 16..................... 23 19 13 6 6 1966—July i4t21............... (4) Jan. 25’ Feb. 1............. 24 20 14 1953—July 9,1....................... 22 19 13 Sept. 8, 15............... (5) (’) 1954—June 24, 16..................... 21 5 5 July 29, Aug. 1.......... ■ 20 18 12 In effect Dec. 1, 1966..... 1614 12 (5) (5) 1958 Feb. 27' Mar. 1............ 1^ 1714 17 Apr. 17'.......................... w 18 1614 Present legal I960— N Se o p v t. . 24 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1714 ii requirement: Dec. 1........................... 161,4 Minimum.......................... 10 7 3 3 1962—July 28........................... (3) G) Maximum.......................... 22 14 ^10 c10 c Increased by Act of Congress approved Sept. 21, 1966. 5 On savings deposits—4 per cent; on other time deposits up to $5 1 When two dates are shown, the first applies to the change at central million—4 per cent; on other time deposits in excess of $5 million— reserve or reserve city banks and the second to the change at country 6 per cent. banks. Note.—All required reserves were held on deposit with F.R. Banks, 2 Demand deposits subject to reserve requirements are gross demand June 21,1917, until late 1959. Since then member banks have been allowed deposits minus cash items in process of collection and demand balances to count vault cash also as reserves as follows; country banks—in excess due from domestic banks. of 4 and 2*4 per cent of net demand deposits effective Dec. 1, 1959, and 3 Authority of the Board of Governors to classify or reclassify cities Aug. 25, 1960, respectively; central reserve city and reserve city banks— as central reserve cities was terminated effective July 28,1962. in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1, 1960, 4 On savings deposits—4 per cent; on other time deposits up to $5 respectively; all member banks were allowed to count all vault cash as million—4 per cent; on other time deposits in excess of $5 million— reserves effective Nov. 24, I960, 5 per cent. 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, 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....... 3 214 214 3 4 4 4 4 Other time deposits:1 Less than 12 months..... 3 21/4 214 3 3^ 3% 4 4 Multiple-maturity: Other time deposits:1 90 days or more......... 5 5 12 months or more............ 3 214 3 4 4 414 514 Less than 90 days......... 4 4 6 months to 12 months... 3 21/4 214 3 314 4 414 514 (30-89 days) 90 days to 6 months.......... 3 214 2 2!4 214 4 414 514 Single-maturity: Less than 90 days............... 3 214 1 1 1 I 4 514 $100,000 or more.......... 514 c5^ (30-89 days) Less than $100,000, . . . 514 5 1 For exceptions with respect to foreign time deposits, see Oct. 1962 any event exceed the maximum rate payable by State banks or trust Bulletin, p. 1279, and Aug. 1965 Bulletin, p. 1094. companies 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 Note.—Maximum rates that may be paid by member banks as estab­ by insured nonmember commercial banks, as established by the FDIC, lished by the Board of Governors under provisions of Regulation Q. have 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 centage of its 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

DECEMBER 1966 BANK DEPOSITS; OPEN MARKET ACCOUNT 1787 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 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 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 weeksending Sept. 14, 1966 Four weeks ending October 12, 1966 Gross demand—Total.... 141,100 26,624 6,479 52,291 55,707 Gross demand—Total.... 145,589 28,451 6,759 53,625 56,755 Interbank................... 15,406 4,803 1,249 7,379 1,976 Interbank........................ 16,065 5,181 1 ,273 7,563 2,049 U S. Govt........................ 3'761 630 191 ls472 1'467 U.S. Govt........................ 4'528 1 '094 ‘289 1 ,678 1,467 Other............................... 121'933 21,192 5,040 43 339 52^263 Other............................... 124,997 22'177 5,198 44,383 53,239 Net demand 1..................... 113,768 19^895 5'159 41,301 47'415 Net demand 1..................... 116,687 21,170 5 392 42,094 48’132 Time.................................... 129'415 19^499 5; 289 49;002 55,626 Time..................................... 128;703 18318 5 373 48 320 55,’993 Demand balances due Demand balances due from dom, banks.......... 7,724 185 242 1 ,948 5,350 from dom. banks.......... 8,024 213 296 2,019 5,496 Currency and coin............ 3,925 309 78 1,196 2'342 Currency and coin............ 3,928 314 78 1 ,202 2,334 Balances with F.R. Balances with F.R. Banks............................... 18,824 3,966 1 ,022 7,900 5,938 Banks.......................... 19,536 4,223 1 ,044 8,154 6,116 Total reserves held....... 22'749 4’275 1'100 9,096 8'280 Total reserves held............ 23',464 4,537 1,122 9356 8,450 Required. ........................ 22,364 4,242 J, 095 9,034 7,994 Required. ............ 23 J19 4,516 1,123 9,309 8', 171 Excess............................. '385 ’ 33 5 ' 62 '286 Excess.............................. 345 ' 21 '-1 47 279 1 Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. 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 h p 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 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 m s a h t o i u f r r t s it 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 a x t o u c r r h i . t y redemp­ shifts tions 1965—Oct............... 652 671 98 652 671 98 Nov.............. 1,666 598 150 1,666 598 150 -5,582 5,582 Dec.............. 816 615 297 816 615 297 1966—Jan 894 919 228 894 919 228 Feb.............. 1,114 979 171 1 ,070 979 171 33 957 11 -957 Mar ... 960 314 101 873 314 101 78 9 144 Apr.............. 929 748 201 887 748 201 18 25 May. 1,208 392 50 1,174 392 50 -281 34 281 June............. 1,448 650 110 1,296 650 110 55 108 88 -108 July.. , 2,607 2,489 2,526 2,489 29 Aug 1,602 1,273 98 1,602 1,273 98 84 76 Sept 1,976 1,419 170 1,976 1,419 170 Oct . 1,281 893 320 1,281 893 320 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 secur­ 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 t h s i . 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 t h s i . 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 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 e c s c e e p & s t ­ 1965—Oct ....... 352 352 -117 2 21 -94 Nov.............. 24 24 918 8 16 941 Dec.............. 1,661 1,372 193 25 52 270 1966—Jan ........... 1,595 1,545 -203 -2 -75 -280 Feb .. . 272 611 -376 12 -365 Mar.............. -144 222 222 545 3 1 549 Apr,............ 682 682 -20 4 30 14 May........... 421 421 766 -1 20 786 June . 8 185 185 689 2 58 748 July.. . 39 12 120 26 212 -30 -157 24 Aug -160 364 457 138 -3 135 Sept 97 97 388 -1 387 Oct......... 275 275 69 4 21 94 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

1788 FEDERAL RESERVE BANKS DECEMBER 1966 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1966 1966 1965 Nov, 30 Nov. 23 Nov. 16 Nov. 9 Nov. 2 Nov. Oct. Nov. Assets Gold certificate account.................................................... 10 852 10,949 10 971 10 973 10 973 10 852 10 973 11 817 Redemption fund for F.R. notes...................................... 1,815 1,813 1,795 1,799 l,’802 1,815 1,803 1,695 Total gold certificate reserves........................................... 12,667 12,762 12,766 12,772 12 775 12,667 12 776 13,512 Cash........................................................................................ 293 299 297 295 301 293 306 106 Discounts and advances: Member bank borrowings............................................. 445 377 533 537 830 445 395 332 Other .................................................................................. 13 15 15 15 15 13 15 33 Acceptances: Bought outright............................................................... 54 51 51 51 51 54 51 50 Held under repurchase agreements............................. 77 32 22 19 19 77 21 60 U.S. Govt, securities: Bought outright: Bills........................................................................... 11,473 11,016 11,417 11,464 11,430 11,473 11,158 9,197 Certificates—Special................................................... Other..................................................... 4,351 4,351 4,351 4,366 4,366 4,351 4,366 Notes.............................................................................. 21 278 21*278 21 278 21 013 21 013 21 278 21 on 24 828 Bonds............................................................................. 6J88 6,188 6J88 6,’438 6,438 6*188 6338 6350 Total bought outright................................. 43 290 42 833 43,234 43,281 43 247 43 290 42 975 40 575 Held under repurchase agreements............................. ’622 129 302 622 Total U.S. Govt, securities.............................................. 43,912 42,962 43,234 43,281 43,549 43,912 42,975 40,575 Total loans and securities.................................................. 44 501 43 437 43 855 43 903 44 464 44 501 43 457 41 050 Cash items in process of collection.................................. 7’212 7 175 9 195 6 809 7 266 7 212 6’345 6*235 Bank premises.................................................................... 103 103 '104 ’ 104 104 ’103 ’104 ’101 Other assets: Denominated in foreign currencies............................. 709 709 712 712 713 709 783 671 IMF gold deposited 1..................................................... 211 211 211 211 211 211 211 All other............................................................................ 232 206 176 546 517 232 513 263 Total assets........................................................................... 65,928 64,902 67,316 65,352 66,351 65,928 64,495 61,938 Liabilities F.R. notes.............................................................................. 38,953 38,829 38,603 38,503 38,034 38,953 37,900 36,875 Deposits: Member bank reserves................................................... 19,093 17,993 18,823 18,235 19,886 19,093 19,338 18,050 U.S. Treasurer—General account................................ 299 525 821 791 714 299 809 719 Foreign.............................................................................. 196 146 139 148 175 196 194 149 Other: IMF gold deposit *...................................................... 211 211 211 211 211 211 211 All other....................................................................... 188 193 205 223 219 188 215 245 Total deposits....................................................................... 19,987 19,068 20,199 19,608 21,205 19,987 20,767 19,163 Deferred availability cash items....................................... 5,432 5,520 7,060 5,668 5,556 5,432 4,301 4,496 Other liabilities and accrued dividends ........................ 271 237 245 242 260 271 242 197 Total liabilities.................................................................... 64,643 63,654 66,107 64,021 65,055 64,643 63,210 60,731 Capita] Accounts Capital paid in.................................................................... 568 567 567 566 566 568 566 546 Surplus.'.................................................................................. 551 551 551 551 551 551 551 524 Other capital accounts....................................................... 166 130 91 214 179 166 168 137 Total liabilities and capital accounts.............................. 65,928 64,902 67,316 65,352 66,351 65,928 64,495 61,938 Contingent liability on acceptances purchased for foreign correspondents.................................................. 203 206 212 218 232 203 230 146 U.S. Govt, securities held in custody for foreign account.............................................................................. 7,450 7,299 7,295 7,213 7,254 7,450 7,336 8,171 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)....................... 41,599 41,375 41,259 4,010 41,037 41,599 41,109 39,460 Collateral held against notes outstanding: Gold certificate account............................................ 6,442 6,402 6,392 6,492 6,455 6,442 6,455 6,595 Eligible paper............................................................... 48 35 28 24 28 48 61 65 U.S. Govt, securities....................................................... 36,471 36,486 36,456 36,356 36,356 36,471 36,431 34,090 Total collateral.......4..2..,.9..6..1.............4..2...,.9..2..3.............4..2..,..8..7.6 42,872 42,839 42,961 42,947 40,750 1 See note 2 to table at bottom of p. 1846. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 FEDERAL RESERVE BANKS 1789 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1966 (In millions of dollars) Item Total Boston Y N o ew rk P p d h h e i i l l a ­ a­ C l l a e n v d e­ m Ri o c n h d ­ 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 ­ Dallas F c S i r s a a c n n o ­ Assets Gold certificate account........................ 10,852 693 2,829 579 809 1,003 545 2,155 339 154 386 285 1,075 Redemption fund for F.R. notes........ 1,815 99 436 95 151 157 103 333 65 32 69 60 215 Total gold certificate reserves.............. 12,667 792 3,265 674 960 1,160 648 2,488 404 186 455 345 1,290 F.R. notes of other Banks.................... 628 46 150 27 59 59 60 59 19 26 30 33 60 Other cash................................................ 293 10 30 8 43 17 36 45 31 7 14 19 33 Discounts and advances; Secured by U.S. Govt, securities... 342 10 47 6 3 12 38 110 25 3 58 20 10 Other.................................................... 116 1 8 1 1 1 19 2 18 * 1 62 2 Acceptances: Bought outright.................................. 54 ............. 54 ............. Held under repurchase agreements. 77 77 U.S. Govt, securities: Bought outright.................................. 43,290 2,288 10,541 2,246 3,508 3,127 2,366 7,173 1 ,520 927 1,677 1,677 6,240 Held under repurchase agreements. 622 622 Total loans and securities..................... 44,501 2,299 11,349 2,253 3,512 3,140 2,423 7,285 1,563 930 1,736 1,759 6,252 Cash items in process of collection... 9,032 584 1,691 512 652 715 705 1 ,505 460 292 584 497 835 Bank premises.......................................... 103 3 9 3 5 5 20 20 8 3 8 10 9 Other assets: Denominated in foreign currencies. 709 34 H85 38 64 36 43 102 25 17 31 41 93 IMF gold deposited2......................... 211 211 All other............................................... 232 12 59 14 19 15 12 35 8 5 ii 9 33 Total assets.............................................. 68,376 3,780 16,949 3,529 5,314 5,147 3,947 11,539 2,518 1,466 2,869 2,713 8,605 Liabilities F.R. notes................................................ 39,581 2,364 9,043 2,261 3,280 3,630 2,270 7,198 1,447 698 1,495 1,254 4,641 Deposits: Member bank reserves...................... 19,093 767 5,739 729 1,339 812 971 2,863 625 472 846 966 2,964 U.S. Treasurer—General account.. 299 30 70 22 5 5 15 27 22 15 34 12 42 Foreign.................................................. 196 10 348 11 18 10 12 28 7 5 9 12 26 Other: IMF gold deposit 2........................ 211 211 All other........................................ . 188 * 123 1 1 3 i 3 * • 2 1 53 Total deposits.......................................... 19,987 807 6,191 763 1,363 830 999 2,921 654 492 891 991 3,085 Deferred availability cash items........... 7,252 534 1,300 425 536 599 586 1,189 364 241 417 387 674 Other liabilities and accrued dividends. 271 13 82 12 21 18 14 42 9 5 10 10 35 Total liabilities........................................ 67,091 3,718 16,616 3,461 5,200 5,077 3,869 11,350 2,474 1,436 2,813 2,642 8,435 Capital Accounts Capital paid in........................................ 568 27 147 30 51 30 35 82 20 14 25 33 74 Surplus...................................................... 551 27 144 30 50 28 33 79 19 13 24 32 72 Other capital accounts........................... 166 8 42 8 13 12 10 28 5 3 7 6 24 Total liabilities and capital accounts.. 68,376 3,780 16,949 3,529 5,314 5,147 3,947 11,539 2,518 1,466 2,869 2,713 8,605 Ratio of gold certificate reserves to F.R. note liability (per cent): Nov. 30, 1966.............................. 32,0 33.5 36.1 29.8 29.3 32.0 28.5 34.6 27.9 26.6 30.4 27.5 27.8 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 Nov. 30, 1965............................. 36.1 37.8 39.7 35.9 32.7 34.5 34.1 36.1 37.8 31.2 38.9 35.1 32.7 Contingent liability on acceptances purchased for foreign correspond­ ents..................................................... 203 9 457 11 18 10 12 28 7 5 9 11 26 Federal Reserve Notes—Federal Reserve Agents* Accounts F.R. notes outstanding (issued to Bank)................................................ 41,599 2,440 9,542 2,326 3,540 3,744 2,419 7,513 1,521 736 1,557 1,363 4,898 Collateral held against notes out­ standing: Gold certificate account.................... 6,442 500 1,000 490 600 725 450 1,100 310 127 225 180 735 Eligible paper...................................... 48 5 43 U.S. Govt, securities.......................... 36,471 2,016 8,700 2,000 3,000 3,060 2,000 6,500 1,310 655 1,400 1,230 4,600 Total collateral................................ 42,961 2,516 9,700 2,495 3,600 3,785 2,450 7,600 1,663 782 1,625 1,410 5,335 1 After deducting 5524 million participations of other F.R. Banks. 3 After deducting $148 million participations of other F.R. Banks. 2 See note 2 to table at bottom of p. 1846. 4 After deducting $146 million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1790 FEDERAL RESERVE BANKS; BANK DEBITS DECEMBER 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 Nov. 30 Nov. 23 Nov. 16 Nov. 9 Nov. 2 Nov. Oct. Nov. Discounts and advances—Total..................................... 458 392 548 552 845 458 410 365 Within 15 days................................................................. 442 375 531 506 825 442 392 333 16 days to 90 days.......................................................... 16 17 17 46 20 16 18 32 Acceptances—Total.......................... 131 83 73 70 70 131 72 110 Within 15 days................................................................ 88 44 36 30 32 88 34 71 16 days to 90 days.......................................................... 43 39 37 40 38 43 38 39 U.S. Government securities—Total................................ 43,912 42,962 43,234 43,281 43,549 43,912 42,975 40,575 Within 15 days1...... .......................................... 2,043 1 ,900 1 '764 1 '729 2,516 2^043 1,761 638 16 days to 90 days........................................................... 8,346 7,819 4'713 5,609 5,015 8,346 5,146 6,495 91 days to 1 year............................................................. 24'692 24,412 27,926 20,655 20,730 24'692 20’780 17,542 Over 1 year to 5 years................................................. 7,446 7,446 7,446 13^699 13^699 7^446 13^699 14'066 Over 5 years to 10 years............................................... 988 '988 988 1 ,192 1,192 988 1,192 1,449 Over 10 years.................................................................. 397 397 397 397 '397 397 397 385 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a la d r i s an F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese N l e an th d e s r ­ f S r w an is c s s guilders 1965—Dec................................. 629 534 53 2 1 34 1 1 3 * 1966—Jan.................................. 398 303 53 2 1 34 1 1 3 ♦ Feb.................................. 166 51 53 2 1 44 3 10 Mar................................. 218 51 53 2 1 74 9 1 3 24 Apr................................. 299 103 53 2 1 81 9 1 3 47 May................................ 364 163 53 2 1 116 2 1 3 24 June............................... 482 271 54 2 1 124 1 1 3 24 July................................ 702 566 54 2 1 75 2 1 2 Aug................................. 687 476 54 2 1 150 1 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 L N e .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A 2 l .) . 2 ’s 4 SM o 2 t 1 h S 8 e A r ’s 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 t 1 h S 8 e A r ’s 1965—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 49.1 38.3 33.5 Apr................................. 5,934.1 2,544.0 1,304.2 3,390.1 2,085.9 52.8 112.0 47.8 37.7 33.3 May................................ 5^797.5 2,449.4 1,311.3 3;348.1 2,036.8 52.4 109.3 49.8 37.8 32.8 June................................ 5,868.8 2,491.7 1,314.7 3,377.1 2,062.4 53.7 109.1 51.1 39.0 33.7 July................................ 5,989.1 2,480.6 1,366.1 3,508.5 2,142.4 53.1 108.3 51.1 38.9 33.8 Aug................................. 6,149.9 2,676.1 1,348.5 3,473.8 2,125.3 54.4 112.7 52.2 39.3 34.1 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 Nov................................. 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’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

DECEMBER 1966 U.S. CURRENCY 1791 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in cir­ cula­ tion 1 Total Coin $1 2 $2 $5 $10 S20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939....................... 7,598 5,553 590 559 36 1,019 1 772 1,576 2,048 460 919 191 425 20 32 1941....................... ii;160 8'120 751 695 44 1,355 2,731 2^545 3,044 724 1,433 261 556 24 46 1945 ....................... 28,515 20,683 1,274 1,039 73 2,313 6 782 9'201 7,834 2,327 4,220 454 801 7 24 1947....................... 28’868 20’020 1,404 1,048 65 2,110 6 275 9'119 8 850 2 548 5,070 428 782 5 17 1950....................... 27,741 19’305 1,554 IJ13 64 2,049 5 998 8,529 8,438 2,422 5,043 368 588 4 12 1955 ....................... 31’158 22’021 1’927 1,312 75 2 151 6 617 9,940 9 136 2,736 5^641 307 438 3 12 1958....................... 32,193 22,856 2,182 1,494 83 2,186 6 624 10,288 9 337 2 792 5 886 275 373 3 9 1959....................... 32’591 23;264 2,304 1,511 85 2,216 6,672 10,476 9,326 2*803 5,913 261 341 3 5 I960....................... 32,869 23,521 2,427 1’533 88 2'246 6 691 10,536 9,348 2,815 5’954 249 316 3 10 1961....................... 33,918 24*388 2^582 1'588 92 2^313 6,878 10’935 9’531 2 869 6'106 242 300 3 10 1962....................... 35’338 25,356 2'782 1,636 97 2'375 7,071 11’395 9,983 2 990 6,448 240 293 3 10 1963........................ 37'692 26'807 3'030 1,722 103 2'469 7,373 12'109 10,885 3,221 7’110 249 298 3 4 1964....................... 39^619 28,100 3,405 1'806 111 2’517 7,543 12J17 11,519 3,381 7'590 248 293 2 4 1965—Oct............. 40,754 28,926 3,856 1,807 121 2,489 7,624 13,029 11,828 3 411 7,883 243 285 3 4 Nov............ 41’824 29,829 3^956 1,858 124 2,571 7,882 13^439 11,994 3,469 7,990 243 286 3 4 Dec............. 42^056 29^42 4; 027 1 ;908 127 2;618 7; 794 13J69 12*214 3,540 8,135 245 288 3 4 1966—Jan.............. 41,092 28,982 4,060 1,818 127 2,489 7,514 12,974 12,110 3,482 8,092 243 286 3 4 Feb....... 41^252 29’149 4,096 1,818 128 2,495 7*586 13^027 12’103 3,470 8'098 243 286 3 4 Mar............ 41,469 29,323 4’152 L824 129 2*496 7,607 13 J1612J47 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 29’868 4’231 1'876 133 2'555 7,732 13’34212,234 3 507 8’196 241 284 3 4 June........... 42^554 30’228 4,264 1,884 135 2,570 7,805 13'569 12,326 3’542 8,254 241 283 3 4 July............ 42^708 30^311 4^285 1,880 136 2,550 7,770 13,690 12,397 3,560 8^307 240 283 3 4 Aug 42,910 30,455 4,317 1'885 138 2,561 7'780 13’774 12,456 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 8,392 239 283 3 4 Oct............. 43 ,’113 30,556 4; 380 1,926 137 2,583 7,785 13,745 12^556 3; 572 8'455 239 283 3 4 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break­ Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Total out­ Held by Kind of currency s O ta c 1 n t 9 . d 6 i 3 6 n 1 g , , A g a s o g l s d a e i c n a u n s r t d i t y Tr c e a a s s h ury B F F a R o nk r . s A B F a g a . n e n R d n k . t s s 1966 1965 cer s t i i l f v ic e a r tes A a g n e d nt s Oct. 31 Sept. 30 Oct. 31 Gold........................................................................................ 13,257 (12,776) 2481 Gold certificates.................................................................... (12,776) 312,774 I F.R. notes.............................................................................. 41,109 126 3,208 37,775 37,501 35,793 Treasury currency—Total.................................................. 6,182 (575) 536 ................... 307 5,338 5,300 4,961 Standard silver dollars.................................................... 485 3 ♦ 482 482 482 795 572 223 Silver certificates.............................................................. (575) 2 9 564 566 698 Fractional coin4............................................................... 4,488 303 287 3,898 3,860 3,374 United States notes......................................................... 323 8 11 304 302 301 In process of retirement5 .................................. 92 • • • ............. I 90 90 106 Total—Oct. 31, 1966........................................................... 660,548 (13,351) 1,144 12,774 3,516 43,113 Sept. 30, 1966......................................................... ‘60,817 (13,360) 1,077 12,778 4,160 42,802 Oct. 31, 1965 ......................................................... 658,060 (14,319) 773 13,581 2,952 ................ • 40,754 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. 1781. 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. J Consists of credits payable in gold certificates: (1) the Gold Certificate Fund—Board of Governors, FRS; and (2) the Redemption Fund for F.R. Note.—Prepared from Statement of United States Currency and Coin notes. and other data furnished by the Treasury. For explanation of currency 4 Through Dec. 31, 1965, shown separately as subsidiary silver coin reserves and security features, see the Circulation Statement or the Aug. and minor coin. For this breakdown see earlier Bulletins. 1961 Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1792 MONEY SUPPLY; BANK RESERVES DECEMBER 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 D d e e m po a s n i d t jus a t d ed ­ 1 Total c C om ur p re o n n c e y n t D d e e m po a s n it d jus a t d ed ­ 1 d d e e p m os a i n ts d 1 component component 1959—Dec....................................................... 141.9 28.9 113.1 67.4 145.6 29.5 116.2 66.6 4.9 I960—Dec....................................................... 141.1 28.9 112.1 72.9 144.7 29.6 115.2 72.1 4.7 1961—Dec........................................................ 145.5 29.6 116.0 82.5 149.4 30.2 119.2 81.8 4.9 1962—Dec....................................................... 147.5 30.6 116.9 97.8 151.6 31.2 120.3 96.7 5.6 1963—Dec........................................................ 153.1 32.5 120.6 112.2 157.3 33.1 124.1 111.0 5.1 1964—Dec....................................................... 159.7 34.2 125.4 126.6 164.0 35.0 129.1 125.2 5.5 1965—Nov....................................................... 165.6 36.1 129.5 145.5 167.3 36.5 130.8 144.3 4.1 Dec....................................................... 167.2 36.3 130.9 146.9 172.0 37.1 134.9 145.2 4.6 1966__Jan........................................................ 168.0 36.6 131.4 147.8 173.0 36.5 136.5 147.3 3.8 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 4.6 170.9 37.2 133.7 151.4 171.6 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 8.2 Aug..................................................... 169.6 37.8 131.8 156.6 166.9 37.9 129.1 157.0 5.2 Sept...................................................... 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 Nov,p.................................................. 169.2 38.0 131,2 156.9 171.0 38.5 132.5 155.6 3.7 Week ending— 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 5.6 168.9 37.8 131.1 156.7 171.1 37.8 133.3 156.2 4.7 9................................................ 168.8 38.0 130.9 156,7 171.0 38.5 132.5 155.9 4.6 16”.............................................. 168.9 38.1 130.8 156,9 171.3 38.6 132.8 155.6 3.2 23”.............................................. 169.3 38.0 131.3 156,9 170.4 38.6 131.8 155,3 3.3 30”.............................................. 169.4 38.1 131.3 156.9 170.7 38.6 132.1 155,5 3.5 1 At all commercial banks. Averages of daily figures. Money supply consists of (1) demand 2 Effective June 9, 1966, balances accumulated for payment of personal deposits at all commercial banks other than those due to domestic com­ loans were reclassified for reserve purposes and are excluded from time mercial banks and the U.S. Govt., less cash items in process of collection deposits reported by member banks. The estimated amount of such and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) cur­ deposits at all commercial banks ($1,140 million) is excluded from time rency outside the Treasury, F.R. Banks, and vaults of all commercial deposits adjusted thereafter. banks. Time deposits adjusted are time deposits at all commercial Note.—For 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. 1947-58, 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 j m ec e t n to ts 2 Period Total ro N b w o o e r n d ­ ­ qu R ir e e ­ d Total sa T a v i n m in d g e 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 e n ­ d ­ qu R ir e e ­ d Total sa T a v i n i m n d g e 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 1963—Dec....... 20.96 20.64 20.51 201.5 92.4 104.3 4.8 21.48 21.15 20.94 203.7 91.3 107.9 4.5 1964—Dec........ 21.84 21.59 21.53 216.7 104.2 107.5 5.0 22.39 22.15 21.98 219.1 103.0 111.3 4.8 1965—Nov....... 22.75 22.34 22.40 234.5 120.2 110.4 4.0 22.79 22.34 22.42 234.1 119.1 111.5 3.5 Dec........ 23.01 22.52 22.66 236.4 121.2 111.2 4.0 23.59 23.13 23.13 239.0 119.8 115.2 4.0 1966—Jan........ 23.14 22.70 22.79 238.0 121.8 111.7 4.5 23.63 23.22 23.27 241.1 121.4 116.4 3.3 Feb........ 23.22 22.76 22.84 238.7 122.1 111.6 5.0 23.08 22.60 22.71 238.3 122.4 111.4 4.5 Mar....... 23.27 22.67 22.90 239.8 122.8 112.7 4.3 23.02 22.47 22.71 239.1 123.7 111.5 4.0 Apr........ 23.53 22.88 23.12 242.9 124.8 113.5 4.7 23.41 22.79 23.05 242.4 125.4 114.4 2.7 May.... 23.54 22.88 23.16 243.9 126.2 112.9 4.8 23.37 22.65 23.00 243.1 126.8 109.8 6.5 June 3... 23.52 22.84 23.17 244.2 126.3 113.5 4.3 23.42 22,75 23.10 243.9 127.0 111.5 5.5 July. . . . 23.73 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 Nov.”.. 23.22 22.64 22.86 243.5 128.5 111.4 3.7 23.25 22,64 22,86 243.0 127.3 112.5 3.2 1 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. 2 Deposits subject to reserve requirements include total time and sav­ Note.—For further explanation of these data, see announcement in ings deposits anti net demand deposits as defined by Regulation D, Pri­ the October 1966 Bulletin, p. 1460. Back data for the period 1948 to date 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 repayment of per­ Averages of daily figures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 BANKS AND THE MONETARY SYSTEM 1793 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 1 , Total s C a a v o n i m n d g l. s R Fe e d se e r r v a e l Other O s ri e t t c i h e u e s ­ r ca a n p n e it d t a l, c d u e r a p r n o e d s n i c ts y c m o n a u i c e s n t ­ c t . s , banks Banks 1947—Dec. 31..................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950 Dec. 30..................... 22,706 4*636 171^667 60 J66 96*560 72*894 20 J78 2 888 14,741 199,008 184*384 14 624 1963—Dec. 20..................... 15*582 5*586 333*203 189,433 103^273 69*068 33 J52 653 40J97 354,37i 323,251 31,118 1964—Dec. 31..................... 15,388 5,405 365*366 214^254 106*825 68,779 37*044 1,002 44*287 386*159 352*964 33,193 1965—June 30..................... 13,934 5,413 378,834 228,721 102,318 62,606 39,100 612 47,795 398,181 362 J70 35,814 Nov. 24..................... 13 J00 5^500 389*100 234*300 105*500 64*400 40,100 1,100 49’,300 408*500 370,500 38.000 Dec. 31..................... 13*733 5^575 399*779 242,706 106*716 65,016 40*768 932 50*357 419*087 383 J27 35 J59 1966—Jan. 26.................... 13,700 5,600 394,800 238,600 106,100 65,200 40,000 900 50,000 414,100 377,600 36,500 Feb. 23..................... 13*700 5*700 3931900 239*500 1O3I8OO 62 J00 40^000 900 50 J00 413 J00 374 JOO 38,400 Mar. 30..................... 13,600 5,700 397,700 244,100 102’,500 61,000 40,500 1,000 51,100 417 J00 379,400 37*800 Apr. 27p................... 13*600 5*800 401*200 246*800 102 J00 60 J00 40*700 *900 52,100 420*600 383’300 37,300 May 2533................... 13,500 5,900 402,100 248*500 101*000 58,800 41'100 1 JOO 52 J00 421 JOO 382,700 38,900 June 29p................... 13,400 6,000 406 J00 253 J00 100*600 57,600 41 J00 1 J00 53,000 426 ,*000 387*800 38*200 July 27p................... 13,300 6*000 405'800 251*400 100 Joo 57,600 42^000 *900 54JOO 425 J00 387 JOO 37*800 Aug. 31 p................... 13 J00 6,000 407*800 252^000 101,800 58,500 42,500 800 54JOO 427,200 387*200 39,900 Sept. 28 p................... 13,300 6,100 409*600 253,500 101*700 58 J00 42,000 1,300 54,400 428*900 387*400 41,600 Oct. 26p................... 13,300 6*200 409,400 253,000 102*200 58,200 42,800 1 J00 54; 100 428’800 387,800 41*000 Nov. 30?.............. 13;2OO 6,200 411,200 253,*700 104J00 58,900 43 J00 1 J00 53 J00 430;600 388*500 42 JOO DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 2 Not seasonally adjusted Time U.S Government Date For­ Total o r u C e t n u s c i r d y ­ e d m e D p a a o d e n s ­ ­ d it s Total o r C u e t n u s c i r d y ­ e d m e D p a a o d e n s ­ ­ d it 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 o v y s i s t n a ­ g l s n e e ig t n 5 , T h c u r o a e r l s a y d h s ­ ­ sa c a v o A n i m n t d g ! , s B F A a .R n t k . s banks justed 3 banks justed 3 tem ings banks 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 Nov. 24.... 162,600 35,300 127,300 165,100 36,300 128,800 196,500 144,200 52,000 300 1,500 800 5,700 900 Dec. 31.... 167,100 35,400 131,700 175,314 36,999 138,315 199,427 146,433 52,686 309 1,780 760 5,778 668 1966—Jan. 26.... 167,200 36,000 131,200 169,500 35,500 134,000 200,700 147,600 52,800 300 1,600 800 4,200 700 Feb. 23.... 165,000 36,100 128,900 164,200 35,700 128,500 201,700 148,400 53,000 300 1,600 800 5,700 900 Mar. 30.... 169,300 36,200 133,100 166,100 35,800 130 JOO 204,700 151,000 53,400 300 1,700 900 5,400 500 Apr. 27”... 169,200 36,200 133,000 169,300 35,900 133,400 205,800 152,400 53,100 300 1,700 900 5,300 300 May 25’... 165,800 36,300 129,500 163,900 36,200 127,600 207,300 153,800 53,200 300 1,700 1,000 8,000 700 June 29p. .. 167,600 36,300 131 JOO 165,400 36,600 128,800 207,800 154,100 53,500 200 1,800 1,100 10 JOO 800 July 27p... 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 JOO Aug. 31 p... 168,200 36,800 131,400 166,900 37,100 129,800 210,800 156,700 53,800 200 1 JOO 1 JOO 5 JOO 1,600 Sept. 28’... 167,200 36,800 130 JOO 166,100 36,900 129,200 210,800 156,400 54,200 200 1,800 1,100 6,400 q joo 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 Nov. 30?,,. 169,000 37,300 131,700 171,300 38,000 133,300 209,800 155,200 54,500 100 1,800 1,200 4,100 300 i Beginning with data for June 29, 1966, about $1.1 billion in “Deposits central banks in May 19 61 reduced this item by $1,900 million ($1,5 00 accumulated for payment of personal loans’’ were excluded from “Time million to time deposits and $400 million to demand deposits). deposits” and deducted from “Loans” at all commercial banks. These 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 1 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 arc partly estimated and are rounded to the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1794 COMMERCIAL AND MUTUAL SAVINGS BANKS DECEMBER 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loansf Securities a C ss a e s t h s 1 c b T a i a l l o p i n i a t t i d i t a ­ e a l s l Total 1 Interbank1 Dema O nd ther B r i o n o w g r s ­ ­ c c T a o a o p u c t i n a ­ ta t l s l b N a b u o n e m f k r s ­ G U o .S v . t . Other co a u c n ­ ts2 m D a e n ­ d Time U.S. Time3 Other Govt. AU banks: 1941—Dec. 31................ 61,126 26,615 25,511 8,999 27,344 90,908 81 ,816 10,982 44,355 26,479 238,414 14,826 1945—Dec. 31................ 140,227 30.361 101,288 8,577 35,415 177,332 165,612 14,065 105.935 45,613 227 10,542 4.553 1947—Dec. 314.............. 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53,105 66 11,948 14.714 1964—Dec. 31................ 329,739216,674 68,77944,287 61,493401,161 356,308 17,938 821 6,517 155,248 175,785 2,70032,196 14,226 1965—June 30............... 342,138 231,737 62,60647,795 58,083410,935 362,611 16,172 1 ,034 11,802 145,319 188,284 3,72634,015 14,295 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 65,01650,357 61,916435,483 385,196 18,426 1,009 5,532 160,847 199,381 4,56434,935 14,309 14,288 1966—Mar. 30$............. 361,710249,580 61,03051,10055,030428,100374,580 15,240 1 ,070 5,120 148,470204,680 6,16035,180 Apr. 27?............. 364,070251,280 60,74052,05057,490432,790380,280 15,560 1 ,090 5,030 152,890205,710 4,94035,380 14,306 May 25?............. 365,000253,590 58,79052,62055,580431,960377,630 14,920 1,080 7,780 146,560207,290 5,61035,550 14,307 June 29?............. 369,920259,330 57,62052,97058,310440,150 384,390 16,150 1 ,060 10,660 148,680207,840 7,10035,690 14,307 July 27?............ 369,210257,570 57,56054,08057,980439,230382,200 15,390 1,090 6,350 149,430209,940 7,23035,760 14,307 Aug. 31 ^ ....... 371,280258,690 58,52054,07056,980440.390382,480 15,840 1,130 4,830 149,890210,790 7,15036,120 14,305 Sept. 28?............. 372,320 259,520 58,42054,38056,740441,070382,750 16,200 1 ,060 6,150 148,490210,850 7,05036,260 14,305 Oct. 261*............. 371,650259,310 58,20054,14058,390441,810383,670 15,930 1 ,010 4,840 151,490210,400 6,97036,350 14,294 Nov. 30’’....... 373,260261,050 58,88053,33062,260447,550387,280 17,020 900 3,910 155,530209,920 7,92036,700 14,288 Commercial banks: 1941—Dec. 31............... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31............... 124,019 26.083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14.011 1947—Dec. 314............. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1964—Dec. 31............... 277,376 175,589 62,991 38,79660,489 346,921 307,170 17,938 819 6,510 155,184 126,720 2,67927,795 13,761 1965—June 30............... 287,723 188,641 56,85342,229 57,063 354,553311,632 16,171 1 ,032 11,796145,266137,366 3,68229,479 13,791 Nov. 24............... 297,140 194,560 58,82043,76055,040361,840314,690 15,770 1,030 5,440 147,970 144,480 5,97030,060 13,805 Dec. 31............... 306,060201,658 59,54744,855 60,899377,264 332,436 18,426 1 ,008 5,525 160,780 146,697 4,47230,272 13,804 1966—Jan. 26............... 302,190 198,130 59,63044,43054,500366,930319,970 15,410 1 ,050 3,930151,730 147,850 6,17030,240 13,794 Feb. 23............... 302,030 199,610 57,31045,11055,640367,790319,670 15,830 1 ,060 5,440 148,680 148,660 6,75030,310 13,794 Mar. 30......... 304,350203,490 55,43045,43054,130 368,840321,090 15,240 1 ,070 5,120 148,420 151,240 6,16030,440 13,801 Apr. 27?............. 306,900205,080 55,40046,42056,640373,780 327,120 15,560 1 ,090 5,030 152,840 152,600 4,94030,670 13,802 May 25?............. 307,570207,130 53,45046,990 54,730372,710 324,360 14,920 1 ,080 7,780 146,510 154,070 5,61030,790 13,802 June 29?............. 312,490212,740 52,46047,290 57,340380,740 330,880 16,150 1,060 10,660 148,630 154,380 7,10030,930 13,802 July 27?............. 311,350210,590 52,45048,31057,120 379,460 328,480 15,390 1 ,090 6,350 149,380 156,270 7,23031,020 13,801 Aug. 31 ?............. 312,960211,360 53,47048,13056,150380,230328,590 15,840 1,130 4,830 149,840 156,950 7,15031,290 13,801 Sept. 28?. . 313,870212,020 53,34048,51055,890380,740 329,480 16,200 1,060 6,150 148,440 156,630 7,05031,440 13,790 Oct. 26?....... 313,070211,510 53,27048,29057,590381,400 329,220 15,930 1,010 4,840151,440 156,000 6,97031,560 13,789 Nov. 30?............. 314,520212,990 54,02047,51061,450 386,960332,760 17,020 900 3,910 155,480 155,450 7,92031,860 13,784 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 7,304 32.845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6.923 1964—Dec. 31............... 228,497 147,690 48,71732,089 52,737289,142255,724 17,007 664 5,838 128,539 103,676 2,481 22,901 6,225 1965—June 30............... 237,328 158,832 43,39635,100 50,198296,049259,743 15,355 851 10,806120,077 112,654 3,45524,323 6,235 Nov. 24............... 244,260 163,597 44,552 36,111 48,110300,784260,630 14,875 850 4,927 121,503 118,475 5,691 24,768 6,225 Dec. 31............... 251,577 169,800 44,99236,785 52,814 313,384275,517 17,454 840 4,890 132,131 120,202 4,23424,926 6,221 1966—Jan. 26............... 247,921 166,717 44,809 36,395 47,366304,163 264,155 14,606 879 3,387 124,179 121,104 5,87324,896 6,212 Feb. 23............... 247,810 168,112 42,732 36,966 48,453305,117 264,032 15,054 895 4,691 121,740121,652 6,361 24,955 6,208 Mar. 30............... 249,847 171,495 41 ,23037,122 46,883 305,819 265,256 14,477 897 4,431 121,558 123,893 5,75725,050 6,203 Apr. 27.............. 252,103 172,702 41,37038,031 49,323310,342270,86614,795 918 4,617 125,479125,057 4,55425,239 6,199 May 25............... 252,528 174,354 39,686 38,48847,548 309,186268,286 14,198 916 6,858 120,016 126,298 5,11425,345 6,198 June 29?............. 257,305 179,604 39,031 38,67049,721 316,497 274,069 15,291 891 9,430121,879 126,578 6,61425,451 6,194 July 27............... 255,819 177,210 39,07239,53749,749 315,068271,464 14,630 923 5,523 122,416127,972 6,80525,531 6,184 Aug. 31............... 257,315 178,023 39,98439.308 48,650315,639271,521 15,047 963 4,202 122,874128,435 6,63325,766 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 6,68425,843 6,171 Oct. 26............... 256,797 177,818 39,65239,327 50,210316,324271,653 15,120 843 4,309 124,263 127,118 6,571 25,942 6,163 Nov. 30?............. 258,041 179,106 40,35538,58053,564321,185 274,676 16,188 730 3,448 127,757 126,553 7,45926,189 6,159 Mutual savings banks: 1941—Dec. 31............... 10,379 4,901 3,704 1,774 793 11.804 10,533 5 10,527 1,241 548 1945—Dec. 31............... 16,208 4,279 10,682 1,246 609 17,020 15,385 b4 15,371 7 1,592 542 1947—Dec, 314............. 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 1964—Dec. 31............... 52,363 41,085 5,788 5,490 1,004 54,239 49,138 2 7 64 49,065 21 4,401 505 1965—June 30............... 54,415 43,096 5,753 5,566 1,020 56,382 50,980 1 7 53 50,918 43 4,536 504 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. 26............... 58,580 47,800 4,930 5,850 800 60,410 54,450 50 54,400 4,790 505 Nov. 30?............ 58,740 48,060 4,860 5,820 810 60,590 54,520 50 54,470 4,840 504 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 1795 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 1 Other Cla a s n s d o d f a b te ank Total Loans} G U o . v S t . . Other a C ss a e s t h s 1 c c b o a i a l l a p u i i n a c t i n i d - t ­ e t a s s l 2 Total 1 m D a e n ­ d Time U D .S e . ma O n t d her Time r B i o n o w g r s - ­ c c T a o a o p u c t i n a ­ ta t l s l N ba b u o n e m f k r s - Govt. 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 36 1945—Dec. 31................... 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31................... 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 207 19,040 1,445 30 2,259 37 1964—Dec. 31................... 39,507 27,301 6,178 6,028 11,820 53,867 45,191 5,088 436 1,486 23,896 14,285 1,224 4,471 13 1965—June 30................... 42,225 30,975 4,907 6,342 12,186 57,150 47,322 5,065 579 2,561 22,380 16,738 1 ,423 5,094 13 Nov. 24................... 41,922 30,840 4,897 6,185 10,098 54,647 43,957 4,370 546 789 20,434 17,818 2,072 5,142 12 Dec. 31.............. 44,763 33,125 5,203 6,435 11,876 59,517 49,270 5,225 522 1,271 24,265 17,988 1,987 5,114 12 1966—Mar. 30}................. 44,003 33,737 4,271 5,995 10,490 57,483 46,426 4,526 607 980 21,756 18,557 2,169 5,096 12 Apr. 27.................... 44,238 33,427 4,426 6,385 10,952 58,020 48,131 4,804 621 1,401 22,475 18,830 1,200 5,126 12 May 25.................. 44,233 34,316 3,942 5,975 10,733 57,972 47,202 4,564 626 1,400 21,613 18,999 1 ,708 5,148 12 June 29. . ..'........... 46,435 36,347 4,063 6,025 11,274 60,733 49,081 5,144 589 2,102 22,195 19,051 2,472 5,142 12 July 27................... 44,996 34,789 4,087 6,120 11,436 59,272 46,875 4,813 580 1,008 21,439 19,035 2,574 5,161 12 Aug. 31.................... 45,740 35,287 4,430 6,023 10,574 59,392 46,869 4,647 568 857 21,955 18,842 2,071 5,250 12 Sept. 28................... 45,448 34,878 4,531 6,03911,025 59,396 46,736 4,630 509 1 ,510 21,756 18,331 2,093 5,206 12 Oct. 26.................... 44,547 34,411 4,242 5,894 11,263 58,598 46,194 4,788 490 1 ,030 22,309 17,577 1 ,944 5,228 12 Nov, 30?................. 44,325 34,510 4,303 5,512 13,112 60,367 47,230 5,000 416 1,182 23,348 17,284 2,554 5,303 12 City of Chicago: 5 1941—Dec. 31............... 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31................... 5,931 1 ,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31................... 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1964—Dec. 31................... 10,562 7,102 1 ,873 1 ,587 2,366 13,289 11,807 1,448 22 396 5,362 4,578 204 1,056 12 1965—June 30................... 10,835 7,367 1,761 1,707 2,311 13,535 11,699 1,297 27 699 4,926 4,749 438 1,096 11 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 It Feb. 23................... 10,940 7,877 1 ,533 1 ,530 2,444 13,857 11.606 1,174 34 223 5,100 5,075 613 1,122 11 Mar. 30................... 11,202 8,100 1 ,532 1 ,570 2,172 13,900 11,570 1,182 35 203 5,035 5,115 619 1,123 11 Apr. 27.................... 11,260 8,161 1,470 1,629 2,568 14,289 12,319 1,222 32 530 5,412 5,123 367 1,131 11 May 25................... 11,148 8,064 1,461 1,623 2,349 13,989 11,922 1,169 26 457 5,087 5,183 428 1,143 11 June 29................... 11,523 8,598 1,408 1 ,517 2,466 14,474 12,165 1,208 25 648 5,106 5,178 595 1,143 11 July 27.................... 11,400 8,331 1,363 1,706 2,447 14,371 11,959 1,160 31 310 5,224 5,234 637 1,146 11 Aug. 31.................... 11,495 8,364 1 ,475 1,656 2,382 14,297 11,876 1 ,201 29 248 5,157 5,241 886 1,165 11 Sept. 28................... 11,538 8,366 1,480 1,692 2,506 14,455 11,751 1,159 26 358 5,148 5,060 1,033 1,156 11 Oct. 26.................... 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 1 Nov. 30?................. 11,374 8,282 1 ,526 1 ,566 2,685 14,520 11,453 1,251 17 108 5,362 4,715 1,114 1 ,181 11 Other reserve city:5* 6 1941—Dec. 31................... 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31................... 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31................... 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1964—Dec. 31................... 84,670 57,555 16,32610,78921,607 109,053 97,145 8,289 134 2,195 46,88339,645 841 8,488 182 1965—June 30................... 87,225 61,079 14,03012,116 19,864 110,063 97,418 7,168 173 4,325 42,971 42,781 1,271 8,774 179 Nov. 24......... 90,081 63,471 14.19812,412 19,810 112.849 98,151 7,274 208 2,077 43,74944,843 2,562 8,928 172 Dec. 31............... 91,997 65,117 14,35412,52621 ,147 116,350103,034 8,422 206 1 ,773 47,09245,541 1 ,548 9,007 171 1966—Jan. 26.............. 90,687 64,146 14,02912,512 19,313 113,025 98,559 6,992 210 1,368 44,251 45,738 2,537 9,015 171 Feb. 23................... 90,857 65,012 13,159 12,686 19,095 112,909 98,188 6,990 212 1,875 43,09546,016 2,676 9,032 171 Mar. 30................... 91,071 66,041 12,259 12,771 18,555 112,776 98,661 6,900 184 1 ,610 43,11646,851 2,155 9,089 170 Apr. 27.................... 92,397 66,743 12,583 13,071 20,021 115,509 100,917 6,896 194 1 ,720 44,751 47,356 2,225 9,167 170 May 25................... 92,355 66,817 11,83213,70619,064 114,547 100,037 6,702 193 2,824 42,36547,953 1,990 9,200 170 June 29................... 94,138 68,781 11,648 13,709 19,656 117,020 102,066 6,841 203 3,775 43,13548,112 2,568 9,260 170 July 27.................... 93,519 67,738 11,791 13,99020,070116,873 101,489 6,795 238 2,242 43,71648,498 2,744 9,291 170 Aug. 31................... 93,994 68,102 12,085 13,807 19,608 117,027 101,572 7,261 292 1,562 43,72748,730 2,600 9,361 170 Sept. 28................... 93,899 68,359 11,718 13,822 19,590 116,951 101,100 7,056 281 1,921 43,26248,580 2,821 9,368 170 Oct. 26.................... 93,627 68,231 11,76013,63620,426 117,442 101,512 7,158 252 1,630 44,06648,406 2,999 9,387 170 Nov. 30?............ 94,654 68,959 12,23713,45820,732 118,882 102,611 7,918 223 1,074 45,21448,182 2,807 9,453 170 Country member banks:5* 6 1941—Dec. 31................... 12,518 5,890 4,377 2,250 6.402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31................... 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31................... 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1964—Dec. 31................... 93,759 55,733 24,341 13.685 16,944 112,932 101,581 2,182 71 1,760 52,39845,169 213 8,886 6,018 1965-—June 30................... 97,043 59,411 22,697 14,935 15,837 115,302 103,304 1,825 71 3,222 49,80048,386 323 9,359 6,032 Nov. 24.................. 101,199 61,562 23.806 15,831 15,829 119,433 106.688 1,991 71 1,509 52,34250,775 597 9,581 6,030 Dec. 31.......... 103,362 63,338 23,735 16,288 17,366 123,227110,738 2,371 74 1 ,501 55,11851,675 343 9,673 6,027 1966—Jan. 26.................... 102,848 62,445 24,175 16,228 15,638 121,086 108,484 1,971 71 1 ,280 52,96452,198 594 9,655 6,018 Feb. 23................... 102,846 62,621 23,780 16,445 15,733 120,993 108,224 1,889 71 1 ,771 51,80052,693 768 9,686 6,014 Mar. 30................... 103,571 63,617 23,168 16,786 15,666 121,660 108,599 1,869 71 1 ,638 51,651 53,370 814 9,742 6,010 Apr. 27.................... 104,208 64,371 22,891 16,946 15,782 122,524 109,499 1,873 71 966 52,84153,748 762 9,815 6,006 May 25.................... 104,792 65,157 22,451 17,18415,402 122,678 109,125 1,763 71 2,177 50,951 54,163 988 9,854 6,005 June 29................... 105,209 65,878 21,912 17,419 16,325 124,270 110,757 2,098 74 2,905 51,44354,237 979 9,906 6,001 July 27................... 105,904 66,352 21,831 17,721 15,796 124,552111,141 1 ,862 74 1,963 52,03755,205 850 9,933 5,991 Aug. 31................... 106,086 66,270 21,99417,822 16,086 124,923 111,204 1,938 74 1,535 52,035 55,622 1 ,076 9,990 5,982 Sept. 28................... 106,924 66,818 22,078 18,028 15,542125,209 111,642 2,380 74 1,659 51,56255,967 737 10,113 5,978 Oct. 26.................... 107,325 66,983 22,225 18,117 15,880 125,916 112,276 1 ,981 74 1,244 52,64956,328 798 10,161 5,970 Nov. 30?................. 107,688 67,355 22,289 18,044 17,035 127,416 113,382 2,019 74 1 ,084 53,83356,372 984 10,252 5,966 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1796 COMMERCIAL AND MUTUAL SAVINGS BANKS DECEMBER 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 1 Other b c C a a l n l a l k s d s a a o n te f d Total Loans G U o S vt . . Other as C s a e s ts h 1 c c b o a i a u l a l p i n i c n a t i d i ­ t ­ t e a s s l 2 Total1 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 t i n ­ t a a t l s l b N a b o u n e f m k r s ­ Govt. Other Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25.788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88.912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,73413,398 1963—Dec. 20.. 252,579 155.261 62,723 34,594 50,337 310,730 273,657 15,077 443 6,712 140,702 110,723 3,57125.27713,284 1964—Dec. 31.. 275,053 174,234 62,49938,320 59,911 343,876 305,113 17,664 733 6,487 154,043 126.185 2,58027,37713.486 1965—June 30.. 285,375 187,207 56,42641,742 56,555 351,544 309,612 15,920 928 11,761 144,205 136,798 3,56229.051 13.528 Dec. 31.. 303,593 200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,32529,82713,540 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28.635 170,233 150,823 8,863 146 3,691 76,83661,288 1,70413,548 4,615 1964—Dec. 31.. 151,406 96,688 33,40521,312 34,064 190.289 169,615 10,521 211 3,604 84.53470,746 1,10915,048 4.773 1965—June 30.. 156,989 103,377 30,23023,382 31,595 193,748 171,528 9,096 313 6,721 79,00976,389 1,68515,853 4,803 Dec. 31.. 176,605 118,537 32,34725,720 36,880 219,744 193,860 12,064 458 3,284 92,53385,522 2,62717,434 4,815 State member banks: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31,. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,72529,642 1,795 7,506 1,497 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—June 30.. 80,339 55,455 13,166 11,718 18,603 102,301 88,215 6,259 538 4,085 41,06836,265 1,769 8,470 1,432 Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,59834,680 1,607 7,492 1,406 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5.680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49.275 44,280 559 61 726 23,140 19,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,50422,509 99 4,488 7,262 1965—June 30.. 48,058 28,375 13,039 6,644 6,357 55,507 49,869 565 78 955 24,12824,144 108 4,739 7,294 Dec. 31.. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,52825,882 91 4,912 7,320 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1 291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 1 11 1 905 365 4 279 714 1947—Dec. 31 < 2,009 474 1 ,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1963—Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—Dec. 31.. 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—June 30.. 2,336 1,434 418 484 508 2,997 2,020 252 104 34 1,061 568 120 417 262 Dec. 31.. 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5 504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14 101 6,045 11 1,362 7,130 1947—Dec. 31. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1963—Dec. 20.. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,97220,134 165 4,623 7,458 1964—Dec. 31.. 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,64523,043 198 4,894 7,536 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 1i 10,351 1 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 ........... 1 2 12 12,192 1,252 194 1963—Dec. 20.. 41,664 32,300 4,324 5,041 722 43,019 38,657 1 5 29238,359 38 3,572 330 1964—Dec. 31.. 45,358 36,233 4,110 5,015 893 47,044 42,751 2 7 32642,416 20 3,731 327 1965—June 30.. 47,031 37,970 3,975 5,085 910 48,806 44,293 1 6 37443,912 43 3,848 327 Dec. 31.. 48,735 39,964 3,760 5,010 904 50,500 45,887 ........... 1 7 35945,520 91 3,957 329 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 COMMERCIAL ANDMUTUAL SAVINGS BANKS 1797 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 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 v . t . Other a C ss a e s t h s 1 c b a i a l a l p i i n c a t i d i ­ t ­ e a s l Total 1 m D a e n ­ d Time Demand Time3 r B i o n o w g r s ­ ­ c c T a o a o p u c t i n ­ a ta t l s l b N a b u o n e m f k r s ­ counts 2 U.S. Govt. Other Noninsured mutual savings banks: 1941—Dec. 31................... 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8.738 1,077 496 1945—Dec. 31................... 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec. 31 <................ 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1963—Dec. 20................... 6,425 4,380 1,548 498 104 6,602 5,859 1 8 5,851 633 179 1964—Dec. 31................... 7,005 4,852 1,678 475 111 7,195 6,387 6 6,381 670 178 1965—Dec. 31................... 7,526 5,325 1,710 491 113 7,720 6,874 ........... 1 8 6,865 1 706 177 f See note 1 on p. 1793. 6 Beginning with. May 18, 1964, one New York City country bank with j Previously published figures for January 26 and February 23 were loans and investments of $1,034 million and total deposits of $982 million taken out inadvertently for “Al! Banks’’ and “New York City Banks.’’ was reclassified as a reserve city bank. Beginning with May 13, 1965 Figures for these dates as shown in the November Bulletin have not (Toledo, Ohio), reserve city banks with total loans and investments of changed. $530 million and total deposits of $576 million were reclassified as country 1 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 ■t Beginning with Dec, 31, 1947, the series was revised; for description, Bulletin. see note 4, p, 587, May 1964 Bulletin. Comparability of figures for classes of banks is affected somewhat by 5 Regarding reclassification of New York City and Chicago as reserve changes in F.R. membership, deposit insurance status, and the reserve cities, see Aug. 1962 Bulletin, p. 993. For various changes between classifications of cities and individual banks, and by mergers, etc. reserve city and country status in 1960-63, see note 6, p. 587, May 1964 Data for national banks for Dec. 31, 1964 have been adjusted to make Bulletin. them comparable with State bank data. Figures are partly estimated except on call dates. For revisions in series before June 30, 1947, see July 1947 Bulletin, pp. 870-71. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total1 Loans1 Total 1 Loans 1 G U o . v S t . . Other G U o . v S t . . 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—Nov. 24..................................................................... 291.5 189.8 57.5 44.2 292.3 189.8 58.8 43.8 Dec. 31..................................................................... 294.4 192.0 57.7 44.8 301.8 197.4 59.5 44,9 1966—Jan. 26...................................................................... 297,4 194.5 58.0 44.9 296,8 192.7 59.6 44.4 Feb. 23..................................................................... 297,5 196.2 55.9 45.4 296.0 193.6 57.3 45.1 Mar. 30..................................................................... 300,3 198.6 56.0 45.7 298,5 197.6 55.4 45.4 Apr. 27”................................................................... 302.7 200.7 55.8 46,2 301,5 199.7 55.4 46.4 304.3 202.0 55.0 47.2 301.9 201.4 53.5 47.0 3 305.4 2 203,7 54.5 47.1 2 307.8 2 207.6 52.9 47.3 July 27”.................................................................... 308.2 4205.9 54.1 4 48.2 306.1 4 205.3 52.5 4 48.3 309.8 206.1 55.9 47.8 306,7 205.1 53.5 48.1 Sept. 28”.................................................................... 307.7 205,6 54.0 48.0 308.3 206.4 53.3 48.5 Oct. 26”.................................................................. 307.1 206.8 52.2 48.1 307.4 205.8 53.3 48.3 Nov. 30”.................................................................... 307.4 206.8 52.7 47.9 308.3 206.8 54.0 47,5 1 Adjusted to exclude interbank loans, totaling an estimated $1 billion are included in “Other securities” rather 2 June 30, 1966 estimated. than ‘Other loans.” 3 Beginning June 9, about $1.1 billion of balances accumulated for pay­ Note.—Data are for last Wed. of month except for June 30 and Dec. ment of personal loans were deducted as a result of a change in Federal 31 ; data are partly or wholly estimated except when June 30 and Dec. 31 Reserve regulations. are call dates. For back data, see July 1966 Bulletin, pp. 952-55. For 4 Beginning July 13, 1966, Commodity Credit Corp, certificates of in­ description of seasonally adjusted series, see July 1962 Bulletin, pp. terest and Export-Import Bank portfolio fund participation certificates 797-802. 4 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1798 COMMERCIAL BANKS DECEMBER 1966 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For To Class of lo T a o n ta s l 1 Fed­ Com­ o p s r u e r c c c a u h r r a r i y t s i i i e n n s g g in f s in ti a tu n t c i i o a n l s Other, U.S s . e G cu o r v it e ie rn s m 3 ent State bank and and eral mer­ Agri- Real to and Other call date invest­ funds Total 2 cial cul- es­ in­ Other local secu­ ments and tur- To tate di­ govt, rities in­ al bro­ vid- Bills secu­ d tr u ia s l ­ k an er d s ot T h o e rs Banks Others uals Total ce a r n t d if i­ Notes Bonds rities deal­ cates ers Total : 2 1947—Dec. 31.. 116,284 .....3..8..,.0.57 18,167 1,660 8301,220 115 9,393 5,723 947 69,221 9,982 6,03453,205 5,2763,729 1963—Dec. 20.. 254,162 156,00652,9477,4705,353 2,509 3,605 9,47939,05634,5504,03463,196 12,71722,415 28,06529,7865,173 1964—Dec. 31.. 277,376 175,58960,2177,505 5,5422,843 3,491 10,913 43,675 39,8095,15262,991 13,37719,039 30,57433,5335,263 1965—June 30.. 287,723 188,641 65,5468,0686,0662,912 3,788 11,46346,22343,0565,14856,853 8,92014,67833,25536,541 5,688 Dec. 31.. 306,060 2,103 199,555 71,4378,2125,258 3,231 2,158 13,291 49,30045,4685,215 59,547 n.a. n.a. n.a. 38,6556,201 All insured: 1941—Dec. 31.. 49,290 ........... 21,259 9,214 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 1,13288,91221,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,0121,610 823 1,190 114 9,266 5,654 91467,941 9,676 5,918 52,347 5,1293,621 1963—Dec. 20.. 252,579 155,261 52,743 7,4445,321 2,476 3,594 9,415 38,861 34,3834,015 62,723 12,60122,31627,80629,5595,035 1964—Dec. 3b. 275,053 174,23459,7467,482 5,3552,794 3,419 10,81243,43639,627 5,11262,499 13,27518,93930,285 33,2945,026 1965—June 30.. 285,375 187,20765,053 8,047 5,925 2,860 3,680 11,34245,951 42,8795,09256,426 8,84914,603 32,97436,295 5,447 Dec. 31.. 303,593 2,064 198,04570,887 8.191 5,088 3,172 2,093 13,14849,02645,2905,155 59,120 13,13413,233 33,85838,4195,945 Member, total 1941—Dec. *31.. 43,521 18,021 8,671 972 594 598 39 ........... 3,494 3, 653 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 3L. 107,183 22,775 8,949 8553,133 3,378 47 3,455 1,900 1 ,05778,338 19,260 14,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,199 3,105 1963—Dec. 20.. 210,127 131,71247,403 4,6595,1242,136 3,439 8,875 31,00927,9083,76549,342 9,33918,07221,93225,2103,864 1964—Dec. 31.. 228,497 147,690 53,717 4,643 5,1422,411 3,250 10,179 34,58732,0244,82448 717 9,93215,23823,54828,3743 715 1965—Dec. 3L. 251^577 1,861 167'93963 ,’9795^0994,915 2,714 2;008 12'475 38,98836^4184,83244,992 9,441 10,10626,36932,5884,’198 New York City: 1941—Dec. 31.. 12,896 .......4..,.0.72 2,807 8 412 169 32 123 5;2 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1963—Dec. 20.. 34,827 23,577 12,332 262,677 569 1,007 2,247 1,968 2,257 1 ,068 6,154 1 ,858 2,341 1 ,955 4,653 442 1964—Dec. 31.. 39,507 27,301 14,189 302,742 623 1,179 2,615 2,546 2,654 1,371 6,178 1,958 1,972 2,248 5,579 449 1965—Dec. 31.. 44,763 412 32,713 18,075 202,866 665 1,010 3,471 3,139 2,928 1,340 5,203 1,538 987 2,876 5,879 556 City of Chicago: 1941—Dec. 31., 2,760 ........... 954 732 6 48 52 1 22 $5 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. 3b. 10,562 7,102 3,870 24 510 203 227 948 465 669 430 1,873 564 397 911 1,392 195 1965—Dec. 3b. 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,J08 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 1,342 1,053 1963—Dec. 20.. 78,370 51,891 18,862 1,219 1,243 891 1,224 4,286 12,525 11,106 1,462 16,686 2,697 6,600 7,390 8,810 981 1964—Dec. 3b. 84,670 57,55521,102 1,095 1,060 986 1,134 4,887 13,611 12,802 1,977 16,326 3,200 5,662 7,463 9,871 918 1965—Dec. 3b. 91,997 471 64,64624,7841 ,206 9541,108 635 5,820 15,05614,305 1,99914,354 2,972 3,281 8,43211,5041,022 Country: 1941—Dec. 3b. 12,518 ........... 5,890 1,676 659 20 183 2 1 ,823 1 J28 4,377 110 481 3,787 1,222 1,028 1945—Dec. 3b. 35,002 5,596 1,484 648 42 471 4 1 ,881 707 35926,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 3b. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 22422,857 3,063 2,108 17,687 2,0061,262 1963—Dec. 20.. 87,316 50,023 12,831 3,374 708 496 966 1,591 16,114 13,951 91724,797 4,395 8,531 11,871 10,3852,111 1964—Dec. 31.. 93,759 55,733 14,5563,493 830 599 710 1,730 17,96415,899 1,04724,341 4,209 7,20612,925 11,531 2,154 1965—Dec. 3b. 103,362 905 62,433 16,478 3,840 650 698 174 1 ,983 20,217 18,423 1,17723,735 4,389 5,565 14,098 13,805 2,483 Nonmember: 1947—Dec. 31.. 18,454 ........... 5,432 1,205 614 20 156 2 2,266 1,061 109 11,318 2,179 1,219 7,920 1,078 625 1963—Dec. 20.. 44,035 24,295 5,5442,811 229 373 166 604 8,047 6,643 269 13,854 3,378 4,343 6,133 4,5761,309 1964—Dec. 31.. 48,879 27,899 6,5002,862 400 432 241 733 9,088 7,786 328 14,273 3,445 3,801 7,026 5,1591,548 1965—June 30.. 50,394 29,809 6,9063,099 336 470 272 729 9,646 8,474 36613,457 2,660 3,248 7,549 5,5041,624 Dec. 3b. 54,483 242 31,616 7,4583,113 343 516 151 817 10,312 9,050 383 14,555 n.a. n.a. n.a. 6,0672,003 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 Ioan 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

