Federal Reserve Bulletin, 1967-02

FEDERAL RESERVE B U LLETIN FEBRUARY 1967 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

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

CONTENTS NUMBER 2 VOLUME 53 FEBRUARY 1967 187 Recent Bank Credit and Monetary Developments 201 Staff Economic Studies: Summaries 204 Auto Loan Characteristics At Major Sales Finance Companies 209 Revised Series on Commercial and Industrial Loans by Industry 211 Statement to Congress 217 Directors of Federal Reserve Banks and Branches 231 Law Department 241 Announcements 242 National Summary of Business Conditions 244 Guide to Tabular Presentation 245 Financial and Business Statistics, U.S. 313 International Financial Statistics 333 Board of Governors and Staff 334 Open Market Committee and Staff; Federal Advisory Council 335 Federal Reserve Banks and Branches 336 Federal Reserve Board Publications 339 Index to Statistical Tables Inside back cover Map of Federal Reserve System EDITORIAL COMMITTEE Charles Molony Ralph A. Young Daniel H. Brill Robert C. Holland Robert Solomon Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions ex­ pressed except in official statements and signed articles. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Recent Bank Credit and Monetary Developments THE FEDERAL RESERVE followed a policy of credit restraint during most of 1966, but shifted monetary policy to an easier stance in the fall as inflationary pressures abated. The monetary restraint of last year was undertaken in an effort to contain the excessive demand pressures and associated broad price increases being generated by the rapid pace of defense spending and of business outlays for fixed investment and inventory stockpiling. The rapid rate of the advance in the economy also increased de­ mands for foreign goods, and there was a marked increase in U.S. imports and a sharp reduction in the trade surplus. At the same time, the capital account of the balance of payments improved, under the influence of tight credit conditions. With interest rates reaching a peak in the summer and credit availability constrained, net funds raised in credit and equity markets during the latter half of 1966 declined to about threefourths of the record first-half volume. Because of the decline, net funds raised for the year as a whole totaled $70 billion, or about $2 billion less than in 1965. Mortgage credit growth was particularly restrained, as the public’s acquisitions of financial assets were diverted from nonbank depositary institutions—which are heavy lenders in the mortgage market—to high-yielding, rela­ tively more attractive market instruments; these instruments also drew funds from banks. The share of credit supplied by nonbank depositary institutions declined to 32 per cent and that by banks to 24 per cent, well below the shares of these institutions during the previous 5 years. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

188 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 CHART 1 Acquisitions of FINANCIAL ASSETS by private sector decline slightly; flows to DEPOSITARY INSTITUTIONS down sharply in '66 Flow of funds data, seasonally adjusted. Changes at annual rates in acquisitions of financial assets (currency, deposits, shares, and credit market instruments) by consumers, nonfinancial businesses, and State and local governments. SHAI Interest rates began to decline from their late summer highs partly because expectations for rising rates abated. Market atti­ tudes were influenced in September by proposed restraining fiscal measures, such as suspension of the investment tax credit, and also by measures taken by the Federal Reserve and other agencies in an effort to avert further escalation of interest rates through competi­ tion among financial institutions. Later in the fall, as evidence accumulated that aggregate demands in the economy and price pressures were moderating, open market operations became more expansive and over-all credit conditions eased further. This easing continued in early 1967. Aggregate reserves rose at a relatively rapid pace, and bank credit and total time and savings deposits made substantial gains. By mid-February the 3-month Treasury bill rate had declined about a percentage point from its summer peak and was around 4.60 per cent. Many long-term mar­ ket interest rates—which had risen to 40-year peaks in the late summer of 1966—were also at or near their lowest levels in a year, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT BANK CREDIT AND MONETARY DEVELOPMENTS 189 and the prime loan rate of banks had been reduced from its August high. POLICY ACTIONS The Federal Reserve provided reserves generously in late 1965 and AND OPERATIONS in early 1966 to smooth credit market adjustments to the Decem­ ber 1965 increases in the discount rate and in ceiling rates on time deposits under Regulation Q, and to the burgeoning credit de­ mands. Open market operations over the balance of the first half of 1966 were conducted so as to increase pressure on banks’ reserve positions. Nonborrowed reserves grew at a reduced pace after January, although they were supplied liberally in early spring and again around midyear to lessen the credit market pressures being generated by strong business borrowing demands to accommodate accelerated tax payments. Member bank borrow­ ings from the Federal Reserve increased as banks adjusted to the gradually increasing monetary restraint. Primarily as a result of the increase in borrowings, total member bank reserves rose by 4.1 per cent (annual rate) from February through June, about the same as their rate of expansion from mid-1965 through January 1966. Banks bid actively for time deposits in the first half of 1966, and the expansion of such deposits helped to sustain growth in bank credit at a 9.8 per cent annual rate over the first 6 months of 1966, a little above the pace of the second half of 1965. De­ mands for credit, especially by the business sector, increased further. Higher market interest rates, together with intensified bank competition for funds, led to a sizable reduction in net inflows of savings to nonbank savings institutions and thence to the mortgage market. As a result the homebuilding industry was feeling the impact of monetary restraint, whereas indus­ trial and other business concerns were still obtaining credit, though at rising interest rates, to finance their increasing outlays for fixed capital and inventories. During the summer, the Federal Reserve took a variety of steps to redress the balance in the flow of funds between business bor­ rowers and the housing industry and to help prevent rate competi­ tion for savings among financial institutions from adding to the upward thrust of interest rates. In July the Regulation Q ceiling on new multiple-maturity time deposits was reduced to 5 per cent for deposits with maturities of 90 days and over, and to 4 per cent for those of less than 90 days. Between July and September reserve requirements on time deposits Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

190 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 in excess of $5 million at each member bank were raised from 4 to 5 and then from 5 to 6 per cent. Bank issues of promissory notes maturing in less than 2 years also were brought under reserve­ requirement and interest-ceiling regulations. As a result of these actions, required reserves of member banks were increased by an estimated $900 million. In a letter on September 1, the Presidents of the Federal Reserve Banks requested member bank cooperation in curtailing expansion in loans to business. The letter indicated that member banks ex­ periencing deposit losses which made efforts to adjust by reducing their business loan expansion instead of cutting further into their holdings of securities, especially municipal securities, would be extended credit through the discount window for longer periods than usual. This action was taken in an effort not only to exert more restraint on business loans, but also to ease credit market pressures that would be generated if banks—faced with potentially large run­ offs of large-denomination certificates of deposit (CD’s)—were to CHART 2 NONBORROWED RESERVES rise in late 1966 and early 1967 following decline from midyear, and member banks reduce their BORROWINGS NONBORROWED RESERVES BORROWINGS NET FREE OR NET BORROWED RESERVES 1965 1966 '67 Nonborrowed reserves: Seasonally adjusted monthly averages of daily figures for all member banks, adjusted to eliminate effects of changes in reserve requirement ratios. Series reflects current percentage requirements effective Sept. 15, 1966. Borrowings and net borrowed and net free reserves: Monthly averages of daily figures, not seasonally adjusted, for all member banks. Latest figures: January 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT BANK CREDIT AND MONETARY DEVELOPMENTS 191 liquidate substantial amounts of securities in order to adjust their positions. In late September, new temporary authority was enacted by Congress which broadened the basis for setting interest rate ceilings on time and savings deposits. The Board of Governors promptly reduced to 5 per cent from 516 per cent the maximum rate of interest member banks could pay on time deposits of less than $100,000. Federal agencies that regulate savings and loan associa­ tions and mutual savings banks also established similar ceilings under this new authority. Starting around midsummer the advanced levels of market rates in combination with the ceilings on time deposit rates led to a sharply reduced expansion in commercial bank time deposits. In particular there were sizable declines in outstanding negotiable CD’s as banks were unable to roll over all the CD’s maturing. These CD runoffs, together with a continued restrictive open mar­ ket policy, resulted in a net decline in outstanding bank credit in late summer and early fall. Expansion in bank credit resumed, however, in the last few weeks of 1966 and accelerated in early 1967. From November CHART 3 Growth in TOTAL BANK CREDIT and in LOANS slows in 1966, while holdings of INVESTMENTS decline TOTAL LOANS AND INVESTMENTS LOANS INVESTMENTS 1965 1966 Changes based on seasonally adjusted data for last Wednesday of quarter, except for June 30 and December 31, for all commercial banks (interbank Ioans excluded). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

192 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 1966 through January 1967, nonborrowed reserves of banks in­ creased rapidly after declining at a 4 per cent rate from July through October. Net borrowed reserves declined to an average of $20 million in January 1967 from the October high of $430 million. Late in December the special discount arrangements established in the September letter were terminated. Net security acquisitions by the Federal Reserve amounted to $3.1 billion in 1966, as compared with $3.9 billion in 1965. In early December, when its cash balance was running unusually low, the Treasury borrowed $170 million over one weekend directly from the Federal Reserve; this was the first use of such temporary borrowing authority in nearly a decade. With Federal Reserve security acquisitions down, and other factors such as gold and currency draining reserves on balance, nonborrowed reserves of member banks increased only 0.8 per cent during 1966, in contrast with a gain of 4.3 per cent in 1965. Total reserves of member banks, reflecting the small rise on bal­ ance in their borrowings from the Federal Reserve last year, in­ creased slightly more, or a little over 1 per cent, as compared with 5.3 per cent in 1965. BANK DEPOSIT GROWTH F°r ah °f 1966 the increase in commercial banks’ total demand and time deposits (after adjustment for reclassification of hypothe­ cated time deposits) was only $12.4 billion, or 4.3 per cent—less than half the rate of gain in 1965. Private demand and time de­ posits continued to expand, but at a sharply reduced pace, while Treasury balances at commercial banks were reduced. Time and savings deposits. In the early months of 1966, the rate of growth in time and savings deposits at commercial banks fell off sharply, as banks made only moderate use of the higher interest rate ceilings authorized in December 1965. Following the increase in the prime rate on business loans in March, however, banks began to compete more actively for time deposits of both individuals and businesses; and the rate of growth rose substan- TIME AND SAVINGS DEPOSITS tially. COMMERCIAL BANKS To attract consumer-type time deposits, banks raised their offering rates, and many of them also began to offer new instru­ ments, such as savings certificates and savings bonds. Part of the funds flowing into these consumer-type time deposits were simply transferred from passbook savings—the ceiling rate on which had remained unchanged at 4 per cent. Some also came from nonbank 0 5 10 15 20 depositary institutions, particularly savings and loan associa- Annual rate of change {per cent) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT BANK CREDIT AND MONETARY DEVELOPMENTS 193 tions. These institutions were limited in their ability to raise rates because their earnings were derived from large portfolios of mortgages acquired when rates were much lower. Banks continued to raise their offering rates on negotiable CD’s following the in­ crease in the prime rate, and the outstanding volume of these certificates rose further. Accordingly, notwithstanding the firstquarter slowdown, commercial bank time and savings deposits rose at an annual rate of 10.3 per cent through the first half of the year, although this was one-third below the rate of expansion in such deposits during all of 1965. From midyear to mid-August, as yields on market securities were rising sharply, banks found it increasingly difficult to add to their outstanding negotiable CD’s and had to rely primarily on short-term CD’s to replace their maturing paper. After mid­ summer, with the offering rate on all maturities of CD’s typically at the 51/2 per cent ceiling rate and with short-term market rates reaching new high ground, the relative attractiveness of CD’s diminished further. Between mid-August and late November, banks experienced a $3.1 billion runoff in these deposits—for the most part during September and October. By autumn, growth in consumer-type time deposits—which had CHART 41 Outstanding CD's fluctuate while OTHER TIME DEPOSITS increase rapidly Based on unadjusted, last-Wednesday-of-month data for weekly reporting banks. CD’s are ne­ gotiable certificates of deposit in denominations of $100,000 or more. Time deposits other than CD’s are total time and savings deposits, less savings deposits and negotiable CD’s in denomi­ nations of $100,000 or more. Latest figures: January 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

194 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 remained strong through the late summer—also slowed. This slowdown reflected the rollback of ceiling rates on time deposits below $100,000 to 5 per cent and the movement of some funds to longer-term market instruments to obtain higher yields for a longer period. Total time and savings deposits of commercial banks consequently remained almost unchanged on a seasonally adjusted basis from the end of August through November. In December 1966 and January 1967, with interest rates on market securities declining further, banks were able to recoup about three-fourths of their earlier CD losses. They also could lower their offering rates to less than 516 per cent on all ma­ turities and sell substantial amounts of longer-term CD’s. The average maturity of CD’s sold in January was 4.8 months (preliminary estimate), well above the 2.6-month average which prevailed over the last half of 1966. In addition banks made significant gains in their consumer-type time deposits, and total time and savings deposits rose at a 13.7 per cent annual rate over these 2 months. Savings inflows to nonbank savings institutions also improved. The wide swings and reduced rate of growth in time and savings deposits in 1966 stemmed almost entirely from shifts in deposit flows at reserve city banks, particularly in negotiable CD’s. Over the year, time and savings deposits at reserve city banks grew only 3.8 per cent, a little more than one-fifth the 1965 pace. At country member banks, however, where CD’s are less common and depositors are generally less interest-sensitive than at city banks, these deposits rose at a fairly steady pace of around 11.5 per cent, only a little below that of the previous year. On the other hand, savings and loan associations had a sharp decline in their net inflows and their smallest relative increase in share capital in the postwar period. Savings flows to mutual savings banks—also less than in other recent years—were better main­ tained, in part because of rate increases at midyear. Demand deposits and the money stock. For all of 1966 the rise in the money stock was about 2 per cent, less than in any other year since 1962. Over the first half, with transactions needs for cash balances rising and with bank credit rising rapidly, the money stock rose at an annual rate of 4.7 per cent, the same as in all of 1965. However, over the second half—in spite of continued growth in transactions demands—the high rate of return on market securities and the restricted availability of credit resulted in the public’s economizing on its holdings of cash balances, and the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT BANK CREDIT AND MONETARY DEVELOPMENTS 195 money stock declined at an annual rate of almost 1 per cent. (See Chart 5.) On a seasonally adjusted basis, U.S. Government demand de­ posits at member banks were little changed on balance through August. In spite of rising Federal expenditures, the increase in tax receipts and the proceeds from sales of participation certifi­ cates allowed the Treasury to maintain its cash balances. But over the last 4 months of the year, after the Treasury restricted further sales of participation certificates and the debt level ap­ proached the legal ceiling, these balances were drawn down sub­ stantially. In December, they reached their lowest monthly average level in 8 years. COMMERCIAL Total loans and investments of commercial banks expanded by BANK CREDIT $17.4 billion in 1966—an annual rate of only about 6 per cent. During the first half of the year, when loan demand was unusually strong and interest rates were not so high as to make negotiable CD’s noncompetitive, growth continued at close to the 10.2 per cent rate that had prevailed in 1965. But in the second half, largely reflecting the lessened inflow of time and savings deposits, credit expansion fell to an annual rate of less than 2 per cent. (See Chart 3.) Because of the strong demand for loans—especially by busi­ nesses—and the restricted availability of reserve funds, banks reduced their total holdings of securities (after adjustment for portfolio reclassifications) last year for the first time since 1959. They liquidated U.S. Government securities portfolios at about the same pace as in 1965; their net acquisitions of municipal and other securities were only about one-third as much as in 1965. In addition, many money market banks obtained funds by borrow­ ing Euro-dollars through their foreign branches, and such borrow­ ing rose by a little more than $2 billion from midyear to early December. Business loans. Through July, growth in business loans was particularly rapid. These loans expanded at an annual rate of more than 20 per cent—exceeding the very high rate for all of 1965. The rapid rise in corporate external financing needs, which de­ veloped as increased spending for plant and inventories exceeded internal flows by a widening margin, contributed to this business loan expansion. Also, in the spring and early summer there was a surge in business borrowing associated with accelerated payments of business income taxes and withheld taxes of employees—accel- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

196 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 erations that are estimated to have added more than $4.0 billion to total business tax payments in the second quarter and $1.6 billion in the third quarter. Moreover, businesses apparently undertook some anticipatory borrowing during this period because they expected the availability of bank credit to be reduced later in the year. To limit loan expansion banks had to apply more and more stringent lending terms as the year progressed. From December 1965 to mid-August the prime rate was raised four times—from 416 per cent to 6 per cent—and banks further tightened the nonrate terms under which they granted loans. This cumulative restrictiveness forced many borrowers into the capital market and stimulated the issuance of short-term com­ mercial paper. At the same time nonfinancial corporations sharply reduced their liquid asset holdings, especially in the latter part of the year. And some businesses probably were forced to curtail spending plans for lack of credit. After July, as bank lending terms stiffened and also as taxrelated loan demands faded, growth in bank loans to business moderated to an annual rate of less than 5 per cent—about one­ fourth of the pace earlier in the year. In January 1967, with market interest rates declining and time deposit inflows again strong, the prime rate was lowered to 5% per cent at many large banks and to 51/2 per cent at a few others. Though the expansion of business loans during the year was broadly based, bank loans to manufacturers of machinery and CHART 5 | MONEY STOCK levels off in 1966 1964 1965 1966 67 Money stock: Seasonally adjusted monthly averages of daily figures; consists of demand de­ posits at all commercial banks (other than those due to domestic commercial banks and the U.S. Govt.) less cash items in process of collection and F.R. float, foreign demand balances at F.R. Banks, and currency outside the Treasury, Federal Reserve, and vaults of all com­ mercial banks. Latest figure: January 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT BANK CREDIT AND MONETARY DEVELOPMENTS 197 transportation equipment—industries most directly affected by the rapid pace of defense and private capital spending—had the largest advances. On the other hand, reflecting the shortage of mortgages to finance home purchases, and the consequent decline in housing starts, loans to construction firms rose little. Other loans. Bank loans other than those to businesses also expanded more slowly in 1966 than in other recent years. Modera­ tion in the demand for certain types of loans and the increasingly restrictive standards banks applied to all loan applicants con­ tributed to this slowdown. The increase in bank real estate loans in 1966 was around $5.0 billion, compared with $5.6 billion in 1965. Most of the cutback was at city banks, where availability of funds was sharply reduced. However, because of the decline in total new mortgage financing associated with the reduced availability of credit from other lend­ ers, banks continued to account for over one-fifth of the volume of real estate mortgage financing. Largely reflecting the reduced demand for new automobiles and some weakening in demand for other durable goods, as well as more stringent lending standards, consumer loans of banks in­ creased by only 9 per cent in 1966, about 60 per cent of the in­ crease for all of 1965. However, since the increase in total consumer credit was also reduced, commercial banks remained the largest single supplier of direct consumer loans—though their share of the market declined somewhat. Bank loans to finance companies rose more than usual during the first half of the year. But part of this growth was offset after midyear, when the more favorable rates on open market paper than on bank loans encouraged finance companies to borrow directly in short-term markets and repay bank debt. Loans to security dealers and brokers fluctuated widely with dealer adjust­ ments of inventories. They increased sharply in late 1966 but showed little change on balance for the year as a whole. Securities. Under the pressure of strong loan demands and lessened demand and time deposit inflows, banks reduced their holdings of U.S. Government securities about the same in 1966 as in 1965, or nearly 6 per cent. During the first half of the year, banks continued to make significant reductions in their holdings of these issues. However, the fairly low level that their holdings reached by midyear made it difficult for banks to continue to rely on Treasury issues as a source of funds to finance loan growth. In the November-December period, when time deposit inflows im- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

198 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 proved, banks began to rebuild their strained liquidity positions by adding to their U.S. Government securities portfolios at a 22 per cent annual rate. For the first half of 1966, bank holdings of securities other than Treasury issues rose at an annual rate of 12.5 per cent, com­ pared with a rise of 15.8 per cent in all of 1965. Yields on these issues were relatively attractive and the pace of time deposit inflows enabled banks to make these acquisitions. However, the total of such holdings declined slightly over the last half of the year, when many large banks liquidated municipals and participation certifi­ cates. The 5.6 per cent rate of increase for all of 1966 was the lowest in 6 years. BANK LIQUIDITY In trying to meet the strong demands for loans under the taut con­ ditions which prevailed over most of the year, banks drew down their liquidity much further in 1966. In September, the loan-to-deposit ratio for all commercial banks touched a postwar high of 66.8 per cent, an increase of 3.1 percentage points from the end of 1965. For the remainder of the year, with loan expansion slowing, the loan-to-deposit ratio for most banks—except those in New York City and Chicago, where CD runoffs caused large deposit losses—fell below the September high. The pressures on bank liquidity were most severe at large banks; for example, at New York City banks, the loan-to-deposit ratio (excluding dealer loans) rose from 70 to almost 80 per cent during 1966. Banks also made further inroads on their holdings of short-term Treasury issues, and the ratio of these holdings to total deposits declined to its lowest point of the current economic expansion. INTEREST RATES In 1966 most interest rates rose to their highest levels in 40 years. This rise occurred as external financing demands of busi­ nesses increased sharply, the Federal Government borrowed exten­ sively through agency issues and participation certificates, and monetary policy applied increasing restraint on the supply of funds. The mortgage market was especially hard hit by curtailment in the availabilty of loanable funds at savings institutions. As usual in a period of rising interest rates, there was an increased flow of funds directly from individuals into the market. After mid-September pressures on financial markets moderated and most interest rates declined, on balance, over the rest of the year. The record volume of long-term corporate and State and local Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT BANK CREDIT AND MONETARY DEVELOPMENTS 199 government issues through the summer of 1966 contributed to the sharp advance in market yields on these securities. In the late summer and early fall new high-grade corporate bonds for a time traded close to 6 per cent, and high-grade municipal issues traded at a tax-free rate above 4.00 per cent—-about 115 and 65 basis points, respectively, above their yields of December 1965. Rates on long-term Treasury issues rose by less than other long-term yields, primarily because the 414 per cent interest ceiling on Treasury bonds precluded the issuance of such securities. Additional pres­ sures in capital markets came from sizable offerings of longer-term participation certificates and Federal agency issues. Mortgage yields moved up steadily during most of the year, and in November the yield on a 30-year FHA-insured mortgage with a 6 per cent contract rate reached 6.81 per cent in the secondary market, more than 135 basis points above the rate plateau that had prevailed for 214 years prior to the upturn in mortgage rates in late 1965. Rates on conventional mortgage loans also increased sharply though less dramatically. Because normal seasonal inflows of tax receipts were augmented by the acceleration of tax payments and by sales of participation certificates, the volume of outstanding short-term Treasury issues was reduced through the first half of 1966. Yields on these 1963 1964 1965 1966 1967 1963 1964 1965 1966 1967 Monthly averages except for FHA (based on quotation for one Aa, and A by Moody’s Investors Service and adjusted to an day each month). Yields: FHA, weighted averages of private Aaa basis; U.S. Govt, bonds, market yields at constant ma­ secondary market prices of new home 30-year mortgages con­ turity; State and local govt, bonds, Aaa from Moody’s In­ verted to annual yield (thin lines indicate periods of adjust­ vestors Service; U.S. Treasury bills, market yields on 3-month ment to changes in contractual interest rate); corporate bonds, issues; Federal funds, effective rate. Latest figures: FHA, weighted averages of new publicly offered bonds rated Aaa, December 1966; all others, January 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

200 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 issues changed little on balance despite the increased pressures on banks’ net reserve positions and the rise in other money market rates. During the summer, however, an increased supply of Treasury bills, together with the accumulation of further pressures in the market, including sizable offerings of Federal agency issues and bank portfolio adjustments, resulted in sharp increases in yields. Between late June and mid-September, the 3-month bill rate moved up about 110 basis points to nearly 5.60 per cent; and the 6-month bill rose even more—140 basis points. Other short-term rates also advanced sharply after midyear. During the fall, commercial paper rates reached a level of around 6 per cent. Even at such advanced levels, the cost of borrowing in this market remained below that of direct borrowing at banks, after allowance for compensating balance requirements; and the volume of commercial paper outstanding, seasonally adjusted, rose by about $3.7 billion over the second half of the year. The effective rate on Federal funds also was at 6 per cent or above on several days during the fall, while rates on bank loans to Government security dealers frequently were quoted in the 614 to 6% per cent range. Interest rates declined sharply over the final quarter of 1966 and into early 1967. The temporary suspension of the investment tax credit and of the accelerated depreciation program plus indica­ tions that additional fiscal measures would be taken if needed helped to quiet financial markets. Furthermore, contrary to late summer expectations, private credit demands moderated and monetary policy eased. In mid-February yields on U.S. Govern­ ment, new high-grade corporate, and municipal bonds were 40 to 80 basis points below their late summer peaks, and mortgage market conditions were easing. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Staff Economic Studies The research staffs of the Board of Gover­ set forth are those of the authors and do not nors of the Federal Reserve System and of necessarily indicate concurrence by the the Federal Reserve Banks undertake studies Board of Governors, by the Federal Reserve that cover a wide range of economic and Banks, or by the members of their staffs. financial subjects, and other staff members Single copies of the full text of each of prepare papers related to such subjects. the studies or papers that are summarized From time to time the results of studies that below are available in mimeographed form. are of general interest to the economics pro­ The list of publications at the back of each fession and to others are summarized—or Federal Reserve Bulletin includes a sepa­ in some instances printed in full—in this rate section enumerating the studies for section of the Bulletin. which copies are currently available in that In all cases the analyses and conclusions form. Study Summaries THE RELATIVE IMPACT OF MONEY AND INCOME ON INTEREST RATES: AN EMPIRICAL INVESTIGATION William E. Gibson and George G. Kaufman—Staff, Federal Reserve Bank of Chicago Paper presented at a meeting of the Federal Reserve System Committee on Financial Analysis at the Federal Reserve Bank of Minneapolis, on October 18, 1966 (revised November 1966) Comments on the paper by Messrs. Gibson and Kaufman were presented at the same meeting by Donald Hester, Yale University, and David I. Meiselman, Macalester College; these comments along with a rejoinder by Messrs. Gibson and Kaufman are included in mimeographed form with the full text of the paper. This paper compares two alternative hy­ strategic variables in the transmission potheses concerning the major determinants mechanism from central bank actions to ul­ of interest rates. The liquidity preference timate policy targets—and thereby for theory postulates that the dominant forces monetary policy strategy—and for measur­ influencing interest rates arise in the mone­ ing the contribution of monetary policy to tary sector. The alternative income hypothe­ over-all economic activity. sis identifies the dominant forces as operat­ The two alternative explanations were ing via the real sector. The acceptance of tested by specifying their respective key vari­ one theory over the other has important ables in the same regression. Thus, interest implications both for the positioning of rates were regressed on measures of money 201 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

202 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 and output. The rate of price change was impact of income on interest rates can be also included to increase the precision of the observed for 6 months, whereas the influ­ equation. Partial correlation and regression ence of money fades away after only 4 coefficients were computed. Interest rates months. Correlations are highest when the were progressively lagged to map the influ­ variables are measured synchronously and ence of money and income on rates through diminish in value as the lag of the dependent time. The recursive model also identifies the variable increases. These results were ob­ direction of influence as running primarily tained for a wide variety of alternative speci­ from money and income to interest rates. fications of the basic regression equation and Observations are monthly and quarterly for two subperiods, suggesting considerable from March 1952 through April 1965. stability in the relationships. The results provide somewhat greater First difference regressions support the support for the income theory than for the findings from the untransformed regressions. liquidity preference theory. As expected, the Again output has a closer, greater, and partial correlation coefficients show interest longer-lived influence on interest rates than rates to vary directly with income and in­ measures of money and credit. versely with money supply. Interest rates, These findings do not deny that money or however, are more closely related to income credit affects interest rates inversely. Rather, than to any of a number of alternative defi­ they suggest that the influence may be too nitions of money and credit. Changes in in­ brief to be identified more strongly in come also have a greater quantitative impact monthly and quarterly observations and that on interest rates than the negative effect of interest rates, as conventionally interpreted, corresponding equal percentage changes in may be poor indicators of the contribution money and influence interest rates for a of monetary policy to aggregate economic longer period of time. On the average, the activity. THE EFFECT OF CREDIT CONDITIONS ON STATE AND LOCAL BOND SALES AND CAPITAL OUTLAYS SINCE WORLD WAR II Paul F. McGouldrick—Staff, Board of Governors Paper published in State and Local Public Facility Needs and Financing, a study prepared for the Sub­ committee on Economic Progress of the Joint Economic Committee, Congress of the United States, Volume 2, Public Facility Financing, December 1966 This paper is divided into two sections. The based on two theoretical models, one for first reviews the literature on postwar inter­ borrowers and one for lenders. It tests in­ actions among over-all credit conditions, dexes of State and local needs for structures, State and local borrowing, and State and interest rates and rate spreads, and “institu­ local capital outlays. The second section tional” variables such as fluctuations in the explains in nontechnical language the wealth of high-tax-bracket savers for their writer’s own regression model and findings power and reasonableness in explaining State on the market for State and local bond and local bond sales. A technical appendix issues since 1951. The regression model is presents the model in the manner familiar Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STAFFECONOMIC STUDIES 203 to econometricians and explains certain de­ rowers and for lenders, is of the correct viations from what may already be called negative sign and of a size according quite the classical lagged stock adjustment model. well with reasonable assumptions on the re­ Findings may be summarized as follows. action speeds of bond buyers and State and The literature reviewed agrees, in general, local borrowers. The interest-rate coeffi­ that interest rates paid on State and local cients are interpreted as meaning that State bonds affect the timing of gross new issues and local borrowers do form and act upon and may have an impact on the amount of expectations on future interest rates, while issues placed in the long run. But the latter buyers of new issues are more influenced by is probably of very moderate size, relative current changes in the spread between yields to total issues, and may well be of a one- on State and local bonds and yields on tax­ shot nature (after initial changes in borrow­ able securities (for which the U.S. Govern­ ing, States and municipalities adjust their ment bond yield is a proxy). tax rates to provide for changing interest Also influencing the demand for bor­ costs rather than permanently raising or rowed money are Federal grants-in-aid (hav­ lowering their borrowing targets). The evi­ ing a positive effect) and an index of needs dence for a significant impact of interest for new construction. The supply of funds rates on State and local construction is has been positively affected by special move­ weak, but this may reflect deficiencies in the ments in the wealth of high-tax-bracket indi­ very few studies focusing on this variable viduals (measured by the ratio of the Stand­ rather than the “true” state of affairs. ard & Poor’s stock price index to total The writer’s regression model explains up wealth) and by increases in the share of to four-fifths of fluctuations in semiannual total wealth held in the form of time depos­ State and local bond issues (including fed­ its at commercial banks. A possible weak­ erally guaranteed ones) around a trend of ness in the model and therefore in the find­ wealth and taxing power which is repre­ ings may be the inadequacy of the variable sented by permanent income. The lagged used to measure total human and nonhuman stock-adjustment coefficient, which is the wealth as well as the tax base (permanent mean of the unknown actual ones for bor­ income). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Auto Loan Characteristics At Major Sales Finance Companies Auto credit is the dominant form of con­ sumer instalment credit undertaken by the sumer instalment credit, as has been true Board in the mid-195O’s. throughout most of the postwar period. It typically accounts for almost half of total HISTORY OF SERIES instalment credit outstanding and, more­ The Board has been collecting and ana­ over, is usually the prime factor behind lyzing information on total auto credit for cyclical fluctuations in instalment credit. more than 25 years. But since 1955, when The importance of auto credit arises from the terms on which auto loans were ex­ the relatively large amount of financing tended went through a period of rapid and generated in a typical auto purchase, which marked easing, it has also been collecting in turn results in contracts with long data on individual contract characteristics. maturities, where repayments lag substan­ For some time before 1955 a small num­ tially behind extensions. The cyclical sen­ ber of sales finance companies had been sitivity of auto credit is mainly the result of supplying the Board with data on the auto wide fluctuations in purchases of new cars, paper they purchased each month. This scat­ although at times changes in credit terms tered information was augmented in 1956 have been a contributing factor. when, as part of the Board’s inquiry into Because of its strategic importance in the consumer instalment credit, a survey was consumer credit picture, the Federal Re­ made of new car financing during 1954 serve has developed a number of reporting and 1955. Also in 1956—in an effort to programs dealing specifically with auto develop a regular reporting program on auto credit developments. Last June the Board loan characteristics—a small number of of Governors began to publish figures from banks were asked to report each month on one of these programs in its G. 25 release, the characteristics of the auto loans that they entitled “Auto Loan Characteristics at granted. In mid-1959 all major sales finance Major Sales Finance Companies.” 1 companies were requested to report similar This article describes the evolution of the data on the auto paper they purchased. In­ G. 25 series and provides a technical back­ formation was requested on length of the drop for the data. It also evaluates the contract as well as loan/value ratio. This current data and includes estimates to tie in ratio shows for new cars the relationship the new series with comparable figures from between the amount of loan and dealer cost the special survey on auto loans that was a and for used cars between the amount of part of the comprehensive study of conloan and wholesale value. The loan/value ratio was designed to Note—This article was prepared by Paul R. Schweitzer of the Consumer Credit and Finances Sec­ supplant the downpayment ratio because tion of the Board’s Division of Research and Statistics. 1 Requests for this release should be addressed to the latter was no longer a reliable indication Publications Services, Division of Administrative Serv­ of the owner’s equity in his automobile, and ices, Board of Governors of the Federal Reserve Sys­ tem, Washington, D.C. 20551. hence of the risk to the lender. Interpreta- 204 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUTO LOAN CHARACTERISTICS 205 tion of the downpayment ratios had become ported data are good approximations of con­ difficult by the end of 1954, owing to the tract terms for the industry as a whole. Fur­ spread of such practices as giving an over­ thermore, changes in terms granted by small allowance on a trade-in or inflating both companies parallel those of large companies, price and downpayment to obtain a larger and therefore the movements of the data loan. Thus it was necessary to relate the present a reasonable picture of over-all in­ amount of the loan to an unambiguous dustry trends. measure of value. This measure was found QUALITY OF DATA to be the cost of the new car to the dealer and the wholesale value of the used car as The data reported are of generally good listed in used-car guides. quality, in part because of the extensive coverage of the sample and in part because SAMPLE COMPOSITION AND COVERAGE the large companies are able to provide the By mid-1960 the reporting sample of sales detailed breakdowns required. Nevertheless, finance companies had about stabilized, and certain differences among the various cate­ 12 large companies were reporting regu­ gories of information collected should be larly. Two of the smaller ones left the pointed out. sample in mid-1961, and one company Few problems exist in the data on ma­ joined later. But these changes caused only turities, mainly because of the minimal minor discontinuities in the series. possibilities for reporting errors. On the In 1960 the reporting group accounted other hand, the information on loan/value for 80 to 85 per cent of all new-car contracts ratios has certain shortcomings. First, and approximately 20 per cent of all used- the coverage is not quite so large as in the car contracts acquired by the sales finance case of maturities; one company does not industry. At present, companies reporting provide a complete breakdown of dealer to the Board on a regular basis account for costs of new cars. Second, the possibility of about 90 per cent of all new-car contracts reporting errors is greater. It is often diffi­ and 25 per cent of all used-car contracts cult, for example, to determine the exact acquired by sales finance companies. The 25 cost of a new car to the dealer because of per cent figure actually represents a much dealer-installed options and because of fac­ higher proportion of total used-car credit be­ tory rebates given as incentives during cause respondents are asked to report only special sales and contests. The fragmentary on late-model used-car contracts—contracts information available suggests that the loan with a much larger loan than the average for is most often related to the value of the car all used-car transactions. as stated on the invoice less the standard Data reported by the large sales finance discount, and that any unusual or occasional companies are not necessarily representative further discounts are not taken into account of small companies. The latter may, and by the respondents in computing the ratio. probably do, acquire auto paper with some­ Related problems arise in computing what different contract characteristics. How­ loan/value ratios for used cars. First, be­ ever, because the large companies in the cause for used-car contracts the wholesale sample account for the dominant share of value of the car is determined from official both the volume of auto credit extended and guidebooks published at regular intervals, the number of contracts acquired, the re­ there is the chance that the dealer may use Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

206 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 an out-of-date guidebook. Second, the New cars. New-car contracts, on the guidebooks contain several different value average, lengthened somewhat between 1960 figures, and the dealer may inadvertently and 1966 because of the gradual shift to use a figure other than wholesale. Third, 36-month maturities. However, the propor­ the description of the used car on the loan tion of contracts in excess of 36 months has application is most often confined to the remained stable at 1 per cent or less of the make and year of the car and does not in­ total. During the same period the decline in clude details concerning the model and the proportion of contracts written for less various optional equipment; therefore, the than 36 months was most pronounced in wholesale value can be only approximate. the 25- to 30-month group. Finally, although the respondents are re­ quested to exclude insurance and finance NEW-CAR MATURITIES (Per cent of all contracts written) charges from the amount of loan in calcu­ lating the ratio, they may still use the face Jan, Nov. Apr. Nov. Jan. Nov. 1 Cl 111 1960 I960 1961 1964 1966 1966 value of the note as the numerator. 24 months or less 20.2 20.8 21.1 14.3 14.7 15.2 ADJUSTMENT FOR 25-30 months 9.0 8.1 7.6 3.5 3.2 3.2 31-36 months 69.0 69.6 70,0 80.6 81.1 80.6 SEASONAL VARIATION 37 months and over 1.0 1.0 .8 .6 .4 .4 Balloon contracts t .8 .5 .5 1.0 .6 .6 By early 1966 sufficient data were available t Contracts providing for a large final payment are known in the to permit adjustment of the series for sea­ financing trade as balloon contracts. sonal variation. The data have been adjusted Most of the shift in the maturity distribu­ by the X-n version of the Census Method II tion took place between 1961 and 1964. for electronic computers. A review of the During 1960 and 1965 the distribution was series is planned for the spring of 1967, and relatively stable whereas in 1966 there was if possible, the improved X-n version of the a slight decrease in average maturities. same basic method will be used at that time. Used cars. Major changes in the distribu­ It should be noted that only a minimal num­ tion of used-car maturities fall into four time ber of observations were available for pur­ periods: (1) January 1960 to mid-1961; poses of seasonal adjustment; as more data (2) mid-1961 to the end of 1964; (3) are collected, therefore, the seasonal factors 1965; and (4) January 1966 to date. may have to be revised. From January 1960 to mid-1961 the pro­ portion of longer-term used-car contracts MATURITIES (31 months or more) fell rather sharply. Contracts are classified into broad groups Such contracts then became more frequent; extending over the entire maturity range. by the end of 1964 almost half of all used- Maturities tend to cluster around such car contracts were written for terms in ex­ standard lengths as 12, 18, 24, 30, and 36 cess of 30 months. During the same period months. Very few contracts are written for the proportion of short-term contracts de­ other intervals. For example, about 98 per creased steadily; those maturing in 25 to 30 cent of the new-car contracts maturing in months rose till mid-1962 and gradually fell more than 30 months but less than 37 are off between mid-1962 and the end of 1964. for 36 months. The same situation prevails The maturity distribution stabilized in in the distribution of contracts within other 1965. But since then contracts on the aver­ maturity groups. age have again shortened somewhat. It is Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUTO LOAN CHARACTERISTICS 207 interesting that the decline in contracts ratios, with the result that the distribution of maturing in 31 months or more has been contracts at the end of 1966 approximated offset by a rise in the 19- to 24-month cate­ the distribution prevailing in 1960. Only in gory rather than in the 25- to 30-month the fourth quarters of both 1962 and 1964 group. LOAN/VALUE RATIOS—NEW CARS (Per cent of all contracts written) USED-CAR MATURITIES (Per cent of all contracts written) Jan. Nov. June Nov. Ratio (per cent) 1960 1960 1965 1966 Term 1 J 9 a 6 n 0 . J 1 u 96 n 1 e N 19 o 6 v 4 . N 19 o 6 v 5 . N 19 o 6 v 6 . 100 or less 78.2 82.9 74.7 77.5 101-110 17.1 13.9 19.6 18.3 111 or more 4.7 3.2 5.7 4.2 24 months or less 44.7 44.2 24.4 24.0 26.3 25-30 months 34.1 37.3 28.6 28.9 30.8 31 months and over 20.8 18.1 46.5 46.6 42.5 Balloon contracts .4 .4 .5 .5 .4 has there been much deviation from the trend. During the fourth quarters of 1964, 1965, Used cars. Changes in the distribution of and 1966 the over-30-month group had a loan/value ratios for used-car contracts sudden rise and rapid decline with offsetting have been much more erratic than those for changes in the shorter maturity groups. new cars. The shift toward higher loan/value These variations, which will be smoothed ratios has been more pronounced, and fluc­ out in the 1967 seasonal adjustment, appear tuations around trend lines much larger. to reflect for the most part a change in ac­ From January 1960 to December 1965 counting practices. Beginning in 1964, some the proportion of contracts with a loan/value respondents appear to have classified as ratio greater than 100 per cent rose from used cars any leftover new cars sold after one-third to more than one-half the total. the next year’s models appeared. In prior Within this period the largest deviation from years such sales, and the corresponding in­ trend—also the one of longest duration—■ stalment contracts, were classified as new- ran from about mid-1964 to late 1965, when car business. contracts with a loan/value ratio of more than 100 per cent fell about 6 percentage LOAN/VALUE RATIOS points. Conversely, the proportion of con­ The bulk of new-car contracts written by tracts with loan/value ratios of 100 per sales finance companies have a loan/value cent or less rose from June 1964 to a peak ratio of 100 per cent or less. This contract in February 1965, after which it gradually category is also important in used-car con­ fell back to the trend line by October of tracts, but it represents a somewhat smaller that year. proportion of the total than in the case of LINKAGE TO 1956 SURVEY new cars. New cars. The proportion of new-car con­ The only substantial data on characteristics tracts with a loan/ value ratio of 100 per cent of auto loans made by sales finance com­ or less fluctuated between 73 and 83 per cent panies prior to the G. 25 series are the re­ throughout the period 1960-66. The pro­ sults of the cross-section survey carried out portion moved up briefly during 1960, after in 1956. The survey collected data for 1954 which it gradually fell to about 75 per and 1955, but with the Board’s G. 25 series cent in mid-1965. Since then there has been not starting until mid-1959, there is little or a fairly sharp shift toward lower dealer-cost no information available for 1956 through Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

208 FEDERAL RESERVE BULLETIN ♦ FEBRUARY 1967 1959. Thus an attempt has been made to for only about 19 per cent of the total in link the survey data with the new series. 1960, with that figure rising to 26 per cent Relating the new-car maturity series to by the end of 1965. The implication is that the 1956 survey, it is apparent that ma­ after the extraordinarily sharp rise from turities on new-car contracts continued to 1954 to 1955, a steady decline set in and lengthen from 1955 to mid-1959. More­ continued until the end of 1960, as shown over, there is not much doubt that the shift in Chart 2. to longer average contracts was relatively The years 1956 and 1957 saw a gen­ steady and smooth. The survey revealed that eral tightening of downpayment require­ the average (median) term of new-car con­ ments—a reaction to rapid liberalization tracts in 1954 and 1955 was 22 and 30 from 1954 to 1955—and after 1957 there months, respectively. The G. 25 series shows was probably a mild upward drift in the that the average was 31.7 months for the average loan/value ratio. Based on this pat­ incomplete year 1959 and that this average tern of events, the implied tightening of rose only to 32.2 months by the end of 1963 downpayment requirements during 1956 (Chart 1). Therefore, it appears logical to was of a magnitude comparable to the eas­ estimate the missing data for 1956 through ing during 1955. Assuming data from both 1958 by straight-line interpolation. This the 1956 survey and the G. 25 series to be method yields an estimated median term of correct, the estimated proportion of con­ 30.6, 30.9, and 31.2 months for the years tracts with loan/value ratios of more than 1956, 1957, and 1958, respectively. 100 per cent would be 22 per cent in 1956 On the other hand, it has been much more and 1957 and 20 per cent in 1958. difficult to relate the loan/value data in the These interpolated values for both the G. 25 series to the 1956 survey data to maturity and loan/value ratios for the 1956­ provide estimates for the period 1956 to 59 period are necessarily based on the mid-1959. Based on the 1956 survey, new- limited and qualitative information available car contracts with a loan/value ratio of at this time. As such they are subject to more than 100 per cent rose from about 21 some error. Even with this margin of error, per cent of the total in 1954 to about 33 per however, this linkage is considered a use­ cent in 1955. The G. 25 series, on the other ful and reasonably accurate interpolation for hand, shows that such contracts accounted the 1956-59 period. Maturities of New-Car Contracts at Major Sales | Proportion of Now-Car Contracts with Dealer-Cost Ratios Finance Companies I of over 100 Per cent VW^-.^^I^MpW..^ 1 i I I 1 I ■ I ■ I i t .....:...... '55 '57 '59 '61 '63 65 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Revised Series on Commercial and Industrial Loans by Industry The series for commercial and industrial others that met this size standard were loans of banks by industry has been revised added. However, a few banks with total in coverage and format beginning with the business loans of somewhat less than $50 report for January 4, 1967. The revision is million have been added to the series if similar to that made in the “Condition State­ they were important lenders in one or two ment of Weekly Reporting Member Banks” industry categories or if they had a record as of July 6, 1966 (see August 1966 of strong business loan expansion in recent Bulletin, pages 1137-40), when the panel years. of respondent banks reporting weekly was Use of a $50 million cutoff assures ade­ changed to eliminate smaller banks and to quate dollar coverage while limiting the add large commercial banks, both member number of respondent banks. Moreover, and nonmember. Selected banks in the new these larger banks account for most of the weekly reporting group are now supplying figures showing a more detailed breakdown Commercial and Industrial Loans of of their business loans than was formerly Large Commercial Banks available. (In millions of dollars) Data for the new series are not available December 28, 1966 prior to December 28, 1966, when banks re­ Industry ported on both the old and the revised bases. Old New Change basis basis The accompanying table compares data for Durable goods manufacturing: that date. Comparability of the data is af­ Primary metals............................... 950 836 -114 Machinery....................................... 4,123 4,033 -90 fected by the changes in the series discussed Transportation equipment......... 2,001 1,995 -6 Other fabricated metal products.. 1 ,575 1,568 -7 below. Current data for this series are shown Other durable goods................ 1,987 1,963 -24 Nondurable goods manufacturing: on page 270 of this Bulletin. T F e o x o t d il , e l s i , q a u p o p r, a r a e n l, d a t n o d b a le c a c t o h . e .. r .. . .. . .. 2 1 , , 8 8 0 2 8 5 2 1 , , 7 8 2 6 0 2 -8 3 8 7 ' Petroleum refining........................ 1,613 1,426 -187 Chemicals and rubber................. 2,268 2,115 -153 Other nondurable goods............ 1,529 1,472 -57 VOLUME-OF-LOANS STANDARD Mining, including crude petroleum and natural gas..................... 3,983 3,825 -158 Trade: With few exceptions all banks in the revised Commodity dealers........................... 1,482 1,405 -77 Other wholesale................................. 2,930 2,893 -37 series have total business loans outstanding Retail...................................................... 3,473 3,547 74 Transportation, communication, in the amount of $50 million or more. At and other public utilities: 7,261 6,745 -516 Transportation................................... 3,706 this level of outstanding loans banks gener­ Communication.................................. 772 Other public utilities......................... 2,267 ally tend to become important lenders to Construction............................................ 2,537 2,604 67 Services.................................................... / 6,715 4,828 | 4,015 All other domestic loans..................... 5,902 institutions in the national credit markets. Bankers’ acceptances............................ 528 535 7 Foreign commercial & industrial Banks in the previous series that had a busi­ loans........................................ 2,872 2,872 Total classified Joans............................. 49,588 55,146 5,558 ness loan volume of less than $50 million Total commercial and industrial have been dropped from the series, and loans of large commercial banks.. 60,590 60,590 .................. 209 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

210 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 fluctuations in total commercial and indus­ Similarly, the category “All other types of trial loans. The new panel of about 150 business, mainly services” has been sub­ banks accounts for about 90 per cent of busi­ divided into “Services” and “All other do­ ness loans in the weekly series and for about mestic loans.” The growing importance of 70 per cent of total business loans at all in­ service industries as users of bank credit sured commercial banks; the old panel of made it desirable to set up a separate classi­ 180 banks accounted for about 80 per cent fication for them. This change also helps of total business loans at all weekly reporting to identify directly the portion of business banks and 65 per cent of total business loans loans not classified by industry. at all insured commercial banks. Bankers’ acceptances continue to be re­ ported separately with no breakdown by industry or by domestic or foreign origin. CHANGES IN CLASSIFICATIONS In the old series, foreign business loans were included with domestic loans in the appro­ ADJUSTMENTS priate industry group, but henceforth they Accumulated adjustments originally made will be broken out of the classified categories to reduce the effects of mergers on the old and shown as a separate subtotal. Thus the series have been eliminated. Adjustments Ioan classification will consist solely of loans will be made in the new series as mergers to domestic businesses. Foreign business occur, but at the end of each year such loans are defined as those made to any firms adjustments will be folded in rather than domiciled outside the United States or accumulated from year to year. (This adjust­ organized under the laws of a foreign coun­ ment procedure is described more fully in try, except branches and agencies thereof the August 1966 Bulletin, page 1140.) located in the United States. Virtually all Ioans to foreign businesses are made by the banks that report in this series. The old “Transportation, communication, In addition to the revisions indicated and public utilities” group is now divided above, new information is now being re­ into three components. In recent years loans ported by the revised panel of respondent outstanding to companies in this group have banks on the amounts of term loans in each shown substantial growth. Since these three business loan category. These are defined industry components engage in different as all outstanding loans with an original types of activities and have different borrow­ maturity of more than 1 year and all out­ ing patterns—some use banks for short­ standing loans granted under a formal agree­ term interim financing prior to movement ment—revolving credit or standby—on into the capital markets, while others rely which the original maturity of the commit­ more extensively on bank financing for ment was in excess of 1 year. It is antici­ longer-term funds—the additional informa­ pated that these data will be published on a tion gained from the new breakdown pro­ regular monthly basis, beginning in the near vides valuable analytical information. future. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Statement to Congress Monetary policy is unique among the levels of a year ago; bank credit has ex­ economic tools available to Government panded at a vigorous rate; inflows of savings in the promptness and flexibility with which to thrift institutions have picked up very it can be adapted to changing economic substantially; the housing outlook has circumstances. This capacity for prompt, brightened considerably; and resumption of flexible adaptation has been essential over more orderly and balanced economic growth the past year and a half—and it has been is in prospect. The experience of the past amply demonstrated. Within this short year and a half should serve as a warning period, monetary policy had first to play a against underestimating the resilience or major role in moderating an excessively responsiveness of the U.S. economy. rapid expansion that was generating strong Nor should we overlook the substantial upward price pressures. And when—within gains recorded by the economy last year, the year—the pace of expansion was brought despite our valid concerns for those sectors into better balance with the growth in of the economy that did not share fully resources, financial restraint was relaxed and in the advance. The year 1966 was one of policy turned promptly toward encouraging considerable economic achievement. Our increased flows of money and credit. gross national product rose by Ski per cent The timing of changes in policy, as well in real terms, well above the long-term as the degree to which policies of restraint growth trend. More than 3 milion workers or ease may be carried, are necessarily were added to the nation’s payrolls, and the matters of judgment. There is still much to capacity of our factories grew by almost be learned about economic stabilization 7 per cent. Moreover, for the first time in policies, both fiscal and monetary, in a high over a decade, the United States was able employment environment. to achieve substantially full utilization of its Nevertheless, the difficulties encountered growing resources. Unemployment fell be­ should not be allowed to obscure the rapid low 4 per cent, the lowest level since 1953. and favorable response of the economy to And unutilized industrial capacity declined changes in the direction of monetary policy. to the lowest level since 1955. This was an For example, since indications of abating impressive performance, one in which we inflationary pressures last fall made it pos­ all can take some satisfaction. sible for monetary policy to be redirected But the record was not unblemished. toward ease, interest rates have come down Indeed, in pushing forward under forced swiftly, with some rates already below their draft, some serious strains and distortions emerged in the structure of production, Note.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal finance, and our balance of payments— Reserve System, before the Joint Economic Committee, flaws, which if not corrected, could seriously February 9, 1967. 211 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

212 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 hamper our ability to sustain rapid economic an over-rapid pace of expansion of aggre­ progress. Let me touch on the most impor­ gate demand. tant of these, for there are lessons to be The need for moderating expansion be­ learned by policymakers in all branches of came evident even before 1966 began, as Government from the failures as well as the acceleration in defense outlays was added successes of economic policy. to the stimulus to private spending provided First, as we approached full utilization by earlier monetary expansion and the tax of resources, demand pressures manifested reductions of 1964 and early 1965. In the themselves in a strong and pervasive rise final months of 1965, economic activity in costs and prices. In an economy where spurted—but so did prices. The rate of many wage contracts are geared to cost- increase in the GNP deflator—which meas­ of-living changes, yesterday’s price increases ures the extent to which the dollar growth become tomorrow’s cost pressures. It may in GNP is a result of rising prices rather prove difficult to avoid, in 1967, some than rising output—doubled in the fourth reflection in costs and prices of the failure quarter of 1965. to restrain adequately the inflationary Moreover, increasing evidence was be­ pressures of 1966. coming available to suggest that demand Second, the excessively rapid pace at pressures would intensify further. Restraint which domestic demands grew meant that was needed and needed promptly. As the they could not be satisfied from domestic current Report of the President’s Economic sources alone. Our imports of materials and Advisers puts it, “All in all, the economy finished goods—particularly capital goods exceeded reasonable speed limits in the —surged. And although U.S. exports con­ period from mid-1965 through the first tinued to rise somewhat faster than their quarter of 1966.” long-term uptrend, our favorable net balance In response to intensification of infla­ on international trade was seriously reduced tionary pressures, Federal Reserve policy —by almost one-fourth. moved toward greater restraint. This was Third, rapidly rising demands by Gov­ signalled by the announcement in December ernment for defense needs and by business of an increase in the discount rate from for capital investment programs preempted 4 to 416 per cent. To prevent an abrupt a large share of our physical and financial constriction in the flow of credit, the maxi­ resources. Home building was elbowed to mum rate banks could pay for time deposits the rear of the line; residential construc­ was raised, and reserves were provided gen­ tion activity was reduced far below the levels erously through open market operations needed to meet our long-term housing needs. over the subsequent year-end period, weeks No country can long sustain economic usually marked by turbulence and cross­ progress if wages and prices keep leap­ currents in financial markets. frogging each other, if it continues to lose Net reserve availability was reduced ground in international commerce, or if it gradually in early 1966, and increasingly, permits serious imbalance in the composi­ banks were forced to turn to the discount tion of output. The task of stabilization window to obtain additional reserves. Their policy last year was to strike at the root borrowings from the Federal Reserve rose cause of these distortions and imbalances— from an average of about $400 million in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 213 January to about $700 million by June. To limit expansion of bank credit and At certain critical times, however, such moderate bank competition for savings, the as around the March-April tax period and Federal Reserve raised reserve requirements again around the midyear tax period, non­ against time deposits in June and again in borrowed reserves were supplied to banks in August, and reduced the maximum rates substantial volume to help moderate the banks could pay on certain maturities of temporary but intense money market pres­ time deposits. Commercial banks found it sures being generated by enlarged corporate increasingly difficult to compete effectively needs for funds to meet accelerated tax pay­ for large blocks of corporate liquid funds, ments. With business loan demands strong, as market rates on competitive instruments failure to provide additional reserves to rose to—and subsequently above—the ceil­ banks at these times would have prompted ing rates on large denomination certificates more rapid liquidation of bank holdings of of deposit. securities; the consequent rise in interest Some banks with branches abroad were rates would have accelerated the outflow able to compensate, in part, for reduced of funds from thrift institutions to financial availability of domestic sources of loanable markets. It would also have prompted even funds by borrowing through their branches more widespread and aggressive efforts by in the Euro-dollar market. This absorbed banks to attract consumer savings into time dollars that might otherwise have flowed deposits. Such efforts would have intensi­ to foreign monetary authorities, and as a fied the developing shortage of mortgage result, the U.S. balance of payments on an money at a time when financial supervisory official settlements basis moved into agencies lacked the flexible authority— substantial—though temporary—surplus in granted by Congress later in the year—to the summer. limit excessive competition for savings funds. But not many banks had direct access Nevertheless, in the absence of greater to foreign sources of funds. The Federal fiscal restraint, the basic economic situation Reserve’s general policy of restraint on continued to oblige the Federal Reserve to domestic credit expansion, as well as its maintain an over-all posture of monetary specific attempts to diffuse the impact of restraint. Prices were continuing to rise restraint, were evidenced in a declining rapidly; in the second quarter of the year, share of total credit flows passing through the GNP price deflator increased at over commercial banks. By the third quarter of a 4 per cent annual rate. Successive surveys 1966, commercial banks were able to sup­ of business plans for capital spending indi­ ply only 7 per cent of the funds raised by cated that the exceptionally strong advance consumers, corporations, and governments, in business capital outlays was likely to down from about 25 per cent of the total continue. Pressures on financial markets in the first half of the year, and over 40 mounted as businesses sought credit at per cent of the total in all of 1965. banks and in capital markets to finance Viewing credit flows in broader perspec­ current needs and prospective capital spend­ tive, all financial intermediaries—banks as ing programs, and enlargement of the Fed­ well as thrift institutions—were falling eral Government’s financing requirements behind in the competition for savings flows; added to these pressures. investors preferred the higher yields avail- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

214 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 able through direct investment in market home buyers much of the initial impact of securites. Consumers as a group, for the financial restraint needed to curb infla­ example, allocated over one-fourth of their tionary credit flows. But as the year pro­ net financial savings flows last year to direct gressed, flows of credit to other borrowing purchases of securities, compared with the sectors became more limited. State and local less than 3 per cent invested directly, on government borrowing began to be curtailed average, from 1961 to 1965. Corporations, as large commercial banks, previously very too, diverted funds to market instruments, active buyers of municipal securities, re­ and drew down their holdings of negotiable duced their purchases to husband available certificates of deposit and other cash assets funds. Consumer credit lenders, finding as external financing became more costly funds more expensive to acquire, began and less easily obtainable. screening out some marginal borrowers. The diversion of savings flows away from Credit extended to foreign borrowers by financial intermediaries severely limited the American lending institutions was sharply availability of funds to those borrowers most curtailed, even below the limits established dependent on institutional sources of financ­ in the voluntary foreign credit restraint pro­ ing. Particularly affected were builders and gram. Even domestic business firms, which home buyers, since ordinarily the great bulk previously had been most successful in of the financing of construction and purchase increasing their external financing, were of homes in the United States is supplied experiencing constraints on their borrowing through financial institutions. ability, particularly at banks. Institutions specializing in mortgage In addition to the earlier Board actions finance, by and large, did not possess the aimed at limiting the diversion of funds financial resources or flexibilty to cope with from the mortgage market, the Presidents large and sudden shifts in savings flows and of Federal Reserve Banks addressed a letter still maintain a flow of commitments and on September 1 to member banks urging funds into the housing industry. The bulk moderation in business loan expansion in of the liabilities of savings and loan associ­ the interest of achieving a more balanced ations and mutual savings banks are pay­ economic and credit expansion. The letter able on short notice, while the bulk of their assured System members that banks losing assets are of fixed yield, and turn over deposits and adjusting their positions slowly. These institutions have been rela­ through curtailment of loan commitments tively slow in developing a structure of would be able to obtain accommodation liabilities that would permit them to offer through the discount facilities of the Fed­ higher returns in order to immobilize, for eral Reserve for longer periods than would fixed periods, the most highly interest­ be required if adjustments to deposit losses sensitive funds. Moreover, only a limited were to be accomplished throught disposition volume of loanable funds could be obtained of securities. The longer-lived availability from liquidating assets or borrowing from of Federal Reserve discount credit would the Federal home loan banks to supplement thus permit member banks to adjust to diminished savings inflows. deposit losses without adding to the pres­ Rigidities in our financial system, there­ sures on construction finance or on markets fore, helped focus on home builders and for State and local government securities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 215 A similar kind of contingency planning a surplus position in the spring to a deficit had earlier been introduced with respect to after midyear. Through August, industrial nonbank thrift institutions and commercial production and wholesale prices continued banks not members of the Federal Reserve to rise rapidly, spurred not only by the System. Some of these institutions have only sharp acceleration in defense spending but limited access to public sources of emer­ also by continued large increases in busi­ gency credit. Arrangements were activated, ness outlays for capital equipment and a therefore, to permit Federal Reserve Banks rebound in consumer spending, particularly to provide credit assistance to any such for durable goods. institution that might suffer sudden with­ In September, several fiscal actions were drawals that could not be met by resort proposed by the President, and subsequently to its usual sources of funds. This facility enacted by the Congress, that helped share was not expected to be needed, and has the task of containing inflationary pressures never in fact been used; it represented in the economy. The suspension of the simply an assurance that protection existed investment tax credit and accelerated depre­ against the remote possibility of exceptional ciation provisions was directed at one of drains of funds that could not be accom­ the major expansionary forces in the econ­ modated through normal adjustment pro­ omy—business capital outlays. Moreover, cedures. the President’s announcement of intended When, in late September, Congress reductions in lower-priority Federal expendi­ enacted legislation granting the Federal tures indicated another area where action Reserve and other financial regulatory to moderate inflationary pressures would be agencies temporary additional authority for taken. establishing maximum rates payable on de­ The monetary and fiscal actions under­ posits and shares, the Federal Reserve acted taken to convert an over-exuberant economy promptly to reduce the ceiling rates com­ to one expanding at a slower but healthier mercial banks could pay on consumer-type rate were successful. By fall, business plans time deposits. This was part of a coordinated for capital spending were being tailored effort by the regulatory agencies to limit to a more sustainable rate, and new orders further escalation of interest rate competi­ for durable goods began to level off. The tion among depositary institutions for con­ rise in prices began to slow, too, principally sumer saving. in reflection of larger supplies of agricul­ A reduction in the over-all degree of tural products, but also because demand monetary restraint was not possible, how­ pressures for some materials were subsiding. ever, as long as the pace of aggregate Responding to these signs and portents economic activity continued to outstrip the of abatement in inflationary pressures, growth in resources, and prices remained monetary policy promptly moved to relax under strong upward pressure. Federal the degree of credit restraint. By November spending contributed to the rising pressures the provision of reserves to the banking on the economy, as expenditures increased system through open market operations much more rapidly than revenues. The began to increase, and in December the Federal Government’s budget, on the na­ Board announced that the specal discount tional income accounts basis, moved from arrangements outlined in the September 1 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

216 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 letter were no longer needed. Bank credit, lation was large throughout the year, and which had contracted over the summer and stocks began to pile up in exceptionally early fall, began a vigorous expansion in large volume in the final months of 1966. December that has continued through the Efforts are currently being made to bring early weeks of 1967. The expansion in bank production into line with sales in many credit in December was at a 9 per cent industries, providing a sounder basis for annual rate, and preliminary estimates put expansion later in the year. the January expansion at around 15 per Moreover, as the pace of industrial cent. activity has slowed, imports have begun to Market interest rates have declined sub­ subside. With export growth maintained, stantially from their late summer peaks. For there are signs that the U.S. international example, yields on new prime corporate trade balance is on the mend again. This is bonds have fallen by about a full percent­ indeed a welcome development at a time age point, and declines in Federal, State, when our balance on international capital and local bond yields range from a half flows shows signs of slipping. to a full percentage point. At the moment Further, flows of savings to thrift insti­ bond yields are at their lowest levels in tutions have resumed with vigor. The net over a year. inflow of funds to savings and loan asso­ Even more dramatic have been the ciations showed substantial improvement declines in some of the more sensitive short­ in November and December, and high term or money market rates, such as those inflows appear to have continued in January. on Treasury bills. In some instances, these Similar inflow gains are being reported at rates have fallen by as much as Iki per­ mutual savings banks and in time deposits centage points. For example, the 6-month at commercial banks. It would appear that Treasury bill rate has fallen from a peak the shortage of funds for the housing indus­ of just over 6 per cent to just over 416 try is well on its way to being alleviated. per cent recently. Some rates that charac­ The task of economic policy in the teristically adjust more sluggishly to changes period ahead is to support continued full in general credit conditions, such as mort­ utilization of resources, while assisting the gage yields and bank lending rates, have economy in restoring the price stability and shown less downward movement thus far, international trade trends that graced the but in varying degree, they have also turned expansion from 1961 through mid-1965. lower. It will not be an easy task, possibly not There are encouraging signs that the one we can accomplish within so short economy is responding well to these a span as a year. But with monetary policy changes in financial conditions, undertaking responding flexibly to changing pressures orderly corrective adjustments to last year’s on the economy, and with the President’s excesses. Over-optimistic estimates of market tax proposals a bulwark against a repetition demands in 1966—typical of emerging of surges in demands that marred the econ­ inflationary expectations—had induced busi­ omy’s performance in 1966, we can look nesses to produce far beyond current sales forward with greater confidence to a better requirements. As a result, inventory accumu­ balanced expansion in 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Following is a list of the directorates of the Federal Reserve Banks and branches as at present con­ stituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. District 1—FEDERAL RESERVE BANK OF BOSTON Term Expires Class A: Dec. 31 William I. Tucker Chairman of the Board, Vermont National Bank, Brattleboro, Vt. 1967 Lawrence H. Martin President, The National Shawmut Bank of Boston, Mass. 1968 Charles A. Beaujon, Jr. President, The Canaan National Bank, Canaan, Conn. 1969 Class B: James R. Carter President, Nashua Corporation, Nashua, N.H. 1967 W. Gordon Robertson President, Bangor Punta Corporation, Bangor, Maine 1968 F. Ray Keyser, Jr. Counsel, Vermont Marble Company, Proctor, Vt. 1969 Class C: Erwin D. Canham 1 Editor in Chief, The Christian Science Monitor, Boston, Mass. 1967 Charles W. Cole2 Former Ambassador, Amherst, Mass. 1968 Howard W. Johnson President, Massachusetts Institute of Technology, Cambridge, Mass. 1969 1 Chairman 2 Deputy Chairman 217 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

218 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 District 2—FEDERAL RESERVE BANK OF NEW YORK Term Expires Class A: Dec. 31 George A. Murphy Chairman of the Board, Irving Trust Company, New York, N.Y. 1967 Robert G. Cowan Chairman of the Board, National Newark & Essex Bank, Newark, N.J. 1968 Eugene H. Morrison President, Orange County Trust Company, Middletown, N.Y. 1969 Class B: Arthur K. Watson Chairman of the Board, IBM World Trade Corporation, Vice Chairman of the Board, International Business Machines Corporation, Armonk, N.Y. 1967 Milton C. Mumford Chairman of the Board, Lever Brothers Company, New York, N.Y. 1968 Maurice R. Forman President, B. Forman Co., Inc., Rochester, N.Y. 1969 Class C: James M. Hester President, New York University, New York, N.Y. 1967 Kenneth H. Hannan 2 Executive Vice President, Union Carbide Corporation, New York, N.Y. 1968 Everett N. Case 1 President, Alfred P. Sloan Foundation, New York, N.Y. 1969 BUFFALO BRANCH Appointed by Federal Reserve Bank: J. Wallace Ely President, Security Trust Company of Rochester, N.Y. 1967 John D. Hamilton Chairman of the Board, Marine Midland Chautauqua National Bank, Jamestown, N.Y. 1967 Arthur S. Hamlin President, The Canandaigua National Bank and Trust Com­ pany, Canandaigua, N.Y. 1968 E. Perry Spink Chairman of the Board, Liberty National Bank and Trust Company, Buffalo, N.Y. 1969 Appointed by Board of Governors: Robert S.. Bennett 1 General Manager, Lackawanna Plant, Bethlehem Steel Cor­ poration, Buffalo, N.Y. 1967 Carl A. Day Executive Vice President, Bausch & Lomb Inc., Rochester, N.Y. 1968 Gerald F. Britt President, L-Brooke Farms, Inc., Byron, N.Y. 1969 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: Lloyd W. Kuhn President, The Bendersville National Bank, Bendersville, Pa. 1967 Howard C. Petersen Chairman of the Board, Fidelity-Philadelphia Trust Company, Philadelphia, Pa. 1968 Robert C. Enders President, Bloomsburg Bank-Columbia Trust Company, Bloomsburg, Pa. 1969 1 Chairman 2 Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 219 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—continued Term Expires Class B: Dec. 31 Philip H. Glatfelter III President, P. H. Glatfelter Co., Spring Grove, Pa. 1967 (Vacancy) 1968 Edward J. Dwyer President, The Electric Storage Battery Company, Philadelphia, Pa. 1969 Class C: Willis J. Winn 1 Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa. 1967 D. Robert Yarnall, Jr. President, Yarway Corporation, Philadelphia, Pa. 1968 Bayard L, England* Chairman of the Board, Atlantic City Electric Company, Atlantic City, N.J. 1969 District—4 FEDERAL RESERVE BANK OF CLEVELAND Class A: Seward D. Schooler President, Coshocton National Bank, Coshocton, Ohio 1967 Everett D. Reese Chairman of the Board, The City National Bank and Trust Company of Columbus, Ohio 1968 Richard R. Hollington The Ohio Bank and Savings Company, Findlay, Ohio 1969 Class B: David A. Meeker Chairman of the Board, Chief Executive Officer, The Hobart Manufacturing Company, Troy, Ohio 1967 Walter K. Bailey Chairman of the Board, The Warner and Swasey Company, Cleveland, Ohio 1968 R. Stanley Laing President, The National Cash Register Company, Dayton, Ohio 1969 Class C: Joseph B. Hall 1 Former Chairman of the Board, The Kroger Co., Cincinnati, Ohio 1967 Logan T. Johnston ’ Chairman of the Board, Armco Steel Corporation, Middletown, Ohio 1968 Albert G. Clay President, Clay Tobacco Company, Mt. Sterling, Ky. 1969 CINCINNATI BRANCH Appointed by Federal Reserve Bank: Kroger Pettengill President, The First National Bank of Cincinnati, Ohio 1967 Jacob H. Graves President, The Second National Bank and Trust Company of Lexington, Ky. 1968 John W. Humphrey President, The Philip Carey Manufacturing Company, Cincin­ nati, Ohio 1969 Robert J. Barth President, The First National Bank, Dayton, Ohio 1969 1 Chairman 3 Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

220 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 District 4—FEDERAL RESERVE BANK OF CLEVELAND—Continued CINCINNATI BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31 Barney A. Tucker 1 President, Burley Belt Fertilizer Company, Lexington, Ky. 1967 Graham E. Marx President, The G. A. Gray Company, Cincinnati, Ohio 1968 Del R. Cawthorne Dean, School of Business Administration, Miami University, Oxford, Ohio 1969 PITTSBURGH BRANCH Appointed by Federal Reserve Bank: Edwin H. Keep President, First National Bank of Meadville, Pa. 1967 Robert C. Hazlett President, Wheeling Dollar Savings & Trust Co., Wheeling, W.Va. 1968 Charles M. Beeghly Chairman of the Board, Chief Executive Officer, Jones and Laughlin Steel Corporation, Pittsburgh, Pa. 1969 Thomas L. Wentling President, First National Bank of Westmoreland, Greensburg, Pa. 1969 Appointed by Board of Governors: Robert Dickey III President, Dravo Corporation, Pittsburgh, Pa. 1967 F. L. Byrom1 President, Koppers Company, Inc., Pittsburgh, Pa. 1968 Lawrence E. Walkley President, Westinghouse Air Brake Company, Pittsburgh, Pa. 1969 District 5—FEDERAL RESERVE BANK OF RICHMOND Class A: George Blanton, Jr. President, First National Bank, Shelby, N.C. 1967 William A. Davis President, The Peoples Bank of Mullens, W. Va. 1968 Robert C. Baker President, Chairman of the Board, American Security and Trust Company, Washington, D.C. 1969 Class B: Robert R. Coker President, Coker’s Pedigreed Seed Company, Hartsville, S.C. 1967 Charles D. Lyon President, The Potomac Edison Company, Hagerstown, Md. 1968 Thaddeus Street President, Carolina Shipping Company, Charleston. S.C. 1969 Class C: Edwin Hyde 1 President, Miller and Rhoads, Inc., Richmond, Va. 1967 Wilson H. Elkins 2 President, University of Maryland, College Park, Md. 1968 Robert W. Lawson, Jr. Attorney, Steptoe and Johnson, Charleston, W. Va. 1969 BALTIMORE BRANCH Appointed by Federal Reserve Bank: Martin Piribek Executive Vice President, The First National Bank of Morgan­ town, W. Va. 1967 Adrian L. McCardell President, First National Bank of Maryland, Baltimore, Md. 1967 Joseph B. Browne President, Union Trust Company of Maryland, Baltimore, Md. 1968 John P. Sippel President, The Citizens National Bank, Laurel, Md. 1969 1 Chairman 3 Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 221 District 5—FEDERAL RESERVE BANK OF RICHMOND—continued BALTIMORE BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31 Leonard C. Crewe, Jr. Chairman of the Board, Maryland Specialty Wire, Inc., Cock­ eysville, Md. 1967 E. Wayne Corrin 1 President, Consolidated Gas Supply Corporation, Clarksburg, W. Va. 1968 Arnold J. Kleff, Jr. Manager, Baltimore Refinery, American Smelting and Refining Company, Baltimore, Md. 1969 CHARLOTTE BRANCH Appointed by Federal Reserve Bank: Wallace W. Brawley President, National Bank of Commerce of Spartanburg (Or­ ganizing), Spartanburg, S.C. 1967 C. C. Cameron Chairman of the Board, First Union National Bank of North Carolina, Charlotte, N.C. 1967 G. Harold Myrick President, Trust Officer, First National Bank, Lincolnton, N.C. 1968 J. Willis Cantey President, The Citizens and Southern National Bank of South Carolina, Columbia, S.C. 1969 Appointed by Board of Governors: William B. McGuire President, Duke Power Company, Charlotte, N.C. 1967 John L. Fraley Executive Vice President, Carolina Freight Carriers Corpora­ tion, Cherryville, N.C. 1968 James A. Morris 1 Vice President, Division of Advanced Studies and Research, University of South Carolina, Columbia, S.C. 1969 District 6—FEDERAL RESERVE BANK OF ATLANTA Class A: D. C. Wadsworth, Sr. President. The American National Bank, Gadsden, Ala. 1967 John W. Gay President, The First National Bank, Scottsboro, Ala. 1968 William B. Mills President, The Florida National Bank of Jacksonville, Fla. 1969 Class B: James H. Crow, Jr. Vice President, The Chemstrand Corporation, Decatur, Ala. 1967 Harry T. Vaughn President. United States Sugar Corporation, Clewiston, Fla. 1968 Philip J. Lee Vice President, Atlantic Coast Line Railroad Company, Jack­ sonville, Fla. 1969 Class C: Jack Tarver* President, Atlanta Newspapers, Inc., Atlanta, Ga. 1967 Edwin I. Hatch 2 President, Georgia Power Company, Atlanta, Ga. 1968 John A. Hunter President, Louisiana State University, Baton Rouge, La. 1969 1 Chairman 3 Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