DECEMBER 1966 COMMERCIAL BANKS 1799 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d s B w F e R a r . i n v R e th k e ­ . s s r C c e a o n n u i c d r n y ­ b m a w a B d n e n i c a o s t k e l t h ­ ­ i s s c 4 ju m p D s d o a a t e s d e e n i - ­ d ­ t d s 5 m D e In s o t t ­ i e c r 4 ba e F n i k g o n r­ 6 G U o .S vt . . S g l a o o t n c a v d a t t e l . c C c h o a f e e i e f n e r r f c d d i t s k ­ i ’ ­ s, IPC I b n a t n e k r­ G P U S a o o a n . s S v v d t ­ a t . . l S g l a o o t n c a v d a t t e l . IPC B r i o n o g w r s - ­ c C o a t a u a c p l n ­ i t ­ s etc. ings Total :J 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 12,312 126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908 102,8863,66425,677 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 9,812 116,6352,67927,795 1965—June 30.. . . 17,842 4,978 13,023 126,714 14,696 1,476 11 ,796 13,291 6,001 125,974 1,032 278 10,573 126,5163,68229,479 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 12,186 134,2474,47230,272 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 7,853 102,6003,571 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 9,766 116,1472,58027,377 1965—June 30.... 17,842 4,961 12,599 125,471 14,532 1,387 11,761 13,199 5,906 125,100 928 278 10,522 125,998 3,56229,051 Dec. 31.... 17,992 4,833 14,801 139,601 16,620 1,529 5,508 14,152 5,913 139,594 923 263 12,135 133,6864,32529,827 Member, total: 1941—Dec. 31 ... . 12,396 1 ,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31 ... . 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31 .... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1963—Dec. 20. ... 17,150 3,131 7,359 102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,3263,499 21,054 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—Dec. 31.... 17,992 3,757 8,957 112,569 15,977 1 ,477 4,890 10,840 5,386 115,905 840 236 10,041 109,9254,23424,926 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 10,920 1,438 3,984 1964—Dec. 31.... 3,730 278 180 17,729 4,112 976 1,486 441 2,940 20,515 436 74 677 13,534 1 ,224 4,471 1965—Dec. 31.... 3,788 310 122 18,190 4,191 1,034 1,271 620 2,937 20,708 522 84 807 17,097 1,987 5,114 City of Chicago: 1941—Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31.. .. 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 ......... 426 1963—Dec. 20. .. . 1,019 49 98 4,144 1,169 43 395 275 112 4,500 17 6 185 3,595 255 996 1964—Dec. 31.... 1,006 55 150 4,294 1,389 59 396 312 122 4,929 22 5 213 4,361 204 1,056 1965—Dec. 31.... 1,042 73 151 4,571 1,377 59 345 328 126 5,202 39 4 210 4,785 355 1,132 Other reserve city: 1941—Dec. 31.. .. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31. . .. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1963—Dec. 20. ... 7,587 935 2,105 35,859 6,958 267 2,212 3,144 1,034 39,281 95 72 2,950 31,982 1,416 7,697 1964—Dec. 31.. .. 7,680 1,065 2,433 37,047 7,962 326 2,195 3,508 1,238 42,137 134 77 3,840 35,728 841 8,488 1965—Dec. 31. ... 7,700 1,139 2,341 37,703 8,091 330 1,773 3,532 1,180 42,380 206 71 4,960 40,510 1,548 9,007 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31. . . . 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1963—Dec. 20.... 4,919 1,884 5,060 46,049 1,764 29 1,960 5,590 790 41,877 56 86 2,778 37,829 390 8,377 1964—Dec. 31 ... . 5,165 2,092 6,295 49,253 2,141 41 1,760 6,031 1,068 45,298 71 83 3,282 41,803 213 8,886 1965—Dec. 31.. .. 5,463 2,235 6,344 52,104 2,317 54 1,501 6,360 1,143 47,615 74 77 4,064 47,534 343 9,673 Nonmember:2 1947—Dec. 31 ... . 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1963—Dec. 20. ... 917 4,953 23,763 671 78 743 2,880 438 20,654 144 29 1,545 18,560 165 4,623 1964—Dec. 31. ... 1,042 6,054 26,348 765 166 672 3,227 602 22,816 156 33 1 ,800 21,210 198 4,894 1965—June 30.... 1,125 5,192 24,982 686 130 989 3,164 552 21,473 181 30 1,981 22,702 228 5,156 Dec. 31... . ............. 1,093 6,343 28,367 817 155 635 3,404 592 24,653 168 27 2,145 24,322 238 5,345 * Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 5 Through I960 demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt., less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and <s For reclassification of certain deposits in 1961, see note 6, p. 589, by mergers, etc. May 1964 Bulletin. Data for national banks for Dec. 31, 1964 have been adjusted to make them comparable with State bank data. Note.—Data are for all commercial banks in the United States. (For For other notes see opposite page. definition of “commercial banks" as used in this table and for other banks Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1800 WEEKLY REPORTING BANKS DECEMBER 1966 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans2 For purchasing or carrying securities To financial institutions Loans t Total Wednesday m i l n o a e v n a n e n d t s s s t ­ 1 v s n e t a e r i r l o t e v u ­ n e o a s f ­ i C n m a t c r d o n i i e a u m a d r l l s ­ ­ ­ A t c u u g r l a r ­ i l ­ G c U a T t s u i o n e . e o r S v d ­ s i t . ­ b , d r e o O a k c l t s u e t e i e h e r r r “ s s i s e - r G c U t s u T o i e . e r S v o s ­ i t . ­ , o th O c e t s u t i r e e h s r ­ s i e ­ r F ei o g r B n ­ ank c m m D s c o t i i e e a o m c s r l ­ ­ ­ ­ f P s c i a e a n o e N n t l r c a s e d s o . n . s , , n . ba O n t k her e R st e a a t l e s i C m n u s m o e t n n a e l t ­ r ­ g e F o i o g v n r ts ­ . o A th H e r V se t r i a r o e v lu n ­ e a s ­ Large banks—• Total 1965 Nov. 3.......... 175,823 123,526 51,219 1,741 520 3,039 101 2,119 1,637 2,245 5,289 5,045 25,265 27,780 2,474 10........... 175,434 123,781 51,184 1,734 496 3,096 99 2,126 1,628 2,692 5,058 5,020 25,312 27,806 2,470 17.......... 176,355 125,080 51,769 1,756 603 3,294 99 2,130 1,610 2,679 5,225 5,035 25,396 27,957 2,473 24........... 176,190 123,927 51,398 1,762 698 3,183 99 2,163 1,626 2,123 5,027 5,002 25,431 27,884 2,469 1966 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 Nov. 2.......... 184,237 134,659 59,676 1,773 675 2,803 102 2,123 1,501 2,673 6,199 4,441 27,446 16,092 1,159 10,775 2,779 9.......... 184,036135,106 59,786 1 ,777 688 2,788 96 2,107 1,499 3,470 5,792 4,446 27,459 16,080 1,190 10,707 2,779 16.......... 184,354 135,436 60,192 1,776 581 2,720 94 2,114 1,516 3,542 5,794 4,386 27,512 16,067 1 ,200 10,715 2,773 23........... 183,148 134,396 59,934 1,778 268 2,648 96 2,121 1,519 3,373 5,602 4,376 27,516 16,073 1,230 10,633 2,771 30.......... 184,809 134,986 59,938 1,778 465 2,642 93 2,135 1,520 3,436 5,992 4,358 27,491 15,945 1,193 10,764 2,764 New York City 1965 Nov. 3........... 40,400 29,609 16,366 21 317 1,699 25 579 853 772 1,538 1,159 2,840 4,049 609 10........... 40,463 29,811 16,402 21 341 1,735 23 585 853 933 1,478 1,157 2,855 4,036 608 17........... 40,628 30,272 16,655 21 350 1,921 24 591 844 781 1,591 1,160 2,879 4,063 608 24........... 40,355 29,786 16,548 21 427 1,820 24 619 855 493 t ,540 1,136 2,898 4,014 609 1966 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 19.......... 43,557 33,866 19,846 16 385 1,555 29 577 832 1 ,452 1,722 1 ,092 3,264 1,262 767 1 ,833 766 26........... 42,720 33,180 19,807 15 332 1,397 30 578 847 1,066 1 ,692 1,102 3,268 1,261 765 1,785 765 1966 Nov. 2........... 42,481 33,125 19,958 15 369 1,527 32 570 818 433 2,005 1,063 3,263 1 ,262 761 1,813 764 9 42,334 33,241 19,998 16 266 1 ,535 33 564 808 936 1,723 1 ,070 3,254 1 ,259 789 1 ,754 764 16........... 42,278 33,341 20,153 15 202 1,464 30 564 810 1,025 1,732 1,047 3,258 1,255 796 1,754 764 23........... 41,899 33,066 20,109 16 89 1,369 29 563 811 1 ,088 1 ,654 1,047 3,251 1 ,254 829 1 ,722 765 30........... 42,490 33,242 20,150 16 260 1,342 29 562 824 874 1,814 1,048 3,249 1,247 804 1,784 761 Outside New York City 1965 Nov. 3.......... 135,423 93,917 34,853 1,720 203 1,340 76 1 ,540 784 1,473 3,751 3,886 22,425 23,731 1,865 10.......... 134,971 93,970 34,782 1 ,713 155 1 ,361 76 1,541 775 1,759 3,580 3,863 22,457 23,770 1,862 17.......... 135,727 94,808 35,114 1,735 253 1,373 75 1,539 766 1,898 3,634 3,875 22,517 23,894 1,865 24........... 135,835 94,141 34,850 1,741 271 1,363 75 1,544 771 1,630 3,487 3,866 22,533 23,870 1,860 1966 Oct. 5........... 142,174101,821 39,695 1,773 213 1 ,292 67 1,570 676 2,246 4,489 3,513 24,063 14,709 393 9,141 2,019 12........... 141,293 101,415 39,645 1 ,764 250 1,238 63 1,563 684 2,036 4,407 3,466 24,107 14,711 395 9,104 2,018 19........... 141,859 101,312, 39,738 1,765 501 1,330 65 1,565 679 1,671 4,255 3,427 24,148 14,808 392 8,986 2,018 26........... 141,162 100,859 39,676 1,765 279 1,260 65 1,555 676 1,915 4,000 3,414 24,180 14,814 390 8,885 2,015 1966 Nov. 2........... 141,756 101,534 39,718 1,758 306 1,276 70 1 ,553 683 2,240 4,194 3,378 24,183 14,830 398 8,962 2,015 9........... 141,702 101,865 39,788 1,761 422 1,253 63 1,543 691 2,534 4,069 3,376 24,205 14,821 401 8,953 2,015 16........... 142,076102,095 40,039 1,761 379 1 ,256 64 1 ,550 706 2,517 4,062 3,339 24,254 14,812 404 8,961 2,009 23........... 141,249101,330 39,825 1 ,762 179 1 ,279 67 1,558 708 2,285 3,948 3,329 24,265 14,819 401 8,911 2,006 30........... 142,319 101,744 39,788 1,762 205 1,300 64 1,573 696 2,562 4,178 3,310 24,242 14,698 389 8,980 2,003 For notes see p. 1803. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 WEEKLY REPORTING BANKS 1801 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments Cash assets U.S. Government securities Other securities Balances with— Total Bills c C t a i e f t i e r ­ s ­ No m te a s tu an ri d n g b — onds O o p b s o f u l a i l b S g i n d t t a d i a i t c v t i a e o . l s n s O co t s h r e p e c a r , u n r s b d i t t o o ie n c s d k s s , Total p c i C r o t o e o i a l n m c l f s e e h c s s ­ s m b D a e n s o t k i ­ s c b F e a i o n g k r n ­ s r C c e a o n n u i c d n r y ­ B s F w e R a r . i n v R e th k e ­ . s s a o s A t s h e l e l t s r Wednesday W i i n t h­ 1 to After w Ta a x r­ All Ce o r f ti f. O se t c h u e ­ r tion 1 yr. 5 yrs. 5 yrs. rants 3 other p p a a t r i t o ic n i ^ ­ rities Large banks— Total 1965 26,419 4,330 .....4..,.4..1.5 10,431 7,243 ............. 25,878 39,596 19,156 4,118 222 2,282 13,818 7,008 Nov. 3 25,935 3,884 4,395 10,406 7,250 25,718 38,326 18,714 3,885 210 2,310 13,207 6,951 10 25,647 3,842 4,260 10,356 7,189 25,628 38,983 18,752 4,164 202 2,34613,519 7,018 17 26,684 5,011 4,183 10,299 7,191 25,579 37,151 17,407 3,697 215 2,32713,505 6,954 24 1966 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 2,329 15,223 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 2,566 13,505 7,785 12 23,045 3,465 696 3,245 9,166 6,473 2,879 21,008 1,064 2,242 40,251 18,828 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 22,810 3,196 671 3,321 9,181 6,441 2,638 20,928 933 2,269 40,639 18,768 3,936 205 2,45215,278 7,686 Nov. 2 22,482 2,888 659 3,337 9,160 6,438 2,415 20,870 933 2,230 40,697 20,562 3,946 241 2,542 13,406 7,801 9 22,507 2,606 276 3,194 10,397 6,034 2,266 20,974 924 2,247 42,719 21,496 4,265 223 2,533 14,202 7,697 16 22,512 2,673 271 3,218 10,318 6,032 2,207 20,897 916 2,220 39,933 19,724 3,957 227 2,483 13,542 7,619 23 23,438 3,583 266 3,236 10,333 6,020 2,227 20,950 892 2,316 42,070 19,965 4,408 237 2,755 14,705 7,897 30 New York City 1965 4,724 1,149 691 1 ,461 1,423 6,067 11,459 7,183 129 103 311 3,733 2,583 Nov. 3 4,715 1,149 690 1 ,460 1,416 5,937 11,922 7,772 115 95 297 3,643 2,584 10 4,541 1,035 639 1 ,450 1,417 5,815 10,231 6,062 160 92 302 3,615 2,661 17 4,737 1,226 592 1 ,500 1 ,419 5,832 9,981 5,898 155 99 286 3,543 2,552 24 1966 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 4,075 1,056 191 507 1 ,000 1,321 627 3,846 224 584 11,208 6,192 164 78 325 4,449 2,727 Nov. 2 3,930 898 194 506 1,004 1,328 543 3,826 223 571 12,441 8,374 152 108 354 3,453 2,845 9 3,779 738 22 445 1,265 1,309 457 3,903 224 574 11,507 7,253 210 94 319 3,631 2,820 16 3,806 781 25 434 1 ,255 1,311 439 3,829 211 548 11,402 7,339 177 89 307 3,490 2,768 23 4,142 1,135 23 431 1,250 1,303 463 3,860 216 567 12,934 7,500 526 109 335 4,464 2,868 30 Outside New York City 1965 21,695 3,181 3,724 8,970 5,820 19,811 28,137 11,973 3,989 119 1,971 10,085 4,425 Nov. 3 21,220 2,735 3,705 8,946 5,834 19,781 26,404 10,942 3,770 115 2,013 9,564 4,367 10 21,106 2,807 3,621 8,906 5,772 19,813 28,752 12,690 4,004 110 2,044 9,904 4,357 17 21,947 3,785 3,591 8,799 5,772 19,747 27,170 11,509 3,542 116 2,041 9,962 4,402 24 1966 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 1,557 489 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 2,240 10,888 4,871 19 18,634 2,102 474 2,762 8,196 5,100 2,138 17,035 814 1,682 28,077 11,130 3,721 125 2,320 10,781 4,869 26 18,735 2,140 480 2,814 8,181 5,120 2,011 17,082 709 1 ,685 29,431 12,576 3,772 127 2,127 10,829 4,959 Nov. 2 18,552 1 ,990 465 2,831 8,156 5,110 1 ,872 17,044 710 1 ,659 28,256 12,188 3,794 133 2,188 9,953 4,956 9 18,728 1,868 254 2,749 9,132 4,725 1 ,809 17,071 700 1 ,673 31,212 14,243 4,055 129 2,21410,571 4,877 16 18,706 1,892 246 2,784 9,063 4,721 1,768 17,068 705 1,672 28,531 12,385 3,780 138 2,17610,052 4,851 23 19,296 2,448 243 2,805 9,083 4,717 1,764 17,090 676 1,749 24,107 12,465 3,882 128 2,420 10,241 5,029 30 For notes see p. 1803. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1802 WEEKLY REPORTING BANKS DECEMBER 1966 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time Total Wednesday unad­ States Do­ Foreign I PC States Foreign justed and mes­ and Do­ polit­ U.S. tic polit­ mes­ Totals I PC d s i u i c v a b i l ­ ­ Govt. c m c o i e a m r l ­ ­ G e o tc v . t 6 ., C m c o i e a m r l ­ ­ Total? S in a g v s ­ Other d s i u c iv a b i l ­ ­ i b n t a i t n c e k r­ G e o tc v . t., C m c o i e a m r l ­ ­ sions banks banks sions banks Large banks— Total 1965 Nov. 3..................... 190,770 106,608 77,060 6,070 2,712 13,560 712 1,343 84,162 50,108 22,254 6,707 598 4,082 232 10..................... 188,485 104,114 75,974 5,709 1 ,704 13,258 773 1 ,349 84,371 50,236 22,329 6,763 596 4,045 226 17..................... 189,787 105,446 77,352 5,387 3,114 12,992 763 1,313 84,341 50,290 22 223 6,805 587 4,030 230 24..................... 188,386103,684 75,856 5,482 4,125 11,945 751 1 ,288 84,702 50,364 22,450 6,871 617 3,994 228 1966 Oct. 5..................... 198,089 108,033 77,065 5,899 4,244 13,251 648 1 ,415 90,056 47,192 30,147 7,696 611 4,018 222 12..................... 195,810 105,894 78,181 5,267 2,058 13,544 635 1 ,453 89,916 47,085 30,102 7,731 602 4,005 223 19..................... 196,908 107,776 78,638 5,160 4,328 12,886 834 1 ,464 89,132 47,014 29,513 7,664 585 3,952 229 26..................... 194,729 105,562 77,184 5,553 3,491 11,947 676 1 ,467 89,167 47,022 29,441 7,674 572 4,063 234 Nov. 2..................... 196,128 107,393 77,518 6,614 3,460 12,692 745 1 ,455 88,735 46,962 29,197 7,569 537 4,098 216 9..................... 194,674 105,995 76,449 5,757 2,318 13,719 685 1,369 88,679 47,014 29,141 7,519 531 4,095 213 16..................... 196,337 108,039 80,344 5,742 1 ,473 13,383 703 1 ,433 88,298 46,977 28,854 7,444 525 4,114 217 23..................... 192,903 104,561 77,222 5,711 2,037 12,465 654 1 ,421 88,342 46,972 28,907 7,527 484 4,054 228 30..................... 197,200 108,817 79,359 6,300 2,779 13,077 747 1 ,441 88,383 46,924 28,944 7,625 481 4,032 212 New York City 1965 Nov. 3................4..4..,.281 27,197 17,526 516 645 3,827 549 907 17,084 5,272 7,648 605 412 2,945 123 10..................... 44,077 26,907 17,236 367 377 3,906 609 926 17,170 5,294 7,739 605 403 2,931 120 17..................... 42,681 25,507 17,209 304 624 3,341 599 871 17,174 5,304 7,754 604 402 2,909 122 24..................... 42,422 25,058 16,964 269 716 3,211 573 847 17,364 5,315 7,909 648 421 2,868 123 1966 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 Nov. 2..................... 43,646 27,107 17,582 696 962 3,383 607 1 ,005 16,539 4,575 7,756 725 358 2,944 112 9............... 43,998 27,463 17,253 275 513 4,115 555 936 16,535 4,609 7,718 719 359 2,942 108 16..................... 43,292 26,845 18,232 312 243 3,684 564 1 ,001 16,447 4,597 7,602 755 353 2,951 108 23..................... 42,982 26,625 17,634 255 393 3,653 526 950 16,357 4,591 7,608 735 322 2,903 115 30..................... 45,402 28,975 18,724 550 1,155 3,711 614 970 16,427 4,596 7,686 765 316 2,884 100 Outside New York City 1965 Nov. 3..............1..4..6..,.489 79,411 59,534 5,554 2,067 9,733 163 436 67,078 44,836 14,606 6,102 186 1,137 109 10..................... 144,408 77,207 58,738 5,342 1 ,327 9,352 164 423 67,201 44,942 14,590 6,158 193 1,114 106 17..................... 147,106 79,939 60,143 5,083 2,490 9,651 164 442 67,167 44,986 14,469 6,201 185 1,121 108 24..................... 145,964 78,626 58,892 5,213 3,409 8,734 178 441 67,338 45,049 14,541 6,223 196 1,126 105 1966 Oct. 5..................... 152,671 79,983 59,362 5,431 2,980 9,632 125 433 72,688 42,547 21,577 6,975 230 1,167 103 12..................... 152,369 79,679 60,711 4,971 1 ,614 9,996 140 451 72,690 42,472 21,650 6,981 229 1,167 103 19..................... 152,574 80,168 60,753 4,833 2,966 9,239 162 454 72,406 42,415 21 ,513 6,920 216 1,144 103 26..................... 150,348 77,942 59,347 5,151 2,496 8,494 142 458 72,406 42,431 21,506 6,924 205 1,142 111 Nov. 2........... 152,482 80,286 59,936 5,918 2,498 9,309 138 450 72,196 42,387 21,441 6,844 179 1,154 104 9..................... 150,676 78,532 59,196 5,482 1 ,805 9,604 130 433 72,144 42,405 21,423 6,800 172 1,153 105 16..................... 153,045 81,194 62,112 5,430 1,230 9,699 139 432 71 ,851 42,380 21,252 6,689 172 1,163 109 23..................... 149,921 77,936 59,588 5,456 1 ,644 8,812 128 471 71,985 42,381 21,299 6,792 162 1,151 113 30..................... 151,798 79,842 60,635 5,750 1 ,624 9,366 133 471 71,956 42,328 21,258 6,860 165 1,148 112 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 WEEKLY REPORTING BANKS 1803 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Memoranda Total assets— Total lia O b t i h li e ti r e s a C cc a o p u it n a t l s liab a i n l d it ies Total T lo o a t n a s l Demand La o rg f e d e c p er o ti s f i i t c 1 a 0 tes Wednesday B F F a r . o n R m k . s o F t r h o e m rs a c c a c p o i u t n al t s ad l ( j o n u a e s n t t ) s e , d8 a a d ( n j n u d e s t t i ) e n , d ­ , a d d e j p u o s s te it d s 9 vestments 8 i T ss o u t e a d l to Is s I u P e C d ’s to I s o s t u h e e d rs Large banks- Total 1965 501 4,909 7,947 18,300 222,427 121,281 173,578 71,180 16,369 Nov. 3 76 5,685 8,164 18,301 220,711 121,089 172,742 70,438 16,538 10 199 5,670 8,425 18,275 222,356 122,401 173,676 70,588 16,546 17 660 4,734 8,278 18,237 220,295 121,804 174,067 70,207 16,748 24 1966 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 26 711 5,760 10,825 19,138 232,562 131,986 181,564 72,473 15,711 10,621 5,090 Nov. 2 441 6,782 11,479 19,158 232,534 131,636 180,566 69,396 15,721 10,609 5,112 9 443 6,920 11,967 19,103 234,770 131,894 180,812 71,687 15,535 10,466 5,069 16 250 6,784 11,693 19,070 230,070 131,023 179,725 70,336 15,501 10,503 4,998 23 325 6,693 11,359 19,199 234,776 131,550 181,373 72,996 15,462 10,499 4,963 30 New York City 1965 95 1,610 3,422 5,034 54,442 28,837 39,628 15,542 6,801 Nov. 3 2,333 3,525 5 ,034 54,969 28,878 39,530 14,852 6,899 10 2,347 3,467 5,025 53,520 29,491 39,847 15,480 6,863 17 233 1 ,830 3,397 5,006 52,888 29,293 39,862 15,233 7,023 24 1966 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 26 156 2,198 5,290 5,126 56,416 32,692 42,048 16,570 5,689 3,934 1,755 Nov, 2 60 2,671 5,750 5,141 57,620 32,305 41,398 14,461 5,662 3,920 1,742 9 2,446 5,738 5,129 56,605 32,316 41,253 15,665 5,519 3,793 1,726 16 4 2,252 5,722 5,109 56,069 31^978 40,811 15,240 5,437 3,795 1,642 23 2,531 5,203 5,156 58,292 32,368 41,616 16,609 5,413 3,838 1,575 TO Outside New York City 1965 406 3,299 4,525 13,266 167,985 92,444 133,950 55,638 9,568 Nov. 3 76 3,352 4,639 13,267 165,742 92,211 133,212 55,586 9; 639 10 199 3,323 4,958 13,250 168,836 92,910 133,829 55,108 9,683 17 427 2'904 4,881 13,231 167,407 92,511 134,205 54,974 9,725 24 1966 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 26 555 3,562 5,535 14,012 176,146 99,294 139,516 55,903 10,022 6,687 3,335 2 381 4,111 5,729 14,017 174,914 99,331 139,168 54,935 10,059 6,689 3,370 9 443 4,474 6,229 13,974 178,165 99,578 139,559 56,022 10,016 6,673 3,343 16 246 4,532 5,971 13,961 174,631 99,045 138,964 55,096 10,064 6,708 3,356 23 325 4,162 6,156 14,043 176,484 99,182 139,757 56,387 10,049 6,661 3,388 30 1 After deduction of valuation reserves. 9 All demand deposits except U.S. Government and domestic com­ 2 Individual items shown gross. mercial banks, less cash items in process of collection. 3 Includes short-term notes and bills (less than 1 year to maturity) i o Certificates of deposit issued in denominations of $100,000 or more. issued by States and political subdivisions, « Federal agencies only. Note.—Beginning June 29, 1966, coverage of series was changed from 5 Includes certified and officers’ checks, not shown separately. Weekly Reporting Member Banks to Weekly Reporting Large Commer­ 6 Deposits of foreign governments and official institutions, central cial Banks; also, detailed breakdown is shown of “All other loans,” of banks, and international institutions. “Other securities,” and of ownership of time certficates of deposit in ? Includes U.S. Government and postal savings, not shown separately denominations of $100,000 or more, For description of revisions, see Aug. 8 Exclusive of loans to domestic commercial banks. 1966 Bulletin, pp. 1137-40. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1804 BUSINESS LOANS OF BANKS DECEMBER 1966 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1966 1966 1966 1966 1965 Nov. Nov. Nov. Nov. Nov. 1st 2nd 30 23 16 9 2 Nov. Oct. Sept. III II I half half Durable goods manufacturing: 959 956 961 960 961 -4 -47 -75 -75 80 153 233 17 3,953 3,947 3,916 3,886 3,886 __4 54 241 360 467 213 680 121 Transportation equipment............... 1,885 1,865 1 ,859 1 ,819 1 ,792 124 -5 52 239 233 125 358 130 Other fabricated metal products.. . 1 ,587 1 ,589 1,618 1 ,604 1 ,607 -40 -47 27 72 169 96 265 70 Other durable goods......................... 1,965 1 .998 1 ,998 1,989 1 ,979 -17 1 31 78 234 156 390 83 Nondurable goods manufacturing: Food, liquor, and tobacco............... 2,642 2,642 2,605 2,577 2,521 191 162 112 56 -117 -39 -156 760 Textiles, apparel, and leather........... 1,910 1,948 2,010 2,023 2,008 -101 -194 -53 106 225 325 550 -164 1,740 1 ,751 1 ,780 1,770 1 ,764 -37 2 -1 -92 107 149 256 259 Chemicals and rubber....................... 2,215 2,221 2,218 2,202 2,198 -1 106 81 23 330 353 83 Other nondurable goods................... 1,509 1 ,'508 1 ^24 1 ;520 1,522 -16 -67 28 127 216 93 309 62 Mining, including crude petroleum and natural gas....................... 3,938 3,961 3,983 3,956 3,955 -41 -44 156 222 226 118 344 243 Trade: Commodity dealers................... 1 ,447 1,385 1 ,389 1,323 1 ,261 242 35 -39 22 -222 -100 -322 436 Other wholesale......................... 2,939 2,918 2,914 2,892 2,889 73 -4 51 42 155 6 161 183 Retail.......................................... 3,570 3,555 3,750 3,586 3,648 57 109 92 -116 466 -11 455 -77 Transportation, communication, and other public utilities.......... 6,975 6,889 6,889 6,889 6,917 161 104 303 370 343 -123 220 961 Construction........................................... 2,534 2,558 2,587 2,587 2,590 -76 -26 -55 -74 153 36 189 26 All other:* Bankers’ acceptances......................... 447 466 425 418 431 60 24 14 -101 -231 -1 -232 -186 All other types of business, mainly services............................................. 6,731 6,755 6,724 6,726 6,729 1 18 33 -56 226 243 469 381 Total classified loans............................. 48,946 48,912 49,150 48,727 48,658 573 74 1,023 1,261 2,753 1,769 4,522 3,388 Commercial and industrial loans— All weekly reporting banks........ 59,938 59,934 60,192 59,786 59,676 455 84 1,147 1,153 3,152 2,011 5,163 3,782 i Beginning Dec. 31, 1963, bankers’ acceptances for the creation Note.—About 200 of the weekly reporting member banks are included of dollar exchange are excluded from commercial and industrial loans in this series; these banks classify, by industry, commercial and industrial and those relating to commercial transactions are shown in a separate loans amounting to about 85 per cent of such loans held by all weekly category. Current figures are therefore not strictly comparable with reporting member banks, and about 60 per cent of those held by all figures previously reported, but differences are relatively small. commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan Size of loan (thousands of dollars) (thousands of dollars) Area All Area All and loans and loans period 1­ 10­ 100­ 200 period 1­ 10­ 100­ 200 10 100 200 and over 10 100 200 and over Year: 19 large cities: Quarter—cont,:1 New York City: 1956............................. 4.2 5.2 4.8 4.4 4.0 1965—Sept........... 4.76 5.65 5.37 5.13 4.64 1957............................. 4.6 5.5 5.1 4.8 4.5 Dec....... 5.08 5.74 5.59 5.34 4.99 1958............................. 4.3 5.5 5.0 4.6 4.1 1966—Mar............... 5.41 5.92 5.78 5.66 5.34 1959............................. 5.0 5.8 5.5 5.2 4.9 June............... 5.65 6.14 6.11 5.87 5.57 Sept............... 6.13 6.60 6.57 6.39 6.05 I960............................. 5.2 6.0 5.7 5.4 5.0 1961............................. 5.0 5.9 5.5 5.2 4.8 7 other northern and 1962............................. 5.0 5.9 5.5 5.2 4.8 eastern cities: 1963............................. 5.0 5.9 5.5 5.2 4.8 1965—Sept.............. 5.03 5.88 5.62 5.31 4.87 1964............................. 5.0 5.9 5.6 5.3 4.8 Dec............... 5.32 5.95 5.80 5.56 5.19 1965............................. 5.1 5.9 5.6 5.4 4.9 1966—Mar.. ........... 5.58 6,10 6.05 5.82 5.46 June............... 5.86 6.32 6.35 6.08 5.74 Quarter:1 Sept............... 6.40 6.62 6.75 6.60 6.31 19 large cities: 11 southern and 1965-Sept......................... 5.00 5.90 5.60 5.32 4.80 western cities: 5.27 5.96 5.74 5.51 5.11 1965—Sept............... 5.31 6.02 5.73 5.45 5.03 Dec................ 5.46 6.07 5.80 5.59 5.23 1966—Mar......................... 5.55 6.13 5.96 5.76 5.41 1966—Mar............... 5.70 6.23 6.01 5.77 5.50 5.82 6.39 6,25 6.03 5.68 June............... 6.00 6.52 6.28 6.08 *5.82 Sept..................... 6.30 6.73 6.65 6.51 6.18 Sept............... 6.42 6.84 6.65 6.51 6.26 1 Based on new loans and renewals for first 15 days of month. thereafter occurred on the following dates (new levels shown in per cent); 1956—Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4*4; 1958—Jan. 22, 4; Note.'—Weighted averages. For description see Mar. 1949 Bulletin, Apr. 21,3^; Sept. II, 4; 1959—May 18, 4*4; Sept. 1, 5; I960—Aug. 23, pp. 228-37. 4*4; 1956'—Dec. 6, 5; and 1966—Mar. 10, 5*4; June 29, 5%; and Aug. Bank prime rate was 3Vz per cent Jan. 1, 1956—Apr. 12, 1956. Changes 17, 6. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 INTEREST RATES 1805 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period m 4 p o - c a o n t p m o t e h l r 6 s . , - 1 d 3 p i p - r l a e a t p c o c t e e l 6 d r y - , 9 b a 0 a a c n n d c c k a e e y e p s s r t , s ­ ’ 1 F r f e a u d t n e e d r s a 3 l Ra 3 te -m o o n n th b M ill a s r 5 ket Ra 6 te -m o o n n th b M ill a s rk 5 et B 9- i ll t s o ( m 12 a - r m ­ on O th t h is e s r u e 6 s 3 is - y s u t e o e a s r 5 7 months 2 new issue yield new issue yield ket yield)5 1963 .............................. 3.55 3.40 3.36 3.18 3.157 3.16 3.253 3.25 3.30 3.28 3.72 1964.............................. 3.97 3.83 3.77 3.50 3.549 3.54 3.686 3.68 3.74 3.76 4.06 1965.............................. 4.38 4.27 4.22 4.07 3.954 3.95 4,055 4.05 4.06 4.09 4.22 1965—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 Nov................... 6.00 5.88 5.67 5.77 5.344 5.31 5.604 5.54 5.49 5.45 5.43 Week ending— 1966—Nov. 5............ 6.00 5.88 5,63 5.86 5.234 5.29 5,513 5,57 5.53 5.48 5.39 12............ 6.00 5.88 5.63 5.86 5.432 5.41 5.705 5,68 5.58 5.56 5.45 19 6.00 5.88 5.68 5.96 5.459 5.38 5.695 5.63 5.53 5.51 5.47 26............ 6.00 5.88 5.75 5.50 5.252 5.26 5.501 5,49 5.49 5.33 5.43 Dec. 3............ 6.00 5.88 5.66 5.64 5,202 5.17 5.337 5.26 5.27 5.32 5.34 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance cos., for varying maturi­ closing bid prices, s Bills quoted on bank discount rate basis. ties in the 90-179 day range. 6 Certificates and selected note and bond issues. 3 Seven-day average for week ending Wed. 7 Selected note and bond issues. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio States (long­ Total1 term) Total1 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 ­ 1963 ................................................... 4.00 3,28 3.06 3.58 4,50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 1964................................................... 4.15 3.28 3.09 3.54 4,57 4.40 4.83 4.52 4,67 4.53 4.32 3.01 5.54 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—Nov....................................... 4.34 3.50 3.34 3.70 4.75 4.60 4.95 4.71 4.83 4.71 4.41 2.96 Dec........................................ 4.43 3.56 3.39 3.78 4.84 4.68 5.02 4.79 4.91 4.82 4.47 3.06 5.68 1966—Jan......................................... 4.43 3.56 3.40 3.79 4.89 4.74 5.06 4.84 4.97 4.85 4.51 3.02 Feb........................................ 4.61 3.66 3.48 3.93 4.94 4.78 5.12 4.91 5.02 4.90 4.63 3.06 Mar....................................... 4.63 3.78 3.55 4.11 5.10 4.92 5.32 5.06 5.18 5.08 4.83 3.23 6.13 Apr........................................ 4.55 3.68 3.46 4.06 5.16 4.96 5.41 5.09 5.19 5.21 4.78 3.15 May...................................... 4.57 3.76 3.53 4.13 5.18 4.98 5.48 5.12 5.20 5.23 4.83 3.30 June...................................... 4.63 3.84 3.60 4.16 5.28 5.07 5.58 5.25 5.26 5.32 4.93 3.36 6.80 July........................................ 4.74 4,01 3.77 4.31 5.36 5,16 5.68 5.33 5.37 5.39 5.00 3,37 Aug........................................ 4.80 4.16 3.91 4.46 5.50 5.31 5.83 5.49 5.48 5.54 5.18 3.60 Sept...................................... 4.79 4.18 3.93 4.48 5.71 5.49 6.09 5.71 5.65 5.78 5.23 3.75 Oct......................................... 4.70 4.09 3.82 4.42 5.67 5.41 6.10 5.63 5.67 5.72 5.28 3.76 Nov................................. 4.74 4.01 3.78 4.33 5.65 5.35 6.13 5.59 5.72 5.64 5.21 3,66 Week ending—• 1966—Nov. 5................................ 4.67 3.95 3.72 4.32 5.64 5.35 6.10 5.59 5.69 5,64 5.14 3.66 12................................ 4.73 3.95 3,72 4.32 5,64 5.35 6.11 5.59 5.71 5.63 5.14 3.63 19................................ 4.77 4.04 3.81 4.35 5.64 5.36 6.12 5.59 5,70 5.65 5.21 3.60 26................................ 4.76 4.09 3.87 4.35 5.67 5.36 6.16 5.60 5.75 5,65 5.27 3.70 Dec. 3 ................................ 4.74 4.11 3.89 4.37 5,68 5.37 6.18 5,61 5.76 5,67 5.27 3.69 Number of issues............................ 10-11 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep­ Thurs. figures. Corp, bonds: Averages of daily figures. Both of these arately. Because of a limited number of suitable issues, the number series are from Moody*s Investors Service series, _ _ of corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor’s Corp, series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. Note.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt, bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. State and local govt, bonds: General obligations only, based on adjusted at annual rates. ' Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1806 SECURITY MARKETS DECEMBER 1966 MORTGAGES: NEW AND EXISTING HOMES SECURITY PRICES (Per cent) Bond prices Co ( m 19 m 4 o 1 n - 4 s 3 to = c k io ) prices Vol­ ume Contract interest rate on of Period o i n n Y s F i u e H r l e d A d - F c H o A nv s e e n r t i i e o s nal first F m H o L r B tg B ag s e e s ries Period ( G t U l e o o r . n m S v g t . ) , ­ S l a o t n c a d a te l A C p a A o o te r r A ­ ­ Total d t I r u n ia s ­ l ­ R ro a a i d l­ P u i l u t t i i y c b l ­ ­ s (t h t h r i a n a o r g d e u s ­ s ) . New New Existing New Existing 1964............... 84.46 111.5 95.1 81.37 86.19 45.46 69,91 4,888 1965............... 83.76 110.6 93.9 88.17 93.48 46.78 76.08 6,174 1961................... 5.69 5.97 6.04 1962................... 5.60 5.93 5.99 1965—Nov.. 82.22 107.7 92.3 92.15 98.02 50,23 76.72 7,360 1963................... 5.46 5.81 5.87 5.84 5.98 Dec... 81 .21 106.3 91.1 91.73 97.66 51.03 75.39 8,690 1964................... 5.45 5.80 5.85 5.78 5.92 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 Feb... 79.32 105.2 89.5 92.69 99.11 54.78 71.87 8,753 1965—Sept........ 5.46 5.80 5.90 5.75 5.89 Mar.. 78.92 103.9 87.9 88,88 95.21 51.52 69.21 8,327 5.49 5.85 5.90 5.75 5.87 Apr... 79.75 105.9 87.6 91.60 98.17 52.33 70.06 9,310 Nov........ 5.51 5.90 5.95 5.80 5.91 May.. 79.56 104.5 87.6 86.78 92.85 47.00 68.49 8,165 Dec........ 5.62 6.00 6.05 5.78 5.91 June.. 78.93 103.2 86.9 86.06 92.14 46.35 67.51 6,393 July.. 77.62 100.9 86.0 85.84 91.95 45.50 67.30 5,997 1966—Jan...... 5.70 6,00 6.05 5.81 5.97 Aug.. 77.02 97.7 84.1 80.65 86.40 42.12 63.41 7,064 Feb........ 6.05 6.10 5.85 5.97 Sept.. 77.15 98.5 82.6 77.81 83.11 40.31 63.11 5,722 Mar..... 6.00 6.15 6.20 5.90 6.01 Oct... 78.07 100.5 83.5 77.13 82.01 39.44 65,41 7,000 Apr........ 6,25 6.30 5.99 6.09 Nov... 77.68 101.0 83.5 80.99 86.10 41.57 68.82 7,297 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 Nov. 5........ 78,47 102.9 83.9 80.65 85.67 41,45 68.99 6,300 Oct......... 6.70 6.75 6.32 6.49 12........ 77.82 102.2 83.6 81.49 86.66 41 .29 69.15 7,528 Nov..,.. 6.81 6.70 6.75 19........ 77.39 100.5 83.7 81.70 86.88 42.03 69.15 7,983 26........ 77.40 99.6 83.3 80.21 85.22 41.43 68.35 7,018 Dec. 3........ 77.67 99.6 83.3 80.36 85.46 41 .21 68.05 7,386 Note.—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices on prevailing conditions in their localities as of the first of the Note.—Annual data are averages of monthly figures. Monthly and weekly succeeding month. The yields are derived from weighted aver­ data are averages of daily figures unless otherwise noted and are computed as ages of private secondary market prices for Sec. 203, 30-year follows: U.S. Govt, bonds, derived from average market yields in table at bottom of mortgages with minimum downpayments and an assumed pre­ preceding page on basis of an assumed 3 per cent, 20-year bond. Municipal and payment at the end of 15 years. Gaps in the data are due to corporate bonds, derived from average yields as computed by Standard and Poor’s periods of adjustment to changes in maximum permissible con­ Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. Common tract interest rates. The FHA series on average interest rates stocks, Standard and Poor’s index. Volume of trading, average daily trading in on conventional first mortgages are unweighted and are rounded stocks on the N.Y. Stock Exchange for a S^-hour trading day. to the nearest five basis points. For FHLBB series, see footnote to table on Conventional First Mortgages, p. 1823. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N.Y. Stock Exchange brokers and dealers for pur­ Money borrowed on— Cus­ Month Total firms secured by— chasing or carrying— to n m e e t rs’ securities free other than Other securities credit U.S. Govt. se G c U u o . r v S it t . i , e s se O cu t r h i e ti r e s se G c U u o r . v i S t t i . , e s se O cu th ri e ti r e s se G c U u o . r S v it t . i , e s Total C co u l s l t a o te m ra e l r co O ll t a h te e r r a l a b n a c l e ­ s 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—Oct......... 7,117 23 5,073 95 2,044 150 3,403 2.882 521 1,475 Nov....... 7,304 23 5,209 93 2,095 134 3,527 2,930 597 1,479 Dec........ 7,705 22 5,521 101 2,184 130 3,576 2,889 687 1,666 1966—Jan......... 7,726 24 5,551 104 2,175 126 3,543 2,948 595 1,730 Feb........ 7,950 24 5,753 101 2,197 34 3,552 2,959 593 1,765 Mar....... 7,823 26 5,645 105 2,178 108 3,495 2,855 640 1,822 Apr........ 7,991 27 5,835 92 2,156 193 3,665 2,983 682 1,744 May.... 7,905 29 5,768 88 2,137 153 3,588 2,935 653 1,839 June.... 8,001 29 5,770 87 2,231 126 3,683 2,977 706 1,658 July.. . . 7,870 34 5,667 116 2,203 55 3,731 3,127 604 1,595 Aug........ 7,811 35 5,609 115 2,202 109 3,676 3,082 594 1,595 Sept........ 7,525 45 5,355 106 2,170 103 3,434 2,859 575 1,528 Oct......... 7,302 47 5,169 95 2,133 198 3,151 2,627 524 1,520 Note.—Data in first 3 cols, and last col. are for end of month; in other partners 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 the Exchange. Customers’ debit and free credit balances Bank loans to others than brokers and dealers: Figures are for large exclude balances maintained with reporting firm by other member firms of commercial banks reporting weekly. national securities exchanges and balances of reporting firm and of general Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 OPEN MARKET PAPER; SAVINGS INSTITUTIONS 1807 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 Placed Placed Total Banks Others p I o m rt ­ s p E o x rt ­ s Dollar shi p p o p i e n d t s b e in tw — een Total through direct­ into from ex­ 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 S n ta 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 74 162 249 1960....................... 4,497 1 ,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961....................... 4,686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962....................... 6^000 2,088 3,912 2,650 1J53 865 288 110 86 1,301 541 778 186 171 974 1963 ....................... 6.747 1,928 4,819 2^890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964....................... 8,361 2^223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 111 43 1 565 1965 Sept............ 9,692 2,194 7,498 3,314 1,311 1,114 198 63 152 1,787 820 942 17 20 1 516 Oct........ 10’554 2^250 8,304 3^10 1,264 U099 165 86 156 1,804 842 919 18 16 1 ’515 Nov............ 10,'406 2'205 8,201 3,245 1 ,'188 U051 136 110 146 1,802 802 917 14 26 1 ’485 Dec............. ^9^058 1 '903 r7,155 3,392 1 '223 1,094 129 187 144 1,837 792 874 27 35 1’564 1966__Jan.............. ^9,984 I ,834 ^8,150 3,332 1,206 1,109 97 110 134 1,838 752 933 26 29 1 592 Feb............. rl0'365 1 ^828 ^8^37 3^13 1 '294 IJ77 117 122 135 1,762 738 920 35 22 1 ’600 Mar............ *"10'732 2,066 ••8,666 3,388 1,266 1,037 229 126 129 1,867 775 887 36 21 1 *668 Apr........... M 1 '239 2,253 ^8'986 3,464 1 ,284 1'060 224 159 137 1,884 839 875 34 20 1 ’706 May.......... rl 1 ,437 2'113 ^i 324 3^18 1 ,269 1,034 235 180 159 1'810 834 847 39 20 i *679 rl0,769 2,090 r8,679 3,420 1,061 927 134 238 252 1,869 881 833 34 24 1 *648 July............ r12 J83 2J61 ^9,822 3^369 1 .005 912 93 51 257 2^56 911 790 54 23 1 ’591 Aug............ T12'835 2,653 •-10,189 3,387 909 824 84 48 272 2,158 946 781 64 54 1 541 Sept............ H1,778 2,773 ^9,005 3,370 935 846 89 47 243 2, 145 957 760 62 60 1 ’531 Oct........ 13,045 2^77 10,068 3,358 961 860 100 51 230 2,117 982 756 75 57 1,489 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— End of period M ga o g r e t­ Other G U o .S v . t . S g l a o o t n c a v d a t t e l . C ot r o a h a n r e t p d e r o 1 ­ Cash a O s t s h e e ts r g r l e T e ia a s t n o i b e n e e t r i d a s r l v a i l e ­ l D i e ts p o 2 s­ l O ia t t i b h e i s e li r ­ G r c e o e s a u n e c r n e ­ v r t a e s l c M om or m tg i a tm ge e n lo ts a n 3 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 151332 48 1,582 1959 4 ........................... 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960 . 26’702 416 6,243 672 5'076 874 589 401571 361343 678 31550 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 31957 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 541238 481849 989 41400 135 992 2 820 1965--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 511826 1,366 4,672 124,097 2,824 Dec..................... 44'433 862 5,485 320 5; 170 1 ,017 944 581232 521443 1,'124 41665 120 476 2 697 1966—-Jan..................... 44,709 904 5,560 314 5,217 920 965 58,588 52,689 1,230 4 669 116,124 2 590 Feb...................... 44^952 925 5,623 313 51289 932 965 58,999 521907 11354 4,737 114 106 2,551 Mar.................... 45,180 913 5^600 317 5,352 896 998 591256 531286 1,228 41742 113 554 2*565 Apr..................... 45’335 867 5’335 307 51323 849 994 591010 52,’959 1,343 4 ,’707 115,845 2,580 May.................... 45'529 991 5; 311 297 5,353 854 995 59,330 531075 11480 41774 116,497 2,637 June................... 45'688 923 5'150 286 5,397 963 1,007 59,415 531318 11332 41765 115 006 2,464 July..................... 45,968 1,035 5,101 280 5,494 852 1,042 59',772 53,523 1 ’,499 4’,75b 104,630 2^352 Aug............... 46,232 1 '095 5,062 276 5,659 826 11007 601156 53,689 1,641 41827 101,682 2 274 Sept.................... 46,450 1 '052 5^078 270 5,603 850 1 1031 60,334 54,073 1 1438 4,823 99 377 2’ 191 Oct...................... 46^37 1,023 5,588 260 4^913 832 11037 601391 54J78 1,401 4,812 97,283 2,151 i 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. 1793. 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

1808 SAVINGS INSTITUTIONS DECEMBER 1966 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period T as o s t e a ts l Total U St n a i t t e e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks M ga o g r e t s ­ e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Statement value: 1941........................................ 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945............................................ 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1960........................................... 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961............................................ 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962............................................ 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963............................................ 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964............................................ 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965............................................ 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 Book value: 1963—Dec............................. 141,121 12,464 5,813 3,868 2,783 59,434 53,770 5,664 50,596 4,325 6,656 7,646 1964—Dec................................ 149,470 12,343 5,594 3,785 2,964 62,112 55,735 6,377 55,197 4,534 7,141 8,143 1965—Oct. ............................. 157,145 11,843 5,207 3,579 3,057 65,572 58,451 7,121 58,867 4,684 7,599 8,580 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 Dec................................. 157,641 11,677 5,110 3,523 3,044 65,672 58,539 7,133 59,276 4,695 7,623 8,698 Nov................................ 158,702 11,597 5,064 3,507 3,026 65,520 58,377 7,243 60,021 4,681 7,674 9,109 1966—Jan.................................. 159,628 11,631 5,132 3,472 3,027 66,158 58,867 7,291 60,518 4,694 7,722 8,905 Feb................................. 160,234 11,624 5,159 3,444 3,021 66,323 59,031 7,292 60,881 4,704 7,772 8,930 Mar................................ 160,798 11,424 5,031 3,375 3,018 66,827 59,558 7,269 61,288 4,725 7,849 8,685 Apr................................. 161,476 11,332 5,019 3,293 3,020 67,100 59,821 7,279 61,710 4,734 7,955 8,645 May............................... 162,036 11,260 4,983 3,260 3,017 67,234 59,923 7,311 62,101 4,735 8,051 8,655 June................................ 162,511 10,950 4,803 3,192 2,955 67,476 60,147 7,329 62,547 4,744 8,163 8,631 July................................ 163,488 10,985 4,852 3,219 2,914 67,982 60,713 7,269 62,969 4,777 8,288 8,487 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 Sept................................ 164,49! 10,883 4,807 3,188 2,888 68,024 60,738 7,286 63,683 4,816 8,673 8,412 Oct.................................. 165,434 10,862 4,829 3,146 2,887 68,167 60,832 7,335 64,007 4,837 8,866 8,695 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 companies 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 End of U.S. assets2— Reserves loan period M ga o ge rt s ­ s G ec o u v r t i , ­ Cash Other1 lia T b o il t i a ti l e s S c a a v p i i n ta g l s und a i n v d id ed B m or o r n o e w y e 3 d L p o r a o n c s e s t s n Other c m o e m n m ts i 4 t­ ties profits 1941 4,578 107 344 775 6,049 4,682 475 256 6 1945 5^376 2,420 450 356 8,747 7,365 644 336 402 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 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 6,191 107,559 91,308 7,209 5,015 2,528 1'499 2,614 1964 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5’601 2,239 1,729 2^590 1965-—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 3^39 8,101 128,586 108,628 8,357 6^071 2,217 3,313 2,911 Dec........... 110,202 7,405 3,899 7,936 129,442 110,271 8,708 6,440 2,189 1,834 2'745 1966-—Jan............ 110,700 7,694 3,321 7,799 129,514 110,194 8,713 6,262 2,107 2,238 2,808 Feb............ 111'246 842 3^391 7,868 130,347 110^22 8^730 6'102 2 J 04 2,689 2,937 Mar...... 112,001 7,850 3,249 8,018 131,118 111,560 8,721 6^070 2’223 2,544 3,281 Apr........... 112,736 7,637 3; 096 8,129 131,598 110,787 8,720 6^49 2^289 2,’853 3,200 May.......... 113*249 7,632 3,179 8,542 132,602 111,174 8,726 7,139 2; 278 3,285 2; 927 June......... 113,669 7,340 3,369 8,421 132.799 112,359 9,002 7,345 2,161 1 ,932 2,568 July.......... 113,750 7,304 2,818 8,288 132,160 110,851 9,005 7,887 1 ,992 2,425 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 Sept.r.... 114,004 7,472 2,'628 8,527 132,631 11M06 9'011 7; 697 1 ;642 2,675 1,843 Oct............ 113,942 7,630 2,670 8,559 132,801 111,499 9,012 7,743 1,486 3,061 1,687 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 from a total of $42 million at the end of 1957. on annua! reports. Data for current and preceding year are preliminary 3 Consists of advances from FHLB and other borrowing, even when revised. ’ ' Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 FEDERALLY SPONSORED CREDIT AGENCIES 1809 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks (s F M e e c d o o e r n r t d g a a l a r g N y e a m A ti a o s r s n k n a e , l t B f a o n r k s int F er e m de e r d a i l a te Fe la d n e d ra l Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m b a A n t 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 p M o b d e s e e m i r ­ t s ­ C s a to p c it k al M l g o ( a A a o g n r ) e s t ­ D n t a e u ( o L n b r t e d e e ) s s n ­ c L a o t ( o o i t A v a o p e n ) e s s r ­ D t e u (L b re e ) s n­ c L o a d ( o u A n i a s n d n ) ­ t s s D t e u (L b re e ) s n­ M l g o ( a A a o g n r ) e t s ­ B ( o L n ) ds 1957............... 1,265 908 63 825 653 685 1,562 1,315 454 222 932 886 919 1,599 1958.............. 1 '298 999 75 714 819 769 1,323 1 JOO 510 252 1,157 1,116 2,089 1,743 1959.............. 2,134 1,093 103 1,774 589 866 1,967 1,640 622 364 1,391 1,356 2,360 1,986 I960.......1..,.9..8..1 1,233 90 1,266 938 989 2,788 2 523 649 407 1,501 1,454 2,564 2 210 1961.......2..^..6..6.2 1’153 159 1,571 1,180 1,107 2,770 2,453 697 435 1,650 1,585 2,828 2,431 1962............... 3^479 1 ,531 173 2’707 1,214 1,126 2,752 2'422 735 505 1’840 1 J27 3’052 2 628 1963.......4...’.7..8.4 1 '906 159 4^363 1'151 1'171 2'000 1 '788 840 589 2,099 1 ’952 3'310 2,834 1964.......5..,.3..2..5 1 ’523 141 4,369 1’199 1 '227 1 1940 1 ,601 958 686 2'247 2,112 3'718 3,169 1965—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 J05 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 J90 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 J99 882 3,077 2,991 4,900 4,295 Oct... 7,249 1 ,982 100 6,959 769 1,365 4,051 3,125 1 ,219 957 3,008 2,909 4,926 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, OCTOBER 31, 1966 Amount Amount Amount Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions of dollars) of dollars) of dollars) Federal home loan banks Federal National Mortgage Federal land banks—Cont. Notes: Association—Cont. Bonds: Nov. 25, 1966......................5.30 325 Debentures: Feb. 20, 1967......................4*4 126 Jan. 25, 1967......................5.65 250 Sept. 10, 1970......................414 119 Feb. 20, 1967.....................5.60 125 Feb. 27, 1967......................5.40 543 Aug. 10, 1971......................41/8 64 May 22, 1967.......................4 180 Mar. 27, 1967......................5.40 575 Sept. 10, 1971......................44 96 July 20, 1967....................6.05 302 Apr. 25, 1967......................5.55 656 Feb. 10, 1972......................5% 98 Aug. 21, 1967......................4*4 179 June 12, 1972......................4% 100 Oct. 1, 1967-70................44 75 Bonds: June 12, 1973......................4% 146 Oct. 23, 1967.......................44 174 Nov. 15, 1966......................4% 275 Feb. 10, 1977......................44 198 Oct. 23, 1967.......................5*4 150 Jan. 25, 1967..........................4^ 375 Jan. 22, 1968.......................5*/8 130 June 26, 1967.......... 5% 500 Mar. 20, 1968......................4*4 111 July 26, 1967..........................5*4 535 Banks for cooperatives May 20, 1968.......................5*4 242 Aug. 28, 1967.......................... 590 Debentures: June 20, 1968......................4 186 Sept. 15, 1967..........................4 >4 185 Nov. 1, 1966.....................5*4 158 Aug. 20, 1968......................4*4 160 Sept. 27, 1967..........................6% 650 Dec. 1,1966.....................5.40 236 Mar. 20, 1969......................44 100 Oct.. 26, 1967............. 6 700 Feb. 1, 1967....................5.90 269 July 15, 1969......................4*4 130 Jan. 25, 1968..........................5*4 250 Apr. 3, 1967.....................6*4 295 July 15, 1969......................44 60 Mar. 1, 1968..........................4% 250 Oct. 20, 1969......................4*4 209 Mar. 25, 1969..........................5% 300 Feb. 20, 1970.......................54 82 Apr. 1, 1970.......................3*4 83 Federal National Mortgage Associa­ Federal intermediate credit banks July 20, 1970......................54 85 tion—secondary market opera­ Debentures: May 1,1971......................3*4 60 tions Nov. 1, 1966......................5.00 371 Sept. 15, 1972.....................34 109 Dec. 1,1966......................5.15 360 Feb. 20, 1973-78...............4 4 148 Discount notes................................... Jan. 3, 1967......................5.35 383 Feb. 20, 1974.....................4U 155 Feb. 1, 1967......................5.35 396 Apr. 21, 1975.....................44 200 Debentures: Mar. 1, 1967......................5.60 312 Feb. 24, 1976.....................5 123 Dec. 12, 1966.................... .4% 93 Apr. 3, 1967.....................5.60 283 July 20, 1976.....................54 150 Feb. 10, 1967........................5 150 May 1, 1967.......................5% 298 Apr. 20, 1978.....................5 4 150 May 10, 1967........................5^0 250 June 1,1967............................6 278 June 12, 1967.......................5Ho 400 July 3, 1967.....................6,20 230 Tennessee Valley Authority Oct. 11,1967..........................4i/i 150 Short-term notes....................... 150 Mar. 11, 1968.......................3*4 87 Federal land banks Bonds: Sept. 10, 1968.......................5% 350 Bonds: Nov. 15, 1985....................4.40 50 Apr. 10, 1969.......................4% 88 Dec. 20, 1966...................4% 239 July 1, 1986.......................44 50 Apr. 10, 1970.......................45/8 142 Feb. 15, 1967-72.................4% 72 Feb. 1,1987........................44 45 Note.—These securities are not guaranteed by the U.S. Govt.; see also note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1810 FEDERAL FINANCE DECEMBER 1966 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U. S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net rects. Bu n d e g t et T f P u r l n u u d s s s : t g I L o n e v t s r t s a . : ­ 1 E r T q e o c u t t a a s 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 . ; pa o y r t s. C & (d d h a i e i a r g n b n e e c t g n t e .) a I g t n L r e v u b e n e y s s . s t s s : t & , L N c d a e e o s s b n h s t : ­ Eq N u e a t ls: Cal. year—1963.............. 87,516 29,255 4,144 112,575 94,188 28,348 5,313 117,222 -4,647 7,672 2,535 883 4,255 1964............. 88,696 30,742 4,324 115,030 96,944 28,396 5,069 120,271 -5,241 9,084 2,684 619 5,780 1965 ............. 96,679 31,384 4,449 123,376 101,379 31,014 4,473 127,919 -4,543 4,673 1,386 417 2,872 Fiscal year—1963.......... 86,376 27,689 4,281 109,739 92,642 26,545 5,436 113,751 -4,012 8,681 2,069 1,033 5,579 - 1964.......... 89^459 30,331 4,190 115,530 97,684 28,885 6,237 120,332 -4,802 7,733 2,775 1,099 3,859 1965........... 93'072 31,047 4,303 119,699 96,507 29,637 3,749 122,395 -2,696 6,933 2,356 250 4,328 1966”..... 104^631 34,852 4,451 134,382 106,917 34,788 4,114 137,592 -3,210 6,711 3,571 530 2,610 Half year: 1964—July-Dec.......... 39,503 13,815 1,926 51,347 48,092 14,323 904 61,511 -10,164 6,486 -494 234 6,745 1965—Jan.-June......... 53^569 17,232 2,377 68,352 48,415 15,314 2,845 60,884 7,468 447 2,850 16 -2,417 43,110 14,152 2,072 55,024 52,964 15.700 1 ,628 67,035 12,011 4,226 -1,464 401 5,289 1966—Jan.-June”. ... 61,521 20,700 2,379 79,358 53,953 19,088 2,486 70,557 8,801 2,485 5,035 129 -2,679 Month: 1965—Oct.................... 3,295 1,262 238 4,283 8,750 2,447 679 10,518 -6,234 2,187 -1,308 125 3,370 Nov................... 8'106 3 012 358 10,728 9,105 2,707 -500 12,312 -1,584 2,978 519 75 2,385 Dec................... 9,553 1,935 602 10,838 9,426 2,636 942 11,121 -283 -852 -935 107 -24 1966—Jan.................... 6,453 951 253 7,091 8,809 3,048 624 11,233 -4,142 1 ,364 -1,897 84 3,177 Feb.................... 8’335 4,181 68 12,400 8,156 2,621 -486 11,264 1,136 1 ,568 1 ,749 74 -255 Mar.................. 11,297 2’745 166 13,804 10,193 2,996 1,103 12,086 1 ,718 -1,971 2 -50 -1,924 Apr................... 9^929 2'215 224 11,853 8,362 3,335 372 11,325 528 -684 -1,170 486 May. . 8,452 5 ,’812 254 13,916 9,055 3,632 -134 12,821 1,095 3,847 4,023 66 -243 June”............... 17^054 4’795 1,413 20,294 9,378 3,455 1,006 11,827 8,466 -1,638 2,327 -45 -3,921 July................... 5^702 2,837 416 8,103 10,263 3,642 978 12,927 -4,824 -330 -333 65 -63 Aug................... 7'197 4,973 330 11,764 11,042 2,627 -1,537 15,206 -3,442 5,611 3,103 130 2,377 Sept......... 12’475 2,681 330 14,748 11,883 2,655 1,388 13,150 1,598 350 142 118 89 Oct.................... 5,811 2,069 286 7,523 10,977 2,684 1,056 12,604 -5,080 2,270 -698 34 2,935 Effects of operations on Treasurer’s account Net operating transactions Net financing transactions Change in Treasurer’s account cash balances (end of period) Period Agencies & trusts Change Operating bal. s B u u rp dg lu e s t Trust Clearing gr i o n s s Held Treas­ Other de o fi r c it funds 3 accounts i M ss s u e a o c a r f . k n 3 e c t e i I n G s n e v o U c e v . . s S t 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 's n t Balance B F a . n R k . s a l T a c o n c a a d t x n s . 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: 1964—July-Dec......... — 8,589 -508 -1,256 258 494 6,228 367 -3,741 7,295 820 5,377 1 098 1965—Jan.-June........ 5,154 1,918 452 1,114 -2,850 -667 -193 5,316 12;610 672 10;689 M49 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—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 4l 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 Oct................... -5,165 -614 736 130 698 2,140 119 -2,194 6,417 809 4J81 1 ^427 1 Primarily interest payments by Treasury to trust accounts and accumu­ 6 Seasonally 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. * Primarily (1) intragovt, transactions, (2) noncash debt, (3) clearing accounts. Note.—Based on Treasury Dept, and Bureau of the Budget data, 5 Includes technical adjustments not allocated by functions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 FEDERAL FINANCE 1811 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W he I i n l t d h d ­ ivid O ua th l er C r o a r t p e o­ Total a L b n i a d q c u c t o o o r ­ H w ig ay h­ Total F R a I n . C R d A . e U m n p - l . a g n if d t t C o u m s s ­ r m e a p e n n a d y t s ­ fu R n e d ­ s Other Fiscal year—1963... 109,739 38,719 14,269 22,336 13,410 5,521 3,405 19,729 15,128 4,107 2,187 1,241 1,815 6,571 2,604 1964... 115,530 39,259 15,331 24,301 13,950 5,630 3,646 21,936 17,405 4,037 2,416 1,284 1,702 7,148 2,499 1965... 119,699 36,840 16,820 26,131 14,793 5,921 3,782 22,138 17,833 3,817 2,746 1,478 2,097 6,030 2,686 1966?.. 134,382 42,769 18,486 30,835 13,407 5,888 4,037 25,528 21,241 3,773 3,089 1,811 2,273 7,252 3,436 Half year: 1964—July-Dec... 51,347 17,732 3,598 9,989 7,398 3,089 1,947 9,379 7,536 1,594 1,170 729 897 1,008 1,463 1965—Jan.-June. . 68,352 19,108 13,222 16,142 7,395 2,832 1,835 12,759 10,297 2,223 1,576 749 1,200 5,022 1,223 July-Dec.. . 55,024 19,964 3,806 10,892 7,046 3,063 2,068 9,601 7,743 1,607 1,274 898 1,296 1,062 1,309 1966—-Jan.-June?. 79,358 22,805 14,680 19,943 6,361 2,825 1,969 15,927 13,498 2,166 1 ,815 913 977 6,190 2,127 Month: 1965—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............. 7,09! 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 1,249 539 530 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 rl , 806 46 214 170 191 158 334 Oct........... 7,523 3,434 277 797 1,065 n.a. 34! 1,385 1 ,248 93 206 170 197 212 204 Cash payments to the public Period Total s t f i N e o d n n e a s ­ a ­ e l af I f n ai t r i s , s S e p r a e a r ­ c c e h A t c u g u r r l e ­ i­ so N u u r r r e a a c ­ t l e ­ s t m C r a a o e n n r m d s c p e ­ . & H d e i o c n v o u g e m s l. ­ . l H w ab e el a o f l r a t h r & e , E t d io u n ca­ e V ra e n t­ s In e t s e t r­ G g e o r e a v n l t . ­ Fiscal year—1963......... 113,751 53,429 3,805 2,552 5,623 2,535 5,777 -268 25,698 1,214 5,971 7,427 1,953 1964 120,332 54,514 3,492 4,171 5,761 2,680 6,545 1 ,674 27,285 1 ,299 6,107 8,011 2,221 1965 ........ 122,395 50,790 4,583 5,093 5,353 2,820 7,421 908 28,292 1,497 6,080 8,605 2,341 1966?.... 137,592 58,391 4,112 5,933 4,495 3,075 6,787 3,327 33,336 2,771 5,616 9,295 2,401 Half year: 1964—July-Dec.... 61,511 24,569 1,818 2,333 3,642 1,547 4,288 534 13,722 639 2,947 4,230 1,142 1965—Jan.-June.. . . 60,885 26,219 2,766 2,761 1,712 1 ,270 3,131 375 14,562 852 3,134 4,376 1,203 July-Dec........ 67,035 27,085 2,225 2,838 3,369 1,694 3,955 1,142 16,373 705 2,587 4,403 1,257 1966—Jan.-June?... 70,556 31,309 1,896 3,094 1,127 1,382 2,834 2,192 16,957 2,066 3,031 4,898 1,146 Month: 1965—Oct.............. 10,518 4,538 456 449 M66 ^280 646 124 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 2,722 135 248 462 203 1966—Jan.................. 11,233 4,680 374 477 373 224 574 351 2,745 256 588 308 189 Feb................. 11,264 4,534 81 456 293 190 519 226 2,789 243 546 1 ,559 196 Mar................ 12,086 5,652 427 519 284 216 503 336 2,967 460 594 498 198 Apr................. 11,325 5,076 527 502 -188 201 439 959 2,793 247 346 502 197 May............... 12,821 5,025 461 569 228 339 518 362 2,778 496 540 1,401 227 June?............. 11,827 6,342 26 571 137 212 281 -42 2,885 364 417 630 139 July................ 12,927 4,959 303 494 588 314 642 1,236 2,853 270 505 347 231 Aug................. 15,206 5,675 438 441 1 ,380 401 797 33 2,923 359 496 1,435 230 Sept................ 13,150 6,035 375 483 909 329 807 218 3,047 368 593 368 243 Oct.................. 12,604 5,532 637 493 583 323 763 362 3,043 281 600 373 207 1964 1965 1966 1964 1965 1966 Item IV I II III IV I II? III IV I II III IV I IP 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 J 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

1812 U.S. GOVERNMENT SECURITIES DECEMBER 1966 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 Total End of period d T g e r o b o t t s a s l 1 d d g e i r r b o e t s c s 2 t Total Marketable C ve o r n t­ ­ Nonmarketable i S s p su e e c s ia l 6 Total Bills C c e a r t t e if s i­ Notes Bonds 4 bo ib n le d s Total 3 S in a g v s ­ bonds 1941—Dec....................................... 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8 9 6 A 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—bee....................................... 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—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 2.7 524 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 Nov...................................... 329.9 329.4 272.3 217.2 63.8 5.9 48.3 99.2 2.7 52.4 50.8 52.6 1 Includes non-interest-bearing debt (of which $266 million on Nov. 30, 5 Includes (not shown separately): depositary bonds, retirement plan 1966, was not subject to statutory debt limitation) and guaranteed secu­ bonds, foreign currency series, foreign series, and Rural Electrification rities not shown separately. 2 Excludes guaranteed securities. Administration bonds; before 1954, armed forces leave bonds; before 3 Includes amounts held by U.S, Govt, agencies and trust funds, which 1956, tax and savings notes; and before Oct. 1965, Series A investment totaled $16,057 million on Oct. 31, 1966. bonds. 6 Held only by U.S. Govt, agencies and trust funds. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note.—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by-— Held by the public E pe n r d i o o d f T g d r o e o t b s a t s l ag G t U a e r o n n u .S v c d s i t . t e , s B F a R nk . 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 e s 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 o n t e e n d i r g a ­ n l 1 i O m t n o v t i r h s e s c e s . r ­ 2 funds bonds securities 1941—Dec................. 64.3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945—Dec................. 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947—Dec................. 257.0 34.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1958—Dec................. 283.0 54.4 26.3 202.3 67.5 7.3 12.7 18.1 16.5 47.7 16.0 7.7 8.9 1959—Dec................. 290.9 53.7 26.6 210.6 60.3 6.9 12.5 21.4 18.0 45.9 23.5 12.0 10.1 I960—Dec................. 290.4 55.1 27.4 207.9 62,1 6.3 11.9 18.7 18.7 45.6 20.5 13.0 11.2 1961—Dec................. 296.5 54.5 28.9 213.1 67.2 6.1 11.4 18.5 19.0 46.4 19.5 13.4 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—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 61.0 5.5 10.4 16.5 23.5 49.6 23.7 16.4 15.4 Feb................. 323.7 61.7 40.2 221.9 58.7 5.5 10.3 17.4 24.3 49.7 24.3 16.2 15.6 Mar................ 321.5 61 .7 40.7 219.0 56.9 5.5 10,2 15.7 24.0 49.7 25.4 16.0 15.7 Apr................. 320.1 60.5 40.7 218.9 56.8 5.3 10.1 15.7 24.6 49.7 25.2 15.7 15,6 May............... 322.8 64.5 41,5 216.9 54.9 5.2 10.0 16.5 24.7 49.7 24.8 15.6 15.3 June............... 320.4 66.7 42.2 211.5 54.5 5.1 9.7 14.4 23.9 49.8 24.4 15.4 14.3 July................. 319.8 66.4 42.4 211.0 53.2 5.0 9.7 14,8 24.2 49.9 24.5 15,3 14.4 Aug................. 324.9 69.3 42.5 213.1 54.4 5.0 9.7 15.2 24.0 49.9 24.8 15.4 14.7 325.3 69.2 42.9 213.2 54,2 5.0 9.7 r14.6 r23.7 49.9 25.5 rl 5.2 rl 5.3 Oct.................. 327.4 68.0 43,0 216.4 54.7 4.8 9.6 15.9 23.7 50,0 25,8 15.3 16.4 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

DECEMBER 1966 U.S. GOVERNMENT SECURITIES 1813 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,Ot3 8,445 17,148 1966—Sept. 30............................................................. 211,771 92,642 58,341 33,301 62,952 30,774 8,436 16,967 Oct. 31.............................................................. 215,313 96,656 62,254 34,402 62,495 30,771 8,435 16,957 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—Sept. 30.................................................... 13,915 1,857 827 1,030 3,794 2,701 2,083 3,479 Oct. 31...................................................... 13,957 1,899 891 1,008 3,787 2,708 2,084 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—Sept. 30..................................................... 42,907 27,619 11,090 16,529 13,699 1,192 153 244 Oct. 31...................................................... 42,975 27,688 11,158 16,530 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—Sept. 30..................................................... 154,949 63,166 46,424 15,742 45,459 26,881 6,200 13,244 Oct. 31....................................................... 158,381 67,069 50,205 16,864 45,009 26,871 6,198 13,234 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—Sept. 30............................................ 44,722 13,739 6,318 7,421 19,856 10,253 408 466 Oct ...31.......................................... 45,005 14,218 6,782 7,436 19,576 10,334 404 473 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—Sept. 30............................................ 4,812 772 436 336 1,426 1,294 297 1,023 Oct. 31.............................................. 4,652 696 418 278 1,406 1,262 281 1,006 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—Sept. 30............................................ 8,167 696 364 332 1,960 1,729 1,079 2,703 Oct. 31.............................................. 8,154 723 394 329 1,947 1,726 1,076 2,682 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—Sept. 30............................................ 5,714 4,095 2,574 1,521 1,366 199 6 48 Oct. 31.............................................. 6,473 4,997 3,391 1,606 1,209 213 6 49 Savings and loan associations: 1963—Dec. 31............................................ 3,253 378 236 142 919 1,202 253 501 1964—Dec. 31.................... 3,418 490 343 148 1,055 1,297 129 447 1965—Dec. 31............................................ 3,644 597 394 203 948 1,374 252 473 1966—Sept. 30............................................ 3,645 570 373 197 1 ,075 1,274 258 467 Oct. 31.............................................. 3,755 676 470 206 1,069 1,278 263 468 State and local governments: 1963—Dec. 31............................................ 12,453 4,637 3,869 768 941 1,502 1,591 3,782 1964—Pec. 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—Sept. 30............................................ 15,948 6,020 4,995 1 ,025 2,041 1,646 1,927 4,315 Oct. 31.............................................. 15,886 5,928 4,887 1,041 2,058 1,673 1,932 4,294 All others: 1963—Dec. 31............................................ 66,320 33,719 25,637 8,082 14,301 12,144 2,389 3,767 1964—Dec. 31............................................ 67,341 33,111 27,542 5,570 15,863 12,678 1,637 4,052 1965—Dec. 31............................................ 68,675 35,356 29,089 6,267 15,784 11,386 2,187 3,962 1966—Sept. 30............................................ 71,941 37,274 31,364 4,910 17,735 10,486 2,225 4,222 Oct. 31.............................................. 74,456 39,831 33,864 5,967 17,744 10,386 2,235 4,261 Note.—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,920 commercial banks, 504 mutual savings Ownership. banks, and 765 insurance companies combined ; (2) about 50 per cent by Data complete for U.S. Govt, agencies and trust funds and F.R. Banks the 469 nonfinancial corporations and 488 savings and loan assns.; and but for other groups are based on Treasury Survey data. Of total mar­ (3) about 70 percent 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

1814 U.S. GOVERNMENT SECURITIES DECEMBER 1966 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S Govt, Period agency Total Dealers and brokers securities. Within 1-5 5-10 Over Com­ All 1 year years years 10 years U.S. Govt, Other m b e a r n c k ia s l other securities 1965—Oct.................................. 1,927 1,713 123 64 26 596 36 833 461 148 Nov................................ 2,115 1,745 243 94 33 595 50 895 575 156 Dec................................. 2,187 1,691 286 166 44 637 55 1,000 495 146 1966—Jan............................. 2,129 1,660 261 164 43 600 59 970 501 130 Feb................................. 2,285 1,753 374 127 31 662 59 944 621 161 Mar................................ 2,100 1,650 231 180 38 683 69 851 495 188 Apr................................. 1,823 1,550 156 91 26 515 51 740 517 218 May............................... 1,882 1,564 202 86 30 514 78 746 543 221 June............................... 1,927 1,614 186 94 33 646 69 729 483 278 July................................ 1,820 1,560 155 76 29 607 64 726 423 284 Aug................................. 1,785 1,497 189 62 38 573 78 721 413 175 Sept................................ 2,004 1,682 198 82 43 742 101 730 432 170 Oct.................................. 2,329 2,019 192 82 35 782 93 915 538 180 Week ending— 1966—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 1,216’’ 536r 193 26......................... 2,367 1,993’' 228 98 49 948 105 780'- 534 208 Nov. 2 2,150 1,769 285 67 28 612 96 870 571 151 9......................... 1,856 1,445 313 79 19 573 84 757 441 89 16......................... 2,344 1,852 286 148 39 812 98 954 480 243 23.......................... 2,534 2,085 309 117 24 976 86 949 524 210 30......................... 2,681 2,117 387 157 20 1,087 111 884 599 310 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 i it i i . es W 1 y it e h a in r y 1 e - a 5 rs 5 O y v e e a r r s se a G c g u e o r n v it c t i y . e s Period sou A r l c l es Y N o e r w k Else­ C t o io rp ns o r 1 a­ ot A h l e l r City where 1965—Oct........... 2,562 2,381 68 112 289 Nov.......... 3,198 2^928 176 94 302 1965—Oct.............. 2,579 823 605 871 279 Dec........... 3’049 2'856 187 5 280 Nov........... 3’016 829 519 1,451 217 3'275 1,014 531 1,389 340 2,651 2,725 -58 -16 244 Feb........... 1,927 1 '937 8 -20 316 1966—Jan............. 2,708 767 652 906 383 1,963 2,045 -101 20 356 Feb............. 2,309 549 421 972 367 Apr........... 2,867 2'798 6 63 814 Mar............ 1,958 365 340 1,073 180 May......... 2 ,’239 2^061 142 36 675 Apr............. 3’249 1,209 669 1 ,155 217 June......... 1,548 1,353 92 102 665 2^787 '744 602 1 067 375 July.......... 1,681 1,587 49 69r 408 2'065 523 476 796 270 Aug,. .... 2,188 2,001 181 46 r 208 July............. 2,127 623 481 737 287 2,229’ 2,043r 108 78r 269 2'229 394 430 925 480 Oct....... 2,500 2; 224 109 166 353 Sept............ 2’410 725 615 731 340 Oct.............. 2,'346 508 580 823 435 Week ending— Week ending— 1966—Sept. 7.. 2,626 2,429 144 53 177 14. . 2,612 2,416 119 77 245 Sept. 7... 2,560 696 602 946 316 21 . . 2,116 1,941 108 67 298 14. 2,745 856 630 859 399 28. . 1,800 1,643 69 88 318 21 . 2,476 795 711 659 313 28. .. 1,956 559 525 542 331 Oct. 5.. 1,632 1,393 103 137 309 12. . 1,458 1,192 123 143 251 Oct. 5 . ., 1 ,867 560 516 429 362 19. . 2,763 2,495 128 140 313 12. 1 ,640 318 374 542 406 26. . 3,048 2,761 101 186 445 19. . . 2,183 340 551 840 452 26. .. 2,970 592 747 1,118 514 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

DECEMBER 1966 GOVERNMENT SECURITIES 1815 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, NOVEMBER 30, 1966 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Dec. 1, 1966. 2,301 Apr. 30, 1967................... 1,401 Apr. 1, 1968..........HA 212 Oct. 1, 1969..........4 6,256 Dec. 8, 1966. 2,303 May 4,1967................... 1,001 Oct. 1,1968..........1U 115 Feb. 15, 1970..........4 4,381 Dec. 15, 1966. 2,302 May 11, 1967................... 1,000 Apr. 1, 1969..........1U 61 Aug. 15, 1970..........4 4,129 Dec. 22, 1966. 2,301 May 18, 1967................... 1,000 Oct. 1,1969..........1U 159 Aug. 15, 1971..........4 2,806 Dec. 29, 1966. 2,303 May 25, 1967................... 1,000 Apr. 1, 1970..........1U 88 Nov. 15, 1971..........3ft 2,760 Dec. 31, 1966. 1,001 May 31, 1967................... 1,401 Oct. 1,1970..........1^5 113 Feb. 15, 1972..........4 2,344 Jan. 5, 1967. 2,301 June 22,1967................... 2,007 Nov. 15, 1970.........5 7,675 Aug. 15, 1972..........4 2,579 Jan. 12,1967. 2,302 June 30, 1967................... 1,502 Apr. 1,1971.........1>A 35 Aug. 15, 1973..........4 3,894 Jan. 19 1967. 2,303 July 31, 1967................... 1,495 May 15, 1971.........51/4 4,265 Nov. 15, 1973...........4% 4,356 Jan. 26', 1967. 2,302 Aug. 31, 1967................... 1,501 Oct. 1,1971..........114 8 Feb. 15, 1974...........414 3,130 Jan. 31, 1967. 1,001 Sept. 30, 1967................... 900 Nov, 15, 1971.........5% 1,734 May 15, 1974...........4% 3,592 Feb. 2, 1967. 2,301 Oct. 31, 1967................... 905 Nov. 15, 1974...........3% 2,242 Feb. 9, 1967. 2,300 Nov. 30, 1967................... 900 May 25, 1975-85...4*4 1,217 Feb. 16, 1967. 2,302 Treasury bonds June 15, 1978-83... 3% 1,577 F F M e e a b b r . . . 2 2 2 8 3 , , , 1 1 1 9 9 9 6 6 6 7 7 7 , . . 2 1 1 , , , 3 0 0 0 0 0 3 0 0 Ce A rt u if g ic . a 1 te 5 s , 1967.......51,4 5,919 J J D u u e n n c e e . 1 1 1 5 5 5 , , , 1 1 19 9 9 6 6 6 4 2 3 - - - 6 6 6 9 7 8 . . . . . . . . . 2 2 2 W U U 2 1 1 , , , 5 7 4 4 2 9 6 9 0 F N M e o a b v y . . 1 1 1 5 5 5 , , , 1 1 19 9 9 8 8 8 5 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 3 1 % 4 2 1 1 , , , 6 9 1 1 0 2 1 5 4 Mar. 9, 1967. 1,004 Dec. 15, 1964-69.. .294 2,494 Aug, 15, 1987-92, ,.4W 3,818 Mar. 16, 1967. 1,000 Treasury notes Mar. 15, 1965-70.. .2% 2,291 Feb. 15, 1988-93...4 250 Mar. 22, 1967. 2,006 Feb. 15, 1967.......3% 2,358 Mar. 15, 196&-71.. .294 1,379 May 15, 1989-94... 4% 1,560 Mar. 23, 1967. 1,000 Feb. 15, 1967...........4 5,151 June 15, 1967-72...294 1,266 Feb. 15, 1990...........3^ 4,894 Mar. 30, 1967. 1,001 Apr. 1, 1967............DA 270 Sept. 15, 1967-72...294 1,952 Feb. 15, 1995..........3 2,021 Mar. 31, 1967. 1,400 May 15, 1967...........4% 9,748 Nov. 15, 1967.........3% 2,019 Nov. 15, 1998...........314 4,398 Apr. 6, 1967. 1,000 Aug. 15, 1967...........3% 2,929 Dec. 15, 1967-72... 2U 2,654 Apr. 13, 1967. 1,000 Aug. 15, 1967...........4% 2,117 May 15, 1968.........3% 2,460 Apr. 20, 1967. 1,001 Oct. 1, 1967............1U 457 Aug. 15, 1968.........334 3,747 Convertible bonds Apr. 21, 1967. 2,510 Nov. 15, 1967...........4 8,135 Nov. 15. 1968.........3% 1,591 Investment Series B Apr. 27, 1967, 1,000 Feb. 15, 1968...........5y« 2,635 Feb. 15, 1969.........4 3,728 Apr. 1, 1975-80... 2 % 2,661 Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period am de o li u v n ­ t Total G g o a e b t a n i l l o i e ­ n r­ s R n e u v e e­ PHAt G l U o o a . v S n t . s , State S d a i p s a s u t e n t a t c r d h t i i , c a . t l Other2 ered 3 Total c E at d io u n ­ r R b i a d o n g a d e d s s . i ti U es n 4 ­ H in o g u s s­ V a a e n i t d s e ’ r ­ O p p o th u s e e r­ r s 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 21407 315 120 1 '928 2 J 65 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 11114 1,668 521 125 2’177 1963.................. 10,538 5,855 4,180 254 249 1,620 3^36 5,281 10,496 9’151 3,029 812 2,344 598 2,369 1964.................. 10,847 6,417 3'585 637 208 1,628 3^812 5,407 10,069 10,201 3'392 688 2'437 727 120 2 838 1965.................. 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 1965—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 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........ d ,219 889 304 25 471 286 462 n.a. d ,184 388 '231 152 2 '413 Feb........ '867 614 240 13 190 172 505 n.a. '858 208 68 137 444 Mar.. .. 878 554 201 96 28 151 311 416 n.a. 868 380 25 159 99 205 Apr..... '1 ,211 815 350 46 454 366 '392 n.a. d ,194 '330 105 141 2 '617 May.... '906 507 378 21 118 319 469 n.a. '905 251 134 280 2 237 June.... d ,143 '583 MOO 110 51 275 429 r439 n.a. d ,140 506 118 '200 dio '207 July.. .. '699 '406 '273 20 174 '244 '281 n.a. '698 '226 '142 '73 8 '249 Aug..... '775 r435 '305 35 d34 275 '365 n.a. '773 '279 32 '103 6 353 Sept.... d ,023 '439 '447 120 d8 65 '580 '378 n.a. d ,010 '212 218 '221 124 '236 Oct........ '728 528 166 33 208 250 270 n.a. '724 293 12 94 9 315 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 3 Includes urban redevelopment Ioans. by contract 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 J Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale. Investment Bankers Assn, data; par amounts of long-term issues * Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1816 SECURITY ISSUES DECEMBER 1966 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Proposed use of net proceeds, all corporate issues 6 Noncorporate Corporate New capital Re­ Period Bonds Stock tire­ Total U.S. U.S. Total ment G U o . v S t . . 2 G a c g o y e v n 3 t ­ , l S o a c l n a a d t l e 4 Other 5 Total Total o P f l f i u c e l r b y e ­ d p v l P a a t r c e i e l ­ y d f P er r r e e ­ d C m o o m n ­ Total m N o e n w ey 7 O p p o t u h s r e e ­ s r s ri e o t c ie f u s ­ 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’-—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 I ,646 1 ,487 326 1 ,161 87 72 1,632 1,496 1 ,279 217 136 1966- 3,021 475 1,176 30 1,339 1,152 460 692 119 68 1,325 1,302 1,214 88 22 Feb.......... 3;t)O8 345 503 '845 42 1,273 1,143 560 583 75 55 1^59 1 ;237 U068 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........ '3,407 411 1,084 678 '149 '1 ,085 '975 440 '535 70 40 '1,071 '1,039 '932 '106 '32 Aug......... '3,676 387 799 764 '14 '1,712 '1 ,575 1,140 '435 '67 70 '1,688 '1,670 '1,617 '53 '18 Sept..... 3,249 402 400 992 55 1 ,400 1,333 676 657 6 61 1,384 1 ,382 1,114 268 2 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 8 secu­ capital 8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ rities rities rities rities rities rities 1958.................................................. 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959.................................................. 1,941 70 812 28 942 15 3,189 15 707 1,801 6 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—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 N&y...................................... 6 3 9 7 2 6 1 4 2 1 13 5 7 4 22 2 1 7 4 5 8 2 3 7 6 4 4 7 4 6 0 4 1 1 1 5 9 6 1 June...................................... 1,137 14 145 6 207 3 322 4 276 276 2 July...................................... '397 2 '98 '72 263 22 '52 '156 '9 Aug....................................... '518 15 '167 2 '243 '313 1 '318 '112 Sept...................................... 643 91 63 2 81 198 .........3..0..7.. ............... 1 Gross proceeds are derived by multiplying principal amounts or * Estimated gross proceeds less cost of flotation. number of units by offering price, 7 For plant and equipment and working capital. 2 Includes guaranteed issues. 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. * See Note to table at bottom of opposite page. Note.—Securities and Exchange Commission estimates of new issues 3 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

DECEMBER 1966 SECURITY ISSUES 1817 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire­ Net New Retire­ Net issues ments change issues ments change I c n o ve s s .1 t, Other In c v o e s s .1 t. Other I c n o ve s. s 1 t. Other 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 in................ 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 Period facturing and other 2 tation 3 utility cation and financial 4 & B n o o n t d e s s Stocks & B n on o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B n on o d te s s Stocks & B o n n o d te s s Stocks 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—1................... 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 i Open-end and closed-end companies. exclude foreign and include offerings of open-end investment cos., sales of 2 Extractive and commercial and misc. companies. securities held by affiliated cos. or RFC, special offerings to employees, 3 Railroad and other transportation companies. and also new stock issues and cash proceeds connected with conversions 4 Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for Note.—Securities and Exchange Commission estimates of cash trans­ that purpose shown on opposite page. actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C si a t s io h n3 Other 1955.............. 1 ,207 443 765 7,838 438 7,400 1965—Oct.... 394 173 220 33,921 1,758 32,163 1956............... 1 '347 433 914 9,046 492 8,554 Nov... 360 163 197 34,533 1,847 32,686 1957............... 1 '391 406 984 8,714 523 8,191 Dec... 475 176 299 35,220 1,803 33,417 1958............... 1 ’620 511 1,109 13,242 634 12,608 1966—Jan.... 507 191 316 36,213 2,009 34,204 1959............... 2,280 786 1,494 15,818 860 14,958 Feb... 440 229 211 36,178 2,094 34,084 I960............... 2^097 842 1,255 17,026 973 16,053 Mar. . 592 244 348 36,173 2,040 34,133 1961............... 2’951 1,160 1 '791 22,789 980 21,809 Apr... 538 255 284 37,136 2,107 35,029 1962............... 2’,699 1,123 1,576 21,271 1,315 19,956 May.. 478 216 261 35,453 2,278 33,175 June. . 380 194 186 35,429 2,337 33,092 1963............... 2,460 1,504 952 25,214 1,341 23,873 July... 363 153 210 35,082 2,472 32,610 1964............... 3'404 1'875 1,528 29,116 1,329 27,787 Aug... 357 187 170 32,553 2,657 29,896 1965............... 4^59 1,962 2,395 35,220 1,803 33,417 Sept... 327 145 182 32,223 3,036 29,187 Oct.. . 329 133 196 33,483 3,244 30,239 t 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 gains registered with the Securities and Exchange Commission. Data reflect dividends, 2 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