222 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued BIRMINGHAM BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 Rex J. Morthland President, The Peoples Bank and Trust Company, Selma, Ala. 1967 C. Willard Nelson President, State National Bank, Decatur, Ala. 1967 Major W. Espy Chairman, The Headland National Bank, Headland, Ala. 1968 Will T. Cothran President, Birmingham Trust National Bank, Birmingham, Ala. 1969 Appointed by Board of Governors: C. Caldwell Marks1 Chairman of the Board, Owen-Richards Company, Inc., Birm­ ingham, Ala. 1967 Eugene C. Gwaltney, Jr. Vice President, Russell Mills, Inc., Alexander City, Ala. 1968 Mays E. Montgomery General Manager, Dixie Home Feeds Company, Athens, Ala. 1969 JACKSONVILLE BRANCH Appointed by Federal Reserve Bank: William R. Barnett Chairman, Barnett First National Bank of Jacksonville, Fla. 1967 Dudley Cole President, Florida First National Bank at Ocala, Fla. 1967 Andrew P. Ireland President, The American National Bank, Winter Haven, Fla. 1968 L. V. Chappell President, First National Bank of Clearwater, Fla. 1969 Appointed by Board of Governors: Douglas M. Pratt1 President, National City Lines, Inc., Tampa, Fla. 1967 Castle W. Jordan President, Ryder System, Inc., Miami, Fla. 1968 Henry King Stanford President, University of Miami, Coral Gables, Fla. 1969 NASHVILLE BRANCH Appointed by Federal Reserve Bank: S. N. Brown President, Union National Bank, Fayetteville, Tenn. 1967 J. A. Hill President, Hamilton National Bank, Morristown, Tenn. 1967 Moses E. Dorton President, The First National Bank of Crossville, Tenn. 1968 Andrew Benedict, Jr. President, First American National Bank, Nashville, Tenn. 1969 Appointed by Board of Governors: Robert M. Williams 1 President, ARO, Inc., Arnold Engineering Development Center, Tullahoma, Tenn. 1967 Alexander Heard Chancellor, Vanderbilt University, Nashville, Tenn. 1968 James E. Ward President, Baird-Ward Printing Company, Nashville, Tenn. 1969 NEW ORLEANS BRANCH Appointed by Federal Reserve Bank: Robert M. Hearin President, First National Bank, Jackson, Miss. 1967 W. Richard White President, First National Bank of Jefferson Parish, Gretna, La. 1967 Donald L. Delcambre President, The State National Bank, New Iberia, La. 1968 A. L. Gottsche President, First National Bank, Biloxi, Miss. 1969 Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 223 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued NEW ORLEANS BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31 Kenneth R, Giddens President, WKRG-TV, Inc., Mobile, Ala. 1967 Frank G. Smith, Jr.1 Vice President, Mississippi Power and Light Company, Jackson, Miss. 1968 George B. Blair General Manager, American Rice Growers Cooperative Associ­ ation, Lake Charles, La. 1969 District 7—FEDERAL RESERVE BANK OF CHICAGO Class A: John H. Crocker Chairman of the Board, The Citizens National Bank of Decatur, Ill. 1967 Harry W. Schaller President, The Citizens First National Bank of Storm Lake, Iowa 1968 Kenneth V. Zwiener Chairman of the Board, Harris Trust and Savings Bank, Chicago, Ill. 1969 Class B: William E. Rutz Director, Member of Executive Committee, Giddings and Lewis Machine Tool Company, Fond du Lac, Wis. 1967 Joseph O. Waymire Vice President, Treasurer, Eli Lilly and Company, Indianapolis, Ind. 1968 William H. Davidson President, Harley-Davidson Motor Company, Milwaukee, Wis. 1969 Class C: Franklin J. Lunding 1 Chairman, Finance Committee, Jewel Companies, Inc., Chi­ cago, Ill. 1967 Elvis J. Stahr a President, Indiana University, Bloomington, Ind. 1968 Emerson G. Higdon President, Treasurer, The Maytag Company, Newton, Iowa 1969 DETROIT BRANCH Appointed by Federal Reserve Bank: Raymond T. Perring Chairman of the Board, The Detroit Bank and Trust Company, Detroit, Mich. 1967 B. P. Sherwood, Jr. President, Security First Bank and Trust Company, Grand Haven, Mich. 1968 John H. French, Jr. President, City National Bank of Detroit, Mich. 1969 George L. Whyel President, Genesee Merchants Bank and Trust Company, Flint, Mich. 1969 Appointed by Board of Governors: James William Miller President, Western Michigan University, Kalamazoo, Mich. 1967 Guy S. Peppiatt1 Chairman of the Board, Federal-Mogul Corporation, Detroit, Mich. 1968 Max P. Heavenrich, Jr. President, Heavenrich Bros. & Company, Saginaw, Mich. 1969 1 Chairman * Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

224 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 District 8—FEDERAL RESERVE BANK OF ST. LOUIS Term Expires Class A: Dec. 31 Bradford Brett President, The First National Bank of Mexico, Mo. 1967 Harry F. Harrington Chairman of the Board, The Boatmen’s National Bank of St. Louis, Mo. 1968 Cecil W. Cupp, Jr. President, Arkansas Bank and Trust Company, Hot Springs, Ark. 1969 Class B: Mark Townsend Chairman of the Board, Townsend Lumber Company, Inc., Stuttgart, Ark. 1967 Sherwood J. Smith Vice President, Whirlpool Corporation, Evansville, Ind. 1968 Roland W. Richards Senior Vice President, Laclede Steel Company, St. Louis, Mo. 1969 Class C: Smith D. Broadbent, Jr.' Owner, Broadbent Hybrid Seed Co., Cadiz, Ky. 1967 Frederic M. Peirce 1 President, General American Life Insurance Company, St. Louis, Mo. 1968 William King Self President, Riverside Industries, Marks, Miss. 1969 LITTLE ROCK BRANCH Appointed by Federal Reserve Bank: Ross E. Anderson Chairman of the Board, The Commercial National Bank of Little Rock, Ark. 1967 Louis E. Hurley President, The Exchange Bank & Trust Company, El Dorado, Ark. 1968 Ellis E. Shelton President, The First National Bank of Fayetteville, Ark. 1969 Wayne A. Stone President, Simmons First National Bank of Pine Bluff, Ark. 1969 Appointed by Board of Governors: Reeves E. Ritchie 1 President, Arkansas Power & Light Company, Little Rock, Ark. 1967 Carey V. Stabler President, Little Rock University, Little Rock, Ark. 1968 Jake Hartz, Jr. President, Jacob Hartz Seed Co., Inc., Stuttgart, Ark. 1969 LOUISVILLE BRANCH Appointed by Federal Reserve Bank: J. E. Miller Executive Vice President, Sellersburg State Bank, Sellers­ burg, Ind. 1967 John H. Hardwick Chairman, Chief Executive Officer, The Louisville Trust Com­ pany, Louisville, Ky. 1968 Wm. G. Deatherage President, Planters Bank & Trust Co., Hopkinsville, Ky. 1969 Paul Chase President, The Bedford National Bank, Bedford, Ind. 1969 1 Chairman a Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 225 District 8—FEDERAL RESERVE BANK OF ST. LOUIS—continued LOUISVILLE BRANCH—continued Term Expires Appointed by Board of Governors: Dec. 31 Richard T. Smith Farmer, Madisonville, Ky. 1967 C. Hunter Green 1 Vice President, Southern Bell Telephone and Telegraph Com­ pany, Louisville, Ky. 1968 Lisle Baker, Jr. Executive Vice President, The Courier-Journal & Louisville Times Company, Louisville, Ky. 1969 MEMPHIS BRANCH Appointed by Federal Reserve Bank: Leon C. Castling President, First National Bank at Marianna, Ark. 1967 W. W. Hollowell President, The First National Bank of Greenville, Miss. 1968 Allen Morgan President, The First National Bank of Memphis, Tenn. 1969 Con T. Welch President, Citizens Bank, Savannah, Tenn. 1969 Appointed by Board of Governors: James S. Williams 1 Assistant Vice President, American Greetings Corporation, Osceola, Ark. 1967 Sam Cooper President, HumKo Products Division, National Dairy Products Corporation, Memphis, Tenn. 1968 William L. Giles President, Mississippi State University, State College, Miss. 1969 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Class A: John F. Nash President, The American National Bank of St. Paul, Minn. 1967 Curtis B. Mateer Executive Vice President, The Pierre National Bank, Pierre, S.Dak. 1968 John Bosshard Executive Vice President, First National Bank of Bangor, Wis. 1969 Class B: (Vacancy) 1967 John H. Toole President, Toole and Easter Company, Missoula, Mont. 1968 Leo C. Studness Manager, Studness Company!, Devils Lake, N.Dak. 1969 Class C: Byron W. Reeve President, Lake Shore, Inc., Iron Mountain, Mich. 19^7 Robert F. Leach 3 Attorney, Oppenheimer, Hodgson, Brown, Wolff and Leach, St. Paul, Minn. 1968 Joyce A. Swan 1 Executive Vice President, Publisher, Minneapolis Star and Tribune, Minneapolis, Minn. 1969 1 Chairman 2 Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

226 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued HELENA BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 B. Meyer Harris President, The Yellowstone Bank, Laurel, Mont. 1967 Charles H. Brocksmith President, First Security Bank of Glasgow, N. A., Glasgow, Mont. 1968 Glenn H. Larson President, First State Bank of Thompson Falls, Mont. 1968 Appointed by Board of Governors: Edwin G. Koch 1 President, Montana College of Mineral Science and Tech­ nology, Butte, Mont. 1967 C. G. McClave President, Montana Flour Mills Company, Great Falls, Mont. 1968 District 10—FEDERAL RESERVE BANK OF KANSAS CITY Class A: Kenneth H. Peters President, The First State Bank of Larned, Kans. 1967 Burton L. Lohmuller Chairman of the Board, The First National Bank of Centralia, Kans. 1968 Eugene H. Adams President, The First National Bank of Denver, Colo. 1969 Class B: Robert A. Olson President, Kansas City Power and Light Company, Kansas City, Mo. 1967 Stanley Learned President, Phillips Petroleum Company, Bartlesville, Okla. 1968 Fred W. Gilmore President, Union Stock Yards Company of Omaha, Nebr. 1969 Class C: Dolph Simons ' Editor, President, The Lawrence Daily Journal-World, Lawrence, Kans. 1967 Dean A. McGee = Chairman of the Board, Kerr-McGee Corporation, Oklahoma City, Okla. 1968 Willard D. Hosford, Jr. Vice President, General Manager, John Deere Company, Omaha, Nebr. 1969 DENVER BRANCH Appointed by Federal Reserve Bank: Armin B. Barney Chairman of the Board, Colorado Springs National Bank, Colorado Springs, Colo. 1967 J. P. Brandenburg President, The First State Bank of Taos, New Mex. 1968 Theodore D. Brown President, The Security State Bank of Sterling, Colo. 1968 Appointed by Board of Governors: Cris Dobbins1 President, Ideal Cement Company, Denver, Colo. 1967 D. R. C. Brown President, Aspen Skiing Corporation, Aspen, Colo. 1968 Chairman a Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 227 District 10—FEDERAL RESERVE BANK OF KANSAS CITY—continued OKLAHOMA CITY BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 Howard J. Bozarth President, City National Bank and Trust Company, Oklahoma City, Okla. 1967 Guy L. Berry, Jr. President, The American National Bank and Trust Company, Sapulpa, Okla. 1968 C. M. Crawford President, First National Bank, Frederick, Okla. 1968 Appointed by Board of Governors: C. W. Flint, Jr? Chairman of the Board, Flint Steel Corporation, Tulsa, Okla. 1967 F. W. Zaloudek Manager, J. I. Case Equipment Agency, Kremlin, Okla. 1968 OMAHA BRANCH Appointed by Federal Reserve Bank: Henry D. Kosman Chairman of the Board, Scottsbluff National Bank, Scottsbluff, Nebr. 1967 John W. Hay, Jr. President, Rock Springs National Bank, Rock Springs, Wyo. 1967 W. B. Millard, Jr. Chairman of the Board, Omaha National Bank, Omaha, Nebr. 1968 A ppointed by Board of Governors: John T. Harris Merchant, cattleman, DeGroffs Department Store, McCook, Nebr. 1967 Henry Y. Kleinkauf ' President, Natkin & Company, Omaha, Nebr. 1968 District 11—FEDERAL RESERVE BANK OF DALLAS Class A: J. Edd McLaughlin President, Security State Bank & Trust Company, Ralls, Tex. 1967 Ralph A. Porter President, The State National Bank of Denison, Tex. 1968 Murray Kyger Chairman of the Board, The First National Bank of Fort Worth, Tex. 1969 Class B: H. B. Zachry Chairman of the Board, H. B. Zachry Company, San Antonio, Tex. 1967 J. B. Perry, Jr. Real Estate Investments and Development, Lufkin, Tex. 1968 C. A. Tatum, Jr. President, General Manager, Dallas Power & Light Company, Dallas, Tex. 1969 Class C: Carl J. Thomsen 1 Senior Vice President, Texas Instruments Incorporated, Dallas, Tex. 1967 Kenneth S. Pitzer President, Professor of Chemistry, Rice University, Houston, Tex. 1968 Max Levine2 Retired Chairman of the Board, Foley’s, Houston, Tex. 1969 1 Chairman a Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

228 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 District 11—FEDERAL RESERVE BANK OF DALLAS—Continued EL PASO BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 Robert F. Lockhart President, The State National Bank of El Paso, Tex. 1967 Joe B. Sisler President, The Clovis National Bank, Clovis, New Mex. 1968 Robert W. Heyer President, Southern Arizona Bank & Trust Company, Tucson, Ariz. 1969 Archie B. Scott President, The Security State Bank of Pecos, Tex. 1969 Appointed by Board of Governors: Gordon W. Foster 1 Vice President, Director, Farah Manufacturing Company, Inc., El Paso, Tex. 1967 Joseph M. Ray President, The University of Texas at El Paso-Texas Western College, El Paso, Tex. 1968 C. Robert McNally, Jr. Rancher, Roswell, New Mex. 1969 HOUSTON BRANCH Appointed by Federal Reserve Bank: A. G. McNeese, Jr. Chairman of the Board, Bank of the Southwest National Asso­ ciation, Houston, Tex. 1967 Henry B. Clay President, First Bank and Trust, Bryan, Tex. 1968 W. G. Thornell President, The First National Bank of Port Arthur, Tex. 1969 John E. Whitmore President, Texas National Bank of Commerce of Houston, Tex. 1969 Appointed by Board of Governors: Edgar H. Hudgins Ranching-Partner in J. D. Hudgins, Hungerford, Tex. 1967 Donald B. Campbell Retired Works Manager, Sabine River Works, E. I. du Pont de Nemours and Company, Orange, Tex. 1968 Geo. T. Morse, Jr.’ President, Peden Iron & Steel Company, Houston, Tex. 1969 SAN ANTONIO BRANCH Appointed by Federal Reserve Bank: Max A. Mandel President, The Laredo National Bank, Laredo, Tex. 1967 James T. Denton, Jr. President, Corpus Christi Bank and Trust, Corpus Christi, Tex. 1968 J. R. Thornton Chairman of the Board, President, State Bank and Trust Company, San Marcos, Tex. 1969 T. C. Frost, Jr. President, The Frost National Bank of San Antonio, Tex. 1969 Appointed by Board of Governors: Harold D. Herndon1 Independent oil operator, San Antonio, Tex. 1967 Francis B. May Chairman, Department of General Business, Professor of Business Statistics, The University of Texas, Austin, Tex. 1968 W. A. Belcher Veterinarian, Rancher, Brackettville, Tex. 1969 1 Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 229 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Term Expires Class A: Dec. 31 Charles F. Frankland Chairman of the Board, Chief Executive Officer, The Pacific National Bank of Seattle, Wash. 1967 Ralph V. Arnold President, Chairman of the Board, First National Bank and Trust Company, Ontario, Calif. 1968 Carroll F. Byrd Chairman of the Board, President, The First National Bank of Willows, Calif. 1969 Class B: Marron Kendrick President, Schlage Lock Company, San Francisco, Calif. 1967 Herbert D. Armstrong Treasurer, Standard Oil Company of California, San Fran­ cisco, Calif. 1968 Joseph Rosenblatt Honorary Chairman of the Board, The Eimco Corporation, Salt Lake City, Utah 1969 Class C: Frederic S. Hirschler 1 Director, Retired Chairman of the Board, The Emporium Cap­ well Company, Oakland, Calif. 1967 Bernard T. Rocca, Jr. President, Pacific Vegetable Oil Corporation, San Francisco, Calif. 1968 S. Alfred Halgren 2 Vice President, Director, Carnation Company, Los Angeles, Calif. 1969 LOS ANGELES BRANCH Appointed by Federal Reserve Bank: Sherman Hazeltine Chairman of the Board, Chief Executive Officer, First National Bank of Arizona, Phoenix, Ariz. 1967 Harry J. Volk President, Union Bank, Los Angeles, Calif. 1968 Carl E. Schroeder President, The First National Bank of Orange County, Orange, Calif. 1968 Appointed by Board of Governors: Arthur G. Coons 1 President Emeritus, Occidental College, Newport Beach, Calif. 1967 J. L. Atwood Chairman of the Board, President, North American Aviation, Inc., El Segundo, Calif. 1968 PORTLAND BRANCH Appointed by Federal Reserve Bank: E. J. Kolar Chairman of the Board, United States National Bank of Ore­ gon, Portland, Oreg. 1967 E. W. Firstenburg Chairman of the Board, President, First Independent Bank, Vancouver, Wash. 1968 Charles F. Adams President, The Oregon Bank, Portland, Oreg. 1968 1 Chairman 2 Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

230 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued PORTLAND BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31 Graham J. Barbey 1 President, Barbey Packing Corporation, Astoria, Oreg. 1967 Robert F. Dwyer Lumberman, Portland, Oreg. 1968 SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: William E. Irvin President, The Idaho First National Bank, Boise, Idaho 1967 Alan B. Blood Executive Vice President, Barnes Banking Company, Kays­ ville, Utah 1968 Newell B. Dayton Chairman of the Board, Tracy-Collins Bank and Trust Com­ pany, Salt Lake City, Utah 1968 Appointed by Board of Governors: Royden G. Derrick 1 President, General Manager, Western Steel Company, Salt Lake City, Utah 1967 Peter E. Marble Rancher, Deeth, Nev. 1968 SEATTLE BRANCH Appointed by Federal Reserve Bank: Maxwell Carlson President, The National Bank of Commerce of Seattle, Wash. 1967 A. E. Saunders President, The Puget Sound National Bank, Tacoma, Wash. 1968 Philip H. Stanton President, Washington Trust Bank, Spokane, Wash. 1968 Appointed by Board of Governors: William McGregor 1 Vice President, McGregor Land and Livestock Company, Hooper, Wash. 1967 Robert D. O’Brien Chairman of the Board, Chief Executive Officer, Pacific Car and Foundry Company, Renton, Wash. 1968 1 Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material INTEREST ON TIME DEPOSITS OF of the Korean Government acting as such within FOREIGN EXCHANGE BANK the meaning of section 19(j) of the Federal OF KOREA Reserve Act and, consequently, the time deposits Section 19(j) of the Federal Reserve Act ex­ of the Bank are exempted from the limitations on empts, until October 15, 1968, “time deposits of interest rates prescribed by the Board pursuant to foreign governments, monetary and financial au­ section 19 of the Federal Reserve Act and the thorities of foreign governments when acting as Board’s Regulation Q. such, or international financial institutions of which the United States is a member” from the INTEREST ON TIME DEPOSITS OF limitations prescribed by the Board pursuant to BANK OF TAIWAN that section on the rates of interest payable by Section 19(j) of the Federal Reserve Act member banks on time and savings deposits. The exempts, until October 15, 1968, “time deposits question has been raised whether this exemption is of foreign governments, monetary and financial applicable to the time deposits of the Foreign Ex­ authorities of foreign governments when acting as change Bank of Korea. such, or international financial institutions of The Bank was established by the Foreign Ex­ which the United States is a member” from the change Bank of Korea Act, promulgated on July limitations prescribed by the Board pursuant to 28, 1966, and a Presidential Decree enacting that that section on the rates of interest payable by Act, promulgated on August 29, 1966. The Bank member banks on time and savings deposits. The has been established for the purpose of promoting question has been raised whether this exemption efficiency of foreign exchange operations and for­ is applicable to the time deposits of the Bank of eign trade finance and, in this regard, will handle Taiwan. all the international banking business heretofore The Bank of Taiwan acted as the Central Bank carried on by the Bank of Korea, as well as certain of Taiwan until the reactivation of the Central general banking functions specified in the Act. Bank of China on July 1, 1961. After that time, The Foreign Exchange Bank will succeed to all the Central Bank resumed full responsibility for the foreign assets and liabilities of the Bank of all central bank operations in the Republic of Korea on January 28, 1967. China except that note issue and certain fiscal Although the Foreign Exchange Bank is not a agency functions were delegated to the Bank of monetary authority of the Korean Government, Taiwan as agent for the Central Bank. In view of the Board is of the opinion that it may be con­ the fact that the Bank of Taiwan serves only as sidered a financial authority of that Government the agent of the Central Bank in its note issue and acting as such. The Bank has been created function, the Bank of Taiwan is not the bank of specifically to carry out certain financial functions issue of the Republic of China and does not other­ thus far performed by the central bank, and these wise serve as a monetary authority of that Gov­ functions are primarily of an official nature. More­ ernment. over, the Korean Government has certified that The Board is of the opinion, however, that the the time deposits of the Bank in the United States Bank of Taiwan may be considered a financial are Government funds held by the Bank as agent authority of the Chinese Government within the of the Government, and has further advised the meaning of section 19(j) of the Federal Reserve Board that a major portion of its dollar time Act. In addition to serving as agent of the Central deposits in the United States are considered official Bank in issuing New Taiwan dollar notes, the reserves of the Korean Government. Bank of Taiwan performs several financial and Accordingly, the Board has concluded that the fiscal functions for the Government. Moreover, Foreign Exchange Bank is a financial authority it would appear that the foreign exchange hold- 231 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

232 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 ings of the Bank of Taiwan in the United States furnished by the Comptroller of the Currency, the are considered part of the Chinese Government Federal Deposit Insurance Corporation, and the official reserves, and that a part of the foreign Attorney General, pursuant to the provisions of exchange deposits of the Bank of Taiwan is ear­ said Act prescribing ten calendar days as the marked as currency reserves and such deposits are period within which such notice must be pub­ made for the account of the Central Bank of lished and such reports must be furnished when an China. emergency exists requiring expeditious action. It is the Board’s opinion that the time deposits Upon consideration of all relevant material in of the Bank of Taiwan held by member banks are the light of the factors set forth in said Act, includ­ exempt from the interest rate limitations of Regu­ ing reports furnished by the Comptroller of the lation Q provided that member banks holding Currency, the Federal Deposit Insurance Corpora­ such time deposits obtain a certification from the tion, and the Attorney General on the competitive Chinese Government or the Central Bank of factors involved in the proposed merger, China to the effect that all exempt funds now or It is hereby ordered, for the reasons set forth hereafter deposited by the Bank of Taiwan are, in the Board’s Statement of this date, that said and will be, official funds and are not and will not application be and hereby is approved, provided be funds held for, or used in connection with, that said merger shall not be consummated (a) the conduct of commercial banking functions or before the fifth calendar day following the date other commercial activities, so long as such funds of this Order or (b) later than three months after remain in such time deposits. the date of this Order. Dated at Washington, D. C., this 12th day of ORDERS UNDER BANK MERGER ACT January, 1967. The following Orders and Statements were By order of the Board of Governors. issued in connection with actions by the Board of Governors with respect to applications for ap­ Voting for this action: Chairman Martin, and Gover­ nors Robertson, Shepardson, Mitchell, Daane, Maisel, proval of the merger of banks and for the acqui­ and Brimmer. sition of the assets of a bank: (Signed) Merritt Sherman, Secretary. SECURITY BANK AND TRUST COMPANY, [seal] LINCOLN PARK, MICHIGAN Statement In the matter of the application of Security Bank and Trust Company for approval of merger Security Bank and Trust Company, Lincoln with First National Bank of Allen Park. Park, Michigan (“Security Bank”), with total deposits of about $171 million, has applied, pur­ Order Approving Merger of Banks suant to the Bank Merger Act (12 U.S.C. 1828(c), There has come before the Board of Governors, as amended by Public Law 89-356), for the pursuant to the Bank Merger Act, as amended Board’s prior approval of the merger of that bank (12 U.S.C. 1828(c), Public Law 89-356), an with First National Bank of Allen Park, Allen application by Security Bank and Trust Company, Park, Michigan (“First National”), which has Lincoln Park, Michigan, a State member bank of total deposits of about $8 million.1 The banks the Federal Reserve System, for the Board’s prior would merge under the charter and name of approval of the merger of that bank and First Security Bank, which is a member of the Federal National Bank of Allen Park, Allen Park, Michi­ Reserve System. As an incident to the merger, the gan, under the charter and title of Security Bank sole office of First National would become a and Trust Company. As an incident to the branch of Security Bank, increasing the number merger, the sole office of First National Bank of of its offices to 17. Allen Park would become a branch of the re­ Competition. The head office and four branches sulting bank. of Security Bank are in Lincoln Park; the bank Notice of the proposed merger, in form ap­ has three branches in Allen Park and eight other proved by the Board of Governors, has been pub­ branches in surrounding communities. Lincoln lished, and reports on the competitive factors involved in the proposed transaction have been 1 As of December 2, 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 233 Park (1960 population about 54,000) is about reduce the bank’s total capital structure from $576 nine miles southwest of downtown Detroit and thousand to $124 thousand. Thus, it is apparent contiguous to the southeastern corporate limits of that the capital structure of First National is Allen Park (1960 population about 37,000), the grossly inadequate in relation to its risk assets of site of the sole office of First National. These over $4 million and deposits of nearly $8 million. communities are predominantly residential in On the basis of the record before it, including character, although each has some industry. information furnished by the Office of the Comp­ First National and Security Bank operate the troller of the Currency, the Board is of the view only banking offices in Allen Park. Under State that unless the capital of First National is law, no bank other than First National or Security promptly and appropriately augmented, there is Bank can establish a branch in Allen Park, either a serious question as to whether the bank can de novo or through merger. Thus, the only pos­ survive. It appears most doubtful that such an sible merger is between these two banks, and it augmentation could be accomplished through the would have a substantially adverse effect on com­ issuance of stock; and, as indicated earlier, the petition. First National derives the preponderance branching restrictions of Michigan law preclude of its business from the area within a five-mile the merger of First National with any bank other radius of its office, although it has made a sub­ than Security Bank. stantial volume of loans to customers located out­ The Board’s staff was visited by a Michigan side Allen Park. The bank’s service area- lies lawyer who stated that a group he represents is wholly within the service area of Security Bank. willing to buy First National and put in substan­ A Dearborn-headquartered bank has a branch tial additional capital. He subsequently submitted one mile from Allen Park and two large Detroit­ a letter containing the same assertion. It does not based banks have one branch each within two appear, however, that this group, some of whom miles of Allen Park. It does not appear that these, remain undisclosed, has pursued this proposal or any other, banking offices would be adversely with the appropriate parties to the extent that it affected by the merger. can be considered a feasible alternative, particu­ As discussed below, First National is confronted larly since First National’s problem requires with a serious capital problem for which there prompt corrective action. Accordingly, and in seems to be no feasible solution other than merger. consonance with the advice of the Office of the Financial and managerial resources and future Comptroller of the Currency—the agency pri­ prospects. A merger with anticompetitive effects marily responsible for supervision of First National of the magnitude that are present in this case may —the Board has concluded that the only feasible not be allowed under the amended Bank Merger solution for the bank’s problem is the proposed Act unless the adverse effects for competition merger with Security Bank. would be “clearly outweighed in the public interest The banking factors with respect to Security by the probable effect of the transaction in meet­ Bank are generally satisfactory, and it is capable ing the convenience and needs of the community of coping satisfactorily with the difficulties that to be served.” The banking factors are relevant would be attendant upon the absorption of First to this consideration to the extent that “they National. throw light on the capacity of the existing and Convenience and needs of the community. The proposed institutions to serve the community.” 3 merger would eliminate an alternative source of First National, which opened for business in banking services from the Allen Park community, 1962, has loans in either the “doubtful” or “loss” but it would also provide an orderly solution for category that together equal more than 85 per the serious capital problem of First National. cent of its aggregate capital funds and reserves. Unless corrective action is taken, it is likely that A charge-off of the losses and of 50 per cent of the condition of the bank will worsen. The merger the loans that are of doubtful collectibility would would assure that the Allen Park community will not suffer the adverse impact that would result “The area from which a bank derives TS per cent or more of its deposits of individuals, partnerships and from continued deterioration in the bank’s condi­ corporations. tion. aH.R. Rep. No. 1221, 89th Cong., 2d Sess. 4 (1966). - Summary and conclusion. The effect of the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

234 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 merger of Security Bank and First National on including reports furnished by the Comptroller competition would be substantially adverse. It is of the Currency, the Federal Deposit Insurance the judgment of the Board, however, that the anti­ Corporation, and the Attorney General on the competitive consequences would be clearly out­ competitive factors involved in the proposed weighed in the public interest by the effect of the transaction. transaction in avoiding for the Allen Park com­ It is hereby ordered, for the reasons set forth munity the consequences likely to result if the in the Board’s Statement of this date, that said serious capital problem of First National is not applications be and hereby are approved, provided resolved.1 Unless prompt remedial action is taken, that said acquisition of assets and assumption of the bank will be faced with the danger of failure, deposit liabilities and establishment of the branch and there does not appear to be any feasible alter­ shall not be consummated (a) before the thirtieth native solution to its problem. calendar day following the date of this Order or Accordingly, the Board concludes that the appli­ (b) later than three months after the date of this cation should be approved and that, in view of the Order. emergency situation existing at First National, such Dated at Washington, D. C., this 26th day of approval should be given in accordance with the January, 1967. provision in the statute for expeditious action in By order of the Board of Governors. such a case. Voting for this action: Chairman Martin, and Gover­ THE SAVINGS & TRUST COMPANY nors Robertson, Shepardson, Mitchell, Daane, Maisel, and Brimmer. OF INDIANA, INDIANA, PENNSYLVANIA (Signed) Merritt Sherman, In the matter of the application of The Savings Secretary. & Trust Company of Indiana for approval of ac­ [seal] quisition of assets of the The First National Bank of Saltsburg. Statement Ihe Savings & Trust Company of Indiana, Order Approving Acquisition of Indiana, Pennsylvania (“Indiana Bank”), with Bank’s Assets total deposits of about $22 million, has applied, There has come before the Board of Governors, pursuant to the Bank Merger Act (12 U.S.C. pursuant to the Bank Merger Act, as amended (12 1828(c), as amended by Public Law 89-356), U.S.C. 1828(c), Public Law 89-356), an applica­ for the Board’s prior approval of its acquisition of tion by The Savings & Trust Company of Indiana, assets and assumption of deposit liabilities of The Indiana, Pennsylvania, a State member bank of First National Bank of Saltsburg, Saltsburg, Penn­ the Federal Reserve System, for the Board’s prior sylvania (“Saltsburg Bank”), which has total approval of its acquisition of assets and assump­ deposits of about $3 million.1 As an incident to tion of deposit liabilities of The First National the transaction, the single office of Saltsburg Bank Bank of Saltsburg, Saltsburg, Pennsylvania, and, would become a branch of Indiana Bank, increas­ as an incident thereto, The Savings & Trust Com­ ing the number of its offices to two. pany of Indiana has applied, under section 9 of Competition. The single office of Indiana Bank the Federal Reserve Act, for the Board’s prior is in Indiana (population about 13,000), which is approval of the establishment by that bank of a the seat of Indiana County and its largest muni­ branch at the location of the sole office of The cipality. Saltsburg (population about 1,000), the First National Bank of Saltsburg. Notice of the site of the sole office of Saltsburg Bank, is 22 miles proposed acquisition of assets and assumption of southwest of Indiana. Both communities are in deposit liabilities, in form approved by the Board, western Pennsylvania, about 60 miles northeast of has been published pursuant to said Act. Pittsburgh. While Indiana’s economy is supported Upon consideration of all relevant material in mainly by retail trade, industry, and a university, the light of the factors set forth in said Act, the surrounding area is primarily dependent on coal mining. Three small manufacturing plants, a 4 See H.R. Kep. No. 1221, 89th Cong., 2d Sess. 3 (1966); 1 12 Cong. Rec. 2337-38 (1966). 1 Figures are as of October 7, 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 235 preparatory school, and dairy farms provide em­ where Saltsburg Bank, in large part because of ployment for wage earners in the Saltsburg area. its small size, has been unable to meet local credit There is no significant competition between the needs. The conversion of Saltsburg Bank into an two banks. Saltsburg Bank derives less than 2 per office of Indiana Bank would provide for the Salts­ cent of its deposits and about 4 per cent of its burg community more convenient access to loans from the service area- of Indiana Bank; broader credit accommodations and to a gener­ about 1 per cent each of Indiana Bank’s deposits ally wider range of banking services. and loans originates in the service area of Salts­ Summary and conclusion. In the judgment of burg Bank. Most of this slight loan overlap the Board, the proposed merger would benefit the appears to result from loan participations. Four­ banking convenience and needs of the Saltsburg teen persons (including an officer and several community, and would not have a significantly directors of Indiana Bank) who own about 15 per adverse effect on banking competition. cent of Indiana Bank’s capital stock also own Accordingly, the Board concludes that the appli­ about 46 per cent of the capital stock of Saltsburg cation should be approved. Bank. Even if this close relationship were termi­ nated, the potential for the development of compe­ ORDER UNDER SECTION 3 OF BANK tition between the two banks is limited by the HOLDING COMPANY ACT distance and mountainous terrain separating their The Board of Governors issued the following offices; in addition, the development of meaning­ Order and Statement in connection with action ful competition through de novo branching by approving an application for permission to become either bank seems unlikely in view of the small a bank holding company: size of Saltsburg Bank and of the community it serves. FIRST AT ORLANDO CORPORATION, The proposed acquisition would not materially ORLANDO, FLORIDA affect banking competition in the area presently served by Indiana Bank. The bank’s nearest com­ In the matter of the application of First at petitors are the two other Indiana-headquartered Orlando Corporation, Orlando, Florida, for ap­ banks, which have total deposits of about $18 proval of action to become a bank holding com­ million and $20 million, respectively, and a branch pany through the acquisition of 80 per cent or of a Homer City-based bank, which has total more of the voting shares of five banks in the State deposits of about $10 million. Saltsburg Bank’s of Florida. nearest competitor, which is located four miles to Order Approving Application Under the north in Avonmore, has deposits of about $3 Bank Holding Company Act million and draws the preponderance of its busi­ There has come before the Board of Governors, ness from its own community. It does not appear pursuant to section 3(a)(1) of the Bank Holding that the Avonmore bank, or any other banking Company Act of 1956 (12 U.S.C. 1842(a)(1), as office, would be adversely affected by the pro­ amended by Public Law 89-485), and section posed acquisition. 222.4(a)(1) of Federal Reserve Regulation Y (12 The effect of the proposed transaction on com­ CFR 222.4(a)(1)), an application by First at petition would not be significantly adverse. Orlando Corporation, Orlando, Florida, for the Financial and managerial resources and future Board’s prior approval of action whereby Appli­ prospects. The banking factors with respect to cant would become a bank holding company the subject banks are generally satisfactory, as through the acquisition of 80 per cent or more of they would be with respect to the resulting insti­ the voting shares of each of the following banks in tution. or near Orlando, Florida: The First National Bank Convenience and needs of the communities. The at Orlando; College Park National Bank at Or­ principal effect of the transaction on banking lando; South Orlando National Bank; First Na­ needs and convenience would be in Saltsburg tional Bank at Pine Hills; and The Plaza National Bank at Orlando. - The area from which a bank derives 75 per cent As required by section 3(b) of the Act, the or more of its deposits of individuals, partnerships and corporations. Board gave written notice to the Comptroller of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

236 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 the Currency of receipt of the application and re­ Orlando Bank, $14.1 million; Pine Hills Bank, quested his views and recommendation. The Comp­ $7.2 million; and Plaza Bank, $7.5 million. troller recommended approval of the application. Orlando Bank, organized in 1934, is affiliated Notice of receipt of the application was pub­ with each of the four smaller banks proposed to lished in the Federal Register on June 21, 1966 be acquired. Applicant states that Orlando Bank (31 Federal Register 8607), providing an oppor­ sponsored the organization of the four smaller tunity for interested persons to submit comments banks to provide extended services to Orlando and views with respect to the proposed transaction. Bank’s customers in the suburban areas around A copy of the application was forwarded to the the City of Orlando. At the time of each bank’s Department of Justice for its consideration. Time organization (College Park Bank in 1952, South for filing comments and views has expired and all Orlando Bank and Pine Hills Bank in 1959, and those received have been considered by the Board. Plaza Bank in 1962), stockholders of Orlando It is hereby ordered, for the reasons set forth Bank holding a majority of its stock acquired a in the Board’s Statement of this date, that said majority of the shares of stock of each new bank. application be and hereby is approved, provided This resulted in an affiliation through common that the acquisition so approved shall not be con­ majority shareholders between Orlando Bank and summated (a) before the thirtieth calendar day each of the four smaller banks, an affiliation that following the date of this Order or (b) later than has been maintained to date. No common share­ three months after the date of the Order. holder affiliation exists between or among the Dated at Washington, D.C., this 26th day of four smaller banks. January, 1967. Consummation of Applicant’s proposal would By order of the Board of Governors. result in the replacement of the present affiliate re­ lationships with a bank holding company system. Voting for this action: Governors Shepardson, Mitchell, Daane, and Brimmer. Voting against this Views and recommendation of supervisory action: Governors Robertson and Maisel. Absent and authority. As required by section 3(b) of the Act, not voting: Chairman Martin. notice of receipt of the application was given to, (Signed) Merritt Sherman, and views and recommendation requested of, the Secretary. Comptroller of the Currency. The Comptroller [seal] recommended approval of the application. Statutory considerations. Section 3(c) of the Act Statement provides that the Board shall not approve an ac­ First at Orlando Corporation, Orlando, Florida quisition that would result in a monopoly, or would (“Applicant”), has filed with the Board, pursuant be in furtherance of any combination or conspir­ to section 3(a)(1) of the Bank Holding Company acy to monopolize or to attempt to monopolize the Act of 1956, as amended (“the Act”), an applica­ business of banking in any part of the United tion for approval of action to become a bank hold­ States. Nor may the Board approve any other ing company through the acquisition of 80 per cent proposed acquisition, the effect of which, in any or more of the voting shares of the following banks section of the country, may be substantially to located in or near Orlando, Florida: The First Na­ lessen competition, or tend to create a monopoly, tional Bank at Orlando (“Orlando Bank”); College or which in any other manner would be in restraint Park National Bank at Orlando (“College Park of trade, unless the Board finds that the anticom­ Bank”); South Orlando National Bank (“South petitive effects of the proposed transaction are Orlando Bank”); First National Bank at Pine clearly outweighed in the public interest by the Hills (“Pine Hills Bank”), and The Plaza National probable effect of the transaction in meeting the Bank at Orlando (“Plaza Bank”) (collectively re­ convenience and needs of the community to be ferred to as “Applicant’s Group”). As of Decem­ served. In each case the Board is required to take ber 31, 1965,1 Applicant's proposed subsidiaries into consideration the financial and managerial re­ had the following deposits: Orlando Bank, $134.5 sources and future prospects of the bank holding million; College Park Bank, $16.4 million; South company and the banks concerned, and the con­ venience and needs of the community to be served. ' Data with respect to banks are as of this date, un­ less otherwise noted. Competitive effects of proposed transaction. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 237 There are eight bank holding companies operating rities Corporation, controlling about $322 million (or approved by the Board to commence opera­ of deposits, each has a subsidiary bank in the tions) in the State of Florida. They control approxi­ service area of Orlando Bank. Applicants states mately 27 per cent of the deposits and 17 per cent that 19 savings and loan associations, with total of the banks. Consummation of Applicant’s pro­ accounts of approximately $287 million, are lo­ posal would increase bank holding company cated in the area and that no banks located outside control of deposits and banks by approximately 2 said primary service area compete significantly per cent and 1 per cent, respectively. Applicant within it. would become the sixth largest banking organiza­ Applicant’s Group controls a substantial portion tion in the State and would rank fifth among the of the area’s commercial banking resources. How­ bank holding companies. The portion of total de­ ever, in the face of affirmative evidence in the posits in the State controlled by the ten largest record that the affiliation among Applicant’s bank organizations (five of which are holding Group of banks will be continued for the reason­ companies) would be increased, upon consumma­ ably foreseeable future, and the lack of any cred­ tion of Applicant’s proposal, by approximately .5 ible evidence that a lessening of present concen­ per cent (from 38.4 to 38.9). On a State-wide tration is probable, the conclusion is warranted basis, consummation of Applicant’s proposal would that consummation of Applicant’s proposal to re­ not result in such control by Applicant, by hold­ place an affiliate relationship with a bank holding ing company systems, nor by the ten largest bank­ company system would have no significant effect ing organizations as to require disapproval of the on existing concentration of banking control. It application herein. may be noted that consummation of the Appli­ According to the application, Orlando Bank’s cant’s plan would subject a prior approval of the primary service area2 is the central portion of Board future proposals to expand Applicant’s Orange County, and encompasses the cities of system through acquisition of additional banking Orlando, Winter Park, and Maitland, and imme­ subsidiaries. diately contiguous areas. This area, with a total Considering next the probable effect of con­ estimated population of 254,000, constitutes one summation of Applicant’s proposal on existing and of the most rapidly growing sections in Florida. potential competition, the Board finds that these Orlando Bank is located in downtown Orlando. considerations present no bar to approval of the Each of the four affiliates is located within five application. In general, the banking needs of the miles of Orlando Bank, and their respective pri­ larger businesses in the area served by Applicant’s mary service areas fall wholly within that of Or­ Group appear to be satisfied by Orlando Bank lando Bank. Orlando Bank’s service area as above rather than by its affiliates; the needs of smaller described is the relevant area within which to businesses and of household customers of the determine the competitive impact of this proposal. Group’s banks apparently are served by both In its primary service area, Orlando Bank, with Orlando Bank and its affiliates. With respect to deposits of $135 million, holds approximately 34 the smaller businesses, each of the affiliates appar­ per cent of total deposits, 30 per cent of IPC ently serves primarily those located near the par­ deposits, and approximately 32 per cent of gross ticular bank. The household customers of the loans. Combined, banks in Applicant’s Group affiliates appear to be dispersed throughout the control 45 per cent of total deposits, 43 per cent Orlando area. Applicant states that the banks of IPC deposits, and 42 per cent of gross loans in have always been advertised as affiliates, are re­ the primary service area. garded as such by the community, and the affili­ Apart from Applicant’s five banks, there are 10 ate relationship has been relied upon by stock­ banks operating and competing in the area. Two holders and customers in their dealings with these registered bank holding companies, Alfred I. du­ banks. The record shows that Orlando Bank, Pont Trust (Florida National Group), which con­ after having effected organization of the four trols $771 million of deposits, and Barnett Secusmaller banks, has contributed management to, and performed various services for them; and that ! The area from which Applicant estimates Orlando a firmly established close operational relationship Bank derives 81 per cent of its deposits of individ­ uals, partnerships, and corporations (“IPC deposits”). exists between Orlando Bank and each of the four Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

238 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 banks. The management of Orlando Bank is to a In the light of the foregoing considerations and substantial degree synonymous with that of the all the facts of record, the Board concludes that several affiliated banks, and is represented as hav­ consummation of the proposed transaction would ing both the desire and the capability to retain the not result in a monopoly nor be in furtherance of affiliation under any reasonably foreseeable cir­ any combination or conspiracy to monopolize or cumstances. attempt to monopolize the business of banking in The record in this case supports the conclusion any relevant area of the State. The Board further that, due to the existing affiliation, there is little finds that consummation of the proposal would competition among the banks in Applicant’s not substantially lessen competition, tend to create Group. The number of banks serving the area a monopoly, nor operate in restraint of trade. would not be diminished by Applicant’s proposed Financial and managerial resources and future acquisition. The Board concludes that consum­ prospects. Applicant has no financial or operating mation of the proposal herein will not eliminate history. However, its pro forma financial condi­ any substantial existing competition among the tion and its future prospects are considered satis­ banks in Applicant’s Group nor, in view of the factory in the light of the satisfactory condition likelihood that the existing affiliation will continue, and prospects of the proposed subsidiaries and the will it foreclose any significant future competition. fact that the area concerned may be expected to With respect to the competitive force of Appli­ experience a continued population growth and cant’s Group, and particularly of Orlando Bank, economic expansion. in relation to the other banks in the service area Applicant’s management, composed of directors involved, the record shows that, in 1946, Orlando and officers of the Orlando Bank, and including Bank was one of three banks and controlled 53 per one director of each of the four smaller banks, is cent of the deposits in the relevant service area; considered well qualified and experienced. It is in 1963, as well as at the end of 1965, Orlando reasonable to expect that the banks will be main­ Bank and its four affiliates controlled 45 per cent tained in a sound financial condition under Appli­ of the deposits of the area’s banks. While each of cant’s control. Orlando Bank’s two principal competitors (Citi­ On the basis of the above considerations, the zens National Bank and Florida National Bank) Board concludes that the proposed acquisition is is substantially smaller than Orlando Bank, their consistent with the continued sound operation of rates of growth during the years 1962 through the banks involved, and that their future prospects 1965 appear to have been substantially greater are favorable. Accordingly, considerations related than that of Orlando Bank. The latter’s IPC to the banking factors are consistent with approval deposits increased approximately 20 per cent in of the application. the said period, whereas those of Citizens National Convenience and needs of the community in­ Bank increased about 27 per cent and those of volved. Prospectively, consummation of the sub­ Florida National Bank, Orlando, increased ap­ ject proposal may be expected to accelerate some­ proximately 39 per cent. In addition, in the what the introduction and use of technological period since 1951, during which Orlando Bank changes in banking accounting in the community organized the four affiliated banks, five other served. While the record indicates that these com­ commercial banks were established in the Orlando munities are being served adequately by existing area. An examination of the facts presented with facilities, and that no significant change in such respect to the banks competing with the four facilities or services is contemplated by Applicant’s smaller banks in Applicant's Group indicates that bank holding company plan, denial of this appli­ the formation of Applicant’s Group did not pre­ cation would represent a determination that Appli­ vent the growth of existing banks, nor preclude cant was to be placed in a corporate nimbus, and the entrance of new banks into the area con­ would undoubtedly deter management from pur­ cerned. It is reasonable to conclude from the suing a trend toward a fully integrated automation record that consummation of Applicant’s pro­ —accounting service system, a pursuit most appro­ posal would not diminish existing competition in priate in this instance. Applicant’s formation on the area concerned, nor preclude future competi­ the other hand would serve to stabilize the existing tion therein. affiliations and would undoubtedly lead to easier Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 239 and greater exchange of information and person­ In our view, proper application to this case of nel and other assistance to the smaller banks. The the statutory criteria for decision precludes ap­ Board finds such prospective rendition by Appli­ proval as a matter of law. While it appears that cant to be consistent with approval. competition between and among the affiliated banks Summary and conclusion. On the basis of all is presently limited because of their affiliation, the relevant facts contained in the record, and in the tenuity of that affiliation, conceded by Applicant, light of the factors set forth in section 3(c) of the offers a potential for viable competition that should Act, it is the Board’s judgment that the proposed not be foreclosed. Regrettably, the Board’s action transaction would be consistent with the public in approving the holding company formation will interest and that the application should be effectively preclude development of such future approved. competition. An additional consideration, viewed in the light of the Act’s provisions, that we believe Dissenting Statement of Governors compels denial of this application is the extent to Robertson and Maisel which the banking resources in the relevant market The application by First at Orlando asserts that area are controlled by Applicant’s group of banks. approval of its formation as a bank holding com­ At present, 45 per cent of the total deposits and 42 pany “is most imperative” because the ownership per cent of the gross loans held by all commercial by common stockholders of more than 50 per cent banks in the Orlando area are controlled by Appli­ of the stock of each of the five banks involved cant’s group of banks; First National Bank at “could very easily change if a number of individ­ Orlando alone controls 34 per cent of such total ual stockholders were to sell their shares”, and deposits. “. . . it is one of the principal purposes of this Board approval of this application is not per­ application to insure that [the existing common mitted under the Act unless any anticompetitive ownership] will continue to exist”. A more clear effect is clearly outweighed in the public interest by statement of potential dissolution of the existing evidence that the convenience and needs of the affiliate relationship could not be made; nor could communities affected will be served by the pro­ a stronger basis be laid for Board action that would posal. The record contains no evidence of such enable growth and development of competition be­ countervailing benefits. tween and among the presently affiliated banks, the In sum, the existing degree of concentration of potential for which is evidenced in the record of banking resources in Applicant’s banks, the in­ this case. That record reflects a considerable over­ evitable accretion therein following upon consum­ lap in the service areas of the five affiliated banks. mation of this proposal, and the preclusion of sub­ The Orlando Bank’s service area encompasses the stantial potential competition between and among entire common service area of the four smaller the banks involved are considerations so patently affiliated banks; and each of the five affiliated adverse to approval as to require, absent over­ banks has numerous common depositors and bor­ weighing considerations, that the application be rowers. denied. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements CHANGES IN THE BOARD’S STAFF terim ceiling applicable through March 31, 1967, Andrew N. Thompson, an Assistant Director in suggested by the guidelines for 1967 and an­ the Division of Examinations, retired on Decem­ nounced by the Board on December 13, 1966. ber 31, 1966, after more than 24 years as a mem­ This interim ceiling is equal to the foreign credits ber of the Board’s staff. Before joining the staff outstanding on September 30, 1966, plus 40 per in 1942, as an Assistant Federal Reserve Examiner, cent of the leeway between that amount and the Mr. Thompson was a Field Audit Supervisor with 109 per cent ceiling. the Home Owners Loan Corporation. He was pro­ The number of banks over the 109 per cent moted to Federal Reserve Examiner in 1943, Su­ target ceiling and the amount by which they were pervisory Review Examiner in 1955, and was ap­ in excess of that ceiling increased somewhat dur­ pointed an Assistant Director in 1962. ing the fourth quarter of 1966. However, a large The Board has announced the appointment of number of banks were in excess of the interim Thomas A. Sidman as an Assistant Director in the target calculated in accordance with the 1967 Division of Examinations, effective January 16, guidelines, owing to the fact that these guidelines 1967. He will have administrative responsibility were not announced until mid-December. It is in matters relating to Regulation F (Securities of anticipated that these banks will be able to reduce Member Banks). Before joining the Board’s staff their outstandings in order to come within the as an Accountant-Analyst in April 1965, he was a ceiling early in the current year. Staff Accountant with the Securities and Exchange On December 31, there were 51 banks over Commission. He spent 13 years in the public ac­ the interim ceiling applicable until March 31, counting and investment banking fields before his 1967, by an aggregate amount of $155 million; employment with the SEC in October 1962. Mr. thus the remaining 97 reporting banks were below Sidman received a B.B.A. degree, magna cum the interim ceiling by an aggregate amount of laude, from Western Reserve University in 1949, $300 million. and obtained his C.P.A. certificate from the State Foreign assets of nonbank financial institutions of Ohio in 1953. declined by $72 million during the first 9 months of 1966 as compared with an increase of more VOLUNTARY FOREIGN CREDIT RESTRAINT PROGRAM than $700 million in 1965. The reduction was U.S. commercial banks reduced their holdings of more than accounted for by a drop in reported foreign loans and investments subject to the volun­ holdings of equities, some part of which un­ tary foreign credit restraint program by almost doubtedly reflected a decline in market values. $160 million during 1966, the Board of Governors The largest decline was in holdings of equities of of the Federal Reserve System announced on developed countries other than Canada and Japan. February 14, 1967. The reduction compares with an increase in such loans and investments by about ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM the same amount in 1965. The following bank was admitted to membership The commercial banks on December 31, 1966, in the Federal Reserve System during the period were $3 million below the December 1964 base, December 16, 1966 through January 15, 1967: $864 million below the target ceiling (generally 109 per cent of the 1964 base) suggested by the North Dakota 1966 guidelines, and $144 million below the in­ Lehr ....................................Central Dakota Bank 241 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication February 16 Industrial production declined in January and Production of iron and steel fell more than an­ retail sales leveled olT. Nonfarm employment in­ ticipated as snowstorms curtailed operations in creased but the unemployment rate was unchanged. some plants. In mid-February, output of steel rose Bank credit and time deposits rose sharply, while 4!/2 per cent from the reduced rate of the previous the money supply declined somewhat. Bond yields two weeks. Production of construction materials declined substantially during January, but rose in January changed little from the reduced somewhat in the first half of February. December level. INDUSTRIAL PRODUCTION EMPLOYMENT Industrial production declined 0.6 per cent in Strong gains in nonfarm employment were again January to 157.9 per cent of the 1957-59 average reported in January. Almost 280,000 workers and was 4.8 per cent above a year earlier. De­ were added to nonfarm payrolls, bringing the total clines in output were concentrated in consumer increase over the past year to 2.9 million. Manu­ durable goods and durable materials. Production facturing employment advanced somewhat further of business equipment and nondurable materials in January and was 4.9 per cent above a year changed little. earlier. In trade and private and public services, Auto assemblies decreased 15 per cent in Jan­ employment also rose. The average workweek in uary and were 22 per cent below the near-record manufacturing was unchanged at 40.9 hours but levels of a year ago. While production schedules was below the highs recorded in 1966. The increase had called for a cutback in January, severe snow­ in the labor force about offset the rise in employ­ storms late in the month closed a number of as­ ment and the unemployment rate was unchanged sembly plants and reduced output further. Produc­ in January at 3.7 per cent. tion of household appliances dropped about 15 per cent from October to December and was probably DISTRIBUTION curtailed again in January. Output of television Retail sales stabilized in January, following a sets also declined in January. decline of 1 per cent in December. Among the various lines changes were generally moderate and offsetting. Thus, unit sales of new domestic INDUSTRIAL PRODUCTION autos declined somewhat further—-to a 7.8 mil­ lion annual rate from 8.0 million in December —but sales of some other durable goods rose and the total for all durable goods stores combined was unchanged, as was the total for nondurable goods. The January level of retail sales was only 1 per cent above a year earlier; with prices up more than 1 per cent, the real volume was apparently down somewhat. Early in February dollar retail sales were reported to be a little stronger relative to a year earlier than in January. COMMODITY PRICES The wholesale commodity price index rose 0.3 per cent in January reflecting increases in indus­ trial commodities and farm products. The total F.R. indexes, seasonally adjusted. Latest figures shown are for January. index was up 1.5 per cent from a year earlier, with 242 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 243 industrial commodities up 2.2 per cent and farm sion. The rate of growth in total time and savings and food products down about 0.5 per cent. deposits, which picked up in December, acceler­ The January rise in industrial commodities re­ ated further in January to an annual rate of about flected increases for a wide variety of goods—cop­ 18 per cent, the most rapid pace since October per ingots and products, electrical and farm ma­ 1965. This accelerated growth reflected in large chinery, chemicals, converted paper products, and part expansion in outstanding negotiable CD’s furniture and other household durable goods. and other time deposits. While lumber and plywood prices declined further Total and required reserves, seasonally adjusted, in early January, trade sources indicate a strength­ rose substantially more in January than in De­ cember. Over the four statement weeks ending ening in late January followed by a sharp rise January 25, excess reserves increased and borrow­ in early February. ings declined sufficiently to lower net borrowed BANK CREDIT, DEPOSITS, AND RESERVES reserves to an average level of about $60 million. Commercial bank credit rose $3.8 billion in SECURITY MARKETS January, the largest increase since mid-1966. Yields on intermediate- and long-term U.S. Banks made substantial additions to their hold­ Government securities rose on balance between ings of municipal and agency issues, following a mid-January and mid-February. Most Treasury net reduction over the previous half year. Their bill yields declined in this period, however, with business loans increased sharply for the first time the 3-month bill bid at around 4.60 per cent at since July, and loans to security dealers rose mid-February. further. Bank holdings of U.S. Government securi­ Yields on corporate and municipal bonds de­ ties, however, declined $0.5 billion over the clined substantially during January but turned month, offsetting about one-third of the large up in early February. Common stock prices ad­ December increase. vanced appreciably between mid-January and mid­ The money supply declined $0.7 billion in Jan­ February in unusually heavy trading—averaging uary, slightly more than half the December expan- more than 10 million shares a day. INTEREST RATES Bureau of Labor Statistics indexes. Latest figures shown for Discount rate, range or level for all F.R. Banks. Weekly consumer prices, December; for wholesale prices, January. average market yields for U.S. Govt, bonds maturing in 10 years or more and for 90-day Treasury bills. Latest figures shown, week ending Feb. 10. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted for seasonal variation c Corrected IPC Individuals, partnerships, and corpora­ p Preliminary tions r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets I, II, L Liabilities III, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified Amounts insignificant in terms of the par­ S.A. Monthly (or quarterly) figures adjusted ticular unit (e.g., less than 500,000 for seasonal variation when the unit is millions) (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. “U.S. Govt, securities” may include guaranteed issues of U.S. Govt, agencies (the flow of funds figures also in­ clude not fully guaranteed issues) as well as direct obligations of the Treasury. “State and local govt.” also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled Note (which always appear last) provide (1) the source or sources of data that do no J. originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics o’ the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds................................................................ Jan. 1967 148-57 Banking and monetary statistics, 1965................ Mar. 1966 414-23 June 1966 901-04 Banks and branches, number of by class and Semiannually State........................................................................ Apr. 1966 600-01 Banking offices: Analysis of changes in number of................ Feb. 1967 310 Flow of funds (assets and liabilities).................... Oct. 1966 1 536-46 On, and not on, Federal Reserve Par List, number of......................................... Feb. 1967 311 Income and expenses; Federal Reserve Banks..................................... Feb. 1967 308-09 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 244 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........... 246 Reserve Bank discount rates; margin requirements; reserve requirements..................... 251 Bank deposits; open market transactions; Federal Reserve Banks................................... 253 Bank debits; currency in circulation ................................................................................. 256 Money supply and bank reserves; banks and the monetary system................................. 258 Commercial and mutual savings banks, by classes ........................................................... 262 Commercial banks ............................................................................................................... 263 Weekly reporting banks.......................................................................................................... 266 Business loans ...................................................................................................................... 270 Interest rates ........................................................................................................................... 271 Security prices; stock market credit.................................................................................... 272 Open market paper; savings institutions .......................................................................... 273 Federally sponsored credit agencies..................................................................................... 275 Federal finance........................................................................................................................ 276 U.S. Government securities...................................... 278 Security issues........................................................................................................................... 282 Business finance .................................................................................................................. 284 Real estate credit .................................................................................................................. 286 Consumer credit .................................................................................................................... 290 Industrial production ............................................................................................................. 294 Business activity; construction............................................................................................... 298 Employment and earnings............. .................................................................................... 300 Wholesale and consumer prices............................................................................. 302 National product and income series....................................................................... 304 Flow of funds........................................................................................................... 306 Earnings and expenses of Federal Reserve Banks during 1966 ..................................... 308 Number of banking offices in the United States................................................................ 310 Banking offices on Federal Reserve par fist and not on par list....................................... 311 Guide to tabular presentation ............................................................................................... 244 Index to statistical tables ...................................................................................................... 339 The data for F.R. Banks and member banks and eral finance, and Federal credit agencies are obfor consumer credit are derived from regular tained from Treasury statements. The remain­ reports made to the Board; production indexes ing data are obtained largely from other are compiled by the Board on the basis of data sources. For many of the banking and monetary collected by other agencies; and flow of funds series back data and descriptive text are avail­ figures are compiled on the basis of materials able in Banking and Monetary Statistics and from a combination of sources, including the its Supplements (see list of publications at end Board. Figures for gold stock, currency, Fed- of the Bulletin). 245 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

246 BANK RESERVES AND RELATED ITEMS FEBRUARY 1967 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F. R. Bank credit outstanding | Deposits, other than member bank Member bank P d e o a ri r t o e d T U o .S ta . l Go B v r o o t i , g u u h g s t­ e t h c t u R r m c a i e h t g e i p a r e n e s u s t e e r s 1 ­ ­ c v D o a a a u n n d i c n d s ­ e ­ ts s Float 2 t T a o l ­ 3 s G to o c ld k T r s c o e u t r i u a n n u e r n r c y g a t ­ ­ y d s­ ­ r c C t e c u i i n u o i n l r c a n r ­ y ­ ­ T h c i r u n o a e r g l s a y d h s s ­ ­ T u re w ry a i s th ­ r e F F e s . e i R o g r r n v . ­ e B s, a O n t k h s er2 c O F o a t u . c h R n ­ e . t r s B W F a . n R it k h . s r c e r C a o e se n n i u n r c d r v y ­ e 4 s Total Averages of daily figures 1929—June......... 179 179 ............ 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 ........... 2,314 1933—June......... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec...... 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec........... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1Q4S Dec . .. 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950 Dec......... 20 345 20,336 9 142 I ,H7 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1956 Dec........... 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957 Dec 23 982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 1,063 19.420 19,420 1958 Dec......... 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec........... 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec........... 27,248 27,170 78 94 1,665 29,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec........... 29,098 29,061 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—Dec........... 40,885 40,772 1 13 490 2,34943,853 13,799 5,565 42,206 808 683 154 231 389 18,747 3,972 22,719 (966—Jan............ 40,626 40,451 175 427 2,25343,449 13,733 5,608 41,588 819 700 160 245 465 18,812 3,938 22,750 Feb........... 40,635 40,437 198 498 1,87043,116 13,734 5,653 41,224 834 798 140 234 789 18,482 3,751 22,233 Mar.......... 40,398 40,387 1 1 571 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 2,029 46,087 13,251 6,214 43,748 1,173 682 152 429 143 19,225 4,026 23,251 Dec........... 43,760 43,274 486 570 2,38346,864 13,158 6,284 44,579 1,191 291 164 429 83 19,568 4,262 23,830 1967—Jan............. 44,066 43,847 219 389 2,215 46,802"13,158 *6,350"43,957 "1 ,225 566 153 442 203 19,765 4,306 24,071 Week ending— 1966 Jan. 5................ 41,030 40,607 423 600 2,36644,181 13,733 5,583 42,053 788 612 166 295 346 19,237 4,033 23,270 12................ 41,145 40,823 322 613 2,39044,309 13,734 5,597 41,963 804 681 178 232 490 19,291 3,941 23,232 19................ 40,333 40,333 242 2,441 43,128 13,733 5,609 41,618 827 708 136 242 479 18,459 4,008 22,467 26........... 40,210 40,210 374 2,085 42^16 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 ,907 43,005 13,732 5,635 41,085 830 834 178 235 540 18,669 3,869 22,538 9................ 41,117 40,708 409 523 1,671 43,425 13,734 5,646 41,196 833 879 152 235 713 18,796 3,527 22,323 16................ 40,809 40,542 267 473 1 ,73943,130 13,733 5,647 41,283 833 910 135 236 745 18,368 3,785 22,153 23................ 40,224 40,224 540 2,041 42,912 13,733 5,660 41 ,219 840 681 129 232 876 18,329 3,777 22,106 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 2,087 43,193 13,704 5,709 41,459 863 506 140 303 679 18,656 3,740 22,396 30................ 40,505 40,505 528 1,741 42,916 13,632 5,734 41,348 936 560 135 376 610 18,316 3,860 22,176 Apr. 6................ 40,924 40,779 145 643 1,637 43,325 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 ,988 43,254 13,632 5,781 41,563 949 466 133 404 454 18,699 3,916 22,615 May 4 .............. 40,837 40,755 82 637 1,92843,560 13,633 5,797 41,605 935 510 157 400 417 18,966 3,769 22,735 11 .............. 41,239 40,940 299 702 1 ,77743,831 13,618 5,819 41,834 941 517 131 391 411 19,044 3,549 22,593 18................ 40,947 40,812 135 685 2,025 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 41,457 41,457 832 1 ,67044,139 13,534 5,869 41,988 995 839 149 393 633 18,545 3,823 22,368 8................ 41,682 41,661 21 567 1,76544,230 13^533 5^888 42,226 992 737 146 392 617 18,542 3,662 22,204 15................ 41,659 41,601 58 800 1 ,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 13^32 5,933 42,251 1 ,076 855 152 390 472 18,952 3,984 22,936 July 6................ 42,585 42,581 4 832 2,00645,659 13,434 5,965 42,637 1 .065 710 208 428 454 19,554 3,619 23.173 ' 13...4..2...,.6...5..6.. 42,653 3 818 2,43046,085 13,435 5,972 43,019 1,066 1,022 147 418 437 19,383 3,869 23.252 20................ 41,684 41,684 631 3,225 45,615 13,434 5,966 42,921 1 ,062 1,156 16C 433 332 18,951 3,984 22.935 27................ 41^73 41,873 ........... 682 2,77545,396 13.406 5,969 42.747 1,076 1,216 144 400 270 18.916 4.031 22.947 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 BANK RESERVES AND RELATED ITEMS 247 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 than member bank Member bank P d e o a ri r t o e d U To .S ta . l Go B v r o o i t g u , u h t s g ­ t e h c t u R a r c i g e h t r i p a e e s u e s e r ­ 1 ­ c v D o a a a n u n d i c s n d ­ e ­ t s s Float2 t T al o ­ 3 s G to o c ld k T r s c o e i t r u n u a n u e r n g c r a y t ­ ­ y d s ­ ­ r c C t e c u i i n i o u n l r c a n r ­ y ­ ­ T h c i u o n r a e r g l s y d a h s s ­ ­ T u r w r e y a it s h ­ F r F e e .R i s o g e . n r r ­ v B e a s O n , k th s er2 c O F o a t . u c h R n ­ e . t r s B W F a n i R t k h s re C r a s e e n n u r d c v r y ­ e s Total ments coin 4 Averages of daily figures Week ending— 1966 42,445 42,287 158 778 2,43945,713 13,332 5,993 42,752 1,052 1,286 319 420 168 19,042 3,945 22,987 10................ 42,583 42,231 352 786 2,32445,743 13,333 6,003 42,908 1,047 1,105 139 404 283 19,194 3,684 22,878 17................ 42,003 41,809 194 731 2,52445,305 13,332 6,014 43,000 1,069 1,065 131 414 265 18,708 3,898 22,606 24............. 41.813 41,813 720 2,541 45,121 13,312 6,030 42,894 1,081 1 ,056 126 401 386 18,519 3,935 22,454 31................ 42,597 42^597 693 1,77545,114 13,258 6,041 42,771 1 ,079 1,083 138 412 352 18,578 4,063 22,641 42,977 42,977 751 1,75445,531 13,258 6,050 42,982 1,063 988 127 410 286 18,981 3,688 22,669 14................ 42,936 42,895 41 893 J ,91445,791 13,258 6; 069 43,228 1,071 835 125 409 234 19,218 4,013 23,231 21................ 42,525 42,525 782 2,485 45,841 13,257 6,074 43,000 1 ,084 622 128 403 168 19,767 3,984 23,751 28 .............. 42,493 42393 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 1,825 45,722 13,258 6,106 42,878 1 ,091 693 146 442 88 19,748 3,866 23,614 12................ 42,969 42,969 947 1,88045,891 13,258 6,121 43,228 1 ,099 680 157 445 92 19,570 3,788 23,358 19................ 42,521 42,521 805 2,155 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 2,043 45,440 13,256 6,154 43,088 1,138 924 127 432 -45 19,187 4,080 23,267 43,019 42,958 61 610 1,77045,472 13,257 6,167 43,089 1,154 805 156 435 -33 19,290 4,090 23,380 9................ 43374 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 4,007 23,354 23................ 42,977 42,959 18 455 2,45045,967 13,257 6,230 43,876 1,180 707 148 409 258 18,875 4,048 22,923 30................ 43,527 43,171 356 650 1,90246,191 13,230 6,241 44,106 1,184 556 162 417 279 18,958 4,267 23,226 43,792 43,312 480 462 2,01446,399 13,158 6,252 44,210 1,188 452 162 415 255 19,126 4,062 23,188 14................ r43,597 43,264 r333 668 2,03246,407 13,158 6,283 44,603 1,199 127 181 412 63 19,262 4,256 23,518 2t............ : 43,492 43,126 366 485 2,671 46,808 13,158 6,291 44,675 1,188 203 155 416 32 19,588 4,304 23,892 28................ 43,947 43,263 684 559 2,77747,468 13,159 6,297 44,773 1,191 352 154 425 52 19,977 4,188 24,165 1967 Jan. 4................ 44,230 43,697 533 566 2,49347,491 13,159 6,308 44,656 1,206 375 167 529 -92 20,1 16 4,546 24,662 11................ 44,553 44,000 553 586 2,21747,563 13,159 6,344 44,445 1,214 510 143 435 150 20,168 ”4,345 ”24,513 18................ 43'937 43,797 140 218 2,111 46,384 13,158 6,348 44,004 1,221 565 149 445 209 19,298 ”4,356”23,654 25................ 43'940 43,906 34 538 202646,581 13,158 6,360 43,567 1,234 699 174 410 307 19,709 ”4,280”23,989 End of month 1966 Nov. ..................... 43,912 43,290 622 458 1,78046,281 13,159 6,244 44,246 1,151 299 196 399 301 19,093 4,871 23,964 Dec........................ 44016 43,655 661 173 2,49547,177 13,159 6,317 44,663 1,176 416 174 588 -147 19,779 4,310 24,089 1967 43,464 43,464 71 1,99445,602”13,157 ”6,387”43,395”1,224 813 148 437 357 18,773”4,443 "23,216 Wednesday 1966 Nov. 2................ 43,549 43,247 302 845 1,71046,174 13,259 6,166 43,224 1,159 714 05 430 11 19,886 4,231 24,117 9................ 43'281 43,281 552 1,141 45,044 13,259 6,194 43,717 1,172 791 148 434 18,235 4,129 22,364 16................ 43’234 43,234 548 2^135 45,990 13,259 6,214 43^833 1J80 821 139 416 251 18^23 4,389 23,212 23................ 42^962 42^833 129 392 1^5545,092 13,259 6,238 44,076 1,189 525 146 404 256 17,993 4,517 22,510 30................ 43'912 43,290 622 458 1 ',78046,281 13,159 6,244 44,246 1,151 299 196 399 301 19,093 4,871 23,964 43,704 43,342 362 358 1,66345,851 13,159 6,255 44,485 1 ,200 197 205 406 173 18,598 4,401 22,999 14................ 43,561 43,192 369 347 2,06446,083 13,159 6,288 44,744 1,215 273 166 414 20 18,698 4,876 23,574 21................ 43,943 43,251 692 304 2,751 47,188 13,159 6,293 44,809 1,201 312 152 409 37 19,720 4,731 24,451 28................ 43'986 43,263 723 957 2,42347,548 13,159 6,301 44,952 1,196 249 168 415 58 19,970 4,964 24,934 1967 43,920 43,920 199 2,358 46,704 13,159 6,308 44,624 1,211 267 153 446 -30 19,500 4,759 24,259 H............. 44,013 44^013 439 1,67746,330 13,159 6,349 44,340 1 ,216 838 132 440 170 18,702”4,802”23,504 18................ 43,893 43^604 289 335 1.871 46.212 13,159 6; 349 43,839 1,232 608 175 427 217 19,223”4,683 ”23,906 25................ 44;190 43,950 240 412 1,629|46,307 13,159 6,357 43,469 1,246 416 148 424 345 19,776”4,683 ”24,459 1 U.S. Govt, securities include Federal agency obligations. on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. 2 Beginning with 1960 reflects a minor change in concept; see Feb. See also note 2. 1961 Bulletin, p. 164. 4 Part allowed as reserves Dec. 1, 1959-Nov, 23, 1960; all allowed 3 Includes industrial loans and acceptances, when held. (Industrial thereafter. Beginning with Jan. 1963, figures are estimated except for loan program discontinued Aug. 21, 1959.) For holdings of acceptances weekly averages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

248 BANK RESERVES AND RELATED ITEMS FEBRUARY 1967 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 ­ F r r e e ­ e r i o n w gs ­ F r r e e ­ e r i o n w gs ­ F r r e e ­ e T h o el t d al qu R ir e e ­ d Excess B F a a . n R t k . s serves T h o e t l a d l qu R ir e e ­ d Excess B F a a . n R t k . s serves T h o e t ld al qu R ir e e ­ d Excess B F a a . n R t k . s serves 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—-June i 2,160 1 ,797 363 184 179 861 792 69 69 211 [33 78 78 1939—Dec. 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec. 16,027 14,536 1,491 334 1 ,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec. 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1 ,024 1 ,011 13 6 7 1950—Dec. 17,391 16,364 1 ,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 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 (959—Dec. 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1 ,038 1,038 ............1..04 -104 1960—Dec. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961—Dec. 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962—Dec. 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1 ,042 1 ,035 7 18 -11 1963—Dec. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1 ,056 1,051 5 26 -21 1964—Dec. 21,609 21,198 41 1 243 168 4,083 4,062 21 35 -14 1 ,083 1,086 -3 28 -31 1965—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. 23,251 22,862 389 61 I -222 4,339 4,299 40 ill -71 1 ,079 1,077 2 26 -24 Dec............... '’23,830”23,438 ”392 557 ”-165 "4,583 ”4,556 ”27 122 ”-95 ”1,119 ”1,115 ”4 54 ”-50 1967—Jan............... ”24,071 ”23,700 ”371 389 ”-18 ”4,594 ”4,571 ”23 69 ”-46 ”1,165 ”1,136 ”29 151 ”-122 Week ending— 1966—Jan. 5. .. . 23,270 22,951 319 562 -243 4,553 4,548 5 176 -171 1,185 1,182 3 37 -34 12. . .. 23,232 22,544 688 590 98 4,307 4,282 25 289 -264 1,116 1,113 3 45 -42 19.... 22,467 22,259 208 218 - 10 4,229 4,182 47 66 - 19 1,105 1 ,099 6 27 -21 26.... 22,451 22,146 305 352 -47 4.208 4,211 -3 61 -64 1 ,091 1,089 2 74 -71 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.... 23,354 22,807 547 71 1 -164 4,235 4,206 29 152 -123 1,095 1,092 3 26 -23 23. 22,923 22,739 184 439 -255 4,261 4,233 28 28 1 ,067 1 ,062 5 13 -8 30.... 23,226 22,766 460 636 -176 4,361 4,345 16 90 -74 1 ,063 1 ,059 4 26 -22 Dec. 7. , 23,188 23,007 181 449 -268 4,454 4,432 22 22 1 ,073 1,073 20 -20 14. . .. 23,518 23,008 510 647 -137 4,378 4,363 15 122 -107 1 ,075 1,070 5 79 -74 21 ... . 23,892 23,688 204 472 -268 4,701 4,656 45 75 -30 1,156 1,147 9 9 28.... 24,165 23,728 437 548 -111 4,680 4,673 7 183 -176 1,136 1,131 5 63 -58 1967—Jan. 4. . . . 24,662 24,267 395 565 -170 4,846 4,827 19 201 -182 1,224 1,220 4 141 -137 11.... ”24,513 ”23,855 ”658 585 ”73 ”4,617 ”4,579 ”38 254 ”216 ”1,143 ”1,137 ”5 168 ”-163 18. ... ”23,654 ”23,535 ”119 217 ”-98 ”4,470 ”4,451 ”19 3 ”16 ”1,084 ”1,086 ”-2 84 ”-86 25 ... . ”23,989”23,489 ”500 538 ”-38 ”4,545 ”4,521 ”23 1 ”22 ”1,107 ”1,108 i>..............251 ”-251 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 BANK RESERVES AND RELATED ITEMS 249 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 1,302 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 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 I960—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec. 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Dec. 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1964—Dee. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 1965—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 9,31 1 33 279 -246 8,439 8,176 263 229 34 Nov. 9,306 9,258 48 293 -245 8,528 8,229 299 181 118 Dec. ................................ ”9,509 ”9,449 ”61 220 ”-159 ”8,619 ”8,318 ”301 161 ”140 1967—Jan.. ”9,585 ”9,567 ”18 97 ”-79 ”8,727 ”8,426 ”301 72 ”229 Week ending— 1966—Jan. 5.......................... 9,247 9,218 29 233 -205 8,284 8,002 282 116 166 12................................ 9,132 9,088 43 206 -163 8,678 8,061 617 50 567 19........................... 9,024 8,971 53 83 -30 8,109 8,006 102 42 60 26........................... 8,939 8,906 32 145 -113 8,214 7,940 274 72 202 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 8,136 245 -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 7! 220 -149 Nov. 2........................... 9,382 9,345 37 344 -307 8,396 8,166 230 195 35 9,372 9,312 60 213 -153 8,538 8,247 291 177 114 16........................... 9,297 9,270 27 362 -335 8,751 8,260 491 171 -320 23............................ 9,279 9,218 61 228 -167 8,316 8,226 90 198 -108 30........................... 9,244 9,174 70 341 -271 8,558 8,188 370 179 -191 Dec. 7........................... 9,311 9,289 22 217 -195 8,350 8,213 137 212 -75 14.................. 9,321 9,259 26 262 -236 8,744 8,280 464 184 280 21........................... 9,593 9,537 56 224 -168 8,441 8,348 93 164 -71 28........................... 9,579 9,556 23 183 -160 8,771 8,368 403 119 284 1967—Jan. 4........................... 9,832 9,773 59 159 -100 8,760 8,447 313 64 249 11............................ ”9,673 ”9,648 ”25 80 "-55 ”9,079 ”8,49! ”587 ”83 ”504 18............................ "9,561 ”9,539 ”22 52 ”-30 ”8,542 ”8,459 ”83 ”78 "5 25........................... ”9,508 ”9,464 "44 222 ”-178 ”8,829 "8,397 ”431 ”64 ”367 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