1818 BUSINESS FINANCE DECEMBER 1966 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1964 1965 1966 Industry 1961 1962 1963 1964 1965 n IV I II HI IV I Manufacturing Total (177 corps.): Sales............................................... 123,669 136,545 147,380158,253 176,676 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 Dividends........................................................ 2,031 2,150 2,265 2,408 2,541 690 606 607 617 711 650 662 Durable goods industries (99 corps.):2............. Sales.................................................................. 74,307 84,300 92,008 98,482 112,041 25,543 27,289 29,214 25,626 29,912 29,769 31,196 Profits before taxes....................................... 7,666 9,434 11,004 11,853 14,225 2,863 3,713 4,036 2,709 3,768 3,802 4,001 Profits after taxes........................................... 3,942 4,812 5,492 6,341 7,684 1,608 1,970 2,186 1,509 2,018 2,027 2,206 Dividends......................................................... 2,699 2,898 3,179 3,525 4,000 1,183 804 1,022 819 1,355 919 1,067 Selected industries: Foods and kindred products (25 corps.): Sales.................................................................. 12,951 13,457 14,301 15,284 16,345 3,939 3,868 4,082 4,194 4,200 4,331 4,483 Profits before taxes........................................ 1,440 1,460 1,546 1,579 1,710 413 388 433 452 436 438 488 Profits after taxes........................................... 682 698 747 802 896 213 201 225 234 236 231 255 Dividends......................................................... 397 425 448 481 508 124 124 125 126 133 137 142 Chemical and allied products (20 corps.): Sales.............................................................. 12,606 13,759 14,623 16,469 17,938 4,258 4,238 4,492 4,565 4,642 4,861 5,195 Profits before taxes........................................ 1,979 2,162 2,286 2,597 2,878 646 679 758 734 707 764 851 Profits after taxes........................................... 1,034 1,126 1,182 1,400 1,627 357 386 424 409 409 431 475 Dividends...................................................... ► 833 868 904 924 926 297 214 213 215 285 221 224 Petroleum refining (16 corps.): Sales.............................................................. 14,483 15,106 16,043 16,589 17,878 4,267 4,404 4,449 4,454 4,571 4,811 4,974 Profits before taxes.................................... 1,237 1,319 1,487 1,560 1,946 416 440 473 504 530 580 589 Profits after taxes................................... 1,025 1,099 1,204 1,309 1,555 352 363 386 400 406 442 449 Dividends......................................................... 528 566 608 672 752 184 182 183 187 200 203 207 Primary metals and products (34 corps.): Sales............................................................. 20,234 21,260 22,116 24,195 26,530 6,449 6,614 7,091 6,657 6,167 6,522 7,448 Profits before taxes........................................ 1,999 1,838 2,178 2,556 2.951 738 768 865 695 623 691 936 Profits after taxes....................................... 1,067 1,013 1,183 1,475 1 ,704 436 436 493 402 373 399 536 Dividends......................................................... 843 820 734 763 818 204 195 200 202 221 216 218 Machinery (24 corps.): Sales............................................................. 17,446 19,057 21,144 22,558 25,148 5,967 5,772 6,305 6,286 6,785 6,955 6,832 Profits before taxes........................................ 1,701 1,924 2,394 2,704 3,116 652 747 817 764 788 877 915 Profits after taxes.......................................... 859 966 1,177 1,372 1,621 334 385 426 400 410 441 479 Dividends......................................................... 508 531 577 673 775 175 192 187 189 207 217 226 Automobiles and equipment (14 corps.): Sales.............................................................. 23,314 29,156 32,927 35,338 42,662 8,941 10,898 11,450 8,281 12,032 11,718 11,728 Profits before taxes................................. 2,786 4,337 5,004 4,989 6,263 1,061 1,828 1,883 756 1,797 1 ,780 1,612 Profits after taxes........................................... 1,404 2,143 2,387 2,626 3,298 608 942 1,004 430 923 935 893 Dividends......................................................... 973 1,151 1,447 1,629 1,890 659 305 520 307 759 360 503 Public utility Railroad: Operating revenue.................................. 9,189 9,440 9,560 9,778 10,208 2,506 2,385 2,582 2,575 2,668 2,518 2,728 Profits before taxes........................................ 625 729 816 829 980 208 145 259 248 328 213 330 Profits after taxes........................................... 382 572 651 694 816 194 121 213 206 276 172 263 Dividends......................................................... 359 367 356 438 468 131 108 118 81 161 113 109 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 i Includes 17 corporations in groups not shown separately. Telephone: Data obtained from Federal Communications Commis­ 2 Includes 27 corporations in groups not shown separately, sion on revenues and profits for telephone operations of the Bell System Consolidated, (including the 20 operating subsidiaries and the Long Note.—Manufacturing corps: Data are obtained primarily from Lines and General Depts, of American Telephone and Telegraph Co.), published reports of companies. and for 2 affiliated telephone companies. Dividends are for the 20 opera­ Railroads: Interstate Commerce Commission data for Class I line­ ting subsidiaries and the 2 affiliates. haul railroads. All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 BUSINESS FINANCE 1819 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r s t e s c ta o I x n m e ­ s e P t a r a o f x t f e e i s r ts d C d e i a n v s d i h ­ s t U r p i r b n o u d f t i i t e s s d ­ co c a n a l t s l i p o o u i w n t m a ­ l p ­ Quarter P b t r e a o f x o f e i r t s e s c ta o I x n m e ­ s e P t a r a o f x t f e e i r s ts d C d e i a n v s d i h ­ s t U r p i r b n o u d f t i i e t s s d ­ co c a n a l t l s p i o o u i w n t m a l p ­ ances 1 ances * 1958 ............... 41.4 19.0 22.3 11.6 10.8 22.0 1965—I.... 74.5 30.7 43.8 18.1 25.7 35.2 1959................ 52.1 23.7 28.5 12.6 15.9 23.5 II.... 74.5 30.7 43.8 18.8 25.0 36.0 1960............... 49.7 23.0 26.7 13.4 13.2 24.9 III. .. 75.0 30.9 44.1 19.5 24.6 36.8 IV. .. 78,7 32.4 46.3 20.2 26.1 37,2 1961............... 50.3 23.1 27.2 13,8 13.5 26.2 1962............... 55.4 24.2 31.2 15.2 16.0 30.1 1966—1. ... 82.7 34.1 48.7 20.9 27.8 37.7 1963................ 59.4 26.3 33.1 16.5 16.6 31.8 II.... 82.8 34.1 48.7 21.1 27.6 38.5 1964................ 67,0 28.4 38.7 17.3 21.3 33.9 III... 82.1 33.8 48,3 21.1 27.2 39.1 1965................ 75.7 31.2 44.5 19.2 25.3 36.3 1 Includes depreciation, capital outlays charged to current accounts, and Note.'—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U. S. receivable payable Accrued capital Total Cash s G ec o u v r t i , ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o . v S t . .1 Other taxes 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 1 88.2 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—1.......................... 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 11......................... 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 Ill....................... 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—1........................... 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 1 Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corporations’ books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable d N ur o a n bl ­ e Mining Railroad Other u P t u il b it l i i e c s C ni o c m ati m on u s ­ Other 1 a ( n r S a n . t A u e) a . l 1958............................................ 30.53 5.47 5.96 .94 .75 1.50 6.09 2.62 7.20 1959............................................ 32.54 5.77 6.29 .99 .92 2.02 5.67 2.67 8.21 1960............................................ 35.68 7.18 7.30 .99 1,03 1.94 5.68 3.13 8.44 1961............................................ 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962.............. .... 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963............................................ 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10.03 1964............................................ 44.90 9.43 9.16 1.19 1.41 2.38 6.22 4.30 10.83 1965............................................. 51.96 11.40 11.05 1.30 1.73 2.81 6.94 4.94 1 1 .79 1966 2 r...................................... 60.56 14.04 12.97 1.48 1.94 3.48 8,31 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.................................... 14.95 3.48 3.24 .35 .46 .73 2.04 1.41 3.25 55 35 1966—1....................................... 12.77 2.87 2.74 .33 .40 .75 1.60 1.26 2.83 58.00 II..................................... 15.29 3.51 3.27 .40 .55 1.00 2,09 1.42 3.06 60.10 UP................................. 15.57 3.54 3.30 .37 .48 .82 2.36 1.36 3.33 61 25 IV 2 ............................. 16.93 4.12 3.66 .38 .51 .91 2.26 5.10 62.60 1 Includes trade, service, finance, and construction. Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1820 REAL ESTATE CREDIT DECEMBER 1966 MORTGAGE DEBT OUTSTANDING (In billions of dollars) AU properties Farm Nonfarm Other Multifamily and Mortgage E pe n r d i o o d f h A e o r l l s d l ­ t F u i t n i c i n i o s a a t n l i n ­ s ­ 1 a U c g i . e e h S n s o . ­ lde v o r I i s t a d n h 2 n u d e d a i r ­ l s s h A e o r l l s d l ­ tu F i t n i c i n i o s a a t n l i n ­ s ­ 1 O h e o t r h l s d e 3 ­ r h A e o r l l s d l ­ T 1 o - t a to l 4 t - F u f i a t n i m i n s o a t i n i n l ­ y s , 1 ho O h u o e s t r h e l s d e s ­ r c T o o m ta m l er t c u F i i t a n i i n l o s a t n p i n ­ s r , o 1 pe O h rt e o t i r h e l s d s e ^ ­ r w u F V n r H i d A t A t e e - t r - n y ­ pe t C i 5 v o e o n n n a ­ ­ l 1941............ 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945............ 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 I960............ 206.8 157.6 11.2 38.0 12.8 4.7 8.2 194.0 141.3 117.9 23.4 52.7 35.0 17.7 62.3 131.7 1961............ 226.3 172.6 11.8 41.9 13.9 5.0 8.9 212.4 153.1 128.2 24.9 59.3 39.4 19.9 65.5 146.9 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 It.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 1964—111... 303.6 234.9 11.3 57.4 18.5 6.9 11.7 285.1 193.9 167.0 26.9 91.2 61.0 30.2 76.2 208.9 IV... 311.6 241.0 11.4 59.2 18.9 7.0 11.9 292.7 197.6 170.4 27.2 95.1 63.7 31.4 77.2 215.6 1965—I.... 317.7 245.8 11.6 60.3 19.5 7.2 12.3 298.3 200.7 173.4 27.4 97.5 65.3 32.2 77.9 220.4 II... 325.9 252.2 11.7 62.0 20.2 7.4 12.8 305.7 205.2 177.4 27.7 100.5 67.4 33.1 78.7 227.0 IIP . 333.9 258.6 H.9 63.4 20.7 7.6 13.1 313.2 209.5 181.5 28.0 103.7 69.5 34.2 80.0 233.2 IV”.. 341.7 264.5 12.4 64.8 21.2 7.8 13,4 320.6 213.5 185.0 28.5 107.0 71.7 35.3 81,2 239.4 1966—P... 348.3 269,3 13.5 65.5 21.8 8.0 13.7 326.5 216.7 187.8 29,0 109.8 73.5 36,2 82.1 244.4 IP.. 355.5 274.4 14.4 66.8 22.5 8.2 14.2 333.1 220.5 190.7 29.7 112.6 75.4 37.2 82.6 250.5 HP.. 361.3 1 Commercial banks (including nondeposit trust companies but not savings and loan assns. trust depts.), mutual savings banks, life insurance companies, and savings 5 Data by type of mortgage on nonfarm 1- to 4-family properties alone and loan 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 Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ O f n a t o r h n m e ­ r 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 3395 '856 521 4’208 3 387 797 24 I960.................................. 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961.................................. 30^442 21325 5 375 2,627 12,623 7,470 1347 29,145 26,341 8,045 9,267 9,029 2,753 51 1962.................................. 34.476 23’482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 5! 1963................................. 39,414 26^76 7,105 2362 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964................................. 43,976 28’933 7,315 2342 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965................................. 49,675 32;387 7,702 2’,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 1964—in........................ 42,948 28,432 7,250 2,786 18,396 11,896 2,620 39,381 35,449 11,826 10,977 12,646 3,879 53 IV......................... 43,976 28^33 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965—1........................... 44,799 29,388 7,329 2,722 19,337 12,723 2,688 41,521 37,357 12,664 11,228 13,465 4,112 52 II............... 46,548 30383 7,469 2312 20,202 13,371 2,794 42,467 38,214 13,036 11,322 13,856 4,202 51 Ill........................ 48,353 31,574 7,641 2,700 21,233 13,926 2,853 43,539 39,153 13,412 11,368 14,373 4,334 52 IV......................... 49375 32387 7302 2388 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 1966__I”. . 50,650 45,361 IP . 52,281 45'875 IIP. 53,706 46 ,'632 1 Includes loans held by nondeposit trust companies, but not bank States and possessions. First and third quarters, estimates based on FDIC trust depts. data for insured banks for 1962 and part of 1963 and on special F.R. inter­ 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. polations thereafter. For earlier years, the basis for first- and third-quarter Note.—Second and fourth quarters, Federal Deposit Insurance Corpo­ estimates included F.R. commercial bank call data and data from the ration series for all commercial and mutual savings banks in the United National Assn, of Mutual Savings Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 REAL ESTATE CREDIT 1821 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 1945................................................... 976 6,637 5,860 1 394 4 466 766 1960.................................................. 6,086 5,622 1,401 291 3,930 464 41 771 38 789 9 032 6 901 22 856 2 982 1961.................................................. 6,785 6’233 1 ,388 220 4 625 552 44,203 41,033 9*665 6*553 24*815 3 170 1962.................................................. 7,478 6,859 1 355 469 5 035 619 46 902 43,502 10*176 6*395 26*931 3 400 1963.................................................. 9,172 8,306 1 598 678 6 030 866 50 544 46 752 10 756 6 401 29 595 3 792 1964.................................................. 10,433 9,386 1 812 674 6 900 1 047 55 152 50 848 11 484 6*403 32*961 4*304 1965................................................. 11,137 9,988 1,738 553 7*697 1'149 60 013 55 190 12*068 6*286 36*836 4*823 1965—Septr................................ 939 875 147 47 681 64 58,454 53,768 11 948 6 330 35 490 4 686 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 3t 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 Sept....................................... 781 735 83 35 617 46 63,683 58,457 12,344 6J91 39'922 5*226 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 o r e m u n w c ­ e ­ H c p h o u a m r s ­ e e Total 2 F su H in re A ­ d - a g V n u t A 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 t y s - Total S te 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 1960......................... 1,943 2,097 1,981 1,089 892 938 I960............. 14’304 4,678 6’132 60,070 3,524 7,222 49,324 1961......................... 2'882 2’220 2 662 1 447 1,216 1 180 1961............. 17^364 5,081 7,207 68,834 4,167 7352 57,515 1962......................... 4,111 3’294 3,479 2'005 1,474 1 ^213 1962............. 20 ,'754 5,979 8,524 78,770 4,476 7'010 67’284 1963......................... 5 ,601 4,296 4,784 2 863 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 3 *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—Oct. . 1 ,961 487 910 108,922 5,103 6,459 97,360 Oct............ 337 312 5,826 2 924 2,902 957 Nov.. 1 ,825 431 834 109,507 5,108 6,432 97,967 Nov............ 236 338 5,724 2,877 2,847 934 Dec.. 1,996 491 865 110,202 5,141 6,391 98,670 Dec........ 400 128 5 j997 3,074 2,923 1 ,043 1966—Jan.. 1,549 322 640 110,700 5,160 6,364 99,176 1966—Jan.............. 386 485 5,898 3,071 2,826 843 Feb.. 1,554 307 645 111,246 5,177 6,361 99,708 Feb.............. 171 330 5,739 2’837 2,901 795 Mar,. 1,998 454 814 112,001 5,195 6,331 100,475 Mar............. 214 266 5,687 2,598 3,089 823 Apr.. 1,888 430 798 112,736 5,212 6,311 101,213 Apr............ 967 138 6,516 3,343 3,173 811 May. 1,696 390 773 113,249 5,236 6,293 101,720 May............ 339 152 6,704 3’691 3^012 840 June. 1 ,629 340 823 113,669 5,245 6,279 102,145 June............ 171 92 6,783 3 865 2'918 972 July.. 1,234 266 643 113,750 5,235 6,254 102,261 July............ 838 279 7,342 4,471 2,871 710 Aug.. 1,314 272 722 113,897 5,246 6,236 102,415 Aug............. 146 262 7,226 4^625 2^601 698 Sept,. I ,H9 241 522 114,004 5,253 6,203102,548 Sept............. 99 150 7,175 4'627 2‘, 548 727 Oct.». 939 209 465 113,942 5,252 6,197 102,493 Oct............. 300 226 7'249 4’939 2^10 767 1 Includes loans for repairs, additions and alterations, refinancing, etc., 1 Secured or unsecured loans maturing in 1 year or less. not shown separately. 2 Secured loans, amortized quarterly, having maturities of more than 2 Beginning with 1958, includes shares pledged against mortgage loans, 1 year but not more than 10 years. and beginning with 1966, includes real estate sold on contract not acquired by foreclosure. Note.—Federal Home Loan Bank Board data. Note.—Federal Home Loan Bank Board data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1822 REAL ESTATE CREDIT DECEMBER 1966 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total h N o M m ew e o s rtga h i . g o s E e t m i x s n " e g s e P c r t o s j­ 1 m p P e r i e r o m r o n t v y t p ­ s e ­ ­ 2 Total 3 h N o M m ew e o s rtga h i g o s E e t m i x s n ­ e g s E pe n r d io o d f Total Total s F u i H n re ­ A d - a g n V t u e A a e r - d ­ 1 t C i v o o e 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 1960................. 141.3 56.4 26.7 29.7 84.8 I960............................... 6,293 2,197 2,403 711 982 1,985 1,554 428 1961............................... 6,546 1 '783 2,982 926 855 1,829 1' 170 656 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 1 ‘770 1963................. 182.2 65.9 35.0 30.9 116.3 1964............................... 8'130 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 1’705 5,760 591 634 2,652 876 1 ,774 1965”............... 213.5 73.1 42.0 3!. 1 140.4 1965—Oct..................... 811 161 554 45 52 245 81 163 1963—IV......... 182.2 65.9 35.0 30.9 116.3 Nov............ 824 156 550 61 57 243 79 163 Dec................... 780 165 533 38 43 228 77 151 1964—1........... 185.4 66.6 35.7 31.0 118.8 II.......... 189.8 67.3 36.3 30.9 122.5 1966—Jan..................... 800 180 547 42 30 236 80 156 HI......... 193.9 68.4 37.4 31.1 125.4 Feb.................... 639 134 378 96 32 190 69 121 IV......... 197.6 69.2 38.3 30.9 128.3 Mar................... 753 160 447 68 78 163 59 104 Apr.................... 636 139 376 66 54 132 51 81 1965 I........... 200 7 70.1 39.0 31.1 130.7 May.................. 608 137 361 56 55 167 62 104 (I.......... 205,2 70.7 39.7 31.0 134.4 June.................. 685 152 405 69 60 205 71 134 IIP.. 209.5 72.0 40.9 31.1 137.4 July................... 604 136 368 42 58 219 72 147 IV*.... 213.5 73.1 42.0 31.1 140.4 Aug................... 622 159 387 18 57 287 96 191 610 149 367 27 66 257 96 161 1966—1”......... 216.7 74.1 43.0 31.1 142.6 Oct..................... 511 140 275 40 54 271 110 160 IP........ 220.5 74.6 43.7 30.9 145.9 III”... . 75.2 44.4 30.9 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2 Not ordinarily secured by mortgages, i Includes outstanding amount of VA vendee 3 Includes a small amount of alteration and repair loans, not shown separately; only such accounts held by private investors under repurchase loans in amounts of more than $1,000 need be secured. agreement. rep N re o s t e e n .— t g F ro e s d s e r a a m l o H un o t u s o i f n g in s A ur d a m nc i e n , w a ri n tt d e n; V V et A er - a g n u s a ra A n d te m ed in , l oa d n a s t , a . g ro F ss H a A m -i o n u s n u t r s e d o f l l o o a a n n s s 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, c o f n ig v u e r n e t s i on a a r l e , closed. Figures do not take into account principal repayments on previously insured or figures are derived. guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on Based on data from Federal Home Loan Bank number and average amount of loans closed. Board, Federal Housing Admin., and Veterans Admin. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY MORTGAGE DEBT OUTSTANDING ON INCOME PROPERTIES (In millions of dollars) (In billions of dollars) Mortgage Mortgage holdings transactions Com­ Nonfarm (during mit­ End of period) ments End of period Total Farm period Total F su H in re A ­ d - a g n V u t A e a e r - d ­ Pur­ Sales bu d u r i n s s ­ e ­ d Total in F s H u A re - d C t o io n n v a e l n­ chases 1945 .................................. 17.0 12.2 12.2 4.8 1959.................................. 60.0 47.9 5.4 42.5 12.1 1960............................. 6,159 3,356 2,803 1,248 357 576 I960.................................. 65.5 52.7 5.9 46.8 12.8 1961............................. 6,093 3,490 2,603 815 541 631 1961.................................. 73.2 59.3 6.4 52.9 13.9 1962............................. 5,923 3,571 2,353 740 498 355 1962.................................. 85.1 69.9 7.2 62.7 15.2 1963............................. 4^650 3,017 L634 290 1,114 191 1963 .................................. 99.0 82.2 7.5 74.7 16.8 1964............................. 4,412 2,996 1,416 424 251 313 1964.................................. 114.0 95.1 7.9 87.2 18.9 1965............................. 4,731 3,404 1,327 913 200 793 1965”................................ 128.2 107.0 8.0 99.0 21.2 1965—Oct................... 4,436 3,145 1,290 96 559 1963—11........................... 91.7 75.5 7.4 68.1 16.2 Nov.. 4’559 3'255 1,304 155 674 Ill......................... 95.2 78.6 7.5 71.2 16.6 Dec................ 4,'731 3 304 1,327 205 793 IV.......................... 99.0 82.2 7.5 74.7 16.8 1966—Jan................... 4,948 3,588 1,360 246 62 923 1964—1............................ 101.9 84.6 7.6 77.0 17.3 Feb.................. 5'215 3,811 1,404 295 829 11........................... 105.8 87.7 7.7 80.0 18.1 Mar................. 5’528 4^077 E451 344 750 Ill......................... 109.7 91.2 7.8 83.5 18.5 Apr__....... 5'744 4,268 1,476 250 691 IV.......................... 114.0 95.1 7.9 87.2 18.9 May. ... 5'922 4 ,’430 1 ’492 209 650 June................ 6’082 4'581 1’501 194 625 1965—1............................ 117.0 97.5 7.9 89,6 19.5 July................. 6’319 4^787 1^32 265 511 II........................... 120.7 100.5 8.0 92,5 20.2 Aug............... 6,'464 4,916 1 ,548 180 512 Ill”....................... 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 Oct................... 6^31 5,146 1 '585 168 .........5..7..6 1966—1”.......................... 131.6 109.8 8.0 101.8 21.8 II”....................... 135.1 112.6 8.0 104,6 22.5 Note.—Federal National Mortgage Assn, data including mortgages subject to participation pool of Government Mortgage Liquidation Trust, but excluding conventional mortgage loans acquired by FNMA Note.—Based on data from same sources as shown for “Mortgage from the RFC Mortgage Co., the Defense Homes Corp., the Public Debt Outstanding” table (second preceding page), and for table immedi­ Housing Admin., and Community Facilities Admin. ately above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 REAL ESTATE CREDIT 1823 TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a o a n e t c n e t r t ) ­ c F c h e ( e a p e n r e s t g ) r e & 1 s M (y a e tu ar r s it ) y L c p r ( a o e p ri t n a e c i t n o r e ) / (t d h c p o P o h r l u u l a i a c s r s r . e ­ e s o ) f (t a d h L m o o l o u o l a a s u n r . n s o ) t f C c t ( r r e p a o a n e t c n e t r t ) ­ c F c h e ( e a p e n r s e g t r ) e & 1 s M (y a e t a u r r s i ) ty L c p r ( a e o p ri t n a e c i t n r o e ) / (t d h c o p P o h l r u u l a i a c s r s r . ­ e e s o ) f (t d a h L m o o l o u o l s a a u . n r n s o ) t f 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-—Oct............... 5.75 .53 24.8 73.8 25.1 18.3 5.87 .48 19.9 71.3 19.6 13.9 Nov.............. 5.80 .54 25.0 74.9 25.1 18.5 5.91 .50 20.4 72.0 19.4 13.9 Dec............. 5.78 .58 24.8 74,0 25.2 18.4 5.91 .51 20.6 72.4 20.2 14,5 1966-—Jan............... 5.81 .51 24.6 73.4 24.7 18.0 5.97 .49 20.6 72.6 19.9 14.3 Feb.............. 5.85 .55 24.6 73.2 25.9 18.8 5.97 .51 20.3 72.0 20.2 14.4 Mar............. 5.90 .56 24,7 74.3 25.8 18.9 6.01 .53 20.9 72.5 20.3 14.7 Apr........ 5.99 .57 24.6 73.9 25.1 18.2 6.09 .54 20.6 72.2 20.3 14.5 May............ 6.02 .57 24.7 73.4 26.5 19.2 6.16 .56 20.6 71.8 20.6 14.7 June............ 6.07 .57 24.8 74.4 26.7 19.7 6.18 .47 20.0 70.6 21 .0 14.7 July............. 6.12 .67 24.2 72.1 27,1 19.3 6.24 .52 19.9 70.5 20.5 14.3 Aug.............. 6.18 .83 25.4 74.0 27.3 20.1 6.35 .61 19.8 70.6 20.8 14.7 Sept........... • 6.22 .83 24.3 71.1 27.0 19.0 6.40 .64 19.4 69.5 20.4 14.0 Oct.............. 6.32 .80 23.6 71.0 27.3 19.2 6.49 .71 19.2 69.5 20.4 14.1 1 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 Ioans that are coupled with construction Note.—Compiled by Federal Home Loan Bank Board in cooperation Ioans to owner-builders. See also the table on Mortgages; New and with Federal Deposit Insurance Corporation. Data are weighted averages Existing Homes, p. 1806. 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 Total 30 days 60 days o 9 r 0 m da o y r s e closure 1 1 9 9 6 6 1 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 86 3 .1 4 . . 4 37 2 1963............................................ 98 2 45 1964............................................ 108 6 .48 1961............................ 3.10 2.27 .50 .33 .29 1965............................................ 116.7 .49 1962............................ 3.04 2.26 .50 .29 30 1963............................ 3.30 2.32 .60 .38 .34 1965—1...................................... 27.9 .48 1964............................ 3.21 2.35 .55 .31 .38 II.................................... 30.1 .52 1965............................ 3.29 2.40 .55 .34 .40 HI................................... 29.1 .50 IV................................... 29 6 .50 1965—1...................... 2.94 2.06 .54 .34 .37 II..................... 3.00 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 Ill.................................. 1966—i....................... 3.02 2.13 .55 .34 .38 II..................... 2.95 2.16 .49 .30 38 Note.—Federal Home Loan Bank Board estimates of number HI................... 3.09 2.25 .52 .32 .36 of nonfarm mortgaged structures at end of period and of non­ farm properties acquired during period through foreclosure proceedings (excluding voluntary deeds in lieu of foreclosure and Note.—Mortgage Bankers Association of America data from reports on 1- defaults on real estate contracts). Data exclude Alaska and to 4-family FHA-insured, VA-guaranteed, and conventional mortgages held Hawaii. by more than 400 respondents, including mortgage bankers (chiefly), commercial banks, savings banks, and savings and loan associations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1824 CONSUMER CREDIT DECEMBER 1966 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e i o l r e ­ co g O p n o a s t o p u h d e m e s r r er e a r n R n l d o i e z a p m a n a t s o i i o r 1 d n ­ Pe l r o s a o n n s al Total p S a l i y o n m a g n l e e s n ­ t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939............................................ 7,222 4,503 1,497 1 ,620 298 1 ,088 2,719 787 I ,414 518 1941............................................ 9,'172 6,085 2^58 1 ;929 376 1,322 3; 087 845 I ;645 597 1945............................................ 5,665 2/62 455 816 182 1 ;oo9 3,203 746 1 ,’612 845 I960............................................ 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3 360 1961............................................ 57,678 43,527 17,223 11,857 3,191 11 ’,256 14,151 5 136 5,324 3,691 1962............................................ 63'164 48,034 19;540 12,605 5; 246 12,643 15;130 5,456 5; 684 3 990 1963 ............................................ 70,461 54,158 22,433 13;856 3; 405 14,464 16;303 6,117 5 ,’871 4,315 1964........................................... 78,442 60,548 25,195 15,593 3,532 16;228 17,894 6,954 6; 300 4,640 1965............................................ 87’884 68,565 28;843 17,'693 3; 675 18,354 19,319 7^82 6,746 4 891 1965—Oct........................... 84,465 66,511 28,393 16,492 3,676 17,950 17,954 7,624 5,645 4,685 Nov................................. 85,291 67,168 28,612 16,797 3,689 18;070 18;123 ?; 648 5; 740 4 ,’735 Dec.......................... 87/84 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 18^86 7,731 5; 505 5 050 Mar................................ 87,059 68 ,'827 29,248 17,450 3,597 18,532 18;232 7; 795 5,393 5 044 Apr................................. 88/84 69,543 29',597 17', 597 3,602 18,747 18'641 7’,836 5; 670 5 135 May............................... 89,092 70 ,’209 29 ,'908 17,732 3 ,’642 18 927 18,883 7 925 5,860 5 098 90’070 71'194 30302 17,959 3;677 19,156 18,876 7 901 5; 908 5; 067 July................................ 90'650 71 ,’862 30;680 18165 3; 711 19,306 18,788 7,844 5,888 5,056 Aug................................. 91,483 72;640 30,918 18,390 3,755 19;577 18;843 7,849 5 ;973 5,021 Sept......................... 91’639 72,829 30,793 18,564 3,771 19’701 18 ,'810 7,814 5; 993 5,003 Oct.................................. 91,899 73,073 30,852 18,714 3^70 19/37 18;826 ?;?68 6,107 4,951 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 o a 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 e l s i ­ 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 1/97 198 759 1 ,605 320 496 206 188 395 1945 ................................ 2,462 1 ,776 745 '300 102 629 686 131 240 17 28 270 I960................................ 42,832 37,218 16,672 1 1 ,472 3,923 3,670 1 ,481 5,615 2,414 1,107 333 359 1 402 1961................................ 43;527 37/335 17,008 11 /73 4/30 3/99 1 /25 5,595 2421 1 ,058 293 342 1 481 1962................................ 48;034 41,782 19,005 12/94 4,902 4/31 1 ,550 6/52 3/13 1 ,073 294 345 1 /27 1963................................ 54,158 47,405 22,023 13/23 5,622 4/90 1 ,647 6/53 3/27 1 ; 086 287 328 1 625 1964................................ 60,548 53/41 25,094 14,762 6,458 5 ;078 1 ,749 7'407 3',922 1/52 286 370 1 ,677 1965 ................................ 68 ,'565 60 ,'273 29,173 16/38 7,512 5,606 1 /44 8/92 4,488 1 235 302 447 1 820 1965—Oct...................... 66,511 59,105 28,618 15,876 7,363 5,422 1 ,826 7,406 3,979 1,138 293 438 1 558 Nov..................... 67,168 59,567 28,855 15,963 7,436 5/65 1,848 7/01 4/01 1 /67 297 443 1 593 Dec........... 68,565 60;273 29/73 16/38 7,512 5,606 1 /44 8/92 4/88 1 ,235 302 447 1,820 1966—Jan...................... 68,314 60,202 29,201 16,106 7,447 5/98 1 ,850 8/12 4/19 1,208 300 448 1 ,737 Feb..................... 68 .’279 60,331 29,312 16,072 7,473 5,621 1 ,853 7,948 n.a. 451 Mar.................... 68,827 60,863 29,684 16/06 7,593 5,630 1 /50 7,964 n.a. n.a. n.a. 459 n.a. Apr..................... 69,543 61,539 30/27 16,191 7,711 5,670 1,840 8,004 n.a. n.a. n.a. 466 n.a. May.......... 70 ,'209 62,178 30,507 16/63 7,839 5 ,’695 1 /74 8/31 n.a. n.a. n.a. 472 n.a. June.................... 71/94 63,097 31,013 16,454 8,009 5,742 1 /79 8/97 n.a. n.a. n.a. 480 n.a. July..................... 71,862 63,745 31,398 16,585 8,093 5/91 1 ,878 8/17 n.a. n.a. n.a. 485 n a. Aug..................... 72,640 64,454 31,737 16,732 8,238 5/46 1 ,901 8/86 n.a. n.a. n.a. 489 n a. 72,829 64,613 31 ,'778 16,759 8,324 5/58 1,894 8/16 n.a. 487 Oct...................... 73;073 64,792 31',878 16/71 8/91 5/63 1 ’,889 8/81 n.a. n.a. n.a. 489 n.a. i Consumer finance companies included with “other” financial insti­ 3 Automobile paper only; other instalment credit held by automobile tutions until 1950. dealers is included with “other” retail outlets. 2 Includes mail-order houses. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 CONSUMER CREDIT 1825 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) End of period Total ch P A a u s u r e ­ t p d o a m pe o D r b i i r l e e c t s g O p c u o a o t m o h p n d e e e ­ r r s r e R m l r t o a e n i n a o o p i n d z n d a a s i ­ r ­ s l P o o a e n n r a ­ s l End of period Total m A pa o u p b t e o il r - e s O g p c u o a o t m o h p n d e e e - s r r r m R iz l o o a e a d n a p ti n d e a o s r i n n r - l s P o o e a n n r a - s l 1939................................... 1,197 878 115 148 56 1939........................... 1,079 237 178 166 135 363 1941................................... 1*797 1 363 167 201 66 1941........................... 1’726 447 338 309 161 471 1945................................... ’300 164 24 58 54 1945 ........................... '745 66 143 114 110 312 1960................................... 11,472 7,528 2,739 139 1,066 1960........................... 16,672 5,316 2,820 2,759 2,200 3,577 1961................................... 11,273 6*811 3 100 161 1 201 1961........................... 17’008 5^391 2’860 2,761 2 J98 3^798 1962................................... 12'194 7,449 3’123 170 1 *452 1962........................... 19,005 6,184 3’451 2*824 2,261 4'285 1963................................... 13’523 8,228 3 383 158 I 754 1963........................... 22’,023 7,381 4'102 3'213 2’377 4,950 1964................................... 14^762 8,701 3 889 142 2*030 1964........................... 25’094 8,691 4,734 3,670 2^457 5,542 1965 .................................. 16'138 9,241 4 429 123 2*345 1965........................... 29J73 10,310 5,721 4^266 2’543 6,333 1965—Oct......................... 15,876 9,201 4,269 128 2,278 1965—Oct................ 28,618 10,119 5,570 4,125 2,550 6,254 Nov....................... 15,963 9’210 4’332 126 2’295 Nov,....... 28,855 10,220 5*645 4,172 2’553 6,265 Dec.............. 16,138 9*241 4,429 123 2,345 Dec................ 29,173 10,310 5’721 4^266 2343 6,333 1966—Jan........................ 16,106 9,187 4 460 119 2 340 1966—Jan................. 29,201 10,314 5,740 4,293 2 511 6 343 Feb....................... 16,072 9.187 4’423 117 2 345 Feb................ 29^312 10'361 5^785 4,311 2,484 6 371 Mar....................... 16'106 9,214 4,422 116 2 354 29'684 1O’,533 5',885 4,351 2,476 6,439 Apr....................... 16391 9*261 4*448 114 2 368 30,’127 10’699 5'967 4,'423 2,481 6,557 May..................... 16’263 9,289 4 479 113 2,382 30’507 10,852 6,037 4*491 2,502 6,625 June...................... 16,454 9,395 4,538 111 2,410 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 16'732 9,498 4 632 112 2 490 Aug......... 31^737 11’339 6'172 4^795 2’580 6,851 Sept...................... 16’759 9,427 4 693 112 2 527 Sept............... 31,778 11,313 6,113 4,864 2’593 6,895 Oct........................ 16371 9,398 4,726 112 2^535 Oct................. 31^878 11,'353 6,'132 4,910 2^593 6,890 See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT (In millions of dollars) (In millions of dollars) Other Repair Single­ Auto- con- and Per- payment Charge accounts End of period Total mobile sumer modern- sonal loans paper goods ization loans paper loans End of period Total Service 1 1 1 9 9 9 3 4 4 9 1 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9 73 8 5 1 9 7 1 5 8 2 4 1 2 2 3 2 0 6 4 1 1 1 4 5 4 6 7 6 6 8 4 9 5 3 b C m c a o i n e a m k r l ­ s ­ t O f u i i n c t n t i i s h o a a t e l n i n ­ r ­ s s m p t D o a e r e r e n t ­ s ­ t 1 o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t credit 1960................................... 9,074 1,665 771 800 5 837 1961................................... 9’654 1,819 743 832 6 257 1939............... 2,719 625 162 236 1,178 518 1962................................... 10,583 2,111 751 815 6 906 1941............... 3387 693 152 275 1,370 597 1963................................... 11,859 2'394 835 870 7*760 1945 ............... 3,203 674 72 290 1,322 845 1964................................... 13'285 2’699 997 933 8,656 1965 ................................... 14’962 3 J 24 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—Oct....................... 14,611 3,065 1,130 998 9 418 1962............... 15 J30 4'690 766 927 4,252 505 3*990 14,749 3,094 1 ’ 135 1 010 9 510 1963............... 16,303 5,205 912 895 4’456 520 4 315 Dec....................... 14,962 3,124 1,153 L009 9,676 1964............... 17,894 5’950 1,004 909 4’756 635 4,640 1965 ............... 19,319 6,587 1,095 968 5,055 723 4 891 1966—Jan......................... 14,895 3,100 1,149 1,004 9,642 Feb........................ 14’947 3’110 1’155 1,002 9,680 1965 —Oct... 17,954 6,546 1,078 682 4,221 742 4,685 Mar....................... 15^073 3.157 1 jl72 1,005 9 739 Nov... 18,123 6,555 1,093 725 4,291 724 4,735 Apr........................ 15,221 3,204 1J88 1,007 9 822 Dec... 19,319 6,587 1,095 968 5,055 723 4,891 May...................... 15^408 3,258 1,203 L027 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 15'985 3^420 1 366 1 063 10 236 Mar... 18,232 6,676 1,119 n.a. n.a. 755 5,044 16’076 3^453 1,278 1 *066 10,279 Apr... 18,641 6,717 1,119 n.a. n.a. 765 5,135 Oct........................ 16,143 3 380 1,286 1,065 10,312 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 July... 18,788 6,720 1,124 n.a. n.a. 861 5,056 Note.—Institutions represented are consumer finance companies, credit Aug... 18,843 6,718 1,131 n.a. n.a. 916 5,021 unions, industrial loan companies, mutual savings banks, savings and Sept... 18,810 6,692 1,122 n.a. n.a. 932 5,003 loan assns., and other lending institutions holding consumer instalment Oct... 18,826 6,656 1,112 n.a. n.a. 898 4,951 loans. See also Note to first table on previous page. 1 Includes mail-order houses. 2 Service station and miscellaneous 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

1826 CONSUMER CREDIT DECEMBER 1966 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In miHions 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 loans Period S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.AJ N.S.A. S.A.i N.S.A. Extensions 1960. 49,560 17,654 14,470 2,213 15,223 1961 . 48,396 16,007 14,578 2,068 15,744 1962. 55,126 19,796 15,685 2,051 17,594 1963. 61,295 22,292 17,102 2,198 19,703 1964. 67,505 24,435 19,473 2,204 21 ,393 1965. 75,508 27,914 21,454 2,238 23,902 1965-—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 I ,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 Oct.................................. 6,522 6,403 2 378 2,369 1,941 1,949 166 171 2,037 1,914 Repayments I960, 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 .......1..9...,.3..5..5.. 2,096 21,777 1965-—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 I ,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 I ,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 Oct.. .............................. 6,142 6,159 2 244 2,310 1 ,820 1 ,799 169 172 1,909 1,878 Net change in credit outstanding 2 1960. 3,588 1,270 896 330 1,093 1961. 696 — 465 332 53 77 7 1962. 4,506 2,318 746 55 1,388 1963. 6,124 2,892 1 ,252 160 1,820 1964. 6,384 2,759 1,736 126 1,763 1965. 8,013 3,647 2,099 142 2,125 1965--Oct................................ 620 533 258 219 237 263 8 12 117 39 Nov................................. 699 653 332 217 190 304 9 12 168 120 Dec........................... 634 1,399 336 231 142 897 10 -13 146 284 (966--Jan.................................. 597 -251 225 -54 205 -127 0 -41 167 -29 Feb.................................. 538 -35 205 105 176 -180 -3 -31 160 71 Mar................................. 649 548 263 354 251 64 7 -6 128 136 Apr................................. 531 716 157 349 229 147 5 5 140 215 May................................ 493 666 139 311 149 135 14 40 191 180 June................................ 549 985 208 494 177 227 13 35 151 229 July................................ 564 668 145 278 247 206 15 34 157 150 Aug................................. 602 778 208 238 203 225 15 44 176 271 Sept............................ • ■ 475 189 174 -125 174 174 7 16 120 124 Oct.................................. 380 244 134 59 121 150 -3 -1 128 36 1 Includes adjustments for differences in trading days. the amount of extensions and repayments without affecting the amount 2 Net changes in credit outstanding are equal to extensions less repay­ outstanding. ments. . For back figures and desciption of the data, see “Consumer Credit,’’ Note.—Estimates are based on accounting records and often include Section 16 (New) of Supplement to Banking and Monetary Statistics^ 1965, financing charges. Renewals and refinancing of loans, purchases and and May 1966 Bulletin. sales of instalment paper, and certain other transactions may increase Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 CONSUMER CREDIT 1827 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p fi a n n a i n es ce Ot i h n e st r i t f u in ti a o n n c s ial Retail outlets Period S.A.i N.S.A. S,AJ N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions I960............................................ 49,560 18,269 11,456 12,073 7,762 1961............................................ 48,396 17,711 10,667 12,282 7,736 1962............................................ 55,126 20,474 11,999 13,525 9,128 1963............................................ 61,295 23,344 12,664 14,894 10,393 1964............................................ 67,505 25,950 14,020 16,251 11,284 1965............................................ 75,508 29.738 15,075 18,120 12,575 1965„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 1966—Jan.................................. 6,544 5,586 2,500 2,240 1,270 1,10! 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 Oct........................... 6,522 6,403 2,583 2,520 1,226 1 ,235 1,582 1,505 1,131 1,143 Repayments I960............................................ 45,972 16,832 10,442 11,022 7,676 1961............................................ 47,700 18,294 10,943 11,715 6,749 1962............................................ 50,620 18,468 11,434 12,593 8,125 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—Oct................................. 5,805 5,714 2,253 2,212 1,130 1,149 1,422 1,351 1,000 1,002 Nov................................ 5,831 5,955 2,264 2,284 1,194 1 ,206 1,377 1,436 996 1,029 Dec................................. 5,855 6,120 2,252 2,259 1,203 1 ,250 1,401 1,575 999 1,036 1966—Jan.................................. 5,947 5,837 2,273 2,212 1,202 1,133 1,406 1,365 1,066 1,127 Feb................................. 5,954 5,552 2,292 2,132 1,137 1,091 1,420 1,286 1,105 1,043 Mar................................ 6,024 6,317 2,299 2,412 1,175 1,284 1,463 1 ,508 1,087 1,113 Apr................................. 5,974 5,942 2,293 2,274 1,129 1,140 1,442 1,431 1,110 1,097 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 Oct..................... 6,142 6,159 2,400 2,420 1,193 1 ,223 1,472 1,438 1,077 1,078 Net change in credit outstanding 2 I960............................................ 3,588 1 ,446 1,152 1,051 -61 1961............................................ 696 335 -199 578 -20 1962............................................ 4,506 1,997 921 932 656 1963. ................................ 6,124 3,018 1 ,329 1,276 501 1964............................................ 6,384 3,065 1,239 1,426 654 1965............................................ 8,013 4,075 1,376 1,677 885 1965—Oct.................................. 620 533 328 276 84 74 86 53 122 130 Nov................................ 699 653 395 233 73 87 135 138 96 195 Dec................................. 634 1,399 358 320 88 175 113 213 75 691 1966—Jan.................................. 597 -251 227 28 68 -32 147 -67 155 -180 Feb................................. 538 -35 225 111 93 -34 139 52 81 -164 Mar................................ 649 548 320 372 98 34 110 126 121 16 Apr................................. 531 716 246 443 97 85 117 148 71 40 May................................ 493 666 277 380 64 72 133 187 19 27 June............................... 549 985 271 506 88 191 142 222 48 66 July................................ 564 668 291 385 75 131 117 132 81 20 Aug................................ 602 778 321 339 81 147 131 223 69 69 Sept................................ 475 189 238 41 86 27 106 91 45 30 Oct.................................. 380 244 183 100 33 12 110 67 54 65 1 Includes adjustments for differences in trading days. payments for some particular holders do not equal the changes in their 2 Net changes in credit outstanding are equal to extensions less repay- outstanding credit. Such transfers do not affect total instalment credit ments, except in certain months when data for extensions and repayments extended, repaid, or outstanding. have been adjusted to eliminate duplication resulting from large transfers See also Note to previous table. of paper. In those months the differences between extensions and re- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1828 INDUSTRIAL PRODUCTION: S.A. DECEMBER 1966 MARKET GROUPINGS (1957-59 = 100) 1957-59 1965 1965 1966 pro- Grouping p ti o o r n ­ age Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct. Total index........................................ 100.00 143.4 145.5 146.7 149,0 150.6 152,4 153.7 153.9 155.3 156.5 157.2 158.0 157.8 158.6 final products total.......................... 47.35 142.5 145.7 148.0 148.9 150.3 152.1 152.5 152.9 153.7 154.9 155.3 156.4 156.4 157.9 CnnstitYipr ponds................................... 32.31 140.3 141.9 143.7 144.2 144.6 146.1 146,2 146.4 146.2 147.1 146.5 147,1 146.6 148.5 Equipment, including defense.... 15.04 147.0 153.9 157.3 159.0 162.6 164,8 166,2 166,9 169.8 171.4 174.4 176.4 177.4 178.2 Materials ...................................... 52,65 144.2 145.3 146.1 148.8 150.9 152.6 154.4 154.5 157.1 158.0 158.8 159.6 159.2 159.5 Consumer goods .Automotive pmduots............................ 3.21 167.2 168.0 168.5 169.1 168.1 167.9 170.0 168.4 160.7 162.3 154.5 146.4 150.7 168.1 Autos....................................................... 1.82 182.6 181.1 182.5 182.4 180.3 177.8 180.5 178.9 166.0 167.8 151.5 141.7 148.6 177.8 Auto parts and allied products..... 1.39 146.8 150.8 150.0 151.5 152,0 155.0 156,2 154.6 153.6 155.2 158.6 152.7 153.5 155.3 Home goads Und apparel..................... 10.00 143.8 146.7 147.9 151.0 150.9 151.1 151.3 153.8 154.0 153.8 152.3 152.8 151.1 152.4 Home goods.................................................. 4.59 154.8 158.8 159.7 165.8 166.8 165.7 164,1 168.4 169.9 168.3 168,0 168.9 166.0 168.7 Appliances TV, and radios........... 1.81 152.3 158.4 157.2 163.7 166.3 160.5 156,2 166,7 165,9 163.9 165.5 165.0 159.3 166.6 Appliances..................................... 1 .33 153.3 159.3 156.5 162.0 163.2 163.1 150.6 167.9 165,5 165,2 171.1 166.7 160.1 168.8 TV and home radios............ .47 149.8 156.0 159.3 168.7 174.8 153.1 171.8 163.0 166.9 160.3 149.8 160.2 157.1 160.3 Furniture and rugs........................... 1.26 154.3 154.9 157.4 161 .0 163.3 164.0 165,5 166.3 169.1 170,1 165.2 168.0 165.9 164.1 Miscellaneous home goods............ 1.52 158.2 162.5 164.5 172.2 170.2 173.4 172.5 172.2 175.5 171 .9 173.2 174.2 173.9 175.0 Apparel knit goods and shoes .... 5.41 134,5 136.4 137.9 138.5 137.5 138.7 140,4 141.4 140.5 141.6 139.0 139.1 138.6 Consumer staples - .......................... 19.30 134.0 135.7 137.3 136.5 136.7 139.4 139.5 138.9 139.7 141.6 142.1 144.2 143.6 143.1 Processed foods....................... 8.43 122.2 123.1 124.5 123.2 123.1 125,8 125,2 125.1 123.9 126.4 126.0 127.9 127,9 125.9 Beverages and tobacco....................... 2.43 127.2 127.8 131.0 128.8 129.7 131.1 133,6 130.2 129.5 131.5 130.2 134.0 132,2 Drugs soap and toiletries......... 2.97 157.0 158.6 162.5 163.2 164.0 167.2 168,6 167.3 173.4 174,7 174.5 175.4 176,1 177.3 Newspapers’ magazines, and books. 1.47 127.0 128.2 129.3 130.4 131.9 133.6 134,2 134.1 136.9 138.5 138.9 138,2 136.7 139.1 Consumer fuel and lighting............... 3.67 149.4 154.0 153.3 152.7 151.6 155.3 154.7 154.6 155.8 157.1 161.1 165,0 163.0 Fuel oil and gasoline....................... 1.20 122.4 124.8 126.6 126.4 125.1 124.0 125.2 128.4 128.7 128,6 128.8 129.1 131.8 133.6 Residential utilities.......................... 2.46 162.6 168,2 166.3 165.6 164.5 170.5 169.0 167.4 169.0 171 .0 176.8 182.5 178.1 Electricity.............................................. 1.72 171.6 179.1 176.3 175.3 173.2 181.5 179.0 176.7 179.0 181.9 190.0 197.9 191.2 Gas , ............................................ .74 141.9 Equipment Business equipment............................... 11.63 156.7 163.8 167.2 169.1 171.9 174.0 175.4 175.9 178.3 180.0 182.7 184.4 185.7 186.4 Industrial equipment........................... 6.85 153.1 159.4 162,0 162.4 164.2 166.1 167.4 167.3 168.5 171.0 174.9 176.3 177.0 H7.6 Commercial equipment....................... 2.42 164.4 169.7 172.7 175.8 177.5 180.8 184.2 186.4 190.1 191.0 189.8 194.1 194.8 195.4 Freight and passenger equipment. .. 1.76 162.4 178.7 180.4 188.0 194.9 198.9 198.9 201.3 204.9 205.7 208.8 208.1 209.2 211.8 Farm equipment................................... .61 148.8 155.7 165,8 163.9 161.2 158.0 163.0 157.6 164.7 168.2 167.5 169.1 178.9 Dfjense equipment........................................ 3.41 Materials Durable goads materials....................... 26.73 144.3 144.3 143.6 147.3 149.9 152.6 155.6 156.7 157.7 159.3 159.1 160.1 159.8 159.5 Consumer durable............................... 3.43 166.8 168.7 168.7 168.3 170.0 173.6 169.1 169.0 166.0 165,2 162.8 173.6 174.3 116.1 Equipment.............................................. 7.84 151 .9 158.4 160.0 163.2 165,8 170.0 171.9 173.6 177.1 179.1 183.7 187.9 189.1 189.6 Construction ........................................ 9.17 133.8 135,3 137.2 140.3 142.7 143,6 146.1 144.3 141.8 142,3 141,0 140.2 139.8 138.0 Metal materials n.e.c........................... 6.29 137.8 127,1 123.2 130.6 138.8 143.2 147.1 145,1 144.8 148.0 146,9 145.3 142.5 144.4 Nondurable materials........................... 25.92 144.1 147.1 148.6 150.4 151.0 152.1 153.1 152.3 156.5 158.0 158.6 159.1 158.6 159. 4 Business supplies.................................. 9.11 136.4 138.5 141.6 142.5 144,2 144.4 146.0 145.3 147.8 150.3 149.9 150.1 150.7 151.1 Containers........................................ 3.03 136,6 137.8 144,7 144.1 143.5 143.5 145.2 142.4 146.1 146.4 143.2 143.4 147.4 144.8 General business supplies.............. 6.07 136,4 138.8 140.0 141 .7 144.5 144,9 146.4 146.7 148,6 152.2 153.2 153.4 152.4 154.2 Nondurable materials n.e.c................. 7.40 174.1 179,5 180.8 183.7 185.3 187,2 186.3 188.4 192,0 192.9 194.5 195.6 193,8 196.7 Business fuel and power..................... 9.41 127.9 130.0 130,2 131.9 130,7 131.8 133.9 130.8 136.9 138,0 138.7 138.9 138.6 137.9 Mineral fuels.......................... 6.07 115.5 118,0 118.0 119.6 117.4 118.1 120.5 114.9 123.8 124.9 124.6 124.9 123.7 124.5 Nonresidential utilities. .................. 2.86 159.4 161.6 162.2 164.4 165,0 167,1 168.6 170.6 171.2 172.2 174.6 175.9 176.7 Electricity................... 2.32 161.1 163.0 163,4 166.0 166.4 168.7 170.3 172.2 172.8 173.8 176.7 178.2 179.1 General industrial.................... 1 .03 157.6 159.2 162.0 163.0 163,7 163.9 165.6 168.2 170.0 170.1 174.6 176.3 177.0 Commercial and other............ 1.21 170.0 172.3 170.7 174.7 175.1 179.4 181.0 182.6 182.0 184.1 186.2 187.5 188.5 Gas........................................ .54 152.0 Supplementary groups of consumer goods Automotive and home goods............ 7.80 159.9 162.6 163.3 167.1 167,3 166.6 166.6 168.4 166.1 165.8 162.5 159.6 159.7 168.4 Apparel and staples.............. 24.51 134.1 135.9 137.4 136.9 136.9 139.2 139,7 139.4 139.8 141.6 141.4 143.0 142.5 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 INDUSTRIAL PRODUCTION: S.A. 1829 INDUSTRY GROUPINGS (1957-59 = 100) 1957-59 1965 1966 Grouping p p o ro r ­ ­ a 1 v 9 e 6 r 5 ­ tion age Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct. Total index................................................ 100,00 143.4 145.5 146.7 149 0 150 6 152.4 153.7 153.9 155.3 1563 157.2 158 0 157 8 158 6 Manufacturing, total........................ 86.45 145.0 147.0 148.6 151.0 152.9 154. 7 155.9 156.6 157.6 158.9 159.4 160.1 160 1 161 I Durable.............................................. 48.07 148.4 150,8 151.8 155.2 158.1 160.7 161.9 162.9 164.2 165.4 1663 167 1 167 2 168 9 Nondurable............................................... 38.38 140 8 142.3 144 5 145.7 146 4 147 3 148.5 148.7 149 4 150.7 151 0 1513 1511 1514 Mining................................................... 8.23 114.8 116.4 116.4 118.3 117.3 117.7 1203 115.6 120.7 1223 1223 122 1 121 0 1215 Utilities................................................... 5.32 160.9 164.7 164.1 164.9 164.7 168,7 168.8 1693 170.2 171.7 175.7 1793 177.4 175^5 Durable manufactures Primary and fabricated metals........... 12.32 142.1 136.3 135.0 139.5 143.2 148.5 150.5 150.7 153.7 154.0 154.5 154.2 153.6 152.9 Primary metals............................................. 6.95 137 6 125 0 120 6 126 5 131 9 1 383 141 .8 142.4 146 5 1483 148 6 148 7 146 3 144 2 Tron and steel................................... 5.45 133.6 115 8 110 5 118 5 122 9 129 1 136.7 1 38.8 141 3 1423 143 3 142 2 139 1 i 370 Nonferrous metals and products.. 1.50 152.2 155.3 158*8 161.3 1643 172,5 174.5 1663 165,0 1663 162.4 1623 1633 165 3 Fabricated metal products................. 5 37 147 8 150 9 153 6 156 3 157 7 161 6 161 7 161 4 162 9 161 8 162 1 161 4 163 0 164 2 Structural metal parts......................... 2.86 145 4 148 2 152 6 154 0 1 542 158 9 158 9 159 1 158.4 158 8 157*7 15 R ’ 8 1 *>8 6 Machinery and related products......... 27.98 15-1.3 160.2 162.2 164.9 168.3 170.1 170.8 172.4 173.7 175.5 177.4 179.0 179.8 183.1 Machinery.............................................. 14.80 160 5 166 4 168 3 171 0 174 5 176.4 176.1 178 6 1803 1823 186 6 189 6 188 9 190 6 Nonelectrical machinery. ........ 8 43 160 4 165 8 167 8 169 2 1719 174 4 174 0 174 5 177 7 180 3 184 7 1 86 7 188*6 Electrical machinery........................ 6 37 160 6 1 67 3 169 0 173 5 177 9 179 2 178 9 184 1 184 4 186 0 189 1 193 4 189 4 191 5 Transportation equipment................. 10.19 1493 1543 157^2 1603 163'0 164,1 166.1 165.9 165.8 1673 1663 1663 I68j 1743 Motor vehicles and parts. ............. 4 68 175 2 177 1 178 0 1 7R 7 176 7 175 5 176 9 176 1 169 9 169 4 161 2 1 58 1 164 6 Aircraft and other equipment. .. . 536 1253 1343 1383 143 3 1503 1533 155 3 1563 1613 164.7 1693 1723 171 3 173.0 Instruments and related products. .. 1.71 151.4 158.0 159.0 162.2 166.8 169.4 171.9 174.6 176.4 1763 1773 177.4 1793 181.1 Ordnance and accessories................... 1.28 lay. glass, and lumber........................ 4. 72 127 6 130 1 130 3 135 0 136 2 136 4 138 0 137 8 133 3 134 4 131 7 129 8 129 8 Clay, glass, and stone products......... 2.99 1333 137,0 1363 14b; 6 1423 1423 1433 141 3 1393 1413 1383 1403 141.2 137.8 Lumber and products................. 1 73 117 4 118 3 119 1 1 95 4 1 25 6 126 5 129 3 130 7 122 7 122 9 119 9 111 3 1 1 A 0 112 0 Furniture and miscellaneous................ 3.05 IM 8 IIS 1 157 8 160 9 158 4 161 6 162 9 161 5 166 7 167 0 163 5 167 1 Furniture and fixtures......................... 1 54 157 4 159 7 162 6 166 2 165 4 167 7 168 8 169 6 173 8 174 6 169*7 175 3 171 7 172 6 Miscellaneous manufactures.............. 1 51 1463 150’4 1533 155*5 151 3 155.3 1563 157*2 159*3 159 3 1573 158*7 156 9 1593 Nondurable manufactures Textiles, apparel, and leather....... 7.60 135 8 137 3 138 7 140 2 138 6 139.8 141 1 142 6 142.0 143.4 141 6 140 J 140 ^ 140 7 Textile mill products............................ 2.90 134 9 137*7 1 39* 1 140 1 140 4 140,7 142 0 143 5 143 7 144 3 143 4 142 1 142 2 Apparel products................................. 3.59 145 1 145 7 147 2 1 48 5 145 6 148 4 149 4 150 3 149 9 152 0 149 7 147 7 148 2 Leather and products. ........................ 1. i I 108 2 109 3 110*1 113 9 1114 109 7 112.2 115 5 112 1 1143 111 1 110 4 109 4 Paper and printing................................ 8 17 / ?S ? 116 4 119 2 140 6 142 1 142 7 144 2 141 5 146 6 148 3 149 6 Paper and products................. 3 43 142' 3 143 6 147*4 149 3 150 6 148 5 150 2 150 2 153 0 154 1 156 2 1 53 1 151 3 1 ^3 1 Printing and publishing....................... 4 74 130 3 1311 1332 1 34 2 136 0 138 6 139 8 138 6 142 1 144' 1 144 8 145 3 144 1 144 6 Newspapers........................................ 1.53 1243 125 J 127 3 129^ 131 J 131 3 1333 1283 1333 135,4 1363 13<7 1393 135*3 Chemicals, petroleum, and rubber.... 11.54 164.6 167.9 170.6 172.8 174.6 175.1 176.6 177.3 179.3 180.1 180.9 182.4 182.8 184,7 Chemicals and products..................... 7,58 173.4 177.4 179,3 182.3 183,1 185,5 1873 187.7 191.4 192.7 1943 194.4 193 3 195.2 Industrial chemicals......................... 3 84 196 3 202 0 203 S 209 3 208 7 210 7 213 7 215 4 21 R 2 219 9 222 0 2223 220 6 Petroleum products.............................. 1.97 1233 1243 126 J i27;8 1303 1253 1253 127.7 1273 127'7 126'9 128.5 130.6 1303 Rubber and plastics products............ 1 99 171 8 175 5 181 6 181 3 185 8 184 7 184 5 186 9 184 3 184 1 812 7 190 3 193 6 Poods, beverages, and tobacco............ 11.07 123.4 123.3 125.1 124.8 125.7 126.8 127.4 126.9 125.5 126.8 127.2 128.5 128.1 126.5 Foods and beverages........................... 10.25 123,7 124.0 125.6 125.4 126.2 126,8 127.5 127 3 1263 1273 1283 129.2 128.9 127.0 Food manufactures.......................... 8 64 122 3 1 22 1 1 23 S 1 23 7 124 6 1 25 6 1 25 7 1 26 0 1 24 4 12s $ 126 4 Beverages............................................ I 61 1 30 6 1 34 5 1 37 1 1 34 7 1 34 8 133 4 137 0 137 5 135 4 135 9 1372 138 8 Tobacco products................................ 82 1203 1143 118'9 1173 119 6 IKJ 1263 1158 117'9 1223 1163 119.9 11Q 7 Mining Coal, oil, and gas............................... 6.80 112.5 114.6 114.6 115.7 113.6 114.3 116.7 111.6 118.8 119,5 119.5 119.7 118,8 119.5 Coal......................................................... 1 16 113 3 117 2 116 6 118 9 114 4 111 2 117 7 85 3 116 9 120 7 120 8 Crude oil and natural gas................... 5.64 112*3 114^0 114.1 115.0 H33 1153 1163 1173 1193 1193 1193 119.6 119.6 1193 Oil and gas extraction..................... 4.91 116.1 118,1 118.3 119.8 118.1 119.7 121 .2 121 .9 1253 125.9 1253 125.9 125.8 125.3 Crude oil........................................ 111 o 114 0 115 1 117 0 117 2 121.3 121 4 Gas and gas liquids..................... 36 143 0 144 5 142 6 143.9 143 8 1493 148 3 1523 1523 154 4 1553 155 5 Oil and gas drilling.......................... .73 87.1 86.4 86.0 82.8 81 .9 83.0 84.4 833 76.2 74,6 76.4 773 773 773 Metal, stone, and earth minerals........ 1.43 125.5 125.1 125.1 130.7 134.6 133.6 136.0 134.6 130.1 133.7 133.8 133.1 131.4 131.3 Metal mining......................................... .61 124.2 124.6 114.2 120.6 133.4 130.8 1343 139.7 133.6 1343 1343 1323 128.6 132.4 Stone and earth minerals................... .82 126.5 125.5 133.2 138.2 135.5 135.6 1373 130.9 1273 133.3 133.7 133.8 1333 130.5 Utilities Electric............................................. 4 04 165 6 1 69 9 168 9 169 9 174 2 174 0 174 1 175 5 177 2 182.4 184 2 Gas........................................................... 1’28 1463 148.4 148.9 149.3 150.5 1513 1523 1533 1533 1543 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

1830 INDUSTRIAL PRODUCTION: N.S.A. DECEMBER 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.T Sept.r Oct. Tn|pl index........................................ 100.00 143.4 150,1 148.2 146.7 148.5 152.3 154.6 154.8 156.0 159.3 150.9 156.8 161.3 163.6 Final products t total............................. 47.35 142.5 151.5 148.7 146.6 148.5 151.7 153.4 152.6 152.9 157.8 150.0 154.7 161.3 164.6 Consumer goods............................... 32.31 140.3 150.3 145,3 140.1 142.0 145.7 146.7 145.5 144,8 150.0 139.8 146.0 153.7 157.8 Equipment, including defense. . . . 15.04 147.0 154.2 156,1 160.3 162.3 164,6 167.8 167,9 170.3 174.6 172,0 173.5 177.8 179.3 Ma ferials................................................ 52,65 144.2 148.8 147,6 146.8 148,5 152.7 155.7 156.7 158.7 160.7 151,8 158.7 161.3 162,7 Consumer goods Automotive products............................. 3.21 167.2 185.3 184.6 172.4 178.0 177.7 180.9 178.6 170.9 174.2 127.5 86.2 153.6 184.9 Aliens,............................................. 1.82 182.6 206.4 211.7 191.5 198,3 195.6 202.2 196.8 184,3 190.4 112.1 32,6 150.1 202.7 Auto parts and allied products. .... 1.39 146.8 157.5 148.9 147.3 151.2 154.1 153.0 154,8 153,3 152.8 147.7 156.9 158.3 161.4 Home goods and apparel..................... 10.00 143.8 155.8 149.8 144.0 144.0 154.5 156.0 155.3 153.3 156.4 138.9 152.8 156.1 164.9 Ffome goods.......................................... 4.59 154.8 167.6 165.4 166.0 160,6 166.8 167.0 169.2 169.2 170.5 152.8 164.1 174.4 183.8 Appliances TV and radios........... 1 .81 152.3 166.0 162.0 160.9 160.1 168.2 166.4 174.2 169.4 171 .7 140,8 149.3 170.9 189.2 Appliances................................... 1,33 151.3 157.3 155,3 157.6 159.6 170.7 165.2 179.9 174.5 177.2 150,5 145,8 168,1 186.9 TV and home radios.......... .47 149.8 190.6 181 .0 170.4 161 .5 161.1 169,9 158.3 154.7 156,3 113.4 159.1 178.9 195.9 Furniture and rugs........................... 1.26 154.3 163.0 163.2 167.0 159.7 162,0 163.5 161.6 162.7 167.2 157.3 171 .0 170.5 172.6 Miscellaneous home goods............ 1.52 158.2 173.2 171 .4 171.3 162,0 169.1 170.6 169.6 174.4 171.9 163.3 175.9 181 .7 186.6 Apparel, knit goods, and shoes......... 5.41 134.5 145.9 136 5 125.3 129.9 144.2 146 7 143 5 139 8 144.4 127.2 143 3 140,7 Consumer staples.................................. 19.10 134.0 141.4 136.4 132. 7 134.9 135.8 136.1 134.8 136.0 142.5 142.3 152.4 152.4 149.4 Processed foods. . ............................... 8,43 122,2 136.6 128.6 119.9 116.9 116.9 116,8 1 17.1 117.7 123.9 125,4 138,2 144.5 139.8 Beverages and tobacco........................ 2.43 127,2 131 .7 124,5 111.1 114.4 120.4 130,7 131 .6 139,0 150.2 136.4 145,0 135.6 Thugs soap and toiletries................. 2.97 157.0 162.4 161.7 159.4 165.6 165.5 166,7 167,3 171 .8 180.8 167,5 181.2 179.6 184,4 Newspapers, magazines, and books. 1.47 127.0 128,1 127.6 130.1 130,7 133.1 136.2 134.6 136.5 137.9 137.5 139.9 137.9 139,0 Consumer fuel and lighting............... 3.67 149.4 146 6 1 44.6 156.0 165.7 165.4 158.6 150.2 146.4 150 7 166 3 171.8 165.3 Fuel oil and gasoline....................... 1.20 122.4 121.6 125.8 129.4 130.3 127.3 123.9 121.7 124.4 127.1 131.1 132.9 131.9 130,1 Residential Utilities............................... 2.46 162.6 Electricity....................................... 1.72 171.6 165,5 158.5 180.2 199.7 200.7 188,3 171.9 162.0 169.2 199.5 209.8 196.2 Gas.................................................. .74 141 .9 Equipment Rudnevs equipment.............................. 11.63 156.7 163.8 164.9 169.7 170.9 173,9 177.7 177.6 179.3 184.3 180,3 181.2 186.1 187.4 Industrial equipment. .......................... 6.85 153.1 158.4 1 59.7 163.4 162.9 165.3 167.6 167.3 168.7 174.6 173,2 175.8 178,6 ill.6 Commercial equipment...................... 2.42 164.4 172.6 174.8 179.7 177.7 179.5 182.5 182.9 187,8 191 .6 187.1 194.1 197,7 198,7 Freight and passenger equipment. .. 1.76 162.4 178.7 176.8 184.2 194.9 198.9 207.9 209.4 211.0 213.9 208,8 199.8 206.1 217.1 Farm equipment................................... .61 148.8 146.1 149.2 159.8 164.1 176.3 185.1 179.9 173.6 179.3 149.8 136.4 167.3 Defense equipment ............................ 3.41 Materials Durable goods materials....................... 26.73 144.3 147.8 145.4 145.9 147.7 152.3 155.9 158.3 160.0 162.4 152.1 158.4 162.7 163.2 Consumer durable............................... 3.43 166.8 171.2 173.2 176.7 176.0 176.2 174.2 174.1 171.0 166.9 141.6 158.0 174.3 179.3 Equipment............................................. 7.84 151.9 157.9 160.2 165.6 167.3 171,5 173.8 175.5 178.3 180.9 178.0 182.3 187.2 189.0 Construction........................................ 9.17 133.8 142,7 136.9 131 .9 128.9 132.1 137,3 142.9 145,3 151.5 146,6 150.0 148.2 145.6 Metal materials n.e.c........................... 6.29 137.8 130.1 124.2 124.9 135.2 144.5 150.6 150,9 152,8 152.7 133,7 141.1 146.8 147.9 Nondurable materials. .......................... 25.92 144.1 149. 7 149.9 147.8 149.3 153.3 155.6 155.0 157.4 159.1 151.4 159.0 159.9 162.2 Business supplies.................................. 9.11 136.4 144.1 143.5 137.5 139.1 143.9 148,7 149.4 150.3 151,8 141.4 149.8 153.9 157.2 Containers.......................................... 3.03 136.6 144,8 140.6 127.8 136.3 141.8 145,9 147.5 147.6 150.9 142.5 152.0 152.4 152.2 General business supplies............... 6.07 136.4 143.7 144.9 142.4 140.5 144.9 150.1 150.4 151 .6 152.2 140.9 148.8 154.7 159.6 Nondurable materials n.e.c,........ 7.40 174.1 180,4 182.6 180.0 184,4 190.9 191.0 194.1 194.9 195.8 183.4 192.7 192.8 197.7 Business fuel and power..................... 9.41 127.9 131.1 130.4 132.4 131.6 132,7 134,4 129.7 134.8 137.2 135.8 141.4 139.9 139,0 Mineral fuels..................................... 6.07 115.5 118.9 119.5 121.4 119.5 121.7 123,2 116.3 122.6 122.7 116,6 123.4 122.3 125.4 Nonresidential utilities.................... 2.86 159.4 Electricity..................................... 2,32 161,1 165.1 160.4 162.5 163.7 162,1 164,8 164.1 167.8 176,8 187.0 191.9 188.3 General industrial. . ............... 1 .03 157.6 161 9 162 0 161.4 162.9 159.6 164.8 166.0 170.0 173.5 173,7 179.8 179.7 Commercial and other............ 1.21 170.0 174,0 164.9 169.5 170.7 170.4 171.2 168.9 172.4 186.9 206,7 210.9 204.0 Gas.................................................. .54 152.0 Supplementary groups of consumer goods Automotive and home goods............ 7.80 159.9 174.9 173.3 168.7 167.8 171.3 172,7 173,1 169,9 172.0 142,4 132.0 165.8 184.3 Apparel and staples............................. 24.51 134.1 142.4 136.4 131,1 133.8 137,6 138.5 136.7 136.9 142.9 139,0 150.4 149.8 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 INDUSTRIAL PRODUCTION: N.S.A. 1831 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1965 1965 1966 Grouping p p r o o r ­ ­ a a v g e e r­ tion Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct. Total index........................................ 100.00 143.4 150.1 148.2 146.7 148.5 152.3 154.6 154.8 156.0 159.3 150.9 156.8 161.3 163,6 Manufacturing, total............................. 86.45 145.0 152.3 150.5 148.3 150.1 154.4 157.1 157.9 158.9 162.2 152. J 158.0 163.6 166.9 Durable.............................................. 48.07 148.4 154.6 154.5 155.4 156.5 160.6 163.9 164.9 166,1 169.0 158,2 160,4 169.5 172.9 Nondurable........................................ 38.38 140.8 149.5 145,5 139.5 142.1 146.6 148.6 149.2 149,8 153.8 144.4 155.0 156.3 159.3 Mining,.....................,......,...,, 8.23 114.8 119,1 117,3 117.5 115.6 117.0 118.7 115.5 121 .3 122.7 118.2 123.6 122.8 124.3 Utilities........................................ 5.32 160.9 Durable manufactures Primary and fabricated metals........... 12.32 142.1 139.0 136.8 137.0 142.3 149.1 153.7 154.2 155.5 156.3 143,8 151.2 156.1 155.8 Primary metals...................................... 6.95 137.6 126.3 121 ,8 122,7 133.2 143.4 150.6 150.5 150.3 149.5 131.5 139,5 144.7 145.6 Iron and steel.................................. 5.45 133,6 117.5 111.6 115 5 125.4 134.7 143,5 144,3 143,9 142,1 127,5 133.7 139.1 139.1 Nonferrous metals and products.. 1.50 152,2 158.2 158,8 149.0 161 .5 175.1 176.4 172.3 173.7 176.5 146.2 160.5 165.0 169.1 Fabricated metal products......... 5.37 147.8 155.4 156,1 155.5 153 9 156.3 157.8 159.0 162.1 165.0 159.7 166.2 170.8 169.1 Structural metal parts..................... 2.86 145.4 152.6 154,9 155,5 151 1 152.5 152.7 154.3 157.6 162.0 157.7 162.8 164.9 163.7 Machinery and related products. .... 27.98 154.3 163.3 165.6 168.1 169.5 172.2 174.3 175.0 175.9 179.1 168.1 166.4 180.2 186.4 Machinery.................................... 14.80 160.5 167.8 169.2 173 7 173 4 177.8 179.2 180.8 182.2 186.5 178.1 183.2 190.1 192.7 Nonelectrical machinery................. 8.43 160,4 162.8 165.1 171 ,2 171.9 176.1 178.9 179.7 182,1 184.6 180.1 179.8 186.1 186,6 Electrical machinery........................ 6.37 160.6 174.3 174.6 177.1 175 4 1 80.1 179.6 182.4 182.5 189.0 175.6 187.8 195.4 200.7 Transportation equipment. . 10.19 149.2 160.9 164.6 164.6 168.0 168.0 171 3 170.6 169.7 171 .4 153,5 140.5 167.4 180.1 Motor vehicles and parts............... 4.68 175.2 189.4 191.8 184 9 186 6 184 1 187.2 185.0 178.5 180,9 138.5 106.3 163.7 187.5 Aircraft and other equipment. . . . 5.26 125.3 135.1 140.1 146.3 151’.6 153.4 156.6 157.2 161.3 162.4 165,5 169.4 170.4 173.9 Instruments and related products. .. 1.7! 151.4 159.7 161.9 164.1 164.8 168.6 171 .0 170.2 174.6 178,3 175.2 178.8 181.5 183.1 Ordnance and accessories.......... 1.28 Clay* glass, and lumber....................... 4.72 127.6 138.0 130.1 123.6 119.8 125.1 131.6 136.5 138.0 143.6 137.2 142.0 139.3 136.0 Clay, glass, and stone products......... 2.99 133,5 144.5 138.2 131.7 125.2 127.3 136,6 141 .3 144.5 151 .3 147.2 152.0 149.3 145.4 Lumber and products......................... 1.73 117.4 126 6 116.1 109.7 110 5 121 4 122 8 128,1 126.7 130.3 119 9 124 7 122.1 119.8 Furniture and miscellaneous................ 3.05 151.8 163.4 163.1 162.4 152.2 156 4 159.9 159.2 162.9 167.3 159 1 171.9 172.0 174. 7 Furniture and fixtures........................ 1 .54 157.4 165,8 165,5 169,2 162 1 163.5 166 8 165.0 168.6 174.3 167.2 180.2 178 4 179,2 Miscellaneous manufactures............ 1.51 146.0 160,9 160,6 155.5 142.1 149.1 152.9 153,3 157,1 160.1 150.9 163,5 165 5 170.2 Nondurable manufactures Textiles, apparel, and leather............. 7.60 135.8 144.8 138.6 128. 7 135.5 146.5 147. 7 146.2 143.8 145.7 127.2 143.9 140.9 149.0 Textile mill products........................... 2.90 134.9 141.8 139.8 130.3 139.7 143.5 143 4 146.4 148.7 147.6 129.1 145.7 141 4 147,4 Apparel products.................................. 3.59 145.1 157 4 147.2 134.4 139.8 158.0 160,6 156 3 149.9 154.3 134.0 150.7 149.7 Leather and products.......................... 1.11 108.2 112,0 107.9 106.3 110.8 117.3 117.8 113.2 111,5 113.1 100,0 117.6 111.0 Paper and printing................................ 8.17 135.3 142.8 142.1 137.3 138.4 142.6 145.9 146.5 147.9 148.2 140.2 146.6 149.2 155.0 Paper and products.............................. 3.43 142.3 152,9 148.1 137.4 148.3 152,2 153 2 154.7 153 8 154.9 143.7 153.1 153.6 163.0 Printing and publishing...................... 4.74 130.3 135.4 137.8 137 3 131.2 135 7 140^7 140.5 143 5 143.3 137 7 141 .9 146.0 149.3 Newspapers...................................... 1 .53 124.2 134,2 139.9 132,7 119.3 126.1 135,1 136.8 142.6 136 1 118.6 126 6 138.4 145.6 Chemicals, petroleum, and rubber.... 11.54 164.6 170.7 169.2 168.2 173.2 176.7 178.2 180. 7 181.0 186.0 174.7 183.3 185.3 188.6 Chemicals and products..................... 7.58 173.4 178,3 178,1 177,8 181.5 187.2 189 4 192.7 193.7 198,3 187.4 194.9 195.3 197.4 Industrial chemicals......................... 3.84 196.3 202,0 204.5 207.2 206.6 216 0 216.9 220.8 220 4 223.2 214.2 218 9 221.7 Petroleum products.............................. 1.97 123.5 125.2 124,5 124.7 126 6 123,0 121.2 122,6 126 1 131 5 133.6 135.3 134.1 131.4 Rubber and plastics products............ 1.99 171.8 186.9 179.8 175 0 187 7 190.2 192 1 192.7 187,1 193.3 167 0 186,5 198.1 Foods, beverages, and tobacco........... 11.07 123.4 135.6 128.1 118.5 117.0 1 IS.4 120.4 120.5 122.8 129.8 127.6 139.2 142.0 139.0 Foods and beverages......................... 10.25 123.7 136.5 128.6 120.4 116.9 117.7 120 I 120.9 122,8 129.7 129.6 140.0 143.5 139.8 Food manufactures. ....................... 8.64 122,3 136.7 129.1 120.6 117 7 117.8 117 5 117.4 118 2 124.1 125 1 137,6 143.8 139.7 Beverages................................. 1.61 130.6 135.2 126.1 1 19.2 112.4 117.4 1 33.6 139.7 147.6 159.8 153 4 152,8 141 6 Tobacco products................................. .82 120.3 124.7 121.3 95,3 118.3 126.1 124.9 115.6 122.1 131.3 103J 129.7 123.9 Mining Coal, oil, and gas................................. 6.80 112.5 115.6 115.8 117.2 115.6 117.4 118.6 112.3 117.3 117.4 112.4 118.9 118.0 120.5 Coal-...... ..7...................................... 1.16 113.3 127.8 121.4 116,8 112 1 112.5 118.6 85.9 118 1 120,0 93.1 127.0 121 3 132.0 Crude oil and natural gas............. 5.64 112.3 113.1 1 14.7 117,3 116.3 118.4 118.6 1 17.8 117’2 116.8 116.4 117.3 117.4 118.2 Oil and gas extraction............. 4.91 116.1 116.8 119.0 122.5 121.2 123.9 124.3 123 5 123.7 123,3 122.2 122 5 122.5 123 8 Crude oil...................................... 4.25 111.9 112,9 114.5 117,2 115 8 118,6 119.3 119.1 120 1 120.2 118.5 118.8 118.9 120.0 Gas and gas liquids..................... .66 143.0 141.5 147.9 155.8 155.6 157.5 156.1 151.4 146.3 143.7 145.8 146.0 Oil and gas drilling.......................... .73 87.1 88.6 85.6 82,6 83.1 81 8 79.9 79.3 73 6 73.0 76.9 81 9 82,7 79 8 Metal, stone, and earth minerals........ 1.43 125.5 135.7 124.4 118.5 115.8 114.6 119.3 130.4 140.2 147.7 145.6 145.6 145.4 142.4 Metal mining,....................................... 61 124.2 133 3 110 8 108 5 117.4 117.7 119 7 129.9 147.0 151 .6 143.4 142.7 145.3 141.7 Stone and earth minerals. ................. .........82 126.5 137.4 134,5 125.8 114.6 112.4 119.0 130.9 135.1 144.9 147.2 147,8 145.5 142.9 Utilities Electric.................................................... 4.04 165.6 165,3 159.6 170.0 179.1 178.6 174.8 167.4 165.3 173.5 192.3 199.5 191.7 Gas........................................... 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

1832 BUSINESS ACTIVITY; CONSTRUCTION DECEMBER 1966 SELECTED BUSINESS INDEXES (1957-59= 100) Industrial production fac M tu a r n in u g ­ 2 Prices 4 Nonag- Period Total M F a in jo a r l m pr a o r d k u e c t ts groupin M g a s te­ Ma g j r o o r u i p n in d g u s stry s t C c r t t i a o r o o u c n n n t c ­ s ­ ­ T m r p t o e i u e l c m t o r n u a a y t l l ­ l — - - * p m E l e o m n y ­ t ­ P ro a l y ls ­ F l i c r o n e a a g i r d g s - ­ h t s T r a e o l t e a ta i s l l 3 s C um on e ­ r W c s o a h m l o e l ­ e­ Total C su 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 modity 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 9l.l 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 9I 96.5 105.5 94.8 115.3 89 93.3 93.2 1956....................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96.2 1957....................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108.2 97 98.0 99.0 1958....................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959....................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.5 100.1 105.1 97.9 105 101.5 100.6 I960....................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.3 99.9 106.7 95.3 106 103.1 100.7 1961....................... 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 108 102.9 95.9 105.4 91.2 107 104.2 100.3 1962....................... 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 120 105.9 99.1 113.8 92.4 115 105.4 100.6 1963....................... 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 132 108.0 99.7 117.9 93.3 120 106.7 100.3 1964....................... 132.3 131 .8 131.7 132.0 132.8 133.1 111.5 151.3 137 Hl.I 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—oct............ 145.5 145.7 141.9 153.9 145.3 147.0 116.4 164.7 147 H7.0 107,7 139.0 93.4 142 110.4 103.1 Nov........... 146.7 148,0 143.7 157.3 146.1 148.6 116.4 164.1 I4l 117.8 108.8 141,2 97.9 144 110.6 103.5 Dec........... 149.0 148.9 144.2 159.0 148.8 151,0 118,3 164.9 153 118,5 109.4 143.0 102.4 145 111.0 104.1 150.6 150,3 144.6 162,6 150.9 152.9 117.3 164.7 152 118.9 190.8 145.1 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 Mar 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 Apr........... 153.9 152,9 146.4 166.9 154.5 156,6 115.6 169.1 I6l 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 '158.0 '156.4 '147.1 '176.4 159.6 160.1 122.1 179 0 139 122.2 113.8 151.4 94.0 150 113.8 106,8 Sept........... '157.8 r156.4 r146.6 r177.4 r159.2 '160.1 121,0 rl77.4 146 122.2 113.3 '152.7 95.0 150 114.1 106.8 Oct............ 158.6 '157.9 '148.5 ’•178.2 159.5 161.1 121.5 rl75 5 139 122.7 '114,0 '153.8 93.9 150 114,5 106.2 Nov.*. ... 158.3 158.2 148.1 180.0 158.5 160.8 120.2 175.5 ........... 123,2 114.6 154.5 97.1 149 .....1..0..5.....9 1 Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 F.R. index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Note.—Data are seasonally adjusted unless otherwise noted. Freight 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 1964 1965 type of construction Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct, Total construction............................... 47,330 49,272 4,356 3,745 3,698 3,374 3,270 4,737 5,098 5,132 4,854 4,774 4,302 4,083 4,106 By type of ownership: Public............................................... 15,371 16,302 1,294 1,163 1,304 1,125 1 ,066 1,463 1,574 1,902 1 ,937 2,020 1 ,568 1,379 1,607 Private.............................................. 31,959 32,970 3,061 2,582 2,395 2,249 2,204 3,274 3,524 3,230 2,916 2,754 2,733 2,704 2,499 By type of construction: Residential building....................... 20,565 21,247 1,897 1,696 1,446 1,290 1,299 2,004 2,081 1,970 1 ,828 1,461 1,494 1,261 Nonresidential building................ 15,522 17,219 1,582 1,328 1,433 1,177 1,259 1,726 1,883 1,826 1 ,885 1,813 1 ,729 1,676 Nonbuilding.................................... 11,244 10,805 877 721 '819 906 712 1,007 1,134 1,335 1,140 1,499 1,079 1,146 ........... Note.—Dollar value of total contracts as reported by the F. W. Dodge data exceed annual totals because adjustments—negative—are made to Co. does not include data for Alaska or Hawaii. Totals of monthly accumulated monthly data after original figures have been published. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 CONSTRUCTION 1833 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Non­ Business O no th n e - r C v o a n ti s o e n r ­ Total d f e r a e n r s t m i i ­ a l Total In tr d i u al s­ m C e o rc m ia ­ l P u u ti b li l t i y c d r t e e i s a n i l - - Total M ta i r l y i­ H w ig ay h­ de m v & e e l n o t p­ Other 1 1956................................ 47,601 34,869 20,178 11,076 3,084 3,631 4,361 3,615 12,732 1,360 4,415 826 6 131 1957 ................................ 49,139 35'080 19’006 12'029 3'557 3'564 4'908 4,045 14'059 1,287 4,934 971 6 867 1958 ................................ 50'153 34'696 19,789 10,659 2,382 3’589 4,688 4'248 15'457 1,402 5 545 1 019 7 491 1959 2............................. 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 1,465 5,761 1,121 7 723 1960................................ 53'941 38,078 21,706 11'652 2,851 4,180 4’621 4'720 15,863 1,366 5,437 1 ’ 175 7 885 1961................................ 55'447 38'299 21'680 11,789 2'780 4'674 4'335 4’830 17'148 1'371 5,854 1,384 8 539 1962 3............................ 59^667 41 '798 24'292 12'316 2,842 5,144 4’330 5,190 17’869 1 '266 6,365 1,524 8*714 1963 4............................ 62,968 43;642 25'843 12,497 2'906 4’995 4’596 5’302 19,326 1,227 7,091 1,690 9318 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 J31 883 7 J47 2',017 11 484 1965—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 J98 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 12’469 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 J20 54'290 27 ’ 463 19'435 6'629 7,294 5’512 7 J92 24’630 823 8,203 2,004 13*600 Mar.r................. 79,499 55^066 27'279 20,154 7,073 7'672 5,409 7'633 24,433 1 ,009 8 550 2,323 12*551 Apr.r. ............... 78,578 54,347 27'437 19 J30 7’175 7'097 5'458 7'180 24*231 887 8 791 2,226 12*327 76,135 52*284 27^023 18’283 6'856 6,126 5 J01 6,978 23’851 650 8 783 2,142 12*276 75,894 52'108 26'156 19'508 7,548 6,343 5'617 6,444 23,786 744 8 710 2,10*: 12*227 July..................... 73,827 50,'061 25,115 18’933 7'163 6,280 5,490 6,01 3 23,766 800 8 709 2,127 12*130 Aug.............. 73,051 49,210 23^469 19'270 7,164 6,482 5,624 6,471 23,841 746 8,708 2,231 12J56 Sept J'................. 72,528 48^623 22,381 19,088 6; 757 6,620 5 JI 1 7J54 23;905 8,706 2,172 Oct.»................... 71,804 48,036 21,778 5J10 23,768 .......8..,.7...0..5 ............... 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 Metro­ Non­ Private Total N fa o rm n­ politan p m o e li t t r a o n ­ Total fam 1- i ly fam 2- i ly M fam ul i t l i y ­ Public Total FHA VA 1955................................ 1,646 1,627 19 670 277 393 1956................................ 1'349 1,325 24 465 195 971 1957................................ 1'224 1,175 49 322 193 128 1958................................ 1,382 1'314 68 439 337 102 1959................................ 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960................................ 1'296 889 407 1,252 995 44 213 44 336 261 75 1961................................ 1'365 948 417 1'313 r974 44 295 52 328 244 83 1962................................ 1'492 1,054 439 1,463 '991 49 422 30 339 261 78 1963................................ 1 '641 1’151 490 1 '609 1,021 53 535 32 292 221 71 1964................................ 1'591 1’119 472 1,557 972 54 532 33 264 205 59 1965................................ 1 '543 1’068 475 1 '505 962 50 493 38 249 197 53 1965—Oct...................... 1,411 1,380 136 95 41 134 87 4 43 2 22 18 4 Nov.................... 1'547 1,531 118 79 39 116 71 4 41 2 20 16 4 Dec..................... 1’769 1 ,735 103 76 27 102 60 3 39 1 18 15 3 ] 966—Jan...................... 1,611 1,585 87 62 26 85 48 3 34 3 16 13 3 Feb..................... 1,374 1’349 81 56 26 78 47 3 29 3 15 12 2 Mar.................... 1,'569 1 '538 131 91 40 126 81 5 41 5 23 19 3 Apr..................... 1,502 1 ’481 149 107 42 147 95 5 47 2 22 18 3 May................... 1,318 1,287 139 92 48 135 88 4 43 4 18 14 3 June.......... 1 '285 1 J61 131 88 43 128 84 4 40 3 19 15 4 July..................... 1 ,’088 1 ’068 105 70 35 104 71 3 30 1 17 13 4 1,107 1 ,084 107 72 35 105 71 3 31 2 18 14 4 Sept.............. *1,070 Pl'045 ”95 63 32 ”92 62 3 27 ”3 13 10 3 Oct...................... ”848 ”826 ”83 53 30 ”80 58 2 20 ”3 13 9 3 Note.-—Beginning with 1959, Census Bureau series includes both farm available by area or type of structure. Data from Federal Housing and nonfarm series developed initially by the Bureau of Labor Statistics. Admin, and Veterans Admin, represent units started, based on field office Series before 1959 reflect recent Census Bureau revisions which are not reports of first compliance inspections. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1834 EMPLOYMENT DECEMBER 1966 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period i T p n o s o N t p t i a t . u S u l l t . a n i A t o o i . n o n a n - l l N ab N o o t . r S i n . f A o t . r h c e e T l f S a o o b . r A t c o a e . r l Total Employed1 Unem­ U (p n e m e ra r m e t c e n p e 2 t l n o t y ) ­ In nonagri- ployed S.A. Total cultural In industries agriculture I960............................. 125,368 52,242 73,126 70,612 66,681 60,958 5,723 3,931 5,6 1961............................. 127'852 53,677 74'175 71’603 66,796 61,333 5’463 4306 6.7 1962............................. 130’081 55'400 74'681 71 '854 67346 62’657 5,190 4,007 5.6 1963............................. 132,125 56312 75,712 72,975 68309 63'863 4’946 4,166 5.7 1964............................. 134'143 57,172 76,971 74,233 70 357 65 396 4,761 3'876 5.2 1965............................. 136’241 57 384 78357 75 335 72’179 67,594 4,585 3,456 4.6 1965—Nov................. 137,043 58,445 78,906 76,111 72,914 68,641 4,273 3,197 4.2 Dec.................. 137;226 58'749 79^408 76’567 73>41 68'955 4386 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.................. 137365 59330 79,279 76,355 73'521 69,079 4,442 2'834 3.7 Mar................. 13?;74l 59,707 79,315 76,341 73,435 69372 4'363 2306 3.8 Apr.................. 137,908 58,994 79,674 76,666 73,799 69317 4382 2,'867 3.7 May................ 138^100 58,349 79,313 76,268 73,231 69,155 4’076 3’037 4.0 June................ 138,275 55,575 80,185 77,086 73,997 69359 4 338 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 70,116 4,049 2,948 3.8 Oct.................. 139,041 58,511 80,414 77’135 74,163 70’192 3371 2,972 3.9 Nov................. 139,237 58,269 81,249 77,927 75,076 70 368 4,108 2,'851 3.7 1 Includes self-employed, unpaid family, and domestic service workers. Note.—Bureau of Labor Statistics. Information relating to persons 14 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate to the calendar week that contains the 12th day; annual data are averages of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Manufac­ Contract Transporta­ Govern­ Period Total turing Mining con ti s o t n ruc­ ti l o ic n u & ti li p ti u e b s ­ Trade Finance Service ment 1960.............................................................. 54,234 16,796 712 2,885 4,004 11,391 2,669 7,423 8,353 1961............................................................... 54,042 16,326 672 2,816 3,903 11,337 2,731 7,664 8,594 1962.............................................................. 55'596 16,853 650 2302 3,906 11,566 2,800 8328 8,890 1963.............................................................. 56,702 16,995 635 2363 3,903 11,778 2,877 8,325 9,225 1964.............................................................. 58332 17,274 634 3,050 3351 12,160 2,957 8,709 9,596 1965.............................................................. 60,770 18,032 632 3,181 4,033 12,683 3319 9,098 10391 SEASONALLY ADJUSTED 1965 Nov.................................................. 61,864 18,392 631 3,234 4,080 12,880 3,045 9,282 10,320 Dec................................................... 62341 18,492 633 3'334 4,083 12341 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................................................... 62311 18,722 634 3,323 4; 105 13 345 3'051 9,410 10321 Mar.. ................. ............................ 63,247 18,840 637 3,419 4,109 13,085 3,064 9,463 10,630 Apr.......................................... 63,350 18 323 595 3,333 4,114 13'128 3,068 9,484 10305 May................................................. 63’517 19,002 628 3338 4,132 13; 164 3376 9,515 10362 June................................................ 63’983 19,167 632 3,300 4,143 13,217 3,090 9,549 10385 July................................................... 64,072 19,128 636 3,297 4,122 13,256 3 395 9,609 10329 Aug.................................................. 64,199 19,262 636 3,251 4, 105 13,264 3,100 9,647 10334 Sept................................................... 64;168 19,204 628 3,228 4,168 13,268 3,100 9,649 10,'923 Oct. J’................................................ 64,428 19',315 625 3,203 4; 163 13 J31 3,102 9,706 10,983 Nov.1’............................................... 64;699 19,408 623 3,191 4,180 13,355 3,107 9,770 11,065 NOT SEASONALLY ADJUSTED 1965—Nov.................................................. 62,392 18,496 635 3,341 4,092 13,078 3,033 9,245 10,472 Dec.................................................. 63 338 18,473 632 3,167 4,087 13J62 3'034 9,245 10,638 1966—Jan....................................... 61,439 18,333 621 2,940 4,026 12,835 3,018 9,176 10,490 Feb................................................... 61'622 18318 617 2,818 4,035 12338 3,024 9,250 10,622 Mar.................................................. 62343 18,651 620 2,981 4,056 12326 3,043 9331 10,735 Apr.................................................. 62'928 18374 590 3J56 4377 13315 3,056 9,465 10,795 May.................................................. 63,465 18306 630 3377 4,115 13,061 3 370 9,572 10,834 June................................................. 64363 19,258 645 3,521 4,180 13,239 3,112 9,702 10,906 July................................................ 64374 19,123 645 ’ 3,623 4,171 13’225 3,148 9,782 10,557 Aug................................................. 64'484 19,391 649 3,641 4,154 13*224 3', 146 9,772 10,507 Sept.................................................. 64,867 19,533 637 3,525 4,218 13,253 3,109 9,707 10,885 Oct.^................................................ 65,150 19,539 631 3,450 4,196 13,376 3,099 9,745 11,114 Nov.*............................................... 65,266 ISCSIS 627 3396 4,193 13,560 3,095 9,731 11,249 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

DECEMBER 1966 EMPLOYMENT AND EARNINGS 1835 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1965 1966 1965 1966 Nov. Sept. Oct.’’ Nov.1’ Nov. Sept. Oct.” Nov.” Total...................................................................................... 13 706 14 268 14 358 14 441 13 811 14 582 14 585 14 555 Durable goods...................................................................... 7,905 8 395 8 445 8 470 7,959 8 501 8 530 8 532 Ordnance and accessories.......................................... 101 126 128 131 103 '126 ’129 133 Lumber and wood products..................................... 542 531 528 527 544 553 540 529 Furniture and fixtures.............................................. 362 380 381 383 367 387 388 388 Stone, clay, and glass products................................ 509 507 508 506 514 526 518 511 Primary metal industries............................................ 1 043 1 092 1 104 1,105 1,021 1 095 1 084 1 082 Fabricated metal products........................................ 1,015 1 055 1,062 1 073 1,024 1,071 I 077 1 *083 Machinery except electrical. .................................... 1 ’250 1 339 1,348 1 355 1 ,236 I ’,332 1 ’335 1 ’ 340 Electrical machinery...................................... 1 195 1 350 1,364 1 369 1 ^214 1 ’366 1 386 1 392 Transportation equipment........................................ 1 ^284 1 389 1,391 1 389 1^310 1,393 1 413 1’419 Instruments and related products........................... 255 277 280 279 '257 280 282 282 Miscellaneous manufacturing industries................ 349 349 351 353 369 372 378 373 Nondurable goods................................................................. 5,801 5 873 5,913 5 971 5,852 6 081 6 055 6 023 Food and kindred products.................................... 1,182 1,145 1.158 1 188 1’205 1 ,284 1 246 1 211 Tobacco manufactures.............................................. ' 72 67 66 73 78 82 ’ 82 ’ 78 Textile-mill products................................................. 835 848 847 851 839 856 855 855 Apparel and' other finished textiles......................... 1,220 1,234 1,247 1,249 1 ,231 1 ,257 1,264 1 260 Paper and allied products......................................... 506 ’520 *525 533 '509 "527 527 536 Printing, publishing, and allied industries............ 633 657 660 660 636 661 665 664 Chemicals and allied products.................................. 551 575 577 580 546 577 576 575 Products of petroleum and coal...................... 113 114 114 115 112 116 115 114 Rubber products........................................................ 379 403 409 413 384 409 415 419 Leather and leather products.................................... 310 310 310 309 312 312 310 311 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 Nov. Sept. Oct.” Nov.” Nov. Sept. Oct.” Nov.” Nov. Sept. Oct.” Nov.” Total............................................................ 41.4 41.5 41.3 41.3 109.71 113.71 113.85 113.99 2.65 2.74 2.75 2 76 Durable goods......................................................... 42.2 42.3 42.2 42.1 119.43 123.94 123.65 123.77 2.83 2.93 2.93 2.94 Ordnance and accessories............................. 42.4 42.5 42.2 42.1 134.41 136.95 137.05 135.98 3.17 3.23 3.24 3 23 Lumber and wood products........................ 41.2 40.3 40.4 40 8 90.17 94.83 94.42 92,92 2.21 2 33 2.32 2.30 Furniture and fixtures................................... 41.7 41.2 41.1 40.9 90.72 93.21 93.63 91.88 2.16 2.23 2.24 2.23 Stone, clay, and glass products.................. 42.2 41.9 41 8 41.7 112.94 116.05 116.47 116.20 2.67 2 75 2.76 2 78 Primary metal industries.............................. 41.2 42.5 42.8 42.2 129.43 140.77 139.35 138.36 3.18 3.32 3.31 3 31 Fabricated metal products............................ 42.3 42.7 42 3 42.1 118.72 124.84 123.97 122.80 2.80 2.91 2 91 2 91 Machinery except electrical......................... 43.7 44.3 43.9 43.9 130.20 136.53 136.34 136.47 3.00 3.11 3.12 3 13 Electrical machinery................................ 41.2 41.3 41.1 41.1 107.64 110.12 109.86 109.86 2.60 2.66 2.66 2.66 Transportation equipment................... 42.9 42.9 42.3 42.4 144.54 144.84 146.29 148.18 3.30 3 40 3.41 3 43 Instruments and related products............... 41.7 42.2 42.0 41 7 110.88 114.78 114.93 114.66 2.64 2.72 2 73 2 73 Miscellaneous manufacturing industries 40.2 39.9 40.0 39.8 86.46 89.20 90.50 90.00 2.14 2.23 2.24 2.25 Nondurable goods................................................... 40.3 40.2 40.1 40.1 96.32 99.54 99 70 99.85 2.39 2 47 2 48 2 49 Food and kindred products......................... 41.1 41.2 40.9 41.6 100.77 104.92 103.82 104.65 2.44 2 51 2.52 2 54 Tobacco manufactures.................................. 37.9 38.7 37.6 37.8 79.97 83.41 81.72 80.51 2. 11 2.08 2.09 2.13 Textile-mill products...................................... 41.9 42.1 41.3 41.0 80.79 83.38 83.20 82.80 1.91 1.99 2.00 2.00 Apparel and other finished textiles............ 36.5 35.6 36.7 36.3 67.70 67.83 70.64 69.87 1.86 1 90 1 93 1 93 Paper and allied products........................... 43.7 43.4 43.1 43.4 116.85 121.92 121.37 120.81 2.68 2 79 2.79 2.79 Printing, publishing, and allied industries. 38.6 38.9 39.0 39.0 118.97 125.12 125.51 124.48 3.09 3.20 3.21 3.20 Chemicals and allied products................... 42.0 42.0 42.1 42.2 123.06 127.14 127.26 127.87 2.93 3 02 3 03 3 03 Products of petroleum and coal................. 42.4 41.8 42.3 42.2 143.06 146.80 145.09 144.48 3.39 3.43 3.43 3 44 Rubber products.......................................... 42.4 42.0 42.1 41.8 111.94 114.21 113.52 112.44 2.64 2 70 2.69 2.69 Leather and leather products....................... 38.6 38.3 38.8 38.5 72.96 74.09 74.68 75.06 1.91 1.96 1.96 1.97 Note.—Bureau of Labor Statistics; data are for production and related workers only. 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1836 PRICES DECEMBER 1966 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em U s Food Total Rent o H w o n m e e r - ­ F a o u n i e l d l e G a l n e a c d s ­ n F i a n i n u s g d h r s ­ ­ 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 ic e a d l ­ s P o e n r a ­ l R a i e n n a g d d ­ g O a o t n o h d d e s r ship coal tricity opera­ care care recrea­ serv­ tion tion ices 1929........................... 59.7 55.6 85.4 1933 . 45.1 35,3 60,8 1941. 51.3 44.2 61.4 64.3 .............45.2 88.3 ............. 51.2 .............50.6 47.6 57,3 58.2 1945. 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75.0 67.3 1957, 98.0 97.8 98.5 98.3 98.2 100.8 96.9 99.4 99.5 96.5 97.0 95.5 97.1 96.9 98.5 1958. 100.7 101.9 100.2 100.1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100.1 100.4 100.8 99.8 1959. 101.5 100.3 101.3 101 .6 101,4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 1960. 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103,8 105.4 108.1 104,1 104,9 103.8 1961. 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105,0 107.3 111.3 104.6 107.2 104.6 1962. 105.4 103.6 104 8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109,4 114.2 106.5 109.6 105,3 1963. 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1964. 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114.1 108.8 1965. 109.9 108.8 108.5 108.9 111.4 105,6 107.8 103.1 106.8 UI.1 115.6 122.3 109.9 115.2 111.4 1965--Oct........ 110.4 109.7 109.0 109.2 112.1 106.9 107.9 103.3 107.8 111.2 116.2 123.0 109.2 115.2 113.3 Nov................ 110.6 109.7 109.2 109.3 112.5 107.2 108.0 103.3 108.1 111.5 116.4 123.4 109.6 115.4 113.3 Dec............. 111.0 110.6 109.4 109,5 112.9 108.6 108.0 103.6 108,1 111.6 116.6 123.7 110,0 115.4 113.4 1966--Jan.................. 111.0 111.4 109.2 109,7 113.1 108.9 107.9 103.6 107.3 111.2 116.9 124.2 110,4 115.7 113,4 Feb................. 111.6 113.1 109.4 109.8 113,3 109.0 108.2 103.8 107.6 111.1 117.1 124.5 110,8 115.9 113.6 Mar................ 112.0 113.9 109.6 109.9 113.5 108.9 108.2 104.0 108.2 111,4 117.6 125.3 111,0 116.6 113.8 Apr................. 112.5 114.0 110.3 110.1 114.3 108.5 108.3 104.4 108.7 112.0 118.1 125.8 111.6 116.8 114.3 May............... 112.6 113.5 110.7 110.2 115.0 108.0 108.2 104.6 109.3 112,0 118.4 126.3 112,0 116.8 114.7 June............... 112.9 113.9 111.1 110.2 115.8 107.0 108.1 104,8 109.4 112.2 118.7 127.0 112.2 117,0 114.9 July................. 113.3 114.3 111.3 110.3 116.2 107.0 108.1 105.1 109.2 113.5 119.1 127.7 112,5 117.2 115.3 Aug................ 113.8 115.8 111,5 110.6 116.4 107.0 108.1 105.2 109.2 113.5 119.5 128.4 112,7 117.4 115.5 Sept................. 114,1 115.6 111,8 110.7 116.8 107.4 108.1 105.7 110.7 113.3 119.9 129,4 113.0 117.5 115.7 Oct.................. 114.5 115.6 112,2 111.0 117.4 108.3 108.0 106,1 111.5 114,3 120.4 130.4 113.3 118.0 115.9 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59^ 100) Other commodities All Farm Proc­ Period com­ prod­ essed Nonm ti o e d s i­ ucts foods 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 et u e c r b . , ­ L b e u t e c m r . , ­ P e a t p c e . r, M e a t l e c s t . , ­ c M e h r i y a n ­ ­ F t e u u t r r c e n . , i ­ t m m al i e l n i ­ c ­ b T e a t c o c c . ­ o, n c M e el o i l u s a ­ ­ s erals 1957................................ 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99,7 97,7 99,4 98.9 98 0 96.6 1958................................ 100.4 103.6 102.9 99,5 98.9 96.0 98.7 100.4 100.1 97.4 100,1 99.1 100,1 100.2 99.9 99.7 101 5 1959................................ 100.6 97.2 99.2 101.3 100.4 109,1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102 2 101 9 I960................................ 100.7 96.9 100.0 101.3 101.5 105,2 99.6 100.2 99,9 100.4 101.8 101.3 102.4 100.1 101.4 102 5 99 3 1961................................ 100.3 96.0 100.7 100.8 99.7 106.2 100.7 99.1 96.1 95,9 98.8 100.7 102.3 99.5 101.8 103 2 103 9 1962................................ 100,6 97.7 101.2 100.8 100,6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.3 98.8 101.8 104.1 107.3 1963 ............................... 100.3 95.7 101.1 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 102,2 98.1 101.3 106,1 110.4 1964............................... 100.5 94.3 101.0 101.2 101 .2 104.6 97.1 96.7 92.5 100.6 99.0 102.8 102.9 98.5 101.5 107 4 109.2 1965................................ 102.5 98.4 105.1 102.5 101.8 109.2 98.9 97.4 92.9 101.1 99.9 105.7 103.7 98.0 101.7 107.7 111 0 1965*—Oct...................... 103.1 99.4 106.9 102.8 102.0 113.3 99,4 97.6 93.4 101.6 100.5 106.3 103.9 97.8 101.6 107.7 111.2 Nov................... 103.5 100.3 107.6 103.2 101,9 113,6 100.3 97.5 93.5 101.6 100,8 106.7 104,1 98.0 101.6 107 7 113.2 Dec..................... 104.1 103.0 109.4 103.2 102.0 114.6 100.6 97.6 93,5 101.9 100.9 106.6 104.2 98.2 101.6 107.9 112 5 1966—Jan...................... 104.6 104.5 110.3 103.5 101.9 116.0 100.5 97,6 93.7 102.8 101.2 107.0 104.4 98.3 102.0 108.1 114.3 Feb........... 105.4 107.4 111.8 103.8 102.0 117.8 100.3 97,6 94.1 103.7 101 .3 107.5 104.7 98,4 102.1 108.0 116 0 Mar.................... 105.4 106.8 111.5 104.0 102,1 118,7 99.9 97.6 94.3 105,6 101.8 108.0 105.0 98.4 102.1 109.2 113.1 Apr..................... 105.5 106.4 110.6 104.3 102.2 120.8 100.0 97.6 95.4 108.4 102.3 108.2 105.2 98.6 102.3 109.4 113 0 May................... 105.6 104.5 110.5 104.7 102.2 122.9 100.4 97,7 95.4 109.6 102.7 108.4 105.8 98,9 102.4 109.4 115.1 June................... 105.7 104.2 110.6 104.9 102.2 122.9 101 .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............ 106.8 108.1 113,8 105.2 102.4 121.2 102.0 97.9 95.1 106,2 103,2 108,5 106.2 99.1 102.7 110.1 121.1 Sept.................. • 106.8 108.7 *113.8 *■105.2 *102.2 119.9 102.2 98.0 *94.7 *105.9 *■103,1 108,4 *•106.3 *99.2 103.0 110.1 120.4 Oct...................... 106.2 104.4 112.4 105.2 102.1 118.5 102,6 97,9 94.6 104,8 103.1 108.6 106.9 99.7 103.2 110.1 118.0 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 PRICES 1837 WHOLESALE PRICES: DETAIL (1957-59= 100) 1965 1966 1965 1966 Group Group Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Farm products: Pulp, paper, and allied products: L P F E U l r i g a a v e g v n s e s h s t A . t . a o . a n . n c . n d . k d . d . « . . a a p . d . n n p . r . ( d i . i . k m e . . d p . a . . o l . p .. u r f .. i o l . b t . d . r e .. y u r .. s c . . . . . . e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 9 8 8 0 0 0 0 5 9 8 5 3 5 2 . . . . , . . 1 6 9 6 2 9 6 1 1 1 1 1 7 9 2 0 0 3 0 2 7 4 5 9 9 8 . . . . . . . 1 3 7 6 4 2 6 ’■ 1 1 1 1 1 1 7 0 0 1 2 2 2 1 6 6 4 0 8 5 . . , . . , . 7 7 3 0 6 4 4 1 1 1 1 9 9 7 0 1 2 2 1 7 8 3 4 1 5 . . . . . . . 9 9 4 8 7 0 9 P C B W W P a u a o o a p i p n l s o e d v e t d r i r e e n b . p p r .. g t o u . a e . a . p l d p . p . r e . a d . . p r . . p . . . . a . . . . e . . . . p . . . . r . . . . . . . e . . . . . a . . . r . . . . . n . . . . . . a . . d . . . . . . . n . . . . . . . . . d b . . . . . . . . . . . . o . . . . p . . . . a . . . . a . . . . r . . . . . . p . . d . . . . . . . . e . . . . . . . . . . r . . . . . . . . . . b . . . . . . . . . . . o . . . . . . . . . . . . . . a . . . . . . . . . . r . . . . . . . . . d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 9 9 9 9 0 0 8 6 9 3 4 4 . . . . . . 1 5 5 5 8 8 1 1 1 9 9 9 0 0 0 7 8 3 6 8 2 . . . . . . 0 2 7 4 8 0 1 1 1 r 9 9 9 0 0 0 8 7 2 8 3 2 . . . , . . 0 2 7 0 4 9 1 1 9 9 9 9 0 0 7 8 3 8 8 3 . . . . . . 8 2 0 0 4 0 Other farm products. ................................. 100.1 102.5 102.3 100.8 Metals and metal products: Processed foods: Iron and steel.......................................... 101.2 102.7 102.5 102.5 Cereal and bakery products................ 109.4 118.9 118.9 118.7 Nonferrous metals.................................. 117.4 120,4 119.9 120.3 Meat, poultry, and fish......................... 104.9 111.1 ’112,2 108.1 Metal containers................ ............. 108.3 110.1 110.1 110.1 Dairy products and ice cream............. 109.4 ’124.0 -124.2 124.5 Hardware................................................ 106.7 110.1 ’110.3 110.9 Canned and frozen fruits and veg- Plumbing equipment............................. 103.4 110.0 110.6 110.6 etables................................................... 104.7 102.3 ’103.7 105.6 Heating equipment................................. 91.9 92.7 92.9 93.3 Sugar and confectionery................. 109.4 110.9 111.4 111.6 Fabricated* structural metal products. 101.8 104.2 ’104.4 104.5 Packaged beverage materials............... 93.4 93.5 ’90.5 90.5 Fabricated nonstructural metal prod­ Animal fats and oils.............................. 122.1 120.9 ’115.9 109.9 ucts. ................................................. 109.8 112.3 112.4 112.7 Crude vegetable oils............................... 101.3 127.5 ’112.4 100.1 Refined vegetable oils............................ 94.6 118.4 107.6 97.0 Machinery and motive products: Vegetable oil end products.......... 101.2 108.7 ’110.4 108.4 Miscellaneous processed foods............ 114.1 114.1 ’114.2 115.1 Agricultural machinery and equip.... 114.9 118.3 ’118,2 118.3 Textile products and apparel: C M o e n ta s l t w ru o c r t k io in n g m m a a c c h h in in e e ry ry a a n n d d e e q q u u ip ip .. .. . 1 1 1 1 8 5 . . 3 8 1 12 1 4 8 . . 0 9 ’ 1 1 2 1 5 9 . . 0 4 1 12 1 5 9 . , 5 8 C S O M i o t l a k h t n t e o p - r m n r t o e a p d x d r t u e o il c d e f t i u s b p c . e . r . t o r . s . . d . t . . e . . u . . x . . c . . . t . t . i . . s . l . . e . . . . . . . p . . . . . r . . . o . . . . . d . . . . . u . . . . c . . . . . t . . s . . . . . . . . . . . . . . . . . . .. . . . 1 1 1 1 1 9 2 4 0 0 0 7 3 0 4 5 0 . . . . . 3 3 3 8 4 1 1 1 1 1 1 8 2 0 5 0 0 1 5 6 9 3 6 . . ' . . 3 6 6 7 0 2 ’ 1 1 1 1 1 ’ 0 8 0 0 2 5 5 3 6 8 0 8 . . . . . 1 1 8 3 6 1 1 1 1 1 1 8 6 0 0 1 0 8 1 5 8 5 3 . . , . . . 1 1 2 8 2 6 S G M E M p l e e i e e o e s n c q q c t c e t o i u u e r a r r i i l i a l c p l p l a v a m m n e l e i h e m e p n o n i n u d c u a t t l u r s c . e ( p . s h J . s . m o t a i . . r . . n s n . y . a . . e e . . . c . . r . . h y . . 1 . . . . m i 9 m . . n a . . 6 . . a n e . . a 1 . . c r . d . c = . . y h . h . . . i . e . . i . n 1 . . n . . . q . . . 0 e e . . . u . . . r 0 r . . . y . . i . y ) . . . p . . . . . . . . . . . . . . . . . . . . . . . . a a . . . . . . . . . n n . . . . . . . d d . . . . . . . 1 1 1 1 9 0 0 0 0 5 6 0 6 8 . . . . . 1 5 6 3 2 1 1 1 1 9 0 0 1 1 9 0 6 2 0 . . . , . 1 5 2 8 6 ’ ’ 1 1 1 1 9 1 0 0 1 1 0 9 6 3 . . . . . 1 1 8 0 2 1 1 1 1 9 0 1 1 0 9 7 1 3 1 . . . . . 3 7 7 4 4 Hides, skins, leather, and products; Tr s a t n o s c p k o r (J ta a t n i . o n 1 9 e 6 q 1 u = i p 1 . 0 , 0 R ).. . . R ... . . .. r .. o .. l . l .. i . ng 101.0 101.0 101.0 101.0 Hides and skins...................................... 125.6 141.2 134.2 120.8 Leather...................................................... 111.9 124.9 121.8 117.5 Furniture and other household durables: Footwear.................................................. 113.6 119.1 119.1 120.0 Other leather products. ............... 109.0 116.0 ’115.1 115.1 Household furniture.............................. 106.4 109,4 ’109,8 110.2 Commercial furniture............................ 103.7 105.8 106.0 107.3 Fuels and related products, and power: Floor coverings..................................... 97.3 96.6 96,6 96.6 Household appliances.......................... 88.6 ’89.0 ’88.9 89.0 Coal........................................................... 97.3 98.5 99.6 100.2 Television, radios, and phonographs.. 84.5 83.1 ’83.3 83.8 Coke.......................................................... 107.3 112.0 112.0 112.0 Other household durable goods.......... 105.5 107.8 107.9 108.7 Gas fuels (Jan. 1958“ 100).................. 125.8 128.9 ’129.2 131. 1 E Pe le tr c o tr l i e c u m po w pr e o r d ( u J c a t n s . , 1 re 9 f 5 i 8 n = ed 1 .. 0 .. 0 .. ) .. . . . . . . . . . . . . . . . . . . 1 9 0 6 0 . . 6 8 1 1 0 0 0 0 . . 7 3 1 1 0 0 0 1 . . 3 0 1 1 0 0 0 1. . 3 3 Nonmetallic mineral products: Chemicals and allied products: Flat glass.................................................. 99.9 99.7 100.6 102.1 Concrete ingredients.............................. 103.4 103.8 103.9 104.2 95 4 95.8 95 8 05 0 Concrete products.................................. 101.6 103.3 103.6 103.6 105 9 106.8 106^8 107 3 Structural clay products....................... 105.4 106.7 106.7 106,8 89 .‘7 90.5 90.3 90.2 Gypsum products................................... 99.1 102.7 102.7 102.7 Drugs and pharmaceuticals................. 94.7 94.8 05 0 Asphalt roofing....................................... 94.6 97.6 97.6 97,6 110.1 105.5 103.8 94.6 Other nonmetallic minerals................. 101.1 101.8 101.8 101.8 Mixed fertilizers..................................... 105.9 105.4 105.8 106.1 Fertilizer materials.................................. 103.4 102.5 102.5 103.7 Tobacco products and bottled beverages: Other chemicals and products............ 100.0 100.7 101 .0 101.1 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............... 128.5 132.2 132.2 132.2 Crude rubber........................................... 89.0 88.8 87.9 87.4 Tires and tubes........................................ 91.1 93.9 ’93.4 93.4 Miscellaneous rubber products........... 97.6 99.0 99.0 98.9 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms.... 103.1 104.9 ’104.8 104.9 Manufactured animal feeds.......... 116,2 133.6 132.3 127.9 Lumber..................................................... 103.0 N10.2 ’109,5 108.1 Notions and accessories........................ 99.1 100.8 100.8 100,8 Millwork................................................... 107.8 110.9 110.9 110.8 Jewelry, watches, photo equipment... 105.1 105.3 105.2 105.2 Plywood...... ........................................ 91.6 90.0 89.2 88.2 Other miscellaneous products....... 104.0 105.7 105.9 106.0 Note—Bureau of Labor Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1838 NATIONAL PRODUCT AND INCOME DECEMBER 1966 GROSS NATIONAL PRODUCT (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965 III IV I II IIP Grogs 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 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 20! .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 93.0 106.6 106.7 111.9 114.5 118.5 115.0 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 21 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 9.9 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 National defense.......................................... 13.8 14.1 47.8 51.6 50.8 50.0 50.1 50.7 52.5 54.6 57.1 61.3 Other .......................................................... 3.1 4.3 9.6 11.8 13.5 15.2 16.7 16.8 17.3 17.4 16.9 17.0 State and local.................................................. 7.2 6.0 7.9 19.5 50.2 53.7 58.2 63.7 69.4 70.2 71.4 73.1 75.0 77.2 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 Survey of Current Business for Aug. 1965 and July 1966. NATIONAL INCOME (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965 III IV I II III* 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 of persons.................................... 5.4 2.0 3.5 9.4 16.0 16.7 17.1 17.7 18.3 18.4 18.5 18.7 18.8 18.9 Corporate profits and inventory valuation adjustment...................................................... 10.5 -1.2 15.2 37.7 50.3 55.7 58.9 66.6 74.2 74.0 76.9 80.0 79.9 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 .5 1.6 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 21.2 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