250 MAJOR RESERVE CITY BANKS FEBRUARY 1967 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks 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 i ^ b e u n d a e n t n e e d t r k r s a ­ l S d u e o r f p i r c l u it s r P r e e e q s a r e v o u c r g i f v e r . e e n d s t c P ha u s r e ­ s Sales ac 2 tr t - a i w o n a n s y ­ s 2 b c o b P u h f a y a u n n s i r k n e e ­ s s g t s o b S e a f a l l n l n i e k n e s g s t d L ea o t l a o e n r s s 3 de f r i a r o n o l g w e m s r ­ s 4 lo N a e n t s trans. Total—46 banks 1966—Dec. 7.............. 30 85 1,235 -1,287 12.5 3,034 1,803 1,415 1,620 389 732 204 528 14.............. 45 359 1,449 -1,763 17.4 3,162 1,713 1 ,400 1,763 313 875 105 770 21.............. 77 223 2,000 -2,146 20.2 3,513 1,513 1,275 2,237 238 1,198 117 1,081 28.............. 247 313 1,508 -1,574 14.8 3,117 1 ,609 1,381 1,736 227 1 ,250 140 1,111 1967—Jan. 4.............. 47 433 1 ,588 -1,974 17.9 2,740 1,152 1,014 1,726 138 1 ,728 123 1,606 11.............. 45 441 2,688 -3,085 29.1 3,672 984 910 2,762 73 2,064 101 1,964 18.............. 25 84 2,793 -2,852 27.5 4,106 1,313 1,090 3,015 223 2,033 75 1,959 25.............. 49 396 1,839 -2,186 20.9 3,182 1,348 1,135 2,052 213 2,016 87 1,929 <8 in New York City 1966—Dec. 7....... 20 455 -434 10.5 1,261 806 735 526 71 472 178 294 14 J1 121 319 -410 10.2 1,390 1,071 836 553 234 535 95 440 21 . ............ 36 75 586 -626 14.5 1,527 941 812 715 129 795 107 688 28.............. 17 183 735 -901 20.8 1,520 786 737 783 49 999 130 869 1967—Jan. 4.............. 19 201 945 -1,128 25.2 1,266 321 321 945 1 ,323 113 1,210 Il 30 255 1,222 -1,446 34.2 1,648 426 426 1,222 1 ,208 94 1,114 18 16 3 940 -927 22.5 1 ,753 812 672 1,080 140 993 75 918 25.............. 22 ............4..4..0 -419 10.0 1 ,256 815 679 577 136 1,198 87 1,111 38 outside New York City 1966—Dec. 7.............. 10 85 776 -852 13.9 1,773 997 679 1,094 318 260 26 234 14.............. 14 237 1,130 -1,353 22.2 1,773 642 563 1,209 79 340 10 329 21.............. 41 148 I ,413 -1,521 24.1 1,986 573 464 1 ,522 109 403 10 394 28.............. 231 130 774 -674 10.6 1,597 823 644 953 179 252 10 242 1967—Jan. 4.............. 28 232 643 -846 13.0 1,473 831 693 780 138 406 10 396 11.............. 15 187 1 ,467 -1,639 25.8 2,024 558 484 1,540 73 856 7 849 18.............. 9 82 1,853 -1,925 30.8 2,353 501 418 1,935 83 1,040 1,040 25.............. 27 396 1,398 -1,767 28.2 1 ,932 533 456 1,475 77 818 818 5 in City of Chicago 1966—Dec. 7.............. 417 -416 43.6 579 162 150 429 12 4 4 14.............. 3 64 349 -411 43.2 474 125 124 351 1 16 16 21.............. 3 388 -385 37.5 533 144 129 404 16 24 24 28.............. 15 47 401 -433 42.5 546 145 137 409 8 10 ...............1.0 1967—Jan. 4.............. 138 324 -462 42.1 469 145 128 341 17 23 23 11 4 164 397 -557 54.8 463 66 62 401 4 48 48 18.............. -2 76 470 -548 56.5 552 82 66 486 16 35 35 25.............. 5 244 312 -552 55.8 435 123 104 331 19 19 19 33 others 1966—Dec. 7.............. 9 85 360 -436 8.4 1,195 835 530 665 305 256 26 230 14.............. ll 173 781 -943 18.3 1,299 517 440 859 78 323 10 313 21.............. 38 148 1,025 -1,136 21.5 1 ,453 428 335 1,118 93 379 10 370 28.............. 215 83 373 -241 4.5 1 ,051 678 508 543 170 241 10 232 1967—Jan. 4.............. 28 93 319 -385 7.1 1 ,005 685 565 439 120 382 10 373 11.............. 11 23 1,069 -1,081 20.2 1,561 492 423 1,139 69 808 7 802 18.............. 11 6 1 ,383 -1,377 26.1 1,801 418 352 1,449 66 1,006 1 ,006 25.............. 23 151 1,086 -1,215 23.1 1,497 410 352 1,145 58 799 ............7..9..9 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

FEBRUARY 1967 DISCOUNT RATES 251 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 Iasi 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 Jan. 31 date rate Jan. 31 date rate Jan. 31 date rate Boston.................................................... 4'4 Dec. 8, 1965 4 5 Dec. 8 1965 4'4 514 Nov. 24, 1964 4'4 New York............................................. 4% Dec. 6, 1965 4 5 Dec. 6, (96S 4'4 5‘4 Dec. 6, 1965 5 Philadelphia.......................................... 41/2 Dec. 10, 1965 4 5 Dec. 10, 1965 4'4 5'4 Dec, 10, 1965 5 Cleveland......................................... 4'A Dec. 10, 1965 4 5 Dec. 10, 1965 4'4 6 Dec. 10, 1965 5'4 Richmond............................................ 41/2 Dec. 10, 1965 4 5 Dec. 10, 1965 4'4 5'4 Dec. 10, 1965 5 Atlanta................................................... 41/2 Dec. 8, 1965 4 5 Dec. 8, 1965 4'4 6'4 Dec. 8, 1965 6 Chicago.................................................. 41/2 Dec. 6, 1965 4 5 Dec. 6, 1965 4'4 5 >4 Dec. 6, 1965 5 St. Louis............................................... 414 Dec. 10, 1965 4 5 Dec. 10, (965 4'4 5'4 Dec. 10, 1965 5 Minneapolis.......................................... 41/2 Dec. 10, 1965 4 5 Dec. 10, 1965 4'4 5'4 Dec. 10, 1965 5 Kansas City........................................... 4'4 Dec. 13, 1965 4 5 Dec. 13, 1965 4'4 5'4 Dec. 13, 1965 5 Dallas...................................................... 41/$ Dec. 10, 1965 4 5 Dec. 10, 1965 4'4 5'4 Dec. 10, 1965 5 San Francisco...................................... 4'4 Dec. 10, 1965 4 5 Dec. (0, 1965 4'4 5% Dec. 10, 1965 5 i Discounts of eligible paper and advances secured by such paper or 2 Advances secured to the satisfaction of the F.R. Bank. Maximum by U.S. Govt, obligations. Rates shown also apply to advances secured maturity: 4 months. by obligations of Federal intermediate credit banks maturing within 6 3 Advances to individuals, partnerships, or corporations other than months. Maximum maturity: 90 days, except that discounts of certain member banks secured by U.S. Govt, direct obligations. Maximum matu­ bankers’ acceptances and of agricultural paper may have maturities not rity: 90 days. over 6 months and 9 months, respectively, and advances secured by FICB obligations are limited to 15 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 ah F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. 1 -1'4 t * 15. A .... 1 p .. 9 r .. . 5 . . 5 .. 1 .. 4 ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ......... 1 1... ' '. 4 4.. - -.. 1 1. % % 1’4 1959 2’4-3 3 1942 May 2................................. 1’4 16................................. 3 3 Oct. 3 15 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........ it' t 1 1 ft A Se u p g ~ t , . 1 4 9 5 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 1 ’ ’ 4 4- - - - 2 2 2 2 ' ' ' ' 4 4 4 4 2 2 '4 S M e a p ' y t. 2 1 1 9 8 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 ’4 4 3 - - ’4 4 3'4 4 3 4 3 f f t t ' 13.................................. 2'4 2'4 1946 Nov. 18........................... 2’4-2% 2^ i960 t 14-1 1 23................................. 2’4 May 10...................................... 1 June 3................................. 3’4-1 4 1956 10........3..'.4...-..4.................^ Apr, 13...........................2..’4-3 ^ 14................................. 3'4 1948 * 20.................................. 2’4-3 3 -3'4 3 1 -1% 1*4 2’4-3 3 3 3 19...................................... 1'4 174 “ 31.................................. 3 3 114-1'4 “ 23...................................... 1'4 1'4 1957 1963 1950 No " v . 2 1 3 5 . . . A . . . . . . . u . . . . g . . . . . . . . . . . . . . . . . 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........3 3 .. ... 3 ..- % - ..3 3 ' '4 4 3 3 3 ft July ' 2 1 6 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 - '4 3’4 3 3' ' 4 4 1%-1% ^ Dec, 2................ 3 3 ~ 25...................................... 1’4 1958 1964 Jan. 22.........................2...’4...-..3. 3 Nov. 24................................. 3'4-4 4 1953 24.................................. 30............4.....................4 1’4-2 2 Mar. 7.................................. 23.................................... 2 2 13.................................. 2%-2% 21........................... i’j-1'4 1965 Apr. 18........................... 4 -4'4 4'4 1954 May 9................................. }^ 13................................. 4'4 4'4 Feb. 5..........................1..’.4...-..2.. t’4 ‘ 1 1 6 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i 1 * ’4 4 - - 1 t% ’4 1 1 1’ ’ ' 4 4 4 ■ O Se c ‘ p t . t . 2 2 1 3 4 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 -214 2 2 1967 May 21............................. 1'4 1'4 Nov. 7................................. 2'4 2ft In effect Jan. 31................ 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 1 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; (962—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

252 RESERVE REQUIREMENTS FEBRUARY 1967 RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Net demand deposits2 Time deposits Net demand Time deposits deposits2 Effective date * C re e c s n i e t t r y r v a e l Re c s i e ty rv e Co tr u y n ­ C r r e e e a s s n n e e r t r d r v v a e e l C t o r u y n ­ Effective date1 Re c s i e ty rv e C t o r u y n ­ Re c s i e ty rv e Co tr u y n ­ banks banks banks city banks banks banks banks banks banks In effect Dec. 31, 1949.............. 22 18 12 5 5 1962—Oct. 25, Nov. 1 . ,. 4 4 1951—Jan. 11, 16....................... 23 19 13 6 6 1966—July 14,21................ (4) (4) Jan. 25, Feb. 1.............. 24 20 14 1953—July 9’1......................... 22 19 13 Sept. 8, 15............... (5) (■') 1954—June 24, 16....................... 21 5 5 July 29, Aug. 1.............. 20 18 12 In effect Feb, 1, 1967......... 16'4 12 (5) (5) 1958—Feb. 27, Mar. 1.............. 19^ 17^ im 19 17 ii Apr. 17.............................. 18y2 Apr. 24.............................. 18 1614 Present legal 1960—Sept. 1.............................. Hh requirement: Nov. 24............................. 12 Dec. 1.............................. I6’A Minimum . 10 7 3 3 1962—July 28.............................. (3) (’) Maximum................... 22 14 10 10 1 When two dates are shown, the first applies to the change at central million—4 per cent; on other time deposts in excess of $5 million—• reserve or reserve city banks and the second to the change at country 6 per cent. Effective Jan. 5, 1967, time deposits such as Christmas and banks. vacation club accounts became subject to same reserve requirement as 2 Demand deposits subject to reserve requirements are gross demand savings deposits. deposits minus cash items in process of collection and demand balances Note.—All required reserves were held on deposit with F.R. Banks, due from domestic banks. June 21,1917, until late 1959. Since then member banks have been allowed ^ Authority of the Board of Governors to classify or reclassify cities to count vault cash also as reserves as follows: country banks—in excess as central reserve cities was terminated effective July 28, 1962. of 4 and 2'4 per cent of net demand deposits effective Dec. 1, 1959, and 4 On savings deposits—4 per cent; on other time deposits up to $5 Aug. 25, 1960, respectively; central reserve city and reserve city banks— million—4 per cent; on other time deposits in excess of $5 million— in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1, 1960, 5 per cent. respectively; all member banks were allowed to count all vault cash as 5 On savings deposits—4 per cent; on other time deposits up to $5 reserves effective Nov. 24, 1 960. 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 2'4 2 >4 3 4 4 4 4 Other time deposits:1 Less than 12 months.......... 3 2'4 214 3 3W 3’4 4 4 Multiple-maturity: Other time deposits:1 90 days or more......... 5 5 12 months or more............. 3 2'4 2'4 3 4 4 4'4 514 Less than 90 days......... 4 4 6 months to 12 months .. . 3 2'4 214 3 3'4 4 414 514 (30-89 days) 90 days to 6 months........... 3 214 2 2^ 2'4 4 414 5>4 Single-maturity: Less than 90 days................ 3 214 1 1 1 1 4 514 $100,000 or more...... 514 5^ (30-89 days) Less than $ 100,000.... 5*4 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. 1084. companies on like deposits under the laws of the State in which the member bank is located. Effective Feb. I, 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 (Per cent of market value) 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

FEBRUARY 1967 BANK DEPOSITS; OPEN MARKET ACCOUNT 253 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 b l s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Dec. 7, 1966 Four weeks ending Jan, 4, 1967 Gross demand—Total.... 145,751 28,168 6,714 53,508 57,362 Gross demand—Total.... 152,208 30,725 7,059 55,844 58,581 Interbank..................... 16,348 5.253 1,317 7,672 2,107 Interbank..................... 16,905 5,504 1,290 7,939 2,173 U.S. Govt..................... 2,916 644 111 1,053 1,108 U.S. Govt..................... 3,239 707 185 1,198 1,149 Other............................. 126,488 22,270 5,287 44,783 54,148 Other........................ (32,066 24,515 5,585 46,706 55,260 Net demand *....................... 115,561 20,291 5,059 41,772 48,440 Net demand 1....................... 120,568 22,256 5,498 43,420 49,395 Time....................................... 127,139 17,689 4,747 48,434 56,270 Time....................................... 128,275 17,722 4,810 48,986 56,759 Demand balances due Demand balances due from dom. banks....... 8,165 225 321 2,046 5,574 from dom. banks....... 8,450 220 274 2,187 5,768 Currency and coin............. 4,095 331 83 1 ,266 2,416 Currency and coin............. 4,324 363 92 1,333 2,536 Balances with F.R. Balances with F.R. Banks................................. 19,077 3,996 985 8,018 6,078 Banks................................. 19,736 4,288 1,056 8,249 6,143 Total reserves held............. 23,172 4,327 1,068 9,284 8,494 Total reserves held............. 24,060 4,651 1,148 9,582 8,679 Required. .................... 22,831 4,305 1,067 9,238 8,222 Required......... 23,673 4,630 1,143 9,540 8,361 Excess........................... 341 22 1 46 272 Excess................................ 387 21 5 42 318 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 (-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 re s a d h t o e i u f r m r t s i p t , y ­ c G p h r a u o s r s e ­ s s G sa r l o e s s s m E s a h x t o i u c f r r h t i s . . ty tions 1965—Dec............... 8(6 615 297 816 615 297 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 Nov............... 860 223 323 860 223 323 6,456 -6,253 Dec.............. 771 405 736 405 15 12 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal acceptances (U.S. Govt, Net agency 5-10 years Over 10 years securities) change obliga­ Month in U.S. tions Under Net c G h p r a u o s r s e ­ s s G sa r l o e s s s o E t s r u h x r i m c i f t t h y a s . ­ c G p h r a u o s r s e ­ s s G sa r l o e s s s o E t s r u h x r i m c i f t h t y s a . ­ c G h p r a u o s r e s ­ s s G sa r l o e s s s s G i e t o c ie u v s r t, ­ p ( m u a n g r e e c r t n h e t r a e s e s ­ ) ­ e r O i n g u e h t t t ­ , m r a c e g h e n p r a n e u e s t t e r s e ­ ­ , changei 1965—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 -I 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 -I 387 Oct........ 275 275 69 4 21 94 Nov.. .. -203 1,775 1,153 937 3 56 996 Dec.. . . 3 5 3,751 3,746 370 34 15 47 466 1 Net change in U.S. Govt, securities, Federal agency obligations, and Note.—Sales, redemptions, and negative figures reduce System hold­ bankers’ acceptances. ings; all other figures increase such holdings. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

254 FEDERAL RESERVE BANKS FEBRUARY 1967 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1967 1966 1967 1966 Jan. 25 Jan.18 Jan. 11 Jan. 4 Dec. 28 Jan. Dec. Jan. Assets Gold certificate account......................................................... 10,823 10,823 10,823 10,823 10,836 10,838 10,836 11,696 Redemption fund for F.R. notes......................................... 1,845 1,854 1,850 1,853 1,842 1,840 1,838 1 ,740 Total gold certificate reserves............................................... 12,668 12,677 12,673 12,676 12,678 12,678 12,674 13,436 Cash.............................................................................................. 335 321 304 291 295 346 298 173 Discounts and advances: Member bank borrowings............................................ 412 335 439 199 957 71 173 219 Other........................................................................... 20 Acceptances'. Bought outright................................................................... 76 76 79 79 69 73 69 73 Held under repurchase agreements................................ 37 122 148 113 124 37 Federal agency obligations—Held under repurchase agreements.......................................................................... 2 51 34 U.S. Govt, securities: Bought outright: Bills............................................................................... 12,098 1 1,752 12,161 12,068 11,411 11,612 11,803 8,847 Certificates—Special....................................................... Other......................................................... 4,351 4,351 4,351 4,351 4,351 4,351 4,351 Notes................................................................................... 21,302 21,302 21,302 21,302 21,302 21,302 21,302 24,828 Bonds.................................................................................. 6,199 6,199 6,199 6,199 6,199 6,199 6,199 6,550 Total bought outright......................................................... 43,950 43,604 44,013 43,920 43,263 43,464 43,655 40,225 Held under repurchase agreements........................... 240 287 672 627 340 Total U.S. Govt, securities.................................................... 44,190 43,891 44,013 43,920 43,935 43,464 44,282 40,565 Total loans and securities...................................................... 44,678 44,341 44,653 44,346 45,125 43,608 44,682 40,914 Cash items in process of collection.................................... 7,008 8,174 7,398 8,170 7,980 6,833 '7,864 5,907 Bank premises............................................................................ 108 107 107 107 107 107 107 102 Other assets: Denominated in foreign currencies................................ 398 518 565 758 841 397 875 398 IMF gold deposited1......................................................... 211 211 211 211 211 212 211 36 AU other.................................................................................. 435 405 381 354 324 455 332 427 Total assets................................................................................. 65,841 66,754 66,292 66,913 67,561 64,636 ■-’67,043 61,393 Liabilities F.R. notes.................................................................................... 38,201 38,560 39,025 39,335 39,661 38,098 39,339 36,149 Deposits: Member bank reserves...................................................... 19,776 19,223 18,702 19,500 19,970 18,773 '■19,779 18,751 U.S. Treasurer—General account............................. 416 608 838 267 249 813 416 823 Foreign.................................................................................... 148 175 132 153 168 148 174 283 Other: IMF gold deposit1........................................................... 211 211 211 211 21 1 212 211 36 All other............................................................................. 213 216 229 235 204 225 377 205 Total deposits............................................................................. 20,764 20,433 20,112 20,366 20,802 20,171 ^20,957 20,098 Deferred availability cash items.......................................... 5,379 6,303 5,721 5,812 5,557 4,839 5,369 3,736 Other liabilities and accrued dividends2......................... 224 223 236 240 256 222 238 178 Total liabilities........................................................................... 64,568 65,519 65,094 65,753 66,276 63,330 '65,903 60,161 Capital Accounts Capital paid in........................................................................... 572 571 571 570 570 573 570 555 Surplus.......................................................................................... 570 570 570 570 551 570 570 551 Other capital accounts........................................................... 131 94 57 20 164 163 126 Total liabilities and capital accounts................................. 65,841 66,754 66,292 66,913 67,561 64,636 "67,043 61,393 Contingent liability on acceptances purchased for foreign correspondents................................................ 174 168 175 185 192 173 191 134 U.S. Govt, securities held in custody for foreign account................................................................................ 7,186 7,018 6,923 7,113 7,642 7,141 7,036 7,974 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)......................... 41,723 41,876 42,071 42,244 42,190 41,584 42,218 40,049 Collateral held against notes outstanding: Gold certificate account................................................ 6,450 6,450 6,450 6,450 6,522 6,750 6,505 6,660 Eligible paper.................................................................... 2 30 23 5 35 3 2 5 U.S. Govt, securities........................................................... 36,986 36,986 36,996 37,016 36,956 36,376 36,956 34,653 Total collateral................................................................. 43,438 43,466 43,469 43,471 43,513 43,129 43,463 41 ,318 i See note 2 to table at bottom of p. 316. 2 No accrued dividends at end-of-December dates. 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FEBRUARY 1967 FEDERAL RESERVE BANKS 255 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1967 (In millions of dollars) Item Total Boston Y N o ew rk P p d h h e il l i ­ 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. is M ap in o n li e s ­ K C s a a it s n y ­ Dallas c F S i r s a a c n n o ­ Assets Gold certificate account................... 10,838 718 2,501 654 891 1 ,004 598 1,950 417 141 394 319 1,251 Redemption fund for F.R. notes......... 1,840 101 441 96 154 158 102 340 64 32 72 62 218 Total gold certificate reserves............. 12,678 819 2,942 750 1,045 1,162 700 2,290 481 173 466 381 1 ,469 F.R. notes of other Banks..................... 1,118 80 270 79 127 85 1 1 1 106 39 21 31 52 117 Other cash......................................... 346 13 40 9 56 20 42 51 32 9 17 20 37 Discounts and advances: Secured by U.S. Govt, securities. . . 69 6 4 3 1 4 9 14 8 6 12 1 1 Other......................................................... 2 1 Acceptances: Bought outright............................... 73 73 Held under repurchase agreements. Federal agency obligations—Held under repurchase agreements....... U.S. Govt, securities: Bought outright............................... 43,464 2,31 1 11,253 2,201 3,456 3,209 2,382 6,663 1,530 909 1,703 1,742 6,105 Held under repurchase agreements. 43,608 2,317 11,330 2,204 3,457 3,213 2,391 6?678 1 ,538 915 1,716 1,743 6,106 Cash items in process of collection... 8,572 463 1,690 485 636 632 660 1,613 409 269 557 464 694 Bank premises............................................. 107 3 9 3 5 6 20 19 9 3 11 10 9 Other assets: Denominated in foreign currencies. 397 19 1 105 21 35 21 24 57 14 9 17 23 52 IMF gold deposited2.......... 212 212 All other........................................ 455 24 120 22 36 33 26 68 16 10 18 18 64 Total assets.................................................. 67,493 3,738 16,718 3,573 5,397 5,172 3,974 10,882 2,538 1,409 2,833 2,7U 8,548 Liabilities F.R. notes.................................................... 39,216 2,345 9,105 2,236 3,236 3,598 2,221 7,091 1 ,434 691 1,482 1 ,245 4,532 Deposits; Member bank reserves....................... 18,773 796 5,338 812 1,480 914 1 ,073 2,261 700 469 831 987 3,112 U.S. Treasurer—General account.. 813 45 177 35 33 71 34 133 42 28 54 62 99 Foreign..................................................... 148 6 3 52 7 12 7 8 19 4 3 6 7 17 Other: IMF gold deposit 2..................... 212 212 All other.............................................. 225 * 150 * * 8 2 2 1 1 3 1 57 20,171 847 5,929 854 1,525 1,000 1,117 2,415 747 501 894 1,057 3,285 Deferred availability cash items........... 6,578 472 1,286 403 503 487 545 1,148 304 182 392 327 529 Other liabilities and accrued dividends 222 12 59 11 17 16 12 34 8 5 8 9 31 Total liabilities........................................... 66,187 3,676 16,379 3,504 5,281 5,101 3,895 10,688 2,493 1,379 2,776 2,638 8,377 Capital Accounts 573 27 149 30 51 30 35 84 20 14 26 33 74 Surplus.......................................................... 570 27 148 30 51 30 35 83 20 14 25 33 74 Other capital accounts............................. 163 8 42 9 14 11 9 27 5 2 6 7 23 Total liabilities and capital accounts.. 67,493 3,738 16,718 3,573 5,397 5,172 3,974 10,882 2,538 1,409 2,833 2,711 8,548 Ratio of gold certificate reserves to F.R. note liability (per cent): Jan. 31, 1967....................... 32.3 34.9 32.3 33.5 32.3 32.3 31.5 32.3 33.5 25.0 31.4 30.6 32.4 Dec. 31’, 1966................................ 31.5 32.5 27.0 34.5 29.7 32.6 31.1 29.6 36.3 34.7 31.3 56.1 33.6 Jan. 31' 1966............................... 36.0 38,6 34.7 38.5 35,9 36.1 36.5 35.5 34.9 40.3 34.9 34.7 36.9 Contingent liability on acceptances purchased for foreign correspond­ ents. ............................................... 173 8 4 44 9 16 9 1 I 25 6 4 8 10 23 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank).................................................. 41,584 2,441 9,610 2,319 3,524 3,751 2,386 7,514 1,515 727 1,552 1,347 4,898 Collateral held against notes out­ standing: Gold certificate account..................... 6,750 500 1,000 483 600 740 450 1,400 310 127 225 180 735 Eligible paper,...................................... 3 3 U.S. Govt, securities ......................... 36,376 2,016 8,900 2,000 3,050 3,035 2,050 6,150 1,310 635 1,400 1 ,230 4,600 Total collateral................................. 43,129 2,516 9,900 2,486 3,650 3,775 2,500 7,550 1,620 762 1,625 1,410 5,335 1 After deducting $292 million participations of other F.R. Banks. 3 After deducting $96 million participations of other F.R. Banks. 2 See note 2 to table at bottom of p. 316. 4 After deducting $129 million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

256 FEDERAL RESERVE BANKS; BANK DEBITS FEBRUARY 1967 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1967 1966 1967 1966 Jan. 25 Jan.18 Jan. 11 Jan. 4 Dec. 28 Jan. Dec. Jan. Discounts and advances—Total......................................... 412 335 439 199 957 71 173 239 Within 15 days...................................................................... 408 304 437 196 953 66 168 216 16 days to 90 days.............................................................. 4 3! 2 3 4 5 5 23 Acceptances—T o ta 1................................................................. 76 113 201 227 182 73 193 110 Within 15 days...................................................................... 18 54 141 164 123 16 135 54 16 days to 90 days............................................................... 58 59 60 63 59 57 58 56 U.S. Govt, securities and Federal agency obligations— Total......................................................................................... 44,190 43,893 44,013 43,920 43,986 43,464 44,316 40,565 Within 15 days i................................................................... 2,056 1 ,856 1 ,135 984 I ,893 4,108 1,169 3,286 16 days to 90 days............................................................... 8,509 8,150 8,872 8,945 8,629 6,000 9,415 4,324 91 days to 1 year................................................................. 24,774 25,036 25,155 25,140 24,613 24,505 24,881 17,055 Over 1 year to 5 years........................................................ 7,458 7,458 7,458 7,458 7,458 7,458 7,458 14,066 Over 5 years to 10 years................................................... 991 991 991 991 991 991 991 1,449 Over 10 years........................................................................ 402 402 402 402 402 402 402 385 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 an ol a l d a i r a s n F fr r a e n n c c s h G m er a m rk a s n Ita li l r i e an Jap y a e n n ese g N u la e i n l t d h d e e s r r s ­ f S r w an is c s s 1966„ Feb.................................... 166 51 53 2 1 44 1 1 3 10 Mar................................... 218 51 53 2 1 74 9 1 3 24 Apr.................................. 299 103 53 2 1 81 9 1 3 47 May................................. 364 163 53 2 1 116 2 1 3 24 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 I 2 Sept................................... 742 587 54 20 76 1 1 * 3 Oct..................................... 783 622 54 20 1 76 6 1 * 3 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (in billions of dollars) Period SM T 2 o S 2 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 Y S l c A l . 2 . ) 2 ’s 4 SM o 2 th 1 S 8 e A r ’s SM T 2 o 2 S t 5 A a l ’ s N L . e Y ad . ing S 6 M o S th A e ’s rs2 T S o N ( M t e a . x S Y l c A l 2 . . ) 2 ’s 4 SM o 2 th S 18 e A r ’s 1965—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 31178.9 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 G311.3 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 J37.9 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................................... 6,096.4 2'566.6 1’391.4 3'529.8 2 J38.4 54.6 111.0 53,2 39.8 33.8 Dec........................... 6'373.9 2,844.6 1’407.3 3,'529.3 2'122.0 56.7 120,9 52,9 39,7 34.1 1967—Jan..................................... 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

FEBRUARY 1967 U.S. CURRENCY 257 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in cir­ cula­ tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939......................... 7,598 5,553 590 559 36 1 019 1,772 1 576 2 048 460 919 191 425 20 32 1941......................... 11,160 8,120 751 695 44 1,355 2,731 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 i868 20,020 lj404 1,048 65 2 110 6,275 9,119 8*850 2*548 5*070 428 782 5 17 1950......................... 27,741 19'305 I‘,554 l'll3 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955......................... 31'158 22 ,’021 1’927 1312 75 2’ 151 6,617 9 940 9 136 2’736 5,641 307 438 3 12 1958......................... 32,193 22,856 2,182 1394 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 2327 1,533 88 2,246 6’691 10 536 9 * 348 2*815 5*954 249 316 3 10 1961......................... 33’918 24,388 2382 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 3j030 1,722 103 2,469 7 373 12,109 10 885 3,221 7110 249 298 3 4 1964......................... 39,619 28,100 3305 1,806 111 2 517 7,543 12,717 ll 519 3 381 7 590 248 293 2 4 1965—Dec.............. 42,056 29,842 4,027 1,908 127 2,618 7,794 13,369 12 214 3 540 8 135 245 288 3 4 1966—-Jan............... 41,092 28,982 4,060 1,818 127 2,489 7,514 12,974 12 110 3 482 8 092 243 286 3 4 Feb.............. 41,252 29,149 4,096 1,818 128 2,495 7,586 13 327 12’103 3’,470 8’,098 243 286 3 4 Mar............. 41,469 29,323 4,152 1 324 129 2,496 7'607 13 116 12,147 3 478 8,136 242 285 3 4 Apr.............. 41,538 29,373 4'192 1,838 130 2,502 7,585 13,125 12,166 3,485 8,148 242 285 3 4 May............ 42’102 29 ,’868 4'231 1,876 133 2,555 7,732 13'342 12 234 3 507 8,196 241 284 3 4 June 42’554 30,228 4’264 1,884 135 2,570 7,805 13,569 12,326 3,542 8 254 241 283 3 4 July............. 42;708 30’311 4,285 1'880 136 2,550 7,770 13,690 12,397 3,560 8 307 240 283 3 4 Aug............. 42,910 30355 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 13,659 12383 3,562 8,392 239 283 3 4 Oct.............. 43,113 30,556 4'380 1,926 1 37 2,583 7,785 13,745 12 556 3,572 8,455 239 283 3 4 Nov,.......... 44’245 31’499 4'447 1 396 137 2,684 8,076 14,159 12 747 3 612 8,583 240 285 3 4 Dec.............. 44,663 31,695 4380 2351 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 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 D ta e 1 n c 9 d . 6 i 6 3 n 1 g , A g s a o s g s l i d l e a v c i a n e u n r s r t d i t y Tre ca a s s h ury B F a F a n o n R d k r . s A B F a g a . n e n R d n k . t s s Dec. 31 1966 Nov. 30 D 1 e 9 c 6 5 31 certificates Agents Gold.............................................................................................. 13,159 (12,674) 2 484 Gold certificates.............................................................. (12,674) 12,672 1 Federal Reserve notes............................................................ 42,217 107 2,879 39,231 38,840 36,973 Treasury currency—Total..................................................... 6,317 (569) 582 302 5,432 5,405 5,082 Standard silver dollars....................................................... 485 3 481 482 482 Silver bullion................................................................ 764 566 198 Silver certificates.................................................................. (569) 2 9 558 561 651 Fractional coin........................................................... 4,654 378 277 3,998 3,965 3,546 United States notes........................................................... 323 4 14 305 307 299 In process of retirement.................................................... 92 89 90 105 Total—Dec. 31, 1966............................................................. 6 61,693 (13,243) 1,174 12,672 3,181 44,663 Nov. 30, 1966..................................................... 6 61,001 (13,238) 1,151 12,666 2,938 44,245 Dec. 31, 1965............................................................. 6 59,659 (14,124) 760 13,435 3,408 42,056 i 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. 247. for other items; gold certificates are secured by gold, and silver certificates 2 Includes $156 million reserve against United States notes and $211 by standard silver dollars and monetized silver bullion. Duplications million gold deposited by and held for the International Monetary Fund. are shown in parentheses. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate Fund—Board of Governors, FRS; and (2) the Redemption Fund for F.R. Note.—Prepared from Statement of United States Currency and Coin 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. 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258 MONEY SUPPLY; BANK RESERVES FEBRUARY 1967 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, Currency Demand ad­ Currency Demand ad­ demand Total component deposit justed 1 Total component deposit justed 1 deposits 1 component component 1960—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 82.7 149.4 30.2 119.2 81.8 4.9 1962—Dec........................................................... 147. 5 30.6 116.9 97.8 151.6 31.2 120.3 96. 7 5.6 1963—E>ec............................................................ 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—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 Apr............................................................ 170.9 37.2 133.7 151.4 171.6 36.8 134.8 152.2 3.1 170.2 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 37.7 131 9 155.3 167.9 37.8 130.1 155.8 8.2 Aug.......................................................... 169.6 37.8 131.8 1 56.6 166.9 37.9 129.1 157.0 5.2 Sept.. ...................................................... 170.5 37.9 132.6 157. 1 rl69.4 37.9 131.5 156.9 Oct........................................................... 169.6 G8.0 131.7 156.8 170,1 ’'38.1 132.1 156,6 4.8 Nov......................................................... 169.2 38.0 rl31.2 •156.8 171.0 38.5 132.5 155.6 3.7 Dec.......................................................... 170. 3 38.3 132.1 U58.0 r175.2 39.1 136.2 156,3 3.5 169.7 38 5 131 2 160,4 174.7 38.5 136,3 159.9 4.2 Week ending—• 1966-—Dec. 7................................................... 169.7 38.1 131.7 157.0 172.7 38.9 133.8 155.6 3.5 14................................................... 169,1 38.2 130.9 157.5 174.1 39.1 135.0 155.9 2.2 21.................................................... 171.9 38.2 133.7 1 58.1 178,2 39.2 139.1 156.0 2.3 28.................................................... 170.3 38.4 131.9 158.9 175.1 39.3 135.8 157,0 5.3 1967—Jan. 4................................................... 170.8 38,4 132,4 159.4 178.0 38.9 139.2 158.1 5.1 1 IP................................................. 170.1 38.5 131.6 159.6 176.2 38.9 137.3 158,8 4.5 18”................................................. 170.3 38.5 131.8 160.1 175.7 38.5 137.3 159.7 2.8 25P................................................. 169.1 38.4 130.7 161.0 172.8 38.1 134.7 160.9 4.5 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 i r t e s q s u u ir b e j m ec e t n to ts 2 Member bank reserves1 re D se e r p v o e s i r t e s q s u u ir b e j m ec e t n t t o s 2 Period 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 m in d g e s de P v m a r a t i e ­ n d d G em U ov a .S n t, . d Total r N o b w o o r n e ­ d ­ qu R i e re ­ d Total s T a a v i n m in d e g s de v P m a r t a i e ­ n d d G e U m o .S v an t . , d 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—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\.. 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 r246.1 128.0 112,4 5.6 23.73 22.96 23.32 ’‘246.6 128.4 111.0 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 ’’3.8 Oct......... 23.26 22.53 23.01 244.6 128.7 111.6 4.3 23,33 22,60 23.03 244.6 n28.4 112.0 4.3 Nov........ r23.23 22,64 22,86 243,5 128.4 111,4 3.7 23,25 22.64 22.86 243.0 127.3 112.5 3.2 Dec........ 23.25 22.66 22.95 244.4 129.4 112,0 2.9 23.83 23.27 23.44 247.1 127.9 116,1 3.0 1967—Jan.p. .. 23.58 23.15 23.21 247.6 131.5 111.4 4.8 24.07 23.68 23.70 250.8 131.1 116.1 3.7 t Back data on member bank reserves adjusted to eliminate effects sonal loans were eliminated from time deposits for reserve purposesof 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 and 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. 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FEBRUARY 1967 BANKS AND THE MONETARY SYSTEM 259 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets net— Treas­ Total Date c u u r r y ­ U.S. Government securities li i a ti b e i s l ­ Total Ca a p n i d ta ! Gold s r o t e i a n n u n g c t d ­ y ­ Total n L e o t a n ^ s , 2 Total s C a a v o n i m n d g l. s R F B e e a d s n e e r k r v a s e l Other O r s i e t t i c h e u e s ­ r 2 ca a n p n e i d t t a l, c d u e r a p r n o e d n s i c t y s c m o n a u i c e s n ­ t c t . s , banks 1947—Dec. 31....................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30....................... 22’706 4,636 171,667 60,366 96'560 72’894 20,778 2'888 14,741 199,008 184,384 14,624 1963—Dec. 20....................... 15^582 5'586 333,203 189^433 103'273 69’068 33'552 653 40,497 354'371 323,251 31,118 1965—Dec. 31....................... 13',733 5,575 399,779 242,706 106,716 65,016 40,768 932 50,357 419,087 383,727 35,359 1966—Jan. 26....................... 13,700 5,600 394,800 238,600 106,100 65,200 40,000 900 50,000 414,100 377,600 36,500 Feb. 23....................... 13,700 5,700 393,900 239,500 103,800 62,900 40,000 900 50,700 413,300 374,900 38,400 Mar. 30....................... 13 i 600 5'700 397,700 244'100 102;500 61,000 40500 1,000 51,100 417,100 379,400 37,800 Apr. 27....................... 13,600 5; 800 401,400 246.900 102,400 60,800 40,700 900 52,100 420,800 383,300 37,500 May 25....................... 13'500 5 ,900 402,700 248,800 101,100 58,900 41,100 1,100 52,800 422,100 382,700 39,400 June 30....................... 13,434 5'978 410,775 254,693 10! ,630 58^625 42,169 836 54,'452 430,'187 391,731 38,454 July 27....................... 13;300 6,000 406,900 251,800 100,600 57,800 42,000 800 54,400 426,200 387,700 38,500 13,300 6,000 408,800 252,400 102,100 58,800 42,500 800 54,400 428,200 387,600 40,500 Sept, 28’.................... 13,300 6’100 410^700 254,000 102,000 58'700 42,000 1 ,300 54,700 430'000 387,800 42,200 Oct. 26 p................... 13,300 6,200 410,'400 253'500 102'500 58,500 42,800 I ,200 54,500 429;800 388,200 41,600 13,200 6'200 412,200 254,200 104,400 59,200 43,900 1,300 53,600 431,600 389,000 42,600 Dec. 28 rv................. 13,200 6,300 419,100 259,300 105,600 60,400 43,900 1,200 54,200 438,600 396,900 41,700 1967—Jan. 25 p................... 13,200 6,400 418,200 257,100 106,100 60,600 44,200 1 ,200 55,000 437,700 396,200 41,500 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 3 Not seasonally adjusted Time U.S Government Date Total o b r u C e a t n u n si c r k d ­ y s e d ju m e s D p a t a o d e e n s d ­ ­ d i t 4 s Total o b r u C e a t n n s u c i k r d y ­ s e d j . u e m s D p a t a o e d e n d s ­ ­ d i t s 4 Total b m C a e n o r k c m s ia ­ l 1 b s M a a v n u i k t n u s g a s l 5 S P a S t o v e y s i m s t n a ­ g l s e n F i e g o t n r ­ , 6 T h c i r u o n a e r s l g a y d h s s ­ ­ s b c a a o v a A n n i m n d t k g l s . s B F A a .R n t k . s 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114.600 24,600 90.000 117.670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1963—Dec. 20.... 153,100 31,700 121,400 158.104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 1965—Dec. 31.... 167,100 35,400 131,700 175,314 36,999 138,315 199,427 146,433 52,686 309 1,780 760 5,778 668 1966—Jan. 26.... 167,200 36,000 131,200 169,500 35,500 134,000 200,700 147,600 52,800 300 1,600 800 4,200 700 Feb. 23.... 165,000 36,100 128,900 164,200 35,700 128,500 201,700 148,400 53,000 300 1 ,600 800 5,700 900 Mar. 30.... 169,300 36,200 133,100 166,100 35,800 130,300 204,700 151,000 53,400 300 1,700 900 5,400 500 Apr. 27.... 169,000 36,200 132,800 169,100 35,900 133,200 206,000 152,600 53,100 300 1,700 900 5,300 300 May 25,... 165,500 36,300 129,200 163,500 36,200 127,300 207,700 154,200 53,200 300 1,700 1,000 8,000 700 June 30.... 167,600 36,300 131,300 168,089 37,128 130,96! 208,647 154,798 53,657 192 1,943 1,049 11,237 766 July 27.... 166,800 36,800 130,000 166,600 36,900 129,700 210,400 156.500 53,700 200 1,800 1,100 6,400 1,300 Aug. 31.... 168,500 36,900 131,600 166,900 37,100 129,900 211,200 157,200 53,800 200 1,900 1,100 5,000 1,600 Sept. 28.... 167,200 36,700 130,500 166,100 36,800 129,300 211,300 156,900 54,200 200 1,800 1,100 6,200 1 ,300 Oct. 26 p . . 167,900 37,200 130,700 168,600 37,100 131,500 210,800 156,300 54.400 200 1,800 1,200 4,900 800 Nov. 30 p .. 169,100 37,300 1 31,800 171,300 38,000 133,400 210,300 155,700 54,500 100 1,800 1.200 4,000 300 Dec. 28 fP. 170,000 37,500 132,500 175,200 38,300 136,900 213,000 157,700 55,200 100 1,900 1,200 5,400 200 1967—Jan. 25 p, . 168,500 37,800 130,700 170,700 37,300 133,400 217,200 161,700 55,400 100 1,800 1,200 4,900 400 1 Beginning with data for June 30, 1966, about $1.1 billion in “Deposits bilities. accumulated for payment of personal loans” were excluded from “Time 6 Reclassification of deposits of foreign central banks in May 1961 re­ deposits” and deducted from “Loans” at all commercial banks. These duced this Item by $ 1,900 million ($ 1,500 million to time deposits and $400 changes resulted from a change in Federal Reserve regulations. These hy­ million to demand deposits). pothecated deposits are shown in a table on p. 105. 2 See note 2 at bottom of p. 105. Note.—For back figures and descriptions of the consolidated condition 3 Series begin in 1946; data are available only last Wed. of month. statement and the seasonally adjusted series on currency outside banks 4 Other than interbank and U.S. Govt., less cash items in process of and demand deposits adjusted, see “Banks and the Monetary System,” collection. _ Section I of Supplement to Banking and Monetary Statistics, 1962, and 5 Includes relatively small amounts of demand deposits. Beginning with Bulletins for Jan. 1948 and Feb. 1960. Except on call dates, figures June 1961, also includes certain accounts previously classified as other lia­ are partly estimated and are rounded to the nearest $100 million. 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260 COMMERCIAL AND MUTUAL SAVINGS BANKS FEBRUARY 1967 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 Lo 1 a > n 2 s G U o S .S v e t . c . urit O ie t s h 2 er a C ss a e s t h s 3 c c b T o a i a l a l o p u i n i c a t t i n d i a ­ ­ t e a t l s s l 4 Total 3 m D I a n e n t ­ e d rba T n im k3 e U.S D . ema O O n t d t h h e e r r T 1 i m , 5 e r B in o o g w r s ­ ­ c c T a o a o p u c t i n a ­ ta t l s l b N a b o u n e f m k r s ­ Govt All banks: 1941—Dec. 31.................. 61,126 26,615 25,511 8,99927,344 90,908 81,816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31................. 140,227 30,361 101,288 8,57735,415 177,332 165,612 14,065 105,935 45,613 227 10,542 14.553 1947—Dec. 31 6............... 134,924 43.002 81,199 10,72338,388 175,091 161,865 12,793 240 1.346 94,381 53.105 66 11,948 14,714 1965—Dec. 31................ 362,320246,946 65,01650,35761,916435,483 385,196 18,426 1,009 5,532 160,847 199,381 4,56434,935 14,309 1966—Jan. 26................ 358,890243,740 65,18049,97055,420425,520372,850 15,410 1 ,050 3,930 151,780200,680 6,17034,910 14,299 Feb. 23................ 358,990245,440 62,90050,65056,560426,640372,700 15,830 1 ,060 5,440 148,730201,640 6,750 35,020 14,299 Mar. 30 361,710249,580 61,03051,10055,030428,100374,580 15,240 1,070 5,120 148,470204,680 6,160 35,180 14,306 Apr. 27................ 364,280251,380 60,79052,11057,280 432,790380,280 15,560 1 ,090 5,030 152,700205,900 4,94035,380 ‘14,307 May 25................ 365,550253,890, 58,89052,77055,030431,960377,630 14,920 1 ,080 7,780 146,180207,670 5,61035,550 14,307 June 30................ 371,684258,607 58,625 54,45260,978 444,807 391,731 17,034 I ,099 11,005 153,907 208,687 4,44436,071 14,307 July 27................ 370,240258,030 57,83054,38057,280439,560382,560 15,480 I ,090 6,180 149,370210,440 7,23035,830 ‘14,305 Aug. 31................ 372,300259,150 58,78054,37056,360440,790382,900 15,930 1,130 4,720 149,83021 1,290 7,17036,190 14,305 Sept. 28................ 373,370 260,000 58,69054,68056,110441,490383,210 16,310 1 ,060 6,000 148,49021 1,350 7,05036,330 14,294 Oct. 26^.............. 372,700259,780 58,47054,45057,780442,250384,150 16,020 I ,010 4,720 151,490210,910 6,97036,420 14,294 Nov. 30^.............. 374,310261,520 59,15053,64061,700448,040387,780 17,110 900 3,810 155,530210,430 7,95036,770 14,288 Dec. 28 >■»............ 380,990266,400 60,37054,22065,690458,630 398,330 18,140 940 5,130 161,070213,050 8,27036,860 14,274 1967—Jan. 25 p.............. 379,250263,640 60,62054,99059,540450,730392,380 16,130 1,110 4,620 153,250217,270 7,01036,910 14,266 Commercial banks: 1941—Dec. 31................ 50,746 21,714 21,808 7,22526,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31................ 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14.011 1947—Dec. 31 6.............. 116,284 38,057 69,221 9,00637,502 155,377 144,103 12,792 240 1,343 94.367 35,360 65 10.059 14,181 1965—Dec. 31................ 306,060201,658 59,54744,85560,899 377,264332,436 18,426 1,008 5,525 160,780 146,697 4,472 30,272 13,804 1966—Jan. 26................ 302,190 198,130 59,63044,43054,500366,930319,970 15,410 1,050 3,930 151,730 147,850 6,17030,240 13,794 Feb. 23................ 302,030 199,610 57,31045,11055,640367,790319,670 15,830 1 ,060 5,440 148,680 148,660 6,75030,310 13,794 Mar. 30................ 304,350203,490 55,43045,43054,130368,840321,090 15,240 1,070 5,120 148,420 151,240 6,16030,440 13,801 Apr. 27................ 307,110205,180 55,45046,48056,430373,780 327,120 15,560 1 ,090 5,030 152,650 152,790 4,94030,670 13,802 May 25................ 308,120207,430 53,55047,14054,180372,710324,360 14,920 1 ,080 7,780 146,130 154,450 5,61030,790 13,802 June 30................ 314,238 21 1,980 53,50348,75560,013 385,393338,004 17,034 1 ,098 10,998 153,846 155,029 4,353 31,309 13,802 July 27................ 312,380211,050 52,72048,61056,420 379,790328,840 15,480 1 ,090 6,180 149,320 156,770 7,23031,090 13,801 Aug. 31................ 313,980 211,820 53,73048,43055,530380,630 329,010 15,930 1,130 4,720 149,780 157,450 7,17031,360 13,801 Sept. 28................ 314,920 212,500 53,61048,81055,260381,160328,940 16,310 I ,060 6,000 148,440 157,130 7,05031,510 13,790 Oct. 26” 314,120211,980 53,54048,60056,980381,840329,700 16,020 1 ,010 4,720 151,440 156,510 6,97031,630 13,789 Nov, 30?.............. 315,570213,460 54,29047,82060,890 387,450 333,260 17,110 900 3,810 155,480 155,960 7,95031,930 13,784 Dec. 28*....... 321,940 218,100 55,60048,24064,750397,620343,100 18,140 940 5,130 (61,010 157,880 8,27032,000 13,770 1967—Jan. 25”.............. 319,800215,040 55,78048,98058,700389,420336,950 16,130 1,110 4,620 153,190 161,900 7,01032,050 13,762 Member banks: 1941—Dec. 31................ 43,521 18,021 19,539 5,961 23,123 68,121 61 ,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31................ 107,183 22,775 78,338 6,07029.845 138,304 129,670 13,576 6422,179 69,640 24,210 208 7,589 6.884 1947—Dec. 31................ 97,846 32,628 57,914 7,30432.845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6.923 1965—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 44,809:36,39547,366304,163 264,155 14,606 879 3,387 124,179 121,104 5,873 24,896 6,212 Feb. 23................. 247,810 168,112 42,732136,96648,453 305,117 264,032 15,054 895 4,691 121,740 121,652 6,361 24,955 6,208 Mar. 30................ 249,847 171,495 41,23037,12246,883 305,819265,256 14,477 897 4,431 121,558 123,893 5,757 25,050 6,203 Apr. 27................. 252,103 172,702 41 ,37038,031 49,323 310,342270,866 14,795 918 4,617 125,479125,057 4,55425,239 6,199 May 25 252,528 174,354 39,68638,48847,548 309,186268,286 14,198 916 6,858 120,016126,298 5,11425,345 6,198 June 30................ 257,767 178,257 39,94239,56952,853 320,350280,339 16,164 928 9,979 126,572 126,696 3,985 25,678 6,194 July 27................ 255,819 177,210 39,07239,53749,749315,068 271,464 14,630 923 5,523 122,416127,972 6,805 25,531 6,184 Aug. 31................ 257,315 178,023 39,98439,30848,650315,639271,521 15,047 963 4,202 122,874128,435 6,633 25,766 6,175 Sept. 28................. 257,809 178,421 39,807 39,581 48,663316,011 271,229 15,225 890 5,448 121,728 127,938 6,68425,843 6,171 Oct. 26................ 256,797 177,818 39,65239,32750,210316,324271,653 15,120 843 4,309 124,263 127,118 6,571 25,942 6,163 Nov. 30................ 258,041 179,106 40,355 38,58053,564321,185 274,676 16,188 730 3,448127,757126,553 7,45926,189 6,158 Dec. 28................ 263,673 183,095 4!,618 38,96057,072330,265 283,304 17,175 772 4,673 132,514128,170 7,91426,223 6,150 1967—Jan. 25”.............. 261,583 180,244 41,77339,56651,387322,412277,460 15,228 937 4,161 125,481 131,653 6,63826,285 6,136 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 14 15,371 7 1,592 542 1947—Dec. 316.............. 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 1965—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 30................. 57,446 46,627 5,122 5,697 965 59,414 53,727 1 7 61 53,657 92 4,761 505 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 Dec. 28'.............. 59,050 48,300 4,770 5,980 940 61,010 55,230 60 55,170 4,860 504 1967—Jan. 25?.............. 59,450 48,600 4,840 6,010 840 61,310 55,430 60 55,370 4,860 504 For notes see p. 263. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 COMMERCIAL AND MUTUAL SAVINGS BANKS 261 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 3 Other Cla a s n s d o d f a b te ank Total Loans a C ss a e s t h s 3 bi a l l i n i a t d i ­ e s Total3 Demand r B i o n o g w r s ­ ­ c c T a o a o p u c t i n ­ a ta l t s l b N a b o u n e f m k r s ­ 1. 2 G U o . v S t . . Oth 2 er c c o a a u p c i n ­ t t a s l 4 m D a e n ­ d Time U.S. Other Time 1 Govt. Reserve city member banks: New York City:? • 8 1941—Dec. 31......1..2..,..8..9.6 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31.................... 26,143 7,334 17,574 1,235 6,439 32,887 30J21 4,640 17 6,940 17^287 1,236 195 2J20 37 1947—Dec. 31.................... 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1965—Dec. 31.................... 44,763 33,125 5,203 6,435 11,876 59,517 49,270 5,225 522 1 ,271 24,265 17,988 1,987 5,114 12 1966—Jan. 26..................... 43,410 32,404 4,852 6,154 10,141 56,377 45,598 4,429 566 618 21,707 18,278 2,104 5,101 12 Feb. 23.................... 43,167 32,602 4,260 6,305 11,181 57,358 46,014 5,001 578 822 21,745 17,868 2,304 5,115 12 Mar. 30..................... 44,003 33,737 4,271 5,995 10,490 57,483 46,426 4,526 607 980 21 ,756 18,557 2,169 5,096 12 Apr. 27..................... 44,238 33,427 4,426 6,385 10,952 58,020 48,131 4,804 621 1,401 22,475 18,830 1,200 5,126 12 May 25..................... 44,233 34,316 3,942 5,975 10,733 57,972 47,202 4,564 626 1,400 21,613 18,999 1,708 5,148 12 June 30.................... 46,453 35,796 4,466 6,192 12,930 62,408 51,799 5,869 606 2,279 24,020 19,025 1 ,293 5,179 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 6,039 11,025 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 Dec. 28..................... 46,591 35,976 4,834 5,781 14,085 63,536 49,411 5,789 429 1 ,229 24,627 17,337 3,496 5,295 12 1967—Jan. 25 p................... 45,756 35,212 4,775 5,769 11,545 60,042 47,414 5,003 551 848 22,82618,186 2,013 5,323 12 City of Chicago: 7 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 l’,217 ' 72 4,201 913 426 14 1965—Dec. 31..................... 11,455 8,219 1 ,700 1,536 2,426 14,290 12,475 1 ,'437 39 345 5,656 4,999 355 1,132 11 1966—Jan. 26..................... 10,976 7,722 1,753 1,501 2,274 13,675 11,514 1,214 32 121 5,257 4,890 638 1,125 11 Feb. 23..................... 10,940 7,877 1 ,533 1 ,530 2,444 13,857 11,606 1,174 34 223 5,100 5,075 613 1,122 11 Mar. 30..................... 11,202 8,100 1 ,532 1,570 2,172 13,900 11,570 1,182 35 203 5,035 5,115 619 1,123 11 Apr. 27..................... 11,260 8,161 1 ,470 1,629 2,568 14,289 12,319 1 ,222 32 530 5,412 5,123 367 1,131 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 30.................... 11,715 8,567 1 ,585 1 ,564 2,322 14,490 12,385 1,230 43 680 5,249 5,184 521 1,152 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 11 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 1 1 Dec. 28..................... 11,753 8,645 1 ,495 1,613 2,892 15,097 12,152 1,335 16 333 5,618 4,850 918 1,176 11 1967—Jan. 25p. ............... 11,648 8,316 1,712 1,620 2,673 14,779 11,705 1,169 16 191 5,226 5,103 1,072 1,196 1L Other reserve city:7- 8 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 (965—Dec. 31..................... 91,997 65,117 14,354 12,52621,147 116,350 103,034 8,422 206 1,773 47,09245,541 1 ,548 9,007 171 1966—Jan. 26..................... 90,687 64,146 14,029 12,512 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 43,095 46,016 2,676 9,032 171 Mar. 30.................... 91,071 66,041 12,259 12,771 18,555 112,776 98,661 6,900 184 1,610 43,11646,851 2,155 9,089 170 Apr. 27..................... 92,397 66,743 12,583 13,071 20,021 115,509 100,917 6,896 194 1,720 44,751 47,356 2,225 9,167 170 May 25..................... 92,355 66,817 11,832 13,706 19,064114,547 100,037 6,702 193 2,824 42,36547,953 1,990 9,200 170 June 30.................... 93,831 67,779 12,182 13,86920,764 118,152 103,985 7,153 215 3,968 44,51948,131 1 ,756 9,297 170 July 27..................... 93,519 67,738 11,791 13,99020,070 116,873 101,489 6,795 238 2,242 43,71648,498 2,744 9,291 170 Aug. 31.................... 93,994 68,102 12,085 13,807 19,608 117,027 101,572 7,261 292 1,562 43,727 48,730 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 ,760 13,63620,426 117,442 101,512 7,158 252 1,630 44,06648,406 2,999 9,387 170 Nov. 30..................... 94,654 68,959 12,237 13,45820,732 118,882 102,611 7,918 223 1 ,074 45,21448,182 2,807 9,453 170 Dec. 28..................... 96,190 69,831 12,91613,44322,305 122,007 105,902 7,934 253 1,731 46,94749,037 2,782 9,441 169 1967—Jan. 25p..................... 95,162 68,491 12,875 13,79620,283 118,870 103,332 7,065 306 1,752 43,83050,379 2,807 9,465 168 Country member banks:7- 8 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 (965—Dec. 31..................... 103,362 63,338 23,735 16,288 17,366 123,227 110,738 2,371 74 1,501 55,118 51,675 343 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 15,666 121,660108,599 1,869 71 1,638 51,651 53,370 814 9,742 6,010 Apr. 27 104,208 64,371 22,891 16,94615,782 122,524109,499 1,873 71 966 52,841 53,748 762 9,815 6,006 May 25..................... 104,792 65,157 22,451 17,18415,402 122,678 109,125 1,763 71 2,177 50,951 54,163 988 9,854 6,005 June 30.................... 105,768 66,115 21,709 17,944 16,836 125,301 112,170 1 ,912 64 3,052 52,785 54,357 416 10,050 6,001 July 27..................... 105,904 66,352 21,831 17,721 15,796 124,552 111,141 1 ,862 74 1,963 52,03755,205 850 9,933 5,991 Aug. 31..................... 106,086 66,270 21,994 17,822 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 15,542 125,209 111,642 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 53,833 56,372 984 10,252 5,965 Dec. 28.............. 109,139 68,643 22,373 18,123 17,790 129,625 115,839 2,117 74 1,380 55,32256,946 718 10,311 5,958 1967—Jan. 25^................ 109,017 68,225 22,411 18,381 16,886 128,721 115,009 1,991 64 1,370 53,59957,985 746 10,301 5,945 For notes see p. 263. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

262 COMMERCIAL AND MUTUAL SAVINGS BANKS FEBRUARY 1967 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 3 Other Total Num­ b c C a a l n l a l k s d s a a o n te f d Total L 1 oa »2 ns G U o S v . t. Oth 2 er as C s a e s ts h 3 c b c 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 Total3 m D a e n ­ d Time U. D S. e ma O n t d her Ti 1 m . 5 e r B i o n o w g r s ­ ­ c c a o a p u c i n ­ ta ts l ba b o n e f k r s Govt. Insured commercial: 1941—Dec. 31.. 49,290 21.259 21,046 6,984 25,788 76,820 69,411 10,554 1,762 41.298 15.699 10 6,844 13,426 1945—Dec. 31.. 121.809 25.765 88.912 7,131 34.292 157,544 147,775 13, 183 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 9,734 13,398 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 3,571 25,277 13,284 1964—Dec. 31.. 275.053 174,234 62.499 38,320 59,911 343,876 305,113 17,664 733 6,487 154,043 126,185 2,58027,377 13.486 1965—Dec. 31 . 303,593200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146.084 4,32529,827 13,540 1966—June 30.. 312,982211,588 53,111 48,282 59,489 383,445 337,146 16,761 1,021 10,972 152,839 155,554 4,12630,873 13,552 National member: 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.'129 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 1.109 15,048 4,773 1965—Dec. 31.. 176,605 118,537 32,34725,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—June 30.. 181,934 124,722 28,891 28,321 36,769 225,441 197,792 10,609 514 6,767 88,61591,288 2,681 18,021 4,811 State member: 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—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 1966—June 30.. 76,704 54,405 11,051 11,248 16,084 95,779 83,417 5,555 414 3,212 37,95736,278 1,304 7,656 1,383 Insured nonmember commercial: 1941—Dec. 3!.. 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—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 1966—June 30.. 54,355 32,461 13,178 8,716 o,636 62,237 55,937 597 93 993 26,26727,987 141 5,207 7,359 Noninsured nonmem­ ber commercial: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 31 «. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1963—Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 • 1964—Dec. 31.. 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—Dec. 31.. 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1966—June 30.. 2,395 1,542 383 470 523 3,086 2,009 273 77 26 1,007 626 227 425 249 Nonmember commercial: 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 26,645 23,043 198 4,894 7,536 1965—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 1966—June 30. 56,750 34,003 13,561 9,186 7,160 65,323 57,946 870 171 1,019 27,27428,613 367 5,632 7,608 Insured mutual savings: 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 I 2 10,351 I 1,034 192 1947—Dec. 31. 12,683 3,560 8,165 958 675 13,499 12,207 ............ 1 2 1212,192 1,252 194 1963—Dec. 20. 41,664 32,300 4,324 5,041 722 43,019 38,657 1 5 29238,359 38 3,572 330 1964—Dec. 31. 45,358 36,233 4,110 5,015 893 47,044 42,751 2 7 32642,416 20 3,731 327 1965—Dec. 31 48,735 39,964 3,760 5,010 904 50,500 45,887 1 7 35945,520 91 3,957 329 1966—June 30. 49,679 41,102 3,432 5,145 854 51,450 46,681 ............ 1 6 41646,257 92 4,045 330 Noninsured mutual savings: 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 i 8 6,865 I 706 177 1966—June 30. 7,768 5,525 1,690 552 111 7,964 7,046 1 28 7,017 716 175 For Notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 COMMERCIAL BANKS 263 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total*, 2 Loans1,2 Total i, 2 Loans1,2 U.S. Other2 US. Other 2 Govt. Govt. 1958—Dec. 31........................................................................... 181.2 95.6 65, t 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 1960—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 65,2 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 [964—Dec. 3[........................................................................... 267.2 167.4 61.1 38,7 273 9 172.1 63.0 38.8 1965—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........................................................................... 302.9 200.8 55.9 46.2 301.7 199.8 55.5 46.5 May 25........................................................................... 304.9 202.3 55.1 47.4 302.4 201.7 53.6 47. 1 June 30........................................................................... 307.7 204.0 55.1 48.6 310.1 207.9 53.5 48.8 July 27^....................................................................... 309.2 206.4 54.4 48.5 307. 1 205.8 52.7 48.6 Aug. 31p........................................................................ 310. 8 206.6 56.1 48.1 307.7 205.5 53.7 48.4 Sept. 28^......................................................................... 308.7 206.1 54.3 48.3 309.3 206.9 53.6 48.8 Oct. 26p......................................................................... 308.1 207.3 52.4 48.4 308 4 206.3 53.5 48.6 Nov. 30^ ....................................................................... 308.4 207. 3 52.9 48.3 309.4 207.3 54.3 47.8 Dec. 31*3..................................................................... 310.7 208.2 54.3 48.3 318.5 214.0 56. 1 48.4 1967—Jan. 25»’......................................................................... 314.5 211.3 53.8 49.5 313.9 209,1 55.8 49.0 1 Adjusted to exclude interbank loans. J December 31, 1966, estimated. 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated for payment of personal loans were deducted as a result of a change in Note.—Data are for last Wed. of month except for June 30 and Dec. Federal Reserve Regulations. 31; data are partly or wholly estimated except when June 30 and Dec. 31 Beginning June 30, 1966, CCC certificates of interest and Export­ are call dates. For back data, see July 1966 Bulletin, pp. 952-55. For Import Bank, portfolio fund participation certificates totaling an estimated description of seasonally adjusted series, see July 1962 Bulletin, pp. St billion are included in “Other securities’’ rather than “Other loans.’’ 797-802. DEPOSITS ACCUMULATED AT COMMERCIAL BANKS FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) June 30, June 30, Class of bank 1966 Class of bank 1966 AU commercial.................................................................................... 1,150 All member (cont.) Insured............................................................................................. 1,150 Other reserve city.......................................................................... 318 National member......................................................................... 678 Country............................................................................................. 532 State member.................................................................................. 193 All nonmember.................................................................................. 280 All member............................................................................................ 870 Insured............................................................................................. 279 New York City................................................................................ Noninsured......................1................................................................ City of Chicago............................................................................... Note.—These hypothecated deposits are excluded from “Time depos­ These deposits have not been deducted from “Loans” and “Time de­ its” and “Loans” at all commercial banks beginning with June 30, 1966, posits” in the table on p. 262, or from “Loans” and “Time deposits, as follows: in the tables on pp. 259-61 ; in the table at the top of this IPC” in the tables on pp. 264-65. page; and in the tables on pp. 266-69 (consumer instalment Ioans). Details may not add to totals because of rounding; also, mutual savings These changes resulted from a change in the Federal Reserve regulations. banks held $166,000 of these deposits on June 30, 1966. (See June 1966 Bulletin, p. 808.) Notes to tables on pp. 260-62. 1 See table (and notes) above, Deposits Accumulated at Commercial h Beginning with May 18, 1964, one New York City country bank with Banks for Payment of Personal Loans. loans and investments of $1,034 million and total deposits of $982 million 2 Beginning June 30, 1966, loans to farmers directly guaranteed by was reclassified as a reserve city bank. Beginning with May 13, 1965 CCC were reclassified as securities, and Export-Import Bank portfolio (Toledo, Ohio), reserve city banks with total loans and investments of fund participations were reclassified from loans to securities. This reduced $530 million and total deposits of $576 million were reclassified as country “Total loans” and increased “Other securities” by about $1 billion. banks. “Total loans” include Federal funds sold, figures for which are shown Note.—Data are for all commercial and mutual savings banks in the separately for commercial banks on the following two pages. United States (including Alaska and Hawaii, beginning with 1959). For J Reciprocal balances excluded beginning with 1942. definition of “commercial banks” as used in this table, and for other * Includes other assets and liabilities not shown separately. banks that are included under member banks, see Note, p. 643, May 1964 5 Figures for mutual savings banks include relatively small amounts Bulletin. of demand deposits. Beginning with June 1961, also includes certain Comparability of figures for classes of banks is affected somewhat by accounts previously classified as other liabilities. changes in F.R. membership, deposit insurance status, and the reserve 6 Beginning with Dec. 31, 1947, the series was revised; for description, classifications of cities and individual banks, and by mergers, etc. see note 4, p. 587, May 1964 Bulletin. Data for national banks for Dec. 31, 1964 have been adjusted to make 7 Regarding reclassification of New York City and Chicago as reserve them comparable with State bank data. cities, see Aug. 1962 Bulletin, p. 993. For various changes between Figures are partly estimated except on call dates. reserve city and country status in 1960-63, see note 6, p. 587, May 1964 For revisions in series before June 30, 1947, see July 1947 Bulletin, Bulletin. pp. 870-71. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

264 COMMERCIAL BANKS FEBRUARY 1967 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For Class of l T oa o n ta s l 1 Fed­ Com- o p s r u e r c c c u a h r r a r i y t s i i i e n n s g g in f s i t n i a T tu n o 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 5 ent State bank and and eral mer- Agri- Real to and Other call date invest­ funds Total cial cul­ es­ in­ Other local secur­ ments 2, 3 and tur­ To tate di­ 4 govt, rities 4 in­ al 4 bro­ vid- Bills secu­ d tr u ia s l ­ k a e n r d s ot T h o e rs BanksOthers uals2 Total ce a r n t d if i­ Notes Bonds rities deal­ cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 94769,221 9,982 6,034 53,205 5,276 3,729 1963—Dec. 20.. 254,162 156,006 52^9477,470 5,353 2,509 3,605 9,47939,056 34,550 4,03463,196 12,717 22,415 28,065 29,786 5,173 1964—Dec. 31.. 277,376 175,589 60,2177,505 5,5422,843 3,491 10,91343,675 39,809 5,15262,991 13,377 19,039 30,574 33,533 5,263 1965—Dec. 31.. 306,060 '2,’ idi 199,555 71,437 8,212 5,258 3,231 2,158 13,29149,300 45,468 5,21559,547 n.a. n.a. n.a. 38.655 6,201 1966—June 30.. 315,388 2,129211,001 77,245 8,488 5,3503,283 1,971 13,93351,89947,6825,22753,503 n.a. n.a. n.a.40,6128,142 AH insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,5 05 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 1,13288,912 21,526 16,045 51 342 3,873 3,258 1947—Dec. 3!.. 114,274 37,583 18,012 1,610 823 1,190 114 9,266 5,654 91467,941 9,676 5,91852,347 5,129 3 621 1963—Dec. 20.. 252,579 155,261 52,743 7,4445,321 2,476 3,594 9,41538,86134,383 4,01562,723 12,601 22,316 27,80629,5595,035 1964—Dec. 31.. 275,053 174,23459,746 7,4825,355 2,794 3,419 10,81243,436 39,627 5,11262,499 13,275 18,939 30,285 33,2945,026 1965—Dec. 3!.. 303,593 2,064 198,045 70,887 8,191 5,088 3,172 2,093 13,14849,026 45,2905,15559,120 13,134 13,233 33,858 38,4195,945 1966—June 30.. 312,982 2,061 209,52776,725 8,4705,222 3,222 1,929 13,77351,59947,5065,15253,111 9,174 12,38932,709 40,3687,914 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,( 53 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 3!.. 107,183 22,775 8,949 855 3,133 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 4,815 45,295 4,199 3,105 1963—Dec. 20.. 210,127 131,71247,403 4,6595,1242,136 3,439 8,87531,009 27,908 3,76549,342 9,339 18,072 21,93225,2103,864 1964—Dec. 31.. 228,497 147,69053,717 4,643 5,1422,411 3,250 10 17934,587 32,024 4,82448,717 9,932 15,238 23,548 28,3743,715 1965—Dec. 31.. 251,577 1 ,861 167,93963,979 5,099 4,915 2,714 2,008 12,47538,988 36,4184,83244,992 9,441 10,106 26,36732,5884,198 1966—June 30.. 258,638 1 ,772 177,355 69,357 5,2445,0362,717 1,861 13,06840,86237,9334,80839,942 6,384 9,11825,42633,8965,672 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26;143 7,334 3,044 2,453 1,172 26 80 287 27217,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20;393 7,179 5,361 545 267 93 111 564 238 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 1966—June 30.. 46,453 134 35,662 19,815 163,305 647 992 3,898 3,411 2,965 1,413 4,466 1,427 750 2,473 5,361 831 City of Chicago: 1941—Dec. 31.. 2,760 954 732 6 48 52 1 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5^31 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 2/2 751 401 594 318 1,705 389 599 717 1,361 329 1964—Dec. 31.. 10’562 7,102 3,870 24 510 203 227 948 465 669 430 1,873 564 397 911 1,392 195 1965—Dec. 31.. 11,455 72 8,147 4,642 32 444 244 188 1,201 577 762 316 1,700 542 273 961 1,400 137 1966—June 30.. 11,715 110 8,457 4,983 35 394 254 147 1 ,293 592 744 276 1,585 429 284 954 1,326 238 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 38729,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 '484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 1963—Dec. 20.. 78,370 51,891 18,862 1,219 1,243 891 1,224 4,28612,52511,106 1,462 16,686 2,697 6,600 7,390 8,810 981 1964—Dec. 31.. 84,670 57,555 21,102 1,095 1,060 986 1,134 4,88713,611 12,802 1,977 16,326 3,200 5,662 7,463 9,871 918 1965—Dec. 31.. 91,997 " '471 64,64624,784 1,206 954 1,108 635 5,82015,056 14,305 1,999 14,354 2,972 3,281 8,432 11,504 1,022 1966—June 30.. 94,169 526 67,591 26,903 1,255 899 1,123 574 5,911 15,62914,672 1,857 12,182 1,720 2,520 8,344 12,361 1,509 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 .2 1,823 1.528 4,377 HO 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 35926,999 5,732 4,544 16,722 1,342 1 ;d67 1947—Dec. 31.. 36^324 10;199 3,096 818 23 227 5 3,827 1,979 22422,857 3,063 2/108 17,687 2;006 1,262 1963—Dec. 20.. 87,316 50,023 12,831 3,374 708 496 966 1,591 16,11413,951 91724,797 4,395 8,531 11,871 10,3852,111 1964—Dec. 31.. 93,759 55,733 14,5563,493 830 599 710 1,73017,96415,899 1,04724,341 4,209 7,206 12,925 11,531 2,154 1965—Dec. 31.. 103,362 905 62,433 16^78 3,840 650 698 174 1^983 20,21718,423 1,17723,735 <389 5^65 14^98 13;8O52,483 1966—June 30.. 106,300 1 ,002 65,645 17,6573,938 437 693 150 1,96621,23019,552 1,261 21,709 2,808 5,563 13,655 14,849 3,095 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 109 11,318 2,179 1,219 7,920 1,078 625 1963—Dec. 20.. 44,035 24;295 5,5442,811 229 373 166 604 8,047 6,643 269 13,854 3,378 4,343 6,133 4,576 1,309 1964—Dec. 31,. 48,879 27,899 6,5002,862 400 432 241 733 9,088 7,786 328 14,273 3,445 3,801 7,026 5,159 1,548 1965—Dec. 31.. 54,483 '”242 31,616 7,458 3,113 343 516 151 81710,312 9,050 383 14,555 n.a. n.a. n.a. 6,067 2,003 1966—June 30.. 56,750 357 33,646 7,888 3,244 314 566 109 85611 ,037 9,749 420 13,561 n.a. n.a. n.a. 6,7162,470 1 Beginning with June 30, 1948, figures for various loan items are 4 Beginning with June 30, 1966, loans to farmers directly guaranteed shown gross (i.e., before deduction of valuation reserves); they do not by CCC were reclassified as “Other securities,” and Export-Import Bank add to the total and are not entirely comparable with prior figures. Total portfolio fund participations were reclassified from loans to “Other se­ loans continue to be shown net. curities.” This increased “Other securities” by about $1 billion. 2 See table (and notes) entitled Deposits Accumulated at Commercial 5 Beginning with Dec. 31, 1965, components shown at par rather than Banks for Payment of Persona/ Loans, p. 105. at book value; they do not add to the total (shown at book value) and are 3 Breakdowns of loan investment, and deposit classifications are not not entirely comparable with prior figures. available before 1947; summary figures for earlier dates appear in the For other notes see opposite page. preceding table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 COMMERCIAL BANKS 265 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Re­ Bal­ De­ b c C a a l n l a l k s d s a a o n te f d B s F w e a r . i n v R t k h e . s s r C c e o n u i c r n y ­ b m a w a d n e n i o c s t k e t ­ h i s s c 6 j , u p m s o d a a t d e s e n i - ­ d t d s 7 m D e I s n o t t ­ i e c r 6 ba e F n ig k o n r­ 8 G U o . v S t . , S g l a o o t n c a v a d t t e l . c C c h o a f e e i f e n e f r r c d d i s t k ­ i ’ ­ s, 1PC I b n a t n e k r­ G P S U i a o n o a n . s g S v v d t s ­ . t a . l S g l a o o t n c a v d a t t e l . IPC2 r B i o n o w g r s - - c C o a t a u a c p l n ­ i t ­ s etc. Total: 3 1947—Dec. 31.... 17,736 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 7,908 102,886 3,66425,677 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 9,812 116,635 2,679 27,795 1965—Dec. 31.... 17,992 4,851 15,300 140,936 16,794 1,632 5,525 14,244 5,978 140,558 1,008 263 12,186134,247 4,47230,272 1966—June 30.... 18,094 5,234 13,548 133,535 15,488 1,546 10,998 14,931 6,692 132,222 1 ,098 231 12,634 143,315 4,353 31,309 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 11,984 125,615 13,900 1,177 6,712 12,(75 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 9,766 116,147 2,58027,377 1965—Dec. 31 ... . 17,992 4,833 14,801 139,601 16,620 1,529 5,508 14,152 5,913 139,594 923 263 12,135 133,6864,325 29,827 1966—June 30.... 18,094 5,219 13,093 132,311 15,304 1,457 10,972 14,827 6,603 131,409 1 ,021 231 12,584 142,7384, 12630,873 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 1,243.22,179 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 84,326 3,499 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, 23610,041 109,925 4,23424,926 1966—June 30.... 18,094 4,044 8,148 106,472 14,752 1,412 9,979 11,445 6,095 109,032 928 204 10,334 117,028 3,985 25,678 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 1966—June 30.... 3,356 313 235 16,556 4,877 992 2,279 815 3,713 19,491 606 65 841 18,118 1,293 5,179 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 1966—June 30.... 939 77 235 4,251 1,171 59 680 336 131 4,781 43 2 329 4,852 521 1,152 Other reserve city: 1941—Dec. 31.... 4,060 425 2,590 H.117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31. . .. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1963—Dec. 20.... 7,587 935 2,105 35,859 6,958 267 2,212 3,144 1,034 39,281 95 72 2,950 31,9821,416 7,697 1964—Dec. 31 .... 7,680 1,065 2,433 37,047 7,962 326 2,195 3,508 1,238 42,137 134 77 3,840 35,728 841 8,488 1965—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 1966—June 30.... 8,102 1 ,238 2,196 35,856 6,843 310 3,968 3,513 1,168 39,838 215 64 5,093 43,313 1,756 9,297 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 1966—June 30.... 5,697 2,415 5,481 49,810 1,860 52 3.052 6,781 I ,082 44,922 64 74 4,071 50,745 416 10,050 Nonmember:3 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—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 1966-June 30.... .....1...,.1..9...0 5,400 27,063 736 134 1,019 3,486 598 23,190 171 27 2,300 26,286 367 5,632 6 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 7 Through 1960 demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt., less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and 8 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