DECEMBER 1966 NATIONAL PRODUCT AND INCOME 1839 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 III” Gross 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 Less: Capital consumption allowances.......... 7.9 7.0 8.2 18.3 45.2 50.0 52.6 56.0 59,6 60.2 60.8 61.6 62.7 63.7 Indirect business tax and nontax lia­ bility. ........................................... 7.0 7.1 11.3 23.3 47,7 51.5 54.7 58.5 62.7 62.7 63.6 63.0 64.7 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 payments............. .9 1.5 2.6 14.3 30.4 31.2 33.0 34.2 37.1 39.4 37.9 40.0 40.1 42.3 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 I tem 1964 1965 Nov. Dec. Jan, Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.’’ Total personal income............................ 496.0 535.1 553.2 558.2 560.2 564.7 569.0 570.5 573.0 577.2 580.0 585.4 590.0 594,4 597.6 Wage and salary disbursements........... 333.6 358.4 371.4 374.1 376.8 380.1 382.9 384.7 387.0 390.5 393.7 397.0 399.5 402.3 404.4 Commodity-producing industries... 134.0 144.3 149.2 150.7 152.1 153.9 155.4 156.0 156.8 158.1 158.2 159.8 160.7 161.5 162.1 Manufacturing only............ 107.2 115.5 119.6 120.3 121.8 123.3 124.0 125.2 125.9 127.0 127.1 128.9 129.6 130.7 131.2 Distributive industries....................... 81.2 86.7 89.2 89.7 90.1 90.9 91.4 91.5 91.9 92.8 93.6 93.9 94.4 95.1 95.4 Service industries............................... 54.1 58.1 60.6 60.9 61.1 61.2 61.7 62.0 62.5 63.0 64.0 64.5 64.9 65.4 65.8 Government........................................ 64.3 69.2 72.4 72.9 73.6 74.1 74.5 75.2 75.9 76.6 78.0 78,8 79.5 80.2 81.0 Other labor income................................ 16.6 18.5 19.4 19.6 19.8 20.0 20.2 20.4 20.6 20.7 20.9 21,1 21.3 21.5 21.7 Proprietors’ income............................... 51,9 55.8 57.1 57.5 58,1 58.3 58.8 58.2 57.9 57.6 57.3 57.3 57.3 57.2 57.1 Business and professional................. 39.9 40.7 41.1 41.3 41.3 41.3 41.5 41.5 41.6 41.7 41.8 41.9 42.0 42.1 42.2 Farm.................................................... 12.0 15.1 16.0 16.2 16.8 17.0 17.3 16.7 16.3 15.9 15.5 15.4 15.3 15.1 14.9 Rental income............................... 17.7 18.3 18.6 18.6 18.6 18.7 18.7 18.7 18.8 18.8 18,9 18.9 19.0 19.0 19.1 Dividends................................................. 17.3 19.2 20.2 20.5 20.8 21.0 20.9 21.0 21.2 21.1 21.1 21.0 21.2 21.2 21.2 Personal interest income....................... 34.6 38.4 39.7 40.0 40.5 41.0 41.4 41.8 42.1 42.3 42.6 43.1 43.8 44.3 44.8 Transfer payments.................................. 36.8 39.7 40.3 41.4 42.3 42.6 42.9 42.6 42.5 43.2 43.5 45.1 46,0 47.2 47.8 Less: Personal contributions for social insurance.............................. 12.5 13.2 13.5 13.6 16.8 16.9 16.9 17.0 17.1 17.2 17.9 18.1 18.2 18.3 18.4 Nonagricultural income......................... 479.7 515.6 532.6 537.2 538.8 543.0 547.0 549.1 551.9 556.5 559.8 565.4 570.1 574.6 578.0 Agriculture income................................. 16.3 19.5 20.6 21.0 21.4 21.7 22.0 21.4 21.0 20.7 20.2 20.1 20.0 19.8 19,6 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

1840 FLOW OF FUNDS DECEMBER 1966 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1964 1965 1966 Transa o c r t io se n c t c o a r tegory, 1961 1962 1963 1964 1965 II III IV I II III IV I II I. Saving and investment 1 Gross national saving........................... 119.7 134.5 144.5 159.4 178.4 157.3 161.4 165.5 176.8 175.3 178.4 183.0 188.3 188.3 1 2 Households....................................... 75.7 82,0 85.8 96.8 105.1 99.2 97.2 98,5 100.9 100.1 109.0 110,5 111.3 107.6 2 3 Farm and noncorp, business........ 12.6 13,1 13.5 14.4 15.0 14,3 14.6 14,8 14.9 15.0 15.1 15.2 15.3 15.3 3 4 Corporate nonfin. business........... 35.6 41 .8 43.9 50.8 55.3 50.6 52.1 51.3 55.0 54.5 55.5 56.4 57.8 57.8 4 5 U.S. Government............................ -4.8 -4.8 -.6 -4.3 .2 -7.9 -4.4 -1.6 3.2 2.7 -4.0 -1.1 1.2 2.3 5 6 State and local govt........................ -2.9 -1.4 -1.5 -1.4 -1.0 -2.2 -1.0 -.5 -.9 -.9 -1.0 -1.1 -.2 .9 6 7 Financial sectors............................. 3.4 3.8 3.5 3.1 3.6 3.3 3.1 3.1 3.6 3.9 3.9 3.1 3.0 4.5 7 8 Gross national investment................... 117.9 133.9 143.8 157.0 176.4 156.0 158.7 160.7 172.6 172.7 176.9 183.1 186.2 187.3 8 9 Consumer durable goods............... 44.2 49.5 53.9 59.4 66.1 59.8 61.1 58.8 65.1 64.4 66.7 68.0 70.3 67.1 9 10 Business inventories....................... 2.0 6.0 5.9 4.7 9.1 4.2 3.6 7.4 9.5 7.7 8.8 10.4 9.0 12.3 10 11 Gross pvt. fixed investment.......... 69.7 77.0 81.3 88.3 97,5 87.6 88.9 90.0 94.4 96.0 98.0 101.5 105.6 106.4 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.......... 7.7 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................................... J.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.S 8.1 5.5 7.2 33 34 Corporate securities..................... 7 J 5.1 3.6 5.4 5.4 7.3 5.0 3.1 4.4 7.0 7.4 2.9 11.9 15.2 34 35 1- to 4-family mortgages............ 11.4 13.0 15.2 15.7 16.0 15.8 15.4 15.2 15.9 15.5 16.2 16.5 15.3 13.3 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 12.5 61.3 78.7 81.8 83.5 37 38 Chg. in U.S. Govt, cash balance.. 1.3 -.3 .2 -1.0 -3.3 1.8 -1.5 5.3 -.9 -10,4 2.1 -3.5 9.2 38 39 U.S. Govt, lending......................... 2.6 3.3 2.7 3.8 4.7 4.6 3.2 3.6 5.3 6.4 3.1 3.9 11.3 10.4 39 40 Foreign funds................................... 2.7 3.1 2.4 2.6 2.1 2.5 1.8 4.6 2.7 2.8 -.4 3.1 -.6 3.9 40 41 Pvt. insur. & pension reserves.... 8.6 9.0 10.1 11.1 11.6 11.7 10.3 11.9 10.9 12.0 12.0 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 dcp. 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 III. Direct lending in credit markets 54 Total funds raised................................ 44.2 54.2 58.5 67.0 72.1 73.1 67.6 67.2 76.6 72.5 61.3 78.7 81.8 83.5 54 55 Less change in U.S, Govt, cash.... 1.3 —. 3 .2 -1.0 -3.3 1.8 -1.5 5.3 -.9 -10.4 2.1 -3.5 9.2 55 56 Total net of U.S. Govt, cash............ 44.1 52.9 58.8 66.8 73.1 76.4 65.8 68.7 71.3 73.4 71.6 76.6 85.3 74.2 56 57 Funds supplied directly to cr. mkts.. 44.1 52.9 58.8 66.8 73.1 76.4 65.8 68.7 71.3 73.4 71.6 76.6 85.3 74.2 57 58 Federal Reserve System................. I .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 -1.2 -.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 .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 3.0 .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

DECEMBER 1966 FLOW OF FUNDS 1841 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) Transaction category, 1964 1965 1966 or sector 1961 1962 1963 1964 1965 II III IV I II HI 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 8.3 -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-famiiy...................................... 11.8 13.4 15.7 15.4 16.0 15.3 15.1 15.0 15.9 15.7 16.0 16.3 15.6 12.3 59 60 In process........................................ .4 .4 .5 -.3 -.1 — .4 -.3 -.3 .2 -.2 -.2 .4 -1.1 60 61 Disbursed........................................ 11.4 13.0 15.2 15.7 16.0 15.8 15.4 15.2 15.9 15.5 16.2 16.5 15.3 13.5 61 62 Other.................................................... 5.1 7.9 9.3 10.0 9.5 10.0 10.9 10.5 8.7 9.7 9.8 9.5 9.8 9.2 62 63 Net acquisitions...................................... 16.9 21.3 25.0 25.4 25.4 25.3 25.9 25.4 24.7 25.4 25.7 25.8 25.4 21.6 63 64 Households......................................... -.2 -.3 -.1 -.6 -1.1 .4 -.9 -.7 -1.1 -2.5 .3 64 65 U.S. Government.............................. .6 .3 -1.0 .3 1.0 .8 .1 -.2 .7 1.0 .7 1.5 4.6 4.1 65 66 Commercial banks............................ 1.6 4.0 4.9 4.5 5.6 4.3 4.5 4.6 4.7 5.6 6.4 5.8 5.0 4.5 66 67 Savings institutions........................... 11.0 13.2 16.1 14.8 13.0 14.7 15.2 14.7 13.0 13.0 13.1 12.8 11.4 7.2 67 68 Insurance............................................ 2.7 3.0 4.0 5.1 5.5 5.1 5.2 5.6 5.9 5.5 5.1 5.3 6.1 5.7 68 69 Mortgage companies......................... .6 .5 .8 .4 .5 1.0 .1 .2 .9 .5 1.0 -.1 .4 -.6 69 VI. Bank loans n.e.c. 70 Total net borrowing............................... 3.0 6.2 7.6 8.7 16.4 11.4 5.3 13.6 19.6 14.2 13.0 19.4 8.6 20.0 70 71 Nonfinancial business....................... 1.3 4.3 5.0 5.1 12.3 5.7 5.0 8.3 13.8 11.3 10.0 14.7 11.1 15.6 71 72 Nonbank finance............................... .1 1.0 1.7 .5 2.4 3.4 -1.5 . I 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 ............................................ 1844 Gold production ............................................................................................................... 1845 Net gold transactions and gold stock of the United States............................................ 1846 Foreign gold reserves and dollar holdings ..................................................................... 1847 International capital transactions of the United States ................................................ 1848 U.S. balance of payments ................................................................................................... 1858 Foreign trade ...................................................................................................................... 1859 Money rates in foreign countries ...................................................................................... 1860 Arbitrage on Treasury bills ............................................................................................... 1861 Foreign exchange rates ..................................................................................................... 1862 Guide to tabular presentation .......................................................................................... 1778 Index to statistical tables ................................................................................................... 1870 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 1843 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1844 GOLD RESERVES DECEMBER 1966 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ E pe n r d i o o d f m to a t t a e l d M ta o r n y e ­ U St n a i t t e e s d r m es a t t e o d f A i f s g t h a a n n­ A t r i g n e a n­ t A ra u l s ia ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world1 Fund2 world 1959. 40,195 2,407 19,507 18,280 n.a. 56 154 292 1,134 327 960 43 1960. 40,540 2,439 17,804 20,295 n.a. 104 147 293 1,170 287 885 45 1961 41,140 2,077 16,947 22,115 36 190 162 303 1,248 285 946 48 1962. 41,470 2,194 16,057 23,220 36 61 190 454 1,365 225 42 708 43 1963. 42,310 2,312 15,596 24,400 36 78 208 536 1,371 150 42 817 43 1964. 43,060 2,179 15,471 25,410 36 71 226 600 1,451 92 84 1,026 43 1965--Oct................. 1,865 13,937 35 67 223 700 1,558 63 84 1,124 44 Nov................. 1,868 13,879 35 66 224 700 1,558 63 84 1,138 43 Dec................. 3 43,300 1,869 13,806 27,355 35 66 223 700 1,558 63 84 1,151 44 1966--Jan.................. 1,871 13,811 35 66 223 700 1,558 63 84 1,113 44 Feb................. 2,116 13,811 35 66 223 700 1,558 63 84 1,076 43 Mar................ 43,330 2,358 13,738 27,235 35 65 223 700 1,556 63 84 1 ,086 43 Apr................. 2,369 13,668 35 65 224 700 1,556 45 84 1,096 44 May............... 2,557 13,582 35 65 223 700 1,556 45 84 1,061 43 June............... 43,325 2,562 13,529 ^27,235 35 64 222 700 1,555 45 84 1 ,024 43 July................. 2,586 13,413 35 67 224 700 1,532 45 84 986 r45 Aug................. 2,645 13,319 35 70 226 700 1 ,529 84 997 45 Sept................. 1'43,255 2,645 13,356 •27,255 35 74 225 701 1,527 84 I ,009 45 Oct.................. ................... 2,645 13,311 ............... 35 226 701 1,524 .............8..4 1,021 45 Ger- E p n er d i o o d f lo C m o b ­ ia D ma e r n k ­ F la i n n d ­ France m F a e n d y . , Greece India I n n e d si o a ­ Iran Iraq Israel Italy Japan Rep. of 1959. 71 57 38 1,290 2,637 26 247 33 140 84 2 1,749 244 I960. 78 107 41 1,641 2,971 76 247 58 130 98 2,203 247 1961 . 88 107 47 2,121 3,664 87 247 43 130 84 10 2,225 287 1962. 57 92 61 2,587 3,679 77 247 44 129 98 41 2,243 289 1963. 62 92 61 3,175 3,843 77 247 35 142 98 60 2,343 289 1964. 58 92 85 3,729 4,248 77 247 ...........1..4..1 112 56 2,107 304 1965--Oct.................. 34 97 85 4,604 4,404 78 281 140 122 56 2,403 Nov................ 34 97 85 4,638 4,406 78 281 146 122 56 2,404 Dec................. 35 97 84 4,706 4,410 78 281 146 122 56 2,404 328 1966--Jan.................. 36 97 84 4,740 4,410 78 281 146 122 56 2,404 Feb................. 29 97 84 4,774 4,406 108 243 145 122 56 2,404 Mar................ 23 102 58 4,806 4,402 108 243 132 122 46 2,369 328 Apr................. 24 108 55 4,874 4,402 98 243 132 122 46 2,369 May............... 24 108 55 4,953 4,311 98 243 132 122 46 2,370 J une............... 24 108 S5 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 4,295 116 243 131 122 46 2,356 Oct.................. 108 54 5,236 4,289 116 243 •...........1..31 122 46 2,351 ............... 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 c r o oc­ N l e an th d e s r­ Nigeria N w o ay r­ P s a ta k n i­ Peru P p h in il e i s p­ Po g r a t l u­ A S r a a u b d i i a 1959. n.a. 102 142 23 1,132 30 50 28 9 548 18 1960. 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--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 Apr......... 58 193 68 133 21 1,756 20 31 53 65 43 600 69 May........ 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 68 140 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............... 62 193 68 21 1 ,730 20 18 53 65 49 627 69 Oct.................. 63 ............... 68 ............... 21 1,730 20 18 53 65 51 .............6..9 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 GOLD RESERVES AND PRODUCTION 1845 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 it m g ed ­ g U u r a u y ­ V zu e e n l e a ­ Y sl u av g i o a ­ S I e f n t o t t r l i e . ­ ments 4 1959................................ 238 68 191 1,934 41 104 133 174 2,514 180 652 10 -134 I960................................ 178 178 170 2,185 41 104 134 174 2,800 180 401 4 -19 1961................................ 298 316 180 2,560 43 104 139 174 2,268 180 401 6 115 1962................................ 499 446 181 2,667 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—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 May.......... 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 Sept..................... 664 785 203 2,681 59 92 100 139 1,940 401 20 -299 Oct,.............. 655 785 203 2,680 92 100 121 401 -277 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 J 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 tion 1 A So fr u ic th a R de h s o ia ­ Ghana C s ( h K o a n i s g n a o ­ ) U St n a i t t e e s d C ad an a ­ M ic e o x­ N ra 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 0 7.3 13.9 5 8 14.1 38.1 54.5 1960. 1,175.0 748.4 19.6 30 8 58.8 162.0 10 5 7.0 15.2 5 6 14.4 38.0 53.6 1961. 1,215.0 803.0 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 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 4 8 13.2 35.8 64.3 1964. 1,395.0 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—Sept. 89.7 1.6 2 2 10.2 4 1.0 4 1.3 2.3 Oct.. 90.4 7 10.5 7 1.0 2.6 Nov. 91.6 2 10.4 5 .8 2.3 Dec, 89.3 24.7 2 3 10.2 7 .7 21 24.0 2.6 1966—Jan.. 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 8 .9 3 23.7 2.6 Apr.. 90.8 10.1 3 .8 4 2.8 May 91.9 10.2 .8 2.8 June. 89.3 9.2 .8 July. 89.4 9.1 .8 Aug. 90.1 8.9 1.0 Sept. 91.7 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

1846 U.S. GOLD DECEMBER 1966 U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Nel sales (—) or net acquisitions; in millions of dollars at $35 per fine troy ounce) 1965 1966 Area and country 1957 1958 1959 1960 1961 1962 1963 1964 1965 III IV I II HI Western Europe: Anuria - -84 -83 -1 -143 -82 -55 -100 -38 -25 Belgium................................. 3 -329 -39 -141 -144 -63 -40 -83 -21 France................................... -266 -173 -456 -518 -405 -884 -117 — 137 -103 -221 -277 Germany, Fed. Rep. of. .. -34 -23 -225 Italy.................... -349 100 200 -80 Netherlands............ 25 -261 -30 -249 -25 -60 -35 Spain ................................... 31 32 -114 -156 -146 -130 -32 -180 -30 Switzerland........................... -215 20 -324 -125 102 -81 -50 7 11 -20 United Kingdom................. -900 -350 -550 -306 -387 329 618 150 132 64 -19 -7 126 Rank for Inti. Settlements. -178 -32 -36 -23 Other..................................... 8 -41 -48 -96 -53 -12 1 -7 -37 -9 -7 -34 -4 -1 Total............................. 68 -2,326 -827 -1,718 -754 -1,105 -399 -88 -1,299 -82 -81 -174 -221 -172 Canaria ................................ 5 190 100 50 50 Latin American republics: Argentina......................... 75 67 —50 -90 85 -30 -28 Brazil. .................................... -11 -2 -2 57 72 54 25 -1 -1 -1 -1 Colombia............... -6 38 10 29 -1 7 Venezuela............... 65 -25 — 25 Other..................................... 6 2 -35 -42 -17 -5 -11 -9 -13 -3 -3 -6 -3 -5 Total............................. 81 69 19 -100 -109 175 32 56 17 -4 -29 * -4 — 34 Asia: Japan............................... -30 -157 -15 -56 Other..................................... 18 -4 -28 -97 1 -101 2 -93 12 3 -24 -3 -6 -25 -2 -12 Total............................. 18 -34 -186 -113 -101 -93 12 3 -24 -3 -6 -82 -2 -12 All other................................... -3 -5 -38 -6 -1 -36 -7 -16 -15 9 -9 -8 — 4 Total foreign countries.......... 172 -2,294 -998 -1,969 -970 -833 -392 -36 -1,322 -104 -108 -165 -185 -172 Tn|l Monetary Fund............ 600 3 —44 4 300 150 5-225 6 8 6 26 6 131 6 18 629 Grand total................. 772 -2,294-1,041 -1,669 -820 -833 -392 -36 -1,547 -96 -82 -34 -167 -143 1 Includes sales of $21 million to Lebanon and $48 million to Saudi million in 1956, and $300 million in 1959 and in 1960) with the right of Arabia. repurchase; proceeds from these sales invested by IMF in U.S. Govt, 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and securities. " $13 million to Saudi Arabia, s Payment to the IMF of $259 million increase in U.S. gold subscription, 3 Payment to the IMF of $344 million increase tn U.S. gold sub­ less gold deposits by the IMF. scription, less sale by the IMF of $300 million (see note 4). 6 Represents gold deposit by the IMF; see note 2 to table below. 4 IMF sold to the United States a total of $800 million of gold ($200 U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— End of period Changes in— Year Gold stock1-2 Foreign Month Gold stock1-2 Foreign Total c h u o r l r d e i n n c g y s Total T g o o t l a d l Total h c o u l r d re in n g cy s4 Total T g o o t l a d l Total 3 Treasury Total 3 Treasury 1953 ......... 22,091 22,091 22,030 -1,161 -1,161 1965—Nov.... 14,686 13,879 13,805 807 -109 -58 1954......... 21,793 21,793 21,713 -298 -298 Dec... . 14,587 13,806 13,733 781 -99 -73 1955......... 21,753 21,753 21,690 -40 -40 1956......... 22,058 22,058 21,949 305 305 Jan..... 14,450 13,811 13,732 639 -137 5 1957......... 22,857 22,857 22,781 799 799 1966—Feb.... 14,188 13,811 13,730 377 -262 Mar.... 14,297 13,738 13,634 559 109 -73 1958 ......... 20,582 20,582 20,534 -2,275 -2,275 fc 14,190 13,668 13,632 522 -107 -70 1959......... 19,507 19,507 19,456 -1,075 5 -1,075 14,210 13,582 13,532 628 20 -86 1960......... 17,804 17,804 17,767 -1,703 -1,703 June.. . 14,251 13,529 13,433 722 41 -53 1961......... 17,063 16,947 16,889 116 -741 -857 July.. . . 14,506 13,413 13,332 1,093 255 -116 1962......... 16,156 16,057 15,978 99 -907 -890 Aug.... 14,618 13,319 13,259 1,299 112 -94 1963......... 15,808 15,596 15,513 212 -348 -461 Sept.... 14,504 13,356 13,258 1,148 -114 37 1964......... 15,903 15,471 15,388 432 95 -125 Oct.. . . 14,524 13,311 13,257 1,213 20 -45 1965......... 14,587 13,806 13,733 781 -1,316 6 -1,665 Nov.... 14,370 13,262 13,159 1,108 -154 -49 1 Includes gold sold to the United States by the International Mone­ 4 For holdings of F.R. Banks only, see pp. 1788 and 1790. 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 Nov. 30, 1966. Also includes gold deposit of IMF; see note 2. to the IMF. 2 Beginning Sept. 1965, includes gold deposited by the IMF to mitigate 6 Includes payment of $259 million increase in U.S. gold subscription the impact on the U.S. gold stock of purchases by foreign countries for to the IMF. gold subscriptions on increased IMF quotas. Amount outstanding was Note.—See Table 11 on p. 1855 for gold held under earmark at F.R. $211 million on Nov. 30, 1966. The United States has a corresponding Banks for foreign and international accounts. Gold under earmark is gold liability to the IMF. not included in the gold stock of the United States. 3 Includes gold in Exchange Stabilization Fund. See also Note to table on gold reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 GOLD RESERVES AND DOLLAR HOLDINGS 1847 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1964 Sept. 30, 1965 Dec. 31,1965 Mar. 31,1966 June 30, 1966 Sept. 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 3 959 3 950 3 911 3 906 3 934 3 Belgium................................................................. 1,887 * 1,972 1,956 1,926 * 1,933 1,904 Denmark.............................................................. 428 14 335 14 402 14 '443 13 429 13 395 13 Finland................................................................. 212 1 179 1 192 1 153 1 127 1 116 1 France................................................................... 5,392 7 5,667 7 5,703 7 5,877 7 6,168 7 6,316 7 Germany, Fed. Rep. of. ................................ 6,258 1 5,753 1 5,839 1 5,822 J 6,066 1 6,519 1 Greece................................................................... 248 ♦ 228 ♦ 229 ♦ 252 246 247 Italy...................................................................... 3,729 1 3,758 1 4,024 1 3,695 1 3,888 1 3,881 2 Netherlands......................................................... 2,055 5 2^086 6 2,095 6 2,027 5 1,960 5 2,055 5 Norway............................................................... 215 98 262 68 354 49 285 45 346 51 302 51 Portugal..................................................... 780 ♦ 837 ♦ 898 889 892 ♦ 947 * Spain................................................................... 1,010 2 1,064 2 993 2 903 2 900 2 966 2 Sweden.................................................................. ’833 40 906 24 849 24 853 24 891 24 896 24 Switzerland........................................................... 4,095 79 4,039 89 4,411 89 4,108 91 4,258 93 4,447 93 Turkey.................................................................. 140 140 150 155 137 124 United Kingdom................................................ 4,020 414 5,101 548 4,979 553 5,237 564 5,161 560 5,549 298 Other i................................................................. 508 49 393 50 34 50 498 49 343 50 252 49 Total............................................................. 32,733 714 33,679 814 34,058 800 34,034 806 34,651 811 35,850 549 Canada.................................................. 4,010 690 3,928 718 3,725 676 3,394 683 3,195 686 3,200 693 Latin American republics: Argentina......................................................... 362 ♦ 449 498 552 * 549 548 Brazil..................................................................... 350 475 446 * 344 370 385 * Chile...................................................................... 219 249 263 245 238 * 283 Colombia............................................................. 267 1 200 1 249 1 200 206 1 211 1 Cuba..................................................................... 12 10 10 10 10 10 Mexico................................................................. 904 1 803 861 874 739 684 1 Panama, Republic of........................................ 99 1 113 1 120 1 135 156 1 14b 1 Peru....................................................................... 273 1 323 324 1 319 312 I 281 1 Uruguay.............................................................. 282 299 292 312 334 311 Venezuela................................................ 1,135 1,091 1,139 1 1,102 1 101 1 1,070 I Other..................................................................... '478 2 558 2 ’584 ’605 594 ♦ 570 * Total............................................................. 4,381 6 4,570 5 4,786 5 4,698 5 4,609 5 4,502 5 Asia: India...................................................................... 306 357 365 321 367 394 Indonesia................................................. 73 1 58 1 66 1 72 1 84 j 88 I Japan..................................................................... 3,071 5 3,274 9 3,342 9 3,294 9 3,226 9 3,069 9 Philippines........................................................... 256 312 342 352 374 366 Thailand......................................................... 562 598 638 719 668 704 * Other..................................................................... 2,059 43 2,223 41 2,249 41 2,268 41 2,428 41 2,541 41 Total....................................................... 6,327 49 6,822 51 7,002 51 7,026 51 7,147 54 7,162 51 Africa: South Africa............................. 621 * 400 * 476 * 609 707 ♦ 728 U.A.R. (Egypt).................................... 163 159 169 155 162 4 154 Other..................................................................... 283 16 357 16 347 16 373 16 392 16 432 15 Total............................................................. 1,067 16 916 16 992 16 1,137 16 1,261 16 1,314 15 Other countries; Australia............................................................... 402 421 477 * 455 501 465 All other............................................................... 382 26 386 28 379 29 434 31 409 27 409 26 Total.................................................... 784 26 807 28 856 29 889 31 910 27 874 26 Total foreign countries2................................ 49,302 1,501 50,722 1,632 51,419 1,577 51,178 1,592 51,773 1,596 52,902 1,339 International and regional2......................... 7,161 904 46,999 795 4 6,878 752 4 7,659 556 4 7,653 433 48,092 389 Grand total2........... , . 56,463 2,405 57,721 2,427 58,297 2,329 58,837 2,148 59,426 2,029 60,994 1,728 1 Includes, in addition to other Western European countries, unpub­ millions): 1965 Sept. 30, $285; Dec. 31, $313; 1966 Mar. 31, $2; June 30, lished gold reserves of certain Western European countries; gold to be $1 ; and Sept. 30, $3. 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. * 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. 1854. 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

1848 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 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 3 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 a e b r ti i l n c ic a s n Asia Africa co O u t n h tr e i r e s 1963............................................... 19,505 5,855 13,650 7 867 t ,664 I 058 2 731 154 1964............................................... 20 >21 5,876 14*345 8,266 1 483 1 238 3’020 160 178 1965—Oct..................................... 19,407 5,891 13,516 7,173 1 ,410 1,347 3,188 187 211 Nov................................... 19*520 5*836 13,684 7’192 1 440 1 343 3 297 187 225 Dec.................................... 19,922 5,751 14,171 7^532 1 ,403 1 497 3*300 194 245 1966—Jan..................................... 19,783 5,839 13,944 7,264 1 ,339 1 ,480 3,421 209 231 Feb..................................... M9>9I '5^815 M3 >76 r6,914 I 364 1 ,425 3 439 210 224 Mar.................. 19 403 5 848 13,555 7 017 1 308 1 359 3 410 218 243 Apr.................................... 19,412 5,785 13,627 6 968 1 262 1415 3*519 229 914 May,................................. 19,538 5,633 13,905 7,238 1 239 1 438 3 ’ 532 235 223 June................................... 19,286 5,515 13,771 7 415 1 202 1,225 3*438 237 254 July.................................... 19,497 5,623 13,874 7.726 1,163 1,163 3*364 234 224 Aug.................................... 19,576 5,827 13’749 7,626 1 ,096 1,162 3 393 252 220 Sept.^................................ 19'182 5 827 13'355 7’278 1 090 1 056 3 440 266 225 Oct.’’................................. 19,563 5,818 13,745 7,’481 1396 1 J 14 3^444 282 228 3 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 IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) Inlernational and regional Foreign End of Grand Latin Other period total1 Europe Canada America Asia Africa coun­ Total3 Intl.1.2 Re­ Total Offi­ Other tries gional3 cial4 1961................................ 22,533 3 752 3,695 57 18,781 10 940 7 841 10 322 2 758 2 340 2 974 283 104 1962................................ 25'019 5 145 4,938 207 19,874 11 963 7 911 10,162 3 349 2*448 3 ’ 444 319 1* 52 1963................................ 25,967 4 637 4,501 136 21,330 12,467 8 863 10 770 2 988 3 137 4*661 241 194 19645.............................. 28 >73 4,974 4 802 172 23,899 13 220 10,679 12,236 2*984 3*563 4*687 238 192 1965—Oct...................... 29,234 5 097 4 964 132 24,137 12 403 11 734 11 576 3 042 3 827 5 176 272 244 Nov..................... 29,171 5 085 4,948 137 24,086 12’579 11 507 11,461 2 970 3 836 5 288 274 257 Dec..................... 29 >72 5 000 4 882 117 24'072 13 066 11 006 11,627 2*574 4 027 5 286 280 278 1966—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 r12 476 rl 1,468 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>74 11,522 2*460 4*099 5*526 328 266 May................... 29'706 5 195 5,083 113 24’511 12 805 11,706 11'868 2 359 4 145 5*541 336 262 June................... 29 ,'629 5,082 4,972 110 24 >47 12,665 11 882 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*884 5*393 329 269 Aug.................... 31 ’224 5,438 5,332 106 25'786 12 897 12,889 13,786 2 164 3,826 5 465 339 265 Sept.”................. 31,092 5 438 5311 127 25,654 12,503 13 151 13 543 2 191 3 808 5*483 363 767 Oct.”.................. 32,086 5,429 5,303 126 26,657 12,893 13,764 14,177 2 >00 3,*914 5*522 376 268 2a. Europe Ger­ E pe n r d i o o d f Total Austria Belgium m D a e r n k ­ l F a i n n d ­ France m F a e n d y . , Greece Italy N l e an th d e s r­ Norway Po g r a t l u­ Spain Sweden Rep. of 1961................... 10,322 255 326 52 91 989 2,842 67 1,234 216 105 99 153 406 1962................... 10’162 329 177 67 73 1,157 2,730 119 1'384 248 125 161 177 490 1963................... 10,770 365 420 161 99 1 '478 3,041 188 '803 360 133 191 205 409 1964................... 12,'236 323 436 336 127 1,663 2,’010 171 1,622 367 184 257 394 644 1965-Oct........ 11,576 261 411 260 113 1 ,036 1,385 143 1,328 356 240 280 229 699 Nov.... 11,461 263 404 275 105 1,045 1,424 133 1,328 373 239 303 210 667 Dec....... 11,627 250 398 305 108 997 1 ,429 151 1 ,620 339 323 322 183 647 1966—Jan........ 11,672 232 392 323 102 985 1 ,449 148 1,483 255 231 299 152 644 Feb....... 11,358 202 366 331 103 997 1,438 157 1,325 257 240 291 115 658 Mar....... 11,660 211 370 341 95 1,071 1,420 144 1 ,326 271 254 294 118 651 Apr....... 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....... 13.786 180 390 271 66 1,137 2,086 129 1,667 331 299 322 174 673 Sept.”.. 13,543 233 377 287 61 1,075 2,224 131 1,525 325 284 320 181 693 Oct.”... 14,177 208 418 285 57 1,096 2,423 141 1 ,447 335 265 320 155 674 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 1NTL. CAPITAL TRANSACTIONS OF THE U.S. 1849 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2a. Europe—Continued 2b. Latin America E p n er d i o o d f Sw la i n tz d er­ Turkey U K d n i o i n m t g ed ­ Y sl u av g i o a ­ W E O u e t s r h o te e p r r e n 6 U.S.S.R. E E O a u s t r h t o e e p r r n e 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 M83 16 465 2 24 3,137 375 179 143 169 11 669 1964................... 1,370 36 1’884 32 358 3 19 3,563 291 258 176 209 12 735 1965—Oct........ 1,333 30 3,146 49 245 2 29 3,827 414 356 195 191 10 611 Nov....... 1,268 27 3,032 48 287 3 27 3,836 397 382 188 201 10 644 Dec..... 1,369 34 2,714 36 369 4 30 4,027 432 383 219 214 10 703 1966—Jan........ 1,331 34 3,212 14 353 4 30 4,043 424 364 210 189 9 728 Feb........ 1,353 35 3,095 20 345 4 27 4,055 461 367 186 174 11 742 Mar...... 1,456 39 3,201 14 358 3 27 4,026 487 281 202 177 10 740 Apr....... 1,466 28 3,062 16 342 3 27 4,099 503 266 199 196 9 727 May.... 1,585 28 3,117 16 330 3 27 4,145 518 337 205 193 9 717 June.... 1.610 21 3,120 21 353 2 29 3,936 485 325 195 182 10 598 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.p... 1,766 24 3,609 32 358 6 32 3,808 474 340 238 186 10 546 Oct.’... 1,747 31 4,165 40 332 6 33 3,914 438 357 238 183 10 568 2b. Latin America—Continued 2c. Asia E pe n r d i o o d f Panama Peru g U u r a u y ­ V zu e e n l e a ­ O L re t A h 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 l i l n 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 si ­ ­ a Israel 1961................... 87 84 57 418 226 111 89 15 2,974 35 56 78 76 63 1962............. 98 105 101 405 267 123 97 10 3344 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—Oct........ 114 251 132 738 498 179 113 23 5,176 35 106 76 34 115 Nov....... 116 244 129 715 501 177 111 20 5,288 35 108 83 31 118 Dec....... 120 257 137 738 519 165 113 17 5,286 35 113 84 31 127 1966—Jan........ 126 248 144 788 511 164 119 18 5,326 35 112 86 34 123 Feb........ 135 235 164 721 541 182 118 18 5,356 35 119 94 28 120 Mar...... 135 252 157 701 546 186 127 24 5,359 36 112 78 37 125 Apr....... 145 240 161 787 547 174 128 16 5,526 36 119 159 52 139 May.... 146 233 167 762 529 183 125 19 5,541 36 117 141 55 128 June.... 156 247 179 700 534 181 126 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 5,405 36 128 134 49 106 Sept.*... 149 216 156 669 510 179 115 21 5,483 36 135 151 53 115 Oct*. .. 148 237 156 738 520 178 121 23 5,522 36 142 151 62 108 2c. Asia—Continued 2d. Africa 2e. Other countries E pe n r d i o o d f Japan Korea P p h in il e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total C s ( h o K a n i s g n a o ­ ) ro M cc o o ­ 7 A So fr u i t c h a ( U E . g A y . p R t) . A O f t r h i e c r a 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—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 3'014 108 304 211 542 718 280 12 17 51 30 170 278 254 24 1966—Jan........... 2,965 118 295 213 577 768 312 11 19 72 18 191 268 244 24 Feb...... 2,964 117 302 211 604 760 335 11 19 95 18 192 253 226 27 Mar.......... 2'966 116 310 214 627 738 330 14 19 89 16 192 272 232 40 Apr.......... 2'959 121 313 217 580 832 328 11 20 89 17 192 266 231 35 May......... 2'933 114 320 221 585 891 336 8 20 95 15 197 262 233 29 June......... 2'897 119 329 227 576 881 334 9 22 67 23 213 305 279 26 July.......... 2’780 120 325 241 595 891 329 10 25 63 25 205 269 241 28 Aug.......... 2^760 129 316 242 603 902 339 12 35 56 22 215 265 237 28 Sept.’.... 2,740 134 317 245 612 945 363 13 40 64 15 231 267 240 28 Oct.’........ 2,685 138 315 246 622 1,017 376 12 41 64 26 232 268 243 25 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 Corporation, Interna­ — 17; Canada +1; Latin America +26; Asia +49; Africa —9. tional 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

1850 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 1966 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2f. Supplementary Data 8; (end of period) 1964 1965 1966 1964 1965 1966 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia (Cont.): Iceland.......................................... 5.2 7.1 5.8 4.0 Iran.................................................. 23.4 62.0 66.9 79.2 Ireland, Rep. of.............................. 8.7 6.3 6.2 6.6 Iraq................................................ 21.6 65.4 12.0 n.a. Luxembourg.................................... 17.4 20.1 21.1 28.2 Jordan............................................. 2.7 7.9 16.0 16.0 Monaco............................................ 4.1 3.6 3.7 4.0 Kuwait........................................... 56.4 52.0 35.5 24.6 Laos................................................. 5.0 5.0 3.2 5.7 Other Latin American republics: Lebanon.......................................... 84.2 113.2 99.7 92.0 Bolivia.......................................... 43.2 53.1 67.4 64.4 Malaysia......................................... 22.2 36.3 25.9 31.2 Costa Rica....................................... 31.5 28.6 34.2 32.9 Pakistan.......................................... 23.1 24.8 19.4 21.0 Dominican Republic..................... 55.8 47.3 72.3 54.3 Ryukyu Islands (inch Okinawa). 25.6 32.7 24.0 39.5 Ecuador............................................ 67.1 65.2 69.6 62.3 Saudi Arabia................................. 197.2 288.0 283.6 291.0 El Salvador..................................... 56.0 71.7 67.0 78.3 Syria................................................. 7.6 3.2 4.0 4.8 Guatemala....................................... 48.7 71.6 68.1 86.9 Vietnam........................................... 19.0 19.7 39.0 123.8 Haiti.................................................. 14.3 15.4 16.3 16.7 H J N P T a a r o i m i c r n n a a a i d g r d i u a u c a g r a d a a u y . s . a & . . . . . . . . . . . . . . . T . . . . . . . . . . . . . o . . . . . . . . . b . . . . . . . . . a . . . . . . . . . . g . . . . . . . . . o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 1 7 7 6 2 1 . . . . . 0 0 4 4 4 3 6 1 7 8 3 7 2 . . . . . 1 8 0 4 6 3 6 1 8 3 1 7 3 . . . . . 6 6 4 0 8 7 4 1 1 6 3 5 1 5 . . . . . 3 5 2 0 0 Ot E G L A he t i l h h b r g a i e e o A n r r p i i f a 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 . . . . 6 7 5 0 4 1 5 2 5 7 . . . . 1 1 2 6 4 1 4 7 2 7 . . . . 1 6 6 9 5 1 1 2 8 9 3 . . . . 9 9 7 6 Ot B F h r r e e G i r t n i u L s c h i h a a t W n in W a e .. A s e .. t s . m t . I . . n e . I . d r . n . i i . c d . e . a i . s . e : . . . s . . . . . . . . . & . . . . . . . . . . . . F . . . . . r . . . e . . . . n . . . . c . . . h ... 8 1. . 1 0 1 1 6 . . 4 0 1 2 1 . . 2 5 8 1 . . 9 5 S N S L M o o i i b o m u g y t z e a h r a a l e i i m . a . r . . n R . b . . . . . e i . . R . q . p . . . . u h . u . . . . e o b . . . . . d . l . . . . . i . e . . c . . . . s . . . . . . . . i . . . . . . a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 2 1 2 3 8 5 . . . . . 5 5 4 7 9 2 2 2 0 1 6 . . . . . 3 6 8 8 6 2 3 3 1 1 4 . . . . , 3 7 8 6 8 2 n 3 1 6 . . . . . a 5 9 7 7 . Ot A B he u f r g r h m A a s a n i . i a . s . : . t . a .. n ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... 3 5 2 . . 5 5 3 6 5 . . 3 9 49 5 . . 1 6 n 8 . . a 0 . S T Z u u am d ni a b s n i i a . a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2 ( . . ’ 2 9 ) 2 1 . . . 2 0 9 3 7 1 . . . 7 2 8 n 3 1 . . . a 3 0 . Cambodia........................................ 1.5 1.7 2.7 n.a. Ceylon.............................................. 2.4 2.7 2.4 3.3 All other: New Zealand................................. 12.0 19.7 18.7 27.1 8 Represent a partial breakdown of the amounts shown in the “other” their date of issue; the latter, however, exclude nonnegotiable, non­ categories (except “Other Eastern Europe”) in Tables 2a-2e. interest-bearing special U.S. notes held by the International Develop­ 9 Includes data reported for Malawi (formerly Nyasaland) and Zambia ment Assn, and the Inter-American Development Bank. For data on (formerly Northern Rhodesia). long-term liabilities, see Table 6. For back figures and further descrip­ tion of the data in this and the following tables on international capital Note.—Short-term liabilities are principally deposits (demand and transactions of the United States, see ‘'International Finance,” Section time) and U.S. Govt, securities maturing in not more than 1 year from 15 of Supplement to Banking and Monetary Statistics, 1962. 3. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks and official institutions1 To all other foreigners Payable End of period Total 1 in foreign Deposits Tre U a . s S u . ry Special Deposits Tr U ea . s S u . ry currencies Total Demand Time 2 c b er il t l i s f ic a a n t d e s no U t . e S s . 3 Other 4 Total Demand Time 2 c b er il t l i s fi c a a n t d es 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 2,1196 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—Oct.. 29,234 25,587 7,048 4,073 7,819 3,489 3,158 3,546 1,515 1,529 91 410 101 Nov. 29,171 25,481 6,810 4,005 8,078 3,470 3,118 3,591 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... 29,154 25,108 6,795 3,991 7,822 3,548 2,952 3,658 1,586 1,636 95 341 388 Mar.. 29,246 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.. 30,707 26,492 7,863 3,684 7,605 3,680 3,660 3,729 1 ,490 1,762 80 397 485 Aug.. ■ 31,224 27,008 8,211 3,700 7,529 3,923 3,645 3,659 1 ,413 1 ,770 81 395 556 Sept.p. 31,092 26,640 7,900 3,847 7,363 3,958 3,572 3,843 1 ,531 1,807 108 397 608 Oct.p. 32,086 27,559 8,447 4,004 7,671 3,964 3,473 3,825 1 ,480 1,820 98 427 702 1 See Note 1 to Table 1. 4 Principally bankers’ acceptances, commercial paper, and negotiable 1 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 $25 million on Oct. 31, 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1851 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g i i , o a n n a d l Europe Canada A L m a e t r in ic a Asia Africa 1 co O un th tr e ie r s 2 1961........................................................................................ 4,820 767 556 1,522 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 ♦ 1'230 1,004 2,235 3,294 131 64 1965—Oct.............................................................................. 7,392 1,156 679 2,156 3,189 146 66 Nov........................................................................... 7'486 1'169 685 2,175 3^53 134 69 Dec............................................................................. 7,632 1 '201 593 2,288 3'343 139 67 Dec.4.......................................................................... r7,734 * 1,208 669 2,293 r3'358 139 67 1966—Jan............................................................................... r7,557 1,207 625 2,210 r3.297 142 76 Feb.............................................................................. r7’471 1 1,145 631 2 188 r3 299 132 76 Mar........................................................................... r7,59O 1 1,176 647 2’199 r3 366 135 66 Apr............................................................................ *7,474 I 1,166 603 2,149 r3 359 137 58 May......................................................................... *7^560 1 1^220 607 2,210 r3,317 142 63 June............................................................................ r7'649 1 i’285 643 2’221 r3,298 140 62 July............................................................................. r7'5O3 2 1’291 641 2'244 r3 J35 128 63 Aug........................................................ ................... 7,411 1 1’304 563 2'268 3’086 128 61 Sept.*......................................................................... 7313 1 1^315 556 2 J03 3 055 124 59 Oct.”.......................................................................... 7'442 1 U319 610 2^35 2,987 129 61 4a. Europe End of period Total A tr u ia s­ g B iu e m l­ D m e a n rk ­ F la i n n d ­ France G Fe e d r o m . f R an e y p , . Greece Italy N la e e n r t d ­ h s ­ N w o ay r­ t P u o g r a ­ l Spain S d w en e­ 1961.................................... 767 5 20 11 23 42 165 6 35 54 27 5 11 35 1962.................................... 877 7 32 14 30 68 186 6 54 27 35 9 19 18 1963.................................... 939 8 26 13 52 70 121 9 97 33 40 14 26 30 1964.................................... 1,217 10 42 28 85 79 159 9 109 39 43 19 40 47 19643.................................. 1,230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965—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........................ 1J76 11 47 38 91 84 185 13 102 44 50 31 48 51 Apr......................... 1,166 10 47 39 86 74 182 13 102 37 51 31 64 53 May.. 1,220 11 66 36 87 70 174 14 99 39 57 32 73 58 June....................... 1,285 12 56 40 92 72 200 13 108 34 47 34 63 60 July........................ 1,291 13 54 54 93 71 209 13 100 52 50 37 68 65 Aug....................... 1’304 10 58 53 90 71 217 15 106 42 49 38 62 65 Sept.3*.. ............... 1 ’315 13 60 60 92 72 225 17 105 40 51 42 56 68 Oct.3'.................... 019 13 70 61 95 64 217 16 105 43 53 40 60 83 4a. Europe—Continued 4b. Latin America End of period S l w e an r it ­ d z­ T k u ey r­ U K d n i o 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 r th o te e p r r e n 6 Total A t r i g n e a n­ Brazil Chile l C o b m i o a ­ ­ Cuba M ic e o x­ 1961.................................... 105 16 181 9 9 8 1,522 192 186 127 125 19 425 1962................................... 75 42 221 6 19 ♦ 8 1,606 181 171 186 131 17 408 1963.................................... 70 48 237 7 23 16 1,742 188 163 187 208 18 465 1964................................... 97 36 319 15 20 20 2,212 210 145 188 319 17 630 19643.................................. 111 37 310 16 20 * 20 2,235 203 126 176 338 17 644 1965—Oct......................... 85 40 218 32 27 3 27 2,156 220 91 152 266 16 655 Nov........................ 81 26 240 28 28 5 26 2,175 234 84 157 262 16 665 Dec......................... 73 42 210 28 28 6 27 2,288 232 94 174 270 16 669 Dec.4..................... 73 42 216 28 28 6 27 2,293 232 94 174 270 16 674 1966—Jan.......................... 88 36 198 26 27 5 25 2,210 231 96 176 243 16 662 Feb......................... 85 6 177 27 30 5 28 2,188 224 94 175 236 16 686 Mar....................... 78 21 196 25 27 4 31 21199 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 2,268 182 110 158 279 16 743 Sept.3'.................... 78 47 216 18 34 2 17 2,303 182 112 150 287 16 736 Oct.**..................... 76 48 200 20 36 1 18 2 335 181 106 150 288 16 724 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1852 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 1966 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 4b. Latin America—Continued 4c. Asia E pe n r d i o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ r O l e L i p c t . h s A u e b . 7 r ­ m B B m u a & d e a h r a s a ­ ­ 1 A N S n n u a e t & i m t r l h i l ­ e . s A O L ic m a t a h t e i e n 8 r r ­ Total C M la h a n i i n d n a ­ H K o o n n g g India I n n e d si o a ­ Israel 1961................... 32 74 55 144 56 13 74 1,891 2 9 8 36 1962................... 30 85 122 102 66 9 98 2,017 2 13 20 37 1963................... 35 99 65 114 135 42 9 16 2,493 2 11 17 22 1964.................. 41 102 76 165 222 58 18 20 3,137 2 26 22 7 44 1964 3................. 49 108 78 168 224 65 18 21 3,294 2 28 21 7 47 1965—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 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 '3,358 1 29 17 2 86 1966—Jan........ 59 169 49 185 237 51 13 23 '3,297 1 24 22 2 86 Feb....... 63 160 56 174 224 41 13 24 '3,299 1 26 26 2 82 Mar....... 62 167 44 171 217 45 13 27 '3,366 1 29 28 2 91 Apr....... 66 167 42 174 206 43 12 23 '3,359 1 32 28 2 84 May.... 64 175 56 174 200 57 16 22 '3,317 1 33 28 1 81 June.... 67 186 55 174 205 57 16 21 ’■3,298 1 33 29 1 89 July.. .. 66 177 57 180 218 55 17 16 '3,135 32 26 6 88 Aug....... 67 177 39 184 224 56 17 16 3,086 1 30 27 6 90 Sept.”. . 65 175 39 212 234 57 20 17 3,055 1 28 28 6 88 Oct.”. . . 71 204 37 224 246 55 17 16 2,987 1 30 19 5 96 4c. Asia—Continued 4d. Africa 4e. Other countries End of period Japan Korea P p h i i n l e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total 1 C s ( h K o a n i s g n a o ­ ) M c o o r o 1 c­ A So fr u 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 1 A t l r u i a a s ­ ­ ot A he ll r 9 1961........................... 1,528 4 114 10 34 145 6 10 13 85 29 27 1962............................ 1,740 3 70 9 41 80 2 10 26 137 41 57 1963 ........................... 2,171 25 113 8 52 71 104 1 1 15 28 59 58 48 9 1964............................ 2,653 21 202 9 64 88 120 1 2 19 42 56 58 48 10 19643......................... 2,810 21 203 9 65 82 131 1 2 20 42 67 64 48 16 1965—Oct................. 2,656 20 219 9 70 98 146 1 2 36 35 71 66 52 15 Nov................ 2,683 20 240 11 71 104 134 1 2 33 32 67 69 55 14 Dec................ 2,751 22 231 15 82 108 139 I 2 34 43 60 67 52 15 Dec.4............. <2,768 22 230 15 82 107 139 1 2 34 43 60 67 52 15 1966—Jan.................. '2,698 24 229 16 83 112 142 I 2 38 38 63 76 62 14 Feb............. '2,699 24 227 15 81 117 132 ♦ 2 37 34 58 76 62 14 Mar................ '2,783 24 206 15 72 115 135 1 3 35 42 55 66 59 7 Apr................. '2,782 24 202 16 73 114 137 2 39 43 53 58 50 8 May............... '2,759 14 205 15 70 110 142 2 50 39 50 63 52 11 June............... '2,733 16 191 17 69 118 140 1 2 41 48 48 62 52 9 July................ '2,588 19 173 16 67 118 128 2 38 44 43 63 54 9 Aug................ 2,536 20 183 17 64 112 128 2 37 44 44 61 52 9 Sept.’’............ 2,479 27 195 15 65 122 124 I 2 34 38 49 59 50 9 Oct.”............. 2,398 24 207 16 67 123 129 1 3 37 37 51 61 51 11 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. See also Note to Table 2. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1853 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 Collec­ ances govt, se­ tions made Deposits curities, Total Official out­ for acct. Other3 Total with for­ coml. Other4 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 fo e r r * s 2 eigners p a n n a a d p n e c f r e i­ 2 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................................ 7,469 810 2,652 223 1,374 1,055 1,007 2.600 552 659 400 182 77 19645.............................. 7'957 7,333 2'773 221 1 '403 1,150 1,135 2,621 803 624 336 187 102 1965—Oct...................... 7,392 6,895 2,806 265 1,440 1,101 1,191 2,422 476 496 321 82 93 Nov..................... 7’486 6,983 2'887 251 1,535 1,101 1,207 2,411 477 503 325 75 103 Dec..................... 7'632 7,158 2'967 271 1 '566 1,130 1 268 2^501 422 474 325 54 95 Dec.6................. r7 ^734 '^ 243 '2'970 271 1,567 '1,132 1 ,272 '2^508 '492 492 329 68 96 1966—Jan...................... '7,557 '7,082 '2,865 257 1,498 '1,110 1,252 '2,489 '475 475 292 65 118 Feb..................... '7*471 '7,035 '2,816 224 1,497 '1,095 1 '264 '2'484 '472 436 260 61 115 Mar.................... '7'590 '7,145 '2'867 231 1,508 '1,128 1,287 '2'545 '446 445 286 53 106 Apr..................... '7’474 '7,067 '2’719 '221 1,425 '1 073 1,305 '21578 '466 406 252 61 94 May................... '7’560 '7,139 '2’835 224 1,520 '1,091 1,298 '2,542 '464 421 253 62 106 June............. '7*649 '7,179 2'911 248 1,584 1,079 1,320 '2’475 473 469 294 63 113 July..................... '7^503 '7,078 2,860 215 1 ,570 1 075 1'340 '2,383 495 425 252 59 113 Aug..................... 7^411 6*971 2'820 216 1 ,548 1 056 1,374 2^324 453 440 260 57 123 Sept*................. 7'413 6,986 2,942 255 1,619 1 ,068 1 ,375 2'259 410 427 241 61 125 Oct.’.................. 7i442 7,010 2^68 272 1^607 1,089 1 ;345 2^51 436 432 251 73 108 1 Includes central banks. previously included; because of the addition of $546 million of short­ 2 Not reported separately until 1963. term claims arising from the inclusion of claims previously held, but first 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 Loans1 All fo c r i u e n i r g ­ n U K d n i o i n t m e g d ­ E O u t r h o e p r e Canada A L m a e ti r n ic a Japan O A t s h i e a r Africa1 ot A h l e l r2 other1 rencies 1 1961................................ 2 2,034 11 482 274 931 24 146 . 166 1962................................ 7 2,160 25 552 304 886 74 148 171 1963................................ 69 3 3’030 2,811 217 2 38 31,063 290 31,015 3 249 3 194 113 68 1964................................ 306 3,971 3’777 195 77 1,611 273 1,162 385 238 123 104 19644.............................. 310 4^285 3'995 288 1 87 1,632 327 1,275 430 255 156 122 1965—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..................... 513 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..................... '510 4,421 4,126 288 7 86 1,449 335 1,247 441 403 211 250 Mar............. '568 4.390 '4,093 289 7 86 1,419 330 1,265 434 410 192 255 Apr,........... 726 '4,417 4*127 283 8 85 '1,408 326 1,294 430 411 192 271 May.................... '843 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 4J11 270 8 81 1,349 328 1,300 403 428 202 300 Aug.................... 1 j079 4,368 4,095 265 8 78 1,328 322 1,296 393 428 204 319 Sept.’................. 1,097 4^286 4'004 266 16 75 1,270 320 1,306 374 430 202 308 Oct.’................... 1,153 4,248 3; 969 262 16 76 1,225 321 1,295 355 433 222 321 1 Not reported separately until 1963. this amount are claims on; Europe $5 million, Latin America $134 2 Includes Africa until 1963. million and Asia $54 million. 3 Includes claims previously held, but reported for the first time as of 4 Diners from Dec. data in line above because of the inclusion of long­ May 1963; on that date such claims were $86 million. Also includes term liabilities and claims previously held, but first reported as of Dec. $193 million reported for the first time as of Dec. 1963, representing 31, 1964, and 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

1854 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 1966 7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govt, bonds and notes i U. s S e . c u c r o i r ti p e o s r a 2 te Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d i, Foreign c P ha u s r e ­ s Sales c N h s a e a s t l e e p s s u o r r ­ c P ha u s r e ­ s Sales c N ha s e a s t l e e p s s u o r r ­ ch P a u s r e ­ s Sales c N ha s e a s t l e e p s s u o r r ­ regional Total Official Other 1962............................... -728 -521 -207 2,568 2,508 60 1,093 2,037 — 944 702 806 104 1963............................... 671 302 369 2’, 980 2', 773 207 991 2,086 — 1 095 696 644 51 1964............................... -338 -315 -23 -59 36 3,537 3,710 — 173 915 1,843 —928 748 548 200 1965............................... -76 -151 75 -20 95 4^307 4 768 —461 1,198 2 440 — 1,242 906 617 290 1965_Qct..................... -44 -44 -11 -33 434 441 -6 101 217 — 116 67 52 15 Nov.......... -56 -43 -13 -8 — 5 426 453 -27 125 213 — 88 69 51 18 Dec.................... 2 * 1 1 644 607 37 94 134 -41 83 71 13 1966—Jan..................... -9 -10 1 -5 6 ’473 436 ’36 109 308 — 199 73 65 7 Feb.................... -118 -136 19 19 ’490 487 ’3 83 189 —106 71 75 5 Mar................... -54 -50 -4 * -4 r694 546 ’148 243 352 — 109 100 101 — 1 Apr.................... -66 -68 2 2 ’604 565 ’39 106 260 — 154 88 105 17 May,......... -60 -51 -9 -9 ’738 ’583 ’154 152 161 -8 94 55 39 June................... 6 -5 11 6 5 ’612 r501 ’112 ’200 ’217 ’-17 91 52 40 July.................... -246 -246 -253 7 ’422 436 ’-14 135 248 -113 69 39 30 Aug.................... -21 -44 23 -1 24 397 373 24 69 68 76 65 j j Sept.p............... -35 -35 — 35 496 360 137 100 193 -93 86 42 45 Oct.”................. 20 * 19 * 19 382 347 35 292 346 -54 68 36 31 1 Excludes nonmarketable U.S. Treasury bonds and notes held by Note.—Statistics include transactions of international and regional official institutions of foreign countries; see Table 8. organizations. 2 Includes State and local govt, securities, and securities of U.S. Govt, See also Note to Table 2. agencies and corporations that are not guaranteed by the United States. 8. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable in dollars End of period Total Austria Belgium Germany Italy Switzerland 1 Total Canada 2 Italy Sweden 1962—Dec............................. 251 200 51 1963—Dec............................. 730 50 30 275 200 175 163 125 13 25 1964—Dec............................. 1,086 50 30 679 ............• ••■ 327 354 329 ...............2..5.. 1965—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 Nov............................ 238 25 30 ................... 125 58 355 144 186 25 1 Includes bonds payable in Swiss francs to the Bank for International with transactions under the Columbia River treaty. Amounts out­ Settlements. Amounts outstanding were $70 million, May 1964-June standing were $204 million, Sept. 1964-Oct. 1965, and $144 million for 1965, and $93 million, July-Dec. 1965. Nov. 1965-Nov. 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

DECEMBER 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1855 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 z w er i - t ­ U K n i i n t g ed ­ E O u t r h o e p r e E T u o ro ta p l e Canada A L m at e in r ­ Asia Africa1 O co th u e n r ­ I a n n t d i, land dom ica tries2 regional 1962............... 60 111 -51 4 129 -33 24 124 -43 -20 -18 1 17 1963.............. 207 198 9 -8 -14 206 16 199 -47 14 17 1 22 1964.............. -173 -349 176 -37 -200 -4 14 -228 3 25 10 -1 18 1965.............. -461 -499 38 14 -63 -522 47 -523 37 -15 24 -4 -1 21 1965—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.. '36 '14 22 5 '4 2 18 '28 -3 3 6 1 Feb... '3 -20 22 '3 -28 3 -23 11 5 8 1 2 Mar.. '148 -39 '187 9 '27 -14 24 '47 24 5 1 '1 71 Apr. . '39 '-20 '59 2 19 -54 3 -30 24 8 7 '29 May.. '154 '-16 '170 '13 '30 '-66 '15 '-8 '53 '14 '-7 '1 101 June.. '112 -43 '155 '12 3 '75 '-7 '83 '4 '3 9 13 July.. '-14 '-29 15 2 16 -92 26 '-47 9 6 -8 -1 26 Aug.. 24 -11 35 2 3 -23 -6 -24 39 8 Sept. » 137 10 127 -2 16 96 2 112 18 7 -2 * 2 Oct.?. 35 6 29 -4 23 -10 12 22 13 5 -7 1 * 1 1 Not reported separately until May 1963. Note.—Statistics include State and local govt, securities, and securities 2 Yearly figures through 1963 include Africa. of U.S. Govt, agencies and corporations that are not guaranteed by the United States. 10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 11. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Period Total g I a i r n o n e t n d ­ i a , l c T e f o o i o u g t r n a n ­ l ­ r E 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 u h es n e 2 r ­ E pe n r d io o d f Deposits U.S. A G ss o e v ts t . i n c E us a t r o m d a y rked tries securities1 gold 1962.................... -1,048 -235 -813 -188 -360 -41 -175 -50 1962............... 247 6,990 12,700 1963..................... -1,044 -96 -949 -49 -614 -26 -252 -8 1963............... 171 8,675 12’,954 1964..................... -728 -140 -588 163 -670 -36 -77 7 25 1964............... 229 8,389 12,698 1965..................... -953 -164 -788 108 -659 -55 -131 3 -54 1965—Nov... 149 8,171 12,824 1965—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 I Julv... 548 7,307 13,016 June........ '23 11 '12 20 '17 -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......... 12 7 4 4 13 -3 -9 ♦ Oct.... 194 7,336 12,876 Sept**.. .. -48 6 -54 20 -75 5 5 -9 Nov... 196 7,450 12,912 Oct.?.... 22 -20 -3 -2 -36 17 10 8 1 1 U.S. Treasury bills, certificates of indebtedness, 1 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

1856 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 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. June* June Sept. Dec. Dec.l Mar. June’ Europe: Austria............................ 2 2 2 2 3 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............................. 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 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 94 120 117 774 753 685 599 566 550 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 11 13 Peru............................................................... 5 6 6 7 5 27 26 29 28 30 28 Uruguay........................................................ 2 1 1 2 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................................. 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 2 7 5 6 6 5 4 Japan............................................................. 30 28 32 27 27 172 168 170 164 174 155 Korea............................................................. * 1 1 2 6 14 13 13 6 4 Philippines.................................................... 6 6 6 7 7 14 14 17 17 16 18 Taiwan.......................................................... 1 1 1 5 6 7 5 6 5 6 5 Thailand....................................................... 1 1 2 1 7 7 6 6 8 9 Other Asia.................................................... 24 32 32 33 32 66 68 67 66 76 76 Total...................................................... 98 109 113 112 111 332 328 331 322 333 308 Africa: Congo (Kinshasa)....................................... ♦ 1 1 ♦ 3 1 2 2 2 1 South Africa................................................ 22 16 11 11 11 24 23 20 20 18 18 U.A.R. (Egypt)............................................ 2 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 ............................ • * * ♦ ♦ ♦ * * * ♦ 1 Grand total.......................................... 740 779 809 848 884 2,411 2,406 2,397 2,294 2,468 2,461 i 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

DECEMBER 1966 INTLCAP1TAL TRANSACTIONS OF THE U.S. 1857 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 Payable Payable Total dol i l n a rs for i e n i gn Total do i l n la rs Deposits with currencies banks abroad 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 1........................................................................................ 644 513 130 2,098 1,668 217 212 1963—Mar........................................................................................... 614 470 144 2,113 1,712 201 200 Mar. 1....................................................................................... 616 472 144 2,162 1 ’758 204 200 June.......................................................................................... 674 529 146 2’282 1,877 222 183 Sept........................................................................................... 691 552 139 2,257 1’830 225 202 Dec............................................................................... 626 478' 148 2,131 1 '739 201 191 Dec. 2........................................................................................ 626 479 148 2’ 188 1 ^778 199 211 1964—Mar........................................................................................... 631 475 156 2,407 1,887 239 282 June......................................................................................... 622 471 151 2,482 2'000 220 262 June 3........................................................................................ 585 441 144 2,430 1 '952 219 260 Sept.................................................................................. 650 498 152 2,719 2,168 249 302 Dec........................................................................................... 695 553 141 2,776 2,306 189 281 Dec. 4........................................................................................ 700 556 144 2,853 2,338 205 310 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 2^55 192 215 i Includes data from firms reporting for the first time. of claims; for previous series the exemption level was $100,000. 2 Includes data from firms reporting for the first time and claims pre­ 4 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 ti r e n i r ca Japan O A t s h i e a r Africa1 ot A h U e 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 JuneL............... 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 JuneP....................... 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. * Data differ from that shown for December in line above because of 3 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

1858 U.S. BALANCE OF PAYMENTS DECEMBER 1966 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1965 1966 Item 1963 1964 1965 I II III IV I IP Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total 1........................ 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 t,32t l,t76 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 services1..................................... 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 cur­ rency 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, me­ dium-term U.S. Govt, securities3............... -56 —23 —7 -1 ♦ -6 -53 -21 5. Errors and unrecorded transactions......................... -352 -1,011 -429 .........-..1...0...9 -240 -80 -268 -66 Balances A. Balance on liquidity basis Seasonally adjusted (— 14-24-3+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 8. of: Commercial banks abroad............................... 470 1,454 116 -15 -30 707 -546 232 513 Other private residents of foreign countries.. 385 345 306 135 56 65 50 138 62 International and regional organizations other than IMF...............-..2...3..6.............-..2..45 -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 -659 184 508 -33 -628 182 Before seasonal adjustment................................... -2,044 -1,546 -1,305 41 55 -276 -1,125 382 -368 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 US. BALANCE OF PAYMENTS AND FOREIGN TRADE 1859 U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1965 1966 Item 1963 1964 1965 I II III IV I III’ 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 (in­ crease. —),......... ............ 378 171 1,222 842 68 41 271 424 68 Gold..................................................................... 461 125 1,665 832 4 590 124 119 68 209 Convertible currencies..................................... -113 -220 — 349 -58 -56 -413 178 222 -163 IMF gold tranche position............................. 30 266 -94 68 4 -466 330 -26 134 22 Change In liquid liabilities to all foreign accounts 2,292 2,627 115 -657 -257 965 64 -356 116 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt, securities 5 ..... , . . ............................. 703 375 123 51 122 -50 -366 -176 Marketable U.S. Govt, bonds and notes 5. 466 -59 -20 16 -15 -2 -19 -5 6 Deposits, short-term U.S. Govt, securi­ ties, etc....................................................... 504 757 -154 -927 -92 125 740 -591 225 IMF (gold deposits)......................................... 34 8 26 131 18 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 (in­ crease, —)....................................................... 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.... 7....................................... -16 154 138 -2 13 -2 129 -18 -21 1 Excludes military transfers under grants. 5 With original maturities over 1 year. 2 Excludes military grants. 3 Includes certificates sold abroad by Export-Import Bank. Note.—Dept, of Commerce data. Minus sign indicates net payments 4 Reflects $259 million payment of gold portion of increased U.S. (debits); absence of sign indicates net receipts (credits). subscription to IMF. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports * Imports 2 Export surplus Period 1963 1964 1965 1966 1963 1964 1965 1966 1963 1964 1965 1966 Month: Jan....................... 3 986 2,040 3 1,215 2,249 3 1,100 1 ,418 3 1,193 1,936 3 -114 622 3 22 313 Feb....................... 32,124 2,058 3 1,599 2,335 3 1,510 1 ,459 3 1,600 1,993 3 614 599 3 -1 342 Mar...................... 3 1,958 2,075 3 2,755 2,594 3 1,485 1,518 3 1,861 2,073 3 473 557 ’894 522 Apr....................... 3 1 ,914 2,061 3 2,380 2,331 3 1,415 1 ,537 3 1,833 2,138 3 499 524 3 547 193 May..................... 1,895 2,047 3 2,260 2,364 1 ,416 1 ,530 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 4 1,741 2,207 391 546 4 515 254 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 2.621 1 ,455 1,551 1,885 2,260 512 605 457 361 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 4 5,459 6,665 1,331 1,736 41,453 836 IV......................... 6,024 3 6,788 7,106 4,401 3 4,891 5,729 1,623 3 1,897 1,377 ................. Years....................... 22,424 25,671 26,567 ..............1..7.,142 18,684 21,293 ................5.,282 6,987 5,274 ................. 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Significantly affected by strikes and by change in statistical procedures. Mutual Security Program. 5 Sum of unadjusted figures. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Note.—Bureau of the Census data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1860 MONEY RATES DECEMBER 1966 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Nov. 30, 1965 Rate Country 1965 1966 N a o s v . o f 3 0, Per Month 1966 cent effective Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov, Argentina............................... 6.0 Dec. 1957 6.0 Austria...................................... 4.5 June 1963 4.5 Belgium.................................... 4.75 July 1964 5.25 5.25 Brazil........................................ 12.0 Jan. 1965 12.0 Burma...................................... 4.0 Feb. 1962 4.0 Canada 1.................................. 4.25 4.75 5.25 5.25 Ceylon...................................... 5.0 May 1965 5.0 Chile 2...................................... 15,30 July 1965 15.86 15.84 15.84 Colombia................................. 8.0 May 1963 8.0 Costa Rica............................... 3.0 Apr. 1939 3.0 Denmark................................. 6.5 June 1964 6.5 Ecuador.................................... 5.0 Nov. 1956 5.0 El Salvador.............................. 4.0 4.0 Finland.................................... 7.0 Apr. 1962 7.0 France...................................... 3.5 Apr. 1965 3.5 Germany, Fed. Rep. of........ 4.0 Aug. 1965 5.0 5.0 Ghana...................................... 4.5 Oct 1961 7.0 7.0 Greece...................................... 5.5 Jan. 1963 5.5 Honduras 3.............................. 3.0 Jan. 1962 3.0 Iceland...................................... 8.0 Jan. 1965 9.0 9.0 India........................................ 6.0 Feb. 1965 6.0 Indonesia................................. 9.0 Aug. 1963 9.0 Iran........................................... 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 6.81 6.81 Israel......................................... 6.0 Feb. 1955 6.0 Italy.......................................... 3.5 3.5 Jamaica............................. 5.0 5.5 5.5 Japan........................................ 5.48 June 1965 5.48 Korea........................................ 21 .0 Nov. 1965 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 Taiwan 5.................................. 14.04 14.04 Thailand.................................. 5.0 Oct. 1959 5.0 Tunisia..................................... 4.0 Oct. 1962 5.6 5.0 Turkey...................................... 7.5 May 1961 7.5 United Arab Rep. (Egypt).. 5.0 May 1962 5.0 United Kingdom................... 6.0 June 1965 7.6 7.0 Venezuela................................ 4.5 Dec. 1960 4.5 i On June 24, 1962, the bank rate on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some continue to be .25 of 1 per cent above latest weekly Treasury bill tender of these countries follow: average rate, but will not be more than the bank rate. ’ Argentina—3 and 5 per cent for certain rural and industrial paper, de­ 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis­ Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia—5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month tn which the reduction does not products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent occur. for rediscounts in excess of an individual bank’s quota; 3 Rate shown is for advances only. Costa Rica—5 per cent for paper related to commercial transactions 4 Beginning with June 1, 1962, the rediscount rate for commercial (rate shown is for agricultural and industrial paper); bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for commercial purposes; under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Indonesia—various rates depending on type of paper, collateral, com­ 1962, the rediscount rate for commercial bank financing of 9 categories modity involved, etc.; of development loans was reduced from 6 to 3 per cent. Japan—penalty rates (exceeding the basic rate shown) for borrowings 5 Rate shown is for call loans. from the central bank in excess of an individual bank’s quota; Peru—8 per cent for agricultural, industrial, and mining paper; and Note.—Rates shown are mainly those at which the central bank either Venezuela—4 per cent for rediscounts of certain agricultural paper and discounts or makes advances against eligible commercial paper and/or for advances against govt, bonds or gold and 5 per cent on advances govt, securities for commercial banks or brokers. For countries with against securities of Venezuelan companies. more than one rate applicable to such discounts or advances, the rate Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1966 MONEY RATES; ARBITRAGE 1861 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 U n s s u th , r s y i D m a o d y n a - e y t y o 2 ­ 3 B a a m a c n n c o c k e n e p e s t r t h . ­ s s ’ 3 T m r b e i o a 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 l e o a p w n o o k n a s e n i r t c s s e ’ D m a o d y n a - e y t y o ­ 3 T 6 r d b e 0 a i a y - l s l 9 s s u 0 * , r y D m a o d y n a - y e t y o s ­ 3 T m r b e i a o l s l n s u t , h r y s D m a d o y a n - y e t o y ­ d P is r r c i a v o t a e u t n e t 1963—Dec.............. 3.71 3.55 3.91 3.74 3.00 2.00 4.66 2.63 2.56 2.25 1.56 2.00 1964—Dec.............. 3.85 3.84 6.84 6.62 5.87 5.00 4.16 2 63 2.88 3,68 2.09 2.68 1965—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 4.85 5 00 5.50 4.73 3.89 4.00 Oct............... 5.13 4.89 6.97 6.60 6.03 5.00 5.00 5.81 4.96 4.70 4.00 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. Note—For description and back data, see “International Finance," 4 Rate in effect at end of month. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Premium Date United d ( i + sc ) o u o n r t inc N en e t t i ve Canada d ( i + sc ) o u o n r t . i nc N en e t t i ve q K ( u i a o n U d g t j . a S d . t o . i t o o m n U St n a i t t e e s d L S ( o f p n a o r d v e f o o a d r n ) f ( p o - o r ) w u n a o r d n d L ( o f n a o d v f o o r n ) qu A i o n t s e d qu A o U d t j a . . S ti t . o o n U St n a i t t e e s d C S ( a f p n a o r v a e f o d a d r a ) C f ( d a o - o n r ) w l a l d a a o r i r n s a d n C ( a f n a o a v f d o a r ) basis) Canada basis 1966 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 4-. 16 5.09 4.96 4.88 + .08 + .04 + .12 22................ 6.50 4.85 1.65 -1.45 + .20 5.05 4.92 4.85 + .07 + .04 + .11 29............... 6.53 4.66 1.87 -1.58 + .29 5.02 4.89 4.66 + .23 .00 + .23 6.53 4.81 1.72 -1.83 -.11 4.99 4.86 4.81 + .05 + .04 + .09 “ 12............... 6.53 4.88 1.65 -1.61 + .04 5.05 4.92 4.88 + .04 + .19 + .23 19............... 6.53 5.06 1.47 -1.03 + .44 5.09 4,96 5.06 -.10 + .28 + .18 26............... 6.57 4.99 1.58 -1.05 + .53 5,10 4.97 4.99 -.02 + .04 + .02 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 6.38 5.29 1.09 -.60 + .49 5.22 5.08 5.29 -.21 + .28 + .07 10............... 6.38 5.38 1.00 -.75 + .25 5.22 5.08 5.38 -.30 + .26 - .04 18................ 6.57 5.32 1.25 -.66 + .59 5.19 5,05 5.32 -.27 + .41 + .14 25............... 6.60 5.25 1.35 -.54 + .81 5.18 5.04 5.25 -.2! + .41 + .20 Dec. 2............... 6.57 5.13 1.44 -.52 + .92 5.15 5.01 5.13 -.12 + .37 + .25 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