266 WEEKLY REPORTING BANKS FEBRUARY 1967 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans2 For purchasing To financial institutions or carrying securities Total Loansi Wednesday m in l a o e v n a n e d n t s s s t ! ­ s v n e t a e i r r o l e t v u ­ n e o a s f ­ i C n m a t c r d o n i i e a u a m d r l l s ­ ­ ­ A t c u g u ra l r ­ i l ­ G c U a T t s u o i n e . e o r S v ­ d s i t . - b , d r e o O a c k t l s u e t i e e h e r r r ­ s s i e s ­ r G c U t s u o i T e e . r v S ­ o s i t . ­ , o th O c e t s u i t r e e h r s “ s i e . - r F ei o g r n B ­ ank c m m D s t o i e e o m c s r ­ ­ ­ ­ f s c P i a a n o e n N l a s r e d s . n o s , , . n b O an t k her e R st e a a t l e s i C m n u s m o e ta n n e l t ­ r ­ g e F o ig o v n t r s ­ . o A th l e l r V se t a r i r o e l v u ­ n e a s ­ cial etc. Large banks— Total 1966 Jan. 5............ 181,394 128,741 53,395 1,769 619 3,686 116 2,244 1,679 2,954 5,985 5,045 25,642 28,368 2,761 12............ 180,289 128,293 53,327 1,755 770 3,457 105 2,244 1 ,653 3,053 5,701 4,989 25,697 28,302 2,760 19........... 179,691 126,950 53,070 1,724 616 3,697 108 2,243 1,629 2,324 5,418 4,960 25,729 28,193 2,761 26............ 178,940 126,603 52,882 1,714 755 3,343 110 2,245 1,619 2,615 5,259 4,925 25,778 .............. 28,118 2,760 Dec. 7............ 184,093 134,349 59,921 1 ,780 551 2,644 92 2,112 1,561 3,210 5,733 4,298 27,447 15,950 1,180 10,632 2,762 14........... 186,250 135,706 60,223 1,808 841 2,783 72 2,097 1 ,532 3,437 6,039 4,306 27,464 15,912 1,178 10,767 2,753 2!........... 188,484 137,225 60,969 1,821 729 3,068 74 2,113 1,554 3,266 6,742 4,321 27,430 15,854 1,617 10,861 2,744 28............ 189,408 137,998 60,590 1,833 1,137 3,359 76 2,114 1,578 3,428 6,926 4,338 27,429 15,874 1,178 (0,861 2,723 Dec. 2St......... 286 194 32 3 5 ............ 4 1 2 71 49 30 3 1967 Jan. 4............ 191,610 139,741 60,879 1,831 2,109 3,342 73 2,112 1,590 4,139 6,730 4,348 27,473 15,901 1,153 10,993 2,932 11........... 188,644 137,185 60,912 1,827 2,194 3,813 72 2,072 1,541 3,194 5,966 4,288 27,444 15,854 1,152 10,803 2,947 18........... 188,468 136,464 60,695 1,824 1 ,767 3,193 68 2,067 1,485 3,303 5,696 4,207 27,422 15,829 1,157 10,701 2,950 25............ 187,427 135,441 60,329 1,819 1,933 2,739 70 2,055 1,474 3,201 5,681 4,166 27,390 15,811 1,123 10,603 2,953 blew York City 1966 Jan. 5............ 42,726 31,683 17,621 22 342 2,311 21 684 907 528 1,806 1,173 2,911 4,126 769 12............ 42,599 31,937 17,555 22 368 2,091 18 680 823 1,143 1,751 1,182 2,926 4,097 769 19............ 42,142 31,436 17,404 24 310 2,272 19 681 860 856 1,627 1,178 2,930 4,045 770 26............ 42,093 31,546 17,316 23 463 1,991 20 684 865 1,217 1,599 1,169 2,930 .............. 4,038 769 Dec. 7............ 42,333 32,947 20,162 16 216 1,337 29 560 844 851 1,675 1,036 3,252 1,242 789 1,699 761 14........... 43,166 33,628 20,249 16 352 1,417 11 554 816 1,168 1,791 1 ,030 3,253 1,238 786 1 ,707 760 21........... 44,059 34,287 20,455 16 337 1 ,702 11 552 828 1 ,006 2,138 1,055 3,201 1 ,236 776 1 ,731 757 28........... 44,431 34,466 20,239 16 643 2,003 11 552 843 698 2,178 1 ,054 3,194 1,237 788 1 ,759 749 Dec. 28}......... 273 195 214 J ............27 3 25 7 4 5 12 5 1967 Jan. 4........... 44,777 34,824 20,584 15 794 2,005 13 584 849 771 2,028 1,061 3,182 1,229 771 1,781 843 11............ 43,819 33,984 20,585 15 830 1 ,478 11 561 832 853 s ,751 1,041 3,159 1,223 762 1 ,725 842 18........... 44,048 34,099 20,444 15 879 1 ,778 9 557 791 956 1,635 1,038 3,146 1,217 752 1,725 843 25............ 43,923 33,901 20,272 14 907 1,426 9 556 792 1,303 1,663 1,033 3,121 1,220 736 1,692 843 Outside New York City 1966 Jan. 5........... 138,668 97,058 35,774 F.747 277 1 ,375 95 1,560 772 2,426 4,179 3,872 22,731 24,242 1,992 12.......... 137,690 96,356 35,772 1,733 402 1,366 87 1,564 780 1,910 3,950 3,807 22,771 24,205 1,991 19.......... 137,549 95,514 35,666 1,700 306 1 ,425 89 1,562 769 1,468 3,791 3,782 22,799 24,148 1,991 26......... 136,847 95,057 35,566 1,691 292 1,352 90 1,561 754 1,398 3,660 3,756 22,848 .............. 24,080 1,991 Dec. 7......... 141,760 101,402 39,759 1 ,764 335 1,307 63 1,552 717 2,359 4,058 3,262 24,195 14,708 391 8,933 2,001 14......... 143,084102,078 39,974 1,792 489 1,366 61 1,543 716 2,269 4,248 3,276 24,211 14,674 392 9,060 1,993 21........... 144,425 102,938 40,514 1,805 392 1,366 63 1,561 726 2,260 4,604 3,266 24,229 14,618 391 9,130 1,987 28......... 144,977 103,532 40,351 1,817 494 1,356 65 1,562 735 2,730 4,748 3,284 24,235 14,637 390 9,102 1,974 Dec. 2Sf......... 13 -1 -82 3 5 -5 ........-..2..7 -3 ~21 -6 -2 66 49 ............18 -2 1967 Jan. 4......... 146,833 104,917 40,295 1 ,816 1,315 1,337 60 1,528 741 3,368 4,702 3,287 24,291 14,672 382 9,212 2,089 11......... 144,825 103,201 40,327 1,812 1,364 1,335 61 1 ,511 709 2,341 4,215 3,247 24,285 14,631 390 9,078 2,105 18......... 144,420102,364 40,251 1,809 888 1,415 59 1,510 694 2.347 4,061 3,169 24,276 14,612 405 8,976 2,107 25........... 143,504101,540 40,057 1,805 1,026 1,331 61 1,499 682 1,898 4,018 3,133 24,269 14,591 387 8,9H 2,110 For other notes see p. 269. data, the assets and liabilities of this “adjustment bank” have been incor­ t These amounts represent accumulated adjustments originally made porated in the series. This procedure is described on p. 1140 of the August to offset the cumulative effect of mergers. Beginning with the Jan. 4, 1967, 1966 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 WEEKLY REPORTING BANKS 267 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments Cash assets U.S, Government securities Other securities Balances with— Obligations Other bonds, Cash 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 p s f o u a l S b n it t d d i a i c t v e a . s l C c e o r s t e r i p c f. a , u n r s d i t t o ie c s ks Total p c i r o t t o e i i o l o n m l c f e n e c s s ­ s m b D a e n s o t k i ­ c s b F e a i o n g r k n ­ s r c C e a o n n u i c d n r y ­ s B e w F a r R . i v n R t e e h k . ­ s s a o s t A s h e l e l t r s Wednesday W I i i y t n h r - . 5 1 y t r o s. A 5 f y t r e s r . r w a T n a a t x r s ­ 3 ot A h l e l r p p a a o t r i t f o ic n i 4 ­ O s ri e t t c h ie u e s ­ r Large banks—• Total 1966 26,765 5,138 4,172 10,113 7,342 25,888 40,917 18,568 4,044 214 2,373 15,718 7,317 Jan. 5 26,138 4,800 4,103 10,’005 7,'230 25,858 38,610 18,729 3,946 216 2,558 13,161 7,039 12 26,971 5^075 591 4,121 9,966 7'218 25,'770 37,753 17,918 4,100 219 2,457 13,059 7,201 19 26,688 4,889 588 4,083 9’975 7'153 25,649 36,668 16,155 3,675 228 2,442 14,168 7,233 26 23,223 3,382 263 3,236 10,328 6,014 2,259 21,147 869 2,246 39,044 18,222 3,955 231 2,649 13,987 7,836 Dec. 7 24,010 4,070 265 3,287 10,337 6,051 2,250 21,130 889 2,265 42,007 20,898 3,980 240 2,885 14,004 7,878 14 24,490 4,470 307 3,378 10,282 6,053 2,354 21,194 934 2,287 42,589 20,215 4,244 231 2,822 15,077 7,847 21 24,750 4,674 308 3,392 10,281 6,095 2,304 21,106 923 2,327 45,008 21,926 4,452 248 3,031 15,351 7,850 28 53 4 7 8 32 8 4 27 4 4 25 -7 14 7 5 8 Dec. 281 1967 25,199 5,067 318 3,416 10,334 6,064 2,296 21,046 899 2,429 45,427 22,908 4,597 214 2,774 14,934 8,012 Jan. 4 24,728 4,536 317 3,441 10,304 6,130 2,300 21,114 922 2,395 41 ,178 20,072 4,126 221 2,835 13,924 7,709 1 1 25,002 4,639 329 3,489 10,411 6,134 2,502 21,146 920 2,434 42,870 21,099 4,179 209 2,726 14,657 7,660 18 24,879 4,533 330 3,490 10,403 6,123 2,542 21,078 996 2,491 39,801 17,976 3,900 198 2,680 15,047 7,641 25 New York City 1966 4,913 1,355 550 1 ,482 1,526 6,130 11,759 6,462 171 94 330 4,702 2,745 Jan. 5 4,601 1 '240 485 1 ,442 1,434 6,061 9,814 6,197 204 99 339 2,975 2,633 12 4,740 1 '281 152 476 1 317 1 >14 5,966 10,180 6,205 277 88 322 3,288 2,753 19 4,706 1 >22 141 491 1 >90 1,362 5,841 10,027 5,545 163 109 327 3,883 2,763 26 4,182 1,193 23 434 1,236 1,296 472 3,943 213 576 10,903 6,485 137 99 368 3,8(4 2,794 Dec. 7 4,277 1 ,290 23 441 1 ,229 1,294 550 3,894 224 593 12,491 7,973 160 III 393 3,854 2,838 14 4,380 1 ,318 61 502 1,201 1,298 579 3,972 209 632 1 1,759 7,145 153 100 361 4,000 2,817 2| 4,626 1,528 62 501 1 ,224 1,311 560 3,930 207 642 13,857 8,392 218 112 382 4,753 2,775 28 34 28 6 44 35 34 18 Dec. 28] 1967 4,585 1,521 62 505 1,234 1,263 557 3,92! 205 685 12,606 7,589 218 77 362 4,360 2,899 Jan. 4 4,454 1,379 62 522 1,171 1,320 573 3,934 204 670 11,320 7,093 164 92 359 3,612 2,695 11 4,533 1,460 73 545 1,182 1,273 596 3,936 205 679 12,772 8,514 180 85 340 3,653 2,675 18 4,601 1 ,543 74 536 1,198 1,250 633 3,881 214 693 11,375 6,898 155 80 343 3,899 2,671 25 Outside New York City 1966 21,852 3,783 3,622 8,631 5,816 19,758 29,158 12,106 3,873 120 2,043 11,016 4,572 Jan. 5 21,537 3,560 3'618 8,563 5'796 19,797 28,796 12,532 3,742 117 2,219 10,186 4,406 12 22,231 3,794 439 3,645 8^549 5 >04 19,804 27,573 11,713 3,823 131 2,135 9,771 4,448 19 21,982 3,567 447 3,592 8,585 5'791 19,808 26,641 10,610 3,512 119 2,115 10,285 4,470 26 19,041 2,189 240 2,802 9,092 4,718 1 ,787 17,204 656 1,670 28,141 11,737 3,818 132 2,281 10,173 5,042 Dec. 7 19,733 2,780 242 2,846 9,108 4,757 1,700 17,236 665 1,672 29,516 12,925 3,820 129 2.492 10,150 5,040 14 20,110 3, 152 246 2,876 9,081 4,755 1 ,775 17,222 725 1,655 30,830 13,070 4,091 131 2,46! 11,077 5,030 21 20,124 3,146 246 2,891 9,057 4,784 1 ,744 17,176 716 1,685 31,151 13,534 4,234 136 2,649 10,598 5,075 28 39 -24 1 8 26 8 4 27 4 -40 — 10 -1 -20 6 5 — 10 Dec. 28^ 1967 20,614 3,546 256 2,911 9,100 4,801 1,739 17,125 694 1,744 32,821 15,319 4,379 137 2,412 10,574 5,113 Jan. 4 20,274 3,157 255 2,919 9,133 4,810 1,727 17,180 718 1,725 29,858 12,979 3,962 129 2,476 10,312 5,014 11 20,469 3,179 256 2,944 9,229 4,861 1 ,906 17,210 715 1,755 30,098 12,585 3,999 124 2,386 11,004 4,985 18 20,278 2,990 256 2,954 9,205 4,873 1,909 17,197 782 1,798 28,426 11,078 3,745 118 2,337 11,148 4,970 25 For other notes see p. 269. data, the assets and liabilities of this “adjustment bank” have been incor­ f These amounts represent accumulated adjustments originally made porated in the series. This procedure is described on p. 1140 of the August to offset the cumulative effect of mergers. Beginning with the Jan. 4, 1967, 1966 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

268 WEEKLY REPORTING BANKS FEBRUARY 1967 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time Total Wednesday unad­ States Do­ Foreign IPC States Foreign justed and mes­ and Do­ TotaD IPC p d s i o u i c v l a b i i l t ­ ­ ­ G U o . v S t . . c m c o t i i e m a c r l ­ ­ G e o t v c. t 6 ., C m c o i e a m r l ­ ­ Total 7 S in a g v s ­ Other p d s i o u i c v l a b i i l t ­ ­ ­ i b m n t a i t e c n e s 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 1966 Jan. 5....................... 197,579 111,994 80,820 5,866 3,787 14,002 778 1,364 85,585 50,852 22,280 7,489 560 3,978 227 12 194,006 108,215 81,054 5,188 1 ,697 13,281 769 1,391 85,791 50,694 22,606 7,532 578 3,954 235 19....................... 193,765 107,753 80,111 5,367 2,226 13,005 830 1 ,343 86,012 50,607 22,988 7,441 600 3,949 233 26....................... 190,917 104,491 78,454 5,327 2,623 11,606 742 1,387 86,426 50,535 23,368 7,435 632 4,023 236 Dec. 7....................... 193,148104,675 77,194 5,762 1 ,733 13,001 705 1,382 88,473 46,934 28,881 7,691 497 4,103 207 14....................... 198,216 109,600 81,929 5,895 1 ,000 12,933 675 1,399 88,616 46,872 28,751 7,955 500 4,180 205 21....................... 201,291 112,397 82,332 5,908 3,517 13,383 687 1 ,471 88,894 46,885 28,769 8,135 529 4,213 203 28....................... 204,121 114,626 82,985 6,127 3,879 13,838 738 1,557 89,495 47,099 28,979 8,293 526 4,234 209 Dec. Mt.................... 283 139 123 10 3 .............. 144 114 23 6 1967 Jan. 4....................... 207,327 117,181 84,444 6,293 3,779 14,839 748 1,507 90,146 47,099 29,606 8,330 504 4,222 205 11....................... 200,188 109,359 80,796 5,575 1,850 13,578 686 1,437 90,829 46,729 30,498 8,444 556 4,221 202 18....................... 202,182 110,622 80,833 5,572 2,603 13,111 762 1 ,439 91,560 46,556 31,329 8,362 661 4,289 190 25....................... 198,741 106,193 78,000 5,485 3,395 12,089 668 1 ,440 92,548 46,520 32,122 8,480 715 4,341 195 New York City 1966 Jan. 5....................... 46,159 28,797 18,685 397 1 ,205 3,672 617 91 1 17,362 5,322 7,983 626 360 2,849 126 12. ..................... 44,311 26,868 18,367 299 364 3,368 608 937 17,443 5,266 8,057 671 379 2,841 133 19....................... 44,911 27,358 18,433 298 505 3,498 677 900 17,553 5,242 8,253 579 399 2,851 130 26....................... 44,292 26,411 18,221 242 603 3,166 587 938 17,881 5,215 8,493 574 432 2,934 133 Dec. 7....................... 42,821 26,457 17,712 301 324 3,610 563 952 16,364 4,596 7,586 757 320 2,932 96 14....................... 45,031 28,711 19,438 291 99 3,599 542 971 16,320 4,589 7,492 768 323 2,983 94 21....................... 45,865 29,588 19,412 445 1,128 3,842 549 1,025 16,277 4,585 7,443 757 342 2,988 93 28....................... 47,310 30,918 19,753 338 1 ,215 4,317 602 1 ,080 16,392 4,613 7,546 740 335 2,993 94 Dec. 28t..................... 277 168 127 6 5 8 1 4 109 73 34 / 1 .............. 1967 Jan. 4....................... 46,889 30,348 19,872 389 1,115 3,999 612 1 ,040 16,541 4,6(6 7,727 726 309 2,974 92 11....................... 44,623 27,912 18,553 269 421 3,720 540 991 16,711 4,580 7,895 756 333 2,967 90 18....................... 46,955 29,889 19,066 332 679 3,787 606 998 17,066 4,560 8,234 683 421 2,987 90 25....................... 45,558 28,150 18,515 256 843 3,639 523 1 ,002 17,408 4,557 8,502 693 456 3,014 95 Outside New York City 1966 Jan. 5....................... 151,420 83,197 62,135 5,469 2,582 10,330 161 453 68,223 45,530 14,297 6,863 200 1,129 101 12....................... 149,695 81,347 62,687 4,889 1 ,333 9,913 161 454 68,348 45,428 14,549 6,861 199 1,113 102 19....................... 148,854 80,395 61,678 5,069 1 ,721 9,507 153 443 68,459 45,365 14,735 6,862 201 1 ,098 103 26....................... 146,625 78,080 60,233 5,085 2,020 8,440 155 449 68,545 45,320 14,875 6,861 200 1 ,089 103 Dec. 7.............. 150,327 78,218 59,482 5,461 1 ,409 9,391 142 430 72,109 42,338 21,295 6,934 177 1,171 1! 1 14....................... 153,185 80,889 62,491 5,604 901 9,334 133 428 72,296 42,283 21,259 7,187 177 1,197 1 11 21....................... 155,426 82,809 62,920 5,463 2,389 9,541 138 446 72,617 42,300 21,326 7,378 187 1,225 110 28....................... 156,811 83,708 63,232 5,789 2,664 9,521 136 477 73,103 42,486 21,433 7,553 191 1,241 115 Dec. 2St-----......... 6 -29 -4 4 -2 -8 -1 ~4 35 1/4 -50 -28 -1 -1 .............. 1967 Jan. 4....................... 160,438 86,833 64,572 5,904 2,664 10,840 136 467 73,605 42,483 21,879 7,604 195 1,248 113 11....................... 155,565 81,447 62,243 5,306 1,429 9,858 146 446 74,118 42,149 22,603 7,688 223 1,254 112 18....................... 155,227 80,733 61,767 5,240 1 ,924 9,324 156 441 74,494 41 ,996 23,095 7,679 240 1,302 100 25....................... 153,183 78,043 59,485 5,229 2,552 8,450 145 438 75,140 41,963 23,620 7,787 259 1,327 100 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 WEEKLY REPORTING BANKS 269 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Memoranda Total assets— 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 li . a T b o il t i a t l ie s Total Large certificates Wednesday F F r . o R m . From ca a p n i d ta l T lo o a t n a s l ( l n o e a t n ) s , D de e p m o a s n it d s of deposit to Banks others accounts ad ( j n u e s t t ) e , d8 a a d n ju d s t i e n d ­ , adjusted9 Total Issued Issued vestments8 issued to I PC’s to others Large banks— Total 1966 567 5,671 7,446 18,365 229,628 125,787 178,440 75,637 16,102 Jan. 5 65 5,914 7,579 18,374 225,938 125,240 177,236 74,508 16,210 12 16 4,512 8,011 18,341 224,645 124,626 177,367 74,604 16,302 19 826 4,770 7,974 18,354 222,841 123,988 176,325 74,107 16,622 26 218 6,700 11,727 19,180 230,973 131,139 180,883 71,719 15,475 10,451 5,024 ’ Dec. 7 245 6,739 11,793 19,142 236,135 132,269 182,813 74,769 15,388 10,265 5,123 14 218 6,602 11,687 19,122 238,920 133,959 185,218 75,282 15,426 10,171 5,255 21 891 6,771 11,348 19,136 242,267 134,570 185,980 74,983 15,633 10,346 5,287 28 10 26 319 190 282 137 9 5 4 Dec. 283 1967 126 7,691 10,686 19,219 245,049 135,602 187,471 75,655 15,980 10,722 5,258 Jan. 4 384 6,785 10,922 19,252 237,531 133,991 185,450 73,858 16,426 10,971 5,455 11 288 6,644 10,666 19,218 238,998 133,164 185,168 73,809 17,034 11,470 5,564 18 352 5,977 10,577 19,222 234,869 132,240 184,226 72,733 17,856 12,113 5,743 25 New York City 1966 397 2,485 3,176 5,013 57,230 31,155 42,198 17,458 6,803 Jan. 5 2,475 3,261 4,999 55,046 30,794 41,456 16,939 6,865 12 1,713 3,454 4,997 55,075 30,580 41,286 17,150 6,992 19 253 1,829 3,509 5,000 54,883 30,329 40,876 17,097 7,251 26 2,637 5,445 5,127 56,030 32,096 41 ,482 16,038 5,372 3,788 1,584 Dec. 7 2,724 5,615 5,125 58,495 32,460 41,998 17,040 5,316 3,683 1,633 14 2,232 5,435 5,103 58,635 33,281 43,053 17,473 5,218 3,574 1,644 21 430 2,960 5,253 5,110 61,063 33,768 43,733 16,994 5,318 3,686 1,632 28 12 37 326 170 248 155 45 ..................... Dec. 28t 1967 2,980 5,264 5,149 60,282 34,053 44,006 17,645 5,535 3,916 1,619 Jan. 4 2,525 5,508 5,178 57,834 33,131 42,966 16,678 5,721 3,997 1,724 11 18 2,198 5,150 5,174 59,495 33,143 43,092 16,910 6,073 4,294 1 ,779 18 5 2,004 5,227 5,175 57,969 32,598 42,620 16,770 6,440 4,575 1,865 25 Outside. New York City 1966 170 3,186 4,270 13,352 172,398 94,632 136,242 58,179 9,299 Jan. 5 65 3,439 4,318 13,375 170,892 94,446 135,780 57,569 9,345 12 16 2,799 4,557 13,344 169,570 94,046 136,081 57,454 9,310 19 573 2,941 4,465 13,354 167,958 93,659 135,449 57,010 9,371 ..................... 26 218 4,063 6,282 14,053 174,943 99,043 139,401 55,681 10,103 6,663 3,440 ' Dec. 7 245 4,015 6,178 14,017 177,640 99,809 140,815 57,729 10,072 6,582 3,490 14 218 4,370 6,252 14,019 180,285 100,678 142,165 57,809 10,208 6,597 3,611 21 461 3,811 6,095 14,026 181,204 100,802 142,247 57,989 10,315 6,660 3,655 28 -2 -11 -7 20 34 -18 -36 Dec. 281 - 1967 126 4,711 5,422 14,070 184,767 101,549 143,465 58,010 10,445 6,806 3,639 Jan. 4 384 4,260 5,414 14,074 179,697 100,860 142,484 57,180 10,705 6,974 3,731 11 270 4,446 5,516 14,044 179,503 100,021 142,076 56,899 10,961 7,176 3,785 18 347 3,973 5,350 14,047 176,900 99,642 141,606 55,963 11,416 7,538 3,878 25 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 I year to maturity) to Certificates of deposit issued in denominations of $100,000 or more. issued by States and political subdivisions. 4 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 certificates of deposit in 7 Includes U.S. Government and postal savings not shown separately. denominations of $100,000 or more. For description of revisions, see Aug. a 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

270 BUSINESS LOANS OF BANKS FEBRUARY 1967 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1967 1966 1967 1966 1966 1966 Jan. Jan. Jan, Jan. Dec. 2nd 1st 18 4 28i Jan. Dec. Nov. IV Ill H half half Durable goods manufacturing: Primary metals.................................. 877 871 872 857 836 41 -9 -4 -60 -75 80 -135 233 Machinery.................... 4,075 4,067 4,105 4,038 4,033 42 170 -4 220 360 467 580 680 Transportation equipment................. 1,980 2,024 2,024 1 ,984 1 ,995 -15 1 16 124 235 239 233 474 358 Other fabricated metal products... 1,551 1,556 1,553 1,553 1,568 -17 -12 -40 -99 72 169 -27 265 Other durable goods........................... 1,909 1 ,941 1,971 1,984 1,963 -54 -17 6 78 234 84 390 Nondurable goods manufacturing: Food, liquor, and tobacco................. 2,502 2,621 2,612 2,735 2,720 -218 166 519 56 -117 575 -156 Textiles, apparel, and leather............ 1,797 1,818 I ,830 1,821 1 ,862 -65 -85 -101 -380 106 225 -274 550 Petroleum refining................................ 1 ,535 1,540 1 ,532 1,467 1 ,426 109 -127 -37 -162 -92 107 -254 256 Chemicals and rubber......................... 2,091 2,121 2,148 2,115 -24 53 52 81 23 133! 353 Other nondurable goods..................... 1,480 1,496 1 ,499 1,479 1,472 8 20 -16 -63 127 216 64 309 Mining, including crude petroleum and natural gas................................. 4,147 4,148 4,148 4,124 3,825 322 45 -41 -40 222 226 182 344 Trade: Commodity dealers.................... 1,372 1 ,411 1,425 1 ,385 1,405 -33 35 242 312 22 -222 334 -322 Other wholesale........................... 2,846 2,840 2,863 2,887 2,893 -47 73 60 42 155 102 161 Retail............................................... 3,333 3,330 3,279 3,365 3,547 -214 -97 57 69 -116 466 -47 455 286 161 551 370 343 921 220 Transportation........................................... 3,667 3,709 3,703 3,707 3,706 -39 n.a. n.a. n.a. n.a. Communication. ....................................... 834 827 830 812 772 62 n.a. n.a. n.a. Other public utilities................................ 2,223 2,236 2,300 2,315 2,267 -44 n.a. n.a. n.a. n.a. Construction................................................ 2,504 2,540 2,554 2,574 2,604 -too -76 -99 -74 153 -173 189 Services......................................................... 4,731 4,734 4,808 4,841 4,828 -97 All other domestic loans......................... 5,867 5,892 5,976 5,921 5,902 -35 -16 -56 226 -53 469 Bankers’ acceptances.......................... . 731 670 597 564 535 196 81 60 165 -10) -231 64 -232 Foreign commercial and industrial loans..................................................... 2,880 2,875 2,841 2,849 2,872 8 Total classified loans.............................. 54,932 55,267 55,470 55,403 55,146 -214 642 573 1 ,289 I ,261 2,753 2,550 4,522 Total commercial and industrial loans 60,329 60,695 60,912 60,879 60,590 -293 652 455 1,191 1,153 3,152 2,344 5,163 1 Beginning with data for December 28, 1966, this series was revised Note.—About 150 weekly reporting banks are included in this series; in format and coverage as described on p. 209 of this Bulletin. Data these banks classify, by industry, commercial and industrial loans amount­ for earlier dates are not strictly comparable. ing to about 90 per cent of such loans held by all weekly reporting banks, and about 70 per cent of those held by all commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) 1 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.: * New York City: 1957............................... 4.6 5.5 5. I 4.8 4.5 1965—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 1960............................... 5.2 6.0 5.7 5.4 5.0 Dec................ 6.16 6.60 6.56 6.38 6.09 1961.............................. 5.0 5.9 5.5 5.2 4.8 1962............................... 5.0 5.9 5.5 5.2 4.8 7 other northern and 1963............................... 5.0 5.9 5.5 5.2 4.8 eastern cities: 1964............................... 5.0 5.9 5.6 5.3 4.8 1965—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 1966............................... 6.0 6.5 6.4 6.2 5.9 June................ 5.86 6.32 6.35 6.08 5.74 Sept................ 6.40 6.62 6.75 6.60 6.31 Quarter: i Dec................ 6.38 6.66 6.81 6.60 6.27 19 large cities: 11 southern and 1965—Dec............................ 5.27 5.96 5.74 5.51 5.11 western cities: 1965—Dec......... 5.46 6.07 5.80 5.59 5.23 1966—Mar........................... 5.55 6.13 5.96 5.76 5.41 1966—Mar.............. 5.70 6.23 6.01 5.77 5.50 June........................... 5.82 6.39 6.25 6.03 5.68 June. 6.00 6.52 6.28 6.08 5.82 Sept............................ 6.30 6.73 6.65 6.51 6.18 Sept................ 6.42 6.84 6.65 6.51 6.26 Dec........................... 6.31 6.78 6.70 6.51 6.19 Dec................ 6.46 6.91 6.73 6.52 6.29 1 Based on new Ioans and renewals for first 15 days of month. 1956—Apr. 13 3% 1959—May 18 4*4 Aug. 21 4 Sept. 1 5 Note.—Weighted averages. For description see Mar. 1949 Bulletin, 1957—Aug. 6 4*/i I960—Aug. 23 4^ pp. 228-37. 1958—Jan. 22 4 1965—Dec. 6 5 Bank prime rate was 3*4 per cent during the period Jan. 1, 1956—Apr. Apr. 21 3*4 1966—-Mar. 10 5*4 12, 1956. Changes thereafter to new levels (in per cent) occurred on the Sept. 11 4 June 29 5% following dates: Aug. 16 6 1967—Jan.26-27 5*4-5% Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 INTEREST RATES 271 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period m 4 p c o - a o n t p m o t e h l r 6 s . , - 1 d 3 p i p - r l a e a t p c o c t e e l d 6 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 f r 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 ills a r 5 ket Ra 6 te -n o io n n th b M ill a s r 5 ket 9 B - 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 - s y u t e o e a s r 5 7 months 2 new issue yield new issue yield ket yield)3 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 1966.,......................... 5.55 5.42 5.36 5. 11 4.881 4.85 5.082 5.06 5.07 5. 17 5. 16 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 Dec.................... 6.00 5.88 5.60 5.40 5.007 4.96 5.108 4 98 5.00 5. 10 5.07 1967—Jan...................... 5.73 5.50 5.23 4.94 4.759 4.72 4.787 4.74 4.61 4.71 4.71 Week ending— 1966—Dec. 31............ 6.00 5.88 5.50 5.57 4.747 4.80 4.856 4.92 4.83 4.92 4.86 1967—Jan. 7............ 6.00 5,84 5.50 5.14 4.822 4.80 4.911 4.76 4.90 4.82 4.46 14............ 5.85 5.70 5.43 5.39 4.818 4.81 4.890 4.67 4.76 4.76 4.40 21............ 5.68 5.38 5. 18 5.25 4.716 4.71 4.686 4.56 4. 64 4.65 4.37 28............ 5.55 5,25 5.03 5.18 4.680 4.66 4.662 4,54 4.63 4.68 4.39 i 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. 5 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 bones Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio States Total i (longterm) Total 1 Aaa Baa Aaa Baa, Indus- Rail- Public Pre- Com- Comtrial road utility ferred mon mon 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 1966...................................................... 4. 66 3.90 3.67 4.21 5.34 5. 13 5.67 5.30 5.37 5.36 4.97 3.40 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 7.18 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 Dec.......................................... 4. 65 4.01 3 79 4.29 5.69 5.39 6.18 5.63 5,78 5.65 5.24 3.59 .................... 1967—Jan........................................... 4.40 3.74 3.50 4.04 5.50 5.20 5.97 5.45 5.63 5.42 5.07 3.51 .................... Week ending— 1967—Jan. 7.................................. 4.46 3,95 3.72 4.24 5.67 5.38 6.15 5.60 5.80 5,60 5.22 3.65 14.................................. 4.40 3.82 3.60 4 11 5.60 5.32 6,08 5.52 5,73 5.55 5.04 3.52 21............................ 4.37 3.61 3.35 3.91 5,46 5,15 5,92 5.39 5.59 5.39 4.96 3.43 28.................................. 4.39 3.60 3.34 3.90 5.38 5.04 5,83 5.36 5.49 5.27 5,04 3.43 Feb. 4.................................. 4.37 3.55 3.25 3.90 5.35 5.02 5.81 5.33 5.48 5.24 4,96 3.40 .................... 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. Di vidend/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: callablc 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

272 SECURITY MARKETS FEBRUARY 1967 MORTGAGES: NEW AND EXISTING HOMES SECURITY PRICES (Per cent) Bond prices Common stock prices Vol­ Contract interest rate on (Per $100 bond) (1941-43= 10) ume Yield conventional first mortgages of Period o i n n s F u H re A d - FHAseries FHLBB series Period ( G t l U e o o r . n m v S 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 tr I u i n a 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 1966................ 78.63 102.6 83.3 85.26 91.09 46.34 68,21 7,538 1962.................... 5.60 5.93 5.99 1963.................... 5.46 5.81 5.87 5 84 5.98 1966—Jan.., 81.15 106.9 90.5 93.32 99.56 53.68 74.50 8.935 1964.................... 5.45 5.80 5.85 5.78 5.92 Feb... 79.32 105.2 89.5 92.69 99.11 54.78 71.87 8,753 1965.................... 5.47 5.83 5.89 5.76 5.89 Mar.. 78,92 103.9 87.9 88.88 95.21 51 .52 69.21 8,327 1966..................... 6.77 6.65 6.70 6.11 6.24 Apr... 79.75 105.9 87.6 91.60 98.17 52.33 70.06 9,310 May.. 79.56 104.5 87.6 86.78 92.85 47.00 68.49 8,165 1966—Jan...... 5.70 6.00 6.05 5 81 5.97 June,. 78.93 103.2 86.9 86.06 92.14 46.35 67,51 6,393 Feb......... 6.05 6.10 5 85 5.97 July.. 77,62 100.9 86.0 85.84 91.95 45,50 67.30 5,997 Mar........ 6.00 6.15 6.20 5.90 6.01 Aug.. 77,02 97.7 84.1 80.65 86.40 42.12 63.41 7,064 Apr..... 6.25 6.30 5 99 6.09 Sept.. 77.15 98.5 82.6 77.81 83.11 40.31 63.11 5,722 May.... 6.32 6.30 6.35 6.02 6.16 Oct... 78,07 100.5 83,5 77.13 82.01 39,44 65.41 '6,971 June.... 6.45 6.40 6.50 6,07 6.18 Nov... 77,68 101 .0 83.5 80.99 86. 10 41.57 68.82 7,297 July........ 6.51 6.45 6.55 6.12 6.24 Dec... f78,73 102.4 83.3 81,33 86.50 41.44 68.86 7,883 Aug......... 6.58 6.55 6.65 6.18 6.35 Sept........ 6,63 6.65 6.70 6.22 6.40 1967—Jan... 81.54 106.0 85.9 84.45 89.88 44.48 70.63 9,885 Oct..... 6.70 6.75 6.32 6.49 Nov........ 6.81 6.70 6.75 6.40 6.50 Week Dec......... 6.77 6.65 6.70 6.44 6.52 ending- 1967—Jan.......... 1967 Jan, 7......... 80.76 103.4 83.8 81.18 86.15 41.89 69.93 6,856 Note.—Annual data are averages of monthly figures. The 14......... 81,46 105.4 85.1 83.51 88.79 43.66 70.52 10.678 FHA data are based on opinion reports suomitted by field offices 2!......... 81,90 108.2 87.4 85,45 91 .03 45.31 70.75 10,611 on prevailing conditions in their localities as of the first of the 28......... 81.67 107.1 87.2 86.14 91.81 45.87 70.99 10,382 succeeding month. The yields are derived from weighted aver­ ages of private secondary market prices for Sec. 203, 30-year Feb. 4......... 81.90 107.9 86.7 86.76 92.56 46.13 70.82 10,826 mortgages with minimum downpayments and an assumed pre­ payment at the end of 15 years. Gaps in the data are due to periods of adjustment to changes in maximum permissible con­ Note.—Annual data are averages of monthly figures. Monthly and weekly tract interest rates. The FHA series on average interest rates data are averages of daily figures unless otherwise noted and are computed as on conventional first mortgages are unweighted and are rounded follows: U.S. Govt, bonds, derived from average market yields in table at bottom of to the nearest five basis points. For FHLBB series, see footnote preceding page on basis of an assumed 3 per cent, 20-year bond. Municipal and to table on Conventional First Mortgages, p. 289. corporate bonds, derived from average yields as computed by Standard and Poor’s Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks. Standard and Poor’s index. Volume of trading, average daily trading in stocks on the N.Y. Stock Exchange for a SVi-hour trading day. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N.Y. Stock Exchange brokers and dealers for pur­ Money borrowed on— Cus­ Month Total firms secured by-— chasing or carrying— to n m e e t rs’ securities free o U t . h S e . r G t o h v an t. se G c U u o . r v S it t . i , e s se O cu th ri e ti r e s se G c U u o r . v i S t t . i es 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 Oth C e u r s s t e o c m u e ri r t ies Other c a b r n e a c d l e ­ i s t collateral collateral 1963—Dec......... 7,242 26 5,515 140 1,727 32 4,449 3,852 597 1,210 1964—Dec......... 7,053 21 5.079 72 1,974 222 3,910 3,393 517 1,169 1965—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 Nov........ 7,352 57 5,217 93 2,135 97 3,166 2,597 569 1,532 Dec......... 7,443 58 5,329 76 2,114 240 3,468 2,667 801 1,637 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

FEBRUARY 1967 OPEN MARKET PAPER; SAVINGS INSTITUTIONS 273 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 Banks Im­ Ex­ shipped between Total th P r la o c u e g d h P di l r a e c c e t d ­ Total Others p in o t r o ts f p r o o r m ts Do e l x la ­ r points in— dealers 1 ly 2 Total O bi w ll n s bo B u il g ls h t O ac w ct n . F ei o g r n ­ U St n a i t t e e s d U S n ta it t e e d s change United Foreign corr. States countries 1959......................... 3,202 677 2,525 1 151 319 282 36 75 82 675 357 309 74 167 749 I960......................... 4’497 1 358 3 139 2 027 662 490 173 74 230 1 060 403 669 122 308 524 1961......................... 4'686 i ’711 2,975 2 683 1,272 896 376 51 126 1 ’234 485 969 117 293 819 1962.......................... 6,000 2'088 3,912 2,650 1'153 865 288 110 86 1 301 541 778 186 171 974 1963 ......................... 6'747 1 '928 4,819 2,890 1’291 1,031 260 162 92 1,345 567 908 56 41 1 317 1964......................... 8,361 2 223 6,138 3,385 1’671 1,301 370 94 122 1 498 667 999 111 43 1 *565 1965 ......................... 9,058 1 '903 7,155 3,392 1 '223 1,094 129 187 144 1 837 792 974 27 35 1 * 564 [966—Jan............... 9,984 1 834 8 150 3,332 1,206 1J09 97 110 134 1,883 752 933 26 29 1,592 Feb.............. 10,365 1 ,828 8,537 3,313 1 ' 294 1 J77 1 17 122 135 1 ,762 738 920 35 22 1,600 Mar............. 10’732 2,066 8,666 3,388 I '266 1 ,037 229 126 129 1,867 775 887 36 21 1 668 Apr.............. 11 '239 2,253 8,986 3,464 1 ,284 1 ^060 224 159 137 1,884 829 875 34 20 1 "706 May.......... 11’437 2’113 9,324 3’418 1 ,269 1 .034 235 180 159 1,810 834 847 39 20 1,679 June 10’769 2’090 8,679 3,420 1 ,061 927 1 34 238 252 1,869 881 833 34 24 1 648 July............. 12J83 2^361 9,822 3,369 1 '005 91 2 93 51 257 2,056 911 790 54 23 1 591 Aug............. 12'835 2,653 10,182 3,387 909 824 84 48 272 2,158 946 781 64 54 1 ’541 Sept............. 11,778 2,773 9,005 3,370 935 846 89 47 243 2,145 957 760 62 60 1’531 Oct............... 13'045 2,977 10,068 3,359 961 861 100 72 230 2,096 982 756 75 57 1 489 Nov............. 14J69 3’153 11 016 3,459 1,056 895 161 131 203 2’067 c995 c78l *85 <69 CT ’ 527 Dec.............. 13,279 3,089 10,190 3,603 1'198 983 215 193 191 2,022 997 829 103 80 L595 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. 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 . v S t . . S l a o t n c a d a te l C ot o r a h a n r e t p d e r o 1 ­ Cash O as t s h e e ts r g l T e ia a n t o i b n e e t i d r s a l a i l ­ l D i e ts p o 2 s­ l O ia t t i b h e i s e li r ­ G r c e o e s a u n e c r n e ­ v r t e s a l c M om or m tg i a tm ge e l n o t a s n 3 govt. reserve accts. NumberAmount 1941................................... 4,787 89 3,592 1 .786 829 689 11,772 10,503 38 1,231 1945 .................................. 4,202 62 10,650 1 .257 606 185 16’962 15,332 48 1,582 I960................................... 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58 350 1 ,200 1961.................................. 28,902 475 6,160 667 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962.................................. 32’056 602 6,107 527 5^ 177 956 695 46,121 41 336 828 3 957 114 985 2,548 1963.................................. 36,007 607 5,863 440 5,074 912 799 49,702 44 606 943 4,153 104,326 2,549 1964................................... 40'328 739 5 791 391 5*099 1 ,004 886 54,238 48 849 989 4,400 135,992 2,’820 1965............................ 44'433 862 5,485 320 5,170 1 ,017 944 58,232 52'443 1,124 4,665 120,476 2,697 1966—Jan........................ 44,709 904 5,560 314 5,217 920 965 58,588 52,689 1,230 4,669 116,124 2,590 Feb., 44,952 925 5,623 313 5^289 932 965 58,999 52,907 1'354 4'737 114,106 2,551 Mar...................... 45'180 913 5,600 317 5,352 896 998 59,256 53,286 1 ^228 4'742 113,554 2,565 Apr....................... 45'335 867 5’335 307 5'323 849 994 59,010 52,959 1'343 4; 707 115^845 2,580 May..................... 45'529 991 5,311 297 5'353 854 995 59,330 53,075 1,480 4'774 116’497 2’637 June..................... 45'688 923 5,150 286 5’397 963 1,007 59,415 53 318 1'332 4'765 115,006 2,464 July...................... 45,968 1,035 5 101 280 5’494 852 1,042 59,772 53 523 1 '499 4,750 104,630 2,352 Aug....................... 46,232 1,095 5,062 276 5,659 826 1,007 60 J 56 53 689 1,641 4'827 101,682 2,’274 Sept...................... 46,450 1,052 5,078 270 5'603 850 • 1,031 60,334 54 073 1 ,438 4'823 99,377 2’, 191 Oct........................ 46’737 1 J 023 4,913 260 5'588 832 1,037 60,391 54 178 1301 4,812 97,283 2,151 Nov...................... 46’953 1', 131 4,848 254 5,644 799 1,029 60,658 54 326 1'463 4,869 91,634 2,072 Dec........... 47,213 C084 4,769 248 5’736 945 1 ,020 61,015 55,032 IJ20 4,862 881808 2,010 1 Also includes securities of foreign governments and international Note.—National Assn, of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S, Govt. agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 4, p, 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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

274 SAVINGS INSTITUTIONS FEBRUARY 1967 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 ge rt s ­ e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Statement value: 1941.......................................... 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945............................................... 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 I960................................................ 119,576 11,679 6,427 3,588 1,664 51,857 46.876 4,981 41,771 3,765 5,231 5,273 1961................................................ 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962................................................ 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963............................................... 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964............................................... 149,470 12,322 5,594 3,774 2,954 63,579 55,64! 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: 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—Decr.................................. 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................................... 164,491 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 Nov................................... 166,225 10,838 4,850 3,111 2,877 68,388 61,031 7,357 64,353 4,842 9,004 8,800 Dec................................... 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 E pe n r d i o o d f M ga o ge r s t­ s G e U c o . u S v r t . i , ­ Cash Other 1 a li s a T s b e o i t l t s i a t 2 l i — e s ■ S c a a v p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m or o r n ow ey e 3 d L p o r a o n c s e s i s n Other c m o l m e o n a m t n s i 4 t­ ties profits 1941....................... 4,578 107 344 775 6 049 4,682 475 256 6 1945 ....................... 5,376 2,420 450 356 8,747 7’365 644 336 402 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 5,2U 3’315 4'775 82'135 70,885 5’708 2,856 1,550 1,136 I >08 1962....................... 78,770 5 >63 3,926 5 >46 93,605 80’236 6,520 3'629 1,999 1>2I 2>30 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........................ 110'202 7,405 3 >99 7>36 129’442 110'27! 8,708 6 >40 2,189 1,834 2>45 110,700 7,694 3,321 7,799 129,514 110,194 8 713 6,262 2,107 2,238 2,808 Feb....... 111,246 7'842 3,391 7'868 130,347 110'722 8,730 6'102 2,104 2'689 2,937 Mar.......... i12,001 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 6'949 2’289 2^853 3 >00 May.......... 113'249 7 >32 3,179 8'542 132;602 111 >74 8 >26 7>39 2:278 3 >85 2^927 June.......... 113,669 7,340 3,369 8,421 132,799 112,359 9,002 7,345 2,161 1 ,932 2,568 July........... 113,750 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 >814 2,891 2 >62 114,004 7'472 2’628 8'527 132’631 111,606 9011 7’697 1 >42 2'675 1 ’843 Oct.r......... 113,998 7,626 2'682 8 >82 132 888 111,550 9,018 7,749 1,493 3,078 1,689 Nov.r.... 113,977 7 >27 2,856 8; 835 133,577 112'164 9,012 7,566 1,348 3>12 1'596 Dec............ 113,999 7,764 3,368 8,650 133,781 113,816 9,250 7,433 1,228 2,054 1,483 1 Includes other loans, stock in the Federal home loan banks, other * Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on preceding 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 annual reports. Data for current and preceding year are preliminary -1 Consists of advances from FHLB and other borrowing. even when revised. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 FEDERALLY SPONSORED CREDIT AGENCIES 275 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 t r d g a a a l 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 . i nt 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 a b A n t e e o d c m r 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 te d d s s M po b d e s e e m i r ­ t s ­ C s a to p c it k al M l g o ( a A a o g n r ) e t s ­ D n t 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 o a p e ) n e s s r ­ D t e u (L b re e ) s n­ c L o a d ( o u A n i a s n d ) n ­ t s s D t e u (L b re e ) s n­ M l g o ( a A a o g n r ) e t s ­ B ( o L n ) ds 1957............... 1,265 908 63 825 653 685 1,562 1,315 454 222 932 886 919 I 599 1958............... 1 '298 999 75 714 819 769 1'323 ijoo 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................ 1,981 1,233 90 1,266 938 989 2,788 2,523 649 407 1,501 1,454 2,564 2,210 1961............... 2,662 1’153 159 1 '571 1,180 1,107 2,770 2'453 697 435 1,650 1 '585 2,828 2,431 1962................ 3,479 L531 173 2'707 1 '214 1,126 2,752 2'422 735 505 1,840 1,727 3^052 2’628 1963............... 4’784 1,906 159 4'363 1,151 1,171 2,000 1,788 840 589 2,099 1 '952 3,310 2 834 1964............... 5,325 1,523 141 4,369 1 J99 1,227 1,940 1,601 958 686 2,247 2,112 3,718 3,169 1'955—Dec... 5,997 1,640 129 5,221 1 ,045 1,277 2,456 1,884 1,055 797 2,516 2,335 4,281 3,710 1966—Jan.. . 5,898 1,424 80 5,068 844 1 ,281 2,666 2,338 1,113 797 2,541 2,342 4,328 3,710 Feb... 5,739 1,539 91 5,050 796 1 ,292 2,912 2,397 1,145 819 2,601 2,404 4,385 3,813 Mar... 5,687 1,632 89 5,060 824 1,303 3,188 2,648 1,137 819 2,708 2,470 4,477 3,813 Apr... 6,516 1,187 76 5,435 812 1,325 3,358 2,820 1,148 859 2,843 2,602 4,553 3,813 May.. 6,704 1,510 84 5,895 841 1,335 3,502 3,144 1,106 835 2,947 2,744 4,647 3,980 June.. 6,783 1 ,953 160 6,309 1 ,025 1,339 3,611 3,269 1,105 844 3,066 2,853 4,725 4,105 July. . 7,342 1,445 68 6,594 711 1,356 3,801 3,058 1,167 844 3,159 2,935 4,788 4,212 Aug... 7,226 1,623 76 6,615 711 1,355 3,891 3,414 1,190 882 3,139 2,990 4,853 4,212 Sept... 7,175 1,832 86 6,765 734 1 ,360 3,965 3,178 1,199 882 3,077 2,991 4,900 4,295 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 Nov... 7,084 2,210 87 6,859 865 1,369 4,160 3,152 1 ,276 1,067 2,901 2,814 4,938 4,295 Dec... 6,935 2,523 113 6,859 1 ,037 1,369 4,266 3,800 1,290 1,074 2,924 2,786 4,958 4,385 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, DECEMBER 31, 1966 Amount Amount Amount Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions of dollars) of dollars) of dollars) Federal home Ioan banks Federal National Mortgage Federal land banks—Cont. Notes: Association—Cont. Bonds: Jan. 25,1967..........................5.65 250 Debentures: Feb. 20, 1967.......................5.60 125 Feb. 27, 1967.........................5.40 543 Sept. 10, 1970......................4i/8 119 May 22, 1967......................4 180 Mar. 27, 1967.........................5.40 575 Aug. 10, 1971........................4i/8 64 July 20, 1967.......................6.05 302 Apr. 25, 1967.......................5.55 656 Sept. 10, 1971........................4(4 96 Aug. 21, 1967.........................4ft 179 Feb. 10, 1972........................5 ft 98 Oct. 1, 1967-70..................4ft 75 Bonds: June 12, 1972........................4ft 100 Oct. 23, 1967.........................4ft 174 Jan. 25, 1967..........................4*4 375 June 12, 1973........................4ft 146 Oct. 23,1967.........................5ft 150 June 26, 1967..........................514 500 Feb. 10, 1977........................4ft 198 Dec. 20, 1967........................5’/8 329 July 26, 1967.........................5% 535 Jan. 22, 1968.........................5ft 130 Aug. 28, 1967..........................5% 590 Mar. 20, 1968.........................4ft 111 Sept. 15, 1967..........................414 185 Banks for cooperatives May 20, 1968.........................5ft 242 Sept. 27, 1967..........................6% 650 Debentures: June 20, 1968.........................4 186 Oct. 26, 1967.............................6 700 Feb. 1, 1967........................5.90 276 Aug. 20, 1968.........................4ft 160 Nov. 27, 1967..............................6 500 Apr. 3, 1967........................6ft 295 Mar. 20, 1969.........................4ft 100 Jan. 25, 1968..........................5% 250 May 1, 1967.........................5.95 256 July 15, 1969.........................4ft 130 Mar. 1,1968............................4ft 250 June 1, 1967........................6.05 247 July 15, 1969.........................4ft 60 Mar. 25, 1969..........................5% 300 Oct. 20, 1969.........................4ft 209 Feb. 20, 1970.........................5ft 82 Apr. 1, 1970.........................3ft 83 Federal National Mortgage Associa­ Federal intermediate credit banks July 20,1970.........................5ft 85 tion—secondary market opera­ Debentures: May 1, 1971.........................3ft 60 tions Jan. 3, 1967......................5.35 379 Sept. 15, 1972.........................3% 109 Feb. 1, 1967......................5.35 393 Feb. 20, 1973-78..................4ft 148 Discount notes...................................... 812 Mar. 1, 1967......................5.60 310 Feb. 20, 1974.........................4ft 155 Apr. 3, 1967......................5.60 283 Apr. 21, 1975.........................4ft 200 Debentures: May 1, 1967.......................5ft 298 Feb. 24, 1976.........................5 123 Feb. 10, 1967.........................5 93 June 1, 1967............................6 278 July 20, 1976.........................5ft 150 May 10, 1967.........................5^0 150 July 3, 1967.....................6.20 230 Apr. 20, 1978.........................5ft 150 June 12, 1967.........................5^o 250 Aug. 1, 1967......................5.95 298 Oct. 11,1967............................41/fc 400 Sept. 5, 1967.....................6.05 318 Tennessee Valley Authority Mar. 11, 1968.........................3% 150 Short-term notes......................... 200 Sept. 10, 1968........................5% 87 Federal land banks Bonds: Apr. 10, 1969.........................4ft 350 Bonds: Nov. 15, 1985.....................4.40 50 Dec. 12, 1969.........................6 550 Feb. 15, 1967-72............4ft 72 July 1, 1986.........................4ft 50 Apr. 10, 1970.........................4% 142 Feb. 20, 1967........................4ft 126 Feb. 1, 1987.........................4ft 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

276 FEDERAL FINANCE FEBRUARY 1967 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 Net Period rects. Bu n d e g t et T f P u r l n u u d s s s t :■ g I L n o e v t s r t s a . : ­ 1 E r T q e o c u t t a s a l . l s 2 : Budget f T P un l r u u d s s s : t 3 A m L e d e n j s t u s s s * : t ! ­ E p T q a o u y t a t a s l l s . : pa o y r t s. C (d d h i e i a r n b n e c t g t e a I g n L e v b e n e y s . s s : t & , L N ca e o s s n h s: ­ Eq N u e a t ls: & agen.) trusts debt Cal. year—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 31 314 4,'473 127,919 -4,543 4,673 1.386 417 2,872 1966.............. 110,802 40,011 4,792 145,137 118,077 36,791 4,003 150,867 -5,730 13 326 8,396 342 4,788 Fiscal year—4963........... 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........... 89 359 30.331 4,190 115,530 97,684 28,885 6337 120.332 -4.802 7333 2375 1,099 3,859 1965........... 93 372 31,047 4,303 119,699 96 307 29,637 3 349 122,395 -2,696 6333 2,356 '250 4,328 1966............ 104327 34,853 4,’451 134,480 106 ,’978 34'864 4326 137'817 -3,337 6,710 3,’562 530 2,618 Half year: 1965—Jan.-June......... 53,569 17,232 2,377 68,352 48,415 15,314 2,845 60,884 7,468 447 2,850 16 -2,417 July-Dec........... 43,110 14,152 2,072 55,024 52,964 15,700 1,628 67,035 -12,011 4,226 -1,464 401 5,289 1966—Jan.-June.......... 61 317 20301 2379 79 ,’456 54’014 19,164 2,398 70382 8,674 2,484 5,’026 129 -2,671 Julv-Dec........... 49,185 19,310 2,413 65,681 64,063 17,627 1 ,605 80,085 -14,404 11,042 3,370 213 7,459 Month: 1965—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.................... 11 397 2,745 166 13,804 10,193 2396 1,103 12386 1,718 -1,971 2 -50 -1,924 Apr..................... 9,929 2315 224 11,853 8,362 3'335 '372 11,325 528 -684 -1,170 486 May................... 8,452 5312 254 13^916 9355 3332 -134 12321 1,095 3,847 4,023 66 -243 June................... 17,151 4,796 1 ,413 20391 9,439 3,531 918 12,052 8,338 -1,639 2,319 -45 -3,913 July.................... 5 302 2,837 416 8,103 10,263 3,642 978 12327 -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 7323 10,977 2,684 1,056 12,604 -5 380 2,270 -698 34 2,935 Nov.................... 7,394 3 317 336 10398 10386 2,617 -651 13,654 -2,955 2368 989 134 1,345 Dec..................... 10,606 3 333 716 12,845 9,512 3,403 370 12,545 299 ’675 166 -267 776 Effects of operations on Treasurer’s account Net operating transactions Net financing transactions ca C sh h a b n a g la e n i c n e s Tre (e a n su d r o er f ’ s p e a r c i c o o d u ) nt Period Agencies & trusts Change Operating bal. s B d u e u r o f d p i r g c l u i e t s t f T u r n u d s s t 3 a C c l c e o a u ri n n t g s i M ss s u e a o a c r f k n . 3 e ce t i I n G n s e v o U c e v . s . t S 3 t , , . p d g d u i r e i r b o n e b l s c i t s c t T o r u H e t a e s s l i u d d r e y a T c u c r r e o e a r u ’ s n s ­ t Balance B F a . n R k . s a l T a c o n c a a d t x n s . O as n t s h e e t e t s r Fiscal year—1963.......... -6,266 1,143 122 1,022 -2,069 7,659 -74 1,686 12,116 806 10,324 986 1964 -8,226 1,446 948 1,880 -2,775 5,853 206 -1,080 11,036 939 9,180 917 1965.......... -3,435 1,410 -804 1,372 -2,356 5,561 174 1,575 12,610 672 10,689 1,249 1966.......... -2,251 -12 -956 4,077 -3,562 2,633 132 -203 12,407 766 10,050 1 ,591 Half year: 1965—Jan.-June.... 5,154 1,918 452 1 ,114 -2,850 -667 -193 5,316 12,610 672 10,689 1,249 July-Dec.......... -9,853 -1,548 -845 596 1,464 3,630 -528 -6,028 6,582 708 4,577 1,297 1966—Jan.-June......... 7,602 1 ,536 -111 3,481 -5,026 -997 660 5,825 12,407 766 10,050 1,591 July-Dec.......... -14,878 1,683 -1,021 1,630 3,370 9,412 -149 -6,396 6,011 416 4,096 1,499 Month: 1965—Dec............... 126 -701 233 -45 935 -807 -81 -177 6,582 708 4,577 1,297 1966—Jan..................... -2,356 -2397 287 265 1,897 1,099 171 -1,076 5,506 823 3,360 1,323 Feb.................... 179 1,560 -629 260 -1,749 1,308 -44 973 6,479 805 4,399 1,275 Mar................... 1,104 -251 987 341 -2 -2,312 90 -224 6,255 52! 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.................. 7,712 1,265 -450 813 -2,319 -2,452 238 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 4,181 1 ,427 Nov................... -2,993 1,101 -1,120 -55 -989 2,523 84 -1,618 4,799 299 3,041 1,459 Dec.................... 1393 -371 -78 767 -166 -92 -60 1,213 6,011 416 4,096 1,499 1 Primarily interest payments by Treasury to trust accounts and accumu­ 6 Monthly and half-year figures do not add to fiscal year totals because lations to U.S. employee trust funds. of classification revisions. 2 Includes small adjustments not shown separately. i Seasonally adjusted data include accelerated corporate tax payments 3 Includes net transactions of Govt.-sponsored enterprises. in 1965 and 1966; data for 1966 also include adjustments for initiation of 4 Primarily (1) intragovt, transactions, (2) noncash debt, (3) clearing graduated withholding of personal income taxes and change in schedule accounts. for depositing withheld and OASI taxes. 5 Includes technical adjustments not allocated by functions. Note.—Based on Treasury Dept, and Bureau of the Budget data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 FEDERAL FINANCE 277 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Int. Total W he I i n l t d h d ­ ivid O ua th l er Co ra 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. E a g s n t i a f d t t e 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... 134.480 42,811 18,486 30,834 13,398 5,888 4,037 25,527 21,243 3,773 3,094 1,811 2,303 7,256 3,472 Half Year: 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.. 79,456 22,847 14,680 19,942 6,352 2,825 1,969 15,926 13,500 2,166 1,820 913 1,007 6,194 2,163 July-Dec... 65,681 24,641 3,983 12,045 6,762 n.a. 2,313 13,472 11,658 1,563 1,258 I ,017 1,493 1,142 2,152 Month: [965-Dec......... 10,838 3,237 468 4,315 1,220 547 315 899 803 55 238 140 167 105 259 1966—Jan............... 7,091 1,412 2,727 682 1,007 384 309 547 349 147 292 136 166 107 229 Feb.............. 12,400 5,948 1 ,038 573 1,038 395 348 3,717 2,895 785 207 129 155 644 239 Mar............. 13,804 3,440 936 7,244 1,133 545 302 2,154 2,037 69 272 168 149 2,057 365 Apr.............. 11,853 1,082 6,259 2,440 921 443 286 1,552 1,332 178 491 151 166 1,526 317 May............ 13,916 6,238 1,151 751 1,104 480 363 5,124 4,153 930 328 158 167 1,321 216 June 20,391 4,726 2,569 8,251 1 , 149 578 361 2,834 2,735 59 228 172 204 539 797 July............. 8,103 3,374 351 878 97! 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 1,156 550 354 1,894 1 ,806 46 214 170 191 158 334 Oct............... 7,523 3,434 277 797 1,065 564 341 1,385 1 ,248 93 206 170 197 212 204 Nov............. 10,698 5,155 148 580 1,212 600 375 2,839 2,329 469 196 179 216 185 358 Dec.............. 12,845 3,791 427 4,636 1,110 n.a. 356 1,863 I ,775 52 204 161 536 168 285 Cash payments to the public Period Total 5 t f i N e d o n e n a s ­ a ­ e l af I f n ai t r i s , 6 s S e p r a e a r ­ c c e h A tu c g u re l r ­ i ­ 6 so N u u r r r e a a c ­ t l e ­ s t m C ra a o e n n r m s d c p e ­ . c H d i o n e m o g v u e m & s l. ­ , l w H ab e e l o a f r a l , t r h e & , 6 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 v a n l t . ­ Fiscal year—1963......... 113,751 53,429 '■4,066 2,552 '5,362 '2,609 5,777 -268 '25,624 1 ,214 5,971 7,427 1 ,953 1964......... 120,332 54,514 '3,837 4,171 '5,416 '2,774 6,545 1,674 '27,191 1 ,299 6,107 8,011 2,221 1965......... 122,395 50,790 '4,794 5,093 '5,142 '2,921 7,421 908 '28,191 1,497 6,080 8,605 2,341 1966......... 137,817 58,464 '4,463 '5,933 '4,114 '3,229 '6,784 '3,425 '33,249 '2,780 '5,556 '9,215 '2,404 Half year: 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 '2,226 2,838 '3,313 '1 ,764 3,955 '1,157 '16,374 '706 '2,590 '4,367 '1,259 1966—Jan.-June.... 70,781 31,377 2,044 3,094 '935 '1,407 '2,841 '2.198 '16,990 2,072 '3,031 '4,856 1,144 July-Dec......... 80,086 33,850 2,457 2,855 3,630 2,002 4,372 1,801 18,192 1 ,755 3,475 4,627 1,386 Month: 1965—Dec.................. 11,121 5,134 495 521 '261 '307 '667 '419 '2,724 155 '249 '453 '205 1966—Jan................... 11,233 4,680 374 477 373 224 574 351 2,745 256 588 308 189 Feb.................. 1^264 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 12^21 5,025 461 569 228 339 518 362 2,778 496 540 1,401 227 June................ 12,052 6,410 174 571 -34 212 286 -47 2,916 370 414 '613 137 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 13,150 6,035 375 483 909 329 807 218 3,047 368 593 368 243 Oct................... 12^604 5^32 637 493 583 323 763 362 3,043 281 600 373 207 Nov. 13,654 5,557 529 458 137 325 690 -15 3,151 213 617 I ,506 265 Dec.................. 12,545 6; 092 175 486 33 310 673 -33 3,175 264 664 598 210 1965 1966 1965 1966 Item I II III IV I 11 HI IV I II in IV I It III IV Seasonally adjusted Not seasonally adjusted Cash budget: Receipts............................... 29.7 732.6 30.6 30.7 33.7 739.6 36.3 36.8 30.7 37.7 29.2 25.8 33.3 46.2 34.6 31.1 Payments.................................. 30.2 32.4 32.1 33.1 36.9 36.0 40.0 37.8 28.3 32.6 33.1 34.0 34.6 36.2 41.3 38.8 Net......................................... -.4 .3 -1.5 -2.4 -3.2 3.7 -3.7 -1.0 2.4 5.1 -3.9 -8.1 -1.3 10.0 -6.7 -7.7 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

278 U.S. GOVERNMENT SECURITIES FEBRUARY 1967 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 2 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 s t c s t 2 Total Total Bills M C a c r e k a r t e t e i t f s a i b ­ le Notes Bonds 4 b C v o ib e o n l r n e d t­ ­ s T N o o ta n l m 5 arke S t i a n a b g v l s ­ e i S s p su e e c s ia l 6 bonds 1941—Dec........................................... 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945—Dec........................................... 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947—Dec........................................... 257,0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 1958—Dec........................................... 283.0 282.9 236.0 175.6 29,7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Dec........................................... 290,9 290.8 244.2 188.3 39,6 19.7 44.2 84.8 7. 1 48.9 48.2 43.5 1960—Dec........................................... 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—Dec.......................................... 321.4 320.9 270.3 214.6 60.2 50.2 104,2 2.8 52.9 50.3 46.3 1966—Jan........................................... 322.4 322.0 273.2 217.7 61.6 1.7 50.2 104,2 2.8 52.8 50.3 44.4 Feb........................................... 323.7 323.3 273.1 217.7 62.0 1 .7 50.9 103.2 2.8 52.7 50,3 45.8 Mar.......................................... 321.5 321 .0 270.6 215.2 59.5 1 .7 50.9 103,1 2.8 52,7 50,4 46.0 Apr.......................................... 320.1 319.6 270.3 215.0 59.5 1.7 50.8 103.1 2.7 52.8 50.4 44.9 May......................................... 322.8 322.4 269.1 213.8 59,5 1.7 50.6 102.0 2.7 52,7 50.5 48.8 June........................................ 320.4 319.9 264.3 209.1 54.9 1.7 50.6 101.9 2.7 52,5 50,5 51 . 1 July.......................................... 319.8 319.2 264.2 209.1 54,9 1.7 50.7 101.9 2'. 7 52.4 50.6 50.7 Aug.......................................... 324.9 324.4 266.5 211.4 57,9 7.0 45.9 100.6 2.7 52.4 50.6 53.2 Sept.......................................... 325.3 324.7 266.9 211.8 58.3 7.0 45.9 100.5 2.7 52.5 50.6 53.1 Oct........................................... 327.4 326.9 270,4 215,3 62.3 7.0 45.6 100.5 2.7 52.4 50.7 51.9 Nov.......................................... 329,9 329.4 272,3 217.2 63.9 5.9 48.3 99.2 2.7 52.4 50.8 52.6 Dec.......................................... 329.8 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 50.8 52.0 1967—Jan........................................... 329.4 328.9 273.7 218.8 65.5 5.9 48.3 99. 1 2.7 52.2 50.8 51.3 1 Includes non-interest-bearing debt (of which $266 million on Dec. 31, 5Includes (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 $16,776 million on Dec. 31, 1966. bonds. 4 Includes Treasury bonds and minor amounts of Panama Canal and 6 Held only by U.S. Govt, agencies and trust funds. 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 . n R k . s Total m C b e a o r n c m k ia ­ s l M s b a a v u n i t n u k g a s s l p I c a n a o n n s m c u ie e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S l a o o t n v c a d a t t s e l . Savi I n n g d s i vidu O al t s her n F a i o t n a i r o n t e e n d i r g a ­ n l ' i O m t n o v t i r h s e s c e s . ­ r 2 funds bonds securities 1941—Dec.................. 64.3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 ,7 5.4 8.2 .4 .5 1945—Dec.................. 278.7 27.0 24.3 227.4 90.8 10.7 24,0 22.2 6.5 42,9 21.2 2.4 6 6 1947—Dec.................. 257,0 34,4 22.6 200,1 68.7 12.0 23,9 14.1 7.3 46,2 19.4 2.7 5.7 1958—Dec.................. 283.0 54.4 26,3 202.3 67.5 7.3 12,7 18.1 16,5 47,7 16.0 7.7 8.9 1959—Dec.................. 290.9 53.7 26.6 210.6 60.3 6.9 12,5 21,4 18.0 45.9 23.5 12.0 10.1 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 H .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—Dec.................. 321.4 61.9 40.8 218.7 r60.8 5.4 10.4 15.5 r22.9 49.6 22.7 16.7 14.7 322 4 60. 0 40.6 221 9 ^60 9 5 5 10.4 16.5 r23.7 49.6 ’23.6 16.4 15 4 Feb................... 323.7 61.7 40.2 221.9 58.7 5.5 10.3 17.4 ’24.7 49.7 ’23.9 16.2 15.6 Mar................. 321.5 61.7 40.7 219.0 r57.O 5. 5 10.2 15.7 *•24.4 49.7 ’24.9 16.0 15.7 Apr.................. 320.1 60. 5 40.7 218.9 r57.0 5.3 10.1 15.7 ’25.1 49.7 ’24.6 15.7 15.6 May................. 322.8 64.5 41.5 216.9 r55.1 5.2 10.0 r16.2 r25.3 49.7 *24,3 15.6 15.3 June................ 320.4 66.7 42.2 211.5 r54.7 5.1 9.7 ’■13.9 ’24.5 49.8 ’24.1 15.4 14.3 July.................. 319.8 66.4 42.4 211.0 r53.4 5.0 9.7 ’•14.2 *•24,8 49.9 *•24.2 15.3 14.4 324.9 69.3 42.5 213.1 r54.7 5.0 9.7 r14.3 ’24.6 49.9 24.8 15.4 14.7 Sept................. 325.3 69.2 42.9 213.2 ’’54.4 5.0 9.7 ’13.5 ’24.2 49.9 r25.8 15.2 15.3 Oct.................. 327.4 68.0 43.0 216.4 ^54.9 4.8 9.6 ’'14.9 r24.2 r49.9 ’26.2 15.2 16.5 Nov................. 329.9 68.9 43.9 217.1 r55. I 4.8 9.7 U6.o r24.1 50.1 25.8 15.3 16.2 Dec.................. 329.8 68.8 44.3 216.7 57.2 4.7 9.6 ’14.7 *■23.7 50.2 25.4 14.6 16.6 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