1862 FOREIGN EXCHANGE RATES DECEMBER 1966 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Period Ar ( g p e e n so ti ) na (pound) (dollar) (s A ch u i s ll t i r n ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) ( C ru ey p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k an k d a) F (f r r a a n n c c e ) I960. 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961. 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962. .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963. .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 i 31.057 2 20.404 1964. .7179 222.48 3.8698 2.0099 92.689 20.988 14.460 31.067 20.404 1965. .5952 222.78 3.8704 2.0144 92.743 20.959 14.460 31.070 20.401 1965--Nov................................ .5546 223.40 3.8700 2.0145 93.009 21.008 14.506 31.061 20.403 Dec................................. .5322 223.27 3.8680 2.0141 92.939 21.003 14.520 31.061 20.402 1966--Jan.................................. .5291 223.42 3.8673 2.0115 93.035 21.012 14.518 31.060 20.399 Feb................................. .5284 3 223.38 4 111.62 3.8669 2.0107 92.895 21.005 14,496 31.059 20.401 Mar................................. .5290 111.36 3.8676 2.0087 92.901 20.959 14.491 31.059 20.402 Apr................................. .5292 111.29 3.8677 2.0054 92.836 20.945 14.485 31.064 20.403 May............................... .5268 111.25 3.8681 2.0089 92.863 20.941 14,459 31,060 20.402 June................................ .4926 111.15 3.8694 2.0079 92.876 20,926 14.458 31.062 20.403 July................................ .4896 111.11 3.8705 2.0110 93.017 20.921 14.444 31.063 20.403 Aug................................. 5.4691 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 Nov................................ 6.4106 .................1..11.20 3.8668 2.0012 92.398 20.927 14.474 31.062 20.231 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 i l l a l a a y r) ­ M (p e e x s i o c ) o ( e g N r u la i e l n t d h d e ­ s r) Z (p e N o a u e la w n n d d ) 1960. 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961. 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277,45 1962. 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1963. 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 277.22 1964. 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 276.45 1965. 25.036 20.938 279.59 .16004 .27662 32.609 8.0056 27,774 276.82 1965--Nov................................. 24.997 20.990 280.37 .16003 .27661 32.679 8.0056 27.756 277.59 Dec.................................. 24.992 20.994 280.21 .16004 .27689 32.666 8.0056 27.724 277,43 1966--Jan................................... 24.926 21.005 280.39 .16002 .27695 32.678 8.0056 27.659 277.61 Feb................................... 24.904 20.998 280.25 .16003 .27631 32.671 8,0056 27.603 277,48 Mar................................. 24.914 20.949 279.52 .16003 .27615 32.600 8,0056 27.618 276.75 Apr.................................. 24.902 20.936 279.34 .16011 .27591 32.588 8.0056 27.538 276.58 May................................. 24.894 20.928 279.23 .16010 .27603 32.588 8,0056 27.547 276.47 June................................. 24.963 714.393 278.98 .16017 .27584 32.545 8.0056 27.645 276.22 July................................. 25.046 13.248 278.88 ,16028 .27574 32.488 8.0056 27.719 276.12 Aug.................................. 25.056 13.250 278.88 .16039 .27577 32.467 8.0056 27.694 276.12 Sept.................................. 25.069 13.252 278.93 .16029 .27574 32.458 8.0056 27.627 276.17 Oct................................. 25.109 13.260 279.16 .16003 .27573 32.473 8.0056 27.625 276.40 Nov.................................. 25.150 13.258 279.11 .16003 .27578 32.453 8,0056 27.641 276.35 Period N (k o r r o w ne a ) y R P ( e p p h p e i i u n l s i b e o p ) l - ic (es g cu al d o) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e S fr r w a la n i n t c ­ d ) ( U p K d o n i o u i n m t n g e d d ­ ) I960. 14.018 49.770 3.4937 279.71 1.6635 19.349 23.152 280.76 1961. 14.000 3.4909 279.48 139.57 1.6643 19.353 23.151 280.22 1962. 14.010 3.4986 139.87 1.6654 19.397 23.124 280.78 1963. 13.987 3.4891 139.48 1.6664 19.272 23.139 280.00 1964. 13.972 3.4800 139.09 1.6663 19.414 23.152 279.21 1965. 13.985 3.4829 139.27 1.6662 19.386 23.106 279.59 1965--Nov.................................. 14.001 3.4928 139.66 1,6657 19.329 23.150 280.37 Dec.................................. 13.999 3.4922 139.58 1,6663 19.327 23.162 280.21 1966--Jan................................... 13.998 3.4932 139.67 1.6661 19.339 23.102 280.39 Feb................................... 13.992 3.4921 139.60 1.6660 19,346 23,077 280,25 Mar.................................. 13.981 3.4867 139.24 1.6659 19.384 23.040 279,52 Apr.................................. 13.976 3.4834 139.15 1.6659 19.385 23.102 279.34 May................................. 13.971 3.4829 139.09 1.6660 19.398 23.167 279.23 June................................. 13.971 3.4806 138.97 1.6658 19,383 23.169 278.98 July.................................. 13.974 3.4777 138.92 1.6655 19.352 23.164 278.88 Aug.................................. 13.988 3.4776 138.92 1.6639 19.358 23.110 278,88 Sept.................................. 13.989 3.4773 138.95 1.6639 19.345 23.102 278.93 Oct................................... 13.993 3.4807 139.06 1.6641 19.330 23.064 279.16 Nov.................................. 13.995 .................3...4794 .................1..39.03 1.6638 19.336 23.141 279.11 i A new markka, equal to 100 old markkaa, was introduced on Jan. 6 Quotations not available Nov. 4 and 7. 1, 1963. 7 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to 2 Effective Jan. 1, 1963, the franc again became the French monetary 7.5 rupees per U.S. dollar. Quotations not available June 6 and 7. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1,1960. 3 Based on quotations through Feb. 11, 1966. Note.—Averages of certified noon buying rates in New York for 4 Effective Feb. 14, 1966, Australia adopted the decimal currency cable transfers. For description of rates and back data, see “International system. The new unit, the dollar, replaces the pound and consists of Finance,” Section 15 of Supplement to Banking and Monetary Statistics, 100 cents, equivalent to 10 shillings or one-half the former pound. 5 Quotations not available Aug. 8 and 9. 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 Robert Solomon, 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 1863 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1864 FEDERAL RESERVE BULLETIN • DECEMBER 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 1865 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman _ President Vice President Deputy Chairman First Vice President in charge of branch Zip code Boston.................... ...02106 Erwin D. Canham George H. Ellis William Webster Earle O. Latham New York.............. ...10045 Everett N. Case Alfred Hayes Kenneth H. Hannan William F. Treiber Buffalo.............. ...14240 Thomas E. LaMont A. A. Maclnnes, Jr. Philadelphia........... ...19101 Willis J. Winn Karl R. Bopp Bayard L. England Robert N. Hilkert Cleveland...................44101 Joseph B. Hall W. Braddock Hickman Logan T. Johnston Walter H. MacDonald Cincinnati......... ...45201 Walter C. Langsam Fred O. Kiel Pittsburgh......... ...15230 F. L. Byrom Clyde E. Harrell Richmond............... ...23213 Edwin Hyde Edward A. Wayne William H. Grier Aubrey N. Heflin Baltimore.......... ...21203 Leonard C. Crewe, Jr. Donald F. Hagner Charlotte.......... ...28201 James A. Morris Edmund F. MacDonald Atlanta.......................30303 Jack Tarver Harold T. Patterson Edwin I. Hatch Monroe Kimbrel Birmingham.......35202 C. Caldwell Marks Edward C. Rainey Jacksonville....... ...32201 J. Ollie Edmunds Thomas A. Lanford Nashville.......... ...37203 James E. Ward Robert E. Moody, Jr. New Orleans.......70160 Kenneth R. Giddens Morgan L. Shaw Chicago.................. ...60690 Franklin J. Lunding Charles J. Scanlon John W. Sheldon Hugh J. Helmer Detroit.............. ...48231 Guy S. Peppiatt Russel A. Swaney St. Louis................ ...63166 Frederic M. Peirce Darryl R. Francis Smith D. Broadbent, Jr. Dale M. Lewis Little Rock....... ...72203 Reeves E. Ritchie John F. Breen Louisville.......... ...40201 C. Hunter Green Donald L. Henry Memphis.......... ...38101 Edward B. LeMaster John W. Menges Minneapolis........... ...55440 Judson Bemis Hugh D. Galusha, Jr. Robert F. Leach M. H. Strothman, Jr. Helena.............. ...59601 C. G. McClave Clement A. Van Nice Kansas City............ ...64106 Homer A. Scott George H. Clay Dolph Simons John T. Boysen Denver.............. ...80217 Cris Dobbins John W. Snider Oklahoma City.....73101 C. W. Flint, Jr. Howard W. Pritz Omaha.............. ...68102 Clifford Morris Hardin George C. Rankin Dallas..................... ...75222 Carl J. Thomsen Watrous H. Irons Max Levine Philip E. Coldwell El Paso............. ...79999 C. Robert McNally, Jr. Fredric W. Reed Houston............ ...77001 D. B. Campbell J. Lee Cook San Antonio.......78206 G. C. Hagelstein Carl H. Moore San Francisco........ ...94120 Frederic S. Hirschler Eliot J. Swan John D. Fredericks H. Edward Hemmings Los Angeles...... ...90054 S. Alfred Halgren Paul W. Cavan Portland............ ...97208 Robert F. Dwyer William M. Brown Salt Lake City......84110 Peter E. Marble Arthur L. Price Seattle..................98124 Robert D. O’Brien Erwin R. Barglebaugh Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS The material listed may be obtained from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indi­ cated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (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. 6. Bank Income, 1966. 29 pp. Federal Reserve Bulletin. Monthly. $6.00 per $.35. Sec. 9. Federal Reserve Banks. 1965. 36 annum or $.60 a copy in the United States and pp. $.35. Sec. 10. Member Bank Reserves and its possessions, Bolivia, Canada, Chile, Co­ Related Items. 1962. 64 pp. $.50. Sec. 11. lombia, Costa Rica, Cuba, Dominican Republic, Currency. 1963. 11 pp. $.35. Sec. 12. Money Ecuador, Guatemala, Haiti, Republic of Hon­ Rates and Securities Markets. 1966. 182 pp. duras, Mexico, Nicaragua, Panama, Paraguay, $.65. Sec. 14. Gold. 1963. 24 pp. $.35. Sec. Peru, El Salvador, Uruguay, and Venezuela; 10 15. International Finance. 1962. 92 pp. $.65. or more of same issue sent to one address, $5.00 Sec. 16 (New) Consumer Credit. 1965. 103 per annum or $.50 each. Elsewhere, $7.00 per pp. $.65. annum or $.70 a copy. Bank Mergers & the Regulatory Agencies: Federal Reserve Chart Book on Financial and Application of the Bank Merger Act of Business Statistics. Monthly. Annual subscrip­ 1960. 1964. 260 pp. $1.00 a copy; 10 or more tion includes one issue of Historical Chart Book. sent to one address, $.85 each. $6.00 per annum or $.60 a copy in the United Banking Market Structure & Performance States and the countries listed above; 10 or more in Metropolitan Areas: A Statistical Study of same issue sent to one address, $.50 each. of Factors Affecting Rates on Bank Loans. Elsewhere, $7.00 per annum or $.70 a copy. 1965. 73 pp. $.50 a copy; 10 or more sent to Historical Chart Book. Issued annually in Sept. one address, $.40 each. Subscription to monthly chart book includes one Farm Debt. Data from the 1960 Sample Survey issue. $.60 a copy in the United States and coun­ of Agriculture. 1964. 221 pp. $1.00 a copy; 10 tries listed above; 10 or more sent to one ad­ or more sent to one address, $.85 each. dress, $.50 each. Elsewhere, $.70 a copy. Merchant and Dealer Credit in Agriculture. Treasury-Federal Reserve Study of the Gov­ 1966. 109 pp. $1.00 a copy; 10 or more sent to ernment Securities Market. Pt. I. 1959. 108 one address, $.85 each. pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 PP- Monetary Theory and Policy: A Bibliography. Individual books $1.00 each; set of 3, $2.50. Part I—Domestic Aspects. 137 pp. $1.00 a Flow of Funds in the United States, 1939-53. copy; 10 or more sent to one address, $.85 each. 1955. 390 pp. $2.75. Regulations of the Board of Governors op Debits and Clearing Statistics and Their the Federal Reserve System. Use. 1959. 144 pp. $1.00 a copy; 10 or more Rules of Organization and Procedure—Board sent to one address, $.85 each. of Governors of the Federal Reserve Sys­ The Federal Funds Market. 1959. Ill pp. tem. 1962. 40 pp. $1.00 a copy; 10 or more sent to one address, Published Interpretations of the Board of $.85 each. Governors, as of Dec. 31, 1965. $2.50. 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 Nov. 5, 1966, 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. 353 pp. $1.25. more sent to one address, $.85 each. 1866 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1867 PERIODIC RELEASES Federal Reserve Par List (Also annual list.) (G.3) WEEKLY Interdistrict Settlement Fund (G.15) Applications Received, or Acted on, by the Index Numbers of Wholesale Prices (G.8) Board (H.2) Maturity Distribution of Outstanding Nego­ Commercial and Industrial Loans Outstand­ tiable Time Certificates of Deposits (G.9) ing by Industry (H.12) Monthly Foreign Exchange Rates (G.5) Condition Report of Large Commercial Banks National Summary of Business Conditions in New York and Chicago (H.4.3) (G.12.2) Conditon Report of Large Commercial Banks Open Market Money Rates and Bond Prices (H.4.2) (G.13) Demand Deposits, Currency, and Related Sales Finance Companies (G.20) Items (H.6) State Member Banks of the Federal Reserve Factors Affecting Bank Reserves and Con­ System and Nonmember Banks that Main­ dition Statement of F. R. Banks (H.4.1) tain Clearing Accounts with Federal Re­ serve Banks (Also annual list) (G.4) Reserve Positions of Major Reserve City Banks (H.5) Monthly U.S. Government Security Yields and Prices (G.14) Weekly Foreign Exchange Rates (H.10) Weekly U.S. Government Security Yields and Prices (H.15) QUARTERLY—SEMIANNUALLY SEMIMONTHLY-IRREGULAR All Banks in the United States and Other Areas—Principal Assets and Liabilities, by Assets and Liabilities of all Banks in the States (E.4) United States (J.4) Bank Rates on Short-Term Business Loans Changes in State Bank Membership (K.3) (E.2) Deposits, Reserves, and Borrowings of Mem­ Summary Report—Assets and Liabilities of ber Banks (J.l) Member Banks (E.3.1) Research Library—Recent Acquisitions (J.2) Member Bank Loans (E.3.4) Sales, Profits, and Dividends of Large Cor­ MONTHLY porations (E.6) Assets and Liabilites of All Member Banks, by Districts (G.7.1) ANNUALLY Automobile Loans by Major Sales Finance Companies (G.25) Bank Debits to Demand Deposit Accounts Except Interbank and U.S. Government Bank Debits and Deposit Turnover (G.6) Accounts (C.5) Business Indexes (G.12.3) Member Bank Income (C.4) Consumer Credit (G.19) Consumer Credit at Consumer Finance Com­ panies (G.22) BIENNIALLY Consumer Instalment Credit at Commercial Distribution of Bank Deposits by Counties Banks (G.18) and Standard Metropolitan Areas (C.8) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1868 FEDERAL RESERVE BULLETIN • DECEMBER 1966 STAFF ECONOMIC STUDIES A Theory of Household Asset Selection, by William J. Hocter. Aug. 1966. Studies and papers on economic and financial sub­ Liquidity Considerations and Monetary jects that are of general interest in the field of Management, by Leonall C. Andersen (with economic research. commentaries by Arthur L. Broida and Rich­ ard G. Davis). Sept. 1966. Summaries only printed in tbe Federal Reserve The Overseas Dollar Bond Market and Re­ Bulletin. cent U.S. Borrowing Abroad, by Carl H. (Limited supply of mimeographed copies of Stem. Sept. 1966. full text available upon request for single copies.) Mexico’s Economic and Financial Record, by Yves Maroni. Oct. 1966. The Postwar Boom in Hotels and Motels, by Royal Shipp and Robert Moore Fisher. Dec. Printed in full in the Federal Reserve Bulletin. 1965. (Reprints available as shown in following list.) Manufacturers’ Inventory Investment and Monetary Policy, by Jimmie F. Monhollon. REPRINTS Jan. 1966. Some Fiscal Implications of Expansion of the (From Federal Reserve Bulletin unless preceded Social Security System, by Nancy H. Teeters. by an asterisk.) Jan. 1966. The History of Reserve Requirements for The Demand for Currency, by George G. Banks in the United States. Nov. 1938. Kaufman. Feb. 1966. 20 pp. The Demand for Money: A Review of the Adjustment for Seasonal Variation. Descrip­ Empirical Literature, by David M. Jones. tion of method used by Board in adjusting eco­ Feb. 1966. nomic data for seasonal variation. June 1941. The Demand for Money: Speed of Adjust­ 11 PPment, Interest Rates, and Wealth—A The Private Demand for Gold, 1931-53. Sept. Sequel, by Patric H. Hendershott. Mar. 1966. 1954.10 pp. * The Process of Inflation: A Review of the Bankers’ Acceptance Financing in the United Literature and Some Comparisons of Cy­ States. May 1955. 13 pp. clical Performance, 1953-65, by Glenn H. Seasonal Factors Affecting Bank Reserves. Miller, Jr. Apr. 1966. Feb. 1958. 12 pp. The Federal Reserve System and World Open Market Operations in Long-Term Secu­ Monetary Problems, by Robert Solomon. rities. Nov. 1958. 15 pp. May 1966. ♦Part I, All-Bank Statistics, 1896-1955. Re­ The Spanish “Miracle”: Growth and Change print of the U.S. Summary containing a descrip­ in the Spanish Economy, 1959 to Mid-1965, tion of revised statistics for all banks in the by Rodney H. Mills, Jr. May 1966. United States, by class of bank, together with revised statistics. Apr. 1959. 94 pp. Consumer Credit Regulation: A Review and Response, by Jerome W. Shay. June 1966. Statistics on the Government Securities Market. Apr. 1961. 8 pp. Empirical Aspects of Cost vs. Demand in Commodity Pricing, by Addison T. Cutler. Liquidity and Public Policy, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. June 1966. A Model of Federal Reserve Behavior, by Revised Indexes of Freight Carloadings. Dec. 1961. 3 pp. John H. Wood. June 1966. Seasonally Adjusted Series for Bank Credit. Cyclical Determinants of Capital Expendi­ July 1962. 6 pp. tures: A Regression Study of the United States Steel Industry, by James P. Bennett. Interest Rates and Monetary Policy, Staff Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. July 1966. The European Economic Community’s Com­ Industrial Production—1957-59 Base. Oct. mon Agricultural Policy and Its Impact 1962. 10 pp. on U.S. Exports, by Thomas M. Klein. July Flow of Funds Seasonally Adjusted. Nov. 1966. 1962. 15 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1869 A Sectoral Analysis of Velocity, Staff Paper U.S. International Payments. Oct. 1965. 9 pp. by Paul F. McGouldrick. Dec. 1962. 14 pp. Time Deposits in Monetary Analysis, Staff A New Look at the Farm Debt Picture. Dec. Economic Study by Lyle E. Gramley and Sam­ 1962. 18 pp. uel B. Chase, Jr. Oct. 1965. 25 pp. Farm Debt as Related to Value of Sales. Fiscal Policy and Debt Management. Nov. Feb. 1963. 9 pp. 1965. 11 pp. Changes in Structure of the Federal Debt. Cycles and Cyclical Imbalances in a Chang­ Mar. 1963. 10 pp. ing World, Staff Paper by Frank R. Garfield. Negotiable Time Certificates of Deposit. Nov. 1965. 15 pp. Apr. 1963. 11 pp. Bank Credit and Monetary Developments in New Foreign Bond Issues in the U.S. Market, 1965. Feb. 1966. 14 pp. Staff Paper by Robert F. Gemmill. May 1963. Treasury and Federal Reserve Foreign Ex­ 13 pp. change Operations. Mar. 1966. 14 pp. Recent Changes in Liquidity, Staff Paper by Research on Banking Structure and Per­ Daniel H. Brill. June 1963. 10 pp. formance, Staff Economic Study by Tynan Measures of Member Bank Reserves. July Smith. Apr. 1966. 11 pp. 1963. 14 pp, Recent Changes in U.S. Trade and Payments. Bank Loans Secured by Stocks and Bonds. July Apr. 1966. 11 pp. 1963. 19 pp. Time and Savings Deposits, Late 1965 and A Bank Examiner Looks at Agricultural Early 1966. Apr. 1966. 20 pp. Lending, Staff Paper by Brenton C. Leavitt. Banking and Monetary Statistics, 1965. Se­ July 1963. 8 pp. lected series of banking and monetary statistics Measuring and Analyzing Economic Growth, for 1965 only. Mar. and June 1966. 15 pp. Staff Paper by Clayton Gehman. Aug. 1963. Recent Credit and Monetary Developments. 14 pp. July 1966. 12 pp. Changes in Banking Structure, 1953-62. Sept. Revision of Bank Credit Series. July 1966. 1963. 8 pp. 6 PP- Economic Change and Economic Analysis, Commercial Bank Liquidity, Staff Economic Staff Paper by Frank R. Garfield. Sept. 1963. Study by James Pierce. Aug. 1966. 9 pp. 17 pp. Changes in Time and Savings Deposits, De­ Bank and PCA Lending to Farmers. Sept. 1963. cember 1965—May 1966. Aug. 1966. 35 pp. 11 PP- Revision of Weekly Reporting Member Bank The Open Market Policy Process. Oct. 1963. Series. Aug. 1966. 4 pp. 11 PP- Interest Rates in Western Europe. Sept. Survey of Financial Characteristics of Con­ 1966. 19 pp. sumers. Mar. 1964. 9 pp. Revision of Money Supply Series. Sept. 1966. Federal Reserve Security Transactions, 1954­ 13 pp. 63, Staff Paper by Stephen H. Axilrod and Treasury and Federal Reserve Foreign Ex­ Janice Krummack. July 1964. 16 pp. change Operations. Sept. 1966. 11 pp. New Series on Federal Funds. Aug. 1964. Interest Rates in U.S. Capital Markets. Nov. 31 PP- 1966. 16 pp. Ministerial Statement of the Group of Ten Toward Understanding of the Whole De­ and Annex Prepared by Deputies. Aug. 1964. veloping Economic Situation, Staff Eco­ 25 pp. nomic Study by Frank R. Garfield. Nov. 1966. Yield Differentials in Treasury Bills, 1959­ 14 pp- 64, Staff Paper by Samuel I. Katz. Oct. 1964. A Revised Index of Manufacturing Capacity, 20 pp. Staff Economic Study by Frank de Leeuw with Research into Banking Structure and Com­ Frank E. Hopkins and Michael D. Sherman. petition. Nov. 1964. 17 pp. Nov. 1966. 11 pp. Bank Credits to Foreigners. Mar. 1965. 10 pp. Time Deposits and Financial Flows. Nov. Revision of Bank Debits and Deposit Turn­ 1966. 14 pp. over Series. Mar. 1965. 4 pp. Balance of Payments Program: Guidelines Measures of Banking Structure and Competi­ for Banks and Nonbank Financial Institu­ tion. Sept. 1965. 11 pp. tions. Dec. 1966. 8 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page 1778) Acceptances, bankers’, 1787, 1805, 1807 Deposits—Continued Agricultural loans of commercial banks, 1798, 1800 Banks, by classes, 1787, 1794, 1799, 1802, 1807 Arbitrage, 1861 Federal Reserve Banks, 1788, 1855 Assets and liabilities (See also Foreign liabilities and Member banks, subject to reserve require­ claims): ments, 1792 Banks and the monetary system, 1793 Postal savings, 1786, 1793 Corporate, current, 1819 Discount rates, 1785, 1860 Domestic banks, by classes, 1794, 1798, Discounts and advances by Federal Reserve Banks, 1800, 1807 1780, 1788, 1790 Federal Reserve Banks, 1788 Dividends, corporate, 1818, 1819 Automobiles: Dollar assets, foreign, 1847, 1855 Consumer instalment credit, 1824, 1825, 1826 Production index, 1828, 1829 Earnings and hours, manufacturing industries, 1835 Employment, 1832, 1834, 1835 Balance of payments (See U.S. balance of payments) Bankers’ balances, 1799, 1801 Fann mortgage loans, 1820, 1821, 1822 Federal finance: (See also Foreign liabilities and claims) Cash transactions, 1810 Banks and the monetary system, 1793 Receipts and expenditures, 1811 Banks for cooperatives, 1809 Treasurer's balance, 1810 Bonds (See also U.S. Govt, securities): Federal funds, 1784, 1798 New issues, 1815, 1816, 1817 Federal home loan banks, 1809, 1821 Prices and yields, 1805, 1806 Federal Housing Administration, 1806, 1820, Brokers and dealers in securities, bank loans to, 1821, 1822 1798, 1800 Federal intermediate credit banks, 1809 Business expenditures on new plant and equip­ Federal land banks, 1809 ment, 1819 Federal National Mortgage Assn., 1809, 1822 Business indexes, 1832 Federal Reserve Banks: Business loans (See Commercial and industrial loans) Condition statement, 1788 U.S. Govt, securities held, 1780, 1788, 1790, Capital accounts: 1812, 1813 Banks, by classes, 1794, 1799, 1803 Federal Reserve credit, 1780, 1788, 1790 Federal Reserve Banks, 1788 Federal Reserve notes, 1788, 1791 Carloadings, 1832 Federally sponsored credit agencies, 1809 Central banks, foreign, 1844, 1860 Finance company paper, 1805, 1807 Certificates of deposit, 1803 Financial institutions, loans to, 1798, 1800 Coins, circulation, 1791 Float, 1780 Commercial and industrial loans: Flow of funds, 1840 Commercial banks, 1798 Foreign central banks, 1844, 1860 Weekly reporting member banks, 1800, 1804 Foreign currency operations, 1788, 1790, 1846, 1854 Commercial banks: Foreign deposits in U.S. banks, 1780, 1788, 1793, Assets and liabilities, 1794, 1797, 1798, 1800 1799, 1802, 1855 Consumer loans held, by type, 1825 Foreign exchange rates, 1862 Number, by classes, 1794 Foreign liabilities and claims: Real estate mortgages held, by type, 1820 Banks, 1848, 1850, 1851, 1853, 1855 Commercial paper, 1805, 1807 Nonfinancial concerns, 1856 Condition statements (See Assets and liabilities) Foreign trade, 1859 Construction, 1832, 1833 Consumer credit: Gold: Instalment credit, 1824, 1825 1826, 1827 Certificates, 1788, 1791 Noninstalment credit, by holder, 1825 Earmarked, 1855 Consumer price indexes, 1832, 1836 Net purchases by U.S., 1846 Consumption expenditures, 1838, 1839 Production, 1845 Corporations: Reserves of central banks and govts., 1844 Sales, profits, taxes, and dividends, 1818, 1819 Reserves of foreign countries and international Security issues, 1816, 1817 organizations, 1847 Security prices and yields, 1805, 1806 Stock, 1780, 1793, 1846 Cost of living (See Consumer price indexes) Gross national product, 1838, 1839 Currency in circulation, 1780, 1791, 1792 Customer credit, stock market, 1806 Hours and earnings, manufacturing industries, 1835 Housing starts, 1833 Debits to deposit accounts, 1790 Debt (See specific types of debt or securities) Income, national and personal, 1838, 1839 Demand deposits: Industrial production index, 1828, 1832 Adjusted, banks and the monetary system, 1793 Instalment loans, 1824, 1825, 1826, 1827 Adjusted, commercial banks, 1790, 1792, 1799 Insurance companies, 1808, 1812, 1813, 1821 Banks, by classes, 1787, 1794, 1802 Insured commercial banks, 1796, 1798 Member banks, subject to reserve require­ Interbank deposits, 1787, 1794, 1799 ments, 1792 Interest rates: Turnover, 1790 Business loans by banks, 1804 Type of holder, at commercial banks, 1799 Federal Reserve Bank discount rates, 1785 Deposits (See also specific types of deposits): Foreign countries, 1860, 1861 Adjusted, and currency, 1793 Money market rates, 1805, 1861 1870 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 1871 Interest rates—Continued Reserves—Continued Mortgage yields, 1806, 1823 Foreign countries and international Time deposits, maximum rates, 1786 organizations, 1847 Yields, bond and stock, 1805 Member banks, 1780, 1782, 1787, 1792, International capital transactions of the U.S., 1848 1799, 1801 International institutions, 1844, 1846, 1847 Residential mortgage loans, 1820, 1821, 1822, 1823 Inventories, 1838 Retail credit, 1824 Investment companies, new issues, 1817 Retail sales, 1832 Investments (See also specific types of investments): Banks, by classes, 1794, 1798, 1801, 1807 Sales finance companies, loans, 1824, 1825, 1827 Commercial banks, 1797 Saving: Federal Reserve Banks, 1788, 1790 Flow of funds series, 1840 Life insurance companies, 1808 National income series, 1839 Savings and loan assns., 1808 Savings and loan assns., 1808, 1813, 1821 Savings deposits (See Time deposits) Labor force, 1834 Savings institutions, principal assets, 1807, 1808 Loans (See also specific types of loans): Securities (See also U.S. Govt, securities): Banks, by classes, 1794, 1798, 1800, 1807 Federally sponsored agencies, 1809 Commercial banks, 1797 International transactions, 1854, 1855 Federal Reserve Banks, 1780, 1788, 1790 New issues, 1815, 1816, 1817 Insurance companies, 1808, 1821 Silver coin and silver certificates, 1791 Insured or guaranteed by U.S., 1820, 1821, 1822 State and local govts.: Savings and loan assns., 1808, 1821 Deposits of, 1799, 1802 Holdings of U.S. Govt, securities, 1812, 1813 Manufactures, production index, 1829, 1832 New security issues, 1815, 1816 Margin requirements, 1786 Ownership of obligations of, 1798, 1807, 1808 Member banks: Prices and yields of securities, 1805, 1806 Assets and liabilities, by classes, 1794, 1798 State member banks, 1796 Borrowings at Federal Reserve Banks, 1782, Stock market credit, 1806 1788, 1803 Stocks' Deposits, by classes, 1787 New issues, 1816, 1817 Number, by classes, 1795 Prices and yields, 1805, 1806 Reserve position, basic, 1784 Reserve requirements, 1786 Tax receipts, Federal, 1811 Reserves and related items, 1780, 1792 Time deposits, 1786, 1787, 1792, 1793, 1794, Weekly reporting series, 1800 1799, 1802 Mining, production index, 1829, 1832 Treasurer’s account balance, 1810 Money rates (See Interest rates) Treasury cash, Treasury currency, 1780, 1791, 1793 Money supply and related data, 1792 Treasury deposits, 1780, 1788, 1810 Mortgages (See Real estate loans) Turnover, deposit, 1790 Mutual funds (See Investment companies) Mutual savings banks, 1793, 1794, 1796, 1807, 1812 Unemployment, 1834 1813, 1820 U.S. balance of payments, 1858 U.S. Govt, balances: National banks, 1796 Commercial bank holdings, by classes, 1799, 1802 National income, 1838, 1839 Consolidated monetary statement, 1793 National security expenditures, 1811, 1838 Member bank holdings, 1792 Nonmember banks, 1796, 1798, 1799 Treasury deposits at Federal Reserve Banks, 1780, 1788, 1810 Open market transactions, 1787 U.S. Govt, securities: Bank holdings, 1793, 1794, 1798, 1801, 1807, Payrolls, manufacturing, index, 1832 1812, 1813 Personal income, 1839 Dealer transactions, positions, and financing, 1814 Postal Savings System, 1786, 1793 Federal Reserve Bank holdings, 1780, 1788, 1790, Prices * 1812, 1813 ’ Consumer, 1832, 1836 Foreign and international holdings, 1788, Security, 1806 1847, 1855 Wholesale commodity, 1832, 1836 International transactions, 1854 Production, 1828, 1832 New issues, gross proceeds, 1816 Profits, corporate, 1818, 1819 Open market transactions, 1787 Outstanding, by type of security, 1812, Real estate loans: 1813, 1815 Banks, by classes, 1798, 1800, 1807, 1820 Ownership of, 1812, 1813 Delinquency rates on home mortgages, 1823 Prices and yields, 1805, 1806, 1861 Mortgage yields, 1806, 1823 United States notes, 1791 Nonfarm mortgage foreclosures, 1823 Utilities, production index, 1829, 1832 Type of holder, 1820, 1821, 1822 Type of property mortgaged, 1820, 1821, 1822 Vault cash, 1780, 1786, 1799 Reserve position, basic, member banks, 1784 Veterans Administration, 1820, 1821, 1822 Reserve requirements, member banks, 1786 Reserves: Central banks and govts., 1844 Weekly reporting member banks, 1800 Commercial banks, 1799 Federal Reserve Banks, 1788 Yields (See Interest rates) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Index to Volume 52 GUIDE TO PAGE REFERENCES IN MONTHLY ISSUES Issue Total Index to Issue Total Index to tables tables January .... ............. 1-148 145-147 July ............... . . . . 937-1076 1074-1075 February .... ............. 149-304 302-304 August............. .... 1077-1280 1278-1279 March ......... ............. 305-454 452-453 September .... .... 1281-1436 1435-1436 April ........... ............. 455-634 632-633 October ............ . 1437-1574 1573-1574 May............. ............. 635-768 767-768 November .... .... 1575-1738 1737-1738 June............. ............. 769-936 935-936 December ........ .... 1739-1881 1870-1871 Pages Pages Administrative Procedure Act, amendment....... 965 Bach, G. L., resignation as director, Pittsburgh Branch ......................................................... 979 Advertising principles to be followed by finan­ Baker, Robert C., elected Class A director, cial institutions ...........................................1774 Richmond ....................................................1772 Balance of payments (See U.S. balance of pay­ Agricultural debt: ments) Merchant and Dealer Credit in Agriculture. 660 Balderston, C. Canby, resignation as member and Annual Report, Board of Governors, 1965 .... 535 Vice Chairman of Board of Governors......... 346 Bank credit and monetary developments in 1965, Articles: article........................................................... 149 Bank credit and monetary developments in Bank credit series, revision................................ 950 1965 ................................................... 149 Bank credit series, revision ......................... 950 Bank Holding Company Act: Communique of ministerial meeting of Amendments: Group of Ten, issued on July 26, 1966. . 1149 Public Law 89-485 ............................ 966 Construction and mortgage markets ......... 635 Statement by Chairman Martin ......... 330 Consumer credit, developments ................. 769 Banking offices and deposits of group banks, Consumer goods, developments ................. 1 Dec. 31, 1965 .......................................... 1250 Credit and monetary developments ......... 937 Interpretations: Investments in Edge corporations by Demand, recent expansion ......................... 305 Interest rates in U.S. capital markets.........1575 banking subsidiaries of bank holding Interest rates in Western Europe ...............1281 companies........................... 339, 1152 Labor market in an expanding economy . 1437 List of companies Dec. 31, 1965, registered Member bank income, 1965 ..................... 785 pursuant to Section 5 ......................... 905 Money supply series, revision ......................1303 Orders issued under: Prices, rise in ...............................................1077 Barnett National Securities Corpora­ Staff economic studies (See Staff economic tion ............. 23, 25, 976, 1168, 1330 studies) Baystate Corporation ............................ 819 Statements to Congress (See Statements to BT New York Corporation................. 517 Congress) Central Wisconsin Bankshares, Inc. 29, 812 Time and savings deposits, changes, Dec. Charter New York Corporation ........... 527 1965-May 1966 .......................................1102 Denver U.S. Bancorporation, Inc............812 Time and savings deposits, late 1965, early Depositors Corporation ......................1635 1966 ................................................... 466 First Florida Bancorporation ..............1632 Time and savings deposits, survey ............. 956 First Montana Bank Corporation....... 971 Time deposits and financial flows ..............1739 First National Bank of Tampa and Treasury and Federal Reserve foreign ex­ Union Security & Investment Com­ change operations ...........316, 1316, 1339 pany ...............................................1638 U.S. trade and payments, recent changes . 455 First Virginia Corporation ....... 1155, 1330 Voluntary foreign credit restraint program, Mid-Continent Bancorporation ........... 198 developments ...................................... 649 New Hampshire Bankshares, Inc.........510 Weekly reporting member bank series, re­ Otto Bremer Foundation and Otto vision .....................................................1137 Bremer Company ..............................1761 Security New York State Corporation 512 Asian Development Bank: United Bancshares of Florida, Inc. . . 822 Amendment to Regulation R ..................... 964 United Virginia Bankshares In­ Federal Reserve Banks as fiscal agents for . . 965 corporated .................14, 1158, 1161 Underwriting and dealing in obligations of, Virginia Commonwealth Corporation. . 20, by member banks................................ 965 340, 1165, 1631 Automobile credit at sales finance companies, Bank Merger Act: monthly press release.................................. 826 Amendment.......................................... 337 1872 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX VOLUME 52 1873 Pages Pages Bank Merger Act—Continued Board of Governors—Continued Delay in consummation of approved bank Delegation of certain functions, Public Law mergers, amendment to Board’s Rules of 89-765 ................................................ 1761 Procedure ............................................ 339 Interpretations (See Interpretations) Orders issued under: Letters to Congress requesting broader Bank of New York, New York, N.Y.. . 1629 authority for bank supervisory agencies . 979-80 Bank of the Commonwealth, Detroit, Members: Mich................................................1453 Brazil Trust Company, Brazil, Ind. . . . 1457 Balderston, C. Canby, resignation .... 346 Central State Bank, Elkader, Iowa .... 1334 Brimmer, Andrew F., appointment . . . 346 List, 1913-66 ........................................ 808 Citizens Bank and Trust Company, Robertson, J. L.: Clare, Mich.................................... 808 Colonial Bank and Trust Company, Designation as Vice Chairman . .. 346 Waterbury, Conn...........................1625 Statement on voluntary foreign County Trust Company, White Plains, credit restraint program ...... 204 N.Y................................................. 189 Statements to Congress (See Statements to Congress) Depositors Trust Company, Augusta, Maine ..........................................1624 Members and officers .................................1863 Fidelity Bank, Beverly Hills, Calif. ... 12 Publications (See Publications) Harter Bank & Trust Company, Canton, Regulations (See Regulations) Ohio.............................................. 658 Rules of Procedure, amendment relating to Lake City Bank, Warsaw, Ind...............507 delay in consummation of approved bank Ohio Citizens Trust Company, Toledo, mergers ............................................... 339 Ohio..................................................1454 Staff changes: Reading Trust Company, Reading, Pa. 193 Bass, Sampson H., retirement as Assist­ Rockbridge Bank & Trust Company, ant Controller.............................. 42 Lexington, Va.....................................1155 Byrne, Lawrence H., Jr., appointed St. Joseph Valley Bank, Elkhart, Ind.. . 1765 Director, Division of Data Processing 534 Springville Banking Company, Spring­ Dahl, Frederick R., appointed Assistant ville, Utah .................................... 508 Director, Division of Examinations. . 1460 State Bank and Trust Company, De­ Dembitz, Lewis N., retirement as Asso­ fiance, Ohio ................................ 810 ciate Adviser, Division of Research United California Bank, Los Angeles, and Statistics................................ 42 Calif............................................... 195 Garfield, Frank R., retirement as Ad­ Upper Main Line Bank, Paoli, Pa. ... 1458 viser, Division of Research and Statis­ Wachovia Bank and Trust Company, tics .................................................1642 Winston-Salem, N.C.......................1335 Goodman, Glenn M., retirement as Wells Fargo Bank, San Francisco, Calif. 655 Assistant Director, Division of Exami­ Williamsburg State Bank, Williamsburg, nations ...........................................1460 Va...................................................... 14 Hart, John J., appointed Assistant Di­ Bank of New York, New York, N.Y., Order under rector, Division of Personnel Admin­ Bank Merger Act .........................................1629 istration ........................................ 979 Bank of the Commonwealth, Detroit, Mich., Schwartz, M. H., resignation as Director, Order under Bank Merger Act ..................1453 Division of Data Processing ..... 534 Banking and monetary statistics: Solomon, Robert, appointed Director, For 1965 ............................414-23, 901-04 Division of International Finance . . 1773 Supplements .............................205, 1643, 1774 Sprecher, H. Franklin, Jr., resignation Banking offices: as Assistant Director, Division of Per­ Changes in number......................272, 1248 sonnel Administration ................. 979 Par and nonpar offices, number.........273, 1249 Staiger, David S., appointed Assistant Banking structure and performance, staff eco­ Director, Division of Data Process­ nomic study ............................................... 488 ing ....................................................1172 Banks and branches, number, by class and State 600 Walcutt, Charles C., appointed Assistant Barnett National Securities Corporation, Orders Chief Federal Reserve Examiner . . . 1642 under Bank Holding Company Act . .23, 25, 976, Statement on curbing excess demands.........1339 1165, 1330 Bopp, Karl R., reappointed President, Federal Bass, Sampson H., retirement as Assistant Con­ Reserve Bank of Philadelphia ....................... 348 troller, Board of Governors ..................... 42 Bosshard, John, elected Class A director, Minne­ Baystate Corporation, Order under Bank Holding apolis ............................................................1772 Company Act .............................................. 819 Boysen, John T., appointed First Vice President, Beaujon, Charles A., Jr., elected Class A director, Federal Reserve Bank of Kansas City ...... 348 Boston .........................................................1771 Beck, Darwin L., article on revision of money Branch banks: supply series ...................................................1303 Federal Reserve: Beeghly, Charles M., appointed director, Pitts­ Directors (See Directors, Federal Re­ burgh Branch .............................................. 349 serve branch banks) Bemis, Judson, designated Chairman and Federal Vice Presidents in charge of ..............1865 Reserve Agent, Minneapolis............................ 34 Number, by class and State......................... 601 Board of Governors: Brazil Trust Company, Brazil, Ind., Order under Annual Report, 1965 ......................... 535 Bank Merger Act ........................................1457 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1874 FEDERAL RESERVE BULLETIN • DECEMBER 1966 Pages Pages Bremer, Otto, Foundation and Otto Bremer Com­ Cupp, Cecil W., Jr., elected Class A director, pany, Order under Bank Holding Company St. Louis ..........................................................1772 Act ............................................. 1761 Customer credit, N.Y. Stock Exchange firms, Brett, Bradford, elected Class A director, St. June 1959-66 ................................................ 1408 Louis ...............................................................1460 Brimmer, Andrew F., appointed member of Board Dahl, Frederick R., appointed Assistant Director, of Governors............................................... 346 Division of Examinations ............................1460 BT New York Corporation, Order under Bank Davidson, William H., elected Class B director, Holding Company Act.................................... 517 Chicago ........................................................1772 Business conditions, national summary ... 44, 206, Defense Production Act, extension..................... 964 350, 536, 661, 827, 982, 1174, 1341, 1462, Defense production loans, amendments to Regu­ 1644, 1776 lation V........................................................1617 Byrne, Lawrence H., Jr., appointed Director, Delcambre, Donald L., appointed director, New Division of Data Processing ....................... 534 Orleans Branch.................................. 41 de Leeuw, Frank, staff economic study on revised Cagle, Caroline H., articles on time and savings index of manufacturing capacity..................1605 deposits................................................466, 1102 Demand, article on its recent expansion ........... 305 Cameron, C. C., appointed director, Charlotte Dembitz, Lewis N., retirement as Associate Branch ..........................................................1460 Adviser, Division of Research and Statistics 42 Case, Everett N., designated Chairman and Fed­ Denton, James T., Jr., appointed director, San eral Reserve Agent, New York ................. 34 Antonio Branch .............................................. 42 Central State Bank, Elkader, Iowa, Order under Denver U.S. Bancorporation, Inc., Order under Bank Merger Act ........................................1334 Bank Holding Company Act ......................... 812 Central Wisconsin Bankshares, Inc., Orders under Depositors Corporation, Order under Bank Hold­ Bank Holding Company Act ..................29, 812 ing Company Act .........................................1635 Certificates of deposit (See Deposits) Depositors Trust Company, Augusta, Maine, Chairmen and Deputy Chairmen of Federal Re­ Order under Bank Merger Act ..................1624 serve Banks .........................34, 204, 349, 1865 Deposits: Charter New York Corporation, Order under Bank Holding Company Act ..................... 527 Calculating deposits in determining aggregate Citizens Bank and Trust Company, Clare, Mich., liabilities of Edge corporations, interpre­ Order under Bank Merger Act ................. 808 tation .....................................................1617 Clay, George H., reappointed President, Federal Funds received by member banks on instal­ Reserve Bank of Kansas City ..................... 348 ment loans as deposits for reserve pur­ Clay, Henry B„ appointed director, Houston poses, interpretation ............................. 808 Branch ........................................................ 42 Member bank reserves and, new seasonally Coldwell, Philip E., reappointed First Vice Presi­ adjusted series......................................1460 dent, Federal Reserve Bank of Dallas ...... 348 Promissory notes as deposits, amendments to Cole, Charles W., appointed Class C director, Boston ....................................................... 35 Time and savings deposits: Colonial Bank and Trust Company, Waterbury, Amendments to Regulations D and Q Conn., Order under Bank Merger Act . . .1625 to sharpen technical distinctions be­ tween .............................................1773 Commercial banks: Articles: Banking offices, changes in number . .272, 1248 Survey, Dec. 1965-May 1966 956, 1102 Branches, number, by State.......................... 601 Survey, late 1965 and early 1966 . 466 Income and expenses ...................................1046 Time deposits and financial flows 1739 Liquidity, staff economic study ................1093 Christmas and vacation club accounts, Number, by class and State.......................... 600 reduction in reserves required to be Construction and mortgage markets, article . . 635 maintained against ......................1773 Maximum interest rates on, flexible Consumer credit: authority for supervisory agencies to Automobile credit at sales finance companies, set, and related proposals, statements monthly press release.......................... 826 and legislation 790-806, 1141, 1327, 1451 Developments in, article ............................ 769 Maximum interest rate on multiple Revision in statistics........................660, 736-38 maturity time deposits, amendment Consumer financial characteristics, survey of 1172 of Regulation Q and interpretation 963, Consumer goods, article .................................... 1 979-80, 1154 Coombs, Charles A., reports on Treasury and Maximum interest rate on time deposits Federal Reserve foreign exchange operations. 316, under $100,000, reduction in 1338, 1452 ' 1316, 1339 Reserve requirements against certain County Trust Company, White Plains, N.Y., time deposits, increases in 963, 979, Order under Bank Merger Act ................. 189 1172, 1329 Derrick, Royden G., appointed director, Salt Lake Credit: City Branch................................................. 37 Automobile credit at sales finance companies, Directors, Federal Reserve Banks: monthly press release ........................ 826 Chairmen and Federal Reserve Agents 34, 349, Bank credit expansion, System actions related 660, 1865 to............................................... 1338, 1339 Class A and Class B, elections 1172, 1460, 1771 Credit and monetary developments, article ... 937 Class C, appointments ..........35, 204, 349, 660 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX VOLUME 52 1875 Pages Pages Directors, Federal Reserve Banks—Continued Federal Reserve Act—Continued Deputy Chairmen ...............34, 204, 349, 1865 Section 9—Continued List ....................................................... 175, 349 Underwriting and dealing in obligations Resignations, and death ............349, 660, 1339 of Asian Development Bank, amend­ Directors, Federal Reserve branch banks: ment of Revised Statutes affecting . . 965 Appointments .......36, 40, 349, 1460, 1642 Section 11: List ....................................................... 175, 349 Delegation of certain functions of Board Resignations .................................349,979, 1339 of Governors, Public Law 89-765 . 1761 Dividends: Sections 11 and 16: Federal Reserve Banks ..................43, 270 Federal Reserve notes, revised pro­ Insured commercial banks ..........................1046 cedures for destruction of unfit notes 807 Member banks .............................786, 789, 892 Section 14(b): Dobbins, Cris, appointed director, Denver Branch 37 Authority of Reserve Banks to buy and Dorton, Moses E., appointed director, Nashville sell obligations of any Federal agency, Branch ........................................................... 41 amendment ...................................1451 Drumm, Streuby L., resignation as director, Pitts­ Authority of Reserve Banks to purchase burgh Branch ............................................. 349 Govt, obligations directly from U.S., extension ...................................... 964 Earnings and expenses: Section 19: Federal Reserve Banks ..................43, 270 Reserve requirements and interest rate Insured commercial banks...........................1046 ceilings on deposits of member banks, Member banks ..............................785, 892-900 amendment ...................................1451 Ellis, George FL, reappointed President, Federal Section 23A: Reserve Bank of Boston ............................ 348 Loans by member banks to their affili­ Enders, Robert C., elected Class A director, Phila­ ates, amendments, and extension of delphia ..........................................................1771 limitations to nonmember insured England, Bayard L., appointed Class C director banks ............................................... 966 and Deputy Chairman, Philadelphia ......... 349 Section 24: Espy, Major W., Sr., appointed director, Birming­ Real estate loans by national banks, ham Branch................................................. 40 amendment ...................................1761 Section 25: Executive officers of member banks, loans to, Direct investments by member banks under education loan plan ..........................1152 in stock of foreign banks, amendment Export-Import Bank participation certificates, providing for................................ 966 eligibility as collateral for advances by Reserve Federal Reserve and Treasury foreign exchange Banks.......................................................... 188 operations, reports and announcement ...... 316, Federal Open Market Committee: 1316, 1339 Federal Reserve Banks: Federal agency obligations, authority for Re­ Authority to buy and sell obligations of any serve Banks to buy and sell under direc­ Federal agency, legislation permitting .1451 tion of ...................................................1451 Authority to purchase Govt, obligations Foreign exchange operations, reports and directly from U.S., extension ............. 964 announcement .................316, 1316, 1339 Branches (See Branch banks) Members and staff.........................................1864 Chairmen and Deputy Chairmen . 34, 349, 1865 Federal Reserve Act: Directors (See Directors, Federal Reserve Interpretations: Banks) Eligibility of demand paper for discount Earnings and expenses ...........................43, 270 and as security for advances by Re­ Eligibility of demand paper for discount and serve Banks.................................. 506 as security for advances ..................... 506 Eligibility of Export-Import Bank par­ Eligibility of Export-Import Bank participa­ ticipation certificates as collateral for tion certificates as collateral for advances 188 advances by Reserve Banks......... 188 Eligibility of Small Business Administration Eligibility of Small Business Adminis­ notes for purchase and as security for tration notes for purchase and as advances ............................................340, 506 security for advances by Reserve General Auditors ....................................... 502 Banks .....................................340, 506 Loans to executive officers of member Presidents and First Vice Presidents: banks under education loan plan ... 1152 Appointments ..................43, 204, 348 Member bank acquisition of stock of List........................................................1865 another bank ................................ 655 Resignation, and retirements ..........42, 349 Member bank purchase of stock of Vice Presidents, list .....................................1865 “operations subsidiaries" ..............1151 Federal Reserve notes: Revised edition of .......................................1774 Interest paid to Treasury .......................43, 270 Section 9: Revised procedures for destruction of unfit Dealing in certain obligations insured notes ..................... 807 by Secretary of Housing and Urban Federal Reserve System: Development, amendment of Revised Admissions of State banks to member­ Statutes affecting ..........................1761 ship ......205, 660, 981, 1340, 1461, 1643 Repeal of holding company affiliate pro­ Balance of payments program (See Volun­ visions ......................................... 966 tary foreign credit restraint program) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1876 FEDERAL RESERVE BULLETIN • DECEMBER 1966 Pages Pages Federal Reserve System—Continued Hatch, Edwin I., appointed Class C director and Bank credit expansion, System actions re­ Deputy Chairman, Atlanta ......................... 35 lated to .................................... 1338, 1339 Hay, John W., Jr., appointed director, Omaha Policy actions, announcements ................. 979 Branch ....................................................... 41 Fidelity Bank, Beverly Hills, Calif., Order Hayes, Alfred, reappointed President, Federal under Bank Merger Act ............................. 12 Reserve Bank of New York ......................... 348 Financial institutions, advertising principles to be Hazeltine, Sherman, appointed director, Los An­ followed by ................................................1774 geles Branch ............................................... 42 Financial Institutions Supervisory Act: Hazlett, Robert C., appointed director, Pittsburgh Public Law 89-695 .............................1618 Branch ......................................................... 40 Statement of Vice Chairman Robertson , . 499 Heard, Alexander, appointed director, Nashville First Florida Bancorporation, Order under Branch ......................................................... 36 Bank Holding Company Act ......................1632 First Montana Bank Corporation, Order under Heflin, Aubrey N., reappointed First Vice Presi­ Bank Holding Company Act ..................... 971 dent, Federal Reserve Bank of Richmond . . 348 First National Bank of Tampa and Union Se­ Helmer, Hugh J., reappointed First Vice Presi­ curity & Investment Company, Order under dent, Federal Reserve Bank of Chicago .... 348 Bank Holding Company Act ..................1638 Hemmings, H. Edward, reappointed First Vice First Virginia Corporation, Order under Bank President, Federal Reserve Bank of San Fran­ Holding Company Act ..................... 1155, 1330 cisco ........................................................... 348 Flint, C. W., Jr., appointed director, Oklahoma Hickman, W. Braddock, reappointed President, City Branch ............................................... 37 Federal Reserve Bank of Cleveland ......... 348 Float, statement of Governor Mitchell on .... 166 Hilkert, Robert N„ reappointed First Vice Presi­ Flow of funds: dent, Federal Reserve Bank of Philadelphia . . 348 Financial assets and liabilities . . 734, 1536-46 Hirschler, Frederic S., designated Chairman and Revision of tables .....................................1173 Federal Reserve Agent, San Francisco ...... 34 Saving and financial flows ... 106-15, 724-33, Hoadley, Walter E., resignation as Class C di­ 1238-47, 1526-35 rector and Chairman and Federal Reserve Foreign banking and financing corporations: Agent, Philadelphia .................................. 349 Investments in Edge corporations by banking Holding company affiliates, repeal of provisions subsidiaries of bank holding companies, of Federal banking laws relating to, and ter­ interpretations .......................... 339, 1152 mination of Regulation P ..... 963, 966, 1329 Foreign exchange operations: Hollowell, W. W., appointed director, Memphis Treasury and Federal Reserve operations, Branch ....................................................... 41 reports and announcement . . 316, 1316, 1339 Hopkins, Frank E., staff economic study on re­ Forman, Maurice R., elected Class B director, vised index of manufacturing capacity .......1605 New York ....................................................1771 Hurley, Louis E., appointed director, Little Rock Fraley, John L., appointed director, Charlotte Branch ....................................................... 41 Branch ......................................................... 36 Francis, Darryl R., appointed President, Federal Income and expenses: Reserve Bank of St. Louis ..................... 43, 348 Federal Reserve Banks ......................... 43, 270 Fry, Edward R„ articles on revisions of bank Insured commercial banks .........................1046 credit series and of money supply series 950, 1303 Member banks ............................ 785, 892-900 Industrial production indexes, revisions .........1642 Galusha, Hugh D., Jr., reappointed President, Insured commercial banks: Federal Reserve Bank of Minneapolis ...... 348 Banking offices, changes in number . . 272, 1248 Garfield, Frank R.: Branches, number, by State ..................... 601 Retirement as Adviser, Division of Re­ Income and expenses ................................1046 search and Statistics ..........................1642 Interest rates on time and savings deposits, Staff economic study on economic situation 1591 flexible authority for Federal supervisory Glatfelter, Philip H., Ill, elected Class B director, agencies to set maximum ..................1451 Philadelphia ...............................................1172 Loans to affiliates, extension of limitations Goodman, Glenn M., retirement as Assistant of Section 23A of Federal Reserve Act to 966 Director, Division of Examinations ..............1460 Number, by State........................................ 600 Graves, Jacob H., appointed director, Cincinnati Interest on deposits: Branch ....................................................... 40 Maximum rates on time and savings deposits, Group of Ten, communique of ministerial meet­ flexible authority for supervisory agencies ing of, issued July 26, 1966 ..................... 1149 to set, and related proposals, statements Guidelines for banks and nonbank financial in­ and legislation .. 790-806, 1141, 1327, 1451 stitutions, voluntary foreign credit restraint Multiple maturity time deposits, maximum program ........................................... 534, 1753 permissible rate, amendment of Regula­ tion Q and interpretation . .963, 979-80, 1154 Hannan, Kenneth H., appointed Class C director Promissory notes as deposits, amendments and Deputy Chairman, New York ...... 34, 35 to Regulations D and Q ......... 963, 979 Hart, John J., appointed Assistant Director, Di­ Time and savings deposits, amendments to vision of Personnel Administration ......... 979 sharpen distinction between ..............1773 Harter Bank & Trust Company, Canton, Ohio, Time deposits under $100,000, maximum Order under Bank Merger Act ............. 655 permissible rate, reduction in .... 1338, 1452 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX VOLUME 52 1877 Pages Pages Interest rates: Leach, Robert F., appointed Class C director Maximum rates on deposits or share ac­ and Deputy Chairman, Minneapolis ......... 204 counts, flexible authority for supervisory Lee, Philip J., elected Class B director, Atlanta 1772 agencies to set, and related proposals, Legislation: statements and legislation.....790-806, 1141, Administrative Procedure Act, amendment 965 1327, 1451 Asian Development Bank: Multiple maturity time deposits, maximum Reserve Banks as fiscal agents for . . 965 permissible rate, amendment of Regula­ Underwriting and dealing in obligations tion Q and interpretation. .963, 979-80, 1154 of, by member banks ............. 965 Regulation V loans .....................................1617 Authority of Reserve Banks to purchase Time deposits under $100,000, maximum Govt, obligations directly from U.S., ex­ permissible rate, reduction in . . . .1338, 1452 tension ..................................................... 964 U.S. capital markets, article .....................1575 Authority of Reserve Banks to buy and sell Western Europe, article ............................1281 obligations of any Federal agency: International monetary system: Public Law 89-597 ........................ 1451 Communique of ministerial meeting of Statements by Chairman Martin and Group of Ten, issued July 26, 1966 .... 1149 Vice Chairman Robertson ......... 804, Interpretations: 1141, 1327 Calculating deposits in determining aggre­ Bank Holding Company Act and other stat­ gate liabilities of Edge corporations...1617 utes, amendments: Eligibility of demand paper for discount and Public Law 89-485 ............................ 966 as security for advances by Reserve Banks 506 Statement by Chairman Martin ......... 330 Eligibility of Export-Import Bank participa­ Bank Merger Act, amendment ................. 337 tion certificates as collateral for advances Board of Governors, delegation of certain by Reserve Banks................................ 188 functions, Public Law 89-765 ..........1761 Eligibility of Small Business Administration Certain obligations insured by Secretary of notes for purchase and as security for ad­ Housing and Urban Development, under­ vances by Reserve Banks ......... 340, 506 writing and dealing in, by member banks 1761 Investments in Edge corporations by banking Defense Production Act, extension ......... 964 subsidiaries of bank holding Federal Reserve notes, revised procedures companies ................................ 339, 1152 for destruction of unfit notes ............. 807 Loans to executive officers of member banks Financial Institutions Supervisory Act: under education loan plan ..................1152 Public Law 89-695 .............................1618 Margin requirements, applicability to joint Statement of Vice Chairman Robertson 499 account between two creditors ......... 807 Holding company affiliates..................963, 1329 Maximum permissible interest rate on mul­ Rate ceilings on deposits or share accounts, tiple maturity time deposits ..............1154 flexible authority for Federal supervisory Meaning of “obligor or maker” in determin­ agencies to set maximum, and related pro­ ing limitation on securities investments posals: of member State banks ......................1618 Member bank acquisition of stock of another Public Law 89-597 .............................. 1451 bank ....................................................... 655 Statements by members of Board of Member bank purchase of stock of “opera­ Governors .............790-806, 1141, 1327 tions subsidiaries” ..............................1151 Real estate loans by national banks, amend­ Reserves against funds received by member ment to Section 24, Federal Reserve Act 1761 banks on instalment loans ................. 808 Reserve requirements of member banks, ex­ Ireland, Andrew P., appointed director, Jackson­ panded authority for changes in: ville Branch ............................................... 40 Public Law 89-597 ...............................1451 Irons, Watrous H., reappointed President, Fed­ Statements by Vice Chairman Robert­ eral Reserve Bank of Dallas ..................... 348 son ....................................1141, 1327 Irvin, William E., appointed director, Salt Lake Levine. Max, appointed Deputy Chairman, Dallas 35 City Branch ............................................... 42 Lewis, Dale M., appointed First Vice President, Federal Reserve Bank of St. Louis.........204, 348 Jordan, Castle W., appointed director, Jackson­ ville Branch ............................................... 36 Loans: Executive officers of member banks, loans to, Keyser, F. Ray, Jr., elected Class B director, under education loan plan ..................1152 Boston ..............................................................1771 Loan guarantees for defense production, Kimbrel, Monroe, reappointed First Vice Presi­ amendments to Regulation V ..............1617 dent, Federal Reserve Bank of Atlanta .... 348 Real estate loans by national banks, amend­ Kleff, Arnold J., Jr., appointed director, Balti­ ment to Section 24, Federal Reserve Act . 1761 more Branch............................................... 36 Reports of securities credit extended by lender other than bank or broker, termi­ Labor market in an expanding economy, article 1437 nation ................................................... 505 Laing, R. Stanley, elected Class B director, Cleveland ....................................................1772 Lake City Bank, Warsaw, Ind., Order under Bank MacDonald, Walter H., appointed First Vice Merger Act ................................................. 507 President, Federal Reserve Bank of Cleveland 348 Latham, Earle O., reappointed First Vice Presi­ Maisel, Sherman J., interest rates on time and dent, Federal Reserve Bank of Boston ....... 348 savings deposits, statement ......................... 798 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1878 FEDERAL RESERVE BULLETIN • DECEMBER 1966 Pages Pages Manufacturing capacity, revised index of, staff Member banks—Continued economic study................................................1605 Time and savings deposits: Margin requirements: Amendments to Regulations D and Q Applicability to joint account between two to sharpen technical distinctions be­ creditors, interpretation ....................... 807 tween .............................................1773 Christmas and vacation club accounts, Martin, Wm. McC., Jr.: reduction in reserves required to be Bank Holding Company Act, statement on maintained against ......................1773 proposed amendments ...................... . 330 Maximum interest rates on, flexible Interest rates on time and savings deposits authority for supervisory agencies to and related proposals, statements . . .801, 804 set, and related proposals, statements May, Francis B., appointed director, San Antonio and legislation 790-806, 1141, 1327, 1451 Branch ......................................................... 37 Maximum interest rate on multiple McCraw, Carl G., resignation as director, Char­ maturity time deposits, amendment lotte Branch ...............................................1339 of Regulation Q, and interpretation. .963, Member banks: 979-80, 1154 Acquisition of stock of another bank, inter­ Maximum interest rate on time deposits pretation ............................................. 655 under $100,000, reduction in . . 1338, 1452 Advances by Reserve Banks to: Weekly reporting series: Eligibility of demand paper for discount Revision.........................................1137 and as security for....................... 506 Wednesday data for 1965 ................... 416 Membership in Federal Reserve System: Eligibility of Export-Import Bank par­ ticipation certificates as collateral . . 188 .................................1340, ’1461,’ 1643 Eligibility of Small Business Adminis­ Merchant and Dealer Credit in Agriculture . . 660 tration notes for purchase and as col­ lateral .....................................340, 506 Mid-Continent Bancorporation, Order under Bank Holding Company Act .................................. 198 Bank credit expansion, System actions re­ lated to .................................... 1338, 1339 Mills, William B., elected Class A director, Atlanta .......................................................1772 Banking offices, changes in number . .272, 1248 Ministers and Governors of The Group of Ten, Borrowings at Federal Reserve Banks, weekly communique ................................................1149 averages for 1965 ................................ 414 Mitchell, George W.: Branches, number, by State........................ 601 Float, statement on .................................... 166 Credit expansion, letter from Reserve Bank Interest rates on time and savings deposits, Presidents to member banks..................1338 statement on ........................................ 794 Income and expenses .....................785, 892-900 Monetary developments: Investment securities: Bank credit and monetary developments in Asian Development Bank, legislation 1965, article ........................................... 149 permitting underwriting and dealing Recent credit and monetary developments, in obligations of ........................ 965 article................................................... 937 Certain obligations insured by Secretary Money supply series, revision..............................1303 of Housing and Urban Development, Morrison, Eugene H., elected Class A director, legislation permitting underwriting New York ....................................................1771 and dealing in ..............................1761 Morse, George T., Jr., appointed director, Meaning of “obligor or maker” in deter­ Houston Branch .......................................... 37 mining limitation in, interpretation. 1618 Mortgage markets, construction and, article ... 635 Investments in stock of foreign banks, Mortgages (See Real estate loans) amendment to Section 25, Federal Re­ Multiple maturity time deposits, maximum in­ serve Act, permitting ........................ 966 terest rate on, amendment of Regulation Q Loans: and interpretation ..................963, 979-80, 1154 Affiliates, loans to, amendment to Sec­ Mutual savings banks: tion 23A, Federal Reserve Act .... 966 Banking offices, changes in number . .272, 1248 Executive officers, loans to, under edu­ Branches, number, by State......................... 601 cation loan plan, interpretation ... .1152 Number, by State ........................................ 600 Real estate loans by national banks, amendment to Section 24, Federal National banks: Reserve Act .................................1761 Banking offices, changes in number .272, 1248 National banks (See National banks) Branches, number, by State......................... 601 Number, by class and State......................... 600 Investment securities: Operating ratios........................................602-04 Asian Development Bank, underwriting Purchase of stock of “operations subsidi­ and dealing in obligations of...... 965 aries,” interpretation ............................1151 Certain obligations insured by Secre­ tary of Housing and Urban Develop­ Reserve requirements (See Reserve require­ ment, legislation permitting under­ ments) writing and dealing in ..................1761 Reserves (See Reserves) Number, by State ...................................... 600 State member banks (See State member Real estate loans, amendment to Section 24, banks) Federal Reserve Act.............................1761 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX VOLUME 52 1879 Pages Pages National summary of business conditions . .44, 206, Reading Trust Company, Reading, Pa., Order 350, 536, 661, 827, 982, 1174, under Bank Merger Act ............................ 193 1341, 1462, 1644, 1776 Real estate loans by national banks, amendment New Hampshire Bankshares, Inc., Order under to Section 24, Federal Reserve Act ..........1761 Bank Holding Company Act ......................... 510 Rebsamen, Raymond, resignation as Class C New York State Dormitory Authority bonds, director and Chairman and Federal Reserve meaning of “obligor or maker” in determining Agent, St. Louis ......................................... 660 limitation on investments by member banks in. 1618 Regulations, Board of Governors: Newell, John R„ resignation as Class B director, D, Reserves of Member Banks: Boston ..........................................................1339 Christmas and vacation club accounts, Nonmember banks: reduction in reserves required to be Banking offices, changes in number . .272, 1248 maintained against ......................1773 Branches, number, by State......................... 601 Promissory notes as deposits, amend­ Income and expenses, insured commercial ment to .................................963, 979 banks ....................................................1046 Reserve requirements against certain Number, by State........................................ 600 time deposits, increases in .... 963, 979, . 1172, 1329 Ohio Citizens Trust Company, Toledo, Ohio, Reserves against funds received on in­ Order under Bank Merger Act......................1454 stalment loans, interpretation ...... 808 Open Market Committee (See Federal Open Time and savings deposits, amendments Market Committee) to sharpen technical distinctions ... 1773 H, Membership of State Banking Institutions “Operations subsidiaries,” member bank purchase in the Federal Reserve System: of stock of, interpretation ............................1151 Amendment with respect to waiver of Otto Bremer Foundation and Otto Bremer Com­ reports of affiliates ......................1329 pany, Order under Bank Holding Company K, Corporations Engaged in Foreign Bank­ Act................................................................1761 ing and Financing Linder the Federal Re­ serve Act: Calculating deposits in determining Par and nonpar banking offices, number . .273, 1249 aggregate liabilities of Edge corpora­ Patterson, Harold T., reappointed President, tions, interpretation ......................1617 Federal Reserve Bank of Atlanta ............. 348 O, Loans to Executive Officers of Member Peirce, Frederic M., appointed Class C director Banks: and designated Chairman and Federal Reserve Loans to executive officers under edu­ Agent, St. Louis .......................................... 660 cation loan plan, interpretation....1152 Pierce, James L., staff economic study on com­ P, Holding Company Affiliates—Voting Per­ mercial bank liquidity .................................1093 mits: Pitzer, Kenneth S., appointed Class C director, Termination ....................................... 963 Dallas ......................................................... 35 Q, Payment of Interest on Deposits: Pratt, Douglas M., appointed director, Jackson­ Maximum permissible rate on time de­ ville Branch ............................................... 36 posits under $100,000, reduction Presidents of Federal Reserve Banks: Appointments...................................43, 348 in........................................ 1338, 1452 Maximum rate on multiple maturity List...............................................................1865 Resignation ................................................. 42 time deposits, amendment and inter­ Prices, rise in, article...........................................1077 pretation ................963, 979-80, 1154 Time and savings deposits, amendments Profits: to sharpen technical distinctions . . .1773 Insured commercial banks....................1046 R, Relationships with Dealers in Securities: Member banks .............................786, 788, 892 Amendments to Section 218.2—Excep­ Promissory notes as deposits, amendments to tions .......................................505, 964 Regulations D and Q.................................963, 979 Editorial revision of Section 218.2 . . 188 Publications in 1966, Board of Governors: T, Credit by Brokers, Dealers, and Members Annual Report, 1965 ........................... 535 of National Securities Exchanges: Banking and Monetary Statistics, supple­ Applicability of margin requirements ments ................................205, 1643, 1774 to joint account between two credi­ Federal Reserve Act, revised edition ..........1774 tors, interpretation ....................... 807 Industrial Production Indexes, 1961-65 . 1642-43 U, Loans by Banks for the Purpose of Pur­ List........................................................1866 chasing or Carrying Registered Stocks: Merchant and Dealer Credit in Agriculture, Reports of securities credit extended by by Wilellyn Morelle, Leon Hesser, and lender other than bank or broker, Emanuel Melichar .............................. 660 termination .................................. 505 Survey of Financial Characteristics of Con­ V, Loan Guarantees for Defense Production: sumers, by Dorothy S. Projector and Amendments .......................................1617 Gertrude S. Weiss.................................1172 Reserve requirements, member banks: U.S. Treasury Advance Refunding, June 1960-July 1964, by Thomas R. Beard . . 205 Christmas and vacation club accounts, re­ duction in reserves required to be main­ tained against .....................................1773 Ray, Joseph M., appointed director, El Paso Expanded authority for changes in, state­ Branch ........................................................ 37 ments on, and legislation .1141, 1327, 1451 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1880 FEDERAL RESERVE BULLETIN • DECEMBER 1966 Pages Pages Reserve requirements, member banks—Continued Sheldon, John W., appointed Deputy Chairman, Increases in, against certain time deposits . . 963, Chicago ....................................................... 35 979, 1172, 1329 Sherman, Michael D., staff economic study on Promissory notes as deposits, amendments to revised index of manufacturing capacity....1605 Regulations D and Q ...................963, 979 Sherwood, B. P., Jr., appointed director, Detroit Time and savings deposits, amendments to Branch ......................................................... 41 sharpen technical distinction between . 1773 Shuford, Harry A., resignation as President, Reserves, member banks: Federal Reserve Bank of St. Louis............. 42 Reserve requirements (See Reserve require­ Sisler, Joe B., appointed director, El Paso Branch 42 ments) Reserves against funds received on instalment Smith, Frank G., Jr., appointed director, New Or­ loans, interpretation ................................ 808 leans Branch ............................................... 36 Reserves and borrowings, weekly averages Smith, Tynan, staff economic study on banking for 1965 ............................................... 414 structure and performance.......................... 488 Seasonally adjusted series on reserves and Solomon, Robert, appointed Director, Division of deposits ....................................... 1460 International Finance...................................1773 Roberts, Mary Louise, article on member bank Special tables: income ...................................................... 785 Bank holding companies: Robertson, J. L.: Banking offices and deposits of group Designation as Vice Chairman, Board of banks, Dec. 31, 1965.....................1250 Governors ........................................... 346 List, Dec. 31, 1965................................ 905 Financial Institutions Supervisory Act, state­ Banking and monetary statistics for ment on proposed law ..................... 499 1965 ....................................414-23, 901-04 Interest rates on time and savings deposits Banking offices: and related proposals, statements 790, 793, Analysis of changes in number. . . 272, 1248 1141, 1327 On, and not on, Federal Reserve Par Voluntary foreign credit restraint program, List, number.............................273, 1249 statement ........................................... 204 Banks and branches, number of, by class and Robertson, W. Gordon, elected Class B director, State......................................................... 600 Boston ..........................................................1771 Consumer credit, revised data for 1963 and Rocca, Bernard T., Jr., appointed Class C direc­ 1964 .................................................736-38 tor, San Francisco ...................................... 35 Flow of funds: Rockbridge Bank & Trust Company, Lexington, Financial assets and liabilities. .734, 1536-46 Va., Order under Bank Merger Act ..............1155 Saving and financial flows .106-15, 724-33, Rogier, Harry E., Class A director, St. Louis, 1238-47, 1526-35 death .......................................................... 660 Income and expenses: Federal Reserve Banks................. 270 St. Joseph Valley Bank, Elkhart, Ind., Order Insured commercial banks.....................1046 under Bank Merger Act ............................1765 Member banks: Saving: Calendar year 1965....................892-900 Flow of funds series ................. 106-15, 724-35, Operating ratios.........................602-04 1238-47, 1526-46 N.Y. Stock Exchange firms, detailed debit Savings deposits (See Deposits) and credit balances, June 1959-66........1408 Scanlon, Charles J., reappointed President, Fed­ Sprecher, H. Franklin, Jr., resignation as Assist­ eral Reserve Bank of Chicago ................... 348 ant Director, Division of Personnel Adminis­ Schwartz, M. H. resignation as Director, Division tration ......................................................... 979 of Data Processing.......................... 534 Springville Banking Company, Springville, Utah, Securities (See also U.S. Govt, securities): Order under Bank Merger Act..................... 508 Asian Development Bank, legislation permit­ Staff economic studies: ting underwriting and dealing in obliga­ Banking structure and performance, research 488 tions of, by member banks................... 965 Commercial bank liquidity............................1093 Certain obligations insured by Secretary of Revised index of manufacturing capacity . 1605 Housing and Urban Development, legisla­ Summaries........................9, 163, 315, 486, 652, tion permitting underwriting and dealing 781, 961, 1091, 1300, 1449 in, by member banks ..........................1761 Toward understanding of the whole develop­ Federal agency obligations, authority of Re­ ing economic situation..........................1591 serve Banks to buy and sell..................1451 Stahr, Elvis J., Jr., appointed Class C director, Meaning of “obligor or maker” in deter­ Chicago ....................................................... 35 mining limitations on securities invest­ Staiger, David S., appointed Assistant Director, ments of member State banks, interpre­ Division of Data Processing ........................1172 tation ....................................................1618 State Bank and Trust Company, Defiance, Ohio, Relationships with dealers in securities, Order under Bank Merger Act..................... 810 editorial revision and amendments to State member banks: Regulation R............................ 188, 505, 964 Acquisition of stock of another bank pro­ Reports of securities credit extended by hibited, interpretation ......................... 655 lender other than bank or broker, termi­ Admissions to membership in Federal Re­ nation ................................................... 505 serve System. .205, 660, 981, 1340, 1461, 1643 Security New York State Corporation, Order Advertising principles to be followed by . . 1774 under Bank Holding Company Act ........... 512 Banking offices, changes in number. 272, 1248 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX VOLUME 52 1881 Pages Pages State member banks—Continued Union Security & Investment Company and First Branches, number, by State................. 601 National Bank of Tampa, Order under Bank Investment securities: Holding Company Act.....................................1638 Asian Development Bank, underwriting United Bancshares of Florida, Inc., Order under and dealing in obligations of ...... 965 Bank Holding Company Act.......................... 822 Certain obligations insured by Secretary United California Bank, Los Angeles, Calif, of Housing and Urban Development, Order under Bank Merger Act..................... 195 legislation permitting underwriting Upper Main Line Bank, Paoli, Pa., Order under and dealing in...............................1761 Bank Merger Act ............................................1458 Meaning of “obligor or maker” in de­ U.S. balance of payments: termining limitation in, interpretation 1618 Trade and payments, recent changes ......... 455 Investments in Edge corporations by bank­ Voluntary foreign credit restraint program: ing subsidiaries of bank holding com­ Article .......................................... 649 panies, interpretations ..................339, 1152 Changes in guidelines for banks and Loans to executive officers under education nonbank financial institutions 534, 1753 loan plan, interpretation ......................1152 Mergers (See Bank Merger Act) U.S. Govt, securities: Number, by State ....................................... 600 Authority of Reserve Banks to buy and sell Purchase of stock of “operations subsidi­ obligations of any Federal agency.......1451 aries” prohibited, interpretation ..........1151 Authority of Reserve Banks to purchase Reports of affiliates, amendment to Regula­ directly from U.S., extension of......... 964 tion H regarding waiver of....................1329 U.S. Treasury Advance Refunding, June J960- Statements to Congress: July 1964 ................................................... 205 Authority for System to buy and sell obliga­ tions of any Federal agencies. .804, 1141, 1327 United Virginia Bankshares Incorporated, Orders Bank Holding Company Act, proposed under Bank Holding Company Act. . 14, 1158, 1161 amendments ....................................... 330 Financial Institutions Supervisory Act, pro­ V loans ...............................................................1617 posed law ........................................... 499 Virginia Commonwealth Corporation, Orders Float .......................................................... 166 under Bank Holding Company Act............. 20 Rate ceilings on deposits or share accounts, 340, 1165, 1631 flexible authority for Federal supervisory Voluntary foreign credit restraint program: agencies to set.....................790, 1141, 1327 Article ................................................. 649 Reserve requirements of member banks, ex­ Changes in guidelines for banks and non­ panded authority for changes in . . . 1141, 1327 bank financial institutions............534, 1753 Stock market credit (See Special tables) Statements on .............................204, 980, 1642 Street, Thaddeus, elected Class B director, Rich­ mond ...........................................................1772 Wachovia Bank and Trust Company, Winston- Strothman, M. H., Ir., reappointed First Vice Salem, N.C., Order under Bank Merger Act 1335 President, Federal Reserve Bank of Minne­ Walcutt, Charles C., appointed Assistant Chief apolis .......................................................... 348 Federal Reserve Examiner ........................1642 Studness, Leo C., elected Class B director, Minne­ Walkley, Lawrence E., appointed director, Pitts­ apolis ...........................................................1772 burgh Branch ..............................................1642 Surveys: Wayne, Edward A., reappointed President, Fed­ Financial characteristics of consumers.......1172 eral Reserve Bank of Richmond................... 348 Time and savings deposits..466, 956, 1102 Weaver, Mary F., articles on revisions of bank Swan, Eliot J., reappointed President, Federal credit series and of money supply series. 950, 1303 Reserve Bank of San Francisco...................... 348 Weekly reporting member banks: Revision of series on .........................1137 Tatum, C. A., Ir., elected Class B director, Dallas 1773 Wednesday data for 1965............................ 416 Thomsen, Carl L, designated Chairman and Fed­ eral Reserve Agent, Dallas.............................. 34 Wells Fargo Bank, San Francisco, Calif., Order Time deposits (See Deposits) under Bank Merger Act ............................ 655 Treasury and Federal Reserve foreign exchange Williamsburg State Bank, Williamsburg, Va., operations, reports....................316, 1316, 1339 Order under Bank Merger Act................... 14 Treiber, William F., reappointed First Vice Presi­ Winn, Willis I., designated Chairman and Federal dent, Federal Reserve Bank of New York. 348 Reserve Agent, Philadelphia ....................... 349 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES A (Q THE FEDERAL RESERVE SYSTEM 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