FEBRUARY 1967 U.S, GOVERNMENT SECURITIES 279 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total 1-5 5-10 10-20 Over years years years 20 years Total Bills Other All holders: 1963—Dec. 31................................................................. 207,571 89,403 51,539 37,864 58,487 35,682 8,357 15,642 1964—Dec. 31.................................................................. 212,454 88,451 56,476 31,974 64.007 36,421 6,108 17,467 1965—Dec. 31................................................................. 214,604 93,396 60,177 33,219 60,602 35,013 8,445 17,148 1966—Nov. 30.................................................................. 217,239 104,398 63,864 40,534 59,459 28,007 8,434 16,940 Dec. 31.................................................................. 218,025 105,218 64,684 40,534 59,446 28,005 8,433 16,923 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. 3!......................................................... 13,406 1,356 968 388 3,161 3,350 2,073 3,466 1966—Nov. 30......................................................... 14,191 2,414 1 ,098 1,316 3,711 2,500 2,087 3,479 Dec. 31....................................................... 14,591 2,786 1 ,573 1 ,213 3,721 2,512 2,093 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—Nov. 30......................................................... 43,912 34,890 11 ,837 23,053 7,614 994 153 261 Dec. 31........................................................ 44,282 35,360 12,296 23,064 7,502 1 ,007 153 260 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—Nov. 30......................................................... 159,136 67,094 50,929 16,165 48,134 24,513 6,194 13,200 Dec. 31........................................................ 159,152 67,072 50,815 16,257 48,224 24,485 6, 187 13,184 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—Nov. 30................................................ 45,208 13,790 6,855 6,935 21,226 9,321 406 465 Dec. 31................................................ 47,182 15,838 8,771 7,067 21,112 9,343 435 454 Mutual savings banks: 1963—Dec. 31............................................... 5,502 690 268 422 1,2H 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—Nov. 30............................................... 4,600 660 422 238 1,490 1,171 278 1,000 Dec. 31................................................ 4,532 645 399 246 1,482 1,139 276 990 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—Nov. 30......................................................... 8,172 784 425 359 2,015 1,616 1 ,074 2,682 Dec. 31................................................ 8,158 847 508 339 1,978 1,581 1,074 2,678 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—Nov, 30............................................... 7,124 5,460 3,942 1,518 1,411 198 6 49 Dec. 31................................................ 6,323 4,729 3,396 1,333 1,339 200 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—Nov. 30....................................... 3,893 759 571 188 1,254 1,141 266 473 Dec. 31................................................ 3,883 782 583 199 1 ,251 1,104 271 475 State and local governments: 1963—Dec. 31................................................ 12,453 4,637 3,869 768 941 1,502 1,591 3,782 1964—Dec. 31................................................ 15,022 4,863 3,961 902 2,014 2,010 1,454 4,680 1965—Dec. 31................................................ 15,707 5,571 4,573 998 1 ,862 1,894 1 ,985 4,395 1966—Nov. 30................................................ 15,656 5,821 4,798 1,023 2,135 1,494 1 ,921 4,285 Dec. 31................................................ 15,384 5,545 4,512 1,033 2,165 1,499 1 ,910 4,265 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—Nov. 30................................................ 74,481 39,820 33,916 5,904 18,603 9,571 2,241 4,246 Dec. 31................................................ 73,690 38,685 32,646 6,039 18,896 9,619 2,215 4,275 Note.—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,908 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 “AH others,” a residual, includes holdings of all those not reporting reporting in the Survey and the number of owners surveyed were: (I) in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

280 U.S. GOVERNMENT SECURITIES FEBRUARY 1967 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 . e S c . u G rit o ie v s t, Other m b e a r n c k ia s l other 1965—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 I ^753 374 127 31 662 59 944 621 161 Mar................................. 2' 100 i 1650 231 1 80 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 Nov................................... 2’339 h863 334 118 24 r849 94 896 501 204 Dec................................... 2'712 2,059 427 160 1,114 121 978 500 232 Week ending—- 1966—Dec. 7........................... 2,096 1,565 317 152 62 801 93 789 41 3 226 14........................... 2,906 2^321 394 147 44 1,265 149 967 525 284 21............................ 2,907 2,071 547 213 77 I 300 132 987 499 259 28........................... 2’743 2,055 481 134 72 1,035 110 1,083 514 170 1967—Jan. 4........................... 2,993 2,538 293 94 68 1 044 114 1,160 553 145 11............................ 2,162 1,767 268 78 50 846 114 789 413 273 18........................... 2'318 1 804 296 150 69 973 99 821 425 381 25........................... 1,735 1,431 190 80 33 626 68 592 398 257 Note.—The transactions data combine market purchases and sales of ties under repurchase agreement, 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 sates of securi­ DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Period mat A ur ll i ties W 1 y it e h a in r y 1 ea -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 w E h ls e e r ­ e C t o io rp n o s r 1 a­ o A th l e l r City 1965—Dec........... 3,049 2 856 187 5 280 1965—Dec.............. 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 Mar...... 1 ^963 2,045 -101 20 356 Feb.............. 2,309 549 421 972 367 Apr........... 2,867 2,798 6 63 814 Mar....... 1,958 365 340 1,073 180 May.......... 2,239 2,061 142 36 675 Apr............. 3,249 1,209 669 1,155 217 June......... 1 ,548 1,353 92 102 665 May...... 2,787 '744 602 1,067 375 July........... 1,681 1 ,587 49 69 408 June 2'065 523 476 796 270 Aug...... 2,188 2,001 181 46 208 July............. 2,127 623 481 737 287 Sept 2^229 2,043 108 78 269 Aug....... 2,229 394 430 925 480 Oct............ 2’500 2,224 109 166 353 Sept............. 2^410 725 615 731 340 Nov........... 3,756 2'925 639 193 429 Oct........ 2,'346 508 580 823 435 Dec........... 4’, 158 3^447 530 181 502 Nov............. 3^575 605 687 1,614 668 Dec....... 4’,233 999 893 1,412 928 Week ending—• Week ending—• 1966—Nov. 2.. 3,606 3,294 78 234 440 9. . 3,896 2,853 809 235 396 1966—Nov. 2... 3,358 912 796 1,181 469 16. . 3,608 2,703 706 200 427 9. 3,595 738 813 1 ,345 700 23. . 3,687 2,851 659 176 446 16. 3,499 562 708 1 ,538 690 30.. 3,873 3,071 657 145 448 23. 3,453 504 597 1 ,871 482 30. .. 3,734 519 575 1,825 815 Dec. 7.. 3,944 3,205 604 135 435 14. . 4,076 3,402 518 156 443 Dec. 7. . . 4,276 859 773 1,784 860 21 . . 4,076 3,396 502 178 518 14. . . 3,957 689 884 1,583 801 28. . 4,424 3,690 498 236 581 21. . . 4,137 1,038 1,088 1 ,212 799 28. . . 4,473 1 ,284 823 1 ,203 1,163 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

FEBRUARY 1967 GOVERNMENT SECURITIES 281 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, JANUARY 31, 1967 (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. Feb. 2, 1967.................... 2,301 June 29, 1967. 1,001 Apr. 1,1968.............l^ 212 Oct. 1, 1969............4 6,255 Feb. 9, 1967.................... 2,300 June 30, 1967. 1,502 Oct. 1 1968.............I14 115 Feb. 15, 1970............4 4,381 Feb. 16, 1967.................... 2,302 July 6, 1967. 1,001 Apr. 1,1969.............PA 61 Aug. 15, 1970............4 4,129 Feb. 23, 1967.................... 2,303 July 13, 1967. 1,000 Oct. 1,1969........... 1*A 159 Aug. 15, 1971............4 2.806 Feb. 28, 1967.................... 1,000 July 20, 1967. 1 ,001 Apr. 1,1970........... 11/2 88 Nov. 15, 1971............3% 2,760 Mar. 2, 1967.................... 2,30! July 27, 1967. 1 ,000 Oct. 1,1970..............1’A 113 Feb. 15, 1972............4 2,344 Mar. 9, 1967.................... 2,305 July 31, 1967. 1,495 Nov. 15, 1970............5 7,675 Aug. 15, 1972............4 2,579 Mar. 16, 1967.................... 2,304 Aug. 31, 1967. 1,501 Apr. 1,1971.............1V$ 35 Auf. 15, 1973............4 3,894 Mar. 22, 1967*.................. 2,006 Sept. 30, 1967. 1,400 May 15, 1971............5% 4,265 Nov. 15, 1973............41/8 4,355 Mar. 23, 1967.................... 2,306 Oct. 31, 1967. 1 ,406 Oct. 1,1971...........l»A 17 Feb. 15, 1974............4'/, 3,130 Mar. 30, 1967.................... 2,305 Nov. 30, 1967. 900 Nov. 15, 1971.. . . . .5% 1,734 May 15, 1974............414 3,592 Mar. 31, 1967.................... 1,400 Dec. 31, 1967. 901 Nov. 15, 1974............3’/s 2,242 Apr. 6, 1967.................... 2,300 Jan. 31, 1968. 901 May 25, 1975-85.. .4’4 1,217 Apr. 13, 1967.................... 2,303 Treasury bonds June 15, 1978-83... 3 % 1,576 Apr. 20, 1967.................... 2,302 Certificates June 15, 1962-67... 2 !4 1,429 Feb. 15, 1980...........4 2,605 A A p p r r . . 2 2 1 7 , , 1 19 9 6 6 7 7 .. * ... . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 , , 5 3 1 0 0 4 Aug. 15, 1967. 514 5,919 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 3- - 6 6 8 9 . . . . . . 2 2 > iA A 2 1 , , 5 7 4 9 5 0 N M o a v y . 1 1 5 5 . , 1 1 9 9 8 8 0 5 . . . . . . . . . . . . . . . . . . . . . . . . 3 3> W A 1 1 , , 1 9 2 1 3 0 Apr. 30, 1967.................... 1,401 Dec. 15, 1964-69... 2^ 2,493 Aug. 15, 1987-92...4% 3,817 May 4, 1967.................... 1,001 Treasury notes Mar. 15, 1965-70... 2>A 2,289 Feb. 15. 1988-93... 4 250 May II, 1967.................... 1,000 Feb. 15, 1967 3% 2,358 Mar. 15, 1966-71... 2«A 1 ,348 May 15, 1989-94...4^ 1,560 May 18, 1967.................... 1,000 .F eb. 15, 1967. 4 5,151 June 15, 1967-72... 2i/i 1 ,264 Feb. 15, 1990............3*A 4,893 May 25, 1967.................... 1 ,000 Apr. 1, 1967 BA 270 Sept. 15, 1967-72... 2«A 1 ,952 Feb. 15, 1995............3 1,994 May 31, 1967.................... 1,401 May 15, 1967. :^ 9,748 Nov. 15, 1967............35/8 2,019 Nov. 15, 1998...........3’A 4,394 June 1, 1967..................... 1,004 Aug. 15, 1967. 2,929 Dec. 15, 1967-72.. .21/2 2,651 June 8, 1967.................... 1 ,001 Aug. 15, 1967. 4’/s 2,117 May 15, 1968.........3% 2,460 June 15, 1967.................... 1 ,001 Oct. 1, 1967. ■ m 457 Aug. 15, 1968..........33/4 3,747 Convertible bonds June 22, 1967*.................. 2,808 Nov. 15, 1967. 8,135 Nov. 15. 1968..........3% 1,591 Investment Series B June 22, 1967.................... 1 .006 Feb. 15, 1968. .5% 2,635 Feb. 15, 1969.........4 3,728 Apr. 1, 1975-80...2 44 2,651 Note.-—Direct public issues only. Based on Daily Statement of U.S. * Tax anticipation series. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds amount Period deliv­ Total G g o a e b t a n i l l o i e ­ n r s ­ R n e u v e e­ PHA1 G l U o o a .S v n t . s , State S d a i p s a s u t e n t a t c r d h t i i , c a . t l Other2 ered3 Total c E at d io u n ­ r R b i a d o n g a d e d s s i U ti t e i s l­ 4 H in o g u s s­ V a a e n i t d s e ’ r ­ O p p t o h 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 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2,821 1,167 1 ,700 385 478 1,913 1962 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,U4 1,668 521 125 2,177 1963 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3.029 812 2.344 598 2,369 1964. 10,847 6,417 3,585 637 208 1 ,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,61.9 900 1,965 626 50 3,311 1965-—Nov.. . . 1,043 836 191 17 241 27! 531 926 1,021 383 74 289 13 * 260 Dec........ 764 365 283 90 25 67 367 330 1,100 754 216 137 164 91 ..........1..4..5 1966-—Jan......... 1,219 889 304 25 471 286 462 n.a. 1,184 388 330 152 2 413 Feb........ 867 614 240 .............. 13 190 172 505 n.a. 858 208 68 137 444 Mar.. . . 878 554 20! 96 28 151 311 416 n.a. 868 380 25 159 99 205 Apr..... 1,211 815 350 46 454 366 392 n.a. 1,194 231 105 141 2 617 May.... 906 507 378 21 118 319 469 n.a. 905 251 134 280 2 237 June..,. 1,143 583 400 110 51 275 429 439 n.a. 1.140 506 118 200 110 207 July.... 699 406 273 20 174 244 28! n.a. 698 226 142 73 8 249 Aug....... 775 435 305 35 134 275 365 n.a. 773 279 32 103 6 353 Sept., . . 1,023 439 447 120 18 65 580 378 n.a. 1,010 212 218 221 124 236 Oct......... 744 538 172 33 208 253 283 n.a. 738 299 12 98 9 320 Nov... . 929 564 354 11 228 315 386 n.a. 922 355 105 217 40 205 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 5 Includes urban redevelopment loans. 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 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale. Investment Bankers Assn, data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

282 SECURITY ISSUES FEBRUARY 1967 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Prop a o l s l e c d o r u p s o e r o a f t e n e is t s u p e r s o c 6 eeds, Noncorporate Corporate New capital Re­ Period Bonds Stock tire­ Total G U o . v S t . .2 G a U c g o y . e S v n 3 t . ­ , l S o U a t c n a . a S d t l e . 4 Other 5 Total Total P li u cl b y ­ v P at r e i­ ly f P er r r e e ­ d C m o o m n ­ Total Total m N on ew ey 7 O p p o t u h s r e e ­ s r s m r e it o e c ie f u n s ­ t offered placed 1958 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 1960 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961 35,527 12,253 1 ,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 868 1962 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1,507 754 1963 31,616 7,213 1,168 10,107 891 12,237 10,872 4,714 6,158 342 1,022 12,081 10,553 8,993 1 ,561 1,528 1964 37,122 10,656 1 ,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 13,792 13,038 11,233 1,805 754 1965. 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1 ,547 15,801 14,805 13,063 1,741 996 1965-—Nov......... 6,340 3,463 375 1 ,018 86 1,398 1,142 613 529 92 165 1,377 1 ,325 1,183 143 52 Dec.......... 2,948 331 179 768 25 1 ,646 1 ,487 326 1,161 87 72 1 ,632 1 ,496 1 ,279 217 136 1966-—Jan........... 3,021 475 1 ,176 30 1,339 1,152 460 692 119 68 1,325 1,302 1 ,214 88 22 Feb.......... 3,008 345 503 845 42 1,273 1,143 560 583 75 55 1,259 1,237 1,068 169 22 Mar.......... 4,250 457 410 848 54 2,482 2,065 753 1,311 21 396 2,452 2,446 2,039 407 7 Apr.......... 3,668 426 392 1,181 86 1,582 I ,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 Oct...... 2,589 408 450 736 7 989 853 499 354 31 105 971 925 879 46 46 Nov.......... 6,697 3,738 800 950 81 1,129 1,016 569 447 50 63 1,112 1,099 1,047 52 12 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Period Retire­ Retire­ Retire­ Retire­ Retire­ Retire­ New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ rities rities rities rities rities rities 1958. 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959. 1,941 70 812 28 942 15 3,189 15 707 1,801 6 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-—Nov.......................................... 402 17 44 94 ................ 209 28 43 4 433 3 Dec.......................................... 470 18 192 24 130 ................ 243 62 43 17 418 16 1966-—Jan........................................... 353 14 114 3 155 ................ 388 5 141 151 Feb........................................... 530 6 100 8 94 * 241 4 160 111 2 Mar......................................... 977 7 160 373 340 301 294 Apr........................................... 692 4 154 2 148 364 76 119 1 May......................................... 376 12 137 22 75 274 40 4 156 June......................................... 1,137 14 145 6 207 3 322 4 276 276 2 July......................................... 397 2 98 /2 263 22 52 156 9 Aug.......................................... 518 15 1 67 2 243 313 1 318 112 Sept.......................................... 643 91 63 2 81 198 307 Oct........................................... 362 46 41 39 304 91 89 Nov.......................................... 238 2 78 ............1...9.4 ................ 320 10 166 ................ 103 ................ 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price. 7 For plant and equipment and working capital. 2 Includes guaranteed issues. 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. 4 See Note to table at bottom of opposite page. Note.—.Securities and Exchange Commission estimates of new issues 5 Foreign governments, International Bank for Reconstruction and maturing in more than 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

FEBRUARY 1967 SECURITY ISSUES 283 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 I ,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 (965—III.................. 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—I.................... 7,782 3,158 4,624 4,568 1 ,335 3,233 2,204 1,010 671 1,152 1.533 -142 II.................. 7,645 2,354 5,293 3,993 1,153 2,841 1,646 2,006 669 532 977 1,475 Hl................. 5,525 I ,756 3,768 3,732 943 2,789 1 ,262 531 490 323 772 207 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 o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B 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 I ,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—III................. 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 ................... 950 657 232 -72 166 648 679 119 549 157 264 944 in........... 1,198 58 143 -22 218 16 469 112 405 103 356 712 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 < 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 t d io e n m s p­ s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales 1 Re t d io e n m s p­ s N al e e t s Total 2 po C si a t s i h o n3 Other 1955................ 1,207 443 765 7,838 438 7,400 (965—Dec... 475 176 299 35,220 1,803 33,417 1956................ 1^47 433 914 9,046 492 8,554 1957................ 1,391 406 984 8,714 523 8,191 1966—Jan.... 507 191 316 36,213 2,009 34,204 1958................ 1,620 511 1,109 13,242 634 12,608 Feb... 440 229 211 36,178 2,094 34,084 Mar. . 592 244 348 36,173 2,040 34,133 1959................ 2,280 786 1,494 15,818 860 14,958 Apr... 538 255 284 37,136 2,107 35,029 I960................ 2,097 842 1,255 17,026 973 16,053 May.. 478 216 261 35,453 2,278 33,175 1961................ 2^951 1,160 1,791 22,789 980 21 ,809 June.. 380 194 186 35,429 2.337 33,092 1962................ 2,’699 1,123 1,576 21,271 1,315 19,956 July... 363 153 210 35,082 2,472 32,610 Aug... 357 187 170 32,553 2,657 29,896 1963................ 2,460 1,504 952 25,214 1,341 23,873 Sept... 327 145 182 32,223 3,036 29,187 1964................ 3^404 1,875 1,528 29,116 1,329 27,787 Oct.. . 329 133 196 33,483 3,244 30,239 1965................ 4,359 1,962 2,395 35,220 1,803 33,417 Nov... 295 143 152 34,497 3,206 31,291 1966................ 4,906 2,241 2,665 34,829 2,971 31,858 Dec.. . 300 151 149 34,829 2,971 31,858 1 Includes contractual and regular single purchase sales, voluntary Note.—Investment Company Institute data based on reports of mem­ and contractual accumulation plan sales, and reinvestment of invest­ bers, which comprise substantially all open-end investment companies ment income dividends; excludes reinvestment of realized capital 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

284 BUSINESS FINANCE FEBRUARY 1967 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1965 1966 Industry 1961 1962 1963 1964 1965 I II III IV I IF III Manufacturing Total (177 corps.): Sales.............................................................. 123,669 136,545 147,380 158,253 176,676 42,742 45,344 41,946 46,644 47,068 48,886 46,302 Profits before taxes........................................... 13,268 15,330 17,337 18,734 22,043 5,517 6,021 4,723 5,782 5,934 6, 162 4,884 Profits after taxes............................................... 7,167 8,215 9,138 10,462 12,482 3,081 3,399 2,732 3,269 3,323 3,522 2,845 Dividends............................................................. 4,730 5,048 5,444 5,933 6,541 1,411 1,629 1,435 2,066 1 ,569 1 ,740 1 ,631 Nondurable goods industries (78 corps.):1 Sales............................................................... 49,362 52,245 55,372 59,770 64,635 15,453 16,131 16,320 16,732 17,299 18,374 18,399 Profits before taxes........................................... 5,602 5,896 6,333 6,881 7,818 1,804 1,985 2,014 2,014 2,132 2,334 2,296 Profits after taxes.............................................. 3,225 3,403 3,646 4,121 4,798 1,112 1,213 1,222 1,251 1 ,295 1 ,404 1 ,387 Dividends............................................................. 2,031 2,150 2,265 2,408 2,541 606 607 617 711 650 668 673 Durable goods industries (99 corps.):-.............. Sales........................................................................ 74,307 84,300 92,008 98,482 112,041 27,289 29,214 25,626 29,912 29,769 30,492 27,903 Profits before taxes......................................... 7,666 9,434 11,004 11,853 14,225 3,713 4,036 2,709 3,768 3,802 3,828 2,588 Profits after taxes............................................... 3,942 4,812 5,492 6,341 7,684 1,970 2,186 1,509 2,018 2,027 2,118 1,458 Dividends............................................................. 2,699 2,898 3,179 3,525 4,000 804 1,022 819 1,355 919 1 ,072 958 Selected industries: Foods and kindred products (25 corps.): Sales.................................................................... 12,951 13,457 14,301 15,284 16,345 3,868 4,082 4,194 4,200 4,331 4,491 4,705 Profits before taxes........................................... 1 ,440 1,460 1,546 1,579 1,710 388 433 452 436 438 488 504 Profits after taxes............................................... 682 698 747 802 896 201 225 234 236 231 257 264 Dividends......................................... 397 425 448 481 508 124 125 126 133 137 142 139 Chemical and allied products (20 corps.): Sales................................................................... 12,606 13,759 14,623 16,469 17,938 4,238 4,492 4,565 4,642 4,861 5,195 4,801 Profits before taxes........................................... 1 ,979 2,162 2,286 2,597 2,878 679 758 734 707 764 850 783 Profits after taxes............................................... 1 ,034 1,126 1,182 1,400 1,627 386 424 409 409 431 475 441 Dividends............................................................. 833 868 904 924 926 214 213 215 285 221 224 234 Petroleum refining (16 corps.): Sales................................................................... 14,483 15,106 16,043 16,589 17,878 4,404 4,449 4,454 4,571 4,811 5,195 5,476 Profits before taxes........................................... 1,237 1,319 1 ,487 1,560 1,946 440 473 504 530 580 586 622 Profits after taxes............................................... 1 ,025 1,099 1 ,204 1,309 1,555 363 386 400 406 442 449 476 Dividends............................................................. 528 566 608 672 752 182 183 187 200 203 207 204 Primary metals and products (34 corps.): Sales................................................................... 20.234 21,260 22,116 24,195 26,530 6,614 7,091 6,657 6,167 6,522 7,447 7,309 Profits before taxes........................................... 1,999 1 ,838 2,178 2,556 2,951 768 865 695 623 691 933 857 Profits after taxes............................. ................ 1,067 1 ,013 1,183 1 ,475 1,704 436 493 402 373 399 537 490 Dividends............................................................. 843 820 734 763 818 195 200 202 221 216 218 230 Machinery (24 corps.): Sales.................................................................... 17,446 19,057 21,144 22,558 25,148 5,772 6,305 6,286 6,785 6,955 6,889 7,538 Profits before taxes........................................... 1,701 1,924 2,394 2,704 3,116 747 817 764 788 877 911 851 Profits after taxes............................................... 859 966 1,177 1,372 1,621 385 426 400 410 441 480 444 Dividends........................................................... 508 531 577 673 775 192 187 189 207 217 225 226 Automobiles and equipment (14 corps.): Sales................................................................... 23,314 29,156 32,927 35,338 42,662 10,898 11,450 8,281 12,032 11,718 11,728 8,044 Profits before taxes........................................... 2,786 4,337 5,004 4,989 6,263 1,828 1,883 756 1,797 1 ,780 1,615 312 Profits after taxes............................................. 1 ,404 2,143 2,387 2,626 3,298 942 1,004 430 923 935 893 226 Dividends............................................................. 973 1,151 1,447 1,629 1,890 305 520 307 759 360 503 361 Public utility Railroad: Operating revenue............................................. 9,189 9,440 9,560 9,778 10,208 2,385 2,582 2,575 2,668 2,518 2,728 n.a. Profits before taxes........................................... 625 729 816 829 980 145 259 248 328 213 330 n.a. Profits after taxes............................................... 382 572 651 694 816 121 213 206 276 172 263 n.a. Dividends............................................................. 359 367 *383 438 468 108 118 81 161 113 109 n.a. Electric power: Operating revenue............................................. 12,478 13,489 14,294 15,156 15,961 4,227 3,822 3,901 4,011 4,456 4,063 4,268 Profits before taxes........................................... 3,349 3,583 3,735 3,926 4,116 1,154 949 1,036 977 1,215 987 1,153 Profits after taxes............................................... 1,883 2,062 2,187 2,375 2,568 712 597 626 632 758 632 702 Dividends............................................................. 1,374 1,462 1,567 1,682 1,833 467 438 437 491 473 486 475 Telephone: Operating revenue............................................. 8,615 9,196 9,796 10,550 11,320 2,732 2,790 2,854 2,944 2,992 3,091 3,135 Profits before taxes........................................... 2,478 2,639 2,815 3,069 3,185 783 766 830 806 851 907 911 Profits after taxes............................................... 1,233 1,327 1,417 1,590 1,718 420 419 447 432 460 488 487 Dividends............................................................. 867 935 988 1,065 1,153 279 284 294 296 302 309 317 1 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 corporations: 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

FEBRUARY 1967 BUSINESS FINANCE 285 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 ­ e s P t a a r f o x t f e e i s r t s d C d e i a n v s d i h ­ s t U p ri r b n o u d f t i i e t s s d ­ co c a n a l t l s i p o o u i w n t m a ­ l p ­ Quarter P b ta r e o x fo f e i r s t e s c ta o I x n m e ­ e s P t a a r f o x t f e e i r s t s d C d e i a n v s d i h ­ s tr U p i r b n o u d f t i i e t s s d ­ co c a n t a l i s l o p o u n i w t m a ­ l p ­ ances 1 ances 1 1959................ 52,1 23.7 28.5 12.6 15.9 23.5 1965—1.... 74.5 30.7 43,8 18.1 25.7 35.2 1960................ 49.7 23.0 26.7 13.4 13.2 24.9 II.... 74.5 30,7 43.8 18.8 25.0 36.0 III... 75.0 30.9 44.1 19.5 24.6 36.8 1961................ 50.3 23.1 27.2 13.8 13.5 26.2 IV... 78.7 32.4 46.3 20.2 26.1 37.2 1962................ 55.4 24.2 31.2 15.2 16.0 30.1 1963................. 59.4 26.3 33.1 16.5 16.6 31.8 1966—1.... 82.7 34.1 48.7 20.9 27.8 37.7 1964................. 67.0 28.4 38.7 17.3 21.3 33.9 IL... 82.8 34.1 48.7 21.1 27.6 38.5 1965................. 75.7 31.2 44.5 19.2 25.3 36.3 in... 81.9 33.7 48.2 21.1 27.1 39.1 1966................ 82.1 33.8 48.3 20.9 27.3 »38.8 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 17,8 188.2 2.5 130.4 16.5 38,7 1964.................................. 172.3 372.6 47.1 18.8 3.4 170.6 114.0 18.8 200.3 2.7 139.6 17.2 40.7 1965—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 II........................... 177.7 386.3 45.8 16,1 3.2 179.9 119.4 21.9 208.6 2.9 145.8 16.2 43.8 ni................ 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 HI......................... 191.5 431.4 46.9 14.6 4.2 202.8 139.4 23.5 239.9 4.4 167.1 17.9 50.4 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 ab n l ­ e Mining Railroad Other u P t u il b it l i i e c s n C i o c m ati m on u s ­ Other 1 a ( r n S a n t A u e) a l 1958............................................... 30.53 5.47 5.96 94 .75 1.50 6.09 2.62 7.20 1959................................................ 32.54 5.77 6,29 99 92 2.02 5.67 2.67 8.21 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 11.79 1966............................................... 60.56 14.04 12.97 1.47 c 1.94 3.48 8.31 18.36 1965—11....................................... 12.81 2.76 2.70 .33 .44 .77 1.71 1.24 2.85 50.35 Ill..................................... 13.41 2.91 2.82 .32 .44 .72 1.88 1.22 3.10 52.75 IV...................................... 14.95 3.48 3.24 .35 .46 .73 2.04 1.41 3.25 55,35 1966—1......................................... 12.77 2.87 2.74 . 33 .40 .75 1.60 1.26 2.83 58.00 H....................................... 15.29 3.51 3.27 .40 .55 1.00 2.09 1.42 3.06 60.10 Ill...................................... 15.57 3.54 3.30 .37 .48 .82 2.36 1.36 3,33 61.25 IV2.................................... 16.93 4.12 3.66 .38 .51 .91 2.26 5 10 62.60 1967—I2...................... 14.01 3.21 2.89 .35 .46 .82 1.85 4.43 63.45 t 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

286 REAL ESTATE CREDIT FEBRUARY 1967 MORTGAGE DEBT OUTSTANDING (In billions of dollars) AU properties Farm Non fa rm Other Multifamily and Mortgage holders2 1- to 4-family houses commercial properties4 type s E pe n r d i o o d f h e A o r l l s d l ­ tu F i t c i n i n i o s a a t n l i n ­ s ­ 1 a U g . e S n . ­ v I i a d n n u d d a i­ ls h A e o r l l s d l ­ tu F i t n i c i n o i s a a t n l i n s ­ ­ ^ O h e o t r h l s d e 3 ­ r h A e o r l l s d l ­ Total F i i n n s a ti n ­ , O ho th ld er ­ Total F in in s a ti n ­ , O ho th ld e ­ r u F V n H d A A e - r - ­ C ve o n n ­ ­ cies others tutions 1 ers tutions1 ers written tional 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 1961............. 226.3 172.6 11.8 41.9 13,9 5.0 8.9 212.4 153.1 128.2 24.9 59.3 39.4 19.9 65.5 146.9 1962............. 251.6 192.5 12.2 47,0 15,2 5.5 9.7 236,4 166.5 140,4 26.0 69.9 46.6 23.4 69,4 167.0 1963............. 281 .2 217.1 11.2 52,9 16.8 6.2 10.7 264.4 182.2 156,0 26.2 82.2 54,9 27.3 73.4 190,9 1964............. 311.6 241.0 11.4 59.2 18.9 7.0 11.9 292.7 197,6 170.4 27.2 95,1 63.7 31.4 77.2 215.6 1965............. 341 .7 264.5 12.4 64.8 21.2 7.8 13.4 320.6 213.5 185.0 28.5 107.0 71.7 35.3 81.2 239.4 1966"........... 336.2 1965—1... . 317.7 245.8 11.6 60,3 19.5 7.2 12.3 298.3 200.7 173.4 27,4 97.5 65.3 32,2 77.9 220.4 II... 325.9 252,2 11.7 62.0 20.2 7.4 12.8 305.7 205,2 177.4 27.7 100.5 67.4 33.1 78.7 227.0 III. . 333.9 258.6 11.9 63.4 20,7 7.6 13,1 313.2 209,5 181.5 28,0 103.7 69.5 34,2 80,0 233.2 IV... 341,7 264.5 12.4 64.8 21,2 7.8 13.4 320,6 213.5 185.0 28.5 107.0 71.7 35,3 81.2 239.4 1966—1"... 348.2 269.3 13.5 65.4 21.8 8.0 13.7 326.5 216,7 187.7 29.0 109.8 73.5 36.2 82.1 244.4 II"... 355.6 274.4 14.4 66.8 22.5 8.2 14.2 333,1 220,4 190.7 29.7 112.7 75.4 37.3 82.6 250.5 HI" . 361 .4 278.0 15.2 68.1 23.0 8.4 14.6 338.4 223.1 192.5 30.6 115.3 77.2 38. 1 83.2 255.2 IV".. 336.2 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 Other Other Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ n fa o r n m ­ Farm Total Total FH in A ­ - g V u A ar - ­ C v o en n ­ ­ n fa o r n m ­ Farm sured anteed tional sured anteed tional 1941 .............................. 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 ................................ 4,772 3,395 '856 521 4,208 3,387 797 24 1961.................................... 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,029 2,753 51 1962.................................... 34,476 23'482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963.................................... 39 ,'414 26376 7’105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964.................................... 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965.................................... 49,675 32^87 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 1966" 54 704 47,416 1965—1............................. 44,799 29,388 7,329 2,722 19,337 12,723 2,688 41,521 37,357 12,664 11,228 13,465 4,112 52 II. .. ..................... 46’548 30,383 7,469 2,712 20,202 13,371 2,794 42,467 38,214 13,036 11,322 13,856 4,202 51 HI......................... 48’353 31’574 7341 2; 700 21333 13'926 2,853 43,539 39,153 13,412 11,368 14,373 4,334 52 IV........................... 49’675 32'387 7'702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 1966—1"............................ 50,650 32,822 7,717 2,659 22,446 14,840 2,988 45,370 40,700 13,956 11,408 15,336 4,617 53 II"......................... 52'306 33300 7,769 2,654 23377 15,478 3,028 45,883 41,083 14,047 11 346 15,690 4,747 53 TH? 53 755 46,650 IV" 54,704 47,416 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

FEBRUARY 1967 REAL ESTATE CREDIT 287 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total m 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 i F ns 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 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 I 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 1065................................................................ 1 1 ',137 9,988 1 '738 553 7,697 1 149 60'013 55,190 12’068 6,286 36,836 4', 823 1965- Nov.r................................. 974 905 1 54 46 705 69 59,322 54,572 12,063 6,318 36,191 4,750 Dec......................................... 1 248 1,079 154 42 883 169 60 021 55 197 12 094 6292 36 811 4’824 1966-—Jan.................................... 972 865 168 52 645 107 60,518 55,675 12,183 6,307 37,185 4,843 Feb......................................... 817 703 143 39 521 114 60,881 55,988 12,246 6,294 37,448 4,893 Mar........................................ 978 815 139 40 636 163 61,288 56,321 12^259 6’282 37’780 4,967 Apr.......................................... 897 756 121 29 606 141 61,710 56,653 12'299 6^262 38,092 5,057 May......................................... 816 709 93 31 585 107 62,101 56,980 12,310 6,244 38,426 5,121 June........................................ 908 830 107 34 689 78 62,547 57,381 12,330 6,225 38,826 5,166 July......................................... 869 815 106 31 678 54 62,969 57,778 12’335 6’210 39'233 5,191 Aug.................................................. 791 746 94 38 614 45 63,336 58,128 12’34° 6,201 39,587 5,208 Sept......................................... 781 735 83 35 617 46 63,683 58,457 12,344 6’191 39,922 5,226 Oct........................................ 718 675 86 41 548 43 64,007 58,775 12'362 6’190 40’223 5^232 Nov......................................... 708 673 89 41 543 35 64,353 59', 118 12;393 6,195 40,530 5,235 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 New (end of period) Period Total 1 h c o o m n­ e H p o u m r­ e Total 2 FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ Period va A n d c ­ es R m e e p n a ts y­ M de e p m os b i e ts rs’ s t t i r o u n c­ chase sured anteed tional Total t S e h rm or t 1 ­ t L er o m ng ­ 2 1945............. 1,913 181 1 ,358 5,376 1945.......................... 278 213 195 176 19 46 1961 ....... 17,364 5,081 7,207 68,834 4,167 7,152 57 515 1961........................... 2,882 2,220 2,662 1,447 1,216 1,180 1962............. 20,754 5,979 8,524 78,770 4.476 7^010 67,284 1962........................... 4,111 3’294 3,479 2^005 1,474 1,213 1963....... 24,735 7'039 9,920 90,944 4,696 6’960 79,288 1963........................... 5,601 4,296 4,784 2,863 1,921 1 J51 1964............. 24,505 6,515 10,397 101,333 4,894 6,683 89,756 1964.......................... 5,565 5^025 5^325 2,846 2,479 1,199 1965.............. 23,847 5,922 10,697 110,202 5'141 6,391 98,670 1965.......................... 5,007 4,335 5^997 3’074 2,923 1,043 16,710 3,596 7,750 113,999 5,265 6,157 102,577 1966........................... 3,804 2,866 6',935 5,006 1 ',929 1,036 1965—Dec.. 1,996 491 865 110,202 5,141 6,391 98,670 1965—Dec............... 400 128 5,997 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 2,90| 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.. 1,119 241 572 114,004 5,253 6.203 102,548 Sept.............. 99 150 7'175 4^627 2'548 727 Oct. . 947 208 473 113,998 5,251 6, 182 102,565 Oct............... 300 226 7'249 4^939 2^310 767 Nov 866 184 423 113,977 5,257 6,167 102,553 Nov. 104 269 7'084 4,993 2^091 863 Dec." 916 181 425 113,999 5,265 6,157 102,577 Dec............... 68 217 6,935 5,006 1,929 1,036 i Includes loans for repairs, additions and alterations, refinancing, etc., i 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

288 REAL ESTATE CREDIT FEBRUARY 1967 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 s x 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 p t ­ e s ­ ­ 2 Total 3 h N om M ew e o s rtga h i g s o E e t m i x s n ­ e g s E pe n r d i o o d f Total Total s F u i H n re ­ A d - an g 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 1961.................. 153.1 59.1 29.5 29.6 93.9 1961. 6,546 1,783 2,982 926 855 1,829 1,170 656 1962.................. 166.5 62.2 32.3 29.9 104.3 1962. 7,184 1,849 3,421 1 ,079 834 2,652 1,357 1,292 1963.................. 182.2 65.9 35.0 30.9 116.3 1963, 7,216 1,664 3,905 843 804 3,045 1 ,272 1 ,770 1964.................. 197.6 69.2 38.3 30.9 128.3 1964. 8,130 1,608 4,965 895 663 2,846 1,023 1,821 1965”................ 213.5 73.1 42.0 31.1 140.4 1965 8,689 1 ,705 5,760 591 634 2,652 876 1 ,774 1966 7,320 J ,729 4,366 583 641 2,600 980 1,618 1964—1............ 185.4 66.6 35.7 31.0 118.8 II........... 189.8 67.3 36.3 30.9 122.5 1965—Dec. 780 165 533 38 43 228 77 151 Ill......... 193.9 68.4 37.4 31.1 125.4 IV......... 197.6 69.2 38.3 30.9 128.3 1966—Jan.. 800 180 547 42 30 236 80 156 Feb.. 639 134 378 96 32 190 69 121 (965—1.....2..0...0...7 70.1 39.0 31.1 130.7 Mar. 753 160 447 68 78 163 59 104 II.....2...0..5..2 70.7 39.7 31.0 134.4 Apr., 636 139 376 66 54 132 51 81 III”.. . . 209.5 72.0 40.9 31.1 137.4 May, 608 137 361 56 55 167 62 104 IV”.... 213.5 73.1 42.0 31.1 140.4 June, 685 152 405 69 60 205 71 134 July. 604 136 368 42 58 219 72 147 1 966—1”.......... 216.7 74.1 43.0 31.1 142.6 Aug. 622 159 387 18 57 287 96 191 II”......... 220.4 74.6 43.7 30.9 145.8 Sept. 610 149 367 27 66 257 96 161 III”... . 223.1 75.2 44.4 30.9 147.8 Oct.. 508 140 275 38 54 271 110 160 Nov. 446 130 238 26 51 247 110 137 Dec. 409 113 214 35 46 226 104 121 i Includes outstanding amount of VA vendee accounts held by private investors under repurchase agreement. 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2 Not ordinarily secured by mortgages, Note.—For total debt outstanding, figures are 3 Includes a small amount of alteration and repair loans, not shown separately; only such FHLBB and F.R. estimates. For conventional, loans in amounts of more than $1,000 need be secured. figures are derived. Based on data from Federal Home Loan Bank Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans Board, Federal Housing Admin., and Veterans Admin. represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments, on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY MORTGAGE DEBT OUTSTANDING ON INCOME PROPERTIES (In millions of dollars) (In billions of dollars) Mortgage holdings Mortgage 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 ur A ed - C ti o o n n v a e l n­ chases 1945.................................... 17.0 12.2 12.2 4.8 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 1,634 290 1 114 191 1963.................................... 99.0 82.2 7.5 74.7 16.8 1 1 1 9 9 9 6 6 6 6 5 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 7 , ’ ’ 4 0 7 1 3 6 1 2 3 2 3 5 , , , 9 4 4 9 0 0 6 4 7 1 1 1 , ’ 4 3 6 1 2 5 6 7 6 2 4 9 70 1 2 1 3 4 2 2 5 6 0 1 0 2 3 7 7 1 0 9 3 5 3 1 1 9 9 6 6 5 4 ” ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 2 4 8 . . 0 2 1 9 0 5 7 . . 1 0 7 8 . . 9 0 9 8 9 7. . 2 0 2 1 1 8 . .9 2 1963—11............................. 91.7 75.5 7.4 68.1 16.2 1965—Dec................... 4,731 3,404 1,327 205 793 Ill........................... 95.2 78.6 7.5 71.2 16.6 IV............................ 99.0 82.2 7.5 74.7 16.8 (966—Jan.................... 4,948 3,588 1,360 246 62 923 F M e a b r .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5^ ,2 5 1 2 5 8 4 3, , 8 0 1 7 7 1 1 1 , ’ 4 4 0 51 4 2 3 9 4 5 4 8 7 2 5 9 0 1964—1 II .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 0 0 1 5 . . 9 8 8 8 4 7 . . 6 7 7 7 . . 6 7 7 8 7 0 . . 0 0 1 18 7 . . 1 3 A M p a r y ... . . . .. . .. . .. . .. . .. . .. . .. . . 5 5^ '7 9 4 2 4 2 4 4 , , 2 4 6 3 8 0 1 1, , 4 4 9 7 2 6 2 2 5 09 0 6 6 9 5 1 0 I I V ll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 0 1 9 4 . . 7 0 9 95 1 . . 1 2 7 7 . . 8 9 8 8 3 7 . . 5 2 1 1 8 8 . . 5 9 June................. 6,082 4'581 1,501 194 625 July................... 6'319 4'787 1’532 265 511 1965—1.............................. 117.0 97.5 7.9 89.6 19.5 Aug................... 6,464 4,916 1,548 180 512 II............................ 120.7 100.5 8.0 92.5 20.2 Sept.. .............. 6'592 5,028 1 564 159 532 III?......................... 124.4 103.7 8.0 95.7 20.7 O N c o t v .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6 , , 8 7 9 3 1 1 5 5 ’ ’2 1 7 4 2 6 1 1 , , 5 6 8 1 5 9 1 1 6 8 8 8 5 6 7 17 6 IV”......................... 128.2 107.0 8.0 99.0 21.2 Dec................... 7,063 5; 407 1,656 202 ..........7..0..5 1966—I”............................ 131.6 109.8 8.0 101.8 21.8 II”........................... 135.2 112.7 8.0 104.7 22.5 Ill”......................... 138.3 115.3 8.0 107.3 23.0 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

FEBRUARY 1967 REAL ESTATE CREDIT 289 TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C t r r a o a t c n e t ­ c F h e ( a p e r e s g r e & s M (y a e tu ar r s it ) y L r p a o r t i a i c n o e / c p P h r u a ic r s e ­ e (t a h m L o o u o a s u n . n o t f C t r r a o a t c n e t ­ c F h ( e a p e r e s g r e & s M (y a e t a u r r s i ) ty L r p a o r t i a i c n o e / c p P h r u a ic s r e ­ e (t a h m L ou o o s a u . n n o t f c ( e p n e t r ) cent) 1 c ( e p n e t r ) (t d h o o l u la s r , s o ) f dollars) c ( e p n e t r ) cent) l c ( e p n e t r ) (t d h o o l u la s r . s o ) f dollars) 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 1966........................... 6.11 .69 24.4 72.8 26.4 19.0 6.24 .59 20.0 65.1 20,4 14.4 1965 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 Nov.............. 6.40 .89 23.6 71,5 26.5 18.7 6.50 .74 19.5 69.5 20.4 14.1 Dec............... 6.44 .91 23,2 71.4 26.5 18.6 6.52 .70 19.1 69.4 20.0 13.8 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 loans that are coupled with construction Note.—Compiled by Federal Home Loan Bank Board in cooperation loans to owner-builders. See also the table on Mortgages; New and with Federal Deposit Insurance Corporation. Data are weighted averages Existing Homes, p. 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: structures) Loans in End of period fore­ Total 30 days 60 days o 9 r 0 m da o y r s e closure 1 19 9 6 6 2 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 3 6 . . 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—I......................................... 27.9 .48 1964.............................. 3,21 2.35 .55 .31 .38 II....................................... 30.1 .52 1965.............................. 3.29 2.40 .55 .34 .40 Ill..................................... 29.1 .50 IV...................................... 29.6 .50 1965—I........................ 2.94 2.06 .54 .34 .37 IL.......... 3.00 2.18 .52 .30 .38 1966—1........................................ 28.8 .48 HI..................... 3.20 2.30 .56 .34 .38 H....................................... 30.8 .51 IV 3.29 2.40 .55 . 34 .40 Ill..................................... 29.3 .48 1966—1........................ 3,02 2.13 .55 .34 .38 II...................... 2.95 2.16 .49 .30 .38 Note.—Federal Home Loan Bank Board estimates of number Ill..................... 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

290 CONSUMER CREDIT FEBRUARY 1967 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 n o s t o h u d e m s r er e a r n R n d i e z p m a a t o i ir o 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 paper loans 1 1939 ............................................... 7,222 4,503 1 ,497 1,620 298 1,088 2,719 787 1,414 518 1941............................................... 9’172 6,085 2,458 1 '929 376 1 322 3,087 845 1,645 597 1945............................................... 5^665 2,462 455 '816 182 1 309 3,203 746 1,612 845 1960............................................... 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961............................................... 57’678 43^527 17'223 11’857 3,191 11 356 14,151 5,136 5,324 3,691 1962................................................ 63,164 48^034 19'540 12,605 3,246 12 343 15;130 5,456 5,684 3,990 1963 ............................................... 70,461 54,158 22,433 13,856 3,405 14,464 16303 6,117 5,871 4,315 1964............................................... 78’442 60^548 25,195 15'593 3’532 16328 17394 6,954 6,300 4,640 1965............................................... 87884 68^565 28,843 17’693 3,675 18354 19,319 7,682 6,746 4,891 1966................................................ 94,786 74,656 30,961 19,’834 3’751 20,110 20,130 7,844 7,144 5,142 1965—Dec................................... 87,884 68,565 28,843 17,693 3,675 18,354 19,319 7,682 6,746 4,891 1966—Jan..................................... 87,027 68,314 28,789 17,566 3,634 18,325 18,713 7,666 6,107 4,940 Feb.................................... 86'565 68'279 28'894 17'386 3,603 18 396 18,286 7,731 5'305 5,050 Mar.................. 87,059 68,827 29,248 17,450 3,597 18332 18,232 7,795 5.393 5,044 Apr................................... 88’184 69,543 29397 17397 3,602 18,747 18341 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 30,402 17’959 3,677 19'156 18'876 7,901 5,908 5,067 July.................................. 90'650 71’862 30’680 18,165 3,711 19,306 18'788 7,844 5,888 5,'056 Aug................................... 91,483 72,640 30,918 18,390 3,755 19,577 18,843 7,849 5,973 5,021 Sept.............................. 91^639 72,829 30,793 18'564 3’771 19301 18,810 7,814 5,993 5,003 Oct................................... 91’899 73^073 30,'852 18'714 3370 19337 18,826 7,768 6,107 4,951 Nov.................................. 92,498 73391 30’937 18'945 3’772 19,837 19,007 7,807 6; 199 5,001 Dec.................................... 94,786 74356 30,961 19'834 3,751 20,110 20,130 7,844 7,144 5,142 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 fi s C n u a m o n n e c ­ r e 1 Other 1 Total D st m e o p e re n a s t r t 2 ­ F s t t u u o r r r n e e i s ­ A s a t p o n p r c e l e s i ­ d m A ea o u l b t e o i r l ­ e s3 Other 1939 .................................. 4,503 3 065 1,079 1,197 132 657 1 ,438 354 439 1 83 123 339 1941.................................. 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 .................................. 2,462 1,776 '745 300 102 629 686 131 240 17 28 270 1960.................................. 42,832 37,218 16,672 11,472 3 ,923 3,670 1,481 5,615 2,414 1,107 333 359 1,402 1961.................................. 43327 37’935 17'008 11^273 4’330 3 799 1 525 5'595 2'421 1 '058 293 342 I '481 1962................................... 48,034 41,782 19,005 12,’194 4,902 4 131 1 550 6,252 3'013 I ,’073 294 345 1 ,’527 1963.................................. 54,158 47,405 22,023 13,523 5,622 4 590 1,647 6,753 3,427 1 ,086 287 328 1,625 1964.................................. 60’548 53,141 25,094 14'762 6’458 5 078 1 749 7,407 3,922 1,152 286 370 1^677 1965 .................................. 68,565 60,273 29,173 16,138 7'512 5,606 1 ,844 8'292 4^488 1 '235 302 447 1,820 1966................................... 74’656 65,565 32,'155 16,936 8'549 6,014 1,911 9,091 n.a. n.a. n.a. 490 n.a. 1965—Dec....................... 68,565 60,273 29,173 16,138 7,512 5 606 1,844 8,292 4,488 1,235 302 447 1,820 1966—Jan........................ 68,314 60,202 29,201 16,106 7,447 5,598 1 ,850 8,112 4,419 1 ,208 300 448 1,737 Feb....................... 68'279 60’331 29’312 16'072 7'473 5,621 1,853 7’948 n.a. n.a. n.a. 451 n.a. Mar....................... 68’827 60,863 29'684 16’106 7,593 5,630 1,850 7,964 n.a. n.a. n.a. 459 n.a. Apr....................... 69'543 61,539 30,127 16'191 7,711 5,670 1,840 8'004 n.a. n.a. n.a. 466 n.a. May.................... 70'209 62,178 30'507 16,263 7'839 5,695 1,874 8’031 n.a. n.a. n.a. 472 n.a. 71’194 63,097 31'013 16'454 8’009 5,742 1,879 8’097 n.a. n.a. n.a. 480 n.a. July....................... 71,862 63,745 31,398 16,585 8,093 5,791 1,878 8,117 n.a. n.a. n.a. 485 n.a. Aug....................... 72'640 64'454 31'737 16’732 8^238 5^846 1,901 8'186 n.a. n.a. n.a. 489 n.a. Sept...................... 72’829 64’613 31'778 16'759 8'324 5,858 1 '894 8,216 n.a. n.a. n.a. 487 n.a. Oct........................ 73'073 64’792 31,878 16'771 8,391 5,863 1,889 8,281 n.a. n.a. n.a. 489 n.a. Nov..................'.. 73’491 65,046 31,978 16’790 8,480 5,881 1,917 8'445 n.a. n.a. n.a. 490 n.a. Dec....................... 74356 65,565 32,155 16,'936 8,549 6,014 1,911 9^91 n.a. n.a. n.a. 490 n.a. 1 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

FEBRUARY 1967 CONSUMER CREDIT 291 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 O g p c u o a o t m o p h n d e e e ­ r s r r e R m l r t a o e n i n a o o p i n z d 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 p o a u p b t e i o l r ­ e O s g p c u o a t o m h o p n e d e e ­ r s r r m R i l z o a o e a n a d t p i n d e a o s r i n r n ­ s l P o o a e n n r a ­ s l 1939...................................... 1,197 878 115 148 56 1939............................. 1,079 237 178 166 135 363 1941...................................... 1 797 1 363 167 201 66 1941............................. 1,726 447 338 309 161 471 1945...................................... 300 ’ 164 24 58 54 1945............................. '745 66 143 114 110 312 I960..................................... ll 472 7 528 2,739 139 1,066 I960............................ 16,672 5,316 2,820 2,759 2,200 3,577 1961. 11 273 6,811 3,100 161 1 201 1961............................ 17’008 5'391 2,860 2,761 2,198 3; 798 1962. 12,194 7 449 3 123 170 1 452 1962............................. 19'005 6,184 3^451 2^824 2,261 4,285 1963. 13 523 8,228 3 383 158 1,754 1963............................. 22,023 7,381 4,102 3,2(3 2,377 4,950 1964 14 762 8,701 3 889 142 2 030 1964............................. 25,094 8,691 4,734 3,670 2,457 5^542 1965 16,138 9,241 4,429 123 2,345 1965............................. 29 J73 10’310 5^721 4,266 2,543 6,333 1966 16 936 9 391 4 829 1 10 2,606 1966............................. 32’155 11,370 6'165 5,101 2,'567 6,952 1965-—Dec......................... 16,138 9,241 4,429 123 2,345 1965—Dec................. 29,173 10,310 5,721 4,266 2,543 6,333 1966-—Jan,........................ (6,106 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 J87 4’423 117 2,345 Feb................. 29’312 10^361 5'785 4,311 2,484 6’371 Mar...................... 16'106 9,214 4’422 116 2,354 Mar................ 29,684 10‘, 533 5',885 4^51 2*476 6’439 Apr.. ................ 16'191 9'261 4’448 114 2’368 Apr................. 30,127 10,699 5,967 4,423 2,481 6,557 May....................... 16,263 9,289 4’479 113 2^382 May............... 30^507 10,852 6'037 4,491 2,502 6,625 June....................... 16,454 9’395 4,538 11 I 2,410 June 31;oi3 11,075 6J24 4,581 2,529 6,704 July......................... 16'585 9,'457 4,579 112 2,437 July................ 31 ,’398 11,219 6,157 4,713 2,555 6,'754 Aug........................ 16’732 9’498 4'632 112 2^490 Aug................ 31,737 11'339 6,172 4,795 2,580 6,851 Sept........................ (6,759 9,427 4,693 112 2,527 Sept................ 31,778 11’313 6'113 4,864 2,'593 6,895 Oct.......................... 16’,771 9^398 4,726 112 2,535 Oct.................. 31,878 11,353 6,132 4,9(0 2,593 6 ,’890 Nov................. 16,790 9'395 4^736 1 10 2,549 Nov................ 31,978 11,378 6,(57 4,967 2,583 6,893 Dec........................ 16,’936 9,'391 4,829 110 2,606 Dec................. 32J55 11,370 6,'165 5,101 2,'567 6,952 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 Service End of period Total Com­ O fin th a e n r ­ De­ Other credit 1 1 19 9 9 4 3 4 5 9 1. 7 9 73 8 5 1 9 7 1 5 2 81 4 2 2 3 2 0 6 4 1 1 1 4 5 4 6 6 7 4 6 8 3 9 5 b m c a i n e a k r l ­ s tu in c ti i s o a t l i n ­ s st p m o a e r r n e t­ t s 1 o r u e t t l a e il t s C ca r r e d d s it 2 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............... 3,087 693 152 275 1,370 597 1945 ............... 3^03 674 72 290 1'322 845 1963. 11,859 2,394 835 870 7,760 1964 13,285 2,699 997 933 8'656 1960................ 13,196 3,884 623 941 3,952 436 3,360 1965 14,962 3,(24 1,153 1,009 9*676 1961............... 14,151 4,413 723 948 3,907 469 3,691 1966 16,474 3,545 1 ,303 1,074 10'552 1962................ 15330 4,690 766 927 4,252 505 3,990 1965-—Dec......................... 14,962 3,124 1,153 1 ,009 9,676 1963................ 16,303 5,205 9(2 895 4,456 520 4,315 1964................ 17,894 5,950 1,004 909 4,756 635 4,640 1966-—Jan............. 14,895 3,100 1,149 1,004 9,642 1965 ................ 19,319 6,587 1'095 968 5,055 723 4,891 Feb......................... 14'947 3 J10 1,155 1,002 9'680 1966........ 20,130 6,714 1,130 n.a. n.a. 874 5,142 Mar........................ 15'073 3'157 1,172 1,005 9l 739 Apr......................... 15*221 3,'204 1,188 i;oo7 9^822 1965—Dec... 19,319 6,587 1,095 968 5,055 723 4,891 May................. 15,408 3'258 1,203 1,027 9'920 June....................... 15^630 3J28 1^23 L037 10,042 1966—Jan. . . 18,713 6,574 1,092 855 4,509 743 4,940 July,....................... 15,762 3,362 1'241 1 ;044 10'115 Feb... 18,286 6,630 1,101 n.a. n.a. 746 5,050 Aug,,.,,....... 15',985 3',420 I',266 1 ,063 10',236 Mar... 18,232 6,676 1,119 n.a. n.a. 755 5,044 Sept........................ 16'076 3^53 1'278 1'066 10'279 Apr... 18,641 6,717 1,119 n.a. n.a. 765 5,135 Oct............ 16J43 3,480 U286 1,065 10^312 May.. 18,883 6,784 1,141 n.a. n.a. 788 5,098 Nov........................ 16^78 3'517 1,287 1 ,079 10,395 June.. 18,876 6,767 1,134 n.a. n.a. 824 5,067 Dec......................... 16,'474 3,545 1,303 1,074 10;552 July... 18,788 6,720 1,124 n.a. n.a. 861 5,056 Aug... 18,843 6,718 1,131 n.a. n.a. 916 5,021 Sept... 18,810 6,692 1,122 n.a. n.a. 932 5,003 Note.—■Institutions represented are consumer finance companies, credit Oct... 18,826 6,656 1,112 n.a. n.a. 898 4,951 unions, industrial loan companies, mutual savings banks, sayings and Nov... 19,007 6,678 1,129 n.a. n.a. 878 5,001 loan assns., and other lending institutions holding consumer instalment Dec... 20,130 6,714 1,130 n,a. n.a. 874 5,142 loans. See also Note to first table on previous page. 1 Includes mail-order houses. * 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

292 CONSUMER CREDIT FEBRUARY 1967 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper O g th o e o r d c s o p n a s p um er er mode R rn ep iz a a i t r i o a n n d l oans Personal loans Period S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 1960................................................ 49,560 17 654 14,470 2,213 15,223 1961............................................... 48,396 16*007 14*578 2^68 15^44 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 2^38 23^02 1966............................................... 78^96 28^91 23,502 2:136 24,767 1965—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 2^24 1:776 Mar................................... 6,673 6,865 2,479 2,676 1,959 1,890 183 174 2^52 2,125 Apr.................................... 6', 505 6,658 2’,302 2 486 1 958 1 :§74 180 178 2 065 2:120 May. ................................ 6,472 6,694 2'298 2 526 1,933 1,898 186 215 2,055 2^55 June.................................. 6^675 7,236 2,419 2,746 1 944 2 013 189 215 2 123 2^62 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 2^37 1,914 Nov................................... 6,657 6'611 2'461 2,346 1 ,947 2 044 166 168 2,083 2,053 Dec.................................... 6,433 7,442 2,297 2,178 1,928 2,720 159 140 2^49 2; 404 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 17478 14:939 1', 996 16^06 1963................................................ 55,171 19 400 15,850 2,038 17,883 1964............................................... 61,121 21’676 17,737 2,078 19,630 1965............................................... 67^95 24^67 19^55 2:096 21,777 1966................................................ 72,805 26 373 21,361 2^60 23^11 1965—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 ^63 172 175 1,864 1:875 June.................................. 6,126 6’251 2;211 2,252 1,767 1,786 176 180 1,972 2^33 July.................................. 6’168 6'002 2,'238 2*188 1 803 1 :?39 174 169 1,953 1 ,’906 Aug.......................... 6,087 6,247 2^23 2^05 1,792 1,798 172 181 1,900 1,963 Sept................................... 6,103 6’000 2:213 2’195 1 :?84 1 J61 168 171 1:938 1 ,’873 Oct.................................... 6’ 142 6,159 2^44 2*310 1 820 1 :?99 169 172 1,909 1 ',878 Nov............................ 6'213 6,193 2^55 2,261 1,836 1,813 169 166 1 ,953 1,953 Dec.................................... 6’112 6,277 2^25 2,154 1,796 1 »831 161 161 1330 2,131 Net change in credit outstanding 2 I960............................................... 3,588 1,270 896 330 1 ,093 1961................................................ 696 -465 332 53 '777 1962................................................ 4,506 2,318 746 55 1,388 1963................................................ 6,124 2,892 1,252 160 1,820 1964................................................ 6^84 2^59 1 :?36 126 1,763 1965................................................ 8:013 3 647 2,099 142 2J25 1966................................................ 6,091 2 118 2,141 76 1,756 1965—Dec.................................... 634 1,399 336 231 142 897 10 -13 146 284 1966—Jan..................................... 597 -251 225 —54 205 — 127 0 -41 167 -29 Feb.................................... 538 -35 205 105 176 — 180 -3 -31 160 71 Mar...................... 649 548 263 354 251 64 7 -6 128 136 Apr.................................... 531 716 157 349 229 147 5 5 140 215 May......................... 493 666 139 311 149 135 14 40 191 180 June................................. 549 985 208 494 177 227 13 35 151 229 July................................... 564 668 145 278 247 206 15 34 157 150 Aug.................... 602 778 208 238 203 225 15 44 176 271 Sept................................... 475 189 174 -125 174 174 7 16 120 124 Oct............................. 380 244 134 59 121 150 -3 -1 128 36 Nov................................... 444 418 206 85 111 231 -3 2 130 100 Dec.................................... 321 1,165 72 24 132 889 -2 -21 119 273 i Includes adjustments for differences in trading days, sales of instalment paper, and certain other transactions may increase 2 Net changes in credit outstanding are equal to extensions less repay­ the amount of extensions and repayments without affecting the amount ments. outstanding. . For back figures and description of the data, see “Consumer Credit,” Note.—Estimates are based on accounting records and often include Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, financing charges. Renewals and refinancing of loans, purchases and and May 1966 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 CONSUMER CREDIT 293 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a in n a ie n s 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.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.AJ N.S.A. Extensions 1960. 49,560 18,269 11,456 12,073 7,762 (OKI . 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 J50 14,020 16,251 11 284 1965............................................... 75,508 29'738 15.075 18,120 12 575 1....................................................... 78,896 31,114 14 951 18,986 13 845 1965-—Dec................................... 6,489 7,519 2,610 2,579 1,291 1,425 514 1,788 I 074 1,727 1966-—Jan................................... 6,544 5,586 2,500 2,240 1,270 1 101 553 1,298 1,221 947 Feb.................................... 6,492 5 517 2 517 2’243 1 '230 1 057 559 1 338 1 186 879 Mar................................... 6,673 6,865 2,619 2,784 1 J73 1,318 .573 1,634 1,208 1 129 Apr................................... 6'505 6,658 2,539 2’,717 1'226 1,225 559 1 ,579 1,181 1,137 May................................. 6,472 6,694 2,’547 2,'722 1 '228 1,254 547 1,600 1,150 1,118 June................................. 6’675 7,236 2’619 2912 1 ’260 1 383 ,643 1,772 1 153 1 169 July................................... 6,732 6,670 2,673 2,717 1,255 1,265 593 1,577 1 211 I’lll Aug................. 6,689 7,025 2,683 2’819 1,260 1,336 589 I ,713 1 157 1 157 Sept................................. 6,578 6,189 2,634 2,422 1,’ 242 1,162 ,587 1,517 1 115 1 088 Oct................ 6,522 6,403 2,583 2'520 1 '226 1 235 582 1 '505 1 131 1 143 Nov.................................. 6^657 6,611 2,666 2’495 1,256 1,241 ,613 1,631 1,122 1 244 Dec.................................. 6,433 7,442 2,553 2J23 f '241 1 J74 ,570 1'822 1,069 1'723 Repayments I960 45,972 16,832 10,442 11,022 7,676 i 961............................................... 47 J00 18,294 10,943 11 J15 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 J 61 14,’825 10 164 1965............................................... 67’495 25'663 13,699 16’443 1 1 690 1966....................................................... 72,805 28,132 14,153 17,474 13,046 1965- Dec................................... 5,855 6 120 2,252 2,259 1,203 1 250 ,401 1 ,575 999 1 036 1966-—Jan.................................... 5,947 5 837 2,273 2,212 1,202 1,133 406 1,365 1,066 1 127 Feb................................... 5,954 5,552 2’292 2 J 32 ■ 1J37 1,091 ,420 1,286 1 105 1 043 Mar................................... 6^024 6 317 2'299 2’412 1'175 1 284 ,463 1,508 1 087 1 113 Apr................................... 5,974 5,942 2 J93 2'274 1’129 1,140 ,442 1 ,431 i ’,iio 1 *097 May.................................. 5,979 6,028 2’270 2’342 1,164 1,182 J14 1’413 1,131 1,091 June................................ 6’126 6’251 2 J48 2’406 1’172 1 192 ,501 1,550 1:105 1 103 July..................... 6,168 6 002 2'382 2’332 1’180 1 134 476 1 ,’445 1 130 1 091 Aug................................... 6,087 6,247 2,362 2,480 1,179 1,189 ’458 I '490 1,088 1 J88 Sept................................... 6,103 6,000 2,396 2,381 1'156 1 J 35 ,481 1,426 1,070 1 058 Oct................................... 6,142 6,159 2,400 2,’420 1'193 1,223 ,472 1 ,'438 I ,077 1,078 Nov................................. 6'213 6,193 2’415 2’395 1 ’258 1,222 ’480 1,496 1,060 1,080 Dec.................................... 6J12 6 ,'277 2,418 2J46 1 ;i98 1,228 ,’467 1,626 1,029 1,077 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 J84 3,065 1'239 1'426 654 1965.............................................. 8,013 4'075 I J76 1'677 885 1966............................................... 6,091 2’982 798 1312 799 1965 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 Ill 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 Nov.................................. 444 418 251 100 -2 19 133 135 62 164 Dec.................................... 321 1,165 135 177 43 146 103 196 40 646 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

294 INDUSTRIAL PRODUCTION: S.A FEBRUARY 1967 MARKET GROUPINGS (1957-59 = 100) 19 p 5 r 7 o - - 59 1965 1965 1966 Grouping por- age tion Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec. Total index 100.00 143.4 149.0 150,6 152,4 153.7 153.9 155.3 156.5 157.2 158.0 157.7 158.9 158.6 158,9 Final products, total................................ 47.35 142.5 148.9 150.3 152,1 152.5 152.9 153.7 154.9 155.3 156.4 156.3 158.3 158.5 158.9 Consumer goods................................. 32.31 140.3 144.2 144,6 146.1 146.2 146.4 146,2 147.1 146,5 147.1 146.5 148.8 148.7 148.7 Equipment, including defense.... 15.04 147.0 159.0 162.6 164.8 166.2 166.9 169,8 171.4 174.4 176.4 177.4 178.8 179.6 180.7 Materials..................................................... 52.65 144.2 148.8 150.9 152.6 154,4 154.5 157,1 158.0 158.8 159.6 159.2 159.9 159.1 158.5 Consumer goods Automotive products.................... 3.21 167.2 169.1 168.1 167.9 170.0 168.4 160.7 162.3 154.5 146.4 150.7 168.5 162.8 162.6 Autos................................................ I .82 182.6 182.4 180.3 177.8 180.5 178.9 166.0 167.8 151.5 141,7 148.6 177.8 166.7 167.3 Auto parts and allied products 1.39 146.8 151.5 152.0 155.0 156.2 154.6 153,6 155.2 158.6 152.7 153.5 156.2 157.7 156.4 Home goods and apparel............ 10.00 143.8 151.0 150.9 151.1 151.3 153.8 154.0 153.8 152.3 152.8 151.3 153.2 152.7 152.2 Home goods.................................. 4.59 154.8 165.8 166.8 165.7 164.1 168.4 169.9 168.3 168,0 168.9 166.0 170.0 168.0 166.2 Appliances, TV, and radios. 1 .81 152.3 163.7 166.3 160.5 156,2 166.7 165,9 163.9 165.5 165,0 159.3 170.2 163.0 158.8 Appliances............................. 1.33 153,3 162.0 163.2 163.1 150,6 167.9 165.5 165.2 171,1 166.7 160.1 171 .7 162.4 152.5 TV and home radios.......... .47 149.8 168.7 174,8 153.1 171,8 163.0 166,9 160.3 149.8 160.2 157.1 166.0 173.7 176.7 Furniture and rugs.................. 1.26 154,3 161 .0 163,3 164.0 165,5 166.3 169,1 170.1 165.2 168.0 165.9 164.4 164.7 163.4 Miscellaneous home goods.., 1.52 158.2 172.2 170.2 173.4 172,5 172.2 175.5 171.9 173.2 174.2 173.9 174.5 176.6 177.3 Apparel, knit goods, and shoes. 5.41 134.5 138 5 137,5 138.7 140,4 141 4 140 5 141.6 139 0 139 I 138 8 139 0 139 8 Consumer staples...................................... 19.10 134.0 136.5 136.7 139.4 139.5 138.9 139.7 141.6 142.1 144.2 143.3 143.2 144.2 144.6 Processed foods....................................... 8.43 122.2 123.2 123.1 125.8 125.2 125.1 123.9 126.4 126,0 127.9 127.9 126.0 127,3 128.7 Beverages and tobacco.......................... 2.43 127.2 128,8 129.7 131 . 1 133.6 130.2 129.5 131.5 130.2 134.0 131,0 133.1 132.7 Drugs, soap, and toiletries................... 2.97 157.0 163.2 164.0 167.2 168.6 167.3 173.4 174.7 174,5 175.4 176.1 178.7 181.3 179.6 Newspapers, magazines, and books. 1.47 127.0 130.4 131.9 133.6 134.2 134.1 136.9 138.5 138,9 138.2 136.7 137.9 138.8 139,8 Consumer fuel and lighting................. 3.67 149.4 152.7 151.6 155.3 154.7 154.6 155,8 157.1 161,1 165.0 162 5 161.9 162.4 Fuel oil and gasoline.......................... 1.20 122.4 126,4 125.1 124.0 125.2 128.4 128.7 128,6 128,8 129.1 131.8 134,0 129.8 129.9 Residential utilities............................. 2.46 162.6 165.6 164.5 170.5 169.0 167.4 169 0 171.0 176 8 182.5 177.4 175.5 178.2 Electricity.......................................... 1.72 171.6 175.3 173.2 181 .5 179.0 176.7 179.0 181.9 190.0 197.9 191.2 188.3 192.2 Gas...................................................... .74 141.9 Equipment Business equipment.................................. 11.63 156.7 169.1 171.9 174.0 175.4 175.9 178,3 180.0 182,7 184.4 185.7 187.2 187.5 188.7 Industrial equipment.............................. 6.85 153.1 162.4 164.2 166.1 167.4 167.3 168.5 171 .0 174.9 176.3 177.0 178.4 178,1 178.9 Commercial equipment......................... 2.42 164.4 175.8 177.5 180.8 184.2 186.4 190.1 191.0 189.8 194.1 194.8 195.5 196.9 195.7 Freight and passenger equipment... 1.76 162.4 188,0 194.9 198.9 198.9 201.3 204.9 205.7 208,8 208.1 209.2 212.7 216.9 222,6 Farm equipment...................................... .61 148.8 163.9 161.2 158.0 163.0 157.6 164.7 168.2 167 5 169.1 178.9 180.3 170.7 Defense equipment 3.41 Materials Durable goods materials. 26.73 144.3 147.3 149.9 152.6 155.6 156.7 157.7 159.3 159. 1 160.1 159.8 159.8 158.5 156.0 Consumer durable..... 3.43 166.8 168.3 170.0 173.6 169,1 169.0 166.0 165.2 162.8 173.6 174,0 176.2 173.8 165.2 Equipment........................ 7.84 151,9 163.2 165.8 170.0 171.9 173.6 177.1 179.1 183.7 187.9 189.1 189.7 191.0 190.7 Construction.................... 9.17 133.8 140,3 142.7 143.6 146,1 144.3 141.8 142,3 141.0 140.2 139.8 138.5 138.5 137,0 Metal materials n.e.c... 6.29 137.8 130.6 138.8 143,2 147.1 145.1 144.8 148,0 146.9 145.3 142.7 145.2 139.6 140.5 Nondurable materials............ 25.92 144.1 150.4 151.0 152.1 153.1 152.3 156.5 158.0 158.6 159.1 158.6 159.9 159.7 161.1 Business supplies................... 9.11 136.4 142.5 144.2 144.4 146.0 145.3 147.8 150.3 149.9 150.1 150.7 151.6 151.0 152.4 Containers........................... 3.03 136.6 144.1 143.5 143.5 145.2 142.4 146,1 146.4 143.2 143.4 147.4 145.3 147.4 148.1 General business supplies 6.07 136,4 141.7 144.5 144,9 146,4 146.7 148.6 152.2 153.2 153.4 152.4 154.8 152.8 154.6 Nondurable materials n.e.c. 7.40 174.1 183.7 185.3 187.2 186.3 188.4 192.0 192.9 194.5 195.6 193.8 197.1 198. 1 198.3 Business fuel and power.......... 9.41 127.9 131.9 130.7 131.8 133.9 130.8 136,9 138.0 138.7 138.9 138.6 138.7 137.8 140.1 Mineral fuels.......................... 6.07 115.5 119.6 117.4 118.1 120.5 114.9 123.8 124,9 124,6 124,9 123.7 124.9 122,9 125.6 Nonresidential utilities. . . . 2.86 159.4 164,4 165.0 167.1 168.6 170.6 171.2 172.2 174.6 175.9 176.7 174.8 175.7 Electricity........................... 2.32 161.1 166.0 166.4 168.7 170.3 172.2 172,8 173.8 176,7 178.2 179.1 176.7 177.8 General industrial. . . . 1.03 157.6 163.0 163.7 163.9 165.6 168.2 170,0 170.1 174.6 176.3 177.0 177.6 176.7 Commercial and other. 1.21 170.0 174.7 175.1 179.4 181.0 182.6 182.0 184.1 186.2 187.5 188.5 183.6 186.4 Gas...................................... .54 152.0 Supplementary groups of consumer goods Automotive and home goods, 7.80 159.9 167.1 167.3 166.6 166.6 168.4 166.1 165.8 162,5 159.6 159.7 169.4 165.9 164.7 Apparel and staples.................. 24.51 134.1 136.9 136.9 139.2 139.7 139.4 139.8 141.6 141.4 143,0 142,3 142,2 143.2 ............ For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 INDUSTRIAL PRODUCTION: S.A. 295 INDUSTRY GROUPINGS (1957-59 - 100) 1957-59 1965 1966 Gic aping pro- 1965 tion Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r NOV.r Dec. Total index........................................... 100.00 143.4 149.0 150.6 152.4 153.7 153.9 155.3 156.5 157,2 158,0 157.7 158.9 158,6 158.9 Manufacturing, total............................. 86.45 145.0 151.0 152.9 154.7 155.9 156.6 157.6 158.9 159,4 160.1 160.0 161.5 160.9 161.2 Durable.................................................. 48.07 148.4 155.2 158.1 160.7 161 .9 162.9 164,2 165.4 166,1 167.1 167.3 169.1 167,2 167.6 Nondurable.......................................... 38.38 140.8 145.7 146.4 147.3 148.5 148.7 149.4 150.7 151.0 151.3 150.9 151,9 153.0 153,1 Mining........................................................ 8.23 114.8 118.3 117.3 117,7 120.0 115.6 120.7 122.0 122,0 122, 1 121.0 121.6 120.8 123.2 Utilities....................................................... 5.32 160.9 164,9 164.7 168.7 168.8 169,1 170.2 171.7 175.7 179.0 177,0 175.2 176.9 178.0 Durable manufactures Primary and fabricated metals............ 12.32 142.1 139.5 143.2 148.5 150.5 150.7 153.7 154.0 154.5 154.2 153.6 153.4 149,8 150.5 Primary metals.................................. 6.95 137.6 126.5 131.9 138.3 141.8 142.4 146.5 148.0 148.6 148.7 146.4 145.0 138.4 137.3 Iron and steel....................................... 5.45 133.6 1 18.5 122.9 129.1 136.7 138.8 141.1 142. 1 143.3 142,2 139.0 137,5 132.3 130.5 Nonferrous metals and products.. 1.50 152,2 161.3 164,3 172,5 174.5 166.0 165.0 166.2 162,4 162.1 164.7 168.2 162.0 167.7 Fabricated metal products.................. 5.37 147.8 156.3 157.7 161.6 161.7 161.4 162.9 161.8 162.1 161.4 163.0 164.2 164.6 167.5 Structural metal parts............. 2.86 145.4 154. 154.2 158.9 158.9 159.1 158,4 158.8 157.7 158.8 158.6 159.0 160.2 161.5 Machinery and related products.... 27.98 154,3 164.9 168.3 170.1 170.8 172,4 173.7 175.5 177,4 179.0 179,8 183.4 181,9 182.0 Machinery.................................................. 14.80 160.5 171.0 174.5 176.4 176.1 178.6 180,6 182.8 186.6 189.6 188.8 191.1 189.0 189.1 Nonelectrical machinery.................. 8.43 160.4 169.2 171.9 174.4 174,0 174.5 177.7 180,3 184.7 186.7 188.6 189,9 188.2 189.9 Electrical machinery.......................... 6.37 160.6 173.5 177.9 179.2 178.9 184.1 184.4 186,0 189. 1 193.4 189.2 192.6 190. I 188.1 Transportation equipment.................. 10.19 149.2 160.4 163.0 164. 1 166.1 165.9 165,8 167,1 166.0 166.0 168.3 174.6 172.9 172,6 Motor vehicles and parts................ 4.68 175.2 178.7 176.7 175.5 176.9 176.1 169.9 169,4 161.2 158.1 164,6 175.7 170,7 168.7 Aircraft and other equipment.. . . 5.26 125,3 143.4 150.1 153.1 155,8 156,4 161 .9 164.7 169.6 172.5 171.1 173.7 174.6 176.0 Instruments and related products. .. 1.71 151.4 162,2 166.8 169.4 171 .9 174.6 176.4 176.5 177.0 177.4 179.5 181.8 181.4 184.4 Ordnance and accessories.................... 1.28 Clay, glass, and lumber......................... 4.72 127,6 135.0 136.2 136.4 138.0 137.8 133.3 134.4 131.7 129.8 129.8 128.1 126.7 127.3 Clay, glass, and stone products......... 2.99 133.5 140.6 142.4 142.2 143,0 141.9 139,5 141 .0 138.5 140.5 141,2 137.8 136.6 135.9 Lumber and products........................... 1 .73 117.4 125.4 125.6 126.5 129,3 130.7 122.7 122.9 119.9 111.3 110,0 1 I 1.3 109.5 112.5 Purnimre and miscellaneous................. 3.05 151.8 160.9 158.4 161.6 162.9 163.5 166.7 167,0 163.5 167.1 165.9 165,3 166.3 167.6 Furniture and fixtures........................... 1,54 157.4 166.2 165.4 167.7 168,8 169,6 173.8 174.6 169.7 175.3 173.2 173.2 173.9 174.0 Miscellaneous manufactures............... 1.51 146.0 155.5 151.2 155.3 156.8 157.2 159.5 159.3 157.2 158.7 158.4 157.2 158,5 161,0 Nondurable manufactures • Textiles, apparel, and leather.............. 7.60 135.8 140.2 138.6 139.8 141.1 142.6 142.0 143.4 141.6 140. 1 140.2 140.9 141.0 141. 1 Textile mill products............................. 2.90 134.9 140.1 140.4 140.7 142.0 143.5 143.7 144.0 143.4 142.1 141.7 142.4 142,4 141 .7 Apparel products.................................... 3.59 145,1 148.5 145.6 148.4 149.4 150.3 149.9 152.0 149.7 147.7 148.4 148.1 149,3 Leather and products.......................... 1.11 108.2 113.9 111.4 109.7 112.2 115.5 112.1 1 14.2 111 .1 110.4 109.9 113.9 110.5 ............ Paper and printing.................................. 8.17 135.3 140.6 142.1 142.7 144.2 143.5 146.6 148.3 149.6 148,6 147.2 147.9 148.5 147.2 Paper and products............................... 3.43 142.3 149.3 150,6 148.5 150.2 150.2 153,0 154.1 156.2 153,1 151.2 153.3 153.7 151.6 Printing and publishing........................ 4.74 130,3 134.2 136,0 138.6 139.8 138.6 142.1 144.1 144.8 145,3 144.3 144.1 144.7 144.0 Newspapers.......................................... 1.53 124.2 129.5 131 . 1 131 .4 133.1 128.5 133.8 135.4 136.3 137,7 139.1 135.7 135.2 133.2 Chemicals, petroleum, and rubber.... 11.54 164.6 172.8 174.6 175.1 176.6 177.3 179.3 180. 1 180,9 182,4 182.8 186.1 187.3 187.2 Chemicals and products................ 7.58 173.4 182.3 183.1 185.5 187.8 187.7 191.4 192.7 194.5 194,4 193.5 196.9 198.6 198. 1 Industrial chemicals........................... 3.84 196.3 209.3 208,7 210.7 213.7 215.4 218.2 219.9 222,0 222.2 220.5 224. i 225.8 Petroleum products................................ 1 .97 123.5 127.8 130,5 125.5 125.6 127.7 127.4 127.7 126.9 128.5 130.6 131.2 129,1 129.8 Rubber and plastics products............. 1.99 171.8 181 .3 185.8 184.7 184.5 186.9 184.3 184.1 812.7 190,3 193.6 199.2 202,0 ............ Foods, beverages, and tobacco............. 11.07 123.4 124.8 125.7 126.8 127.4 126.9 125.5 126.8 127.2 128.5 127.9 126.7 128.7 130.2 Foods and beverages.............................. 10.25 123.7 125.4 126.2 126.8 127.5 127,8 126. 1 127. 1 128.1 129.2 128.5 127,5 129.7 131.2 Food manufactures............................ 8.64 122.3 123.7 124.6 125,6 125.7 126.0 124.4 125.5 126,4 127.0 127,0 124.9 127.6 129.2 Beverages............................................... 1.61 130,6 134.7 134.8 133,4 .137.0 137.5 135.4 135.9 137.2 141.1 136.4 141 .4 141.1 Tobacco ptoducts............................ .82 120.3 (17.1 119.6 126.7 126.8 115.8 117.9 122.7 116.5 119.9 120.5 116,9 Mining Coal, oil, and gas.................................... 6.80 112.5 115.7 113.6 114.3 116.7 111.6 118.8 119.5 119.5 119.7 118.8 119.8 118.2 120.7 Coal............................................................. 1.16 113.3 118.9 114.4 III.2 117.7 85.3 116.9 120.7 120,8 12Q.7 I 14.7 121,5 114.0 125.2 Crude oil and natural gas.................... 5.64 112,3 115.0 113.5 115.0 116.5 117.0 119.1 119.3 119,2 119,6 119.6 119.5 119.1 119.8 Oil and gas extraction...................... 4.91 116.1 119.8 118. J 119.7 121.2 121.9 125.5 125.9 125,5 125.9 125.8 125,6 125.0 125.6 Crude oil........................................... 4.25 111.9 116.0 114.1 115.1 117.0 117.2 121.3 121.4 120.9 121.2 121.3 121.1 120.8 121.6 Gas and gas liquids.................. .66 143.0 143.9 143.8 149.0 148.1 152,2 152.2 154.4 155,1 155.5 154.4 154.6 Oil and gas drilling............................ .73 87. 1 82.8 81.9 83.0 84.4 83.6 76.'2 74.6 76.4 77,0 77.9 77.9 79.2 80.0 Metal, stone, and earth minerals........ 1.43 125.5 130.7 134.6 133.6 136.0 134.6 130.1 133.7 133,8 133.1 131.4 129.9 133.2 135.1 Metal mining............................................ .61 124.2 120.6 133.4 130.8 134,5 139.7 133.6 134,2 134,0 132,1 128.6 129.4 133.0 128.7 Stone and earth minerals..................... .82 126.5 138.2 135,5 135.6 137.1 130.9 127.5 133.3 133.7 133.8 133.5 130.3 133.4 139.9 Utilities Electric........................................................ 4.04 165.6 169.9 169.3 174.2 174,0 174. 1 175.5 177,2 182,4 186,5 184.2 181,7 183.9 Gas............................................................... 1.28 146,2 149.3 150.5 151.4 152,3 153,3 153.7 154.1 ........... 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

296 INDUSTRIAL PRODUCTION: N.S.A. FEBRUARY 1967 MARKET GROUPINGS (1957-59 = 100) 1957-59 1965 1965 1966 pro­ Grouping p ti o o r n ­ a a v g e e r­ Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct,f Nov.r Dec. Total index........................................... 100.00 143.4 146.7 148.5 152,3 154,6 154.8 156,0 159.3 150.9 156.8 161.3 163.8 160.1 157.3 Final products, total............... 47.35 142.5 146,6 148.5 151.7 153.4 152.6 152.9 157.8 150,0 154 7 161.2 164.7 160.0 157.5 Consumer goods................................ 32.31 140.3 140.1 142.0 145.7 146.7 145.5 144,8 150.0 139.8 146.0 153.6 157.8 151.3 145.8 Equipment, including defense. ., . 15.04 147.0 160.3 162.3 164.6 167,8 167.9 170.3 174,6 172.0 173,5 177.8 179,4 178.7 182.5 Materials................................................... 52.65 144.2 146.8 148,5 152.7 155.7 156.7 158.7 160.7 151 8 158.7 161.3 163.1 160.3 157.1 Consumer goods Automotive products............................... 3.21 167.2 172.4 178.0 177.7 180.9 178.6 170.9 174.2 127.5 86.2 153.6 185.4 177.4 165.5 Autos....................................................... 1.82 182,6 191.5 198.3 195,6 202.2 196.8 184.3 190.4 112.1 32.6 150.1 202.7 193.4 175.7 Auto parts and allied products......... 1.39 146.8 147.3 151.2 154.1 153.0 154.8 153.3 152.8 147.7 156.9 158.3 162.5 156.3 152.1 Home goods and apparel........... 10.00 143.8 144.0 144.0 154.5 156.0 155.3 153.3 156.4 138.9 152.8 156.2 165.2 156.5 147.3 Home goods............................................. 4.59 154.8 166.0 160,6 166.8 167.0 169.2 169.2 170 5 152,8 164.1 174.4 184.6 176.3 171.2 Appliances. TV, and radios............ 1.81 152.3 160.9 160.1 168.2 166.4 174.2 169 4 171 7 140,8 149.3 170.9 191.6 173.1 163,6 Appliances....................................... 1 .33 153\3 157.6 159.6 170.7 165.2 179.9 174.5 177.2 150.5 145.8 168.1 190.1 163.0 155.8 TV and home radios.......... .47 149.8 170.4 161,5 161.1 169.9 158.3 154.7 156.3 113 4 159.1 178.9 195.9 201 5 185 5 Furniture and rugs............................ 1.26 154.3 167.0 159.7 162.0 163.5 161.6 162.7 167.2 1 57.3 171 0 170 5 173.0 170.8 169.4 Miscellaneous home goods....... 1.52 158.2 171.3 162.0 169.1 170.6 169.6 174.4 171.9 163.3 175.9 181.7 186.0 184.7 181.7 Apparel, knit goods, and shoes......... 5.41 134.5 i25.3 129.9 144.2 146.7 143.5 139.8 144.4 127.2 143.3 140.9 148,7 139.8 Consumer staples............................ 19.10 134.0 132,7 134.9 135.8 136.1 134.8 136.0 142.5 142.3 152.4 152.1 149.3 144.1 141 7 Processed foods....................................... 8.43 122.2 119.9 116.9 116.9 116.8 117.1 117.7 123.9 125.4 138 2 144.5 139.9 132.8 126.5 Beverages and tobacco......................... 2.43 127.2 111.1 114,4 120.4 130.7 131.6 139.0 150,2 136.4 145,0 134.4 137.1 126.0 Drugs, soap, and toiletries......... 2.97 157.0 159.4 165.6 165.5 166.7 167.3 171 8 180,8 167.5 181.2 179.6 185.0 183.1 178.1 Newspapers, magazines, and books. 1.47 127,0 130.1 130,7 133.1 136.2 134.6 136,5 137.9 137.5 139.9 137.9 137.8 137.0 139.5 Consumer fuel and lighting................ 3.67 149.4 156.0 165.7 165.4 158.6 150.2 146.4 150.7 166.3 171 8 164 8 154.1 153.0 Fuel oil and gasoline......................... 1.20 122.4 129.4 130.3 127.3 123.9 121.7 124,4 127,1 131,1 132.9 131.9 130.6 129.0 133 0 Residential utilities..................... 2.46 162.6 Electricity......................................... 1.72 171,6 180.2 199,7 200.7 188.3 171.9 162.0 169.2 i99.5 209.8 196.2 174.0 172.8 Gas..../........................................... .74 141.9 Equipment Business equipment........................... 11.63 156.7 169.7 170.9 173.9 177.7 177.6 179.3 184.3 180.3 181.2 186.1 187.5 185.3 189.7 Industrial equipment............................ 6.85 153.1 163 4 162.9 165.3 167.6 167.3 168.7 174.6 173.2 175 8 178.6 177.3 175.6 180.0 Commercial equipment......................... 2.42 164.4 179^7 177,7 179.5 182.5 182.9 187.8 191.6 187.1 194J 197.7 198.8 200.8 200.0 Freight and passenger equipment... 1.76 162.4 184.2 194.9 198.9 207.9 209.4 211.0 213.9 208.8 199.8 206.1 218.0 212.6 220.4 Farm equipment.................. .61 148.8 159.8 164.1 176.3 185. 1 179.9 173.6 179.3 149.8 136.4 167.3 169.1 154.3 Defense equipment.................................. 3.41 Materials Durable goods materials.............. 26. 73 144.3 145.9 147.7 152.3 155.9 158.3 160.0 162.4 152.1 158.4 162.7 163,5 159.6 155.7 Consumer durable................................. 3.43 166 8 176.7 176.0 176 2 174.2 174.1 171.0 166.9 141.6 158,0 174.0 178.8 179.0 173 5 Equipment................................................. 7.84 151.9 165.6 167.3 171.5 173.8 175.5 178.3 180.9 178.0 182,3 187.2 189.1 191.2 193^6 Construction............................................. 9.17 133,8 131.9 128.9 132.1 137.3 142.9 145.3 131.5 146.6 150.0 148.2 146.1 138.2 131 5 Metal materials n.e.c............................. 6.29 137.8 124.9 135.2 144.5 150.6 150.9 152.8 152.7 133.7 141 1 147.0 148.7 140.7 134,3 Nondurable materials............................. 25.92 144 J 147.8 149.3 153.3 155.6 155.0 157.4 I59J 151 4 159.0 159.9 162.6 161 0 158 6 Business supplies..................................... 9.11 136.4 137.5 139,1 143.9 148.7 149.4 150.3 151,8 141.4 149.8 153.9 157.7 153J 147 4 Containers............................................ 3 03 136.6 127.8 136.3 141 8 145 9 147,5 147,6 150.9 142.5 152.0 152.4 152.7 143.3 131'4 General business supplies................ 6.07 136.4 142.4 140.5 144.9 150.1 150.4 151 6 152.2 140.9 148.8 154.7 160.2 158. 1 155.4 Nondurable materials n.e.c................ 7.40 174.1 180.0 184.4 190.9 191,0 194.1 194^9 195.8 183.4 192.7 192.8 198.1 200.1 195.3 Business fuel and power....................... 9.41 127.9 132.4 131 .6 132.7 134,4 129.7 134.8 137.2 135.8 141.4 139.9 139.5 137.8 140.5 Mineral fuels........................................ 6.07 115 5 121.4 119.5 121.7 123.2 116.3 122.6 122.7 116.6 123.4 122.3 125.7 124.4 127 4 Nonresidential utilities..................... 2.86 159.4 Electricity.......................................... 2.32 161.1 162.5 163.7 162.1 164.8 164.1 167.8 176.8 187.0 191.9 188.3 177.8 173 5 General industrial..................... 1.03 157.6 161.4 162,9 159.6 164.8 166,0 170.0 173.5 173.7 179.8 119.1 (78.0 (76> Commercial and other............. 1.21 170.0 169.5 170.7 170.4 171.2 168.9 172.4 186.9 206.7 210.9 204.0 185.4 178.2 Gas...................................................... .54 152.0 Supplementary groups of consumer goods Automotive and home goods............. 7.80 159.9 168.7 167.8 171,3 172,7 173.1 169.9 172.0 142.4 132.0 165.8 184.9 176.8 168.8 Apparel and staples................................ 24.51 134.1 131.1 133.8 137,6 138.5 136,7 136.9 142.9 139.0 150.4 149.6 149.2 143.2 For notes sec opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 INDUSTRIAL PRODUCTION: N.S.A. 297 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1965 1965 1966 Grouping p p r o o r ­ ­ aver­ tion age Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec. Total index........................................... 100.00 143,4 146.7 148.5 152.3 154,6 154.8 156,0 159.3 150.9 156,8 161.3 163,8 160.1 157 3 Manufacturing^ total.............. 86.45 145.0 148.3 150.1 154.4 157.1 157.9 158.9 162.2 152.1 158.0 163.6 167.1 163 3 159.3 Durable................................................. 48.07 148,4 155.4 156.5 160.6 163.9 164.9 166.1 169.0 158,2 160.4 169.5 173.2 170.2 168.4 Nondurable.......................................... 38.38 140.8 139,5 142.1 146.6 148.6 149.2 149.8 153.8 144.4 155,0 156.3 159.6 154.6 148.0 Mining....................................................... 8.23 114.8 117.5 115.6 117.0 118.7 115.5 121.3 122.7 118.2 123.6 122.8 124.3 121.3 122 3 Utilities....................................... 5.32 160.9 Durable manufactures Primary and fabricated metals. . . 12.32 142.1 137.0 142.3 149.1 153.7 154.2 155,5 156.3 143,8 151.2 156.1 156.3 151.7 147.8 Primary metals........................................ 6.95 137.6 122.7 133.2 143.4 150.6 150.5 150,3 149.5 131 .5 139.5 144.8 146.4 139.8 133.2 Iron and steel................................ 5.45 133.6 115.5 125 4 134.7 143.5 144.3 143.9 142.1 127.5 133.7 139.0 139.6 133.6 127.2 Nonferrous metals and products.. 1.50 152.2 149.0 161.5 175.1 176.4 172.3 173.7 176.5 146,2 160.5 165.9 171.4 162.0 155.0 Fabricated metal products.................. 5.37 147.8 155.5 153.9 156.3 157.8 159.0 162,1 165.0 159.7 166.2 170.8 169.1 167.2 166.7 Structural metal parts....................... 2.86 145.4 155.5 151.1 152.5 152.7 154.3 157.6 162.0 157.7 162.8 164.9 163.8 162.6 163.1 Machinery and related products......... 27.98 154.3 168.1 169.5 172.2 174.3 175.0 175.9 179.1 168.1 166.4 180,2 186.7 185.2 185.8 Machinery................................................. 14.80 160.5 173.7 173 4 177,8 179.2 180,8 182.2 186.5 178,1 183.2 190.0 193.0 189.8 191.8 Nonelectrical machinery.................. 8.43 160.4 171.2 171 9 176.1 178.9 179.7 182.1 184.6 180.1 179.8 186. 1 186.5 185.2 191.2 Electrical machinery......................... 6 37 160.6 177 1 175.4 180.1 179.6 182.4 182.5 189.0 175.6 187.8 195,2 201.5 196.0 192 7 Transportation equipment................... 10.19 149.2 164.6 168,0 168.0 171,3 170.6 169.7 171.4 153.5 140.5 167.4 180.3 ■ 180.0 178.3 Motor vehicles and parts................ 4.68 175.2 184.9 186.6 184.1 187.2 185.0 178.5 180.9 138.5 106.3 163,7 187.1 183.6 174. 5 Aircraft and other equipment. . . . 5.26 125.3 146.3 151,6 153,4 156.6 157.2 161.3 162.4 165.5 169.4 170.4 174.6 177.2 182.2 Instruments and related products. .. 1.71 151.4 164,1 164.8 168.6 171 .0 170.2 174.6 178.3 175.2 178.8 181.5 183,8 184.7 186.6 Ordnance and accessories.................... 1.28 Clay* glass, and lumber............ 4. 72 127 6 123.6 119.8 125.1 131.6 136.5 138.0 143.6 137.2 142.0 139.3 136.2 126.9 118.3 Clay, glass, and stone products......... 2.99 133.5 131.7 125.2 127.3 136.6 141.3 144.5 151,3 147.2 152.0 149.2 145.4 138.6 129.8 Lumber and products........................... 1 .73 117.4 109.7 110 5 121.4 122.8 128.1 126.7 130.3 119,9 124.7 122.1 120.2 106. 8 98 4 Furniture and miscellaneous......... 3.05 151.8 162.4 152.2 156.4 159.9 159.2 162.9 167.3 159.1 171.9 172.0 174.8 174.2 169.8 Furniture and fixtures........................... 1 54 157 4 169.2 162.1 163,5 166.8 1 65.0 168.6 174.3 167.2 180.2 178 4 179.8 178 8 178 4 Miscellaneous manufactures............... 1.51 146.0 155.5 142.1 149.1 152.9 153.3 157.1 160.1 150.9 163,5 165,5 169.8 169.6 161.0 Nondurable manufactures Textiles, apparel, and leather.............. 7.60 135.8 128. 7 135.5 146.5 147. 7 146.2 143.8 145. 7 127.2 143.9 141.1 148.5 141.6 131.3 Textile mill products................ 1 90 134 9 130.3 139 7 143.5 143.4 146.4 148.7 147,6 129.1 145.7 141.7 146.7 143.1 131 8 Apparel products.................................... 3 59 145 1 134 4 139 8 158 0 160.6 156 3 149 9 154.3 134.0 150 7 149 9 159 9 150 8 Leather and products.......................... i. i i 108 2 106 3 110 8 117 3 117,8 113.2 111.5 113.1 100.0 117 6 111 5 116.7 108 3 Paper and printing................................... 8 17 135 3 137 3 138 4 142 6 145.9 146.5 147.9 148.2 140.2 146 6 149 2 154.9 151 6 144 0 Paper and products.............................. 3 43 142 3 137 4 148 3 152.2 153.2 154,7 153 8 154.9 143.7 153 1 153 5 163.3 154 5 139 5 Printing and publishing........................ 4 74 130 3 137 3 131 2 135.7 140.7 140 5 143 5 143.3 137.7 141 9 146 0 148 8 149 5 147*2 Newspapers........................................... 1 53 124 2 1327 119 3 126 1 135 1 136 8 142.6 136 1 118.6 126 0 138 4 145 6 148 7 136 5 Chemicals, petroleum, and rubber.,.. 11.54 164.6 168.2 173.2 176.7 178.2 180.7 181.0 186.0 174.7 183.3 185.3 189.7 187.3 184.6 Chemicals and products....................... 1 58 173 4 177 8 181 5 187 2 189.4 192 7 193 7 198.3 187.4 194 9 195 3 198 7 199 5 196.8 Industrial chemicals.......................... 3 84 196 3 207 2 206 6 216.0 216.9 220.8 220.4 223.2 214.2 218 9 221.6 224.1 229.2 Petroleum products............................... 1.97 123 5 124.7 126 6 123 0 121.2 122.6 126 1 131 5 133.6 135 3 134 I 132 5 127 4 126.7 Rubber and plastics products............. 1 .99 171 8 175.0 187 7 190.2 192.1 192.7 187 1 193.3 167.0 186 5 198 1 212 1 200 0 Foods, beverages, and tobacco............. 11.07 123 4 118.5 117.0 118,4 120.4 120.5 122.8 129.8 127.6 139.2 141.8 139.3 131.7 124 4 Foods and beverages............................. 10 25 123.7 120.4 116 9 117.7 120.1 120.9 122.8 129.7 129.6 140.0 143.1 140.2 132 7 126.7 Food manufactures.......................... 8 64 122 3 120,6 117 7 117 8 117.5 117 4 118.2 124.1 125.1 137 6 143 8 139.9 133 3 126.9 Beverages.............................................. L61 130 6 119.2 112 4 117.4 133.6 139,7 147 6 159.8 153.4 152 8 139.1 142.1 129^8 Tobacco products................................... . 82 120.3 95 3 118.3 126.1 124.9 115 6 122.1 131.3 103.1 129.7 125.2 127.3 Mining Coal, oil, and gas. ................ 6 80 112 5 117.2 115 6 117 4 118.6 112 3 117.3 117.4 112.4 118.9 118 1 120 8 119 5 122 3 Coal’.. .'..................................................... 1 J6 113 3 116 8 1121 112 5 118.6 85 9 118 1 120 0 93.1 127 0 121 3 132 4 118^7 122" 9 Crude oil and natural gas.................... 5 64 112 3 117 3 116 3 118,4 118 6 117 8 117 2 116 8 116.4 117 3 117 4 118 5 119.7 122 1 Oil and gas extraction...................... 4 9| 116 1 122 5 121 2 123 9 124.3 123 5 123 7 123 3 122.2 122 5 122 5 124 2 125 7 128 4 Crude oil........................................... 425 1119 117^2 115 8 118^6 119 3 119^ 1 120* 1 120.2 118.5 118 8 118 9 119 9 120^8 122*. 8 Gas and gas liquids...................... .66 143 0 155 8 155.6 157.5 156.1 151.4 146.3 143.7 145.8 146 0 145 8 151 4 Oil and gas drilling........................... 73 87 1 82 6 83 1 81 8 79 9 79 3 73 6 73 0 76.9 81 9 82.7 79 8 78 8 79 8 Metal, stone, and earth minerals......... 1.43 125.5 118.5 115.8 114.6 119.3 130.4 140.2 147.7 145.6 145.6 145.4 140.9 130.0 122.4 Metal mining............................................ 61 124 2 108 5 117 4 117.7 119 7 129 9 147 0 151 6 143.4 142 7 145 3 138 5 123 7 115 8 Stone and earth minerals..................... 82 126.5 125.8 114.6 112.4 119.0 130,9 135.1 144.9 147.2 147.8 145 5 142.7 134.7 127^3 Utilities Electric.......................... 4 04 165 6 170.0 179.1 178.6 174.8 167.4 165 3 173 5 192.3 199.5 191,7 176.2 173 2 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

298 BUSINESS ACTIVITY; CONSTRUCTION FEBRUARY 1967 SELECTED BUSINESS INDEXES (1957-59= 100) Industrial production fac M tu a r n in u g ­ 2 Prices 4 Nonag- Period Total M F a in jo a r l m pr a o r d k u e c t t g s roupin M g a s te­ Ma g j r o o r u i p n i d n u g s s try s t C c r t t i a r o o o u c n n n c t ­ ­ 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 lo e m y n ­ - t P ro a l y ls ­ F l c i r o n e a a g i r d g s - ­ ht s T r a e o l t e t a a s i l l 3 s C um on e ­ r W m c s o o a h m l d o e i l ­ t e y ­ Con­ Equip­ rials Min­ Un­ Total g s o u o m d e s r ment Mfg. ing ities 1951........................ 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.1 106.1 80.2 121.5 76 90.5 96.7 1952......................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 93.0 106.1 84.5 115.0 79 92.5 94.0 1953........................ 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.6 1116 93.6 116.6 83 93.2 92.7 1954........................ 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104.6 82 93.6 92.9 1955...................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.5 105.5 94.8 115.3 89 93.3 93.2 1956........................ 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96.2 1957........................ 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108.2 97 98,0 99.0 1958........................ 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959......................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.5 100.1 105.1 97.9 105 101.5 100.6 I960......................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.3 99.9 106.7 95.3 106 103.1 100.7 1961......................... 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 108 102.9 95.9 105.4 91.2 107 104.2 100,3 1962......................... 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 120 105.9 99.1 113.8 92.4 115 105.4 100.6 1963......................... 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 132 108.0 99.7 117.9 93.3 120 106.7 100.3 1964......................... 132.3 131.8 131.7 132.0 132.8 133.1 111.5 151.3 137 111.1 101.5 124.3 95.5 127 108.1 100,5 1965......................... 143.4 142,5 140,3 147,0 144.2 145.0 114.8 160.9 143 115.7 106.5 136.3 96.6 138 109.9 102.5 1966 J’..................... 156.3 155.4 147.4 172.7 157.1 158.7 120.2 173.4 145 121.6 112.8 150.5 96.5 148 113.1 105.9 1965—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 1966—Jan............. 150.6 150.3 144.6 162.6 150.9 152.9 117.3 164.7 152 118.9 190.8 145.1 99.3 146 111.0 104.6 Feb............ 152.4 152.1 146.1 164.8 152.6 154.7 117.7 168.7 157 119.6 110.9 147,5 97,2 148 111.6 105,4 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.. 153.9 152.9 146,4 166.9 154.5 156.6 115.6 169.1 161 120.6 11.9 148.9 97,0 146 112.5 105.5 May........... 155.3 153.7 146.2 169.8 157.1 157.6 120.7 170.2 156 120.9 112.4 149.0 100.0 143 112.6 105.6 June........... 156.5 154.9 147.1 171.4 158.0 158.9 122.0 171.7 147 121.8 113.4 150.1 95.1 149 112.9 105,7 July...... 157.2 155.3 146.5 174.4 158.8 159.4 122.0 175.7 147 122.0 112.7 148.9 93.6 148 113.3 106,4 Aug...... 158,0 156.4 147.1 176.4 159.6 160.1 122. 1 179.0 139 122.2 113,8 151,4 94.0 150 113.8 106.8 Sept...... 157.7 156.3 146.5 177.4 159,2 160.0 121.0 177.0 146 122.2 113.3 152.7 95.0 150 114.1 106.8 Oct............. *158.9 M58.3 *148.8 *178,8 *159.9 r161.5 *121.6 175.2 139 122.7 113.9 153.8 93.9 149 114.5 106.2 Nov...... 158.6 *•158.5 *•148.7 *■179.6 r159.1 *160.9 120.8 *176.9 130 123.4 *114.6 154.5 97.1 150 114.6 105.9 Dec.p......... ■■158.9 r158.9 148.7 *•180.7 *■158.5 *161.2 *123.2 ’■178.0 133 123.9 *114.7 *154.5 99.0 148 114.7 105,9 1967—Jan, J’........ 157.9 157.8 147.0 181.1 157.8 160.0 123.4 177.5 .............. 124.4 115,0 156.4 97.4 148 .............. 106.2 1 Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential. 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 F.R. index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Note.—Data are seasonally adjusted unless otherwise noted. Freight carloadings: Based on data from Association of American Construction contracts: F. W. Dodge Co. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1965 1966 Type of ownership and type of construction 1965 1966 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total construction.................................. 49,272 50,150 3,698 3 374 3,270 4,737 5,098 5,132 4,854 4,774 4,302 4,083 4,106 3,461 3,189 By type of ownership: Public................................................... 16.302 18,152 1 304 1 125 1 066 1,463 1 ,574 1,902 1 937 2 020 1 568 1,379 1,607 1,287 Private................................................. 32,970 31,998 2,395 7 249 2,204 3,274 3,524 3,230 2 916 2 754 2,733 2,704 2'499 1’902 By type of construction: Residential building......................... 21,247 17,827 1,446 1 290 1,299 2,004 2,081 1,970 1,828 1,461 1,494 1,261 1,225 1,076 Nonresidential building......... 17,219 19,393 1,433 1 177 1,259 1,726 1,883 1,826 1 ,885 1,813 1 J29 1'676 1 ’796 1,424 Nonbuilding..................7................... 10,805 12,930 819 906 712 1'007 1 J34 L335 1,140 1 '499 1,079 1J46 l,'086 '961 ............ 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

FEBRUARY 1967 CONSTRUCTION 299 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f e r a e n o r s t m i n i ­ a ­ l Total In tr d ia u B l s­ usine m C ss e o rc m ia ­ l P u u ti b li l t i y c O n d r t e t o e i h s a n n i l e - - - r Total M ta i r l y i­ H w ig ay h­ d C e v m o v a & n e t e i s l n o o e t n p r ­ ­ Other 1 1956. 47,601 34,869 20,178 11,076 3,084 3,631 4,361 3,615 12,732 1,360 4,415 826 6,131 1957. 49,139 35,080 19,006 12,029 3,557 3,564 4,908 4,045 14,059 1,287 4,934 971 6,867 1958. 50,153 34,696 19,789 10,659 2,382 3,589 4,688 4,248 15,457 1,402 5,545 1,019 7,491 1959 2 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 1,465 5,761 1,121 7,723 I960., 53,941 38,078 21,706 11,652 2,851 4,180 4r621 4,720 15,863 1,366 5,437 1,175 7,885 1961. 55,447 38,299 21,680 11,789 2,780 4,674 4,335 4,830 17,148 1,371 5,854 1,384 8,539 1962 3 59,667 41,798 24,292 12,316 2,842 5,144 4,330 5,190 17,869 1,266 6,365 1,524 8,714 1963 4 62,968 43,642 25,843 12,497 2,906 4,995 4,596 5,302 19,326 1,227 7,091 1,690 9,318 1964 . 66,221 45,914 26,507 13,828 3,572 5,406 4,850 5,579 20,307 968 7,144 1,729 10,466 1965. 71,930 49,999 26,689 16,968 5,086 6,704 5,178 6,342 21,931 883 7,547 2,017 11,484 1966p 74,603 50,628 24,616 5,549 • ....2..3..,..9..7..5 .......8...,.6..6...0 ................ 1965--Dec....................... 76,443 53,445 26,684 19,679 6,250 8,017 5,412 7,082 22,998 760 7,687 2,142 12,409 1966—Jan.................7..7...,.6.22 53,285 27,460 19,053 5,987 7,846 5,220 6,772 24,337 733 8,107 2,126 13,371 Feb....................... 78,920 54,290 27,463 19,435 6,629 7,294 5,512 7,392 24,630 823 8,203 2,004 13,600 Mar............. 79,499 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....................... 78,578 54,347 27,437 19,730 7,175 7,097 5,458 7,180 24,231 887 8,791 2,226 12,327 May..................... 76,135 52,284 27,023 18,283 6,856 6,126 5,301 6,978 23,851 650 8,783 2,142 12,276 June..................... 75,894 52,108 26,156 19,508 7,548 6,343 5,617 6,444 23,786 744 8,710 2,105 12,227 July...................... 73,827 50,061 25,115 18,933 7,163 6,280 5,4W 6,013 23,766 800 8,709 2,127 12,130 Aug...................... '•73,509 M9.668 '23,927 19,270 7,164 6,482 5,(24 6,471 23,841 746 8,708 2,231 12,156 Sept...................... 73,627 49,725 23,100 19,678 6,913 7,054 5,711 6,947 23,902 848 8,706 2,169 12,179 Oct........................ 70,309 46,754 22,012 18,406 6,223 6,608 5,575 6,336 23,555 655 8,705 2,061 12,134 Nov.p.................. 71,094 47,091 20,777 19,518 6,698 7,028 5,792 6,796 24,003 8,704 2,363 Dec.p......... 70,373 46,562 20,320 5,720 23,811 ........8..,.7...0..4 ................ 1 Sewer and water, formerly shown separately, now included in “Other.” Note.—Monthly data are at seasonally adjusted annual rates. Be­ 2 Beginning with 1959, includes data for Alaska and Hawaii. ginning with 1959, figures are Census Bureau estimates. Data before 3 Beginning July 1962, reflects inclusion of new series affecting most 1959 are joint estimates of the Depts, of Commerce and Labor. private nonresidential groups. 4 Beginning 1963, reflects inclusion of new series under “Public” (for State and local govt, activity only). NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership S.A. G un o d v e e r r w nm rit e t n e t n - (private only) Period Total Non­ Private Metro­ Total N fa o rm n­ politan p m o e li t t r a o n ­ Total fam 1- i ly fam 2- i ly f M am ul i t l i y ­ Public Total FHA VA 1956.................................. 1,349 1,325 24 465 195 271 1957 .................................. 1,224 1’175 49 322 193 128 1958.................................. 1’382 1'314 68 439 337 102 1959 .................................. 1’554 1,077 477 1’517 1,234 56 227 37 458 349 109 1960.................................. 1,296 889 407 1,252 995 44 213 44 336 261 75 1961.................................. 1,365 948 417 1'313 974 44 295 52 328 244 83 1962.................................. 1 ’492 1,054 439 1 '463 991 49 422 30 339 261 78 1963.................................. 1,641 1,151 490 1,609 1,021 53 535 32 292 221 71 1964.................................. 1,591 1,119 472 1,557 972 54 532 33 264 205 59 1965................................... 1'543 1,068 475 1’505 962 50 493 38 249 197 53 1966.................................. Pl,252 '852 400 Pl,221 796 40 385 p32 199 158 40 1965—Dec....................... I 769 1 735 103 76 27 102 60 3 39 1 18 15 3 1966—Jan............ 1,611 1.585 87 62 26 85 48 3 34 3 16 13 3 Feb....................... 1 374 1 '349 81 56 26 78 47 3 29 3 15 12 2 Mar...................... 1 569 1,538 131 91 40 126 81 5 41 5 23 19 3 Apr....................... 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 1,261 131 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 Aug........... 1 107 1,084 107 72 35 105 71 3 31 2 18 14 4 Sept...................... 1,075 1,050 95 64 31 92 62 3 27 3 13 10 3 OcL..................... 848 826 83 54 29 80 55 2 23 3 13 9 3 Nov........... Pl 007 p988 p77 50 27 p75 51 3 22 p2 13 10 3 Dec....................... pl,102 p1,079 p67 48 19 p64 43 2 19 P2 12 10 3 Note.—Beginning with 1959, Census Bureau series includes both farm by area or type of structure. Data from Federal Housing Admin, and and nonfarm series developed initially by the Bureau of Labor Statistics. Veterans Admin, represent units started, based on field office reports of Series before 1959 reflect Census Bureau revisions that are not available first compliance inspections. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

300 EMPLOYMENT FEBRUARY 1967 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A, Period i p T n o s o N t p t i a t u . u S l l t a . n i A t o i o . o n n n a - l l N ab N o o t . r S in . f A o t . r h c e e T l f S a o o b . r A t c o a e . r l Total I E n m n p o l n o a y g e r d i- 1 U pl n o e y m ed ­ U (p n e m r e S a r m . e t A c e n p e . 2 t l n o t y ) ­ Total cukural . 1° agriculture industries 1961'............................. 121,343 48,312 73,031 70,459 65,746 60,546 5,200 4,714 6.7 1962'............................. 122,981 49,539 73,442 70,614 66,702 61,759 4,944 3,911 5.5 1963'.......................... . 125,154 50,583 74,571 71,833 67,762 63,076 4,687 4,070 5.7 1964'............................. 127,224 51,394 75,830 73,091 69,305 64,782 4,523 3,786 5.2 1965'............................. 129,236 52,058 77,178 74,455 71,088 66,726 4,361 3,366 4.5 1966'............................. 131,180 52,288 78,893 75,770 72,895 68,915 3,979 2,875 3.8 1966'—Jan.................. 130,285 53,827 78,245 75,355 72,410 68,266 4,144 2,945 3.9 Feb................. 130,436 53,734 78,050 75,126 72,341 68,186 4,155 2,785 3.7 Mar................ 130,599 53,556 78,091 75,117 72,266 68,153 4,113 2,851 3.8 Apr................. 130,750 52,938 78,349 75,341 72,542 68,343 4,199 2,799 3.7 May............... 130,925 52,466 78,194 75,149 72,253 68,351 3,902 2,896 3.9 June............... 131,083 50,356 78,767 75,668 72,730 68,749 3,981 2,938 3.9 July................ 131,235 50,397 78,905 75,770 72,846 68,920 3,926 2,924 3.9 Aug................ 131,421 50,755 79,247 76,069 73,141 69,206 3,935 2,928 3.8 Sept................ 131,590 52,609 79,268 76,039 73,195 69,309 3,886 2,844 3.7 Oct.................. 131,773 52,285 79,360 76,081 73,199 69,420 3,779 2,882 3.8 Nov................ 131,949 52,054 79,934 76,612 73,897 70,005 3,892 2,715 3.5 Dec................. 132,121 52,479 80,154 76,764 73,893 69,882 4,011 2,871 3.7 19673—Jan.................. 132,295 53,589 80,473 77,087 74,255 70,240 4,015 2,832 3.7 i Includes self-employed, unpaid family, and domestic service workers. Note.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning January 1967 data not strictly comparable with previous to the calendar week that contains the 12th day; annual data are averages data. Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n ri u n f g ac­ Mining c C o o n n s t t r r a u c c t ­ T tio ra n n s & p o p r u t b a­ ­ Trade Finance Service G m ov e e n r t n­ tion lic utilities 1961................................................................... 54,042 16,326 672 2 816 3,903 11,337 2 731 7,664 8,594 1962................................................................... 55'596 16'853 650 2 902 3,906 11,566 2 800 8,*028 8,890 1963................................................................... 56,702 16,995 635 2,963 3,903 11 778 2,877 8,325 9,225 1964................................................................... 58’332 17,274 634 3 050 3,951 12,160 2,957 8,709 9,596 1965................................................................... 60,770 18'032 632 3 181 4*033 12,683 3'019 9,098 10,091 1966p................................................................. 63,863 19;084 628 3,281 4,136 13,219 3385 9,581 10,849 SEASONALLY ADJUSTED 1966—Jan........................................................ 62,469 18,566 635 3 318 4,091 13 009 3 052 9,363 10,435 Feb........................................................ 62,811 18,722 634 3 323 4,105 13*045 3 051 9,410 16’,521 Mar............................................... 63,247 18,840 637 3 419 4,109 13’085 3,064 9363 10,630 Apr....................................................... 63,350 18,923 595 3 333 4,114 13 128 3 068 9,484 10,705 May...................................................... 63,517 19,002 628 3,238 4'132 13,164 3,076 9,515 10,762 June...................................................... 63'983 19,167 632 3^300 4'143 13 217 3 090 9'549 10*885 July...................................................... 64*072 19,128 636 3 297 4*122 13 256 3 095 9*609 10,929 Aug..................................................... 64 199 19,262 636 3 251 4 105 13 264 3 100 9 647 10 934 Sept...................................................... 64,168 19,204 628 3’228 4,168 13268 3*100 9,649 10323 Oct........................................................ 64,466 19,312 625 3,202 4,165 13 340 3,102 9’712 11,008 Nov...................................................... 64,823 19315 624 3’204 4,195 13 393 3 110 9*778 11,104 Dec.p.................................................. 65,081 19,445 628 3,286 4,195 13,404 3,120 9,819 11,184 1967—Jan.”.................................................... 65,360 19,480 631 3,286 4,223 13,532 3,128 9,858 11,222 NOT SEASONALLY ADJUSTED 1966—Jan........................................................ 61,439 18,333 621 2 940 4 026 12 835 3 018 9,176 10,490 Feb........................................................ 61,622 18,518 617 2,818 4,035 12*738 3,024 9*250 10,622 Mar...................................................... 62,243 18,651 620 2,981 4^056 12 826 3*043 9,331 10335 Apr....................................................... 62*928 18,774 590 3,156 4,077 13 015 3,056 9,465 10*795 May...................................................... 63,465 18'906 630 3,277 4,115 13 061 3,070 9,572 10*834 June...................................................... 64,563 19,258 645 3,521 4,180 13,239 3, H2 9,702 10'906 July....................................................... 64,274 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....................................................... 65,190 19338 631 3 449 4,198 13 385 3 099 9'751 11,139 Nov...................................................... 65,389 19,522 628 3,310 4,208 13,599 3,098 9'739 11'285 Dec.p................................................... 65,910 19,429 627 3 J 22 4*199 14 254 3*104 9,731 11'444 1967—Jan.”.................................................... 64,316 19,246 617 2,911 4,155 13,351 3,094 9,661 11,281 . 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

FEBRUARY 1967 EMPLOYMENT AND EARNINGS 301 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1966 1967 1966 1967 Jan. Nov. Dec.*’ Jan.” Jan. Nov. Dec.71 Jan.” Total.............................................................................................. 13,833 14,436 14,445 14,487 13,617 14,548 14,440 14,265 Durable goods............................................................................ 8,033 8,467 8,468 8,494 7,942 8,527 8,481 8,402 Ordnance and accessories............................................. 106 131 130 136 107 133 132 137 Lumber and wood products........................................ 557 530 529 534 525 532 517 504 Furniture and fixtures................................................... 370 385 385 386 366 389 387 382 Stone, clay, and glass products................................. 525 507 510 516 495 512 499 487 Primary metal industries.............................................. 1,051 1,103 1,091 1,095 1,038 1,080 1,076 1,082 Fabricated metal products........................................... 1,029 1,074 1,076 1,077 1,019 1,084 1,080 1,065 Machinery.......................................................................... 1,262 1,348 1,360 1,364 1,262 1,333 1,357 1,364 Electrical equipment and supplies............................. 1,233 1,358 1,355 1,362 1,237 1,380 1,374 1,366 Transportation equipment........................................... 1,296 1,395 1,393 1,386 1,316 1,424 1,426 1,406 Instruments and related products.............................. 261 281 285 287 261 284 286 286 Miscellaneous manufacturing industries................. 343 355 354 351 316 376 347 323 Nondurable goods.............................................................. 5,800 5,969 5,977 5,993 5,675 6,021 5,959 5,863 Food and kindred products........................................ 1,163 1,186 1,185 1,189 1,098 1,209 1,167 1,122 Tobacco manufactures.................................................. 73 74 73 77 72 79 78 76 Textile-mill products................................................ 842 847 848 847 830 851 845 835 Apparel and related products..................................... 1,204 1,250 1,250 1,256 1,181 1,261 1,244 1,232 Paper and allied products............................................ 512 531 531 531 507 534 533 526 Printing, publishing, and allied industries.............. 639 662 667 671 633 666 672 664 Chemicals and allied products.................................... 555 581 583 581 548 576 577 574 Petroleum refining and related industries........ 113 115 115 115 110 114 113 111 Rubber and misc. plastic products........................... 386 413 417 419 385 419 420 418 Leather and leather products...................................... 313 310 308 307 311 312 310 305 Note.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay for, the pay period that includes the 12th of the month. 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 1966 1967 1966 1967 1966 1967 Jan. Nov. Dec.” Jan.” Jan. Nov. Dec.” Jan.” Jan. Nov. Dec.” Jan.” Total..................................................................... 41.4 41 3 40 9 40 9 110 00 113 99 114 40 113 15 2 67 2 76 2 77 2 78 Durable goods............................................................. 42.4 42.1 41 7 41 8 119 99 123 77 124.20 122 84 2 85 2 94 2 95 2 96 Ordnance and accessories............................. 42.4 42.7 42 2 42.6 136^21 137^92 139.10 138.32 3 19 3.23 3^25 3.27 Lumber and wood products.......................... 41.4 40.4 40.3 39.9 88.75 92.00 91.20 89 67 2.17 2.30 2.28 2.27 Furniture and fixtures...................................... 41.7 41.1 40.5 40.7 88.15 92.74 93.79 90 00 2.15 2.24 2.26 2.25 Stone, clay, and glass products........... 42.5 41.7 42.4 42.0 110.66 115.79 115.23 113.85 2.66 2.77 2.77 2.77 Primary metal industries................................ 41.9 42.5 41.6 41.4 135.34 138.69 137.61 136 62 3.23 3.31 3.30 3 30 Fabricated metal products............................. 42.5 42.2 42.2 42.4 118.02 123.09 124.10 122.77 2.81 2.91 2.92 2 93 Machinery............................................................ 43.8 44.0 43.6 43 8 132 41 136.78 138.60 137 66 3 03 3 13 3.15 3 15 Electrical equipment and supplies................ 41.5 40.9 40.6 40.8 107.79 109.74 110.42 108*81 2.61 2.67 2.68 2* 68 Transportation equipment............................ 43.4 42.0 41.7 41.6 142.46 145.52 146.03 141 10 3 29 3.40 3.42 3 40 Instruments and related products................ 42.2 41.7 41.7 41.7 111.72 114.66 115.50 113.71 2.66 2.73 2.75 2 74 Miscellaneous manufacturing industries... 40.0 40.0 39.7 40.4 87.52 90.45 91.60 93.20 2.21 2.25 2.29 2.33 Nondurable goods....................................................... 40.2 40.2 39 9 40 1 95.52 100 16 100 25 99 65 2.40 2.49 2.50 2 51 Food and kindred products.......................... 41.1 41.1 41 0 41. i 101.34 104.90 106.14 105 41 2 49 2*54 2. 57 2,59 Tobacco manufactures.................................... 38.9 38.5 39.2 39.0 82.30 81.24 88.29 84 80 2 16 2.11 2.18 2 22 Textile-mill products....................................... 42.2 41.0 40.9 41.1 79 84 83.21 82.40 81 40 1 91 2.01 2.00 2 00 Apparel and related products........................ 36.3 36.5 36.5 36.5 66^05 70.25 69.87 69*65 1.85 1.93 1.93 1.94 Paper and allied products.............................. 43.3 43.6 42.9 43.0 115.83 121.37 120.53 119.28 2.70 2.79 2.79 2.80 Printing, publishing, and allied industries. 38.5 39.0 38.6 38.8 117.73 127.87 125.51 123.26 3.09 3.21 3.21 3.21 Chemicals and allied products...................... 42.0 42.2 42.0 42.0 122.18 128.29 127.98 126.77 2.93 3.04 3.04 3.04 Petroleum refining and related industries.. 42.3 42.6 42.3 42.8 141.62 146.70 145.32 150.10 3.38 3.46 3.46 3.54 Rubber and misc. plastic products.............. 42.3 42.0 41.2 41.6 111.41 112.98 112.17 111.22 2.64 2.69 2.69 2.68 Leather and leather products........................ 38.5 38.8 37.9 38.5 74.11 76.03 77.01 77.99 1.91 1.98 1.99 2.01 Note.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

302 PRICES FEBRUARY 1967 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em U s Food Total Rent o H w s o h n m i e p e r­ ­ F c a o o u n i a e l d l l t e r G a i l c n e a i c d s t ­ y o n F t i p a i n i n u e o s g d h r n r s a ­ ­ ­ A up p a k p n e a d e r e p l T p t o r i a o r n t n a s ­ ­ Total M c ic a e a r d e l ­ s c P o a n e r r a e ­ l r R e t a i c e i n n o r a g e d n d a ­ ­ O g s a i o e c t n o h r e d v d s e ­ s r 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 1958.............................. 100.7 101.9 100.2 100.1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100.1 100.4 100.8 99.8 1959.............................. 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100,7 100,6 103,8 102.8 104.4 102.4 102.4 101.8 I960.............................. 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961.............................. 104.2 102.6 103.9 104.4 104.4 101.6 107,9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962.............................. 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105.3 1963 ............................. 106.7 105.1 106.0 106.8 107.0 104,0 107.8 102.4 104.8 107,8 111.4 117.0 107.9 111.5 107.1 1964.............................. 108.1 106.4 107.2 107.8 109.1 103,5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114.1 108.8 1965.............................. 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103,1 106.8 111,1 115.6 122.3 109.9 115.2 111.4 1966.............................. 113.1 114.2 111.1 110.4 115.7 108,3 108.1 105.0 109.6 112.7 119.0 127.7 112,2 117.1 114.9 1 9 65—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 1 15.3 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 Nov........... 114.6 114.8 112.6 111.2 117.8 108.9 108.1 106.5 112.0 1 14.5 120,8 131,3 113.4 118.3 116.0 Dec.................. 114.7 114.8 113.0 111.3 118.6 110.2 107.9 106.7 112.3 113.8 121.0 131.9 113.7 118.4 115.9 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities All Period m c t o i o e m d s i ­ ­ p F u r a c o r t d m s ­ f P e o s r o s o e d c d s ­ Total T t e il e t e c x s . ­ , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m s . , ­ R b e e t u c r b . , ­ L b e u t e c m r . , ­ P e a t p c e . r, M e a t l c e s . , t ­ c M e h r i y a n ­ ­ F t e u u t r r c e n . , i ­ N t m m a o l i l e n n i ­ c ­ - b T e a t c o c c . ­ o, n c M e e o l i l s u a ­ ­ s erals 1958.................................. IO0 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 1000 99 7 104 1 101 0 10L2 1022 100 4 101.2 102.2 101 9 1960.................................. 100.7 96 9 100.0 101 3 101 5 105.2 99 6 100 2 99 9 100 4 101 8 101 3 102 4 100 1 101.4 102 5 99 3 1961.................................. 100 3 96.0 100.7 100.8 99.7 106.2 1007 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 3 988 101 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 I 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 1110 1966J>................................ 105 9 105.6 111.5 104 8 102.2 119.7 101'3 97 8 94 8 105 6 102 6 108 3 106 0 99 1 102.6 109 5 117 2 1965—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 1004 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 5 976 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...................... 106.2 104.4 112.4 105.3 N02.2 r118.7 102 6 97 9 94 6 104 8 103.1 108.6 M07 1 99.7 103.2 110.1 118 2 Nov...................... 105.9 102.5 rl 10,7 ’■105.5 102.1 r117.5 102 7 98 0 r95 0 M03 0 103 0 M09 0 r107 7 r100 3 q03.3 110.1 118 5 Dec...................... 105^9 101.8 110,6 105,5 101.9 117.5 102,1 98^2 95.0 102.5 103.0 108,9 107.9 100.4 103.2 110.1 120.5 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 PRICES 303 WHOLESALE PRICES: DETAIL (1957-59= 100) 1965 1966 1965 1966 Group Group Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec, Farm products: Pulp, paper, and allied products: F G F H L P E r l l i g a r u a e v a g y n s i e d i s h s t n a . t . a m o n . s a . n . . c d n . . i . . d k . . d l . . s k . . . . a a e . d . . . . . n n e . . . r . . . d . i . d i . . . m . e . . . s . . . d . . p . . . . a . . . . . . o . . l . p . . . . . . . u . . . . r f . . . . . o i . . . l . . . . b . t . . . d . . . . r . e . . . . u . . y . . r . . . . . . . s c . . . . . . . . . . . . e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 H 1 9 9 8 0 0 1 8 8 0 9 2 9 0 . . . . . . 1 6 2 2 0 8 0 1 1 1 1 9 9 2 2 0 1 7 8 1 5 3 4 . . . . . . 9 5 8 8 9 7 4 1 1 ' 1 0 7 9 9 2 2 2 4 0 6 8 4 2 1 . . . . . . . 9 2 9 0 4 8 9 1 1 1 1 1 9 7 2 0 2 0 0 5 1 4 1 3 1 9 . . . . . . . 5 5 0 5 7 3 0 C P B W P a o a u o p n p il o v e e d d r e r in b . r p . t g . o . u e . a . d l p .. p r . a d . . p . p . . . . . a . . e . . . . p . . . r . . . . . e . . . . . . a r . . . . . . n . . . . a . . . d . . . n . . . . . . . . d . b . . . . . . . . o . . . . p . . . a . . . . . a . . . r . . . p . d . . . . . . . e . . . . . . . . . r . . . . . . . b . . . . . . . . . . . o . . . . . . . . . . a . . . . . . . . . . r . . . . . . d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 9 9 9 0 0 0 8 6 2 4 0 4 . . . , . . 1 5 5 6 9 4 1 1 9 9 9 9 0 0 8 3 8 7 3 8 . . . . . . 8 0 0 2 0 4 4 1 0 9 9 9 9 0 8 3 7 2 8 3 , . . . . . 1 5 1 2 7 0 1 1 9 9 9 9 0 0 0 8 2 8 7 3 . . . . , . 5 5 0 7 2 2 Other farm products........................ 103.5 100.8 98.7 100.5 Metals and metal products: Processed foods: Iron and steel...................................... 101.7 102.5 402.8 102.8 Cereal and bakery products................... 111,2 118.7 1 18.7 118.0 Nonferrous metals.................................... 117.2 120.3 121.0 120,5 Meat, poultry, and fish.......................... 1 10,5 108 1 404 2 104. 4 Metal containers........................................ 109.8 110.1 110.2 110.2 Dairy products and ice cream.............. 111.3 124.5 122.6 122.4 Hardware..................................................... 107.2 110.9 411 5 111.6 Canned and frozen fruits and veg­ Plumbing equipment................................ 104.9 110.6 110 5 110.5 etables ................................................. 105, 1 105.7 405.9 105.9 Heating equipment................................... 91.6 93.3 93.4 93.4 Sugar and confectionery......................... 108,8 111.6 rl 12.1 112.6 Fabricated structural metal products. 102.0 104.6 104.8 104.9 Packaged beverage materials................ 93,4 90. 5 r90.4 90,5 Fabricated nonstructural metal prod­ Animal fats and oils................................. 116.4 108.9 405.6 97.5 ucts. ..................................................... 109.7 112.7 413.1 113.2 Crude vegetable oils.................................. 100.3 100.1 99.2 98.1 Refined vegetable oils.............................. 109.1 97.0 102.2 101.2 Machinery and motive products: Vegetable oil end products.................... 98.4 108.2 406.8 106.6 Miscellaneous processed foods............. 114.1 115.1 114,6 113.7 Agricultural machinery and equip.... 117.0 118.5 420.4 120.6 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 6. . 5 9 1 1 2 1 5 9 . . 6 8 4 4 2 2 6 0 . . 0 6 1 12 2 6 0 . . 3 8 General purpose machinery and C W M o a o t n o to - l m n p a r p d o r e d o u d fi c u b t c e s t r .. s . t . . e . . . . . x . . . . . t . . i . . . l . . . e . . . . . . p . . . . . . r . . . o . . . . . d . . . . . u . . . . . c . . . . . t . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 9 0 0 1 5 1 . . . 9 4 2 1 1 8 0 0 8 3 5 . , . 1 3 6 1 1 '8 0 0 7 5 3 . . . 1 7 0 1 1 8 0 0 7 2 4 . . . 0 7 9 S M p i e e s q c c i u e a l i l l p a m ne i e n o n d u t u s .. s .. m t . r .. y . a .. c .. h ... m i .. n . a . e .. c r .. h y .. i . . n . . . . . e . . . . r . . . . y . . . . . . . . . . . . . . . a . . . . n . .. d .. . 1 1 0 0 6 5 . . 5 4 1 1 1 0 1 7 . . 8 4 4 1 0 1 7 2 . . 8 2 1 10 1 8 2 . . 1 4 S O A i t p l h k p e a p r r r t e o e l d x ... u t . i . c l .. e t .. s . p . . . . . . r . . o . . . . . . d . . . . . . u . . . . c . . . . . . t . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 0 4 3 4 3 0 . . . 3 6 0 1 1 1 6 1 0 1 8 5 . . . 1 8 3 1 1 1 0 6 1 5 1 9 . . 1 1 5 1 1 1 6 0 1 3 5 9 . . . 2 6 7 E M le e o c q t t o u r r i i c p v a m l e h e m n ic a t l c e ( h J s a i .. n n .. e . . . r .. y 1 .. . 9 . a . 6 . n . 1 . d . — .. . . e . 1 . q . 0 .. u 0 .. i . ) . p . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1 1 9 0 0 6 0 9 . . . 5 6 0 1 1 9 0 1 9 1 3 . . . 5 7 9 d 1 1 0 1 0 0 4 1 . . . 1 7 7 1 1 1 0 1 0 1 4 1 , . . 7 3 4 Transportation equip., R.R. rolling Hides, skins, leather, and products: stock (Jan. 1961= 100)................... 101.0 101.0 101 0 101.0 Hides and skins......................................... 132.3 120.8 114.3 109.3 Leather......................................................., 114.2 117.5 114.1 116.2 Furniture and other household durables: Footwear......................... 113.8 120.1 120.1 120.3 Other leather products............................ 110.2 115.6 115.1 115.0 Household furniture................................ 106.7 110.3 111.5 111.7 Commercial furniture.............................. 104,0 107.3 108.0 108.1 Fuels and related products, and power: Floor coverings.......................................... 97.5 96.6 96.6 96.6 Household appliances.............. 88.8 r88.9 '89.2 89.2 Coal............................................................... 97.6 100.6 401.9 102.2 Television, radios, and phonographs.. 84.5 83.8 83.8 83.8 Coke.............................................................. 107.3 112.0 112.0 112.0 Other household durable goods........... 106.2 109.3 409.6 109.8 Gas fuels (Jan. 1958— 100).................... 128.6 130.7 430.6 130,6 P E e 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 in 8= ed 1 ... 0 .. 0 .. ) .. . . . . . . . . . . . . . . . . . . . 1 9 0 8 0 . . 4 7 1 10 0 1 0 . . 3 2 4 1 0 0 0 1 . . 3 3 1 1 0 00 0 , . 3 2 Nonmetallic mineral products: Chemicals and allied products: Flat glass..................................................... 99.9 102.1 403.3 103,3 Concrete ingredients..................... 103.4 104.3 404.2 104.2 95.5 95.9 '96.0 96.4 Concrete products..................................... 101,8 103.5 103.5 103.7 105.9 107.3 407.8 108.0 Structural clay products......................... 105,6 106.9 107.1 107.2 89.0 90.2 90.4 90.6 Gypsum products...................................... 97.4 102.7 103.5 103.5 Drugs and pharmaceuticals................... 94.6 95.0 95.0 94.7 Asphalt roofing.......................................... 94.6 97.6 97.6 95.7 110.1 94.5 *91.6 95.1 Other nonmetallic minerals................... 100.9 102.0 401.3 101.3 Mixed fertilizers........................................ 105.5 106,1 105.9 106.0 Fertilizer materials.................................... 103 8 103.7 105.0 105.0 Tobacco products and bottled beverages: Other chemicals and products.............. 99.8 101.2 101.2 101.2 Tobacco products...................................... 106.0 110.3 '110.2 110.3 Rubber and products: Alcoholic beverages................................. 101.3 101.0 101 0 101.1 Nonalcoholic beverages........................... 128.5 132.2 132.2 132.2 Crude rubber.............................................. 89.6 87.4 87.9 87.6 Tires and tubes........................................... 91.1 93.4 *93.9 93.9 Miscellaneous rubber products............ 97.7 98.9 99.2 99.3 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms.... 103,1 105.0 104.8 104.8 Manufactured animal feeds................... 118,6 128.1 128.4 132.0 Lumber......................................... 103.4 108.0 405.6 104.5 Notions and accessories....................... 99,1 100.8 100.8 100.8 Millwork............................................... 107.9 110.8 110.3 110.1 Jewelry, watches, photo equipment... 105,1 105.2 406.1 106.1 Plywood.......................................... 92.1 88.1 86.9 87.6 Other miscellaneous products.............. 104.9 106.0 407.0 107.0 Note—Bureau of Labor Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

304 NATIONAL PRODUCT AND INCOME FEBRUARY 1967 GROSS NATIONAL PRODUCT (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1962 1963 1964 1965 1966P IV I II III IV? Gross national product........................................... 103.1 55.6 124.5 284.8 560.3 590.5 631.7 681.2 739,6 704.4 721.2 732.3 745.3 759.3 Pinal purchases...................................... 101.4 57.2 120.1 278.0 554.3 584.6 627.0 672.1 727.7 694.0 712.3 720.0 735.4 742.9 Personal consumption expenditures.................... 77.2 45.8 80.6 191.0 355.1 375.0 401.4 431.5 464.9 445.2 455.6 460.1 469.9 474.1 Durable goods.................................................... 9.2 3.5 9.6 30.5 49.5 53.9 59,4 66.1 69.3 68.0 70.3 67.1 70,2 69.6 Nondurable goods............................................. 37.7 22.3 42.9 98.1 162.6 168.6 178.9 190.6 206.2 197.0 201.9 205.6 208,1 209.2 Services......................... ......................................... 30.3 20.1 28.1 62.4 143.0 152.4 163.1 174.8 189.4 180.2 183.4 187.4 191.5 195.3 Gross private domestic investment...................... 16.2 1.4 17.9 54.1 83.0 87.1 93.0 106.6 117.0 111.9 114.5 118.5 115.0 120.0 Fixed investment.................................................. 14.5 3.0 13.4 47.3 77.0 81.3 88.3 97.5 105.1 101.5 105.6 106.2 105.1 103.5 Nonresidential.«.......................................... 10.6 2.4 9.5 27.9 51.7 54.3 60.7 69.7 79.3 73.9 77.0 78.2 80,3 81.6 Structures...................................................... 5.0 .9 2.9 9.2 19,2 19.5 21.0 24.9 27.8 26.8 28.5 27.9 27.7 27.3 Producers’ durable equipment.............. 5.6 1.5 6.6 18.7 32.5 34.8 39.7 44,8 51.4 47.1 48.5 50.3 52,6 54.4 Residential structures.................. 4.0 .6 3.9 19.4 25,3 27.0 27.6 27.8 25.8 27.6 28.6 28.0 24,8 21.9 Nonfarm........................................................ 3.8 .5 3.7 18.6 24,8 26.4 27.0 27.2 25.3 27.0 28.0 27.4 24.3 21.3 Change in business inventories...................... 1.7 -1.6 4.5 6.8 6.0 5.9 4.7 9.1 11.9 10.4 8.9 12.3 9.9 16.4 Nonfarm,........................................................... 1.8 -1.4 4.0 6.0 5.3 5.1 5.3 8.1 12.2 9.0 8.5 12.1 10.4 17.6 Net exports of goods and services...................... 1.1 .4 1.3 1.8 5.1 5.9 8.5 7.0 4.8 6.1 6.0 4.7 4.2 4.1 Exports.................................................................. 7.0 2.4 5.9 13.8 30,3 32.3 37.0 39.0 42.7 40.3 41.7 41.9 43.4 43.6 Imports................................................................... 5.9 2.0 4.6 12.0 25.1 26.4 28.5 32,0 37.9 34.2 35.6 37.3 39.2 39.5 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 117.1 122.5 128.9 136.2 153.0 141.2 145.0 149.0 156.2 161.1 Federal................................................................... 1.3 2.0 16.9 18.4 63.4 64.2 65.2 66.8 76.9 69.8 71.9 74.0 79.0 81.7 National defense............................................. 13.8 14.1 51.6 50.8 50.0 50.1 60.0 52.5 54,6 57.1 62.0 65.5 Other.................................................................. 3,1 4.3 11,8 13.5 15.2 16.7 16.9 17.3 17.4 16.9 17.0 16.2 State and local.............................................. 7.2 6.0 7.9 19.5 53.7 58.2 63.7 69.4 76.2 71.4 73.1 75.0 77.2 79.4 Gross national product in constant (1958) dollars. ................................................. 203.6 141.5 263.7 355.3 529.8 551.0 580.0 614.4 647.8 631.2 640.5 643.5 649.9 657.2 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For back data and explanation of series, see the Supplement to the Survey of Current Business for Aug. 1966. NATIONAL INCOME (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1962 1963 1964 1965 1966* IV I II III IV’ National income, 86 8 40 3 104 2 241 1 457.7 481 9 517 3 559 0 609.9 577.8 595.7 604.1 613.8 Compensation of employees 51.1 29.5 64.8 154.6 323.6 341.0 365.7 392.9 433.3 406.5 419.6 427.9 438.3 447 5 Wages and salaries...... 50.4 29.0 62.1 146.8 296.1 311.1 333.6 358.4 392.3 370.8 380.0 387.4 396.7 405 0 Private............... 45.5 23,9 51.9 124.4 240.1 251.6 269.3 289.1 314.8 298.5 305.9 311.5 318.0 323 9 Military............. .3 .3 1.9 5.0 10,8 10.8 11.7 12.1 14.6 13.0 13.6 14.1 15.0 15 8 Government civilian... 4.6 4.9 8.3 17.4 45.2 48.6 52.6 57.1 62.8 59.3 60.4 61.8 63.7 65 2 Supplements to wages and salaries................7 .5 2.7 7,8 27.5 29.9 32.0 34.5 41.0 35.7 39.6 40.5 41.5 42 5 Employer contributions for social in­ surance ..............1................1...........2.....0..........4.0 13.7 15.0 15.4 16.0 20.2 16.3 19.6 19.9 20.4 20 8 Other labor income...................................... .6 .4 .7 3.8 13.9 14.9 16.6 18.5 20.8 19.4 20.0 20.6 21.1 21 7 Proprietors’ income................ 15.1 5.9 17.5 37.5 50.1 51.0 51.9 55.7 57.8 57.1 58.4 57.9 57.3 57 5 Business and professional 9.0 3.3 11.1 24.0 37.1 37.9 39,9 40.7 41.8 41.1 41.4 41.6 41.9 42 3 Farm....................................... 6.2 2.6 6.4 13.5 13.0 13.1 12.0 15.1 16.0 16.0 17.0 16.3 15.4 15 2 Rental income of persons 5.4 2.0 3.5 9.4 16.7 17.1 17.7 18.3 18.9 18.5 18.7 18.8 18.9 19 1 Corporate profits and inventory valuation adjustment.....................................1..0....5.......-..1....2 15.2 37.7 55.7 58.9 66.6 74.2 80.0 76.9 80.0 79.9 79.1 .... Profits before tax................ 10 0 1 0 17 7 42 6 ^ 4 SO 4 67 O 75 7 82 1 78.7 82.7 82.8 81.9 Profits tax liability......... 1 4 s 7 6 178 24*2 26 3 28 4 31 2 33.8 32.4 34.1 34.1 33.7 Profits after tax.............. 8' 6 A 10 1 24 9 11'2 13‘ 1 18 7 44 5 48.3 46.3 48.7 48.7 48 2 Dividends.................... 5.8 2^0 4.4 8^8 15^2 16J 17J 19^2 20.9 20.2 20.9 21.1 21.1 20 7 Undistributed profits 2.8 1 6 5 7 16 0 16 0 16 6 21 3 25 3 27 3 26 1 27 8 27.6 27 1 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 .3 -.5 -.4 -1.5 -2.1 -1.8 -2.8 -2.9 -2.8 0 Net interest, 4.7 4.1 3.2 2.0 11.6 13.8 15.5 17.8 20.0 18.7 19.1 19.6 20.2 21 0 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

FEBRUARY 1967 NATIONAL PRODUCT AND INCOME 305 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1962 1963 1964 1965 1966* IV I II III IV* Gross national product........................................... 103.1 55.6 124.5 284.8 560.3 590.5 631.7 681.2 739.6 704.4 721.2 732.3 745.3 759.3 Less: Capital consumption allowances........... 7.9 7.0 8.2 18.3 50.0 52.6 56.0 59.6 63.1 60.8 61.6 62.7 63.7 64.6 Indirect business tax and nontax lia­ bility, ............................... 7.0 7.1 11.3 23.3 51.5 54.7 58.5 62.7 65.5 63.6 63.0 64.7 66.3 68.1 Business transfer payments..................... .6 .7 .5 .8 2.1 2.3 2.5 2.6 2.6 2.6 2.6 2.6 2.6 2.6 Statistical discrepancy......................... .7 .6 .4 1.5 .5 — .3 -1.4 -1.6 -. 1 .4 — .8 — .9 .4 Plus: Subsidies less current surplus of gov­ ernment enterprises.............. -.1 . 1 .2 1.4 .8 1.3 1.0 1.4 .9 .8 .9 1.5 2.2 Equals: National income............................ 86.8 40.3 104.2 241.1 457.7 481.9 517.3 559.0 609.9 577.8 595.7 604.1 613.8 Less: Corporate profits and inventory valu­ ation adjustment................... 10.5 — 1.2 15.2 37.7 55.7 58.9 66.6 74.2 80.0 76.9 80.0 79.9 79 1 Contributions for social insurance.... .2 .3 2.8 6.9 24.0 26.9 28.0 29.2 37.8 29.8 36.5 37.0 38'5 ' 39.3 Excess of wage accruals over disburse­ ments ........................... Plus: Government transfer payments.............. .9 1.5 2.6 14.3 31.2 33.0 34.2 37.1 41.9 37.9 40.0 40.1 42.3 45.3 Net interest paid by government and consumer.............................................. 2.5 1.6 2.2 7.2 16. 1 17.6 19.1 20.6 22.8 21.0 21.9 22. 5 23 0 23.8 Dividends...................................................... 5.8 2.0 4.4 8.8 15.2 16.5 17.3 19.2 20.9 20.2 20.9 21.1 21.1 20.7 Business transfer payments..................... .6 .7 .5 .8 2.1 2.3 2.5 2.6 2.6 2.6 2.6 2.6 2.6 2.6 Equals: Personal income........................................ 85.9 47.0 96.0 227.6 442.6 465.5 496.0 535.1 580.4 552.8 564.6 573.5 585.2 598.3 Less: Personal tax and nontax payments..., 2.6 1.5 3.3 20.7 57.4 60.9 59.4 66.0 75.1 66.7 69.5 73.6 77.4 79.8 Equals: Disposable personal income.................. 83.3 45.5 92.7 206.9 385.3 404.6 436.6 469.1 505.3 486.1 495.1 499.9 507.8 518.4 Less: Personal outlays......................................... 79.1 46.5 81.7 193.9 363.7 384.7 412.1 443.4 478.3 457.6 468.4 473.3 483.3 488.0 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 355. 1 375.0 401.4 431.5 464.9 445.2 455.6 460.1 469.9 474.1 Consumer interest payments.............. 1.5 .5 ,9 2.4 8.1 9.1 10.1 11.3 12.7 11,8 12.1 12.5 12.8 13.2 Personal transfer payments to for­ eigners. ....................... .3 .2 .2 .4 .5 .6 .6 .6 .6 .6 .6 .7 .7 .6 Equals: Personal saving........................................ 4.2 —. 9 11.0 13.1 21.6 19.9 24.5 25.7 27.0 28.5 26.7 26.6 24.5 30.4 Disposable persona! income in constant (1958) dollars............................................................... 150.6 112.2 190.3 249.6 367.3 381.3 406.5 430.8 451.6 443.9 448.4 447.9 452.2 457.6 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) 1966 1967 Item 1965 1966 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.* Total personal income............................. 535.1 580.4 560.2 564.7 569.0 570.5 573.0 577.2 580.0 585.4 590.0 594.4 598.5 601.8 607.2 Wage and salary disbursements............ 358.4 392.3 376.8 380.1 382.9 384.7 387.0 390.5 393.7 397.0 399.5 402.3 405.1 407.4 410.8 Commodity-producing industries... 144.3 158.2 152.1 153.9 155.4 156.0 156.8 158. 1 158.2 159.8 160.7 161.5 162.4 162.9 163.9 Manufacturing only.......................... 115.5 127.2 121.8 123.3 124.0 125.2 125.9 127.0 127.1 128.9 129.6 130.7 131.4 131.4 132.3 Distributive industries......................... 86.7 93.2 90.1 90.9 91.4 91.5 91.9 92.8 93.6 93.9 94.4 95.1 95.8 96.5 97.6 Service industries................................. 58.1 63.5 61.1 61.2 61.7 62.0 62.5 63.0 64.0 64.5 64.9 65.4 65.8 66.2 66.7 Government........................................... 69.2 77.4 73.6 74.1 74.5 75.2 75.9 76.6 78.0 78.8 79.5 80.2 81.0 81.9 82.7 Other labor income.................................. 18.5 20.8 19.8 20.0 20.2 20.4 20.6 20.7 20.9 21.1 21.3 21.5 21.7 21.9 22.2 Proprietors* income................................. 55.8 57.8 58.1 58.3 58.8 58.2 57.9 57.6 57.3 57.3 57.3 57.2 57.4 57.8 58.0 Business and professional.................. 40.7 41.8 41.3 41.3 41.5 41.5 41.6 41.7 41.8 41.9 42.0 42.1 42.2 42.4 42.7 Farm......................................................... 15.1 16.0 16.8 17.0 17.3 16.7 16.3 15.9 15.5 15.4 15.3 15.1 15.2 15.4 15.3 Rental income............................................ 18.3 18.9 18.6 18.7 18.7 18.7 18.8 18.8 18.9 18.9 19.0 19.0 19.1 19.2 19.2 Dividends................................................... 19.2 20.9 20.8 21.0 20.9 21.0 21.2 21.1 21.1 21.0 21.2 21.2 21.2 19.8 21.3 Personal interest income......................... 38.4 42.8 40.5 41.0 41.4 41.8 42,1 42.3 42.6 43.1 43.8 44.3 44.8 45.3 45.8 Transfer payments.................................... 39.7 44.6 42.3 42.6 42.9 42.6 42.5 43.2 43.5 45.1 46.0 47.2 47.8 48.9 49.6 Less: Personal contributions for social insurance................................ 13.2 17.6 16.8 16.9 16.9 17.0 17.1 17.2 17.9 18.1 18.2 18.3 18.5 18.6 19.7 Nonagricultural income........................... 515.6 559.7 538.8 543.0 547.0 549.1 551.9 556.5 559.8 565.4 570.1 574.6 578.6 581.7 587.1 Agriculture income.................................... 19.5 20.7 21.4 21.7 22.0 21.4 21.0 20.7 20.2 20.1 20.0 19.8 19.9 20.1 20.1 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

306 FLOW OF FUNDS FEBRUARY 1967 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 III IV I II III IV I II III I. Saving and investment i Gross national saving............................. 119.7 134.5 144.5 159.4 178.4 161.3 165.5 176.8 175.3 178.4 183.0 188.2 188.3 186.7 1 2 Households.......................................... 75.7 82.0 85.8 96.8 105.1 97.2 98.5 100.9 100.1 109.0 HO.5 111.2 107.6 108.4 2 3 Farm and noncorp, business..... 12.6 13.1 13.5 14.4 15.0 14.6 14.8 14.9 15.0 15.1 15.2 15.3 15.5 15.7 3 4 Corporate nonfin. business............ 35.6 41.8 43.9 50.8 55.3 52.0 51.3 55,0 54.5 55,5 56.4 57.7 57.8 57.9 4 5 U.S. Government.............................. -4.8 4.8 -.6 -4.3 .2 -4.4 -1.6 3.2 2.7 -4.0 -1.1 1.2 2.1 -1.0 5 6 State and local govt........................... -2.9 -1.4 -1.5 -1.4 -1.0 -1.0 -.5 -.9 -.9 -1.0 -1.1 -.2 .9 l.l 6 7 Financial sectors................................ 3.4 3.8 3.5 3.1 3.6 3.1 3.1 3.6 3.9 3.9 3.1 3.0 4.5 4.5 7 8 Gross national investment.................... 117.9 133.9 143.8 157.0 176.4 158.7 160.7 172.6 172.7 176.9 183.1 186.3 187.4 188.0 8 9 Consumer durable goods................ 44.2 49.5 53.9 59.4 66.1 61.1 58.8 65.1 64.4 66.7 68.0 70.3 67.1 70.2 9 10 Business inventories................... 2.0 6.0 5.9 4.7 9. 1 3.6 7.4 9.5 7.7 8.8 10.4 9.0 12.3 9.9 10 11 Gross pvt. fixed investment........... 69.7 77.0 81.3 88.3 97.5 88.9 90.0 94.4 96.0 98.0 101.5 105.6 106.2 105. 1 H 12 Households...................................... 20.5 21.9 22.4 23.2 23.7 22.8 23.3 22.9 23.2 23.6 24.9 24.7 24.4 24.2 12 13 Nonfinan. business....................... 48.4 54.4 57.9 64.2 73.0 65.2 65.8 70,5 71.9 73.5 76.1 80.5 81.4 80.5 13 14 Financial sectors............................ .7 .6 1.0 .9 .8 .9 .9 .9 .9 .9 .4 .4 .5 .4 14 15 Net financial investment................. 2.0 1.3 2.8 4.7 3.7 5.1 4.5 3.6 4.6 3.5 3.2 1.5 1.7 2.8 15 16 Discrepancy (1-8)................................... 1.8 .7 .6 2.4 2.0 2.6 4.8 4.2 2.6 1.5 -.2 1.9 1.0 -1.3 16 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 44.2 54.2 58.5 67.0 72.1 67.7 67.3 76.3 72.2 61.2 78.7 81.6 80.5 60.8 17 18 Loans and short-term securities.... 16.0 15.0 19.0 26.4 33.0 25.5 34.8 36.8 33.1 21.2 41.1 22.1 18.8 27.9 18 19 Long-term securities and mtgs...... 28.1 39.2 39.5 40.6 39. 1 42.2 32.5 39.5 39.2 40.0 37.7 59.5 61.6 32.9 19 By sector 20 U.S. Government.................................. 7.7 7.9 5.0 7.0 3.5 8.3 4.4 9.0 1.4 -4.5 8.2 14.4 3.5 2.8 20 21 Short-term mkt. securities....... 8.9 .6 1.4 4.0 3.5 4.4 8.6 5.5 3.6 -3.5 8.3 -1.2 -12.0 6.1 21 22 Other securities.................................. -1.2 7.3 3.6 3.0 . 1 3.9 -4. 1 3.6 -2.3 -1.0 -.1 15.6 15.4 3.3 22 23 Foreign borrowers.................................. 2.6 2. 1 3.3 4.4 2.6 3.3 6.4 5.1 1.6 1 .0 2.7 2.3 2.3 .2 23 24 Loans..................................................... 1.8 1.1 2.2 3.7 1.9 3.3 4.4 4.3 l.l .2 1.9 1.0 2.0 .2 24 25 Securities............................................... .8 I .0 1.1 .7 .8 2.0 .8 .6 .8 .8 1.3 .3 . 1 25 26 Pvt. domestic nonfin. sectors............. 33.9 44.2 50,2 55.6 66.0 56.0 56.4 62.1 69.2 64.7 67.8 64.9 74.7 57.8 26 27 Loans..................................................... 5.4 13.3 15.5 18.7 27.7 17.7 21.8 27.0 28.4 24.5 30.9 22.3 28.8 21.7 27 28 Consumer credit............................. 1.7 5.5 7.3 8.0 9. 4 8.1 7.2 10.0 9.6 9.3 8.9 8.7 7.0 6.9 28 29 Bank loans n.e.c.............. 2.2 4.8 5.4 6.5 13.6 5.1 H.4 14.1 12.4 11.2 16.7 7.7 15.2 9.5 29 30 Other loans.................. 1.6 3.0 2. 7 4.2 4. 7 4.5 3.1 2.9 6.4 4.1 5.3 5.9 6.6 5.3 30 31 Securities and mortgages................ 28.6 31.0 34.7 36.9 38.3 38.3 34.7 35.1 40.8 40.1 37,0 42.6 45.9 36. 1 31 32 State and local obligations.......... 4.9 5.0 6.7 5.9 7.4 7.1 5.8 6.1 8.6 6.8 8.1 5.5 7.2 4.8 32 33 Corporate securities....................... 7.1 5.1 3.6 5.4 5.4 5.0 3.1 4.4 7.0 7.4 2.9 11.9 15.2 11.7 33 34 1- to 4-family mortgages.............. 11.4 13.0 15.2 15.7 16.0 15.4 15.2 15.9 15.5 16.2 16.5 15. 1 13.8 11.2 34 35 Other mortgages............................. 5.1 7.9 9.3 10.0 9.5 10.9 10.5 8.7 9.7 9.8 9.5 10.1 9.7 8.5 35 36 Net sources of credit (=17)................ 44.2 54.2 58.5 67.0 72.1 61.1 67.3 76.3 72.2 61.2 78.7 81.6 80.5 60.8 36 37 Chg. in U.S. Govt, cash balance., 1.3 -.4 .2 -1.0 1.7 -1.4 5.2 -.9 -10.4 2.1 -3.9 9.6 -7.3 37 38 U.S. Govt, lending........................... 2.6 3,3 2.7 3.8 4.7 3.2 3.6 5.3 6.4 3.1 3.9 11.3 9.9 6.3 38 39 Foreign funds...................................... 1.9 2.2 1.9 2.5 .4 1.9 3.9 -.6 .5 -.9 2.7 -1.7 4.0 -3.8 39 40 Pvt. insur. & pension reserves.... 8.6 9.0 10. 1 11.1 11.6 10.3 11.9 10.9 12.0 12.0 11.7 13.5 10.8 13.5 40 41 Sources n.e.c........................................ 4.7 4.0 4.7 5.4 7.4 6.2 5.2 10. 1 8.7 3.4 7.4 1.0 5.5 11.5 41 42 Pvt. domestic nonfin. sectors......... 26.3 34.4 39.5 44.1 48.9 44.4 44.2 45.2 45.6 54.0 51.0 61.4 40.7 40.6 42 43 Liquid assets................................... 24.9 31.4 37.4 33.0 43.3 30.6 37.9 44.5 35.2 44.3 49.1 39.9 18,9 14.8 43 44 Deposits....................................... 24.0 30.1 34.4 35.3 40.4 36.8 42.7 38.2 31,5 43.4 48.6 34.8 19.7 13.3 44 45 Demand dep. and currency 3.8 2.1 5.9 6.5 7.8 7.7 10.2 3.1 2.6 8.7 16.8 10.2 -1.2 -2.2 45 46 Time and svgs. accounts... 20.2 28.1 28.5 28.8 32.6 29. 1 32.5 35.1 28.9 34.7 31.8 24.6 20.9 15.5 46 47 At commercial banks.... 9.0 15.0 13.4 13.0 19.5 12. 1 17.2 21.8 16.6 21.5 18.1 14.9 16.8 10.4 47 48 At savings instit................. 11.2 13.0 15.1 15.8 13.1 17.1 15.2 13.3 12.3 13.2 13.6 9.7 4.1 5. 1 48 49 Short-term U.S. Govt. sec... .9 I .3 3.0 -2.3 2.8 -6.2 -4.8 6.3 3.7 .9 .5 5.2 -.8 1.5 49 50 Other U.S. Govt, securities. . .. -1.4 .4 1.7 3.1 .2 3,8 1.6 -.7 3.5 -1.0 -1.1 8.1 7.3 6.8 50 51 Pvt. credit mkt. instruments. .. 4.1 2.5 2.3 7.8 6.1 9.2 4.7♦ 1.7 6.2 10.5 6.0 13.3 14.3 17,6 51 52 Less security debt......................... 1.3 -.2 2.0 -.2 .6 -.8 .3 -.2 3.0 -.1 -.2 -1.4 52 III. Direct lending in credit markets 53 Total funds raised.........................4...4....2... 54.2 58.5 67.0 72.1 67.7 67.3 76.3 12.2 61.2 78.7 81.6 80.5 60.8 53 54 Less change in U.S. Govt, cash .... 1.3 -.3 ,2 -1,0 1,7 -1.5 5.3 -.9 -10.4 2.1 -3.9 9.7 -7.3 54 55 Total net of U.S. Govt, cash............. 44.1 52.9 58.8 66.8 73.1 66.0 68.8 71.0 73,2 71.6 76.6 85.5 70.8 68.1 55 56 Funds supplied directly to cr. mkts.. 44.1 52.9 58.8 66.8 73.1 66.0 68.8 71.0 73.2 71.6 76.6 85.5 70.8 68.1 56 57 Federal Reserve System.................. 1.5 1.9 2.6 3.2 3.8 3.5 3.4 5.8 4.1 3.1 2.4 3.4 2.7 4.2 57 58 Total.................................................. 1.5 2.0 2.9 3.4 3.8 3,5 3.8 6.0 3.8 4.3 1.2 3.0 4.7 4.0 58 59 Less change in U.S. Govt. cash. ♦ . 1 .3 .2 * » .4 .2 -.3 1.2 -1.2 -.4 2.0 -.2 59 60 Commercial banks, net.................... 15.6 18.2 19.7 21.7 29.3 20.5 29.5 25.8 21.3 29.9 40.3 19.2 20.2 11.1 60 61 Total.................................................. 15.8 19.5 19.4 22.2 29.1 22.9 28.0 31.3 22.7 18.3 43.9 15.8 28.1 4.0 61 62 Less chg. in U.S. Govt. cash... 1.2 -.6 ~ 1.0 1.7 -1.9 5.0 -.6 -11.6 3.3 -3.5 1.1 -7.1 62 63 Security issues........................... .2 . 1 .3 .6 .8 .6 .4 .5 2.0 . 1 .4 . 1 .3 ♦ 63 64 Nonbank finance, net....................... 21.3 23.8 28.0 28.9 27.1 31.3 29.6 28.0 27.1 26.9 26.4 26.6 15.5 21.3 64 65 Total.................................................. 23.8 28.5 34.4 33.4 32.7 33.9 31.2 34.7 37.7 24.0 34.6 34.2 21.7 15.6 65 66 Less credit raised........................... 2.5 4.7 6.4 4.4 5.6 2.6 1.5 6.7 10.5 -2.9 8.2 7.6 6.3 -5.7 66 67 U.S. Government.............................. 2.6 3.3 2.7 3.8 4.7 3.2 3.6 5.3 6.4 3.1 3.9 11.3 9.9 6.3 67 68 Foreign.................................................. .8 1.5 .9 .6 -.2 * 1.3 -.7 .2 -1.8 1.4 -1.5 1.7 -2. 1 68 69 Pvt. domestic nonfin......................... 2.4 4.3 5.1 8.8 8.5 7.6 1.5 7.0 14.1 10.6 2.4 26.7 21.0 27,3 69 70 Households............................ .5 -1.7 .4 3.3 2.7 1.9 1.0 -3.0 11.7 3.8 -1.9 13.9 18.3 15.2 70 71 Business............................................ 2.3 3.1 1.7 .9 1.2 -1.5 .2 -2.6 4.5 1.7 5.2 -.6 4.0 71 72 State and local govts.................... 3.2 3.6 3.5 3.6 5.5 3.7 2. 1 10.0 4.3 2. 1 5.7 7.4 3.0 6.7 72 73 Less net security credit................ 1.3 -.2 2.0 -.2 .6 -.8 * .3 -.7 -.2 3.0 -.1 -.2 -1.4 73 Note.-—Quarterly data are seasonally adjusted totals at annual rates. For notes see p. 151 of January 1967 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 FLOW OF FUNDS 307 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1964 1965 1966 Transaction category, 1961 1962 1963 1964 1965 or sector in IV I II III IV 1 II III I. Demand deposits and currency I Net incr. in banking system liability. . 5.6 4.5 5.8 7.4 7.6 9.6 10.3 7.7 1.7 -.1 21.1 4.4 9.3 -11.4 I 2 U.S. Govt, deposits............................. 1.3 -.3 .2 -1.0 1.7 -1.5 5.3 -.9 -10.4 2.1 -3.9 9.7 -7.3 2 3 Other........................................................ 5.6 3.2 6.1 7.3 8.6 7.9 11.8 2.5 2.6 10.3 19.0 8.4 -.4 -4.1 3 4 Domestic sectors............................. 4.8 3.1 6.0 6.8 8.5 7.0 10.7 3.1 3.1 9.6 18.3 8.4 -.6 -1.7 4 5 Households................................... .8 2.7 4.3 6.7 7.2 4.4 13.9 6.3 .9 6.1 15.4 -1.9 -2.7 -1.6 5 6 Nonfinancial business............... 1.7 -.9 -.8 -2.5 -1.9 1.0 -8.7 .6 -3.1 -4.5 -.6 2.3 -1.2 -1.2 6 7 State and local govts.................. .3 .9 2.4 1.4 1.0 2.5 3.3 — 4.5 4.6 3.2 .7 .8 5.5 ~. 1 7 8 Financial sectors......................... 1.0 1.1 .2 .3 .7 -.7 .5 .5 .9 1.5 -1.8 .6 .5 8 9 Mail float...................................... 1.0 — .6 —. 1 .9 1.5 -.3 1.7 . 6 . 1 4.0 1.3 9.1 -2.8 .8 9 10 Rest of the world........................... .7 . 1 . 1 ,5 .1 .9 1.1 -.7 -.5 .7 .8 -. 1 .3 -2.4 10 II. Time and savings accounts 11 Net increase—Total................................. 20.7 28.7 29.5 30.4 32.9 30.2 34.5 35.5 29.5 34.4 32.2 24.0 22.3 15.7 11 12 At commercial banks—Total.......... 9.4 15.6 14.3 14.5 20.0 13.1 19.0 22.7 17.6 21.4 18.4 14.7 18.7 11.0 12 13 Corporate business......................... 1.9 3.7 3.9 3.2 3.9 1.5 3.4 6.4 5.7 2.5 .9 4.1 1.7 -3.9 13 14 State and local govts...................... .9 1.0 1,6 1.7 2.4 2.1 2.7 1.9 1.1 3.1 3.3 . 5 2.1 1.9 14 15 Foreign depositors................... .3 . 6 1.0 1.4 . 6 1.0 1.6 . 8 . 8 .2 . 5 - . 1 2.0 . 6 15 16 Households....................................... 6.2 10.3 7.9 8.2 13.3 8.5 11.2 13.5 9.8 15.8 13.9 11.3 13.0 12.4 16 17 At savings institutions....................... 11.3 13. 1 15.2 15.9 12.9 17. 1 15.4 12.8 11.9 13.0 13.8 9.3 3.6 4.7 17 18 Memo: Households total...................... 17.4 23.4 23,0 23.9 26.4 25.6 26.4 26.8 22.1 29,1 27.6 20.9 17.1 17.5 18 III. U.S. Govt, securities 19 Total net issues.....................................• •. 7.7 7.9 5.0 7.0 3.S 8.3 4.4 9.0 1.4 -4.5 8.2 14.4 3.5 2.8 19 20 Short-term marketable....................... 8.9 .6 1.4 4.0 3.5 4.4 8.6 5.5 3.6 -3.5 8.3 -1.2 - 12.0 6. t 20 21 Other........................................................ -1.2 7.3 3.6 3.0 .1 3.9 -4.1 3.6 -2.3 -1.0 - . 1 15.6 15.4 -3.3 21 22 Net acquisitions, by sector..................... 7.7 7.9 5.0 7.0 3.5 8.3 4.4 9.0 1.4 -4.5 8.2 14.4 3.4 2.8 22 23 Federal Reserve System..................... 1.5 1.9 2.8 3.5 3.7 3.5 3.7 5.9 4.2 4.3 . 5 3.3 4.3 4.7 23 24 Short-term......................................... -1.1 2.0 4.9 2.1 3.7 7.1 3.5 12.4 6.2 -.3 — 3.6 4.9 -1.8 5.9 24 25 Commercial banks.............................. 5.8 1.4 -2.6 .4 -2.3 3,9 1.7 -2.6 -10.2 -1.7 5.3 -4.4 -.8 -7.7 25 26 Short-term marketable................... 9.3 -5.2 -3.5 3.9 -1.7 4.7 8.5 -10.6 -5.7 2.4 7.2-12.5 -6.0 -.2 26 27 Other direct....................................... -4.1 5.2 .5 -4.1 -1.4 -1.2 -9.3 7.9 -5.3 -6.1 -2.3 7.9 -1.2 -3.8 27 28 Nonguaranteed................................ .7 1.4 .3 .6 .8 .4 2.4 .8 2.1 .4 .2 6.4 -3.7 28 29 Nonbank finance................................. .4 1.6 -.5 2.0 -.8 2.9 .6 2.2 -.8 -5.9 1.5 4.6 -5.0 1.0 29 30 Short-term marketable................... 1.2 .8 -1.3 1.2 -.3 .2 .6 -4.4 3.2 3.1 -2.7 .8 30 31 Other direct.................................... -.8 .6 . 6 .5 -.7 2.4 -.7 2. 1 -1.4 -2.1 -1.5 .6 -2.7 -.7 31 32 Nonguaranteed................................ .2 .3 .3 .3 .3 .6 .7 .5 —. 1 .9 .4 .9 32 33 Foreign................................................... .4 1.3 . 6 .5 -.2 .4 1.7 -2.0 .9 -1.0 1.5 -2.4 -1.4 -3.5 33 34 Short-term........................................ -.6 2.2 -.6 .1 -.4 -.5 1.7 -1.9 -. 1 -1.5 1.8 -1.6 -1.6 34 35 Pvt. domestic nonfinan. sector. . ,. -.5 1.7 4.7 .8 3.0 -2.4 -3.2 5.6 7.2 -.2 -.7 13.3 6.4 8.3 35 36 Short-term marketable.................. . 1 .9 1.8 -3.3 2.2 -7.1 -5.9 5.5 3.3 .3 -.3 4.8 -1.5 1.2 36 37 Other direct....................................... -1.6 1.0 2.8 -1.1 4.1 1.6 -1.3 .5 -2.3 -1.3 4.1 -3.4 4.9 37 38 Nonguaranteed................................ .2 .5 .7 .4 1.3 -.3 . 5 3.0 1.3 .2 4. 1 10.7 1.9 38 39 Savings bonds—Households .... .8 .4 1.2 .9 .6 .8 1.0 .8 .4 .5 .8 .3 .7 .3 39 IV, Other securities 40 Total net issues, by sector.................. . 13.5 11.5 13.1 14.6 16.2 14.8 13.0 13.3 20.0 16.6 14.9 20.5 23.3 18.4 40 41 State and local govts.......................... 4.9 5.0 6.7 5.9 7.4 7.1 5.8 6.1 8.6 6.8 8.1 5.5 7.2 4.8 41 42 Nonfinancial corporations............... 7.1 5.1 3.6 5.4 5.4 5.0 3.1 4.4 7.0 7.4 2.9 11.9 15.2 11.7 42 43 Commercial banks.............................. .2 .3 .6 .8 .6 .4 .5 2.0 .1 .4 . 1 .3 43 44 Finance companies.................... .5 .3 1.4 2.1 1.9 2.1♦ 1.7 1.6 1.8 1.5 2.7 1.6 .3 1.9 44 45 Rest of the world................................ .8 1.0 1.0 .7 .9 2.0 1.3 1.0 .7 .8 1.7 1.0 . 6 45 46 Net purchases............................................ 13.5 11.5 13.1 14.6 16.2 14.8 13.0 13.3 20.0 16.6 14.9 20.5 23.3 IS.4 46 47 Households............................................ 1.3 -1.7 -2.9 1.8 .7 1.8 -1.0 -2.6 2.5 3.6 -.7 5.2 7.2 5.7 47 48 Nonfinancial corporations................ -.2 -.4 .9 .2 .7 .3 .6 .7 .8 .8 .8 .8 .7 48 49 State and local govts.......................... 2.2 2.0 2.5 2.7 2.7 2.9 2.9 2.5 1.5 3.3 3.3 4.1 4.0 5.1 49 50 Commercial banks.............................. 2.6 4.4 5.2 3.6 4.9 4.3 4.2 5.0 6.5 4.1 4.1 2.9 2.2 2. 1 50 51 Insurance and pension funds........... 8.0 7.5 7.6 7.3 9.7 6.8 7.4 9.0 9.6 10.7 9.4 10.8 8.3 10.0 51 52 Finance n.e.c................................ -.6 -.3 -.2 -.8 -2.0 -.9 -.2 -1.4 .2 -5.0 -1.8 -4.3 -1.2 -5.3 52 53 Security brokers and dealers.. .. -.2 .4 .2 -.4 -.4 .4 .6 -2.8 -1.6 1.0 -1.4 53 54 Investment cos., net....................... -.5 -.8 -.5 -.8 -1.6 -.5 -.5 -1.8 -.4 -2.2 -1.9 -2.8 -2.2 -4.0 54 55 Portfolio purchases.................... 1.4 1.1 .8 1.1 1.6 1.7 2.1 .8 1.9 1.3 2.3 2.5 1.1 -.2 55 56 Net issues of own shares......... 1.8 1.9 1.2 1.8 3.1 2.2 2.6 2.6 2.3 3.5 4.2 5.3 3.3 3.8 56 57 Rest of the world................................ .2 * .2 -.2 -.5 -.4 -.1 . 1 -L0 -1.0 -.1 .6 1.0 . 1 57 V. Mortgages 58 Total net lending. .................................... 16.9 21.3 25.0 25.4 25.4 25.9 25.4 24.7 25.4 25.7 25.8 25.6 22.4 17.9 58 59 1- to 4-family......................................... 11.8 13.4 15.7 15.4 16.0 15.0 14.9 15.9 15.7 16.0 16.3 15.5 12.7 9.4 59 60 In process........................................... .4 .4 .5 -.3 -.1 -.3 -.3 .2 -.2 -.2 .4 -1.1 -1.8 60 61 Disbursed........................................... 11.4 13.0 15.2 15.7 16.0 15.4 15.2 15.9 15.5 16.2 16.5 15.1 13.8 11.2 61 62 Other........................................................ 5.1 7.9 9.3 10.0 9.5 10.9 10.5 8.7 9.7 9.8 9.5 10.1 9.7 8.5 62 63 Net acquisitions........................................, 16.9 21.3 25,0 25.4 25.4 25.9 25.4 24.7 25.4 25.7 25.8 25.6 22.4 17.9 63 64 Households............................................ — .2 -.3 -.1 -.6 .4 -.9 -.6 -1.1 .1 -2.5 .3 1.0 64 65 U.S. Government................................ .6 .3 -1.0 .3 1.0 .1 -.2 .7 1.0 .7 1.5 4.6 4.1 3.1 65 66 Commercial banks.............................. 1.6 4.0 4.9 4.5 5.6 4.5 4.6 4.7 5.6 6.4 5.8 5.3 5.3 5.0 66 67 Savings institutions............................. 11.0 13.2 16.1 14.8 13.0 15.2 14.7 13.0 13.0 13.1 12.8 11.4 7.2 3.6 67 68 Insurance............................................... 2.7 3.0 4.0 5.1 5.5 5.2 5.6 5.9 5.5 5.1 5.3 6.0 5.7 5.5 68 69 Mortgage companies.......................... .6 .5 .8 .4 .5 .1 .2 .9 .5 1.0 -. 1 .4 —. 6 -.7 69 VI. Bank loans n.e.c. 70 Total net borrowing.................................. 3.0 6.2 7.6 8.7 16.4 5.4 13.7 19.2 13.9 12.9 19.6 6.6 19.3 3.1 70 71 Nonfinancial business......................... 1.3 4.3 5.0 5.1 12.3 5.0 8.3 13.5 11.0 9.9 14.8 9.9 15.1 8.5 71 72 Nonbank finance................................. 1.0 1.7 .5 2.4 -1.5 2.3 2.6 1.3 3.3 -.4 3.8 -6.4 72 73 Households............................................ .9 .5 .4 1.4 1.3 .1 3.1 .6 1.4 1.3 1.9 -2.1 . 1 1.0 73 74 Rest of the world................................ .7 .4 .5 1.7 .4 1.8 2.2 2.8 -1.1 .4 -.4 -.7 .4 * 74 Note.-—Quarterly data are seasonally adjusted totals at a nnual rates. For notes see p. 151 of January 1967 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

308 FEDERAL RESERVE BANKS, 1966 FEBRUARY 1967 EARNINGS AND EXPENSES (In Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Current Earnings Discounts and advances............................................. 29,248,764 1,618,229 7,881,794 649,459 534,669 1,353,104 .3,243,016 Acceptances.................................................................... 5,764,167 5,764,167 U.S. Govt, securities.................................................... 1,850,809,375 96,255,481 465,754,256 95,513,283 150,967,301 129,428,481 101,618,982 Foreign currencies............................................... 21,986,545 1,054,797 5,760,474 1,188,387 1,978,789 1,120,757 1,318,636 All other......................................................................... 691,045 19,324 186,112 24,444 41,064 30,208 76,090 Total...................................................................... , 1,908,499,896 98,947,831 485,346,803 97,375,573 153,521,823 131,932,549 105,656,724 Current Expenses Salaries: Officers................................................................. . 8,536,990 482,822 1,539,616 633,022 618,354 737,160 665,483 Employees.............................................................. 103,121,311 6,099,158 25,095,823 4,856,224 7,997,048 7,146,483 6,904,978 Retirement and other benefits.................................. 18,401,945 1,160,692 4,220,849 902,024 1,471,139 1,298,204 1,228,834 Fees—Directors and others................................... . 653,959 34,035 78,759 30,468 63,216 51,365 72,551 Traveling expenses...................................................... 2,528,592 151,913 469,489 97,487 179,385 171,684 206,191 Postage and expressage............................................. 25,052,905 1,635,983 3,131,379 1,091,868 2,088,219 2,728,074 2,289,330 Telephone and telegraph........................................... 2,126,531 98,759 450,513 85,692 144,287 155,941 248,947 Printing and supplies.................................................. 8,956,124 619,462 1,707,928 476,246 657,270 717,567 752,550 Insurance........................................................................ 327,840 21,371 38,311 15,018 38,826 26,485 24,373 Taxes on real estate.................................................... 5,328,784 501,973 977,344 179,902 484,087 215,246 338,603 Depreciation (building).............................................. 5,491,623 130,423 464,642 76,596 471,511 195,795 792,270 Light, heat, power, and water................................. 2,085,994 137,152 285,004 90,189 253,471 165,447 185,969 Repairs and alterations.............................................. 1,170,683 53,398 75,651 104,849 83,492 100,766 105,491 Rent.................................................................................. 153,730 12,844 7,314 7,567 26,214 11,727 34.117 Furniture and equipment: Purchases............................................................... 3,447,193 88,498 1,181,382 235,719 219,669 229,644 504,499 Rentals.................................................................... 8,287,079 468,146 912,267 308,766 668,796 828,264 483,750 All other.......................................................................... 3,415,019 123,977 769,777 134,554 531,371 130,537 181,875 Inter-Bank expenses.................................................... 62,178 -901,274 69,264 117,146 -4,867 82,673 Subtotal.................................................................. 199,086,302 11,882,784 40,504,774 9,395,455 16,113,501 14,905,522 15,102,484 F.R. currency................................................................. 20,167,481 1,059,141 2,592,136 1,294,988 1,399,194 2,128,880 2,159,967 Assessment for expenses of Board of Governors. 9,021,600 435,100 2,359,700 483,300 813,900 462,000 541,700 Total................................................................ 228,275,383 13,377,025 45,456,610 11,173,743 18,326,595 17,496,402 17,804,151 Less: Reimbursement for certain fiscal agency and other expenses.......................................20,874,256 1,186,127 4,061,258 894,380 2,130,899 1,184,214 1,465.685 Net expenses........................................................ 207,401,127 12,190,898 41,395,352 10,279,363 16,195,696 16,312,188 16,338,466 Profit and Loss Current net earnings.................................................... 1,701,098,770 86,7,6,933 443,951,452 87,096,210 137,326,127 115,620,361 89,318,258 Additions to current net earnings: Profits on foreign exchange transactions... 1,320,486 63,383 345,967 71,306 118,844 67,345 79,229 All other................................................................. 2,294,836 340 48,800 21,817 26,284 12,985 2,072,651 Total additions..................................................... 3,615,322 63,723 394,767 93,123 145,128 80,330 2,151,880 Deductions from current net earnings: Losses on sales of U.S. Govt, securities. .. 2,476,204 129,795 621,750 127,324 203,594 173,245 134,906 All other................................................................. 142,886 19,383 6,738 2,619 37,924 1,817 51,330 Total deductions.................................................. 2,619,090 149,178 628,488 129,943 241,518 175,062 186,236 Net addition to or deduction from ( —) current net earnings.......................................................... 996,230 -85,454 -233,721 -36,820 -96,391 -94,732 1,965,644 Net earnings before payments to U.S. Treasury. 1,702,095,000 86,671,478 443,717,731 87,059,390 137,229,737 115,525,629 91,283,901 Dividends paid.............................................................. 33,696,336 1,619,326 8,770,056 1,790,167 3,027,907 1,747,438 2,059,913 Payments to U.S. Treasury (interest on F.R. notes)....................................................................... 1,649,455,164 84,347,453 431,063,425 84,885,673 132,810,629 112,294,941 87,066,838 Transferred to surplus................................................ 18,943,500 704,700 3,884,250 383,550 1,391,200 1,483,250 2,157,150 Surplus, January 1....................................................... 550,946,700 26,598,900 144,463,400 29,545,550 49,737,550 28,092,450 32,914,650 Surplus, December 31................................................ 569,890,200 27,303,600 148,347,650 29,929,100 51,128,750 29,575,700 35,071,800 Note.-—Details may not add to totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 FEDERAL RESERVE BANKS, 1966 309 OF FEDERAL RESERVE BANKS dollars) Chicago St. Louis Minneapolis K C an it s y as Dallas Fra S n a c n is co Item Current Earnings 6,050,335 1,454,975 686,729 1,971,613 2,184,634 1,620,207 Discounts and advances Acceptances 309,998,076 65,929,753 38,020,021 70,779,540 71,722,638 255,421,563 U.S. Govt, securities 3,143,519 768,972 527,121 967,965 1,275,220 2,881,908 Foreign currencies 108,538 22,390 29,787 56,153 35,483 61,452 All other 319,300,468 68,176,091 39,263,658 73,775,271 75,217,975 259,985.130 Total Current Expenses Salaries: 853,511 647,462 475,302 577,175 588,124 718,959 Officers 14,915,743 6,063,918 3,402,868 5,776,683 4,559,781 10,302,604 Employees 2,522,814 1,050,915 640,542 1,077,648 827,475 2,000,809 Retirement and other benefits 42,101 61,766 42,284 38,233 42,611 96,570 Fees—Directors and others 303,504 147,794 169,344 158,896 143,138 329,767 Traveling expenses 3,312,662 1,472,868 966,902 1,968,685 1,424,875 2,942,060 Postage and expressage 248,659 111,751 82,644 139,498 148,617 211,223 Telephone and telegraph 1,335,406 619,167 256,845 614,344 425,074 774,265 Printing and supplies 36,254 27,790 18,646 11,985 20,437 48,344 Insurance 953,022 210,265 311,079 299,055 293,754 564,454 Taxes on real estate 1,358,739 237,225 343,370 284,954 690,260 445,838 Depreciation (building) 314,104 134,588 91,214 149,397 127,128 152,331 Light, heat, power, and water 150,950 175,871 37,085 56,814 99,721 126,595 Repairs and alterations 43,951 1,574 1,301 3,883 1,687 1,551 Rent Furniture and equipment: 288,152 173,245 121,439 77,627 118,433 208,886 Purchases 1,586,702 596,309 336,466 688,469 562,722 846,422 Rentals 617,762 158,032 138,152 204,858 285,962 138,162 All other 186,266 47,897 32,049 59,811 77,472 171,385 Inter-Bank expenses 29,070,302 11,938,437 7,467,532 12,188,015 10,437,271 20,080,225 Subtotal 4,078,113 742,481 517,660 794,780 929,795 2,470,346 F.R. currency 1,292,300 313,000 215,800 399,000 524,400 1,181,400 Assessment for expenses of Board of Governors 34,440,715 12,993,918 8,200,992 13,381,795 11,891,466 23,731,971 Total Less: Reimbursement for certain fiscal agency 3,805,131 1,184,516 626,882 1,454,696 848,953 2,031,515 and other expenses 30,635,584 11,809,402 7,574,110 11,927,099 11,042,513 21,700,456 Net expenses Profit and Loss 288,664,884 56,366,688 31,689,548 61,848,172 64,175,463 238,284,674 Current net earnings Additions to current net earnings: 188,830 46,217 31,692 58,101 76,588 172,984 Profits on foreign exchange transactions 78,399 633 11,806 10,744 10,377 All other 267,229 46,850 43,498 68,845 76,588 183,361 Total additions Deductions from current net earnings: 414,108 87,218 50,221 93,832 95,832 344,379 Losses on sales of U.S. Govt, securities 1,229 3,076 783 3,557 7,241 7,189 All other 415,337 90,294 51,004 97,389 103,073 351,568 Total deductions Net addition to or deduction from (—) -148,108 -43,444 -7,506 -28,544 -26,485 -168,207 current net earnings 288,516,775 56,323,245 31,682,041 61,819,628 64,148,978 238,116,467 Net earnings before payments to U.S. Treasury 4,855,838 1,168,015 806,108 1,495,215 1,965,116 4,391,238 Dividends paid 279,707,237 54,536,279 30,501,382 59,327,964 60,937,912 231,975,429 Payments to U.S. Treasury (interest on F.R. notes) 3,953,700 618,950 374,550 996,450 1,245,950 1,749,800 Transferred to surplus 78,663,400 19,129,750 13,180,400 24,347,800 31,968,050 72,304,800 Surplus, January 1 82,617,100 19,748,700 13,554,950 25,344,250 33,214,000 74,054.600 Surplus, December 31 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

310 BANKING OFFICES FEBRUARY 1967 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks ’• Mutual savings banks Type of office and type of change All Member Non member banks Total Total ti N on a a ­ l State i Total Insured im N su o r n e - d [mured! in N su o r n e ­ d Banks (head office): Dec. 31, 1934....................................................................... 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941...................................................................... 14,826 14,278 6,619 5,117 1,502 7,662 6,810 852 52 496 • Dec. 31. 19472.................................................................... 14,714 14,181 6,932 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1951...................................................................... 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec. 31, 1956 ...................................................................... 14,167 13,640 6,462 4,651 1,811 7. 181 6,737 444 223 304 Dec. 31, 1957..................................................................... 14,090 13,568 6,393 4,620 1,773 7,178 6,753 425 239 283 Dec. 31, 1958 ..................................................................... 14,020 13,501 6,312 4,578 1,734 7,192 6,793 399 241 278 Dec 31, 1959...................................................................... 13,991 13,474 6,233 4,542 1,691 7.244 6,878 366 268 249 Dec. 31, 1960...................................................................... 13,986 13,472 6,174 4,530 1,644 7,300 6.948 352 325 189 Dec. 31, 1961....................................................................... 13,946 13,432 6,113 4,513 1,600 7,320 6,997 323 330 184 Dec. 31, 1962...................................................................... 13,938 13,427 6,047 4,503 1,544 7,380 7,072 308 331 180 Dec. 31, 1963 ...................................................................... 14,078 13,569 6,108 4,615 1,493 7,461 7,177 284 330 179 Dec. 31, 1964...................................................................... 14,266 13,761 6,225 4,773 1,452 7,536 7,262 274 327 178 Dec. 31, 1965...................................................................... 14,309 13,804 6,221 4,815 1,406 7,583 7,320 263 328 177 Dec. 31, 1966....................................................................... 14,274 13,770 6,150 4,799 1,351 7,620 7,385 235 330 174 Branches, additional offices, aad facilities: Dec. 31, 1934....................................................................... 3,133 3,007 2,224 1,243 981 783 713 12.6 Dec. 31, 1941...................................................................... 3,699 3,564 2,580 1,565 1,015 984 923 52 32 103 Dec. 31, 19472.................................................................... 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31, 1951...................................................................... 5,383 5,153 3,837 2,370 1,467 1,316 1,275 41 165 65 Dec. 31, 1956...................................................................... 7,955 7,589 5,886 3,809 2,077 1,703 1,666 37 257 109 Dec. 31, 1957....................................................................... 8,609 8,204 6,378 4,178 2,200 1,826 1,789 37 296 109 Dec. 31, 1958....................................................................... 9,286 8,861 6,924 4,534 2,390 1,937 1,898 39 305 120 Dec. 31, 1959....................................................................... 10,099 9,652 7,492 4,973 2,519 2,160 2,118 42 318 129 Dec. 31, 1960....................................................................... 10,969 10,483 8,133 5,509 2,624 2,350 2,303 47 381 105 Dec. 31, 1961....................................................................... 11,896 11,353 8,899 6,044 2,855 2,454 2,410 44 427 116 Dec. 31, 1962....................................................................... 12,932 12,345 9,649 6,640 3,009 2,696 2,646 50 466 121 Dec. 31, 1963 ....................................................................... 14,122 13,498 10,613 7,420 3,193 2,885 2,835 50 502 122 Dec. 31, 1964...................................................................... 15,275 14,601 11,457 8,156 3,301 3,144 3,094 50 549 125 Dec. 31, 1965 ...................................................................... 16,471 15,756 12,298 8,964 3,334 3,458 3,404 54 583 132 Dec. 31, 1966....................................................................... 17,665 16,908 13,129 9,611 3,518 3,779 3,717 62 614 143 Changes Jan. 1-Dec. 31, 1966 Banks: New banksJ......................................................................... 119 118 30 25 5 88 70 18 1 Suspensions.......................................................................... -1 -1 -I -1 Consolidations and absorptions: Banks converted into branches................................ -115 -113 -66 -48 -18 -47 -46 -1 -1 -1 Other.................................................................................. -24 -24 -9 -6 -3 -15 -6 -9 Voluntary liquidations4.................................................. -4 -4 -4 -4 Ceased banking operations............................................ -10 -10 -1 -i .............-..9. ............-...9. [nterclass changes: Nonmember to national.............................................. 10 10 -10 -10 Nonmcmbcr to State member.................................. 4 4 -4 -4 State member to national........................................... 13 -13 State member to nonmember.................................... -32 -32 32 32 National to State member......................................... -2 2 National to nonmember............................................. -7 -7 7 7 Noninsured to insured................................................. 23 -23 2 -2 Net change........................................................................... -35 -34 -71 -16 -55 37 65 -28 2 -3 Number of banks, Dec. 31, 1966................................ 14,274 13,770 6,150 4,799 1,351 7,620 7,385 235 330 174 Branches and additional offices: De novo........................................................................... 1,139 1,096 773 546 227 323 307 16 33 10 Banks converted................................................................. 114 113 89 69 20 24 24 1 Discontinued....................................................................... -54 -52 -34 -22 -12 - 18 -17 -1 -2 Interclass changes; Nonmember to national............................................. 33 33 -33 -33 Nonmember to State member.................................. 15 15 -15 -15 State member to national........................................... 45 —45 State member to nonmember.................................... -37 -37 37 37 National to State member......................................... —16 16 National to nonmember............................................. -4 -4 4 4 Noninsured to insured................................................ 7 -7 Reclassified as branches.................................................. 5 5 2 2 3 3 ii Net change........................................................................... 1 ,204 1,162 837 653 184 325 317 8 31 Number of branches and additional offices, Dec. 31, 1966.................................................... 17,405 16,648 12,900 9,407 3,493 3,748 3,686 62 614 143 Banking facilities:5 Established.......................................................................... 2 2 1 1 1 1 Discomtinued....................................................................... -7 -7 -7 -7 Interclass changes: Nonmember to national............................................. 2 2 -2 -2 Facilities reclassified as branches................................ -5 -5 -2 -2 -3 -3 Net change........................................................................... -10 -10 -6 -6 -4 -4 Number of facilities, Dec. 31, 1966............................ 260 260 229 204 25 31 31 1 State member banks and insured mutual asvings banks figures both 4 Exclusive of liquidations incident to succession, conversion, and ab­ include 1 to 3 member mutual savings banks, 1941 to 1962 inclusive, sorption of banks. not reflected in total commercial bank figures. State member bank fig­ 5 Provided at military and other Govt, establishments through arrange­ ures also include I or 2 noninsured trust companies 1954 to date. ments made by the Treasury Dept. 2 Series revised as of June 30, 1947. The revision resulted in an addi­ tion of 115 banks and 9 branches. Note.—Beginning with 1959, figures include all banks in Alaska and 3 Exclusive of new banks organized to succeed operating banks. Hawaii, but nonmember banks in territories and possessions are excluded. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 FEDERAL RESERVE PAR LIST 311 NUMBER OF PAR AND NONPAR BANKING OFFICES Par Total Nonpar (nonmember) F.R. District, Total Member Nonmember State, or other area Banks a B n r d a n o c il h te e e s s Banks a B n r d a n of c f h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n of c f h ic e e s s Banks a B n r d a n o c ff h ic e e s s Total including Puerto Rico and Virgin Islands:1 Dec. 31, 1965 ......................... 13,713 15,882 12,221 15,582 6,220 12,316 6,001 3,266 1,492 300 Dec. 31,1966......................... 13,687 17,034 12,238 16,720 6,149 13,152 6,089 3,568 1,449 314 F.R. Districts, Dec, 31, 1966: Boston.................................. 385 1 ,227 385 1,227 248 952 137 275 New York................................ 512 2,861 512 2,861 400 2,523 112 338 Philadelphia........................... 522 1,127 522 1,127 387 846 135 281 Cleveland................................ 836 1 ,561 836 1,561 498 1,335 338 226 Richmond................................ 812 2,213 732 2,134 399 1,412 333 722 80 79 Atlanta..................................... 1,561 1 ,025 1,091 932 524 717 567 215 470 93 Chicago.................................... 2,537 1,789 2,537 1 ,789 995 1,181 1,542 608 St. Louis.................................. 1 ,507 644 1,272 572 480 371 792 201 235 72 Minneapolis........................... 1,355 215 760 154 494 94 266 60 595 61 Kansas City........................... 1,919 211 1 ,919 211 835 141 1 ,084 70 Dallas....................................... 1,287 241 1,220 232 673 140 547 92 67 9 San Francisco........................ 454 3,920 452 3,920 216 3,440 236 480 2 Stale or area, Dec. 31, 1966: Alabama.................................. 267 186 199 178 111 152 88 26 68 8 Alaska...................................... 12 55 10 55 5 47 5 8 2 Arizona..................................... 17 261 17 261 5 206 12 55 Arkansas.................................. 246 1 19 157 97 85 81 72 16 89 22 California................................ 187 2,533 187 2,533 105 2,302 82 231 Colorado.................................. 215 9 215 9 134 6 81 3 Connecticut............................ 65 336 65 336 36 271 29 65 Delaware.................................. 20 70 20 70 7 34 13 36 District ot Columbia...... 14 94 14 94 12 88 2 6 Florida..................................... 441 19 409 19 206 12 203 7 32 ..................... Georgia..................................... 426 211 183 196 71 162 112 34 243 15 Hawaii...................................... 7 119 7 1 !9 43 5 76 Idaho......................................... 25 140 25 140 16 126 9 14 Illinois....................................... 1,058 5 1,058 5 525 5 533 Indiana.................................... 418 507 418 507 206 337 212 170 Iowa........................................... 673 250 673 250 159 55 514 195 Kansas..................................... 601 53 601 53 211 34 390 19 Kentucky................................. 348 243 348 243 94 161 254 82 Louisiana................................ 220 286 119 247 57 173 62 74 101 39 Maine....................................... 41 180 41 180 27 127 14 53 Maryland................................ 122 415 122 415 56 254 66 161 Massachusetts........................ 161 613 161 613 107 493 54 120 Michigan...................... 347 989 347 989 213 812 134 177 Minnesota............................... 722 9 323 8 223 6 100 2 399 1 Mississippi.............................. 190 259 78 184 42 112 36 72 112 75 Missouri................................... 658 71 615 71 177 38 438 33 43 Montana.................................. 131 3 131 3 91 3 40 Nebraska................................. 434 28 434 28 139 19 295 9 Nevada..................................... 9 70 9 70 6 63 3 7 New Hampshire.................... 74 33 74 33 53 28 21 5 New Jersey.............................. 229 713 229 713 192. 636 37 77 New Mexico........................... 64 101 64 101 41 62 23 39 New York............................... 336 2,054 336 2,054 273 I ,945 63 2 109 North Carolina..................... 132 790 87 716 31 383 56 333 45 74 North Dakota........................ 166 61 67 26 45 12 22 14 99 35 Ohio........................................... 537 1,009 537 1 ,009 351 873 186 136 Oklahoma................................ 419 42 419 42 243 35 176 7 Oregon..................................... 51 273 51 273 15 230 36 43 Pennsylvania..............•............ 541 1,338 541 1,338 391 1,055 150 283 Rhode Island......................... 1 1 128 11 128 5 80 6 48 South Carolina...................... 128 302 93 297 32 200 61 97 35 5 South Dakota........................ 167 83 70 58 59 49 11 9 97 25 Tennessee................................. 298 377 237 362 86 258 151 104 61 15 Texas......................................... 1,145 53 1,122 53 616 23 506 30 23 Utah.......................................... 55 111 55 HI 25 87 30 24 Vermont................................. 47 59 47 59 27 33 20 26 Virginia..................................... 251 612 251 612 165 487 86 125 Washington............................. 95 424 95 424 38 387 57 37 West Virginia......................... 190 190 114 76 Wisconsin................................ 590 173 590 173 164 39 426 134 Wyoming................................. 69 1 69 1 54 1 15 Puerto Rico i.......................... 12 153 12 153 16 12 137 Virgin Islands1...................... 5 11 5 11 I 11 4 1 Puerto Rico and the Virgin Islands assigned to the N.Y. District Note.—Includes all commercial banking offices in the United States, for purposes of Regulation J, “Check Clearing and Collection.” Member Puerto Rico, and the Virgin Islands on which checks are drawn, includ­ branches in Puerto Rico and all except 3 in the Virgin Islands are branches ing 260 banking facilities. Number of banks and branches differs from of N.Y.C. banks. Certain branches of Canadian banks (2 in Puerto Rico that in the preceding table because this table includes banks in Puerto and 3 in Virgin Islands) are included above as nonmember banks; and Rico and the Virgin Islands but excludes banks and trust cos. on which nonnieniber branches in Puerto Rico include 7 other branches of Cana­ no checks are drawn. dian banks, 2 Includes 7 N.Y.C. branches of 2 insured nonmember Puerto Rican banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Financial Statistics International Reported gold reserves of central banks and governments ............................................... 314 Gold production ................................................................................................................... 315 Net gold transactions and gold stock of the United States............................................... 316 Foreign gold reserves and dollar holdings ........................................................................ 317 International capital transactions of the United States ................................................... 318 U.S. balance of payments...................................................................................................... 328 Foreign trade ......................................................................................................................... 329 Money rates in foreign countries ......................................................................................... 330 Arbitrage on Treasury bills .................................................................................................. 331 Foreign exchange rates ........................................................................................................ 332 Guide to tabular presentation ............................................................................................. 244 Index to statistical tables ...................................................................................................... 339 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 313 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

314 GOLD RESERVES FEBRUARY 1967 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ E pe n r d io 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 an an­ A t r i g n e a n­ t A ra u li s a ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world1 Fund2 world 1959 40 195 2,407 19,507 18,280 56 154 292 1,134 327 960 43 1960 40 540 2,439 17,804 20,295 n.a. 104 147 293 1,170 287 885 45 1961 41 140 2; 077 16^47 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- 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 C061 43 June................ 43 325 2,562 13^29 27,235 35 64 222 700 1'555 45 84 1,024 43 July.................. 2; 586 13,413 35 67 224 700 1^532 45 84 986 45 Aug.................. 2,645 13;319 35 70 226 700 1,529 45 84 997 45 Sept.................. ^43 255 2'645 13,356 '■27,255 35 74 225 701 C527 45 84 1,009 45 Oct................... 2,645 13,311 .35 77 226 701 1 ,524 84 1,021 45 Nov.................. 2; 648 13,262 35 80 225 701 1 ,524 84 1 ,034 44 Dec................... 2,652 13,235 35 224 701 1,525 84 1,046 45 Ger­ E pe n r d i o o d f lo C m o b ­ ia m D a e r n k ­ l F a i n n d ­ France m F a e n d y . , Greece India I n n e d s o ia ­ Iran Iraq Israel Italy Japan Rep. of 1959. 71 57 38 1,290 2,637 26 247 33 140 84 2 1,749 244 1960. 78 107 41 1,641 2,971 76 247 58 130 98 2,203 247 1961 88 107 47 2,121 3,664 87 247 43 130 84 10 2,225 287 1962, 57 92 61 2,587 3,679 77 247 44 129 98 41 2,243 289 1963. 62 92 61 3,175 3,843 77 247 35 142 98 60 2,343 289 1964. 58 92 85 3 729 4,248 77 247 141 112 56 2,107 304 1965- Dec.................. 35 97 84 4,706 4,410 78 281 146 122 56 2,404 328 1966-—Jan............. 36 97 84 4,740 4,410 78 281 146 122 56 2,404 Feb .... 29 97 84 4,774 4,406 108 243 145 122 56 2,404 Mar.................. 23 102 58 4,806 4,402 108 243 132 122 46 2,369 328 Apr.................. 24 108 55 4,874 4,402 98 243 132 122 46 2,369 May................. 24 108 55 4'953 4,311 98 243 132 122 46 2^370 June................ 24 108 55 5,026 4,310 109 243 132 122 46 2^69 329 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......... 25 108 55 5,241 4,295 116 243 131 122 46 2,356 329 Oct................... 25 108 54 5,236 4,289 116 243 131 122 46 2,351 Nov.................. 26 108 51 5 237 4,290 119 243 131 122 46 2,382 Dec................ 108 45 5,238 4,292 243 130 122 46 2,413 E pe n r d io o d f Kuwait a L n e o b n ­ Libya M c e o xi­ Mo co roc­ N la e n th d e s r­ Nigeria N w o ay r­ P s a ta k n i­ Peru P p h in 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—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 I ,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 68 138 21 1,730 20 18 53 65 48 626 69 Sept.................. 62 193 68 136 21 1,730 20 18 53 65 49 627 69 Oct.................... 63 193 68 21 1 ,730 20 18 53 65 51 633 69 Nov.................. '64 193 68 21 1 ,730 20 18 53 65 52 641 69 Dec................... 67 68 1,730 20 18 53 65 44 69 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 GOLD RESERVES AND PRODUCTION 315 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f S A o fr u i t c h a Spain Sweden Sw la i n tz d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t) . U K d n i o i n m t g ed ­ U gu r a u y ­ V zu e e n l e a ­ Y sl u av g i o a ­ S I e f n t o t t r l i e . ­ ments 4 1959.................................. 238 68 191 1,934 41 104 133 174 2,514 180 652 to -134 I960.................................. 178 178 170 2 J 85 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 [965—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 H6 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 1,940 155 401 20 -299 Oct........................ 655 785 203 2'680 62 92 100 121 155 401 21 -277 Nov...................... 637 785 203 2'679 62 92 100 93 155 401 21 -275 Dec....................... 637 785 203 2^842 92 102 93 ............1..4..6 401 -424 i Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas; for regional organizations, central banks and govts, of countries listed in most of these countries the increased quotas became effective in Feb. 1966. this table and also of a number not shown separately here, and gold to be 2 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; adjustment is $270 million. tries, and China Mainland. 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold The figures included for the Bank for International Settlements are assets minus gold deposit liabilities. the Bank’s gold assets net of gold deposit liabilities. This procedure avoids the overstatement of total world gold reserves since most of the Note.—For back figures and description of the data in this and the gold deposited with the BIS is included in the gold reserves of individual following tables on gold (except production), see “Gold,” Section 14 of countries. Supplement to Banking and Monetary Statistics, 1962, 2 Beginning June 1965, excludes gold subscription payments made by 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 n g a o ­ ) U St n a i t t e e s d C a a d n a ­ M ic e o x­ r N ag ic u a a ­ Co b l i o a m­ India P p h i i n l e ip s ­ t A ra u l s ia ­ ot A h l e l r 1959. 1,125.0 702.2 19.8 32.0 12.2 57.2 156,9 11.0 7.3 13.9 5.8 14.1 38.1 54.5 1960. 1,175.0 748.4 19.6 30.8 11.1 58.8 162.0 10.5 7.0 15,2 5.6 14.4 38,0 53.6 1961. 1,215.0 803.0 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 31,1 7.1 54.5 146.2 8.3 7.8 13,9 5.7 14.8 37.4 51.6 1963. 1,355.0 960.1 19.8 32.2 7.5 51.4 139,0 8.3 7.2 11.4 4.8 13.2 35.8 64.3 1964. 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 I,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—Nov, 91.6 2.1 10.4 .5 .8 1.2 2.3 Dec. 89.3 2 4.7 2,3 10.2 .7 .7 21.1 1.3 2.6 1966—Jan.. 91.2 9.8 .7 1.0 .4 1.2 2.5 Feb.. 87.8 9.6 .9 .9 .3 1.2 2.4 Mar. 90.5 2!.2 10.1 .8 .9 .3 1.3 2.6 Apr.. 90.8 10.1 ,3 .8 ,4 2.8 May 91.9 10.2 .8 .4 2.9 June. 89.3 9.2 . 8 . 3 23.9 3.3 July. 89.4 9.1 .8 . 3 2.6 Aug. 90,1 8.9 . 8 Sept. 91.7 8.9 .8 24.0 Oct.. 89.7 9.1 Nov. 90.8 t 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

316 U.S. GOLD FEBRUARY 1967 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 III Western Europe: Austria.............................. -84 -83 -1 -143 -82 -55 -100 -38 ..........-..2..5 .............. 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 Bank 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 Canada 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 -1 Colombia....................... — 6 38 10 29 -1 7 Venezuela........................... 65 -25 -25 Other.................................... 6 2 -35 -42 -17 -5 -H -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 AU 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 Inti. Monetary Fund 600 ........... • 3 -44 4 300 150 .............. 5-225 6 8 6 26 6 131 6 18 «29 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 in 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 ng cy s Total T g o o t l a d l Total h c o u l r d re in n g c s y 4 Total T g o o t l a d l TotaP Treasury TotaP Treasury 1954......... 21,793 21,793 21,713 -298 -298 1966—Jan......1..4,450 13,811 13,732 639 -137 5 1955......... 21,753 21,753 21,690 -40 -40 Feb.... 14,188 13,811 13,730 377 -262 1956......... 22,058 22,058 21,949 305 305 Mar.... 14,297 13,738 13,634 559 109 -73 1957......... 22,857 22,857 22,781 799 799 N&y:.'.' 14,190 13,668 13,632 522 -107 -70 14,210 13,582 13,532 628 20 -86 1958......... 20,582 20,582 20,534 -2,275 -2,275 June. . . 14,251 13,529 13,433 722 41 -53 1959......... 19,507 19,507 19,456 -1,075 5 -1,075 July.... 14,506 13,413 13,332 1,093 255 -116 I960......... 17,804 17,804 17,767 -1,703 -1,703 Aug.... 14,618 13,319 13,259 1,299 112 -94 1961.......... 17,063 16,947 16,889 116 -741 -857 Sept.... 14,504 13,356 13,258 1,148 -114 37 1962......... 16,156 16,057 15,978 99 -907 -890 Oct.. . . 14,524 13,311 13,257 1,213 20 -45 1963......... 15,808 15,596 15,513 212 -348 -461 Nov.... 14,370 13,262 13,159 1,108 -154 -49 1964......... 15,903 15,471 15,388 432 95 -125 Dec.... 14,556 13,235 13,159 1,321 186 -27 1965.......... 14,587 13,806 13,733 781 -1,316 6 -1,665 1966......... 14,556 13,235 13,159 1,321 -31 -571 1967—Jan. . .. 13,847 13,202 13,157 645 -709 -33 i Includes gold sold to the United States by the International Mone­ 4 For holdings of F.R. Banks only, see pp. 254 and 256. tary Fund with the right of repurchase, which amounted to $800 million s Includes payment of $344 million increase in U.S. gold subscription on Jan. 31, 1967. 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 tn 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 II on p. 325 for gold held under earmark at F.R. $212 million on Jan. 31, 1967. 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

FEBRUARY 1967 GOLD RESERVES AND DOLLAR HOLDINGS 317 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, 1966J’ 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 8c 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 1,905 Denmark................................................................... 428 14 335 14 402 14 443 13 429 13 395 13 Finland...................................................................... 212 1 179 I 192 1 153 I 127 I 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 1 6,066 1 6,515 1 Greece........................................................................ 248 228 229 252 246 251 Italy........................................................................... 3,729 1 3,758 I 4,024 I 3,695 1 3,888 I 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 4,438 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 29R Other1........................................................................ 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 35,842 549 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 I 200 1 206 1 211 1 Cuba.......................................................................... 12 10 ♦ to * 10 ♦ 10 10 Mexico...................................................................... 904 1 803 861 874 1 739 1 672 I Panama, Republic of........................................... 99 1 113 1 120 1 135 1 156 1 149 1 Peru........................................................................... 273 1 323 1 324 I 319 1 312 I 281 1 Uruguay.................................................................... 282 299 292 312 334 311 Venezuela................................................................. 1,135 1,091 1,139 1 1,102 1 1,101 1 1,080 I Other.......................................................................... 478 2 558 2 584 I 605 * 594 * 570 * Total................................................................. 4,381 6 4,570 5 4,786 5 4,698 5 4,609 5 4,500 5 Asia: India........................................................................... 306 ♦ 357 365 321 367 394 Indonesia.................................................................. 73 1 58 1 66 1 72 1 84 1 88 1 Japan.......................................................................... 3,071 5 3,274 9 3,342 9 3,294 9 3,226 9 3,071 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 2,539 41 Total.................................................................. 6,327 49 6,822 51 7,002 51 7,026 51 7,147 51 7,162 51 Africa: South Africa............................................................ 621 * 400 ♦ 476 * 609 707 728 U.A.R, (Egypt).................................................... 163 159 169 155 162 154 * 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 52,892 1,339 International and regional3........................... 7,161 904 46,999 795 4 6,878 752 47,659 556 4 7,653 433 4 8,091 389 Grand total2................................................... 56,463 2,405 57,721 2,427 58,297 2,329 58,837 2,148 59,426 2,029 60,983 1,728 l Includes, in addition to other Western European countries, unpub­ millions): 1965—Sept. 30, $285; Dec. 31, $313; 1966—Mar. 31, $2; June lished gold reserves of certain Western European countries; gold to be 30, $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. 3 Includes international organizations and Latin American and Euro­ U.S. Govt, bonds and notes are official and private holdings of U.S. pean regional organizations, except the Bank for International Settlements Govt, securities with an original maturity of more'than 1 year; excludes and European Fund, which are included in “Other Western Europe.” nonmarketable U.S. Treasury bonds and notes held by official institutions 4 Excludes gold subscription payments by member countries in anticipa­ of foreign countries as shown in Table 8 on p. 324. 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

318 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1967 1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS (Amounts outstanding; in millions of dollars) End of period G t r o a t n a d l re I g a n n io t d i n . al c F o o u r n e t i r g ie n s W Eu e r s o te p r e n 1 Canada A re m p L u e a b r ti i l n c ic a s n Asia Africa co O un th tr e i r e s 1963.................................................... 19,505 5,855 13,650 7,867 1,664 1,058 2,731 154 176 1964................................................... 20,221 5,876 14^345 8^266 1 483 1,238 3 020 160 178 1965—Dec...................................... 19,922 5,751 14,171 7,532 1 ,403 1,497 3,300 194 245 1966—Jan........................................ 19,783 5,839 13,944 7,264 1,339 1,480 3,421 209 231 Feb...................................... 19,391 5,815 13,576 6,914 1 ’364 I ,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 1,415 3,519 229 234 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............................... 19,565 5,818 13,747 7,481 1,196 1,114 3,446 282 228 Nov. v................................ 19,609 5'811 13,798 7^552 1 ,'212 1'105 3^412 293 224 Dec. 2 p ,.................. 19,128 5’763 13,365 7,224 1,189 1 ’ 134 3 313 277 228 Dec. 3 p................................ 18,’855 5,434 13,421 7,'224 1,189 1 J34 3,369 277 228 1 Includes Bank for International Settlements and European Fund. Noth.—Data represent short-term liabilities to the official institutions 2 Data included for short-term liabilities are comparable to data for of foreign countries and to official international and regional organiza­ November. Data for “International and regional” have been increased tions, as reported by banks in the United States, and estimated foreign by $330 million to make them statistically comparable to data for No­ official holdings of marketable U.S. Govt, securities with an original ma­ vember* since this amount of special U.S. notes held by the International turity of more than I year. Data exclude U.S. Treasury letters of credit, Monetary Fund was exchanged for a U.S. Treasury letter of credit on nonnegotiable, non-interest-bearing special U.S. notes held by the Inter­ Dec. 30, 1966. American Development Bank and the International Development Asso­ 3 Data reflect changes in coverage and classification effective Dec. 31, ciation, and also nonmarketable U.S. Treasury notes and bonds, payable 1966, and exclude a $330 million letter of credit to the IMF; see note 2. in dollars and in foreign currencies. 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional Foreign End of Grand Other period total Re­ Offi- Europe Canada A L m a e t r in ica Asia Africa c t o ri u e n s ­ Total Intl.i gional2 Total ciaP Other .................................. 25,967 4,637 4,501 136 21 .330 12,467 8,863 10,770 2,988 3,137 4,001 241 194 1964^ 28,873 4 973 4 802 172 23 900 13 220 10,680 12,236 2,984 3 563 4687 238 192 1965--Dec...................... 29,072 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 12376 11,468 11,358 2’589 4,055 5,356 335 253 Mar..................... 29,246 5,292 5’177 115 23.954 12355 1 1,499 11,660 2,308 4’026 5,359 330 272 Apr....................... 29,498 5,297 5,’180 116 24,201 12’527 11,674 1 I'522 2360 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 24,547 12,665 11,882 12,331 2,171 3 936 5 370 334 305 July........... 30,707 5,191 5’080 111 25’516 13321 12,495 13,349 2 391 3,884 5,393 329 269 Aug..................... 31,224 5.438 5'332 106 25^86 12.897 12,889 13,786 2,164 3’826 5 305 339 265 Sept...................... 31,084 5.438 5,311 127 25,647 12,503 13,144 13.534 2,191 3'808 5384 363 267 Oct.. 32,086 5,429 5,303 126 26,657 12,895 13,762 14,177 2,400 3,914 5,522 376 268 Nov,p......... 32'439 5,451 5'332 1 18 26^988 12,938 14,050 14373 2’456 3,866 5 330 398 266 Dec.5 p................ 31,849 5 339 5,328 111 26310 12,505 13,905 14,015 2*505 3’886 5,351 387 266 Dec.6 p................ 31,388 5,109 4^98 111 26,279 12', 5 61 13,718 13,948 2,498 3,886 5 ,'296 385 266 2a. Europe Ger­ E p n e d ri o o d f Total Austria Belgium m De a n rk ­ F la i n n d ­ France m F a e n d y . , Greece Italy N l e a t n h d e s r­ Norway Po g r a t l u­ Spain Sweden Rep. of 1963.................... 10,770 365 420 161 99 1,478 3,041 188 803 360 133 191 205 409 1964........1..2..,.2...3..6 323 436 336 127 1,663 2,010 171 1,622 367 184 257 394 644 1965-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....... 13,534 233 378 287 61 1,075 2,220 135 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 Nov.p.. . 14,573 183 462 272 53 1,124 2,571 145 1,367 364 283 343 160 655 Dec.p... 14,015 196 439 305 58 1,071 2,583 129 1,410 364 283 358 162 656 Dec. Ip, 13,948 196 439 305 58 1,070 2,538 129 1,410 364 283 358 162 656 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 1NTL. CAPITAL TRANSACTIONS OF THE U.S. 319 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 o i i n m t g ed ­ Y sla u v g i o a ­ W E O u e t s r h o te e p r r e n 8 U.S.S.R. E E O a u t s 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 1963.................... 906 21 1,483 16 465 2 24 3,137 375 179 143 169 11 669 1964.................... 1,370 36 1 884 32 358 3 19 3,563 291 258 176 209 12 735 1965—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 J 20 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........ 1,757 24 3,609 32 358 6 32 3,808 474 340 238 186 10 536 Oct......... 1 ,747 31 4,165 40 332 6 33 3,914 438 357 238 183 10 568 Nov.".. . 1 ,764 30 4,414 33 313 5 33 3,866 417 354 226 176 9 618 Dec.7'... 1,811 43 3,837 37 227 8 40 3,886 418 299 261 178 8 632 Dec.77’.. 1,811 43 3,816 37 226 8 40 3,886 418 299 261 178 8 632 2b. Latin America—Continued 2c. 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 ­ O L re t . h A p e . . r B B e a r h m & am ud a a s A S n u N t r i e l i l n t e h a s . m & A O L m a t e h ti r e n ic r a Total C M la h a n i i n d n a ­ K H o o n n g g India n d I e n o si ­ ­ a Israel 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—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 (20 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..... 149 216 156 679 510 179 115 21 5,484 36 135 151 53 115 Oct......... 148 237 156 738 521 178 121 23 5,522 36 142 15! 62 108 Nov,’1.,. 152 236 1 61 694 517 174 108 24 5,430 36 135 167 60 102 Dec.’’... 150 249 161 710 521 177 104 17 5,351 36 142 180 54 1 (7 Dec.77'.. 150 249 161 710 521 177 104 17 5,296 36 142 179 54 117 2c. Asia—Continued 2d. Africa 2e. Other countries E p n er d i o o d f Japan Korea P p h i i n l e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total C s ( h K o a n i s n g a ­ o ) r M oc o co ­ A So fr u i t c h a ( U E . g A y . p R t) . A O f t r h i e ca r Total t A ra u l s ia ­ ot A h H e r 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—Dec,. .... 3,014 108 304 211 542 718 280 12 17 51 30 170 278 254 24 1966—Jan............. 2,965 118 295 213 577 768 312 11 19 72 18 191 268 244 24 Feb............ 2'964 117 302 211 604 760 335 11 19 95 18 192 253 226 27 Mar. 2'966 116 310 214 627 738 330 14 19 89 16 192 272 232 40 Apr 2,959 121 313 217 580 832 328 11 20 89 17 192 266 231 35 May.......... 2,933 114 320 221 585 891 336 8 20 95 15 197 262 233 29 June 2; 897 119 329 227 576 881 334 9 22 67 23 213 305 279 26 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 2'742 134 317 244 612 945 363 13 40 64 IS 231 267 240 27 Oct............ 2’685 138 315 246 612 1,028 376 12 41 64 26 232 268 243 25 Nov.7’.... 2,629 158 287 239 611 1,006 398 14 38 73 45 229 266 242 24 Dec.p. . . . 2,698 172 286 232 598 836 387 15 32 71 39 230 266 243 22 Dec.77'. .. 2,671 162 285 228 598 824 385 15 31 71 39 229 266 243 22 ’ International Bank for Reconstruction and Development, Inter­ 5 Comparable to data for November. Data for ‘'International” have national Monetary Fund, International Finance Corporation, Interna­ been increased by $330 million to make them statistically comparable to tional Development Assn., and other international organizations. data for November, since this amount of special U.S. notes held by the 2 Latin American, Asian, African, and European regional organiza­ International Monetary Fund was exchanged for a U.S. Treasury letter of tions, except Bank for International Settlements and European Fund credit on Dec. 30, 1966. which are included in "Europe”. < • Data reflect changes in coverage and classification effective Dec. 31, 3 Foreign central banks and foreign central govts, and their agencies, 1966, and exclude a $330 million letter of credit to the IMF; see note 5. and Bank for International Settlements and European Fund. 7 Data reflect changes in coverage and classification. 4 Includes revisions arising from changes in reporting coverage as » Includes Bunk for International Settlements and European Fund. follows (in millions of dollars): Total 4-50; Foreign other +50; Europe — 17; Canada +1; Latin America +26; Asia +49; Africa —9. For Note see end of Table 2, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

320 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1967 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 9; (end of period) 1964 1965 1966 1964 1965 1966 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia (Cont.): Iceland............................................. 5.2 7.1 5.8 4.0 Iran.................................................. . 23.4 62.0 66.9 79.2 Ireland, Rep. of................................ 8.7 6.3 6.2 6.6 Iraq..................................................... 21.6 65.4 12.0 n.a. Luxembourg...................................... 17.4 20.1 21.1 28.2 Jordan................................................ 2.7 7.9 16.0 16.0 Monaco................................................ 4.1 3.6 3.7 4.0 Kuwait............................................... 56.4 52.0 35.5 24.6 Laos................................................... 5.0 5.0 3.2 5.7 Other Latin American republics: Lebanon............................................ 84.2 113.2 99.7 92.0 Bolivia............................................. 43.2 53. 1 67.4 64.4 Malaysia........................................... 22.2 36,3 25.9 31.2 Costa Rica.......................................... 31 .5 28.6 34,2 32.9 Pakistan............................................. 23.1 24.8 19.4 21.0 Dominican Republic....................... 55.8 47.3 72.3 54.3 Ryukyu Islands(incl. Okinawa). 25,6 32,7 24.0 39.5 Ecuador............................................... 67.1 65.2 69.6 62.3 Saudi Arabia................................... 197,2 288.0 283.6 291.0 El Salvador....................................... 56.0 71.7 67.0 78.3 Syria.................................................... 7.6 3.2 4.0 4.8 Guatemala.......................................... 48.7 71.6 68.1 86,9 Vietnam............................................. 19.0 19.7 39.0 123.8 Haiti............................................ 14,3 15.4 16.3 16.7 Honduras............................................ 26.0 33.0 31.4 43.2 Other Africa: Jamaica............................................... 7.0 7.8 8.6 11.5 Algeria............................................... 1,5 2.1 7.6 13.6 Nicaragua.......................................... 42.4 67.4 67.0 75.0 Ethiopia, (incl, Eritrea)................ 33.7 45.2 44.1 58.9 Paraguay............................................ 1 1.4 12. 1 13.8 15.0 Ghana................................................ 5.6 5.1 2.6 2.9 Trinidad & Tobago......................... 7.4 8.6 3.6 6.3 Liberut................................................ 20.0 17.6 17.9 19.7 Libya.................................................. 28.9 26.8 34.8 26.7 Other Latin America: Mozambique................................... 2.5 1.6 1.6 1.7 British West Indies...................... 8.0 16.0 11.5 8.9 Nigeria.............................................. 15.7 20.3 21.7 n.a. French West Indies & French Somali Republic............................. .5 .8 .8 .9 Guiana............................................. 1.1 1.4 2.2 1.5 Southern Rhodesia.................... 103.4 2.6 3.3 3.5 Sudan................................................. 2.2 2.2 3.7 3.3 Other Asia: Tunisia............................................... .9 1.0 1.8 1.0 Afghanistan.................................... 5.5 6.3 5,6 8.0 Zambia............................................... (>0) .9 7.2 n.a. Burma.................................................. 32.5 35.9 49.1 n.a. Cambodia....................................... 1.5 1.7 2.7 n.a. All other: Ceylon.................................................. 2.4 2.7 2.4 3.3 New Zealand................................... 12.0 19.7 18.7 27.1 9 Represent a partial breakdown of the amounts shown in the “other” their date of issue; excludes U.S. Treasury letters of credit, and nonnegocategories (except “Other Eastern Europe”) in Tables 2a-2e. tiable, non-interest-bearing special U.S. notes held by the International 10 Includes data reported for Malawi (formerly Nyasaland) and Zambia Development Assn, and the Inter-American Development Bank. For data (formerly Northern Rhodesia). on 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 I year from 15 of Supplement to Banking and Monetary Statistics, 1962. 3. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks and official institutions To all other foreigners Payable End of period Total in foreign Total Deposits T bi r l e U l a s . s S a u . n r d y Sp U e . c S i . a l Other 3 Total Deposits T bi r l e U ls a . s S a u . n r d y Other 1 currencies Demand Time 1 certificates notes 2 Demand Time 1 certificates 1963 .......................... 25,967 22,787 5,629 3,673 8,571 3,036 1,878 3,047 1,493 966 119 469 134 1964 4....................... 28,873 25’406 6,731 3,990 8,727 3,308 2,650 3,377 1,531 1,271 72 503 90 1965—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 J56 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 3323 3,645 3,659 1,413 1,770 81 395 556 Sept........... 3L084 26,633 7'893 3,847 7,’363 3,958 1,572 3,843 1,531 1+07 108 397 608 Oct... 32,086 27'559 8,445 4'000 7,671 3,964 3'479 3'825 1 ,480 1,820 98 427 702 Nov.?’.......... 32.439 27;939 8,605 4’, 067 7,896 3,976 3,395 3,795 1,492 1 ,814 89 400 705 Dec, 5v, . .. 31,849 27,483 8,607 4,001 7,464 * 3,999 3,412 3,755 1,511 1,822 89 333 609 DecJp.... 31,388 27,044 8,447 4,052 7,464 3,669 3,412 3,755 1,511 1 ,822 89 333 588 1 Excludes negotiable time certificates of deposit, which are included s Comparable to data for November. in “Other.” 6 Increased by $330 million to make this figure statistically comparable 2 Nonnegotiable, non-interest-bearing special U.S. notes held by the to the one for November, since this amount of special U.S. notes held by International Monetary Fund. the IMF was exchanged for a U.S. Treasury letter of credit on Dec. 30, 3 Principally bankers’ acceptances, commercial paper, and negotiable 1966. . time certificates of deposit. ? Reflects changes in coverage and classification effective Dec. 31, 1966. 4 Includes revisions arising from changes in reporting coverage as follows (in millions of dollars): Total +50; foreign banks, etc. +55; other foreigners +23; payable in foreign currencies —28. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 321 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 1961.............................................................................................. 4,820 767 556 1,522 1,891 85 1962.............................................................................................. 5,’163 877 526 1,606 2,017 137 1963 .............................................................................................. 5’975 I 939 638 1’742 2'493 104 58 1964............................................................................................... 7^469 1 1,217 725 2,212 3,137 120 58 19643........................................................................................... 7’957 * 1,230 1,004 2,235 3', 294 131 64 1965—Dec................................................................................... 7,632 1,201 593 2,288 3,343 139 67 Dec.4............................................................................ 7’734 * 1,208 669 2’293 3,358 139 67 1966—'Jan.................................................................................. 7 557 1,207 625 2,210 3,297 142 76 Feb................................................................................... 7,471 1'145 631 2’188 3 ’, 299 132 76 Mar.................................................................................. 7’590 1 1,176 647 2,199 3,366 1 35 66 Apr................................................................................... 7'474 1 1,166 603 2'149 3,359 137 58 May................................................................................. 7,560 I 1,220 607 2'210 3,317 142 63 June................................................................................. 7,649 1 U285 643 2'221 3,298 140 62 July.................................................................................. 7'503 2 1,29! 64! 2,244 3’135 128 63 Aug................................................................................. 7,411 1 1304 563 2^268 3,086 128 61 Sept................................................................................ 7'418 1 1,315 556 2,303 3,061 124 59 Oct................................................................................... 7^445 1 1,319 610 2’335 2,989 129 61 Nov.1’............................................................................. 7’545 1 1,417 595 2'354 2,984 134 60 Dec.?............................................................................... 57,776 I 5 1,352 5 603 2389 3,126 144 62 4a. Europe End of period Total A tr u ia s­ g B iu e m l­ m De ar n k ­ 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 ga r­ l Spain S d w en e­ 1961...................................... 767 5 20 11 23 42 165 6 35 54 27 5 11 35 1962...................................... 877 7 32 14 30 68 186 6 54 27 35 9 19 18 1963...................................... 939 8 26 13 52 70 121 9 97 33 40 14 26 30 1964...................................... 1,217 10 42 28 85 79 159 9 109 39 43 19 40 47 19643.................................... 1,230 11 48 26 84 81 152 to 11.4 36 43 23 40 49 1965—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 12! 39 55 26 59 53 Feb........................... 1,145 8 54 36 89 66 184 14 109 40 49 29 55 54 Mar......................... 1,176 11 47 38 91 84 185 13 102 44 50 31 48 51 Apr.......................... 1,166 10 47 39 86 74 182 13 102 37 51 31 64 53 May........... 1,220 11 66 36 87 70 174 14 99 39 57 32 73 58 June........................ 1,285 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......................... 1,315 13 60 60 92 72 225 17 105 40 51 42 56 68 Oct..................... U319 13 70 61 95 64 217 16 105 43 53 40 60 83 Nov.7’..................... 1,417 19 73 63 95 81 237 16 110 44 62 36 72 74 Dec.P...................... M.352 16 67 62 91 73 215 16 108 40 76 44 67 74 4a. Europe—Continued 4b. Latin America End of period S l w a e n r i ­ t d z­ T k u ey r­ U K d n o in i m t g e ­ d Y sla u v g i o a ­ W E O u e r t s o h te p e r r e n 6 U.S.S.R. E E O u as r th o te e p r r e n ? Total A t r i g n e a n­ Brazil Chile l C o bi m o a ­ ­ Cuba M ic e o x­ 1961...................................... 105 16 181 9 8 1,522 192 186 127 125 19 425 1962...................................... 75 42 221 6 1< ♦ 8 1,606 181 171 186 131 17 408 1963.................................... 70 48 237 7 2 16 1,742 188 163 187 208 18 465 1964...................................... 97 36 319 15 2<) 20 2^212 210 145 188 319 17 630 19643.................................... lit 37 310 16 2() ♦ 20 2,235 203 126 176 338 17 644 1965—Dec.......................... 73 42 210 28 28 6 27 2,288 232 94 174 270 16 669 Dec.4...................... 73 42 216 28 28 6 27 2,293 232 94 174 270 16 674 1966—Jan.......................... 88 36 198 26 27 5 25 2,210 231 96 176 243 16 662 Feb.......................... 85 6 177 27 30 5 28 2,188 224 94 175 236 16 686 Mar......................... 78 21 196 25 27 4 31 2,199 221 97 173 225 16 718 Apr 74 18 198 23 3 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 3-I 5 28 2.221 196 98 169 238 16 722 July.......................... 78 50 198 20 3 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......................... 78 47 216 18 34 2 17 2,303 182 112 150 287 16 736 Oct............. 76 48 200 20 35 1 18 2,335 181 106 150 288 16 724 Nov.p. ......... 94 45 221 19 37 17 2’354 177 109 141 294 16 724 Dec.p...................... 83 52 5193 19 37 2 16 2,489 193 114 159 308 16 767 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

322 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1967 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 4b. Latin America—Continued 4c. Asia Baha­ Neth. E pe n r d i o o d f Panama Peru g U u r a u y ­ V zu e e n l e a ­ r O l e L i p c t . h s A u e b . 8 r ­ m B m u & d e a r a s ­ 1 A S n n u a t & i m r l i l ­ es A O L ic m a t a h t e i e n ^ r r ­ Total C M la h a n i i n d n a ­ H K o on 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 1 [ 17 * 22 1964.................... 41 102 76 165 222 58 18 20 3'137 2 26 22 7 44 1964-'.................. 49 108 78 168 224 65 18 21 3’294 2 28 21 7 47 1965—Dec........ 59 170 45 220 250 53 14 23 3,343 I 29 17 2 86 Dec*.... 59 170 45 220 250 53 14 23 3,358 1 29 17 2 86 1966—Jan......... 59 169 49 185 237 51 1 3 23 3,297 I 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 I 32 28 2 84 May.... 64 175 56 174 200 57 16 22 3,317 1 33 28 1 8! June.... 67 186 55 174 205 57 16 2.1 3,298 1 33 29 1 89 July.. .. 66 177 57 180 218 55 17 16 3,135 1 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 3,061 1 28 28 6 88 Oct.. . .. 71 204 37 224 246 55 17 16 2,989 1 30 19 5 96 Nov.f. .. 76 197 43 222 263 56 17 18 2,984 1 31 13 5 98 Dec.''... 84 21! 45 226 272 61 18 17 3,126 I 31 16 6 97 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 th si 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 2 A t l r u i a a s ­ ­ oth A e ll r 10 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.............................. 2J71 25 113 8 52 71 104 I I 15 28 59 58 48 9 1964.............................. 2'653 21 202 9 64 88 120 | 2 19 42 56 58 48 10 1964 3........................... 2,810 21 203 9 65 82 131 ( 2 20 42 67 64 48 16 1 965—Dec.................. 2,751 22 231 15 82 108 139 1 2 34 43 60 67 52 15 Dec.4.............. 2,768 22 230 15 82 107 139 I 34 43 60 67 52 15 1966—Jan................... 2,698 24 229 16 83 112 142 1 2 38 38 63 76 62 14 Feb . .............. 2,'699 24 227 15 81 117 (32 2 37 34 58 76 62 14 2,783 24 206 15 72 115 135 I 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 i 1 June................ 2,733 16 191 17 69 118 140 1 7 41 48 48 62 52 9 July......... 2,588 19 173 (6 67 118 128 9 38 44 43 63 54 9 Aug.. ... 2'536 20 1 83 17 64 112 128 2 37 44 44 61 52 9 Sept................. 2,485 27 195 15 65 122 124 I 2 34 38 49 59 50 9 Oct................... 2’400 24 208 16 67 123 129 1 3 37 37 51 61 51 11 Nov.p.............. 2,389 26 211 15 72 122 134 n 45 30 57 60 50 10 Dec.p.............. 2,502 31 214 14 81 133 144 1 2 50 25 66 62 52 10 i Not reported separately until 1963. 8 Bolivia, Dominican Republic, El Salvador, and Guatemala only until 2 Includes Africa until 1963. 1963. ^ Differs from December data in line above because of the exclusion 9 Until 1963 includes also the following Latin American republics: as of Dec. 31, 1964, of $58 million of short-term U.S. Govt, claims Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, previously included; and because of the addition of $546 million of short­ and Trinidad and Tobago. term claims arising from the inclusion of claims previously held but first 1 o Until 1963 includes also African countries other than Congo (Kin­ reported as of Dec. 31, 1964; and because of revision of preliminary data. shasa), South Africa, and U.A.R. (Egypt). 4 Differs from December data in line above because of the addition of short-term claims held in custody for domestic customers, but reported Note.—'Short-term claims are principally the following items payable by banks for the first time as of Dec. 31, 1965. on demand or with a contractual maturity of not more than 1 year: loans 5 Grand total excludes $27 million because of reclassification of a re­ made to, and acceptances made for, foreigners’, drafts drawn against porting institution from bank to nonbank reporter beginning Dec. 31, foreigners, where collection is being made by banks and bankers for 1966, distributed as follows: United Kingdom and Total Europe, $15 their own account or for account of their customers in the United States; million; and Canada $12 million. and foreign currency balances held abroad by banks and bankers and 6 Until 1963 includes Eastern European countries other than U.S.S.R., their customers in the United States. Excludes foreign currencies held Czechoslovakia, Poland, and Rumania, by U.S. monetary authorities. 7 Czechoslovakia, Poland, and Rumania only until 1963. See also Note to Table 2. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 323 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— Foreign End of period Total Total Total O i t n i f s o f t i n i c t i s u a 1 ­ l Banks Others C s t o t o i i a n o u l n l g n t e d ­ s c ­ ­ f e A o o m i a r g c f n a a c n c f d c e e o e e c p r s r t s t ­ , ­ 2 Other J Total D w ei i e g t p h n o e f s r o i s t r s ­ g c a p n o u n c a a v r d o p i n t t , m e i c e f r s e i l s ­ e 2 . , ­ Other4 1961................................... 4,820 4,234 1,660 329 709 622 700 1 ,874 586 386 200 1962.................................. 5,163 4,606 1,954 359 953 642 686 1,967 557 371 186 1963.................................. 5,975 5,344 1,915 186 955 774 832 2,214 384 631 432 157 42 1964.................................. 7,469 6,810 2,652 223 1,374 1,055 1,007 2,600 552 659 400 182 77 19645................................ 7,957 7,333 2,773 221 1 ,403 1,150 1,135 2,621 803 624 336 187 102 1965—Dec....................... 7,632 7,158 2,967 271 1,566 1,130 1,268 2,501 422 474 325 54 95 Dec.6................... 7,734 7,243 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 2,578 466 406 252 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 1 13 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 I ,548 1 ,056 1,374 2,324 453 440 260 57 123 Sept...................... 7,418 6,992 2,943 256 1,619 1,068 1,374 2,266 409 427 241 61 125 Oct........................ 7,445 7,01 I 2,970 274 I ,607 I ,089 1,354 2,251 436 434 253 73 108 Nov.”.................. 7,545 7,092 3,015 273 1,619 1,123 1,363 2,276 439 452 269 77 106 Dec.”................... 77,776 7 7,380 3,137 258 1,739 1,140 1,367 2,442 7 435 7 396 7216 70 1 10 i Includes central banks. reported as of Dec. 31, 1964; and because of revision of preliminary data • 2 Not reported separately until 1963. * Differs from December data in line above because of the addition 3 Until 1963 includes acceptances made for account of foreigners. of short-term claims held in custody for domestic customers, but reported 4 Until 1963 includes foreign government securities, commercial and by banks for the first time as of Dec. 31, 1965. finance paper. 7 Grand total excludes $27 million because of reclassification of a re­ s Differs from December data in line above because of the exclusion, porting institution from bank to nonbank reporter beginning Dec. 31, as of Dec. 31, 1964, of $58 million of short-term U.S. Govt, claims 1966, distributed as follows: “Total” and “Other” payable in dollars, previously included; because of the addition of $546 million of short­ $3 million; and “Total” and “Deposits with foreigners” payable in for­ term claims arising from the inclusion of claims previously held, but first eign currencies, $24 million. 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 ot A he ll r 1 r f e o n c r c i e u n i i r e g ­ s n 1 U K d n o in i m t g ed ­ E O u t r h o e p r e Canada A L m a e ti r n ic a Japan O A t s h i e a r Africa1 ot A h l e l r2 1961.................................. 2 2,034 11 482 274 931 24 146 166 1962.................................. 7 2'160 25 552 304 886 74 148 171 1963.................................. 69 3 3'030 2,811 217 2 38 3 1,063 290 3 1 015 3 249 3 194 113 68 1964.................................. 306 3,971 3’777 195 77 1,611 273 1 162 385 238 123 104 I9644................................ 310 4 285 3 995 288 I 87 I 632 327 1 275 430 255 156 122 1965—Dec....................... 513 4,517 4,211 297 9 86 1,518 346 1,296 445 391 208 228 1966—Jan........................ 515 4,151 287 6 85 1,489 316 1,257 438 393 201 246 Feb....................... 510 4’421 4’126 288 7 86 1,449 315 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 4’111 270 8 81 1,349 328 1,300 403 428 202 300 Aug...................... 1 ,079 4,368 4,095 265 8 78 1,328 322 1,296 393 428 204 319 Sept........... 1,095 4,287 4,004 266 16 75 1,270 320 1,306 374 430 202 308 Oct............ 1’155 4’247 3,969 262 16 76 1’225 321 1,295 355 432 222 321 Nov.p...................... 1,172 4 ,’296 4,026 254 17 72 i ,’222 314 1,373 339 421 225 329 Dec. ”................... 1343 4,188 3,918 251 18 70 1 J58 313 1; 346 326 417 226 333 i Not reported separately until 1963. this amount are claims on; Europe $5 million, Latin America $134 2 Includes Africa until 1963. million, and Asia $54 million 3 Includes claims previously held, but reported for the first time as of 4 Differs from Dec. data in line above because of the inclusion of long­ May 1963; on that date such claims were $86 million. Also includes term liabilities and claims previously held, but first reported as of Dec. $193 million reported for the first time as of Dec. 1963, representing 31, 1964, and because of revision of preliminary data. in part claims previously held, but not reported by banks. Included in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

324 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1967 7, PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govt, bonds and notes 1 U. s S e . c u c r o i r ti p e o s r 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 ­ ch P a u s r e ­ s Sales c N ha s e a s t e l e p s s u o r r ­ 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 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 '4,395 '4,770 '-375 1,198 2,440 -1,242 906 617 290 1966*................................ -616 -427 -189 -245 56 6,339 5,596 743 1,756 2,677 -920 960 731 229 1965 Dec.................... 2 * 1 I r658 607 '51 94 134 -41 83 71 13 1966—Jan............. -9 -10 1 -5 6 r474 436 '37 109 308 -199 73 65 7 Feb...................... -118 -136 19 19 '496 487 '8 83 189 -106 71 75 -5 Mar..................... -54 -50 -4 * -4 '696 546 '150 243 352 -109 100 101 -1 -66 -68 2 '609 '566 '44 106 260 -154 88 105 -17 May................... -60 -51 -9 -9 '742 583 '159 152 161 -8 94 55 39 June.................... 6 -5 11 6 5 r614 '509 '105 200 217 -17 91 52 40 July..................... -246 -246 -253 7 '428 '439 '-11 135 248 -113 69 39 30 Aug..................... -2! -44 23 -1 24 '400 '381 '19 69 68 1 76 65 11 Sept..................... -34 ♦ -35 -35 '502 '378 '124 98 193 -95 86 42 44 Oct....................... 20 19 * 19 383 347 36 292 346 -54 68 36 31 Nov.p................. -7 -28 21 7 13 432 381 52 117 184 -67 58 41 17 Dec.p.................. -27 -36 9 9 563 542 21 152 150 1 85 53 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. 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 1963—Dec............................... 730 50 30 275 200 175 163 125 13 25 [ q64—Dec............................. 1,086 50 30 679 327 354 329 25 1965—-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 25 589 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 Dec.............................. 342 25 30 50 125 111 353 144 184 25 1967—Jan................................ 414 24 30 101 125 133 353 144 184 25 1 Includes bonds payable in Swiss francs to the Bank for International with transactions under the Columbia River treaty. Amounts out­ Settlements. Amounts outstanding were $70 million, May 1964-June standing were $204 million, Sept. 1964-Oct. 1965; and $174 million for 1965, and $9 3 million, July-Dec. 1965. Nov. 1965-Oct. 1966; and $144 million for Nov. 1966-Jan. 1967. 2 Includes bonds issued to the Government of Canada in connection Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 325 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 e ­ d E O u t r h o e p r e E T u o r t o a p l e Canada A L m at e in r ­ Asia Africa c O o t u h n e ­ r I a n n t d i. land dom ica tries regional 1963................ 207 198 9 -8 -14 206 16 199 -47 14 17 C1) 21 22 1964............... -173 -349 176 — 37 -200 -4 14 -228 3 25 10 ♦ -I 18 1965................ ’-375 ’■-413 38 14 ’14 -522 47 >-446 ’42 ’-13 24 -4 -1 21 1966?.............. 743 -314 1,057 37 85 -79 116 159 245 65 18 1 4 251 1965—Dec... '51 ’-80 130 -10 17 -25 48 30 17 -2 1 -1 * 5 1966—Jan... '7 ’15 22 5 4 2 18 28 ’-2 3 6 * 1 Feb... '8 ’-14 22 ’7 -28 3 r-19 ’12 5 8 1 * 2 Mar.. ?150 ’-37 187 9 27 -14 24 47 ’25 5 1 ♦ I 71 Apr... r44 ’-15 59 2 ’24 -54 3 ’-25 24 8 7 29 May.. 159 >■-11 170 13 ’33 -66 15 *•-5 ’54 14 -7 * 1 101 June ’•105 '-50 155 12 ’-4 75 -7 r76 4 3 9 13 July.. >-11 >-26 15 2 U9 -92 26 ’-44 ’10 6 -8 -l 26 Aug.. H9 >-16 35 2 *■-3 -23 -6 ’-29 39 ’1 8 ♦ ♦ Sept... ’124 r—3 127 -3 96 2 ’97 19 8 -2 * 2 Oct... 36 7 29 -4 23 -10 12 22 13 6 -7 1 Nov.” 52 — 49 100 -5 -14 29 26 36 12 1 * ♦ 2 Dec.?_ 21 -115 136 1 -32 6 * -24 33 6 2 * * 4 1 Not reported separately until May 1963, Note.—Statistics include State and local govt, securities, and securities 2 Includes 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 t e f o r o o i i u g e t r n a n s ­ l ­ r E o u p ­ e C a a d n a ­ A L i m a c t a i e n r ­ Asia r A ic f a ­ c O t o r t i u h e n e s r ­ E pe n r d io o d f Deposits U se . c S u . A r G s it s i o e e v t s s t 1 , i n c E us a t r o g m d o a y ld rked 1963..................... -1,044 -96 — 949 — 49 -6t4 — 26 -252 2-8 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................ 150 8,272 12,896 1966?.................... -691 -171 -520 218 -741 -5 -6 16 -2 1966—Jan. .. 283 7,974 12,933 1965—Dec.......... -28 8 -36 4 -28 -I -14 2 2 Feb... 140 7,850 12,964 Mar... 329 7,617 • ■ 12,944 • -191 7 -198 6 -192 -9 -8 1 4 Apr... 192 7,455 13,001 - Feb...... -111 7 -118 -8 -83 -26 -3 ♦ 1 May.. 263 7,631 12,975 Mar......... -110 -94 -16 77 -138 21 29 5 -10 June.. 313 7,517 12,955 Apr.......... -172 -31 -140 -8 -167 36 -3 2 July... 548 7,307 13,016 May,.... 31 -22 53 75 -13 -14 4 1 Aug... 170 7,042 13,066 June........ 23 11 12 20 17 -4 -8 ♦ -13 Sept... 159 7.092 12,904 July......... -83 -50 -33 15 -37 -11 -5 1 4 Oct.... 194 7,336 12,876 Aug.......... 12 7 4 4 13 -3 -9 * * Nov... 196 7,450 12,912 Sept......... -51 -57 19 -75 4 4 ♦ -9 Dec... 174 7,036 12,946 Oct........... -22 -20 -3 -2 -36 17 10 8 Nov.?. .. -50 6 -56 -46 -4 -7 2 1967—Jan.... 148 7,141 12,961 Dec.?.... 32 2 30 20 17 -12 -10 ♦ 15 1 U.S. Treasury bills, certificates of indebtedness, i Not reported separately until May 1963. notes, and bonds; includes securities payable in foreign 2 Includes 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 Statistic^ 1962). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

326 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1967 12. SHORT-TERM LIABILITIES CO 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 I960 1965 1966 Sept. Dec. Mar. June Sept. '■ Sept. Dec. Dec. i Mar. June Sept.*' Europe; Austria................................................. 2 2 2 3 3 6 6 6 8 7 Belgium.............................................................. 23 24 27 29 26 20 39 45 46 45 42 Denmark. ......................................................... 1 1 2 2 11 9 9 8 8 10 Finland............................................................. I I 1 1 6 6 6 6 6 4 France................................................................ 51 51 45 48 57 81 82 82 97 94 102 Germany, Fed. Rep. of................................ 59 71 60 70 81 105 112 112 118 98 120 Greece................................................................ 7 3 3 3 2 10 13 13 11 18 IS Italy..................................................................... 18 18 23 27 52 76 77 77 118 111 107 Netherlands...................................................... 45 55 54 65 67 30 41 41 48 42 42 Norway.............................................................. 2 2 2 2 7 8 8 8 9 Portugal............................................................. 6 3 7 6 6 7 5 5 9 8 6 Spain.................................................................. 13 21 21 23 25 48 50 50 56 63 51 Sweden............................................................... 11 10 12 12 14 20 20 20 28 30 27 Switzerland........................................... 49 39 45 61 58 40 27 27 20 20 22 Turkey............ ............ 4 4 4 4 4 8 8 7 10 6 6 United Kingdom........................................... 132 137 139 137 155 310 312 3 Io 433 487 535 Yugoslavia....................................................... 1 1 1 2 5 2 2 2 2 4 Other Western Europe.................................. 6 3 4 2 3 8 8 8 9 9 9 Eastern Europe............................................... * 2 1 I 1 3 3 3 3 6 3 Total........................................................... 431 450 451 495 562 797 828 834 1,039 1,065 1,171 Canada................................................................... 84 94 120 117 138 753 685 593 566 550 509 Latin America: Argentina.......................................................... 3 4 6 5 6 37 32 31 34 34 34 Brazil.................................................................. 14 13 11 11 9 91 94 93 80 78 73 Chile.................................................................... 4 4 5 4 3 30 31 30 31 31 31 Colombia.......................................................... 13 9 8 7 5 21 20 19 21 22 21 Cuba.................................................................... * 4 3 3 3 3 3 Mexico............................................................... 4 5 9 10 10 71 82 76 74 77 77 Panama.............................................................. 12 H 9 4 9 12 13 13 ll 13 12 Peru................................................................... 6 6 7 5 6 26 29 28 30 28 28 Uruguay.......................................................... t 1 2 1 1 11 8 8 7 5 6 Venezuela.......................................................... 20 22 27 26 25 47 50 49 52 49 49 Other L.A. republics. .................................. 15 16 11 12 18 53 59 55 56 55 59 Bahamas and Bermuda............................... 2 2 2 1 2 5 8 8 12 8 10 Neth. Antilles & Surinam........................... 8 7 7 9 7 5 4 4 4 3 4 Other Latin America.................................... 2 2 1 2 2 10 9 9 9 9 11 Total........................................................... IOS 102 105 98 104 422 442 429 424 416 417 Asia: Hong Kong....................................................... 2 2 2 2 2 8 7 7 5 7 6 India.......................................... 26 25 25 20 17 36 37 36 35 29 32 Indonesia........................................................... 9 9 12 11 3 4 3 3 3 3 3 Israel.................................................................. 3 3 1 2 2 5 6 6 5 4 5 Japan.............................................................. 28 32 27 27 23 168 170 164 174 155 155 Korea.................................................................. 1 1 2 4 14 13 13 6 4 5 Philippines......................................................... 6 6 7 7 7 14 17 17 16 18 17 Taiwan.............................................................. 1 1 5 6 7 5 6 5 6 4 5 Thailand........................................................... 1 2 I 1 I 7 6 6 8 9 11 Other Asia........................................................ 32 32 33 32 30 68 67 66 76 76 69 Total........................................................... 109 113 112 Hl 97 328 331 322 333 309 308 Africa: Congo (Kinshasa),......................................... * 1 1 I 2 2 2 1 2 South Africa.................................................... 16 11 11 11 10 23 20 20 18 18 17 U.A.R. (Egypt)................................................ 1 I 2 2 14 10 10 ■ 11 17 11 Other Africa................................................... 6 7 9 9 7 28 30 30 27 30 29 Total........................................................... 23 20 22 22 19 66 61 61 58 66 59 Other countries: Australia..................................................... 21 23 31 35 51 33 40 40 40 45 57 All other......................................................... 6 7 4 5 4 7 8 8 7 10 7 ‘Total........................................................... 27 29 35 40 55 40 49 48 47 55 63 International and regional ............................. * * * * ♦ * * * * 1 1 Grand total............................................. 779 807 846 882 974 2,406 2,397 2,294 2,468 2,462 2,528 1 Data differ from that shown for December in preceding column be­ Data exclude claims held through U.S. banks, and intercompany accounts cause of changes in reporting coverage. between U.S. companies and their foreign affiliates. Note.—Reported by exporters, importers, and industrial and com­ See also Note to Table 2. mercial concerns and other nenbanking institutions in the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 327 13. SHORTTERM 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 do i l n la rs cu f r o r r e i e n n i g c n ie s Total dol in la rs D ba e n p k o s s i a ts b r w o i a t d h Other in reporter’s name 1962—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 1830 225 202 Dec.................................................................................................. 626 478 148 2 J31 1 739 201 191 Dec.2.............................................................................................. 626 479 148 2,188 1,778 199 211 1964—Mar,............................................................................................... 631 475 156 2,407 1,887 239 282 June................................................................................................ 622 471 151 2’482 2,000 220 262 June3.............................................................................................. 585 441 144 2,430 1,952 219 260 Sept................................................................................................. 650 498 152 2,'719 2 j68 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 1’406 1,949 190 267 Dec.................................................................................................. 807 600 207 2*397 2,000 167 229 Dec.4.............................................................................................. 807 600 207 2,294 1 ,'906 166 222 1966—Mar................................................................................................. 846 614 232 2,468 2,027 211 229 June................................................................................................ 882 648 234 2,462 2^056 191 215 Sept.’............................................................................................. 974 734 240 2; 528 2'136 165 227 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 End of period lia T b o il t i a ti l e s Country or area Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico O La th ti e n r Japan O A t s h i e a r Africa o A th U e r America 1963—Sept............................ 153 881 14 85 42 127 102 188 123 87 98 16 Dec.1......................... 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 June2......................... 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.3......................... 107 1,081 56 116 190 215 73 137 89 98 91 15 1965—Mar........................ 115 1,075 35 121 203 220 74 137 81 96 91 18 June........................... 110 1 '081 31 118 208 221 70 144 85 96 91 17 Sept............................ 120 1,101 31 116 230 217 74 138 89 96 91 18 Dec............................. 136 1,169 31 112 233 209 69 196 98 114 89 17 Dec.3......................... 138 1^139 31 112 236 209 65 198 98 87 85 18 1966—Mar............................ 166 1,156 27 124 239 208 61 206 98 87 87 19 June........................... 186 1'207 27 167 251 205 61 217 90 90 86 14 Sept.”........................ 217 L236 25 174 267 202 64 207 102 92 90 14 1 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. 3 Data differ from that shown for December in line above because of 2 As a result of an increase in the exemption level from $100,000 to changes in reporting coverage. $500,000, data exclude $3 million of liabilities and $3 million of claims Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

328 U.S. BALANCE OF PAYMENTS FEBRUARY 1967 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1965 1966 Item 1963 1964 1965 II in IV I II IIP 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 10,136 10,016 10,065 10,495 10,572 10,948 Merchandise..................................................................... 22,071 25,297 26,276 6,798 6,826 7,027 7,171 7,111 7,439 Military sales...................................................................... 657 747 844 229 199 216 198 260 215 Transportation................................................................... 2,115 2,324 2,415 620 617 632 640 627 660 Travel.................................................................................... 934 1,095 1,212 295 305 330 333 334 377 Investment income receipts, private........................... 4,156 4,932 5,389 1,470 1,321 1,176 1,381 1,430 1,451 Investment income receipts, Govt............................... 498 460 512 146 149 78 149 149 147 Other services................................................................... 1,908 2,103 2,345 578 599 606 623 661 659 Imports of goods and services—Total............................. -26,442 -28,468 -32,036 -8,087 -8,245 -8,540 -8,926 -9,212 -9,762 Merchandise....................................................................... -16,992 -18,621 -21,488 -5,481 -5,595 -5,756 -6,004 -6,262 -6,659 Military expenditures....................................................... -2,936 -2,834 -2,881 -701 -745 -771 -854 -899 -937 Transportation............................................................. -2,316 -2,462 -2,691 -686 -661 -706 -719 -712 -728 Travel.................................................................................... -2,090 -2,201 -2,400 -586 -603 -614 -643 -644 -668 Investment income payments....................................... -1,271 -1,404 -1,646 -404 -411 -458 -436 -436 -502 Other services.................................................................... -837 -946 -930 -229 -230 -235 -270 -259 -268 Balance on goods and services1......................................... 5,897 8,490 6,957 2,049 1,771 1,525 1,569 1,360 1,186 Remittances and pensions.................................................... -867 -879 -994 -288 -244 -235 -236 -236 -278 1. Balance on goods, services, remittances and pensions................................................................. 5,030 7,611 5,963 1,761 1,527 1,290 1,333 1.124 908 2. U.S. Govt, grants and capital flow, net..................... -3,581 -3,560 -3,375 -949 -743 -881 -948 -964 -794 Grants,2 loans, and net change in foreign cur­ rency holdings, and short-term claims......... -4,551 -4,263 -4,277 -1,141 -1,117 -1,030 -1,156 -1,167 -1,189 Scheduled repayments on U.S. Govt, loans. . . 644 580 681 187 191 126 205 196 169 Nonscheduled repayments and selloffs................ 326 123 221 5 183 23 3 7 226 3. U.S. private capital flow, net....................................... -4,456 -6,523 -3,690 -346 -827 -912 -928 -1,094 -713 Direct investments...................................................... -1,976 -2,416 -3,371 -859 -569 -731 -687 -976 -700 Foreign securities................................................. -1,104 -677 -758 -62 -285 -209 -324 6 -89 Other long-term claims: Reported by banks............................................. -754 -941 -231 169 -58 126 122 -33 85 Reported by others................................................. 163 -343 -91 -6 -20 -71 -17 -53 -29 Short-term claims: Reported by banks............................................. -781 -1,523 325 144 51 109 143 - 91 27 Reported by others................................................ -4 -623 436 268 54 -136 -165 53 -7 4. Foreign capital flow, net, excluding change in liquid assets in U.S............................................. 689 685 194 -131 -251 251 289 960 263 Long-term investments.............................................. 326 109 -149 -309 -235 110 298 974 131 Short-term claims......................................................... -23 113 146 68 39 44 39 57 77 Nonliquid claims on U.S. Govt, associated with: Military contracts.................................................... 347 228 314 130 -16 149 71 -46 69 U.S. Govt, grants and capital............................ 94 50 -85 -25 -34 -18 -64 -1 -12 Other specific transactions................................... 1 208 -25 6 -5 -28 -2 2 21 Other nonconvertible, nonmarketable, me­ dium-term U.S. Govt, securities3................ -56 -23 -7 -1 * -6 -53 -26 -23 5. Errors and unrecorded transactions............................ -352 -1,011 -429 -109 -240 -80 -297 -167 118 Balances A. Balance on liquidity basis Seasonally adjusted (= 1+24'34-44-5).............. -2,670 -2,798 -1,337 226 -534 -332 -551 -141 -218 Less: Net seasonal adjustments............................ 37 472 3 -503 11 493 Before seasonal adjustment...................................... -2,670 -2,798 -1,337 189 -1,006 -335 -48 -152 -711 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted.............................. -2,670 -2,798 -1,337 226 -534 -332 -551 -141 -218 Plus: Seasonally adjusted change in liquid assets in the U.S. of: Commercial banks abroad............................................. 470 1,454 116 -30 707 -546 232 499 1,173 Other private residents of foreign countries.. 385 345 306 56 65 50 138 44 87 International and regional organizations other than IMF................................................. -236 -245 -290 -29 -24 -173 -35 -362 9 Less: Change in certain nonliquid liabilities to foreign central banks and govts................... -7 302 100 -16 -18 157 25 254 105 Balance B, seasonally adjusted............................... -2,044 -1,546 -1,305 239 232 -1,158 -241 -214 946 Less: Net seasonal adjustments............................ 184 508 -33 -643 166 519 Before seasonal adjustment...................................... -2,044 -1,546 -1,305 55 -276 -1,125 402 -380 427 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1967 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 329 U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1965 1966 Item 1963 1964 1965 II III IV I II HIP Transactions by -which balances were settled—Not seasonally adjusted A To settle balance on liquidity basis........................... 2,670 2,798 1,337 -189 1,006 335 48 152 711 Change in U.S. official reserve assets {in­ crease, ~)............................. 378 171 1,222 68 41 271 424 68 82 Gold........................................................................ 461 125 1,665 4 590 124 119 68 209 173 Convertible currencies................................. -113 -220 -349 -56 -413 178 222 -163 ^426 IMF gold tranche position................................ 30 266 -94 4 -466 330 -26 134 22 335 Change In liquid liabilities to all foreign accounts 2,292 2,627 US -257 965 64 -376 84 629 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. 703 375 123 122 — 50 — 366 — 176 -226 Marketable U.S. Govt, bonds and notes*. 466 -59 -20 -15 -2 -19 -5 6 -254 Deposits, short-term U.S. Govt, securi­ ties, etc............................................................ 504 757 -154 -92 125 740 -611 210 -162 IMF (gold deposits)............................................ 34 8 26 131 18 28 Commercial banks abroad................................ 470 1,454 116 -206 697 —539 404 316 1,169 Other private residents of foreign countries. 385 345 306 82 72 48 109 65 97 International and regional organizations other than IMF............................................ — 236 -245 -290 -26 -57 -142 — 38 -355 -23 R. Official reserve transactions........................................ 2,044 1,546 1,305 -55 276 1,125 -402 380 -427 Change in U.S. official reserve assets (in­ crease, —),..,......................... 378 171 1,222 68 41 271 424 68 82 Change in liquid liabilities to foreign central banks and govts, and IMF (see detail above under A.)............................................................ 1,673 1,073 -17 -107 253 697 — 851 58 -614 Change in certain nonliquid liabilities to foreign central banks and govts.: Of U.S private organizations...................... 9 148 -38 -29 -16 28 43 275 82 Of U.S. Govt.....“......................................... -16 154 138 13 -2 129 -18 -21 23 1 Excludes transfers under military grants. 5 With original maturities over 1 year. 2 Excludes military grants. 3 Includes certificates sold abroad by Export-Import Bank. Note.—Dept, of Commerce data. Minus sign indicates net payments * Reflects $259 million payment of gold portion of increased U.S. (debits); absence of sign indicates net receipts (credits). subscription to IMF. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 1 Imports 2 Export surplus Period 1963 1964 1965 r 1966^ 1963 1964 1965 r 1966r 1963 1964 1965' 1966 >• Month: Jan..................... 3 986 2,040 31,215 2,248 31,100 1,418 31,193 1,936 3 -114 622 322 312 Feb......................... 3 2,124 2,058 31,599 2,335 31,510 1,459 3 1,600 1,993 3 614 599 ’ -1 342 Mar........................ 31,958 2,075 32,755 2,589 31,485 1,518 31,861 2,070 3 473 557 3 894 519 Apr......................... 3 1,914 2,061 3 2,381 2,330 3 1,415 1,537 31,833 2,138 ’499 524 ’548 192 May....................... 1,895 2,047 3 2,260 2,363 1,416 1,530 31,789 2,052 479 517 3 471 311 June....................... 1,803 2,077 3 2,230 2,485 1,431 1,514 31,828 2,110 372 563 ’402 375 July........................ 1,841 2,119 2,302 2,459 1,450 1,573 4 1,742 2,207 391 546 4 560 252 Aug........................ 1,922 2,100 2,334 2,460 1,497 1,608 1,854 2,148 425 492 480 312 Sept........................ 1,958 2,261 2,323 2,580 1,443 1,563 1,866 2,311 515 698 457 269 Oct................... 1,967 2,156 2,384 2,621 1,455 1,551 1,885 2,260 512 605 499 361 Nov........................ 1,966 2,206 2,406 2,518 1,466 1,698 1,952 2,205 500 ’508 454 313 Dec......................... 2,091 2,426 2,396 2,450 1,480 1,642 1,890 2,203 611 3 784 506 247 Quarter: 3 5,068 6,173 3 5,569 7,172 3 4,095 4,395 34,654 5,999 ’973 1,778 ’915 1,173 II............................ 35,612 6,185 36,871 7,178 3 4,262 4,581 35,450 6,300 3 1,350 1,604 ’1,421 878 Ill........................... 5,721 6,480 6,959 7,499 4,390 4,744 45,462 6,666 1,331 1,736 ■•1,497 833 IV............................ 6,024 3 6,788 7,186 7,589 4,401 3 4,891 5,727 6,668 1,623 3 1,897 1,459 921 Year*......................... 22,424 25,671 26,586 29,436 17,142 18,684 21,292 25,631 5,282 6,987 5,294 3,805 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Significantly affected by strikes and by change in statistical procedures. Mutual Security Program. 3 Sum of unadjusted figures. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Note.—Bureau of the Census data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

330 MONEY RATES FEBRUARY 1967 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Jan. 31, 1966 Rate Country 1966 1967 Ja a n s . o 3 f 1 , Per Month 1967 cent effective Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. 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.................................... 4.75 Dec. 1965 5 25 5.0 5.0 Ceylon......................................... 5.0 May 1965 5 0 Chile 2......................................... 15.86 Jam 1966 15.84 15.84 Colombia.................................... 8.0 May 1963 8.0 Costa Rica........................ 3.0 Apr. 1939 3.0 Denmark.................................... 6.5 June 1964 6 5 Ecuador............................... 5.0 Nov. 1956 5.0 El Salvador................................ 4.0 Aug. 1964 4.0 Finland....................................... 7.0 Apr. 1962 7.0 France......................................... 3.5 Apr. 1965 3.5 Germany, Fed. Rep. of......... 4.0 Aug. 1965 5.0 4 5 4.5 Ghana......................................... 7.0 Jam t966 7.0 Greece........................................ 5.5 Jan. 1963 5 5 Honduras 3................................ 3.0 Jan. 1962 3.0 Iceland........................................ 9.0 Jan. 1966 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.................................. 5.75 Jan. 1966 5.91 5 .94 5.87 5.94 6.87 6.94 7.00 6.81 6. 87 6.87 Israel............................................ 6.0 Feb. 1955 6.0 Italy............................................. 3.5 June 1958 3.5 Jamaica...................................... 5.0 Nov. 1964 5.5 5.5 Japan.......................................... 5.48 June 1965 5.48 Korea.......................................... 28.0 Dec. 1965 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............ 4.75 4.75 Portugal...................................... 2.5 Sept. 1965 2.5 South Africa............................. 5.0 Mar. 1965 6.0 6.0 Spain............................................ 4.0 June 1961 4.0 Sweden........................................ 5.5 Apr. 1965 6.0 6.0 Switzerland................................ 2.5 July 1964 3.5 3.5 Taiwan 5..................................... 14.04 July 1963 14.04 Thailand..................................... 5.0 Oct. 1959 5.0 Tunisia........................................ 4.0 Oct. 1962 5.0 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 7.0 6.5 6.5 Venezuela................................... 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some continue to be .25 of 1 per cent above latest weekly Treasury bill tender of these countries follow: average rate, but will not be more than the bank rate. Argentina—3 and 5 per cent for certain rural and industrial paper, de­ 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis­ Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia~~5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent occur. for rediscounts in excess of an individual bank’s quota; 3 Rate shown is for advances only. Costa Rica-—5 per cent for paper related to commercial transactions 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

FEBRUARY 1967 MONEY RATES; ARBITRAGE 331 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la i n tz d er­ Month 3 T m r b e o i a l n s ls t u h , r s y ^ m D o a d y n a - e y t y o 2 ­ 3 B a a m a c n n c o c e k e n p e s t t r h , ­ s s ’ T 3 r m b e i a o l s l n s u t , h ry s D m a d o y a n - y e t o y ­ 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 ­ Tr 6 d b e 0 a i a l - y s l 9 s u s 0 , 4 r y D m a o d y n a - e y t y o ­ 5 T 3 r m b e i a o ll s n s u t , h ry s D m a d o y a n - y e t o y ­ d P is r r i c a v o t a e u 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—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 6.61 6.03 5.00 5.26 5.00 5.81 4.96 4.70 4.00 Nov.............. 5.18 4.94 6.93 6.62 6.02 5.00 5.41 5.00 5.25 5.00 5.22 4.00 Dec............... 5.05 4.71 6.94 6.64 6.00 5.00 ..........4....7...5.. 6.69 4.90 3.68 4.00 I Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. Note—For description and back data, see “International Finance,’’ 4 Rate in effect at end of month. Section 15 of Supplement to Banking and Monetary Statistics^ 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Date K U in n g i d te o d m Spread P d ( r i e + sc m ) o i u o u n m r t in ( c f N e a n v e t o t i r v e Canada Spread d ( ( i + s - c ) ) o o u o n n r t in ( c f N e a n v e t o t i r v e (adj. to United (favor (-) on of United (favor forward of quo U t . a S t . i on States Lon o d f o n) fo p r o w u a n r d d London) qu A ot s e d A U dj . . S t . o States Can o a f d a) C d a o n l a l d ar ia s n Canada) basis) in quotation Canada basis 1966 Sept. 2................. 6.60 5.04 1.56 -1.11 + .45 5.02 4.89 5.04 -.15 + .09 -.06 9................. 6.60 5.16 1.44 -.95 + .49 5.00 4.87 5.16 -.29 + .09 -.20 16................. 6.60 5.42 1.18 -.85 + .33 5.05 4.92 5,42 -.50 + .41 -.09 23................ 6.60 5.47 1.13 -.90 + .23 4,97 4,84 5.47 -.63 + .32 -.31 30................. 6.60 5.30 1.30 -.94 + .36 5.00 4.87 5.30 -.43 + .32 -.11 Oct. 7................ 6.52 5.34 1.18 -.77 + .41 5.09 4,96 5.34 -.38 + .41 + .03 14................ 6.44 5.45 .99 -.78 + .21 5.11 4.98 5.45 -.47 + .41 -.06 21................ 6.47 5.31 1.16 -.52 + .64 5.14 5.01 5.31 -.30 + .37 + .07 28............... 6.35 5.21 1.14 -.65 + .49 5.19 5.05 5.21 -.16 + •24 + .08 Nov. 4................. 6.38 5.29 1.09 -.60 + .49 5.22 5.08 5.29 -.21 + .28 + .07 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 -.21 + .41 + .20 Dec. 2................. 6.57 5.13 1.44 -.52 + .92 5.15 5.01 5.13 -.12 + .37 + .25 9................ 6.53 5.14 1.39 -.73 + .66 5.13 5.00 5.14 -.14 + .41 + .27 16................. 6.47 4.88 1.59 -.59 + 1.00 5.07 4.94 4,88 + .06 + .33 + .39 23................. 6.47 4.77 1.70 -.67 + 1.03 4.95 4.82 4.77 + .05 + .26 + .31 30................. 6.35 4.79 1.56 -.74 + .82 4.96 4.83 4.79 + .04 + .15 + .19 1967 Jan. 6................ 6.29 4.74 1.55 -.55 + 1.00 4.94 4.81 4.74 + .07 -.08 -.01 13................. 6.20 4.77 1.43 -.63 + .80 4.89 4.76 4.77 -.01 -.19 -.20 20................. 6.10 4.68 1.42 -.69 + .73 4.78 4.66 4.68 -.02 -.32 -.34 27................. 5.95 4.58 1.37 -.74 + .63 4.65 4.53 4.58 -.05 -.41 -.46 Feb. 3............ 5.79 4.44 1.35 -.75 + .60 4.62 4.51 4.44 + .07 -.43 -.36 Note.—Treasury bills: AU 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

332 FOREIGN EXCHANGE RATES FEBRUARY 1967 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Period Argentina Austria Belgium Canada Ceylon Denmark Finland (peso) (schilling) (franc) (dollar) (rupee) (krone) (markka) (pound) (dollar) 1961. 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 1962. .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3(07 1963. .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 131.057 1964, .7179 222.48 3.8698 2.0099 92.689 20.988 14.460 31.067 1965. .5952 222.78 3.8704 2.0144 92.743 20.959 14.460 31.070 1966. .4869 2223.4l 3111.22 3.8686 2.0067 92.811 20.946 14.475 31.061 1966--Jan... . .5291 223.42 3.8673 2.0115 93.035 21.012 14.518 31.060 Feb.... .5284 2223.38 3111.62 3.8669 2.0107 92.895 21.005 14.496 31.059 Mar.. . .5290 111.36 3.8676 2.0087 92.901 20.959 14.491 31.059 Apr... . .5292 111.29 3.8677 2.0054 92.836 20.945 14.485 31.064 May... .5268 111.25 3.8681 2.0089 92.863 20.941 14.459 31.060 June... .4926 111.15 3.8694 2,0079 92.876 20.926 14.458 31.062 luly.................................................... .4896 ...................1..11.11 3.8705 2.0110 93.017 20.921 14.444 31.063 Aug.. . 4.4691 111.11 3.8718 2.0122 92.992 20.929 14.436 31.062 Sept.. . .4594 111.13 3.8720 2.0035 92.904 20.928 14.471 31.063 Oct.... .4590 111.22 3.8700 2.0001 92.631 20.929 14.488 31.062 Nov.. . 5.4106 111.20 3.8668 2.0012 92.398 20.927 14.474 31.062 Dec.... .4039 111.16 3.8651 1.9987 92.319 20.926 14.484 31.062 (967--Jan... . ............................................... .4035 ..................1...11.20 3.8648 2.0005 92.623 20.927 14.468 31.062 Period F (f r r a a n n c c e ) ( G d e e r u m ts 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 ra ly ) J ( a y p en an ) M s a i l a a y­ M (p e e x s i o c ) o e N rla e n th d ­ s mark) (dollar) (guilder) 1961. 20.384 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 1962. 20.405 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 1963. 620.404 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 1964. 20.404 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 1965. 20.401 25.036 20.938 279.59 .16004 .27662 32.609 8.0056 27.774 1966, 20.352 25.007 716.596 279.30 .16014 .27598 32.538 8.0056 27.630 1966--Jan... . 20.399 24.926 21.005 280.39 .16002 .27695 32.678 8.0056 27.659 Feb.... 20.40! 24.904 20.998 280.25 .16003 .27631 32.671 8.0056 27.603 Mar.. . 20.402 24.914 20.949 279.52 .16003 .27615 32.600 8.0056 27.618 Apr.... 20.403 24.902 20.936 279.34 .16011 .27591 32.588 8.0056 27.538 May... 20.402 24.894 20.928 279.23 .16010 .27603 32.588 8.0056 27.547 June... 20.403 24.963 •714.393 278.98 .16017 .27584 32.545 8.0056 27.645 July. . . 20.403 25.046 13.248 278.88 .16028 .27574 32.488 8.0056 27.719 Aug.. . ............................................... 20.394 25.056 13.250 278.88 .16039 .27577 32.467 8.0056 27.694 Sept.. . 20.314 25.069 13.252 278.93 .16029 .27574 32.458 8.0056 27.627 Oct... . 20.247 25.109 13.260 279.16 .16003 .27573 32.473 8.0056 27.625 Nov.. . 20.231 25.150 13.258 279.11 . 16003 .27578 32.453 8.0056 27.641 Dec.... 20.199 25.169 13.256 279.01 .16011 .27577 32.442 8.0056 27.642 1967--Jan... . ............................................... 20.199 25.140 13.257 279.10 .15996 .27577 32.473 8.0056 27.679 Period Z (p e N o a u e la n w n d d ) N (k o r r o w ne a ) y (e P s o g cu a rt l d u o ­ ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) ( S e f r w r l a a i n t n z c d ­ ) (p U K d o n i o u n i m t n g e d - d ) 1961. 277.45 14.000 3.4909 279.48 139.57 1.6643 19.353 23.151 280.22 1962. 278.00 14.010 3.4986 139.87 1.6654 19.397 23.124 280.78 1963. 277.22 13.987 3.4891 139.48 1.6664 19.272 23.139 280.00 1964. 276.45 13.972 3.4800 139.09 1.6663 19.414 23.152 279.21 1965. 276.82 13.985 3.4829 139.27 1.6662 19.386 23.106 279.59 1966. 276.54 13.984 3.4825 139.13 1.6651 19.358 23.114 279.30 1966--Jan.. . . 277.61 13.998 3.4932 139.67 1.6661 19.339 23.102 280.39 Feb.... 277.48 13.992 3.4921 139.60 1.6660 19.346 23.077 280.25 Mar.. . 276.75 13.981 3.4867 139.24 1.6659 19.384 23.040 279.52 Apr.... 276.58 13.976 3.4834 139.15 1.6659 19.385 23.102 279.34 May... 276.47 13.971 3.4829 139.09 1.6660 19.398 23.167 279.23 June.. . 276.22 13.971 3.4806 138.97 1.6658 19.383 23.169 278.98 July. . . 276.12 13.974 3.4777 138.92 1.6655 19.352 23.164 278.88 Aug.. . 276.12 13.988 3.4776 138.92 1.6639 19.358 23.110 278.88 Sept.. . 276.17 13.989 3.4773 138.95 1.6639 19.345 23.102 278.93 Oct... . 276.40 13.993 3.4807 139.06 1.6641 19.330 23.064 279.16 Nov.. . 276.35 13.995 3.4794 139.03 1.6638 18.336 23.141 279.11 Dec.... 276.25 13.989 3.4783 ..................... 138.99 1.6638 19.327 23.129 279.01 1967--Jan.... ............................................... 276.34 13.978 3.4786 ..................... 139.03 1.6636 19.337 23.089 279.10 1 A new markka, equal to 100 old markkaa, was introduced on Jan. 1, 6 Effective Jan. 1, 1963, the franc again became the French monetary 1963. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960. 2 Based on quotations through Feb. 11, 1966. 7 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to 3 Effective Feb. 14, 1966, Australia adopted the decimal currency 7.5 rupees per U.S. dollar. Quotations not available June 6 and 7. system. The new unit, the dollar, replaces the pound and consists of 100 cents, equivalent to 10 shillings or one-half the former pound. Note,—'Averages of certified noon buying rates in New York for 4 Quotations not available Aug. 8 and 9. cable transfers. For description of rates and back data, see “International 5 Quotations not available Nov. 4 and 7. Finance,” Section 15 of Supplement to Banking and Monetary Statistics, 1962. 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 Daniel H. Brill, Senior Adviser to the Board Robert C. Holland, Adviser to the Board Robert Solomon, Adviser to the Board Charles Molony, Assistant to the Board Robert L. Cardon, Legislative Counsel Clarke L. Fauver, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS Merritt Sherman, Secretary John R. Farrell, Director Kenneth A. Kenyon, Assistant Secretary M. B. Daniels, Assistant Director Elizabeth L. Carmichael, Assistant Secretary John N. Kiley, Jr., Assistant Director Arthur L. Broida, Assistant Secretary Karl E. Bakke, Assistant Secretary DIVISION OF EXAMINATIONS Frederic Solomon, Director LEGAL DIVISION Brenton C. Leavitt, Assistant Director Howard H. Hackley, General Counsel James C. Smith, Assistant Director David B. Hexter, Associate General Counsel Lloyd M. Schaeffer, Chief Federal Reserve Thomas J. O’Connell, Assistant General Examiner Counsel Frederick R. Dahl, Assistant Director Jerome W. Shay, Assistant General Counsel Jack M. Egertson, Assistant Director Wilson L. Hooff, Assistant General Counsel Thomas A. Sidman, Assistant Director Charles C. Walcutt, Assistant Chief Federal Reserve Examiner DIVISION OF RESEARCH AND STATISTICS Daniel H. Brill, Director DIVISION OF PERSONNEL ADMINISTRATION Albert R. Koch, Deputy Director Edwin J. Johnson, Director J. Charles Partee, Associate Director John J. Hart, Assistant Director Kenneth B. Williams, Adviser Stephen H. Axilrod, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES Lyle E. Gramley, Associate Adviser Stanley J. Sigel, Associate Adviser Joseph E. Kelleher, Director Tynan Smith, Associate Adviser Harry E. Kern, Assistant Director James B. Eckert, Assistant Adviser Murray S. Wernick, Assistant Adviser OFFICE OF THE CONTROLLER John Kakalec, Controller DIVISION OF INTERNATIONAL FINANCE Robert Solomon, Director OFFICE OF DEFENSE PLANNING 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 333 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

334 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 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 Simmen, first federal reserve Henry T. Bodman, seventh federal DISTRICT reserve district R. E. McNeill, Jr., second federal A. M. Brinkley, Jr., eighth federal RESERVE DISTRICT reserve district Harold F. Still, Jr., third federal reserve John A. Moorhead, ninth federal district RESERVE DISTRICT John A. Mayer, fourth federal Roger D. Knight, Jr., tenth federal reserve district RESERVE DISTRICT J. Harvie Wilkinson, Jr., fifth federal Robert H. Stewart, III, eleventh federal reserve district RESERVE DISTRICT Sam M. Fleming, sixth federal reserve Frederick G. Larkin, Jr., twelfth federal 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 335 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 Charles W. Cole Earle O. Latham New York............... ...10045 Everett N. Case Alfred Hayes Kenneth H. Hannan William F. Treiber Buffalo.............. ...14240 Robert S. Bennett 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 Barney A. Tucker Fred O. Kiel Pittsburgh......... ...15230 F. L. Byrom Clyde E. Harrell Richmond............... ...23213 Edwin Hyde Edward A. Wayne Wilson H. Elkins Aubrey N. Heflin Baltimore.......... ...21203 E. Wayne Corrin 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 Douglas M. Pratt Thomas A. Lanford Nashville........... ...37203 Robert M. Williams Robert E. Moody, Jr. New Orleans.... ...70160 Frank G. Smith, Jr. Morgan L. Shaw Chicago.................. ...60690 Franklin J. Lunding Charles J. Scanlon Elvis J. Stahr 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 James S. Williams John W. Menges Minneapolis............ ..55440 Joyce A. Swan Hugh D. Galusha, Jr. Robert F. Leach M. H. Strothman, Jr. Helena.............. ..59601 Edwin G. Koch Clement A. Van Nice Kansas City............ ..64198 Dolph Simons George H. Clay Dean A. McGee John T. Boysen Denver................ ..80217 Cris Dobbins John W. Snider Oklahoma City.. ..73125 C. W. Flint, Jr. Howard W. Pritz Omaha.............. ..68102 Henry Y. Kleinkauf George C. Rankin Dallas..................... ..75222 Carl J. Thomsen Watrous H. Irons Max Levine Philip E. Coldwell El Paso............. ..79999 Gordon W. Foster Fredric W. Reed Houston............ ..77001 Geo. T. Morse, Jr. J. Lee Cook San Antonio.... ..78206 Harold D. Herndon Carl H. Moore San Francisco........ ..94120 Frederic S. Hirschler Eliot J. Swan S. Alfred Halgren H. Edward Hemmings Los Angeles...... ..90054 Arthur G. Coons Paul W. Cavan Portland............ ..97208 Graham J. Barbey William M. Brown Salt Lake City... ..84110 Royden G. Derrick Arthur L. Price Seattle............... ..98124 William McGregor Erwin R. Barglebaugh Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accom­ pany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. For a more complete list, including periodic releases, see pp. 1866-69 of the December 1966 Bulletin. (Stamps and coupons not accepted). The Federal Reserve System—-Purposes and Supplement to Banking and Monetary Statis­ Functions. 1963. 297 pp. tics. Sec. 1. Banks and the Monetary System. 1962. 35 pp. $.35. Sec. 5. Bank Debits. 1966. Annual Report. 36 pp. $.35. Sec. 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 of Debits and Clearing Statistics and Their the Federal Reserve System. Use. 1959. 144 pp. $1.00 a copy; 10 or more Rules of Organization and Procedure—Board sent to one address, $.85 each. of Governors of the Federal Reserve Sys­ The Federal Funds Market. 1959. Ill pp. tem. 1962. 40 pp. $1.00 a copy; 10 or more sent to one address, Published Interpretations of the Board of $.85 each. Governors, as of Dec. 31, 1965. $2.50. 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 to 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. 336 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 337 STAFF ECONOMIC STUDIES Firms' Demands For Money: The Evidence Studies and papers on economic and financial sub­ From the Cross-Section Data, by William J. jects that are of general interest in the field of Frazer, Jr. Jan. 1967. economic research. The Relative Impact of Money and Income on Interest Rates: An Empirical Investi­ Summaries only printed in the Federal Reserve gation, by William E. Gibson and George G. Bulletin. Kaufman. Feb. 1967. (Limited supply of mimeographed copies of The Effect of Credit Conditions on State full text available upon request for single copies.) and Local Bond Sales and Capital Outlays The Demand for Money: Speed of Adjust­ Since World War II, by Paul F. McGouldrick. ment, Interest Rates, and Wealth—A Feb. 1967. ’ Sequel, by Patric H. Hendershott. Mar. 1966. Printed in full in the Federal Reserve Bulletin. The Process of Inflation: A Review of the (Reprints available as shown in following list.) Literature and Some Comparisons of Cy­ clical Performance, 1953-65, by Glenn H. Miller, Jr. Apr. 1966. REPRINTS The Federal Reserve System and World (From Federal Reserve Bulletin unless preceded Monetary Problems, by Robert Solomon. by an asterisk.) May 1966. The Spanish “Miracle”: Growth and Change The History of Reserve Requirements for in the Spanish Economy, 1959 to Mid-1965, Banks in the United States. Nov. 1938. 20 pp. by Rodney H. Mills, Jr. May 1966. Consumer Credit Regulations: A Review and Adjustment for Seasonal Variation. Descrip­ tion of method used by Board in adjusting eco­ Response, by Jerome W. Shay. June 1966. nomic data for seasonal variation. June 1941. Empirical Aspects of Cost vs. Demand in 11 PP- Commodity Pricing, by Addison T. Cutler. The Private Demand for Gold, 1931-53. Sept. June 1966. 1954.10 pp. ‘ A Model of Federal Reserve Behavior, by Seasonal Factors Affecting Bank Reserves. John H. Wood. June 1966. Feb. 1958. 12 pp. Cyclical Determinants of Capital Expendi­ Open Market Operations in Long-Term Secu­ tures: A Regression Study of the United rities. Nov. 1958. 15 pp. States Steel Industry, by James P. Bennett. July 1966. *Part I, All-Bank Statistics, 1896-1955. Re­ print of the U.S. Summary containing a descrip­ The European Economic Community’s Com­ tion of revised statistics for all banks in the mon Agricultural Policy and Its Impact United States, by class of bank, together with on U.S. Exports, by Thomas M. Klein. July revised statistics. Apr. 1959. 94 pp. 1966. A Theory of Household Asset Selection, by Statistics on the Government Securities William J. Hooter. Aug. 1966. Market. Apr. 1961. 8 pp. Liquidity Considerations and Monetary Liquidity and Public Policy, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. Management, by Leonall C. Andersen (with commentaries by Arthur L. Broida and Rich­ Revised Indexes of Freight Carloadings. Dec. ard G. Davis). Sept. 1966. 1961. 3 pp. The Overseas Dollar Bond Market and Re­ Seasonally Adjusted Series for Bank Credit. cent U.S. Borrowing Abroad, by Carl H. July 1962. 6 pp. Stem. Sept. 1966. Interest Rates and Monetary Policy, Staff Mexico’s Economic and Financial Record, by Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. Yves Maroni. Oct. 1966. Industrial Production—1957-59 Base. Oct. Measures of Industrial Production and Final 1962. 10 pp. Demand, by Clayton Gehman and Cornelia Flow of Funds Seasonally Adjusted. Nov. Motheral. Jan. 1967. 1962. 15 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

338 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 A Sectoral Analysis of Velocity, Staff Paper Treasury and Federal Reserve Foreign Ex­ by Paul F. McGouldrick. Dec. 1962. 14 pp. change Operations. Mar. 1966. 14 pp. Changes in Structure of the Federal Debt. Research on Banking Structure and Per­ Mar. 1963. 10 pp. formance, Staff Economic Study by Tynan New Foreign Bond Issues in the U.S. Market, Smith. Apr. 1966. 11 pp. Staff Paper by Robert F. Gemmill. May 1963. Recent Changes in U.S. Trade and Payments. 13 pp. Apr. 1966. 11 pp. Recent Changes in Liquidity, Staff Paper by Banking and Monetary Statistics, 1965. Se­ Daniel H. Brill. June 1963. 10 pp. ■ lected series of banking and monetary statistics Measures of Member Bank Reserves. July for 1965 only. Mar. and June 1966. 15 pp. 1963. 14 pp. Recent Credit and Monetary Developments. A Bank Examiner Looks at Agricultural July 1966. 12 pp. Lending, Staff Paper by Brenton C. Leavitt. Revision of Bank Credit Series. July 1966. July 1963. 8 pp. 6 PP- Measuring and Analyzing Economic Growth, Commercial Bank Liquidity, Staff Economic Staff Paper by Clayton Gehman. Aug. 1963. Study by James Pierce. Aug. 1966. 9 pp. 14 pp- Changes in Time and Savings Deposits, De­ Changes in Banking Structure, 1953-62. Sept. cember 1965-May 1966. Aug. 1966. 35 pp. 1963. 8 pp. Revision of Weekly Reporting Member Bank Economic Change and Economic Analysis, Series. Aug. 1966. 4 pp. Staff Paper by Frank R. Garfield. Sept. 1963. Interest Rates in Western Europe. Sept. 17 pp. 1966. 19 pp. Survey of Financial Characteristics of Con­ Revision of Money Supply Series. Sept. 1966. sumers. Mar. 1964. 9 pp. 13 pp. Federal Reserve Security Transactions, 1954­ 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. Interest Rates in U.S. Capital Markets. Nov. Ministerial Statement of the Group of Ten 1966. 16 pp. and Annex Prepared by Deputies. Aug. 1964. 25 pp. Toward Understanding of the Whole De­ veloping Economic Situation, Staff Eco­ Yield Differentials in Treasury Bills, 1959­ nomic Study by Frank R. Garfield. Nov. 1966. 64, Staff Paper by Samuel I. Katz. Oct. 1964. 14 pp. 20 pp. A Revised Index of Manufacturing Capacity, Research into Banking Structure and Com­ Staff Economic Study by Frank de Leeuw with petition. Nov. 1964. 17 pp. Frank E. Hopkins and Michael D. Sherman. Bank Credits to Foreigners. Mar. 1965. 10 pp. Nov. 1966. 11 pp. Revision of Bank Debits and Deposit Turn­ Time Deposits and Financial Flows. Dec. over Series. Mar. 1965. 4 pp. 1966. 14 pp. Measures of Banking Structure and Competi­ Balance of Payments Program: Guidelines tion. Sept. 1965. 11 pp. for Banks and Nonbank Financial Institu­ U.S. International Payments. Oct. 1965. 9 pp. tions. Dec. 1966. 8 pp. Time Deposits in Monetary Analysis, Staff The Role of Financial Intermediaries in U.S. Economic Study by Lyle E. Gramley and Sam­ Capital Markets, Staff Economic Study by uel B. Chase, Jr. Oct. 1965. 25 pp. Daniel H. Brill, with Ann P. Ulrey. Jan. 1967. Fiscal Policy and Debt Management. Nov. Size and Composition of Consumer Saving. 1965. 11 pp. Jan. 1967. 19 pp. Cycles and Cyclical Imbalances in a Chang­ ing World, Staff Paper by Frank R. Garfield. Recent Bank Credit and Monetary Develop­ Nov. 1965. 15 pp. ments. Feb. 1967. 13 pp. Bank Credit and Monetary Developments in Auto Loan Characteristics at Major Sales 1965. Feb. 1966. 14 pp. Finance Companies. Feb. 1967. 5 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 244.) Acceptances, bankers’, 253, 271, 273 Demand deposits—Continued Agricultural loans of commerial banks, 264, 266 Turnover, 256 Arbitrage, 331 Type of holder, at commercial banks, 265 Assets and liabilities (See also Foreign liab. & claims): Deposits (See also specific types of deposits): Banks and the monetary system, 259 Accumulated at commercial banks Corporate, current, 285 for payment of personal loans, 263 Domestic banks, by classes, 260, 264, 266, 273 Adjusted, and currency, 259 Federal Reserve Banks, 254 Banks, by classes, 253, 260, 265, 268, 273 Automobiles: Federal Reserve Banks, 254, 325 Consumer instalment credit, 290, 291, 292 Member banks, subject to reserve Production index, 294, 295 requirements, 258 Postal savings, 252, 259 Bankers’ balances, 265, 267 Discount rates, 251, 330 (See also Foreign liabilities and claims) Discounts and advances by Federal Reserve Banking offices: Banks, 246, 254, 256 Changes in number, 310 Dividends, corporate, 284, 285 Par and nonpar offices, number, 311 Dollar assets, foreign, 317, 325 Banks and the monetary system, 259 Banks for cooperatives, 275 Earnings and expenses. Federal Reserve Banks, 308 Bonds (See also U.S. Govt, securities): Earnings and hours, manufacturing industries, 301 New issues, 281, 282, 283 Employment, 298, 300, 301 Prices and yields, 271, 272 Farm mortgage loans. 286, 287, 288 Brokers and dealers in securities, bank loans to, Federal finance: 264, 266 Cash transactions, 276 Business expenditures on new plant and Receipts and expenditures, 277 equipment, 285 Treasurer’s balance, 276 Business indexes, 298 Federal funds, 250, 264 Business loans (See Commercial and industrial loans) Federal home loan banks, 275, 287 Capital accounts: Federal Housing Administration, 272, 286, 287, 288 Banks, by classes, 260, 265, 269 Federal intermediate credit banks, 275 Federal Reserve Banks, 254 Federal land banks, 275 Carloadings, 298 Federal National Mortgage Assn., 275, 288 Central banks, foreign, 314, 330 Federal Reserve Banks: Certificates of deposit, 269 Condition statement, 254 Coins, circulation, 257 Earnings and expenses, 308 Commercial and industrial loans: U.S. Govt, securities held, 246, 254, 256, 278, 279 Commercial banks, 264 Federal Reserve credit, 246, 254, 256 Weekly reporting banks, 266, 270 Federal Reserve notes, 254, 257 Commercial banks: Federally sponsored credit agencies, 275 Assets and liabilities, 260, 264, 266 Finance company paper, 271, 273 Banking offices, changes in number, 310 Financial institutions, loans to, 264, 266 Consumer loans held, by type, 291 Float, 246 Deposits accumulated at, for Flow of funds, 306 payment of personal loans, 263 Foreign central banks, 314, 330 Number, by classes, 260 Foreign currency operations, 254, 256, 316, 324 Real estate mortgages held, by type, 286 Foreign deposits in U.S. banks, 246, 254, 259, 265, Commercial paper, 271, 273 268, 325 Condition statement (See Assets and liabilities) Foreign exchange rates, 332 Construction, 298, 299 Foreign liabilities and claims: Consumer credit: Banks, 318, 320, 321, 323, 325 Instalment credit, 290, 291, 292, 293 Nonfinancial concerns, 326 Noninstalment credit, by holder, 291 Foreign trade, 329 Consumer price indexes, 298, 302 Consumption expenditures, 304, 305 Gold: Corporations: Certificates, 254, 257 Sales, profits, taxes, and dividends, 284, 285 Earmarked, 325 Security issues, 282, 283 Net purchases by U.S., 316 Security prices and yields, 271, 272 Production, 315 Cost of living (See Consumer price indexes) Reserves of central banks and govts., 314 Currency in circulation, 246, 257, 258 Reserves of foreign countries and international Customer credit, stock market, 272 organizations, 317 Stock, 246, 259, 316 Debits to deposit accounts, 256 Gross national product, 304, 305 Debt (See specific types of debt or securities) Demand deposits: Hours and earnings, manufacturing industries, 301 Adjusted, banks and the monetary system, 259 Housing starts, 299 Adjusted, commercial banks, 256, 258, 265 Banks, by classes, 253, 260, 268 Income, national and personal, 304, 305 Member banks, subject to reserve Industrial production index, 294, 298 requirements, 258 Instalment loans, 290, 291, 292, 293 339 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

340 FEDERAL RESERVE BULLETIN • FEBRUARY 1967 Insurance companies, 274, 278, 279, 287 Real estate loans—Continued Insured commercial banks, 262, 263, 264, 310 Type of holder, 286, 287, 288 Interbank deposits, 253, 260, 265 Type of property mortgaged, 286, 287, 288 Interest rates: Reserve position, basic, member banks, 250 Business loans by banks, 270 Reserve requirements, member banks, 252 Federal Reserve Bank discount rates, 251 Reserves: Foreign countries, 330, 331 Central banks and govts., 314 Money market rates, 271, 331 Commercial banks, 265 Mortgage yields, 272, 289 Federal Reserve Banks, 254 Time deposits, maximum rates, 252 Foreign countries and international Yields, bond and stock, 271 organizations, 317 International capital transaction of the U.S., 318 Member banks, 246, 248, 253, 258, 265 International institutions, 314, 316, 317 Residential mortgage loans, 286, 287, 288, 289 Inventories, 304 Retail credit, retail sales, 290, 298 Investment companies, new issues, 283 Sales finance companies, loans, 290, 291, 293 Investments (See also specific types of investments): Saving: Banks, by classes, 260, 264, 267, 273 Flow of funds series, 306 Commercial banks, 263 National income series, 305 Federal Reserve Banks, 254, 256 Savings and loan assns., 274, 279, 287 Life insurance companies, 274 Savings deposits (See Time deposits) Savings and loan assns., 274 Savings institutions, principal assets, 273, 274 Labor force, 300 Securities (See also U.S. Govt, securities): Loans (See also specific types of loans): Federally sponsored agencies, 275 Banks, by classes, 260, 264, 266, 273 International transactions, 324, 325 Commercial banks, 263 New issues, 281, 282, 283 Deposits accumulated at commercial Silver coin and silver certificates, 257 banks for payment of personal loans, 263 State and local govts.: Federal Reserve Banks, 246, 254, 256 Deposits of, 265, 268 Insurance companies, 274, 287 Holdings of U.S. Govt, securities, 278, 279 Insured or guaranteed by U.S., 286, 287, 288 New security issues, 281, 282 Savings and loan assns., 274, 287 Ownership of obligations of, 264, 273, 274 Prices and yields of securities, 271, 272 Manufactures, production index, 295, 298 State member banks, 262, 263, 310 Margin requirements, 252 Stock market credit, 272 Member banks: Stocks: Assets and liabilities, by classes, 260, 264 New issues, 282, 283 Banking offices, changes in number, 310 Prices and yields, 271, 272 Borrowings at Reserve Banks, 248, 254, 269 Deposits, by classes, 253 Tax receipts, Federal, 277 Number, by classes, 261 Time deposits, 252, 253, 258, 259, 260, 265, 268 Reserve position, basic, 250 Treasurer’s account balance 276 Reserve requirements, 252 Treasury cash, Treasury currency, 246, 257, 259 Reserves and related items, 246, 258 Treasury deposits, 246, 254, 276 Mining, production index, 295, 298 Turnover, deposit, 256 Money rates (See Interest rates) Unemployment, 300 Money supply and related data, 258 U.S. balance of payments, 328 Mutual funds (See Investment companies) U.S. Govt, balances: Mutual savings banks, 259, 260, 262, 273, 278, 279, Commercial bank holdings, by classes, 265, 268 286, 310 Consolidated monetary statement, 259 Member bank holdings, 258 National banks, 262, 263, 310 Treasury deposits at Federal Reserve National income, 304, 305 Banks, 246, 254, 276 National security expenditures, 277, 304 U.S. Govt, securities: Nonmember banks, 262, 263, 264, 265, 310 Bank holdings, 259, 260, 264, 267, 273, 278, 279 Open market transactions, 253 Dealer transactions, positions, and financing 280 Par and nonpar banking offices, number, 311 Federal Reserve Bank holdings 246, 254, 256, Payrolls, manufacturing, index, 298 278, 279 Foreign, international holdings, 254, 317, 325 Personal income, 305 Postal Savings System, 252, 259 International transactions, 324 Prices: New issues, gross proceeds, 282 Consumer, 298, 302 Open market transactions, 253 Outstanding, by type of security, 278, 279, 281 Security, 272 Wholesale commodity, 298, 302 Ownership of, 278, 279 Production, 294, 298 Prices and yields, 271, 272, 331 Profits, corporate, 284, 285 United States notes, 257 Utilities, production index, 295, 298 Real estate loans: Vault cash, 246, 252, 265 Banks, by classes, 264, 266, 273, 286 Veterans Administration, 286, 287, 288 Delinquency rates on home mortgages, 289 Mortgage yields, 272, 289 Weekly reporting banks, 266 Nonfarm mortgage foreclosures, 289 Yields (See Interest rates) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis